In terms of pmis. May look ata data august manufacturing pmi, 51. 7, in line with expectations. Economists were expecting 51. 7. The dollar dropping to a two year low. U. S. Features climbing after chinese manufacturing data that indicated exports are underpinning a recovery, and the euro leading the charge against the dollar. The weaker dollar fueled commodities with copper climbing. Lets get to the bloomberg first word news in london, this is laura wright. Expectgermany does not economic fallout from the coronavirus to be as bad as previously thought. The updated forecasts are officially released today. Europes biggest economy has staged a rebound after collapsing in the Second Quarter. Global trade is on course to recover more quickly than the 2008 financial crisis, according to germanys institute for the world economy. It said shipping volumes are back at levels faster than it took after the lehman collapse. Argentina has received support to restructure its overseas debt , that pav
The pain. He is here along with senator mike braun. China is firing back as the cold war between the two countries heat up but i continue to ask this one question. Is this big business silence same thing as collaborating with the enemy . Will big business join the fight . We have blockbuster panel to weigh in that. All and much more on making money. [. Charles its a down day for the markets which was not overdue, not sparking any real alarm. The rebound moved from erasing 20 20s losses to try to distance the fastest bear market in the history, now to the point where you want to broaden out winners if we are to keep this rally going. There are sufficient reasons for concern and near term valuation, coronavirus, long term growing debt and u. S. President ial elections but i got to tell you the s p and nasdaq higher for the year. The question will the dow join them soon . I have Fitzgerald Group principle, keith fitzgerald, David Nicholas and point view Wealth Management david dietze. I w
Billion dollars from the police budget. Guess what, aoc says it does not go far enough. Well get reaction from Deneen Borelli coming up. That and much more coming up on making money. Charles well the bias of the market has returned to the upside. Whirlwind whipsaws continue, wild gyrations. I think theyre telling us something. Surges into the close and to the upside. Preopening action we saw the market really steep declines. They were erased on jobs data that were better than expected. They actually werent but i think the vaccine hopes gave us a push and rally faded on manufacturing data that was better than expected. Does the street want good but not great data . How much of a gamechanger would be the Coronavirus Vaccine be for this market . Lets ask kaltbaum investment geir which Gary Kaltbaum and bny mellon strategist, Alicia Levine we know this would be a gamechanger, but how much would it be . 3 to 4,000 points to the dow, charles. They were working well until the numbers started
In march and april. Yeah, and, you know, the market if you want to talk about it being the index certainly is doing that its been steady naturally the most heavily weighted stocks also happen to be the ones that are in th strongest trends they are covering up for a lot of, i think, softness under the surface. Youre not seeing this latest push higher really have the participation of the airlines and all the kind of socalled epicenter sectors that now are under a little more question about a stutter step in the reopening process. I do think the market is trying to be rational about it. Its unclear what would stop these trends, why would apple and microsoft stop going up today when they havent stopped until now except the fact that the nasdaq does look really stretched once again compared to the rest of the market there does seem to be a little bit of frothy speculation happening in some pockets of this market but thats been the case periodically for the last several weeks i guess you wou
A couple things going on in the markets today. We will look at wirecard. We will also look at the leaders of the European Union discussing what will happen with the package proposed by the commission. , european stocks are actually rising. Offstors are shrugging fears of a second wave of infections that had spurred caution earlier in the week. Treasuries holding onto gains. The dollar slipping. If you look at other things we is watching i know today also quadruple witching, which usually is the rebalancing of major indices and it can spark some of the busiest trading days of the year. We are also looking at crude oil. We will spend a bit of time hopefully talking about wirecard, simply because it has been in the news significantly. Wirecard shares continuing their freefall after two asian banks that were supposed to be holding 1. 9 billion euros of missing cash denied any business relationship with the german payments company. Wirecard in todays trading session down 44 . Lets get strai