Major market opens. Vonnie good evening from new york. The top stories this hour u. S. Markets barely move as we await lots of catalysts including the instacart pricing. The chevron ceo said we may reach 100 a barrel in oil. Haidi a rare meeting with foreign banks and companies. Vonnie instacart set to plan ipo pricing of at least 30 a share. Lets get a quick check on wall street and see where futures are trading. Looks like we are moving higher but that is after a lackluster day. A no luster day. Looks like markets are awaiting the fomc meeting and decision on wednesday. Particularly the dot plot for a little more direction perhaps on where the fed things we are going. The fed whisperer wrote today that every hard landing looks at first like a soft landing. So that seemed very ominous to traders and investors who were reading the journal today. The 10 year yield is at the highest now since 2007 at 430 an d change. At one point earlier we had a bond maturing in 27 years, trading below
Drivers would be lifted. The saudi fundraising Streak Continues with investors piling 12. 5 billion into its second we dont see a major reaction. , butmirates was down. 1 we have the insurance sector performing extremely well today. Some of the names within were up 10 . It was the best performance in seven months. An idea between saudi investor that this is going to be good for new cars of the premiumts segment, where they make most of their money. This is good news for whoever is willing to bet. Ofsef weve got a graphic some of the key stocks that have been on the move. To get back to your point with the insurance stocks, when some of the investors that you have been speaking to have made it clear that we might not see much more of a reaction until it is implemented in 2018. Guest thats true. There are a lot of people skeptical of how the changes will turn out to my what exactly will be allowed, if there will be any restriction, if there will be changes in the guardianship or anything
12. 5 billion into its second dollar denominated bond show of the year. The markets from with our guests. If we look at the tadawul, we do not see a major reaction. 1 , but wes down have the insurance sector performing extremely well today. We have an index composed by 33 members, a good number, a good sample of the saudi market and rising 4 to the highest level since march. Some of the names within the it was theup 10 to best performance for the w in seven months. Theres clearly an idea between saudi investors about this is going to be a good news for sale of a new cars and especially for your insurance contracts which are of the premium segment. That is where they make most of their money. It is good news for anyone who is willing to bet on insurance. Yousef the company says they 25 ct the car sales to rise over the course of the decade. Just to get back to your point on insurance stocks, with so many investors that you have been speaking to come they have made it clear that they mig
Show. It is 8 00 across the emirates. This is Bloomberg Markets middle east. In hong kong. We have breaking news out of malaysia. Is growing by 5. 1 . It is a slight miss him estimates. It is surging the most in more than eight years. One ofse this is just the things in play right now across asia markets. Inflation expectations been felled across training. Lets take a look at the function right now. When you talk about reflation trade, although we are seeing gains across markets in asia, the reflation trade does seem to be faltering. That is being felt across markets. Youre seeing the index the hang seng index slumping for the most in months. Downs seeing the asx 200. 7 . The japanese markets have been undecided. Began is weakening. 2 . One important thing right now that we got from the japanese markets was that japans 10 year yields touching zero. This is the First Time Since november. That works into bank of japans plan to keep a 10 year yield at zero. Of course that is coming on the
Of the maj indexes we follow for you here on nbr closed at records today, something that hadnt happened simultaneously since 1999. Back then technology played a big role in driving the markets. A combination of factors that boosted investor oil prices, strong earnings from Department Stores and positive news on the jobs market. Lets get right to those recordbreaking numbers. The Dow Jones Industrial average added 117 points to a record 18,613. Nasdaq up 23 to a record 5228 and the s p 500, ill say it again, gaining 10, a record 2185. As for domestic crude, it settled up more than 4 on comments from the Saudi Oil Minister about possible action to stabilize prices. Bob pisani at the New York Stock Exchange has more now on what drove stocks to historic highs today. Reporter how did we get to new record highs . We did it the oldfashioned way. We rotated into it. For most of the year investors chased anything that paid a dividend, telecom and utilities and Consumer Staples and reits and sin