Through for the United States at 57. 8. The previous number, 56. 9. The survey, 56. 2. We have a easily beaten expectations on this number, but the details are important. Lets dig into the details with bloombergs mike mckee. Michael important to realize this is a diffusion index that basically asks companies, what are things like this month compared to last month. There is a bit of an improvement. The level of improvement has slowed some. But that is a reasonably good number because we see business activity, which is sort of the same of production in the manufacturing index, up to 63 from 62. 4, and new orders up. Again, this compares with the last month. We were at very low levels, so the fact that things are expanding doesnt mean we are back to where we were. It just means that things are gradually Getting Better. The one thing everyone has been watching his employment. This report comes out too late to influence everybodys view on what the payroll report was like for august for sept
Last month was a huge bounce in this number, up by 24. 7 . The perimeter is that much greater. Coming introng number on the Manufacturing Index as well. At 21. Through alix a really strong number. The big news of the day in the u. S. , it jay powell and Steven Mnuchin will speak before the House Financial Services committee. Powell will stick to his call for more fiscal aid. It comes against the backdrop of a darkening prospect for continuing stimulus. The latest news is mitt romney says he will back a vote on trumps pick this year. Joining us now is Emily Wilkins. Does this make stimulus more or less likely. It feels like the pendulum shifted towards the republicans with the Supreme Court nominee. Emily this makes the stimulus funding less likely to come before the election. Both sides werent making a lot of progress anyway. For monthsighting over the amount of funding. Both Speaker Pelosi and Senate Majority leader Mitch Mcconnell are really not budging. It senate is going to pit of
We saw a push higher in the session when the governor of the bank of england toned down the speeches we have seen as of late when it comes to negative rates. We will see whether ultimately he has to deliver on negative rates. Apparently the mood music has improved on that for today. Politics when it comes to the btp markets, today we have seen a significant pushback for the Prime Minister against mr. Salvini in local elections. The market has taken that positively. Alix just to pipit off what i said earlier. The eu Leaders Summit is postponed as the eu councile president was quarantined. You had a Security Guard test positive. That Leaders Summit will be postponed. Movement in the market, the dollar jumping higher. Charlie evans says the fed could raise rates before inflation gets to its 2 target. Interesting to see we get that reaction before we get fed chair powell. You are all seeing Maxine Waters speak right there. Lets break down what to expect. Emily wilkins joins us now. Will th
Making more ppp loans than one of the Major National banks did nationwide. That is just the success of the ppp, but it is because of the engagement. Before i go, i have two questions. I would like to respond to something my colleague from california brought up about the recovering economy. There are areas of the country the economy is recovering strong , the state of georgia is one of those. Our revenue reports came out over a week ago. The tax revenues for 2020 r. 7 higher than 2019 because instead heavyhanded government putting longterm restrictions on the people, we decided to trust the people they would be safe and secure and opened our economy. I think of other states would like to see that type of economic recovery, maybe they should address the way their states are being governed. I know the Federal Reserve is looking at ways of broadening the main Street Lending program, which we all realize needs to be broadened. Areas i would like to see us take a look at. That ishose industr
Billionaire tilman will tell us how he is preparing. What hes telling his teams for what could be a cold winter for the economy. Power lunch starts right now day after the huge sell off, stocks have turned higher this afternoon as they try to avoid a fifth straight day of losses the s p and nasdaq are at session highs right now. Lets go to bob for more on these markets. Bob. Chop it around a little bit i listened to the powellmnuchin testimony. I didnt see any narrative around fiscal or Monetary Policy stay at home stocks are back theres this narrative if we get more break outs in the u. S. Like we got if europe, they will be ben faeficiarie beneficiaries. All these stay at home names are doing well amazon is having great day not so the banks second day in a row they are getting clobbered. Some of the banks are down 7, 8, 9 in two days this is another serious down trend in the banks the big thing im worried about is valuations. We cant figure out what tech stocks are worth look at appl