Kriti good morning. Im dani burger in london and these are the stories that set your agenda. Asia stocks in u. S. Futures slide with disappointing earnings from metaat the tech giant warns of economic uncertainty. It sinks past 150 per dollar raising the risk of intervention. Banks are in focus this morning. Morgan stanley names their next ceo. Standard chartered drops on disappointing thirdquarter results. Bnp paribas earnings crossing this moment. We will break down the numbers and bring you interviews the cfos of both companies. We are live in athens where todays ecb Rate Decision is being made. President Christine Lagarde says the fight against inflation is not over yet. Third quarter net income for bnp paribas is a mess at 2. 6 6 billion euros in the estimate was for 2. 7 5 billion euros. Trading revenue is slightly lower. It is 1. 20 2 billion in the estimate was 1. 0 5 billion. Mostly it online but trading has been spotty across various banks. The cet1 ratio is 13. 4 , higher th
Off a little bit still at 1253. 5. We see oil continuing to rise. Nymex crude now trading at 90. 63 per barrel. That is putting pressure on the market. N in the strike story, getting you up to speed in auto stocks. Mix performance from ford, gm, and it still and tense with us to lantus and gm higher on the day and forward a little weaker. For those wondering why you might not see a sizable selloff in the names, the Analyst Community has been weighing in with the argument being that most people expected we will get would get to the deadline and ultimately have no deals. Because you are seeing a strategic approach or by the uaw, the damage in theory could be worse. We will find out what happens over the days ahead. We are watching weakness in the supply chain. The car stocks. The Auto Industry publicly traded version. Carvana and carmax are down today. They were up into the news. Advanced auto parts down it now. We will continue to watch all the names. If there are fewer vehicles coming
We are printing, following higher euro markets as well. You have killer pmi data coming out across the board. Services are stronger in europe. That leads to a selloff in all the major developed markets, and courtonds developed bonds in europe as well. The curve is moderately steeper, and crude, only 4 10 of 1 , but almost 52 a barrel. What does that mean for production . David the saudis do not mind. Alix and at the top of Global Growth is copper, up 1. 3 , at 7,200 a ton, a big move for copper. We will discuss that Global Growth story. David lets find out what is going on outside of the Business World with emma chandra. Scott it has emma it has been a dramatic split between President Trump and one of the former architects of his campaign. He says steve bannon has lost bannond, after insulted his family in his book. Congressional leaders have signaled progress on a budget agreement needed to avert a Government Shutdown this month. There is no deal yet. Among the deals being discussed,
Commodities were on their way up. Ime for the morning brief citibank will be releasing its earnings. Will get Empire Manufacturing numbers for january and this afternoon President Trumps dr. Is going to brief reporters on the president s First Physical exam. Its all coming up today. Time for your daybreak first take. Global equities are rallying. We are waiting for those citi earnings. And the race to get a deal done in washington. Alix thanks for being here. The one im looking at is the equity rally. Rsi index versus the major indices. The s p is the yellow. The purple is european stocks and the white is the global world all in major over but territory. Is this going to be a Global Growth story . Are you going to say the word synchronized . I think synchronized and kick the can are sure to come up. We can get even more signs that the word of the day is euphoria at bank of Americas Fund manager survey for january shows that cash levels among Fund Managers fell to a fiveyear low. Share
Concerns about harsh factory conditions. Yvonne, we know equity markets here in the u. S. Were lower but what has been rising and rising quickly has been s p estimates by analysts. See so many upgrades because of how high the markets have passed the markets have run. I have a chart view that shows this g btv 8902 here is the yellow line here for s p earnings estimates this year. But how they are accelerating and rising given that the bull run, the record bull run we have seen so far, much faster than the s p estimates for 2019 and 2020. It looks behind the curve, perhaps wall street has been to how much tax reform seems to be propelling these markets higher. It is quite rare to actually see these earnings upgrades in the months of january so i guess they are starting to see this windfall when it comes to tax reform. But it was a wall street overnight. First you had down a 26000 and then you had down and you get back to flat and a lot of russians on whether this is a onetime affair or i