Higher. Up by a quarter percent. The cac down by half a percent the ftse down slightly. After the friday night release of the European Bank stress tests, they were not nearly as stressful as some thought they should be. But you did see a lot of concerning things that came out of it. You can see unicredit is down by 7. 5 . Well find out how much it could impact the u. S. Markets in a few minutes. Lets check out crude oil prices because each though crude was up on friday, if you looked at last week, it was still down by over 2. 50. Oil sitting right around 41. 60. This morning, wti under additional pressure. That september contract right now is trading just above the 41 mark at 41. 07. Brent crude at 42. 93. It may be august, but things arent slowing down. Earnings and important Economic Data, all this as the dow starts the month on a sixmonth win streak. Today, we get the july ism Manufacturing Index. Tomorrow, june personal income and spending and your auto sales numbers. Wednesday it
Laggards, wti declines 3 . Joe Consumer Staples and telecom leading the way, classic defensive sectors. Matt some individual stocks moving down. Bank stocks taking a hit. Pretty decent losses for heavily weighted stocks. Right aid rose the most this year, up 6 . Point 25 after earnings yesterday, initially down, then coming back today. Up, at 13 , massive move least four analysts have upgraded yelp. Some interesting things in the Government Bond market, particularly u. K. , new lows on the 10 year yield, but action as the boe has trouble with its reverse auctions, not enough bids. Better, but all time lows in 10 year yields. I want to go into the bloomberg to talk about mongolia. Bondis a mongolian euro that matures in 2022. That is higher rates on a Government Bond. They said we are running out of money, major crisis. I think investors have forgotten that Interest Rates can go up and there is sovereign risk. Matt other governments would just print more money, right . Joe the problem i
10year note yield around 1. 6 and crude oil the story as oil prices down, as you see it right there. Maybe we get the fed moving before the end of the year, right as we come out of the jackson hole meeting. A look, though, at wti. Lets get to our road map this morning. On this late august monday. Mylan, the controversy continues. The Company Announcing a generic version of its epi pen. It is going to be enough to satisfy critics and congress . The herbalife Hedge Fund Drama man here we are, year three, four, five, ackman, icahn, going yet another round. On this battleground stock. Well have news from williams by the way responding to activist pressure and the proxy fight that is looming for the company. It nominates three new independent directors to its board. I will give you updates there in terms of what we can expect on that front. First, though, lets get to the broader markets. Economic data to consider this week includes fridays key job reports especially after yellens marks at j
From pimco, head of asset allocation. We are going to now take a check 2 00. Kets at a couple of hours left in todays trading. For that we go to abigail doolittle. Lots of chinese internet stocks on the move based on actions i jp morgan. Baidu shares are down sharply, one of the worst drags on the nasdaq today. After j. P. Morgan downgraded to underweight, they say the core internet search business is under pressure as advertisers are looking to go to mobile platforms. A stock already down 10 this year. Well. Are lower as j. P. Morgan has downgraded this stock to neutral. Margins could be under pressure despite strong cash flow. Position on the sidelines or the sensel stance makes more with a 29 price target, which does suggest some upside potential. Traded, so itdaq is not influencing the index. J. P. Morgan called alibaba the chinese amazon. Com. 30 upsidere dead with a price tag it price target of more than 135. That is what is happening at the nasdaq. Doolittle at the nasdaq. Thank
About the potential market impact. Togan stanley says you want buy a dollar papal calls that. David i dont think people are taking donald trump seriously, and its really getting narrow. Jonathan do you just go to cash in setback and we do see what happens . If you could pick a winner at this point, what happens after . Theres no consensus. David it also have to do with congress, whether it is split or unified. Alix we will follow this through the next three hours. And the one event oil traders have circled on their calendars, wednesdays informal opec meeting in algiers. Francisco blanch and Vice President of ihs dan juergen. Starting off with the markets, is decidedly risk off in the debate tonight. You may look at equities and europe. The banks of men actually hammered and the flashpoint is on the dax down by 1. 5 in frankfurt. The biggest loser is Deutsche Bank. Another record low for the biggest bank in germany. Some speculation on what that means to the bank Going Forward. Are we r