04 . The trade the stock of the day the morning, the week is bitcoin. Bitcoin futures trading there. What are we at . 17,000. Friday we were at 10,000. David that was huge. Now time for the morning brief. A big week is ahead of us. Today nafta talks begin in washington and later this week we have three Key Central Bank decisions, the fed and e. C. B. And bank of england. Russian president Vladimir Putin will hold an annual presser and an e. U. Summit following the brexit breakthrough. There was a brexit breakthrough when you were away. Alix were hearing the rollbacks, is the deal binding, is it not . Is it legal . We have opinions on that. And bidding overed the weekend were worried about a labor party and snap election. Dave the labor party is taking over, jeremy corbyn. He said if they do take over theyll move the bank of england to birmingham. Alix that makes accepts. David that will be different, for sure. Alix to bloomberg first news word, heres emma chandra. Emma russian presiden
The russia 10year drops after they eased more than people expected and said there could be lower rates, more than people thought asked year. Of we are looking at the home, stock index, that is down 1. 5 . Volatility is the highest in the year. Of this stems from the idea that global banks are going to enter into a tightening cycle. The u. K. 10year is dropping by two basis points. The bank of england is probably not going to raise rates anytime soon, growth is not jumping off in any major way. The brexit negotiations are ongoing and complicated and possibly getting more complicated, if possible. Alix it was steady as she goes, not doing anything to ruffle feathers. Supportive of markets, if anything were to disrupt them, that could equal to a negative yield index. Alix lets talk about what its making headlines. This is emma chandra. Emma brexit talks can enter phase two here and they agreed that the british Prime Minister has complied with their divorce conditions. Now they will discus
2. 15 on a 10year. Kevin and can you stay long in the e. C. B. Meeting on thursday . John mentioned gasoline. At one point it was over 2 a gallon. The issue now is are we going to have the supply . Colonial pipeline has shut down different supply to the east coast. That could be an issue for this driving season, so watch that commodity. Copper, nickel, zinc all on the upside on that better manufacturing data out of china. Those metals have been a killer month. Copper had the best month, highest level in three years. Well talk about that as it relates to the 3 growth. Now lets get an update on headlines. Emma chandra is here with first news. Chandra a french Chemical Plant exploded in texas earlier today. The company, arkema, had expected that to happen after the storm knocked out Power Supplies needed to refrigerate volatile chemicals. Meanwhile, the storm has now knocked almost 1 4 of u. S. Oil Refining Capacity offline. Fuelmaking capacity is now at a sevenyear low. Harvey is moving
Looking at the spread, the two tens, you would thought it would be flatter, it is steeper. Up 82 basis points and getting a by. 2 percent, longest losing streak for the index since may of 2016, the dollar regains strength. David yesterday Federal Reserve chair janet yellen spoke out saying although she still thought inflation was on its way, the model the fed has been using may be off. Shortfall and inflation is a mystery. As of february of this year, inflation was running just under 2 . Core inflation and then we have had a string of several months in which inflation was unexpectedly low. Dan turuollo has worked alongside janet yellen. Great to have you here. Daniel thank you, david. It has been clear for some time that there is not a working model that on a meeting to meeting basis can give any sort of the size guidance to the fed as to where inflation is headed. People understand directionally that removal of slack from the labor market and the economy more generally will stop pushi
Move in the last few. Emerging market stocks are up. 14 basis10 year is up points. Thats a big move. David coming up, its personal income and spending data. At 10 00, we get data for the month of september. At 11 00, we have a full week of fed speak. That. Ill be talking about we turn to emma chandra. Emma President Trump is promoting his tax code to the National Association of manufacturers in washington and the 6ased outlines of trillion plan. You can watch the president remarks at 11 25 a. M. Eastern. Federal immigration Officials Say 500 people arrested during a sweep the targeted sanctuary cities. Almost two thirds of those arrested have criminal records in the United States. Theresa may is in estonia. This is ahead of the meeting, she spoke about frexit negotiations. They have made their lives in the u. K. I want them to stay. Weve been negotiating for that. We want their rights guaranteed as well. Is interested in the defense of your. The bank of england told bbc radio if the ec