Livingstone, Deputy Director in our Global Energy center where i need to work on climate and advanced energy. Thank you very much for joining us here today. Its a terrific to see a full room, particularly amid the dark days of august when so many folks in dc leave for cooler or at the very least, less humid climates. It is surely a traffic registration of interest in this topic and before we get started let me give a big thanks to zach strauss and are Global Energy and art interns who are instruments and making today happen along with our talented medications and events team. They are truly a testament to the assets and professionalism of the Atlantic Council. Dive in to todays discussion by noting that not only are you here because youre fascinated by the narrative that surround the climate challenge in the Energy Transition but you are likely also very interested in the narrators that help us to understand the complexities, ambiguities, leading characters in the emerging solutions at
We have the Semiconductor Equipment index up on upgrades from the street. Upertheless, the s p is only 1 10 of 1 . The 10 year yield at 2. 03 . I know we are going to be sticking with markets. A lot to talk about today because we are smack bang in the middle of a earnings season, but there is the whole backdrop of the Central Banks and their moves as well. Forill speak to mervyn king a very interesting conversation in the last half of this hour. Theres fed talk, European Central bank later this week. It is happening on all fronts right now. Guy lets get a take on that. Alberto gallo joins us now from algebris to give us his take this morning. What are we going to bid from what are we going to get from the ecb this week . Are they going to deliver, or talk about delivering this week . Alberto they are going to talk about it, and potentially a rate cut which may come in september, and then an extension of duration of qe. Buying longer dated bonds and more of each single bond, moving from
Challenging the industry. We hear from a top lawmaker who does not think big is necessarily bad. First, to our top story. Apple has a backup plan if the trade war continues to escalate. They are manufacturing partner says they can make all iphones bound for the u. S. Outside of china if necessary. They make most of apple smartphones at its chinese factory. Our text editor joined us with the details. An executive who was talking to investors and other people in taiwan. Our reporter in asia was there to listen. This is more of a plan. They did not ask foxconn to do this yet, but they are saying they are very capable of doing it. It has raised a lot of questions. Analyst and he was saying that if you are ,alking about final assembly which is what foxconn does, if you are looking at that, it might be relatively easy to move your move. If you are talking about the whole manufacturing process, that would be a lot harder. Vonnie we know that politically china and taiwan are at odds. Is there
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
Come roaring back end is holding, 12. 26 and routed dropping down, but still well over 80 a barrel. The markets seem to be holding the same strength that they were when i left over a week ago. In terms of individual movers, a lot to the downside. Tyson foods closing down some chicken factories, which is a concerning statement. But that is what they are called, up five and half percent because demand and prices are down for chickens. And 99yearold trucking business files for bankruptcy, shares down 17 area Icahn Enterprises continues the drops we saw last week after they cut the dividend, i guess it was unsustainable. Tesla down about 3 as the cfo steps down, cathie wood said she thought he was great and wishes him the best in the future, but thinks his successor is going to be doing just fine as he has been there for the last five years, since 2018. Talking about tesla, i want to get over to the west coast. Ed ludlow joins us, he covers the company closely. You heard what kathy told us