The july Producer Price index out at 8 30 a. M. Eastern on the heels of a muted day yesterday. The do nasdaq is down 45, s p lr by 7 and a quarter after the july Consumer Price index showed a higher yearly rate than last month, we brought you the numbers yesterday. Yesterday markets were down by the closing bell. Some on will street say inflation levels could signal no rate hike at the september Federal Reserve meeting but President Biden is pushing for more stimulus, requesting congress approve an additional 40 billion to address what he calls Climate Change and a need for more aid to ukraine and disaster relief. Were talking about it coming up. European markets are in the red, the ft 100 in london currently down 83, the cac quarante in paris down 62, dax lower by 76. And in asia overnight markets finished mostly lower, take a look. Shanghai composite down better than 2 overnight, hang seng in hong kong down about 1 . The one bright spot, japan, was up a fraction. P meanwhile, the dea
Welcome back thanks very much for joining us this morning. I am maria bartiromo. It is friday, august 11, at 8 00 a. M. On the button on the east coast more questions surrounding thenvice president joe bidens controversial 2015 trip to ukraine. A newly surfaced is toh shows joe biden on air force two briefed by advisory who was apparently in connection with both hunter biden, and his burisma associates, this happening right before biden threatened to withhold one billion dollars in u. S. Money, if they did not fire the o prosecutor general Viktor Shokin investigating burisma. Even massachusetts senator Elizabeth Warren is asking questions expressing deterrence about hunter biden business transactions. I always worry about the influence peddlers in washington regardless of Party Affiliation we got to shut down the door he thickens rules that apply to everyone. She would not specifically address joe bidenp House Oversight Committee Chairmen james comer joined this program yesterday i ask
More focused on it than the fed is because the fed basically sort of ignores cpi because they prefer ppi to cpi. Sorry to go word salad after talking about kamala harris. But the fact of the matter is that the most important number to me right now is 85 and thats how much a barrel of oil is right now. Which means that were probably headed to 100, more than were heading back to 70 and 70 is the breakeven point where the spr was going to be refilled. I think right now oil prices are going to be the leading driver and then if you look at last fridays jobs report, you notice that 4. 4 was the year over year wage increase. So theres a lot of pressure on businesses to continue to pay workers, to find them, than their other input cost of oil so i think youre going to see ppi start to tick up. I dont know that cpi is going to be as high because, a, if you look at core they strip out food and energy but to the average american its certainly a high number but the markets going to look at inflati
And with Second Quarter earnings season slowing down a little, were going to discuss why some analysts think this was one of the worst quarters for companies in years. Take a look at the european markets, they are trading lower across the board this morning, see the decline on the dax, down 57 points. In asia overnight, a little bit of a similar picture, markets were mostly lower with the exception of the nikkei, faxal moves there. President trump calling for the recusal of the judge in his election case as he asks for the trial to be moved to west virginia. Hear what state attorney general Patrick Morrisey told maria. And as President Biden returns from vacation to tout bidenomics, a new poll is showing that those exact policies might lose him support in 2024. Were going to get into it. Joining the conversation all morning long, managing director Mitch Roschelle and Pinion Enterprises founder and ceo, joe pinion. Mornings with maria is live right now. Aint no Mountain High enough. Ain
Since june. We are looking at a pullback this tuesday morning. Dow industrials down 150 right now, nasdaq down 63, and s p 500 lower by 19. Markets on the move as they await key inflation data, the july cpi is out on thursday, the pp be i out on friday. Congress remains on recess this week. Oil prices, the big story in markets this morning, take a look. Prices jumping to 10 week highs yesterday after saudi arabia extended production cuts for moanother month, setting off investor alarms over when a rescission might hit. Crude oil sits at 81. 71, down 1. 5 this morning. European markets also in the red, take a look. Weve got the european indices down across the board, italy announcing a surprise windfall tax, the ft 100 down 32, cac quarante down 50. Asia overnight markets finished mostly lower, hong kong was down about 1. 8 overnight. That the biggest mover on the averages. The nikkei average in japan eeking out a gain. The hang sang down better than 1 andahalf percent. The judge in Pre