Will start once again focusing on the swiss ski resort. Us President Donald Trump will address the World Economic forum in a few hours time. Hes expected to defend his America First approach to International Trade, as well as calling on Global Business leaders to invest more in his country. Many of them will be concerned about the rise of protectionism. But the Trump Administration says they shouldnt be. In the words of senior white house Economic Advisor gary cohn America First is not america alone. The argument goes that if the worlds biggest economy is doing well, the whole world benefits. This week the International Monetary fund upgraded its Global Growth forecast to 3. 7 , partly because of President Trumps tax cuts. But is the protectionist rhetoric having an effect . Last year, foreign direct investment, when Companies Invest in foreign countries, fell 16 around the world. In north america, the fall was even bigger 33 . Despite that, the us was still the most popular country to
Impact and a price impact as you were talking about because here along the gulf coast and here in Southeast Texas in particular, there is some serious Refining Capacity down here. Were talking about some major refinery thats are off line now because of flooding, because of power failures and so on so were looking at the port arthur refinery. 603,000 barrels a day, largest refiner in the country, thats down this all told, the ones that you see on the screen, about a fifth of u. S. Refining capacity is off line and that is having the expected impact take a look at the scene right now in port arthur, texas. Rescues are still going on there is still flooding. Not far from that location is that motiva refinery which is shut down, they say, for a couple weeks but some analysts are speculating it could be long brer they finally get back in there and get it back up and running at full capacity and were just talking about refinery thats are off line there is also reduced capacity all over the p
Pieces power lunch starts right now welcome to power lunch. Stocks extending the weeks gains and could ends up with a positive month across the board. Health care the best performing sector and financials and telecom the biggest laggards refineries shut down for extended periods in texas in the wake of harvey gasoline continues to spike as well on that supply disruption campbells soup falling as earnings disappoint and costco in the green after reporting a 6 jump in sales and lands end sinking on an etf miss down nearly 8 . Lets get you caught up on the latest headlines texas officials reporting more than 37,000 homes sustained major damage and 7,000 destroyed by the storm u. S. Navy sending two trips to provide humanitarian aid outside of the houston area, the city of beaumont lost its water supply as a result theres 180 million in damage to public property across the gulf coast counties just so far. The Vice President saying moments ago that President Trump will return to texas on sa
Top leaders from germany, new mexico, and asia. Will be a focus one south koreas new president meets with President Trump for the first time today. He prefers dialogue to get deion on yang to drop its Nuclear Weapons program. The president is under present under pressure to get tough. Commander army city of moles of that was heavily damaged we interact because we want to take you to the president now beginning to speak at the department of energy. Lets listen in. I want to thank everyone on stage. They are a terrific team. I have some of the real winners in the audience i can tell you, some great people. I want to thank Vice President pence. As always, he is right there and he has really been a help to the administration and we have eight things happening today and very big example over the next month. I guess probably i can say over the next eight years, i suspect i could say that. [applause] here witherful to be and visionaries from americas great industry. Ofant to think the leaders
Happen because the journal story last night, also about the huge i think its 7 or 6 of the market are now owned by etfs, which is great until its not. There is a growing group of folks who are thinking if were just buying stocks en masse, will any reversal like the qqq, 100 stocks effectively. But five stocksmake up 40 of the index. So thats why people say, why do you talk about these stocks all the time because their weight matters. Theyre so powerful within the index. Earlier today, i was looking at the s p 500, there were probably only 75 stocks that were positive on the day. By the way, the last down month for nasdaq was october of last year for the s p and dow. It was sooner than i thought it was actually back in march. We should appointment out, this isnt a complete selloff this is a day very much about rotation youve got correct. Selloffs in the momentum stocks, technology in particular a lot of those stocks are not returning to levels that are frightping at this point yet but p