I am francine lacqua. Manus it is. I am manus cranny. First, the global standoff. Shares plunged the most since 2000 seven. Francine that european stocks are down in the red. Commodity prices sinking to a 16 year low. Rest ine will have the a moment. Lets get at the very latest in europe. Caroline, take it away. Caroline disaster is what one chief officers calling it. We are seeing a major selloff. Shanghai composite, check that out. Down 8. 5 . The worst since 2007 despite moves by the Chinese Government to stem the bloodshed. They are trying to support with pensions. The rumors are reserve ratio cut to the banks that did not materialize. Down goes asia and the affect on your. We are in correction territory. And the effect on europe. We are a bear market. If we close at this level, we will between 2 of our previous high. Not one single stock is rising. Concerned about Global Growth and infrastructure. Bmw, feeling the pain. Credit squeeze saying that the auto market will feel much of
I need a hero welcome to power lunch. Im Morgan Brennan the stocks are holding steady. We have a mixed session. Two more trading days to go in september, the dow and s p 500 are on pate for an eighth straight quarterly gain. Mcdonalds giving the biggest boost to the dow today the transports hitting another error intraday high well drill down on some of the big movers roku, stock of the day, this is up 50 on its ipo debut. Also keep an eye on mccormaiccck we begin with washington, President Trump unveiling the longawaed tax pla promising tax cuts today House Speaker paul ryan and the top economic adviser came to squawk box to push the plan ylan mui joins us with the latest. Reporter it will have to go through the sausage grinder before it can be legislation, gary cohn was very clear on cnbc the 20 corporate rate is nonnegotiable. Speaker ryan was equally clear that the house is committed to hitting that number. Look, when we polled the border adjustment from our build back in the middle
A very dark london this morning. Coming up later, the brexit show. We will be joined by the former Prime Minister of ireland. Lets quickly check your market s. Eurodollar. No, its euroyen. This is what the pros look at. Its the end of the quarter so were seeing a little bit of caution when you look at the stoxx 600. The price of oil. The Spanish Government is continuing efforts to stop an independence referendum in catalonia. The Regions Administration is pressing ahead with a vote even deployed thousands of police and arrested eight dozen local officials. Catalonia includes barcelona and theunts for a fifth of economy. In the u. K. , most members of theresa mays party think she should quit before the next election. Ina poll, 13 said she should leave now or in the next year. And the same proportion said she should go just before the next elections in 2022. Meanwhile, 38 think she should quit after britain has left the European Union, march 2019. Steven mnuchin says the republican tax p
Be the next head of the euro g roup. President trump is in asia. , londonthat 9 40 a. M. Time. Lets get straight to your assets and this is what we are seeing in the markets. Aropean shares are edging little bit higher. Next trading overall. The dollar is coming under pressure. There is a concern that tax reform is slower than initially thought. President trump is in china on a state visit. He will have to watch any talk when it comes to trade. , after brexit137 talks deadlocked again. There is concern another minister will have to go in theresa mays cabinet. Here is nejra cehic. U. S. , democrats look to score a clean sweep in the elections. Will be the next governor in virginia, launching a victory in the state that is viewed as a key barometer of the party elections. Bill de blasio is projected to have easily won a second term as new yorks mayor. Republican tax writers have gutted a proposal to payments related to foreign affiliates. A 74 billiones revenue hold. The house wins and m
Taking your cue from a mistake in action can be a big mistake dow sank 138 points. Dow went down, and nasdaq went down i see stupid thing all over the place. Im urging you not to jump to any conclusions based on the tape remember, the big money measure control the daytoday gyrations in stocks, get things wrong all the time back in january of 2016 the price of oil plummeted to 26 a vale schlumberjay saw its stock had 61 bucks today with the price of oil is more than double tan it was back then, schlumberjay plummeted to 61 bucks someone sent me a tweet asking what to do with the stock of schlumberjay i said if it goes below 60 its probably worth buying because its ridiculous for this stock to be this cheap versus the price of crude right now the price of crude is 55 schlumberjay shouldnt be trading where it was back wen crude was at 6 i could be wrong but then again, you ever think the stock was wrong. I know people who thought it was bounce right back. The ceo of schlumberjay was not o