Social Media Companies to react after paul pogba receives racist abuse. Good morning, once again from the farm in leicestershire as the bbc continues its focus on farming. Today will be talking about gm crops as the Prime Minister, Boris Johnson, comes out in favour. Its a beautiful start of the day, chilly, we could have some rain and increasing winds coming in from the north. In the south, were looking at drain cloudy conditions. Well have further details in 15 minutes dry and cloudy. Its wednesday, the 21st of august. Our top story borisjohnson will repeat his demand for fundamental changes to the brexit Withdrawal Agreement, when he meets the german chancellor, Angela Merkel, in berlin later today. Allies of mrs merkel have accused the Prime Minister of making a completely impossible request and actually not being serious. In a moment well get the view from germany, from our correspondent jenny hill in hamburg. But first, our political correspondent, iain watson in westminster. Iai
Morning, good morning. This is bloomberg surveillance. Equity futures unchanged on the s p. Alltime highs off the back of a hotter than expected cpi report. Theres a difference between what economists expected and what the market was priced for. Making absolutely no sense whatsoever. Which one was it. Basically youre having people justify the story at a time when there are more than half of the components of the dutch them coming in hotter than expected. Theres a lot of seasonal issues with the fact prices reset. They can explain it away because the fed wants to cut rates. On the flipside it doesnt make any sense for the fed to cut rates if you see a reacceleration in goods pricing. If you see that in the other components of this index. Is it a fed thats going to cut rates matter what or is it stickier inflation people have to grapple with . Bank of america saying this, Service Inflation good surprise. You can take comfort from the discomfort of the latter. We are still on the down tre
Some of the averages with the dow and s p are a little bit lower. The nasdaq is higher. Nxp semiconductors is pushing tech stocks a little higher today. I want to focus on some of the weighing downe some of the major averages. Im going to start with merck off almost 2 . Federal judge tossed out the verdict that merck had previously won. Merck is a little bit lower. Walmart and Procter Gamble are all. Off. Dragging down all of the staples including Procter Gamble. I want to take a step back and look at the broader macro picture by looking at the dollar. Were having the first threeday rally so far this year. Doesnt sound like much, but for a year that i see no weaker up threedayout 9 , so far this year isnt a terribly bad story. You would not expect the dollar to appreciate, but we have a lot about rates rising. Focusing on the treasury auction 6039. Es g btv the twoyear bond deal relative to the s p 500, pretty incredible going back to 2008. You are seeing that gilmore blended dividend
Twoyear option, we are looking at next trading action and the dow is down 3 10 of 1 . The s p and the nasdaq is higher , the nasdaq is off 7 10 of 1 . We wereare look looking at steep declines for the doubt but that seems to have slipped a little bit after mixed trading action. After weeks of a volatility we are looking at two big names, amazon walmart. Amazon shares are up nearly two and a half percent and one reason could be walmart down 9 . The company missed its earning estimates and behind that to some degree, weakness for the companys online business. Growth the celebrated and came 50 . 23 , down from and on this, the 2018 your view is disappointing and we can see that amazon seems to be benefiting to some degree from this. Other movers on the day, we are looking at the chip space. Look at the Philadelphia Semiconductor index, up 2 and outperforming major averages. We have annexed the semiconductors up sharply, up 60 on news the qualcomm has up its bid on the company. That dealt
Dow still 25 points shy of those levels. Six Straight Days six great sessions with the s p 500 climbing following last weeks plunge of 1 . It has come back, and then some from those levels. One of the things limiting what would be bigger gains is the price of oil, following the opec ,eeting with oil down 4. 2 below 50 a barrel once again as opec extended the production cuts but not for a full year, rather nine months. There was optimism that had been percolating that it would be longer. Oil shares today, they pulled back with many drillers and Oil Services Companies taking hits, transocean and marathon on this list. Stocks are higher today, not lower or being dragged down by these energy shares. Consumer discretionary a strong group, best buy is trading at a record, up 22 in todays session after the Company Comparable sales unexpectedly rose in part because of mario and the sales of the Nintendo Switch with Sears Holdings trading higher after the Company Reported its First Quarterly pr