Options that the Obama Administration is considering in response to the escalating violence there. Sec chair Mary Jo White recently outlined new stock market rules at the Economic Club of new york. The proposed changes include oversight of high speed traders and improvements to the transparency of private trading venues. Her remarks and q a are 50 minutes. If people could please get seated. Thank you. Please get seated. You make me feel like a party pooper here. Im bill dudley. Im vice chair of the Economic Club of new york and mrs. President of the Federal Reserve bank of new york. I want to welcome everybody to the 438th meeting of the club in our 107th year. The Economic Club of new york is the nations leading Nonpartisan Forum for Economic Policy speeches. More than 1,000 speakers have appeared before club. And has established a very strong tradition of excellence. Id like to recognize the 214 members of the entenial society who the have contributed to ensure a sound future for the
Governments most wanted list. You know who he is. Edward snowden, speaking today from russia. We will hear from him in just a few minutes time. First lets check in with sue down at the new york stock exchange. While we wait for those comments from mr. Snowden, problems overseas, economic pressure in china, tension in the ukraine, certainly earlier on not very kind to this market, although we are significantly off of our lows of the trading session. The dow is down 57 points, the s p is down just under three, about a sixpoint loss for the nasdaq and fivepoint loss for the russell. Bob pisani joins me on the floor. Yes, the overseas news has been influencing the market but im impressed by the fact that we have been able to come back so considerably off the lows of the trading session. There are other sectors of the market offsetting the weakness but the real story is still china. Biggest drop in exports in four and a half years, biggest trade deficit, a trade deficit in china, who would
This hour. What about Mortgage Rates in where do they go from here . Theyve been rising on the fears about the fell pulling back, so where next . My partner, sue, is at the nyse. Hi, sue. Reporter and the markets euphoria not to scale back on qe is farding a bit. The Dow Jones Industrial average off about 31 points. The nasdaq has remained positive, up about 5. 25 point p the s p off 2 points. The threat of a Government Shutdown becoming a possibility less than two weeks from that deadline. Fed chairman pbernanke talked about it during his News Conference yesterday. A Government Shutdown and perhaps even more so a failure to raise the debt limit could have very serious consequences for the Financial Markets and for the economy. And the Federal Reserves policy is to do whatever we can to keep the economy on course. Reporter and House Speaker boehner making some comments today as well. Our chief washington correspondent, john harwood, is here with the very latest on what is turning into
Minutes. They are raising another 1 billion in capital which we dont want to get lost in the shuffle. 28. 7 conversion premium. A 6 cue ton. Thats pretty rich stuff for a company that many say, jim, didnt necessarily need to raise money or had plenty of cash, that cash being part of it. Any potential appeal that it might have had. As for the process itself, we all know it was a difficult one. I had pointed out many a times, the letter of intent that was signed by fairfax back in late september didnt obligate them to anything and financing a potential deal from them was going to be extraordinarily difficult as we reported right here at squawk on the street at 9 a share. They step up for 250 million of this convertible the company is issuing today. They are becoming the lead director, correct . Correct. Major turnover here. This seems to be one that every month is doing worse. So i know you said they dont need the capital but, to me, i look at it. They said they dont need the capital. Wh
Manufacturing slowed more than anticipated. Lowest inields are more than a year. That boosts the case of the ecb to simulate the economy. The huge deal, the press conference history making. And potentially taking rates effectively into negative territory. It is real simple. When mario draghi stared down german bund to spec Economic Data in the u. S. , this is what we have. Pmi,arketing manufacturing we found a little bit of acceleration in china. Slowing in europe. We will find out what we did. At 10 00, ims construction spending. President note the , his european trip will culminate friday at the 70th dday anniversary in normandy. Commodities once again slipping higher on friday. S p500 continues on track, 2. 50. On to our next screen, the volume really shows at all. 11. 40. There is the dow. Michael holland will join us. Shows stronger on the yen. Adam. S not the vix, up we go crisis. This is the quiet in the Foreign Exchange market. Volatilitynk, fx index. Absolutely stunning chart.