Is looking to perform, so that has the stock nice and higher today. Of most him course of Molson Coors Brewing is leaving, the ceo be replaced by of miller coors. We want to know if the fomc can thread the needle . What does he need to get done today . Guest the first thing is 25 basis points. Everybody knows that if he doesnt cut 25, hes got a credibility problem in the markets. 25 is done. I think youd like to do 50. He and others have given indication that if youre going to do something at this point in just come its really at this level of rates, you need to go big. Weve had reasonably stable sobers from the economy, hed have a hard time getting the hawks. What it comes down to really is anything, he if announces on the Balance Sheet, and what he announces Going Forward. Guy expectations are dovish Going Forward from here. Got four rate cuts priced in at the moment. Is that too much how does he find himself some breathing room is that too much . How does he find himself some room .
Earlier on, up by 4 10 of 1 . Not the reaction draghi would have been looking for. The banks initially traded higher here in europe. Draghi is talking about tiering. The banks have wanted to talk about this for quite some time. The banks completely turned around, as did european equities, now down by 4 10 of 1 . Vonnie it is mainly about earnings in the united states, so to give early fx and bond traders watching closely so particularly fx and bond traders watching closely. Earnings. With the cofounder is leaving, but also it is losing 1. 12 per car sold. That really didnt endear itself to investors. The stock is down 13 now. Ford having a pretty negative quarter, its turnaround strategy hitting the pause button. It is down 7 . Bank takingcentral down the Interest Rate by 425 basis points today, indicating there would be more cuts to come. The Interest Rate is still almost 20 , but traders seeing an opportunity for carry here, and that has the lira stronger. Guy lets talk about the ecb
The nasdaq is the best performer today. Same company topping both of those, taketwo interactive. It fell more than 5 yesterday after President Trump talked about video gamers in relation to the weekends mass shooting. Taketwo interactive has bounce back from that death has bounced back from that, have reported a great quarter. 7. 0541, underscoring everything today. Yield. N the 10 year bouncing around a bit, but within one to two basis points. Guy the u. S. Treasury department labeling china a currency manipulator overnight. Thats the first time we seen that since 1994. Chinas Central Bank Later in the session stepping into support the you whe the yuan. Hasnt lasted throughout the session, so as you come through the afternoon here in europe, the morning in the United States come of that story has begun to fade a little bit. Ofmy conway, citigroup head em ea of emea trading strategy, is with us. What do i take away for strategies . Jimmy be careful you dont get caught in the crossfire
Beneficial impact on the u. S. Market. Reporting good results. Reportinghomburger good results. Iance data systems the worst performer on the s p 500. Fed vicechairman Richard Clarida and John Williams reinforcing that the central bank could cut Interest Rates by as much as 0. 5 later this month. Esther, what did you and commerzbank make of the comments from the u. S. Federal reserve federal president this last time for hours . Did it make a difference to Market Pricing and what you believe . Esther while we sought Interest Rate expectations to decline further, we do not think it make a fundamental change. The fed has already indicated they intend to cap Interest Rates at their july meeting. The big question for the u. S. Market, will they continue to cut after the july meeting, or is it just a preemptive cut . To this extent, it did not give more insight. Act indicated they want to early, but whether there are further steps coming is unclear. Perhaps the more Immediate Impact on marke
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