It is 9 00 in hong kong. Foroin, a watershed moment this crypto currency. Futures trading in chicago over the last hour so, and a little bit of volatility when it comes cboe website crashing. This is a pretty significant milestone in terms of this currency or commodity to get mainstream appeal and credibility. We will talk about that later on. We are looking at Central Banks this week. It is a big week when it comes to policy. 15 Central Banks globally, including the fed. Wirp onp the the bloomberg. This is likely to be the third and last of Janet Yellens rate hikes as she exits this role. Dotquestion is whether the is likely to change given a new fed chair. We are 30 minutes away from the open in china and hong kong. David is looking at the markets for us. Im looking at this note saying strap in. We are getting ready for the steepest rate hikes in 11 years. Haidi that is what they are saying. David the bond markets are saying the complete opposite. Has threefor rate hikes on top of de
1,600 points at its low. It represents a paper loss of 1. 4 trillion. Stock futures are trying to stage a comeback of sorts. Joining me for a report. Nicole, after it went down 700, it started trading down in 50point inkrements. When it goes in 50point increments, you know you are in trouble. Thats when you say whoa it happened so quickly. About 3 00 we were down 750 points. By 3 11 we were down 1,600 points. They had sold off everything. They jumped out of everything. Thats when you start to feel its programmed trading. David Program Trading are computers. Were the human beings on the floor panicking . One of the traders said i just bought. Right near the low. The truth of the matter is people are looking for better value. We have had a market that has run up since november of 2016. One trader said we are down a couple of days, but thats not the story, the story is we are up 400 days. So a little bit of a selloff is okay. David even though the programming trading was going on with a v
In more hours. Elliott will beginning us an update on what we are seeing. It will take operations elsewhere if no agreement is this is deval 2. 0. Reached. Caroline lets return to china. You can see what is happening. Lets get back to our top story. The Dollar Strengthening. Here is what our guest has been telling us about the yuans he seems to be the safety trade around the world. Continued plunge. Week exports were part of the a really sharp pickup in the currency for a second day. Reason. The central bank would never admit it. I dont think this is the only we have got the secondbiggest amount we have seen in two decades. Reason. I think the and imf i think the imf factor is important. Market. To feed the china wants to get this in the basket. Go off schools that market will have a bigger say in setting the rate. Have removed. I want to give historical they can take this currency context. Wherever they want. They claim it is a oneoff. I doubt it. Today we are going to get that it is
Quarters of one percent. Lauren oil prices gained 1 last week to hold above the 50dollarbarrel mark. Nicole bank of america, netflix, among Big Companies expected to report today. Lauren Tesla Ceo Elon musk delays Product Announcement saying that whatever it is it needs a few more days of refinement. Itll be a new auto pilot system. Nicole in sports Los Angeles Dodgers is a oneman show. Dominate and dallas dominates green on their own turf. Lauren welcome to fbn am, first look at morning markets, breaking news and what to expect for the day ahead. Nicole we begin with this this morning, Iraqi Government launching a major offensive to retake the city of mosul from isis. The Iraqi Military and Kurdish Forces began operations to led in Coalition Strikes. Lauren quote, we are confident our iraqi partners will prevail against common enemy and free mo sul hatred and brutality. The United States estimates more than a million civilians still live in that city. This comes four months after iraq
Incompetent to participate in the discussion. Guest yes, its true. Host how strong is the banking lobby lobby the states . Guest very strong. After the crisis of 2009 it was senator durbin who said frankly wall street owns the place. The politics is a little different. There is a good political problem and that is what i learn more and more as they became involved. Its not about making that argument. Its not necessary or sufficient to be successful in policy debates. Why . Well because there are narratives that people prefer to have and there seems to be some entrenched misunderstandings shockingly held by all kinds of people who you would think should know better. Its hard to sort out sometimes why people say what they say. Some people say to me they just dont understand these subtle things but i think thats really weird. Sometimes we are talking about part of the mystique. Somehow when you go into banking you suspend all judgment. Its all different so here in the rest of the economy