East holds. You cranian ukranian authorities dispute this. Im phil lavelle at the Venice Film Festival. We are about to find out who has won the big prize, the golden lion, join us shortly as we go through the contenders. He only took over the presidency in june. Egypts president has been forced to explain himself on television. They suffered a massive blackout on thursday morning in cairo, and protests quickly followed. Here is some of what abdul fatah alsisi had to say. Translation we should be aware that part of the crisis cant be remedied overnight. Let me remind you of my contract. I said we, egyptians have insurmountable obstacles to overcome, and we cant do it without your support. Lets get a point of view from a journalist who suffered. I think you got your power back. Tell us a little about the scale of the problem. The scale of the problem is that food is going bad in restaurants, and people go to eat, and the stuff people are suffering in hospital because of the lack of elec
Hawkish. It looked at what we have some way to go on rates higher than people expected. That sent the market on the journey on the dow and s p down aggressively a lot of Companies Going down. The market decided we can ignore we will have to be potentially more aggressive on rates at the moment the time is coming it may come as soon as next meeting. The market decided to ignore the bit about inflation. Inflation needs to come down aggressively ive never thought about it as appropriate test for slowing the pace of increase the market ignored the cumulative tightening and the lags associated with the Monetary Policy with the inflation. If you wanted, there was a dovish narrative as well as the hawkish point. The market decided to focus on one side of the story. That was a minimal change from the federal reserve. You got the mixed picture on what would happen next guess what we are watching the data it is not end of story it is nearly when you consider that the markets down aggressively. W
Almost 2 of the lows of the session. Look how quickly rebounced back. That 1. 2 decline put us right at the correction move. We were down about 10 from its recent house, maybe a bounce off that level is what we have . Havent had a correction in the nasdaq since 12 to. Yahoo is going to report earnings. The question is how much will that affect trading activity as well . That and a couple other companies will be reporting tonight as well. Speaking of fast moving changes, if you were watching this show yesterday, you know anything can happen in a final hour of trading, and heres what we were talking about. 3 00 yesterday, the dow fading fast. Only to do a stunning turnaround in what some down here, yes, were calling the shaq rally. There he is. When bill and i started interviewing the former nba great here at the exchange, maybe coincidence. I think not. The real point of all of this, we need to get shaq back on the floor right now. I think the traders would agree with that. That was an
Midaugust swoon on wall street t. Dow posting the lowest decline since june. All time high set two weeks ago. Bob, what did you make of todays selloff, bob . Well, it was the worgst in six weeks for the dow. Worse than actually two months i believe for the dow. Im still settling down here. The important thing is, look, bottom line, it was right across the board, risk reduction. We saw consumer stocks. Everything was down 1. 5 to 2 . Look at the dow, after 10 00, we essentially flatlined around 10 00. We ended near the lows for the day. Heres the two headlines we have been talking about all day, whats fair value for the ten year in neb knows. Thats the biggest single issue down here. If you tell me the answer to that, ill tell you where thing will be going. We are not talking the growth. Cisco, macys, walmart throwing that Earnings Growth picture into some kind of doubt t. Result is that risk reduction. I would note moderate volume throughout the day. How about the bellwhether blues, th
Hello. This is todays Worldwide Exchange. Im ross westgate. And im kelly echs. These are your headlines from around the world. Inflation is growing the India Central Bank prefer easing. The government steps in to contain home buying by foreigners in singapore. And a major overall, boosting operate aing profits by 25 . And its merger monday. Watch group by terry winstons division by 700 million, but u. P. S. Walks away from its 5. 2 billion offer for tnt express. All righty. Its Worldwide Exchange here and we are back in the saddle. And it feels good. And George Osborne is making some comments. Hes basically saying that its an interesting starting point and he plays down the prospects of there being a straight referendum on being an in out referendum, part of the eu, not part of the eu, which is mixed from where most people think they are. Some of the surveys show the people becoming more worried about it and we saw those comments, whats his face, labor leader over the weekend saying th