Intense in various parts certainly whales, if you are talking about the u. K. And scotland, certainly the north of england. What we are going to be looking for todays further details, various tiers of lockdown from the chancellor. Tom so if i ferry across the it is a london centered london trying to make rules for the north. Has opened, and this up decadesold tensions between the north and the south very clearly. There were clearly tensions on t front opened up by the places that have been very much marginally slightly devolves come if you would like. A new mayor has been appointed, and now this is a test of these guys. Tom there was a discussion devolving me at the house last night. With first word news, here is ritika gupta. Ritika the second and final president ial debate is tonight in nashville, one of the final highprofile chances for President Trump to change the narrative of the campaign. Polls show him losing to joe biden. Debate rules have changed. The candidates microphones w
I wanted to point to the mexican peso. Has not moved much today but we are keeping an eye on the earthquake that struck the country. Now lets get a status report on the credit markets. 13 u. S. Companies sought bankruptcy parks section protection last week. It comes even with the intervention of the fed which has injected liquidity across the markets and given borrowers. For more insight, lets bring in srikanth sankaran. The last time we spoke, we were already seeing a calming in the credit markets. Where do we go from here now that the fed has backstopped entire curve in the credit market . Srikanth our thesis over the next 12 months is we get a grind tighter with respect to spreads. Our call is for credit markets to deliver positive exit returns across investmentgrade and highyield markets. Effectively, you want to be more selective, but at the end of the day, this is an environment where you have to look at rerisking portfolios in times of weakness rather than missing out when the m
Market we have a great lineup of guests coming your way well speak exclusively with Morgan Stanley ceo james gorman. His take on the markets come back the read on the economy and the strength of the banks. Plus, you will hear from the ceos of macys, Signet Jewelers and brown foreman. Theyre joining us to discuss their path forward for their respective irz stroo respective industries. But lets begin with the Broader Market the rally, take the pause today following the rapid surge that pushed the s p 500 back into territory for the year if we close higher well get another record close for the tech hefin dechl. What you are watching . It does look that way, sarah. A recoil from the recent trends. The headline index is pulling back outside of the index. The majority of volume is to the down side. This is one day where the indices are understating the weakness they want to take a look at the one year really all the pullback meant is a little dip below 3200. It held there and bounced modestl
Now, coming off highs of the session. Heres probably why. We have a delegate from opec saying that the outlying deal is just for about 10 Million Barrels of oil a day output cut. About a halfhour ago, we got reports that it could potentially be 20 Million Barrels of oil a day. 10 was the bare minimum that the market was actually expecting. The opec meeting is getting underway now virtually, so we are waiting for more details. Who cuts, how much, when . There were reports you could see 4 Million Barrels from saudi, 2 million from russia. If you get to the total output of 10 million, ok. You could get some kind of floor may. In other areas of the market, the s p on pace for its best week since 1974. We can thank the fed for that. However, take a look at what is winning, utilities and real estate. The dollar is rolling over as the fed throws a second kitchen sink at the market, as well as the economy. Some more get reaction to what the fed is doing. We are stepping further into the credit
Welcome to squawk alley. Im Carl Quintanilla live with Morgan Brennan at post 9 of the New York Stock Exchange. Jon fortt has the morning off. The markets have lost some gains as all eyes are turning to jackson hole Steve Liesman is there as the feds twoday annual economic symposium kicks off. Hey, steve hey, carl this is from our icon. But the september fed fund futures has now flipped from a small probability of a 50 basis point cut in september to a small probability that the fed remains on old just to be clear, a 98 probability that the fed does cut by a quarter, but it was like a 2 probability of a fed now its a 2 cut that the fed remains on hold in september maybe some of that coming from the sort of hawkish talk or less dovish talk weve gotten from two Federal Reserve officials here in jackson hole so far. I say so far, because theres a lot yet to come. Ill get to that in a second before we get to that, i want to show all of this sort of emphasizes the challenge of Federal Reser