Might have ohio in play. President trump arent storming across the country, North Carolina, a key senate race. Also going to be making stops in florida, in pennsylvania, iowa, where he is trying to give a lift to senator joni ernst in the senate. All of this comes at a time in which there are now a new report about how both of the candidates to be spending their Election Night. I spoke with a source close to the president s Reelection Campaign early this morning who told me the president will be having a close circle of prominent notable names surrounding him on Election Night at the white house, where he likely could give some type of national address, whether or not he declares victory, whether or not joe biden declares victory, we dont know. The president suggesting he is preparing his team for there to be not just a long night ahead of them, but along several days after the election. Guy we are talking david we are talking about election week. Looking forward to spending that week
There. 10 year yield popping a little higher now, helping the banks. We have Energy Higher even with oil down but a little bit of a reopening flavor and the bulls are trying to hang on. David tech is a little soft and one might think that would have to do with google, but that is not the worst. Alphabet had actually been popping shortly sharply higher largely priced in, the u. S. Filing this antitrust lawsuit, republican state attorneys general as well, not. O surprising not so long ago, down about. 4 . Trying to figure out what this means. Many experts saying it could take a long time for us to go through these courts and the company itself saying they are not forcing consumers to use their product. It is a strength of their and amazon shares will be weak. We always have to keep an ion the complex. Never a dull day. Thank you for that report stop we are taking a look at pennsylvania as part of the swing states series and today, a democrat from philadelphia to take us through the race
Big internet companies, that was the worst sector yesterday. Investors bidding those higher into earnings. One note, something that is not different, supporting the idea fundamentally nothing has changed, investors looking past it, we have a lower low on the s p 500. Sharply,ave oil down heading to the worst week since april. Commodities, and wrist asset down in a bait way. David to add one further complicate in fact are, look at the 10 year. We are above 80 basis points again. That is a risk on reaction. How does that fit with commodities . Abigail great question. You have bond selling off. The 10 year yield back in the top part of this years range, suggesting it will make a move for 1 . That will be wrist on because it would mean investors going out of bonds and could also pressure stocks. On the week, bonds are rallying. On the week we have a big haven bid, big haven bid for the dollar. The dow and s p 500 heading for the worst week since march. We also have crude oil down in a big
Europe, up by 2. 5 . Todays number from barclays, very strong. We are going to hear from jes staley a little later in the program, our interview from early round. The pound bouncing around all over the place. We were into 1. 31. I think this is broad Dollar Strength rather than anything else. Take a look at the bloomberg dollar index. Alix rising covid cases impacting the economic data. Composite pmi for the euro area dropping below the 50 mark, which shows contraction. Meeting. O ecbs next joining us is john hardy, Saxo Bank Head of fx strategy. Does 1. 18 make sense for when you consider the rising uncertainty . John of course, the pressure should be on the downside given the covid resurgence. I think the general take on the could be that if we are seeing this democrat sweep scenario, we are positioning for a weaker dollar for some time in the future. Anything looks fair between 1. 17, and to me, this is the upper area of where we should be. We shouldnt be doing anything and eurodoll
Bit of again have a cyclical or rotation reopening rotation happening with the financials, materials, real estate to the upside. On the bottom we have tack. Financials are not being helped today. Bonds selloff. Intel,ight down by putting up a disappointing, lackluster guidance. The first down week for stocks in four weeks. David as we have talked about although sponsor comeback a little bit they are still at or above their range. The dollar is still down a bit. Abigail you are right about that. With bonds it is interesting. If you put the dollar in there, it is climbing as rates go higher. That has not been happening. What makes the bond rate so interesting is it has pressured stocks. Last three over the months has been basically stuck in this range. This decline turns into something bigger, we could have the s p 500 go back towards the september low. My sense would be what you are talking about. The opposite happening for yield and pressuring stocks down. We saw that back in june. Tha