News from california yesterday and have been. ,olatility is a little elevated and we have got a really negative u. K. Two year yield. We were below japan a little bit early on. Slightly better retail numbers, but i have to say a bleak forecast coming out of the obra. Even the medium one i do not think it was positive. What are we going to be talking about . We will be talking commodities. We will chat oil and a little bit of copper and gold. Francisco blanch will be joining us a little bit on a little bit later on, and he is the head of the Global Commodities research at the bank of america. His dash cam weighing in on those commodities commodities. Fargo, citibank and jp morgan with jp morgan the outperform or. What stood out to you. It was something that one of our guests said earlier, validating the thesis that the strong get stronger, banks like jp morgan can use their skill to build up the dominance. In terms of how the shares are performing it is a mix. Jp morgan all the loan gai
My bottom line, josh, until rates and apple stabilize, the market is not going to stabilize. I think the big picture thing to bear in mind is what were seeing this month is wholly of a piece what typically happens in august, what typically happens august in the third year of the president ial cycle, and coming out of an earnings season that, quite frankly, was not great but not terrible and better than expected on a lot of fronts. You had stocks run up into that better than expected earnings in most cases and then you had profit taking. Buy the rumor, sell the news none of this is foreign. None of this is strange to anyone who has been around for a long time. There are differences in the dynamics beneath the surface in terms of the way people trade these days that maybe make these effects more pronounced. But if you look at where we are in relative strength and internals, in the vix, all of this is well within the bounds of what weve seen historically, and i dont think that we need to
Italys Prime Minister said it would derive from properties on h derived from higher Interest Rates. The net income exsceeding the growth for 2022 and 2023 citi estimated that would be equal to 19 of bank net profits for the year the tax would only apply to domestic Net Interest Income if this were to happen in the United States it is not happening i know. I dont know what would happen to the world. It is like when hell freezes over scenario. 40 windfall profit tax on banks. Do you think this is such a game changer that you would ever be in business in italy ever again . I think they view banks as utilities in italy i think investors will think about Certain Industries now at the beck on call of the government it can be wiped out just like that it changes your money. Chinese communist out of nowhere with the Tech Companies in china the trading Certain Industries. In other bank news, moodys cutting ratings with several banks and downgrading the biggest lenders. The credit strengths will
Hush money trial is entering day 20 this morning as former Legal Advisor to Michael Cohen, Robert Costello will return to the witness stand today for cross examination. Judge merchan clashed with costello yesterday sending reporters out of the courtroom, threatening to hold him in contempt if he continues to, quote, stare him down during the testimony. Costello confirmed that cohen said trump did not know anything about a nondisclosure agreement payment to Stormy Daniels. Cohen also admitted he stole 60,000 from the trump organization. He said, yes, i stole 30,000. When you add it up with taxes it was 60,000. The defense team will likely rest their case today as trump calls for this case to be terminated because of the lies out of Michael Cohen, he said. Joining me is former Georgia State representative, former candidate vernon jones. Its great to see you this morning. I want to talk to you. You were in the courtroom yesterday with former President Trump and it really from what im hear
Just continuing to track a bit higher. Were sitting at levels we havent seen since 2013 for this bond here. Certainly the question is, thage station that thage decision that were getting from traders, when were going to see the b. O. J. Start to cut or hike rates, were hearing them say the same three moves this year could be possible. We are getting close to the 1 market. Continuing to track the 10year yield at levels we havent seen since 2013. Really does play into the currency dynamics. Again today in the stherks yen fractionally weaker against the dollar here, trending back again closer to the 157 mark. Stocks wise, look, were a little high right now but fairly range bound on the session. That points to what were saying. Nvidia numbers are yet to come out. You mentioned the cleveland fed president , three rate cuts could no longer be appropriate. What does that mean for the dynamics of japan as well, that we continue to track. And also Rafael Bostic saying he expects a higher steady