Blunt for frank. The stake for consumers, investors ordinary citizens are high. Chinese president xi jinping arrived today in florida for a summit by the sea with President Trump. On the agenda, trade, jobs and north kor korea kayla reports tonight from palm beach. Reporter the leaders of the worlds two economic superpowers meeting for the first time President Trump on home trip at his resort in florida and the 24 summit begins. Chinas president xi jinping greeted by saex rex tillerson, last month, he called for future respect and a winwin relationship. But drew a harder line on thursday. Even as we share and desire to work together, the United States does recognize the challenges china can present to american interests. Reporter the meeting is the toughest diplomatic test for trump and the administration several days in, several key posts still unfilled and a diverse set of views on china with Trump Campaign ire. We cant let china rape our country. Thats what theyre doing. Its the gre
Welcome in, everybody, to power lunch. Im tyler mathisen. Glad you could join us. Three hours left in the trading session and stocks showing animal spirits. They are in the green. As you see, the dow industrials up about a third of a percent or 65 points. Ditto the s p 500, a third of a percent of 2148, thats a sevenpoint gain and the nasdaq leading the way up. 75 . Big winners, boeing, 3m and microsoft, microsoft trading at an all time nominal high. Im michelle carusocabrera. Here is what else is happening at this hour. Consumer reports naming lexus its most reliable automotive brand. More on that coming up in the next hour. Nike topping forbes list of most valuable sports brands. Oil cracking below 50 a barrel, right around 49, 50. Right now crude down 1. 9 . Back to you, tyler. Thank you very much. We got a big two hours ahead. But lets kick it all off with the deal of the year. At t, there you are, announcing plans to buy time warner for 85 billion. The ceos of both companies weigh
Ramy we are just off of session lows but i have to say that on fears of what is happening over at the fed, traders are concerned about the rising potential of an Interest Rate hike as early as june, and even here today, all the major indices are down for the year. We are down. 7 , similar to the s p. Pop into the bloomberg with me and i want to show you the sector health. Seven of the 10 sectors are in the red. Industrials are down the most, down by 1 , as it has been for most of the day, followed closely by financials. Utilities are the highest, but with Consumer Staples the secondhighest, half a percent here. Going back to industrials, they are down in large part because of what is happening with the airlines. This is down by about 2. 5 , in large part because of temper airrs, because of egypt flight being lost between paris and cairo. Officials saying terrorism cannot be ruled out. Lets take a look at what is happening even deeper in the Airline Board with specific stocks. Across th
The markets. Jp morgan did not use brexit ate my homework as an excuse to imply lower numbers. Jp a lot of people were nervous, they did not take that bite. A great relief. Financials up right across the board. Earnings trends, only a few of them have been beat. And i want to show you whats going on here. Since these companies started reporting, this has been their stock prices. Alcoa, delta, jp morgan, every single one of them. Lets take a look at the banks. It is very traditional for banks to go up a little bit. Thats jp morgan and sell off after it. And banks are leading, up about 5 . So far just this week. The head of the Worlds Largest asset manager getting a little worried. Heres larry fink on squawk box. Here we are. Were seeing investors worldwide pausing. We have seen quite a large sum of money being pulled out of equities over the last year. And yet were at record highs. This rally in my mind is not i dont think we have enough levels to justify at this moment. Reaction now. G
Industry Study Suggests that trading in u. S. Asset backed securities will become uneconomical if the rule is not tailored to fit the u. S. Market place. If it is uneconomical to act as a marketmaker for commercial mortgagebacked securities or residential mortgagebacked securities, auto loans, credit cards, collateralized loan obligations, then banks will pull out of the abs market which represents a 1. 6 billion source of Consumer Lending or 30 of all lending to u. S. Consumers. So my question to you, chair yellen, is how will the fed ensure that the final rule will be tailored to fit the u. S. Market which is the most liquid abs market in the entire world . So i will have a careful look at that. Im not familiar with all of the details of the b asal proposal, but anything we implement in the United States, there is nothing automatic that is implemented in the United States. And we will have a careful look at what the impact would be. Well, i appreciate you doing that. And i continue t