From the g7d review working group and others, is to have a very stable value retentive Digital Currency. It will be a very high quality Digital Currency in a number of countries that are currently receiving a lot of their income from abroad. They will now receive a lot of their income from abroad in a Stable Currency that will retain its value. Obviously many of those same third world countries and some than third world have very strict controls on foreign currency. They have currency controls and currency boards and do not allow their consumers to take action outside of their home currency and they do not allow their home currency to be taken out of the country. How does liu brooklyn on dealing with that . Libra plan on dealing with that . There are lots of countries that have the problems you highlighted and do not have currency controls that we can address right away. For other countries it will be on a country by country approach. Any wallet on top of the Libra Network will be inte
Data out this morning was up slightly joining us for the entire hour is from ariel investments, pushing back against the earnings theme youre feeling good . Id say im better than the market is feeling. I think the market is looking for soft earnings, maybe 3 decline in earnings. Were hoping that we might get a positive number, but not as bad as the markets think lets drill down on all of the big stories. Lets start with you, bob. All three major indices at new highs. And let me show you, a nice group of Retail Stocks hitting new highs. Walmart, home depot, dow tjx, autozone. A small group of Consumer Staples breaking out to new highs. Proctor and gamble, colgate, starbucks a 52 week high for them the Payment Systems, mastercard, visa, visa the biggest gainer of the year up 36 . They have been on fire recently. Finally one last point, the vix down to 12 and change. This is sitting right near the lows for the year. Obviously august is a slower part of the year, but even so, a pretty low
S p 500. You are talking about how investors are happy with the fed decision. This chart suggests they may get happier. A chart of the s p 500. We see theseyear, areas of consolidation as the bulls took outcome of the buyers taking out above the 50 day moving average. In may, that bearish action. There was an area of congestion that went to the sellers. The buyers have stepped up in this area of congestion into todays meeting. Broke to the upside yesterday. You can see less than 1 away from alltime highs. Gaining momentum. The s p 500 is confirmed for 30 six, suggesting new alltime highs are ahead for the s p 500 this summer. Emma if you were just watching gold this afternoon, you got a clear read on what we learned from the fed. It approached a 14 month high at one point during the session as investors said that fed would cut rates. Two ways in which this benefits that the fed may be considering cutting rates suggesting that the economy is getting worse. If the times are going to get
Vengery link that does it for squawk on the street. Lets send it to squawk alley. Over to you. Thanks. 11 00 a. M. On wall street and squawk alley is live welcome to squawk alley. Im Carl Quintanilla good to have you deidra, sarah is off joining suss partner gnb capital and the founder of earn. Com. Good morning to you both over the last five trading days, tech stocks, which were leading the markets higher for the entire year have turned lower. Today the nasdaq is slightly positive this rotation isnt just on wall street a number of articles in the past few days talking about Venture Capital funding drying up, or at least having peaked in the seed round. Called the hot money party tends to move around facebook ipo run up subsequently in 2013, 2014, big in seed a, thats where the capital went. The hot party moved in 2015, 2016 it went unicorn hunting, saw a lot in ipo, labor deals that hot party money shifted in 2017 very clearly to initial coin offerings. Thats where the action is today
Whole group. Well tell what you. First, the global selloff. Markets everywhere from europe to asia to south america all getting hit over the past month except for here in the u. S. , which despite the recent volatility is still up 1 in that time. We know its a small world after all. Is the u. S. The next market thats about to crack . Guy . The vix closed lower today, we mentioned that last night the warning signs are not there in the vix pete can speak to that the selloff in the hang seng index to me has been very interesting and something you have to continue to watch. I mentioned it because look at where we topped at the hang seng at the beginning of 2008, 30,000 look where weve traded up to and failed over the last couple of weeks the selloff has been pretty quick. Tenyear yields in china have gone up to 4 . Its clear the Chinese Government is tamping on the brakes you have to wonder is that causing some sort of cascade effect right now its manifesting itself in the hsi. You have to