Are piling up, folks. The number unissue is trust, or should i say lack of trust in a system that never fails to let down regular folks as it bails out the establishment t doesnt patter by the way which Political Party is in power. I will break it down during the show. The wrath of a. I. Is only the beginning. We see jobs and businesses overnight in the crosshairs and maybe humankind. Is it too late to ring fence this threat or is it much ado about nothing . I have an allstar roster of folks to help handicap the feds decision tomorrow. It means everything for your port he will. Economic house from main street, jay powell never hears from my takeaway. That and so much more on making money. Charles all right. So todays session is a reflection of fear, anger and disgust, right . Fear, the economy is a lot weaker than anyone in the fed circles will admit like jay powell. Therefore it means that probably will get a whole lot more tenuous. Fear about the banking scare. Maybe it is not over,
Anna very warm welcome to bloomberg daybreak. Rallied,e yuan has 2. 21 . The biggest weekly rally on record. What do you do when the dollar drops and you want to get control of your currency . Bit less thantle what the market expected. What we have for you this morning i want to bring you back to january of last year. Rateis when the borrowing ratcheted higher. They are squeezing. Is rising andrate the fixing rate is rising and the probability of the market taking the dollaryuan above 70 has dropped from 65 to 36 . Is a veryave here active Interventionist Movement by the pboc. Perhaps they are sending a message to donald trump. Anna china says they are doing some expectation management. Lookesting that when you back to january of last year and what this spike in overnight lead to,yuan deposits it led to a strengthening in the chinese currency over the next two months. Whether that will occur again we will see. Hasus bring it into what been happening overnight in the asian equities sess
European equities are trading. 30 minutes until the end of the wednesday session. Stocks are falling today. Of swings and between gains and losses on the stoxx 600. Conjugating, deliberating, thinking about what the double trump election victory means. Bond yields are rising. Today after a respect yesterday from the selloff since trumps election. Statecontrolled dutch lender, shares down by 3. 8 today. It did report stronger than estimated profits in the third quarter. It also said it would cut another 1500 jobs as part of a Cost Reduction plan. It returned as a publicly traded company last year. It says the job cuts it needed to offset rising costs. Voice royce says its making progress with restructuring efforts. Says its making progress with restructuring efforts. Profit, and for Group Revenue to be marginally lower than last years 30. 7 billion. The chieft, executive, in the midst of a massive overhaul after 5 profit warnings. Rolls royce down by 1. 5 . Had the mining index which ha
Because of disappointing manufacturing numbers and we are taking a second leg downward after initially slumping. Heres what is working and what is not. Followed by Consumer Discretionary and financials. Telecommunications shares, those of the drags on the major averages as we see them wavered to some extent. David cole any of this standout . Note, barclays has a recommending buying. Johnson johnson, eli lilly and merck all is higher. Using these companies to beef up the drug pipeline instead of financially driven m a is preferable. Things like tax inversion for example. We have seen some highprofile ones of those as well. Fairfield innovation will support feeling pricing. We will likely supersede drug pricing concerns on election season rhetoric. Maybe some of that will die down. Also wanted to look at some individual drag on the overall average. Records and percent. Credit suisse saying apple has been cutting in supplier orders and checks reconfirm that. Finally, getting a downgrade t
Manufacturing according to the institute for supply management rising , contracting by the most since july 2000 nine because we did see an unexpected contraction in that manufacturing number. Despite that we are seeing a rally. Hits in the session took a but Still Holding up relatively well. Everything that we here between now and the next fed meeting effects what it will do beyond that meeting. I know this is one of alixs miprs. This looks at the forward rate curve and Interest Rate swaps in that market. We are seeing a gentle curve although it is a slightly more aggressive than it was historically. With every piece of Economic Data that is a little more negative, we are going to likely see the expectations for the pace of Interest Rate increases to get a little more benign and indeed that is what the fed has told investors as well. Alix also what is interesting in terms of what is leading stocks is the momentum, not those related to the fed but the stocks elected poor a lot of money