Set back from the brink, putting independence on hold and calling for negotiations with madrid. Betty we hear often, what are the black swans out there . Perhaps a few months ago you would not have heard catalonia who would have thought this . We have seen Market Reaction in europe in particular to the further independence moves by catalonia. Spain saying this is deferred independence we are facing. I want to show a quick chart to show so far how isolated this is. It looks like it could possibly spread. 99, the white line showing you that point where we started to see more and more about the independence referendum. Falling, dramatically diverging with the euro stoxx 600 index. That gap looks to widen as we see a bigger and bigger rift between catalonia and the madrid government. Yvonne seems they are still delaying this independence push. Country, the politics and economics side of things, threatening a key economic region for spain in particular. We heard from of the imf, they have r
We dont. They gain when the economy gains. They gain when Companies Get better. They gain in lots of different ways, but they dont want that. So many people come up to me and say give it to the middle class, give it to people that need it, give it to people that want to spend it. You would be surprised. New englandns the patriots, good guy. He does a great job. He was at the white house recently, he gave me a super bowl ring. I was very honored. And it is so important. The second plank of our framework is to make the tax code more simple, fair, and easy to understand. American families and businesses te aliens of alere billions of hours and tens of billions of dollars on escrow shooting paperwork. You see it all over the place and you have no idea what youre doing anyway. And compliance every single numbers ofve paper. Under our framework, the vast majority of families will be able to file their taxes on that same single sheet of taper that i am so proud of talking about. [applause] pr
President trump prepared to give the verdict on iran tomorrow. A new strategy as allies urge restraint. Betty it did feel like restraint in the equity markets. We saw it touched slightly lower. That is raising questions about whether markets are vulnerable to a sharp pullback. , whichook at g btv 1138 shows you the brett breadth of the market. It is the equal weighted indexes in the blue and white lines. That evens out the in influence on the index. You can see the breadth of the market. Falling, hashis is fallen consistently and emerged with europe. It looks like a rally we see in europe, much healthier than here in the u. S. Which goes to the point many people say. Which is, we are richly valued and are due for a correction. Yvonne we are seeing a freeze in this melt of stocks in wall street today. It is no surprise, given the euphoria we have seen today. The big story was the banks. Betty it was the banks. We will talk about jpmorgan and citigroup in a moment. Lets see where the ind
David einhorn says it is putting inadequate and dangerous products on the road. Betty not one to mince words, David Einhorn. May be it is frustrating him overall because it is an example of the stocks that had been lifting the market that he has not been a part of because he is a value investor. I wanted to show a chart for our which showsbtv 440, you how much value stocks have lagged behind. More than half, in terms of growth over the last year, behind the growth stocks, the. N. G. s, the tech stocks. Buy into stocks like amazon and tesla not the boring old value stocks. Yvonne he is not the only Hedge Fund Manager that has been lamenting this. Is he waving the white flag too soon, given the rotation we saw . We did see more buying into the value stocks like the financials, theyre are up 15 in september alone. Going the other way. Perhaps he is speaking too soon breaking outelds to 2. 4 percent. Could be adding fuel to the fire in this bank rally. Betty i would be curious to hear what
Whether they can deliver that momentum still. The atmosphere is electric at the tokyo motor show as they present their vision of the future. Betty speaking about electric, breaking news on south koreas preliminary thirdquarter numbers. Ier on south korean gdp, up 1. 4 , quarter on quarter. Much bigger than economists had expected at 0. 9 . More than double what we saw in the second quarter. Ofr on year, a healthy rise 3. 6 . That is also above the estimate of our rise or expansion of 3 . Well above what we saw in the prior quarter. Helped likely by the continued export of electronic parts, particularly for smartphones. It is interesting, the markets have continued to rise. Maybe that is adding to Consumer Sentiment in south korea, despite geopolitical tensions with north korea. That is the risk, as always, with south korea. Yvonne have not seen the numbers yet, but 3. 6 is a threeyear high for south korea. We have a chart that says it all. Is the bok going to be the First Asian Bank to