It was a good day. European markets have been reacting to the day we had on monday and, they are all losing to the tune of lets call it over 2 you can see germany dax have been particularly weak not just yesterday but last week as well. The german what they should be higher than ours, their central bank loves to try to take business. They have not reached those negative rates yeah. Speaking of rates by the way, it is such an enormous concern i guess of our markets as we watch the 10yr hits a 4 and 5 last week on job number on friday we backed off on the yield as you can see that upton pri o price. Oil, that hurts now, on our road map this morning. It starts with the global sell off and the markets around the world. U. S. Futures you saw it pointing to another big day of potential losses with the stock market plunging of just whats driving this decline and what are you doing to protect your portfolio. Well look at whats taking the biggest hits or find any bright spots thats out there it
Were lockstep with europe this is a very big change. You pointed that out a number of times the tenyear note yield creeping up a little bit from the lows we saw last week. Maybe helping firm up the financials just a bit. You see crude there. We just heard, of course, from the treasury secretary of the United States, steven mnuchin. As they wrap up squawk box. Tax reform, its got to be the most significant item on the agenda you know, he seemed to echo comments he made in the past about 15 being a target but not hard and fast. He did say some things in terms of pass throughs when pressed by andrew how are you really going to be able to prevent people from becoming llc and therefore benefitting from the potentially lower tax rate than they would as individuals he said, Service Companies would be one example that were not going to allow im not sure we heard that before in terms of specifics when it comes to how theyre going to sort of thread that, very importantly if everybody becomes a p
At 1. 9s coming in billion. Investment banking revenue at 1. 3 8 billion. We will discuss later in the hour. Well get Goldman Sachs. David time for the morning brief. We will give you you as production data. The greek Prime Minister will be visiting the white house today. There will be a joint News Conference at 1 30 this afternoon. At 3 00 we will get an idea of how the fourth round of nafta investigations have gone on. President trump will deliver a major policy speech on tax reform tonight in washington. Thats coming up at 7 30 this evening eastern time. In the u. K. Data came out showing the highest inflation right in more than five years in september. Increasing the odds for boe policymakers to raise rates for the first time in a decade. Earlier this morning mark carney reiterated the bank expects inflation to peak above 3 around october. After the data came out the pound raced in advance. Hsbcrevised forecast expects the pound to reach 135 of from the initial call of 120. Now we
Stocks and a retreat from record highs in the premarket. Amex, nike, and apple are all leading the dow lower. Plus, a big change at the top of American Express. Ken shenalt is stepping down after 17 years at the helm and 30 years later, lessons for black monday for todays stock market as stocks continue to break new ground we are set to open lower after wednesdays rally, in which the dow closed above 23k for the first time in the meantime, two dow components out with Quarterly Results this morning verizon posted revenues above consensus, helped by some Strong Performance in smartphones travelers, better than expected results, although it did suffer 700 million in catastrophic losses related to the hurricanes, harvey and irma. This nike downgrade, guys, is going to take some wind out of the sails, too you know, its funny. I question the value add of the downgrade. Which is, by the way, goldman. And the reason i question the value added, theyve got a big Analyst Meeting come up. Its all
Finance committee in about an hour. Well bring it to you live. Plus netflix boom ten years after launching its u. S. Streaming service. Netflix crushes earnings expectations. Not just its largest quarterly subscriber gain in history. And ecb leaving rates unchanged. Nasdaq futures pointing to a mostly flat open but dow on pace to drop for a fifth session in a row. First up, more trump cabinet picks heading to the hill for more confirmation hearings including Steven Mnuchin, president elects choice for secretary treasury to appear before Senate Finance in about an hour. Expected to be grilled on his role overseeing foreclosures while running one west which was indymac, also expected to be asked whether he agrees with weaker dollar policy, a lot to get to today. Look, i was involved with in indy mac, which he bought, people are willing to leave their homes before they leave their cars and it was the most reckless there was and they reamed me on it. And this guy went and bought indy mac a