We hear from an essential figure in that period. Tesla owners are talking in part to a bloomberg expansive study, thousands of model three owners. We examine whether parts and to parts. Re up Twitter Announces it will stop all political as on their platform, with the ceo saying it is not about free speech, it is about paying for reach. The sentiment was not echoed by facebook. They reported earnings and reassured their stance when it comes to political ads. Brandcebook ceo stayed on during the Earnings Call. I expect this will be a very tough year. We try to do what we think is right, but we will not get everything right. This is complex stuff. Anyone who says the answers are simple has knocked out long enough about has not thought long enough about the nuances and challenges. I get that some people are going to disagree with our decisions and think they may have a negative impact on things they really care about. But i dont think anyone can say that we are not doing what we believe or
Good afternoon and welcome to the Washington Institute im delighted to welcome youut all to this post labor day gathering, a celebration of the publication of this timely, important new book by my colleagues. When you are a leader and you get your face chiseled into Mount Rushmore is not because you did nothing during your time in office. Or you waited out the term, it is because those were the decisions that affected the fate of the nation often at moments of great crisis often decisions that were unpopular or that risked this would be your last from an office. But decisions that reflected your vision of the vision of the people and if you made it to rushmore or on a coin it is n because decades later your people look back and said thank you. To have the boldness and courage to take those decisions and remarkably a strong selfconfident country for many reasons its too complicated to go into them just for this event but to be blessed with rushmore leadership from the founding of the st
Equities, not much doing on the upside or downside. Oliver a little bit of a breather. It has been a fast run up the past couple of weeks. You mentioned the dow, so i will take industrials. , theare in the s p 500 industrial sub index is doing well. A few stocks really jumped out. Kansas city southern, general dynamics, delta airlines, lockheed martin, as well as going. They all closed above a percent. Good winners on a day where there was not much as joe pointed out, tons going on. We also want to look at the trends that has not gone away. That is a low day, even when you are flat. The vix keeps on plunging new lows, volatility absent from the market right now despite the geopolitical events happening all over the place. Joe also a very quiet day on the Government Bond run. Here is a five day chart of 10 year yields. You see them taking higher for several days. We are still incredibly low. A little bit of a decline, but even that is pretty quiet. U. S. Et in currencies, the dollar at
Oneday decline in almost a month. Joe definitely not too dramatic to getting to be a bit more of a selloff. Won a look at the inversion stocks we were looking at today on the new doj. Allergan was off by 15 . The worst performer in the s p. You also have Progressive Waste Solutions and apple. All of these guys are looking for some kind of mergers or inversions that could be stymied by the treasury rolls. Mike mckee has the best that of the day when it comes to allergen, erasing almost 20 billion of market cap in one day , and the treasury trying to save 20 billion over 10 years. They erased it from allegan and are trying to help the Treasury Department get it over 10 years. I love the juxtaposition between those stats. Joe i want to talk about interesting stuff in fixed income, interestrate world. Bund 10 year yields falling to the lowest level in about a year. You expect to see the riskon scenario, Interest Rates rising. Not happening here. This is the ultimate safe haven. People are
I look to the stoxx 600. What are people saying . Jonathan the only good news is we are on session we open much lower, down as much as 3 at one point. It is classic risk aversion to equities. Yields go lower, the dollar yen goes below 120. For me, the big headline is china, china, china. Nonmanufacturing pmi. The story we have been told over the past 12 months is short their manufacturing will weaken but services will improve. Erik i want to bring mike into this as well. Is vicks is what everyone talking about. The volatility that comes as a result of the implied vote of futures. The best thing we have got going , this is the ball in european. Tocks it is up 10 right now but that index, again, this is our best proxy until the vicks starts trading at 9 30. Session lows. The caveat is european volatility has picked up at a time when actually u. S. Volatility, the vicks, has stayed pretty much muted throughout the year. Finally, the vicks woke up. European volatility is being heightened a