Your equity market slightly negative on the s p 500 for the second or third time this week, waking up and looking at china. To the data and commentary around that economy right now. New loans extended on chinese banks ranging to the lowest since 2009, there are concerns about what is developing in the worlds secondlargest economy. Tom you look at the income statement dynamics and the Balance Sheet statement dynamics. I agree. I believe i mentioned this the day before. The flows on the Balance Sheet in and out are what matter. This is fbi from us to them off a cliff from them to us. Maybe not a cliff, but it is down. Jonathan the data dropped in the last hour. The response clear from many on the south side. Stop gin weighing in. We will see. We have not seen it. Lisa what kind of stimulus when they are concerned about debt load in local governments . If they want to move away from leverage and create a more sustainable economy, how do they stimulate the economy where you look at these l
amid pilot shortages. the efforts under way now to keep travelers moving amid the summer travel spike. hopefully no alarm for you today because it is the weekend. it is saturday, june 18th. thank you for being with us. always great to be with you christi. we begin with new fears that the u.s. economy is headed towards a recession. yesterday marked the end of a rocky week for wall street after the federal reserve announced the largest interest rate hike in decades. the dow closed down yesterday, s&p 500 finished slightly up. still wound up with the worst week since 2020. let s look at the brighter side for a moment. we learned that wages in the u.s. are climbing at their fastest rate since the mid 80s. the push, the inflation has risen so fast that workers, it actually equates to being handed a pay cut because their pay is not matching up with the percentage of inflation that we re feeling and the things that we re buying. let s get a closer look at the political angle
Jonathan lets get you to the weekend. Live from new york city, good morning, good morning from our audience worldwide, we are closing out the week and heading towards the weekend, looking for four weeks of gains on the s p 500 with a sprinkle of fed speak. Kashkari, daily, and for the really committed, sunday at chairman powell commencement speech. Lisa im sure everyone around this table is very committed and some are double dipping this week. Yesterday, fed speak was kind of the same, higher for longer to gain confidence. I want to bring you to raphael bostic. If things dont go that way, im not locked into policy but if they go that way, he could see a cut by the end of the year. Annmarie i love how that is the most dovish thing you can get, but this week has shown us that there is a difference between relief and surprise. The data that we got was relieved. Surprised was the First Quarter. This week was relief, the market maybe starts to see buying and it backs off with fed speakers w
Jonathan good morning good morning, this is bloomberg surveillance. Alltime highs on the s p 500 and nasdaq 100. You have the data, here comes the fed speak. All on deck following the softer than expected inflation rate. Lisa we have heard hawkish speak even from jay powell saying it hasnt come down as quickly as we would like an the market said we dont believe you and we dont care. Even eight 1 10 of a percent miss in terms of the cpi is enough to bring back the prospect of a september rate cut. Jonathan the rate cut talk simmers into the summer. We had another read on cpi the same day as the next fed decision june 12. Another read in july and another at the end of july. Is that enough time to have the conversation about a rate cut. Annmarie neel said it is unknown in terms of how much downward pressure there is on the economy and that tells me we need to sit here for a while longer. He was Neel Kashkari said it is unknown terms of how much downturn pressure there was on the economy a
Samsung. But also how it points to this bottoming out in the chip market and potentially the recovery for semiconductor demand. Were actually seeing sk hynix starting today on the back foot, sliding about 3 now is investors digest that scorecard. Potentially what we got from med is bringing from meta is bringing the downdraft into the korean session. The outperformer among the asian currencies looks to be reversing some of that today. We also have the open in japan. One of the things we will be watching out for has been the japanese currency which has breached the 155 level. This has got to do with that yield gap as we saw the way u. S. Treasuries were coming under pressure overnight. But now that we are watching the yen at the weakest level versus the greenback in about 30 years. Consider how back in june 1990 when it breached 155, it was a matter of a couple of days before it reached the 160 level. Though there is some skepticism as to whether we will actually see intervention by the