The impact on the markets. Fed chair jay powell steeping out on cap hill. He signals the fed will keep raising rates. On that note lets go to senior economics reporter Steve Liesman for more highlights. Thanks very much. Yeah, fed chairman Jerome Powell in his first testimony before Congress Says that he doesnt believe this is going to happen, but one of the risks out there is an overheating of the economy. And he opened the door in a very subtle way to a possible fourth rate hike. Saying, you know what, the economy is strong. Weve had fiscal stimulus. His view on the economy strengthening as well. Heres what he said. Weve seen fiscal policy become more stimulative. So, i think each of us is going to be taking the developments between since the december meeting into account and writing down our new rate path as we go into the march meeting i wouldnt want to prejudge that. Heres what jpmorgan says about that economy todays comments appear to open the door for others on the committee to
The year where were overloaded with earnings information, most companies in the s p report this week. Remember that the professionals listen to every Conference Call check every model and do deep dives in each quarter which means that unless they get up at 4 00 a. M. And work until 11 00 p. M. They simply dont know about what should be bought and what shouldnt be, and i have to tell you, thats why a lot of mistakes are made. Thats why i tell you at home to stop, look and listen during these periods. As we try to run the gauntlet created by the cacophony of earnings season. Whats exactly in store for us for the rest of this week. Tomorrows all about apple and ten days ago the company made a major push into china and the worry is the sizeable chunk of buyers may have been margined out of this stock positions in the great crash of china and they migrate to the expense of iphone 6. Not this quarter, since it didnt include the chinese debacle and thats why it is so important not to trade of
Firm has no intention of tlashing outtlash thrashing out a takeover deal. Theres nothing to negotiation. Unilever too sales rebound despite emerging markets. The ceo is planning on another year of growth. Overall results 2. 9 underlying growth. This is the 7th year in a row that we have top and bottom line growth. Strong internals as well. And welcome everyone to the show. A number of earnings out of switzerland to cover. First, Credit Suisse beat expectations in the Second Quarter with profit of over 1 billion swiss francs. Earnings continue to suggest weakness in the Investment Bank. Lets get more with carolyn froms urich. As you said numbers were better than expected but the credit doesnt go out to him. Hes only been on the job for a couple of weeks. Yes he might have been very well prepared for that job but were talking about the Second Quarter here and that credit obviously still goes out to the outgoing ceo and im a little surprised to see that the Second Quarter shaped up better
Secondquarter revenue, 74. 1 billion. That is the number that we were looking for for revenue. Once again, secondquarter earnings per share one dollar. 74. 1 billion, secondquarter revenue. Scarlet thank you so much for that first read on exxon mobil results. We have alix steel. This is our moment. She is busy looking through all the numbers. This earnings pershare number. Matt versus almost three dollars last year. It is an amazing drop. Alix we do want to hear where the miss actually happened. The common theme for earnings has been production and job cuts. What they do with production is mattering a little less. Can they keep their dividends . Do they have cash flow to cover it . That is the focus. Every quarter, it is usually production, production production. That came in bang in line. Those metrics matter a little more. We are getting a reading on capex comeing in at 8. 3 billion. Scarlet we were talking about production. Why is it significant to meet Production Target . Alix big
Night. And exxon breaking below the twoday average but taylor swift in have been aty fair prizing the company. At least its still above the ipo price. Earnings coach with a pretty good beat. Cvs plagued by disappointing guidance. In china, investors must wait one day to cover positions and pay back loans to buy shares. This comes one day after the u. S. Shares fell. Shanghai managed 3 . Come firms saying were out, for short selling. This lasts for what i feel that the Chinese Government honestly, i dont think theyre idiots. They watch our show and understand things and they recognize the market has gone lower. Lets make it go lower at a slower pace. I think people are presuming the government is trying to prop it up. I think the government is saying listen, this is your chance to get out. We screwed up. Were trying to be in correction course. Its a totalitarian government. Theres not an election. If there was an election theyd throw them out. Thats not it. They have a fiveyear con fab,