Lens clearance theres an abundance of flammable material once again i did some stuff. And some moves going up in some. Little consideration the world on fire starts aug 12th on g. W. The lebanese economy is in freefall now the countrys largest port is out of commission and the entire city quarter needs rebuilding the economic consequences of monday rather tuesdays explosion in beirut. Grounded and pounded financially with tons of hours to cut costs and employees as it posted big 2nd quarter loss. Welcome to the show im Stephen Beardsley ember lead its good to have you with us tom. Were already tough in lebanon on food prices rising Power Outages becoming more frequent and coronavirus case numbers climbing now the need to rebuild the countrys largest port following an explosion on tuesday threatens to expose just how threadbare the countrys economy really is. A city in ruins. Its gateway to the Global Economy destroyed. Lebanon is scrambling to pick up the pieces of this weeks explosion
First time since the lockdown in march. Michael mckee joins me now. What was your biggest take away . Michael if you are going to manage the virus better than the United States and their economies are opening up faster and stronger, which seems to be the case looking at the pmis. We got manufacturing and we got services, and all the Major Economies in europe are in an expansion. The move in italy particularly notable, above 50. Some down from preliminary expert, estimates, what they are the composites tell the story, all above 50 and they have all grown. The highest level in two years for the eurozone composite, there is some strength in the economy. They have not been hit as hard with the second round as the u. S. Has. Has moveds well solidly into expansion territory. Compare that to june, where contraction was the rule but services and the composite above 50, 57, a strong number. U. S. Versus isms, who is winning . Michael europe is winning. It is not expanding as fast as it appears.
Down jim, it was nice to hear becky give you props for the caution you have telegraphed in the past couple days. Watching your twitter feed it sounds like you are on alert for vying option at month end. You have could be cognizant of the fact that two days before july 4th the holiday are the two probably most strongest days in the entire year. I do think theres still too much froth you can watch nvidia today, there is a love affair with nvidia and the analysts which includes me. That one has to go up. The love for nvidia is so strong that you have to say, okay, that is your thats your bell cow here but i do think, again, that and, david, youve seen t there is that cohort of people who keep coming back to the airlines, keep coming back to the cruises, keep coming back to the tankers and those are the weakest part of the economy. It is, and for a reason you know the reason. I mean, look at the map, right thats really what you have to do at this point look at the map, jim weve been talkin
59 minutes we are session highs on the dow record highs on the nasdaq composite intraday and set for a record close coming up, the rebound for Airline Stocks has been fast and furious. Is there enough demand to justify the rise well get a firsthand look with robin hayes. Plus, a powerful email from a Goldman Sachs employee about equality in america made the rounds on wall street in the past few days. Well speak with freddererick ba that is coming up on the show. Lets focus in on the big stories were watching to day. Mike san thole and Brian Sullivan watching the Energy Sector which is helping lead the market gains today mike, lets kick things off with you. Yeah, well, this rally continues to impress not just in the magnitude of the gains since the march 23rd low but the persistence of it. Look at a two year chart this is really now a broad move. Up until around this point, you can say it was relatively narrow yes, some of beaten down stocks gained most. Mostst reas of the reason is th
Continent, really. Only the u. K. Was closed for their bank holiday. We had a massive rally yesterday, so the dax was up 300 17 points yesterday, up another 143 points today. Stocks overr german the past couple of trading sessions. The cable rate also shooting higher. Pounddollar right now at 1. 2358. Even with those gains in the currency, i will just tell you you still see the ftse up more than 1 . Typically they move in different directions. That shows you the power of this rally. Finally, a stock trading in shares. Tui they have one issue trading in frankfurt and another in london. A big tour guide and airline operator. They had been absolutely crushed in the pandemic, but over the last couple of days, a massive rally. Today they are up 56 as germany says it is going to reopen International Travel and prepare for something of a vacation season. Over 1 billion in market cap in this one trading session. Vonnie really pretty phenomenal. Lets bring in our next guest. Frances president E