Covid19 own Macro Economic Development Going forward. I in leary, we should expect lower Going Forward. Ab in bef shares up. Vw slashes its dividend after posting the first half operating loss and renault posts a loss and says it is impossible to give any guidance. Astrazeneca rallies as Second Quarter sales top forecast the ceo says he expects to benefit from the Covid Vaccine this is a business that is redirect examinatio resilient. Weve managed the crisis well. Patients are returning to physicians a very warm welcome to street signs. Now on the gdp front, german adjusted preliminary gdp the calendar adjusted q2 number down 11. 7 slightly worse than the 11. 3 forecast the sharpest decline from 1970 the calendar adjusted level, 11. 7 versus 11. 3 predicted the rebound in that data, the pmis came in growth territory but still q2, a very severe decline. Lets bring in annette who knows more about the German Economy than i do. The 11. 7 drop in gdp. Exactly it is worse than expected but t
Week, it is like inversion wednesday is here. Are things different this time around, pete, because this time stocks barely reacted. Granted, it was fleeting but we are ever so close to the inversion. Thats true but the reaction i think does speak something about whats going on in the market right now, and i would also add volume yesterday, volume today, at least in the derivatives world, has been absolutely depressed. Steve can talk about the nyc, but we are seeing volumes that were unbelievable. We are talking about 7 million per day over average is what weve been seeing over the last eight or ten days. So it is amazing how much volume we are seeing. With that volume it gets interesting, but the last two days, the light volume is concerning it is almost as if everybody said, you know what . Maybe well take the last week of august off. We will pull back a little bit, off of all of this maybe the inversions are not as dramatic. I would have thought that the inversions, the reaction to t
Crown prince discussed ways from prevent the war from escalating as the you and a best of demands secretarygeneral resign for saying the october 7 attack did not happen in a vacuum. Microsoft jumping in late u. S. Trading after the cloud unit is worth picks up steam. Rival alphabet sinking as they are offering lags. Bank earnings continued rollout. Deutsche bank meeting estimates where they spent finish pumping santander some better than expected thirdquarter net income. We will speak exclusively to the cfo later this hour. I want to get a recap on the numbers which is important when we look at Deutsche Bank. We are seeing estimates and they are kind of being met but you are not seeing much outperformance. This is stark contrast to what you saw with unicredit but thirdquarter net revenue is 7. 1 3 billion in the estimate was 7. 1 one billion. Pretax profit is 1. 7 billion euros. The estimate was 1. 6 billion. There 2023 Net Litigation charges are exceeding their 2022 levels as well. I
Consequences. Through 15,000, gaining 60 in the past five trading sessions. We hear from howard davies, who called the whole bitcoin surge in rational exuberance. That . Er we are about 30 minutes into the trading day. That is one reason bitcoin is so appealing. We see the slow and steady gains on equity markets and other traditional assets. The bitcoin rise is something different. We are seeing gains on the stock market. Industrials, energy, and materials. Industrials, energy, and materials have been leading those gains as we have sessions little changed in the past several days. Overall, not necessarily that large. They are larger and larger, potentially. Take a look at the correlations here. Back several years. You can see the loosening correlations. Less frequently in lockstep, which may lockstep, which may open up more opportunities for folks who called himself call themselves stock pickers, individual companies that will give them outperformance. We will keep tracking these are t
Positive fair values. Could mark a bit of an Inflection Point here. The u. S. Senate passes a twoyear budget agreement to boost spending and suspend the debt ceiling. The bill now goes to the house. Matt less than a halfhour from the open and we could be less than a halfhour from that vote as well. We are going to keep our eye on what is going on with the big slump in the cash trade yesterday. Looking at futures this morning, we had a very negative picture as the route spread from the u. S. To asia and back to europe. Now, we see some futures contracts turning positive. If you check in everything and see at fair value, you will an indication that we are still going to open lower up not as long as they would have earlier. Markets stopped to look start to look forward, maybe they recover a little bit. A lot of people point to the bond yields have one of the sugars for the selloff that we saw and continue to see. 2. 85 on the 10 year bonds. We see it rising more than three basis points th