Cfo says growth will come from a new unit. Be theorate banking will greatest growth driver in the franchise as we see it going forward. Anna erdogan derails the rally. The turkish president fires Central Bank Governor, sending the currency 3. 5 lower. Plus, new democracy prevails. The snap election in greece turn around he will the financial crisis. I will deliver on my agenda, an agenda to grow the economy, to create more jobs, but also to make sure the greek people feel safe again. Anna welcome to the market open program this monday morning, less than a halfhour to the start of equity trading. Lets look at the features. The good news is bad news mantra is dominating. The end of the rally in everything, ftse futures, tax lookses, and cac futures like it will be weaker in trade. We got the jobs report. Stocks stateside and europe falling on that, building in lower expectations for fed rate cuts. Thats the big picture story. Lets look at how thats gone down in asia. Thats part of the as
As we rally is up as much heard that the rsi was overextended, technicians dont like that. Momentum isal that strong. Right now, looking at a very the rsc elloff, the rsi higher. It might suggest that despite the twoday decline, more gains could be ahead. Emma something that has not gaining, the online category. Draggingor falling and other names like looking down with like booking down with it. They said Industry Trends are not good. Traffic in general is falling. They werecomes as added to the conviction list, tripadvisor. Note winning out at guggenheim today. That could offer some worrying signs about consumers disposable income and how much they are spending. Taking a look at iron ore. Looks like it is opposite to friday. Friday, a twoyear low. Now, it looks like it is having a rally. Demand is seeming to hold steady. Amidstyear high disruptions at minds, and stockpiles in china remain low. Most Industrial Metals today are doing better. You can look at the bloomberg industrial meta
Believe it or not, this is actually the kind of decline you want if you are a bull. We cant keep realallying on the news over and over again. President trump and president xi could hammer out a trade deal. Rallies need more and more fuel. Without it you end up on a day like this one. It reminds us that stocks can go down, too. So what did make today so soggy . All the red hot cloud based enterprise stocks, they were dethroned today. Yesterday sales force told us it was buying Capital Software for a huge premium. Everyone figured that every company in the sector and cloud kings would have takeover biz. These stocks deserve to come back down and they did. They got what they deserve. Helps businesses. Work day just reported terrific quarter down seven. Cooper software, like them. Amazing companies, amazing companies, also stocks get hammered. Think of it as cloud royalty being led to the yesterdays cloud rally was all about froth. Anyone in the industry can be a target. I think thats absu
Abramowicz i am jonathan ferro. Lisa abramowicz actually going to 731 lexington avenue and just making it in time. Good thing Brian Moynihan does not join for another 60 minutes. Lisa really, that is how we are going to start . I was prepared to be here early. Jonathan you want to trade . This will fill out for the next two or three hours. Brian moynihan will join us in 60 minutes. We want to start with the price action. We begin with dollar yen. Something truly historic just happened, something since not since 2007. The japanese yen is weaker even though weve just seen the first Interest Rate hike in 17 years. Lisa on one hand people were expecting this. Some of the rhetoric out of the central bank was not hawkish. They were indicating they were not prepared to hike again. That is why this currency pair is dead in the water. I do not understand this. This is what everyone was waiting for. Michael jonathan there is a big difference between the end of negative Interest Rates and the end
Interest rate at 5. 5 . Of course, dave, it is widely expected all 20 economists we surveyed expected as much. But the question is really whether or not governor adrian orr will sound hawkish, given that inflation is still far from where he wants it to be, which is one, two, 3 right now. We had headline inflation in the Second Quarter at about 6 . So rbnz staying pat for a second time in a row at 5. 5 . Remember, this is the central bank that has done 525 basis point hike. It has been pretty aggressive ahead of the curve, way ahead of the fed. And now it is keeping its rate standing pat at 5. 5 for a second time in a row. Dave. Yep. Yeah. So were looking at, to your point there where there is some commentary on inflation and how restrictive rates are and theyre saying already restrictive and that should be enough to return inflation to target. Were just going through some of the phrasing here on the statement because that i guess in some ways, short of hearing from the governor himself