Bag the dow attempting for a Third Straight interestrate session of gains but between the bulls and the bears as anyones game, the s p 500 and nasdaq on the other hand are little more firmly in the green as you can see, nothing to write home about but there in the green, as big tech and growth stocks, maybe the chip stocks to lead the way higher, nvidia, micro, their higher but not just tech and control, Steel Dynamics claim in the top spots on the s p 500 at this hour. Coming up by the way were going to dig into whats driving the gains in the rejection and rocking the Steel Industry the ceo of spring maker Cleveland Cliffs will join me whether to discuss whether or not he can seal the deal with u. S. Steel, that is a lot of rhyming. The Chinese Markets are reeling today as the countrys property crisis deepens the hang seng deeply more than 1 of chinas top privately run developer, Country Garden holdings failed to make its Interest Payments onto u. S. Dollar bonds. Could turbulence and
Alongside tom keene and lisa abramowicz, i am Jonathan Ferro. The s p 500 positive by 0. 22 . Tomorrow morning, retail sales, thursday from walmart. How many times have we done this from august . Talking about china. China the headline once again. Tom it starts and ends in china with a set of news. What is interesting to me is it is not one story. You have to get briefed on this to get up to speed on three, 4, 5 stories. Chinese equities in the tank, iron or somewhat in the tank. A lot of moving parts going on in china and that comes back to jackson hole. Jonathan one chinese developer, Country Garden holdings seeking to extend for the first time ever. Away from that we have a wealth manager missing payments. This is starting to mount in a bigger way. Lisa which begs the question of when this becomes financial contagion in china. Why are we not seeing more trickle out affects . Is that what we are seeing in germany or parts of europe . A lot of u. S. Companies are rationing back expect
It, where people arent going to say joe who . If you feel you can do it, you should do two. It gets you to the point where you need to be you will you are revealing i can give you a hint the average real heat feel was 115. And you werent out west . No. Thats a dry heat. This is a humid is that hot a place called the golden isle you have to google it. What state . Georgia heat index 115 . Yes you can fly into jacksonville. Why people go there in august . I dont know i havdont have an answer you have time coming up . It may be a good time of year to go to georgia quite the price to pay to get a couple months off. You have some experience dow is up 53 points right now. Continuing the snap of green after what had been more diff difficult. Maybe it is joe being back s p up ten points and nasdaq by 46 stocks sliding in asia lets mention treasuries this is what is interesting. Green in equities. Look what is happening with 10 and 30 the 30 at 4. 26 there are people who are concerned about the
Your equity market slightly negative on the s p 500 for the second or third time this week, waking up and looking at china. To the data and commentary around that economy right now. New loans extended on chinese banks ranging to the lowest since 2009, there are concerns about what is developing in the worlds secondlargest economy. Tom you look at the income statement dynamics and the Balance Sheet statement dynamics. I agree. I believe i mentioned this the day before. The flows on the Balance Sheet in and out are what matter. This is fbi from us to them off a cliff from them to us. Maybe not a cliff, but it is down. Jonathan the data dropped in the last hour. The response clear from many on the south side. Stop gin weighing in. We will see. We have not seen it. Lisa what kind of stimulus when they are concerned about debt load in local governments . If they want to move away from leverage and create a more sustainable economy, how do they stimulate the economy where you look at these l
Country seems to be fueling some kind of negative sentiment worldwide. Tom i agreed to start there for the western world. Its not just about china. There disinflation, we dont need a bunch of charts this early in the morning but the vector of deflation and disinflation in china from the beginning of covid and they did covid differently than we did but im sorry, its disinflationary and get you down to a run rate of a positive 1 even with the present deflation and thats not good enough. Jonathan at the same time, the western developed markets are finding inflation and we had deflation in china and people are asking, we are in it now so how long will it last . Lisa and is this the bottom . It could have a more inflationary time later on. How much does china matter as a disinflationary force for the rest of the world at a time were places like the u. S. Are moving away from importing some of their goods and the eu is trying to be more aggressive with lyft service. And we have budget defici