Measures fail to emerge. On the monetary side, the bank of england, becomes the latest to cut rates treasury yields hovering around 80 basis points. Full Team Coverage of todays market plunge. Mike san tolly is with us and meg on the latest on the coronavirus. But well begin with breaking news out of washington major Bank Executives meet with the president today. Well get to wolf at the white house. Reporter the president and the Vice President and the treasury secretary currently hosting in the white house behind me the leaders of the major Financial Institutions of this country in attendance we have the leaders of jpmorgan, bank of america, citigroup, goldman sachs, wells fargo, black stone making it the type of gathering we havent seen since the peak of the financial crisis. Theyre all inside, as we speak. What will be on the agenda well, two main things. Number one, liquidity and the functioning of markets number two, lending to businesses that are most affected by the coronavirus.
Ready to go. Halftime report starts now. Welcome good to have you with us on this monday our Investment Committee is here with us. Chief Investment Officer at boston private wealth. Begin with stocks battling back heightened tensions in the middle east continue to drive trading. Watching gold, oil hit highest level. Weis, happy new year, havent heard from you in a few weeks. The question we have today, are the risks becoming too big to overcome this rally . I dont think so. I dont regard happening in iran as geopolitical risk a factor. Weve seen it so many times before markets have gone through it if oil has a sustained rally and moves higher, that will impact the economic picture particularly in europe i dont see that happening either were the large zest producer. We can measure demand to meet prices to me a bigger risk that just came out is bolton testifying in congress in the impeachment hearing. Youre reading news its literally just crossing the tape we might as well tell everybody
Lets look at markets. We are not saying much. Coming up, you will hear from this man. Our interview on risks and Financial Markets. And Brian Moynahan on the state of the american consumer. Lets get bloomberg first word news. Frozen pork, pharmaceuticals, some reductions from china, not related to trade discussions, but part of beijings effort to support the claim it is opening its economy. Weekend, aa tense Police Officer pointing his revolver at protesters. U. S. , President Donald Trump asked about ukraine aid before his call with the countrys president. The heavily redacted emails were by the Nonprofit Center for public integrity. They show the administration ordering a hold on aid in our after the phone call. Bush fires burning out of control in new south wales. Died,st nine people have hundreds of buildings have been burned down. The fires of being stoked by record temperatures in the region. Guy the s p is up, bonds are higher, gold is gaining. What about next year . Is joining
Is this a turning point for yields around the world. Well get fed minutes later on today. Road map begins with retail earnings, target and lowes soaring in the premarket on their results bucking the downward trend in retail. One week since the dows 800 point drop were close to recovering the losses well take a look at the wild ride over the last week. And what you can expect next. As the september 1st tariffs aapproach, well take a look at the companies that may be in your portfolio with the most exposure first up, target set to open at all time high, lowes surging on the better than expected quarterly earnings, revenues and comps. Digital sales drove more than half of the growth in q2 comps lowes reporting positive comps in all of their geographic regions in the United States and outpacing depot for the second consecutive quarter. We got to focus on execution. And risk taking. Both Marvin Ellison at lowes and Brian Cornell at target took big risks. Some people say they blew up the way
War. David what can opec do about it . I will put a chart that illustrates what youve been saying. Outlook is down, normally that would drive prices up, but now prices coming down. That points out it is the main issue. Opec cannot do much about that, can they . Kevin helen absolutely not. Saudi arabia has been leading the cuts opec and its allies agreed in terms if the amount they can take off the market. Saudi arabia has voluntarily cut much more than a pledge to do. The fact that crude prices in london are around 60 a barrel, well believe the level most opec producers need to balance their budget, there is not a huge amount more they can do. As you mentioned before, prices are reacting to what has been going on in terms of expectations of Global Economic growth and the slumping equities we have seen recently. This week in particular weve seen a lot of volatile a couple of days ago there was a 5 drops in crude prices on both sides of the atlantic. Both brent and wti. As you can see, t