In the s p 500, fundamentals deteriorating for the store maker. Guy lets get to our top story. U. S. Growth is slowing in the First Quarter but not as much as analysts anticipated. Consumer spending plus gdp growth to over 2 despite a drop in investments and exports which will probably worry the fed. Joining us now on set. Afternoon. Guy the dollar up six days in a row. It seems to be a tough trade right now. How will that change . As things stand, there is little to change it. When you think about this data that we saw this morning, it confirms the fact that the u. S. Economy is doing well. There are pockets of weakness, but for the most part, the u. S. Is doing far better than the rest of the world. As things stand, even if the fed cuts rates, the u. S. Dollar is still going to be the highest field. Few larry kudlow amount a minutes ago and said that u. S. Is not going to intervene in the Foreign Exchange markets. Was there serious thought that the white house was considering it . Yo
The euro continuing to go down against the swiss franc, piling pressure once again on thomas yourdon. Vonnie here in the u. S. , we are seeing continuation of that decline in equities, down 1. 3 for the s p 500. The nasdaq 100, on some chipmakers we are looking at almost 2 . The 10 year yield has been on the decline a little bit today as well, now down at 1. 84, despite a jobs report that pretty much would have been very pleasing had we not gotten those tariff tweets yesterday. Of course, larry kudlow saying this morning that we will see what comes out in beijing today. He seems to be hinting something would indeed come out of beijing. That said, the offshore yuan is trading at 6. 9721. Theres a big spread between where the yuan was fixed at today, which is stronger than 6. 90, and where it is trading at offshore now. Crude oil futures recovering just a little bit. A huge decline this week, but backup 2. 7 now. We will see some of the market moves and perhaps productively, they are low
The 10 year yield, a 40 basis point move in just a few sessions. Bonds surge today. Is rapidlyread sinking. The yen stronger once again today, trading right now at 10 5. 78. Guy during the asian session, Central Banks disappearing several surprises. New zealand, india, thailand all delivering bigger than expect it rate cuts to shore up their economies against mounting u. S. China trade tension. We are joined by viraj patel, arkera fx and global macro strategist. What are we seeing at the moment . Are we seeing Central Banks trying to deal with the trade narrative . Why are these Central Banks doing what they are doing at the moment . Are they worried about their currencies . Give us your sense. Raj one, the Global Economy is in a slowing down stage. Theop of that, youve got shock adding fuel to the fire, and there seems to be this race to the bottom with Interest Rates and currencies. It is sort of every man for themselves right now in terms of Central Banks. I think most people are lo
With a but of Dollar Strength of their in advance of the ecb on thursday. A quick look at u. S. Stocks, i huge day for earnings both good and not so good. Here we have some of the better ones, leading the s p 500 is hasbro, aladdin toys were very successful. After it is up 5. 6 Beat Estimates as well. Those stocks are higher now so you might think why isnt the s p doing even better than that . Still below 3000, but that is because some earnings stories were not so good. This is their worst performer in the s p 500. Guy getting back to our top story, Boris Johnson has won the race to lead the party and by extension become the next Prime Minister and he has made it clear what his top priority will be. Theres a mantra for the campaign the adjustment by case you have forgotten it. Deliver brexit, unite the country, and defeat jeremy corbyn. That is what we are going to do. Bit of insight now on what exactly is going to happen next, for that we are joined by our Bloomberg Government u. K. R
Nevertheless, stocks are rallying, the s p 500 back above 3000. The dollar index almost reached 99. It is still a lot stronger but it is trading at 98. 61 now and that is having an impact on other Asset Classes like crude oil. Gold as well coming off a little bit. Some of the stocks that are moving in the s p 500, Restaurant Brands and Food Companies continuing their outperformance. Kellogg up more than 10 . Also yum brands had better sales. Performers in the s p 500 are performing very poorly, losing almost a quarter of their market capitalization. Analysts saying there is nothing left right now in this company. Problem withhad a its drilling wells. They space them to close together in part of the Permian Basin and they have to get rid of some and that is causing serious issues. Guy good stuff. Governor mark carney says he is less confident about the economy amidst a no deal brexit. Since may, global trade tensions have intensified, little activity has remained a no dealhe idea of bre