In Wealth Management, we had a very strong performance, plus 70 in asia, plus 16 in europe, 3 in switzerland, upsetting the u. S. , where we saw the effect of net recurring fees being based on the previous quarter with an impact in our profits. Was there any sense of caution in the clients . How would you describe your client activity this quarter . Sergio still very active. More of a wait and see, starting to think about the second half of the year, which is full of events which potentially will trigger a change in investors sentiments. The geopolitical situation that we all know about the u. S. And china is going to the next level europe,ituation in which as we speak, is probably resolving but is still very complicated. Last but not least, the u. S. Election. According to our clients, 61 of our clients are thinking about changing their asset location post the election no matter who wins. Manus do you think that is holding them back, the election, overtraining and trade . Over china a
Oil, 41. 40 we talked for a long time about mike pences hawkish speech on china from a year or two ago but pompeo yesterday oneupped that and this consulate news from china is weighing on sentiment too. Yeah, he upped the ante jim did focus us at the time on Vice President pences speech because it was quite truck lant would be a word to describe it at the time but it continues to go up in terms of the tensions, carl weve talked about it pretty much every day, whether its a backandforth over huawei, whether it has to do with conversations about closing down the app tiktok in the United States, whether it is the closing of consulates here and the response from the chinese. This is not going in a direction that many, who at least are invested in the idea of global trade, certainly, mike, would wanting to see. For sure. On the one hand the market is not necessarily overly focused to this point on these relationships and not really counting on anything to come out of it. Its not quite like
Years. And lots to come on the show. Two big ceo interviews on the back of earnings in a few minutes well speck to the owner of Outback Steakhouse blooking brands and later the ceo of boston beer will join us that stock surging after the truly hard seltzer brand helped boost sales. Looking forward to both of those interviews were down. 6 lets get to the big stories were watching meg tirell has more on the signing. And mike san totoli is joining s meg, let aers start with youen that executive order news. Hi. Drug pricing hasnt been in the conversation as much this year as the drug industry has been racing to develop vaccines and drugs for covid19 but the president reportedly planning to sign an executive order with a few different aspects on drug price this is afternoon. One could be allowing importation of drugs from canada where theyre price moored cheaply. Another could focus on tying prices to basket of prices from other wealthy countries. And a third could focus on providing free i
Whatsoever theyre pure slight of hand. Do i have more pencil . Stocks are also exactly what we need to help keep this market moving higher like we did today with the dow gaining 290, s p jumping and the nasdaq 2. 13 because apple and tesla gave you fantastic news about what it should be a 4 for 1 and 5 for 1 stock split respectively again, no new value but boy, do people love it theres a reason we have to feed the bull with more nourishing stock blitz and ill tell you why. Years ago individual investors deserted the stock market with the implosion of 2000, 2001 and financial crisis of 2007, 2009 they gave up on the asset class and started tiptoeing back, looked enticing and something would go wrong 2015 mini crashes. But in the past few years, beaten down individual investors, a lot of younger investors intrigued by low to no commissions. Finally started buying stocks again. Despite all the gray beards telling you its impossible to beat the market, despite the supposedly brilliant Mone
Tiktok positive covid19 treatment news eli lilly starting phase three of an antibody drug. Well get into that and we have better than expected manufacturing data which along with better than feared earnings is helping lift sentiment. Were on record close watch for the nasdaq 59 minutes left trade. We certainly are. Its up 1. 6 lots to come on todays show well discuss the fast moving developments in the talk between microsoft and tiktok and what a mean would mean for other social media stocks with chris kelly. The plus, big Testing Companies like quest and lab corps warn of back logs and delays, well talk to Gravity Diagnostics ceo we have big Earnings Reports coming your way. Virgin galactic, taketwo and chegg and more well bring you the numbers as they cross and analysis as well. Lets focus in on the big stories. Mike santoli tracking todays market action. Mike, lets start with you. Not far off session highs really not that far all time highs. About 3 below that right now. And weve ki