Its 11 00 a. M. At ibm headquarters in new york, 11 00 a. M. On wall street and squawk alley is live good wednesday morning, welcome to squawk alley im Carl Quintanilla markets having another good day. Record highs across the board. Dow up 135, s p 2561 on the back not just upgrades blue chip merck best day on a percentage basis and several years as a busy earnings season rolls on. And right now at this hour, alibaba backed qudian largest provider in china making its debut here at the New York Stock Exchange stocks surging at the open this morning. Up about almost 40 . Up near 39 . For more were joined by qudian founder and ceo min luo. Congratulations. You own about 60 of the country, so that makes you a billionaire, i believe biggest listing in china im interested in the business youre in providing these small dollar amount loans for people weve seep this in the u. S. With companies, why is this so important for the Chinese Consumer right now thank you thank you for the question actu
Another one. The s p 500 had its first per week in nearly 20 years. A per week is when you close with a record high every day all five days. Thats the first time its done that since march of 1998 been a big year for the dow, too. It had a per week last year. Its not the first time its done that this year. Both the s p 500 and dow are coming off of executive consecutive weekly gains hat tip because i didnt figure out these numbers, he did. S p futures up by another 3. 5. Nasdaq up by almost 14 overnight in asia, heres another place where weve seen record after record. Nikkei once again closing at another record high. Up another 1. 1 . Gain of almost 240 points to 21,696 this is the highest level theyve seen in 20 years hang seng down. 6 percent and shanghai up by. 1 of a percent early trading in europe, most of the markets are trading higher dax up by. 6 cac is up a little bit higher. Ftse up a little bit and italy up a little bit. Crude oil prices and you will see that at least this mo
Victim of tax reform. Just when you thought it was safe to get back in the water, General Electric gets mauled, having its worth day, the stock getting slam, as its downgraded to a neutral from a buy of a a disappointing q3 the intraday reversal after comforting words, but is there more pain to come . I would have said on friday the reversal of General Electric is a buying opportunity. Huge volume, closed on the highs, great it gives it basically back they effectively did the kitchen sink thing, all the downgrades and prices lowered today basically a fichb, sickyear low, however, you have understanding there might be a 5 in downside, with a potential different cut which used to be a sacred cow, but now its on the table. I think jim talked about it this morning theres no way he thinking they keep the dividend. That would be something that wasnt included last week. It was alluded to, for sure. It couldnt be that shocking at this point are there some investors with the different cut need
Why . Because of comments out of the delayed speech. Mark carney seemingly talking of holding off weight kite rate and weaknesses in domestic inflation pressure. This affects the u. K. Yield, so bonds are rallying. Up about. 1, but not seeing that correlation we usually see with the british pound. That seems to have broken down and barclays, down. 25. Four former executives charged of conspiracy to commit fraud. We will be taken that further as we go on. We have had a weaker day for the pound. This is on the back of england government saying they are worried about the impact of brexit on the economy and mark carney signaled they will not be rushing to raise Interest Rates. Given the mixed signals on Business Investment and Consumer Spending, and the inflationary pressures that are subdued and anemic wage growth, now is not yet a time to begin that adjustment. Francine joining us is , and they willr give us their take, simon, it seems as though from philip view,ds points of finances rea
Beating Goldman Sachs. Coming in atates 1. 5 billion. R. O. E. Over 9 . There with us to discuss is Alison Williams of Bloomberg Intelligence. Your take on the earnings . Too few things . Wealthover 9 and their margin coming in at 25 . We saw that strength at bank of america, we saw strength at wells fargo which was a precursor but those are key metrics. They focus on that r. O. E. And the margin is one of the goals they focus on to get there. Fixed debt in line, the banking fee is something we have seen. Alix what have we learned about Morgan Stanley on Goldman Sachs . Is it all about commodities . It is more execution. Alison it to be a little bit of both. Every quarter is going to be different in terms of where the strength of the overall business is and depending on where the strength in the industry is, that is going to impact who is doing better. And of it is just business product but goldman also says for a Second Quarter in a row they did not navigate markets well. That is what