Throughout the hour. Other news, google, bright spot in todays tape. Not everybody is happy about the tech giants restructuring and changing the Holding Companys name to alphabet. We have someone who says these actions will come at the shareholders expense. He happens to be one of those shareholders and hell explain what hes talking about, coming up. As those shares still up 4 . A rare green spot in the session today. Yes. Cyber security meets insider trading. We have the details on charges against nine people allegedly involved in a multimillion dollar hacking scheme, coming up as well. That is huge. That is a huge case. We start first with the chinese currency being devalued by nearly 2 officially. The markets have done otherwise. That move from the peoples bank of china sparking todays global selloff of ek quities and commodities. Mark chandler, welcome to you. Walk us through the impact how will this cascade throughout the Global Financial system . A lot of uncertainty. We make a d
Heavy volume in new york. In europe, shares in henkel with their biggest one day loss of almost four years after missing Second Quarter forecasts. The ceo tells cnbc hes not worried about being left out of the m a frenzy. Well continue to invest but whats also important is that you dont get carried away by the high multiples in the markets. We want to invest appropriately but at the same tile dont pay silly money. Welcome to the show. Now the International Energy agency just releasing its oil report for july. We are looking at a 25 decline through july and early august as well from the end of june. That is down to an abundance of supply and a strong u. S. Dollar. In particular, on the supply front, they said that oecb inventories rose counter seasonably by 9. 9 Million Barrels to hit another all time high of 2,960 Million Barrels in june. Interestingly this Oil Price Weakness over the last six or seven weeks does come in the face of oil demand growing and oil supply overall falling. It
Were creating a jawdropping new world that represents or largest singlethemed land expansion ever. The two 14acre parks in the work, will both feature rides on the force awakens, as well as the flight of the mihm falcon. No disneys updating the popular Jedi Training cad me. These star wars plans not only show disney is make the most of the acquisition of lucasfilms back in 2012, but they also highlight the longterm Growth Opportunity particularly of of the u. S. Parks. He says this will give leverage to raise prices, and says it will add up to a doubledigit Growth Opportunity in the launch year for these new attraction, crockett saying it also helps alleviate investor concerns about the durability of the traditional tv business. Now, plus after spending billions overseas to build a new shanghai park, which is set to open next year, shifting the focus back here to the u. S. Will help disney stayed ahead of university, which has been pouring billions into its new rides including a harry
Trading. Check it out, 40. 21. The last time you saw prices like this it was 2009. March of 2009. We were in the midst of the financial crisis. It was a lack of demand. This time around its not just a lack of demand for slowing economies like china but also massive amounts of supply. Well talk a lot more about whats happening to wti but right now barely holding on at 40 dh 40 dhr 40. 21. The shanghai composite closing down by more than 3 and in europe greece making a 3. 5 million payment to the ecb on a maturing government bond. Athens using money from the latest bailout. Back here in the states a few economic report of note, weekly jobless claims at 8 30 a. M. Eastern time and then at 10 00 existing home sales. We got a couple of other big stories in focus right now. Of course the fed is on our mine. Yesterdays release of the minutes from the last fomc meeting raising a number of questions about the timing of a possible rate hike. Its the question we talk about virtually every day and
Live from bloomberg studios here in london, i am anna edwards. Lets remind you what an amazing 24 hours it has been. We still have the Chinese Market falling as we said in our headlines. Lets put that into broader context. U. S. Futures, looking ahead to where we are heading in this. Tory perhaps things looking a little bit more positive as we move towards the morning. This is what the futures tell us at this very early stage. It says what we expect to see in the u. S. Market a little bit later on. Theyre in mind that we saw some stubs some substantial selling, the dow jones closing down by 3. 6 . The s p 500 down by 3. 9 . What a roller coaster ride it has been over the last 24 hours. We saw corrections on the s p. That particular index down by 3. 9 on monday. Andes of 7 over two days at one point in the trading day, down more than 10 from their highs in may. Lets put the trading day in the u. S. In some context for you. What yesterdays session meant. Insaw the measure of stress the m