Relationship for a new age. Good morning. This is bloomberg surveillance. I am Francine Lacqua right here in london. We have a pack show for you. We speak to the former fed governor, randy kroszner, then the economics professor joins us that 9 30 a. M. U. K. Time. We will talk a little bit about regulation. The u. K. Brexit sector, the house of commons will be monitoring that, and any breaking news. First thing is first pure the dow yesterday reaching 20,000, so lets quickly check on your market. This is a picture overall. We are seeing a nice little post. Stoxx 600 gained 0. 5 . I want to show you what happened in japan. The global rally is picking up speed after that landmark for the dow. Gold in boston seeing a selloff. Lets get to the bloomberg first review with nejra cehic. Hasa President Trump enacted two of his campaign promises, it discussing a physical wall along the southern border, and a target on sanctuary cities, those failing to report those violating immigration laws. Pr
Europes largely flat, same for the 10year as revised q2 gdp is largely in line. It is all about the fed today. Janet yellen speaking in jackson hole. 10 00 a. M. Eastern time. And right here, you will hear from former fed governors randy crosser in, fred mishkin and former and current vice chair of the Federal Reserve Stanley Fischer at 11 00 a. M. Eastern time in reaction to Janet Yellens speech. To our man on the ground Steve Liesman, good morning, steve. Cant get over the dress. The clothes. Thats all right. Its were waiting at about an hour now less than an hour now for Janet Yellens much anticipated speech, but in the meantime weve had really interesting fed speak this morning right here on cnbc. Most of the fed folks were talking to see rates going up. Not willing to be necessarily nailed down to a timetable but Loretta Mester did say just about a half hour ago, that she sees the u. S. Economy improving enough for the fed to raise rates. I think well have some strengthening in th
The back story to me, the bank of japan couple of weeks ago, mario draghi, and those her bombshell announcements. Point, as Steve Stanley said, the fed will need to stand up and punched the markets in the mouth, and tell them to stop bullying them because every time they told him to do something, the markets have a reaction. We have that in january and now all that has passed. Scarlet and the fed has a dual mandate, all in placement and price stability. With the labor market approaching of full employment, 4. 9 , is the fed putting more weight on the inflation mandate . A key question, and i dont know if we could go inside the bloomberg terminal, but you can see the core rate of , february, rose to 2. 3 . We are getting into territory where the fed would normally be worried. It seems to be accelerating two months in a row. Even no gasoline and oil prices are falling significantly. Scarlet that is the latest inflation rate in the fed will need to consider when they make the decision tod
The early trading most of the major averages are trading higher. The dax is up by better than o. 6 . The cac and ftse both sitting just under 0. 6 higher. North Korean Leader kim jongun has ordered his country to be ready to use its Nuclear Weapons at any time. He told the military to be in preemptive mode attack. The saber rattling follows harsh new sanctions imposed by the u. N. Over north Koreas Nuclear program. Also, new data this morning on where investors are putting their money to work. Nearly 5 billion went to riskier, u. S. Based junk bond funds. Thats making the groups largest inflows on record. Federal prosecutors have now moved to dismiss the indictment of Chesapeake Energy founder aubrey mcclendon, as expected, following his death. Mcclendon died in that fiery onecar crash the day after being indicted. A Law Enforcement source tells cnbc that the justice departments broader investigation into possible collusion in the oil and gas industry is ongoing. Generating buzz this m
I will start you off with a bulletin mark for oil,s the price of brent crude fell to a five year low in the United States also dropped and hedge funds and other Money Managers i have that too much on rising prices. Merck is taking aim at superbugs per the drugmaker has of debt has agreed to buy cubist pharmaceuticals. Developing products to fight drugresistant bacteria. Has increased the target price of its ipo. The Company Plans to offer per ofto 14 these. In india whereer they had been banned and accused in uber driver of rape. The company will do everything to support the woman. Today withbama meets the duke of cambridge, Prince William who is taking a break from a visit to new york to visit the white house. He and his wife arrived yesterday and they will have a reception with Hillary Clinton and an nba game featuring the brooklyn nets. Its a, 14 years but citigroup the longer holds the record for the most valuable bank of america. That distinction now belongs to wells fargo was clo