Leading economic indicator. David the big question is what can be done about the slower pace. We will come back to you and talk about that. First we want to go to david powell in london because we have German Service numbers not encouraging. David p. there was a downward revision to the servicing pmi for the month of september on top of an initial decline we already knew about. Evidence of a slow down in the Manufacturing Sector is spreading to the Services Sector , affecting the entire economy. David how much of this is trade , and if so what can Angela Merkel do about it, if anything . David p. germany is more exposed than any country in the world to international trade. It has one of the Worlds Largest trade surpluses. It is affected by the trade wars. The blow to confidence that is having not only on trade itself but on investment plans. Fortunately, germany also has another record. That is for fiscal responsibility, fiscal rectitude, and there is a lot of room for germany to spend
The start of it as we continue to watch alphabet shares essentially unchanged today, jon. Yeah and our ylan mui is there in washington who joins us with more. 170 million now in the context of facebook maybe doesnt sound like a lot, but thats a lot for the ftc right . The ftc is quick to point out this is the largest penalty ever collected under this privacy law that protects children when they are surfing the web and when theyre online the settlement was actually split between the ftc and the new York State Attorney Generals Office 136 million will be going to the ftc, about 34 million going to the new york a. G. And during the press conference i would be on the lookout for some very tough rhetoric from regulators weve heard from new yorks a. G. Saying she felt that youtube put children at risk and abused their power. We already had a statement from the ftc chairman saying theres no excuse for the violations that youtube is alleged to have committed. So i think that youre hearing a ve
Exited alaska also pushed in a very shares higher. Showed a bigger than expected drop in crude Oil Inventories a little different. It eases concern that the market is poised to head back into oversupply. Surely before 2 00 today, all the major cryptocurrencies began selling off in a flash. Bitcoin erased earlier gains to drop five and a half surely bo below 5,000 since the First Time Since july. Cryptocurrencies are no strangers to set of moves that are not always explainable and today, that seems like it is the case for now, many analysts trying to figure this out, one showing that the futures friday might be playing a role. One investor is sticking with his guns and saying that the next leg up could be as soon as investors start piling in. Theyre not quite giving up hope on crypto yet. Thank you three hard to believe volatility in the crypto space. Work andu do a lot of an interesting juncture because it feels like the last several weeks, people become negative. It is not like anywhe
Of to a good start on this tuesday. Negative atead is 1. 51 . Apparently Phillip Morris and ultra are going to try to get back together and altria are going to try to get back together. Phillip morris is down. Europe, a nice bounce with the stoxx 600 up 6 10 of 1 . The ftse maybe the best ib themer the ftse m best performer for individual indices. Weaker by 6 10nd of 1 . In a Bloomberg Opinion piece today, former new york fed president bill dudley calling President Trumps trade war with china a manufactured disaster in the making. The question for policymakers is e policy mitigate the damage or refuse to play along . Increasing the risk of a stateion, officials could officially that the central bank wont bail out an administration that keeps making bad decisions on trade policy, making it abundantly clear that trump will own the consequent is of his actions. We are joined by Michael Mckee, and it washington, d. C. Come a trade reporter shawn donnan. Michael, this is a very interesting
Why they will not do it. Bill dudley has an understandable position. Most of the people in jackson hole are muted. The World Economy is going to a slump and the u. S. May be slowing down as well because of the president straight all of these. The fed is not going to get involved in the politics of making trait decisions. Jay powell on saturday on friday said setting trade policy is the business of congress and the administration, not the fed. Our assignment is to use Monetary Policy to foster our statutory goals, which are maximum employment and stable prices. Kevin despite all of the political snafus around the central bank, confidence declined less than forecast. We are getting new numbers that would suggest consumers are not feeling the recession fears as much as we anticipated. Michael certainly not as much as wall street. What may have happened is companies stopped up a lot ahead of the tariffs imposed and we see that in the inventory numbers. As though start to work down, prices