Have been on fire and what exactly are the pricing in . Hopes of a vaccine, hopes of stimulus . How can that fed wire without some sort of his fiscal lifeline . The day was so bad it looked good because as many events started to set in that we see Congress Actually pushed through some sort of deal, so many angles to digest today, but what is clear is this rotation trade is on the front and center. Joe absolutely, everything is flying but was what has really been flying are these deep cyclical commodity linked equities that have been dormant for most of the year and they continue to have really strong weeks. Stocks, youenergy look at the end of november basically right ever since we got the vaccine news they have been shooting straight up and have had another strong week. If you look over all still down 31 on the year. Thatne a lot of those have been left for dead a few months ago are rallying hard on this day. Diamondback finished a day up about 13 , apache, you get the picture. There
Could they get to a trial. We know Mitch Mcconnell wants to get it over with quick. Jordan it depends on which day nancy pelosi would hold a vote in the house. Mcconnell wants to get rolling right away so he could begin the trial within days of nancy pelosi having that vote. We could be looking at a trial beginning as soon as the end of next week or perhaps the week after. Enactmentalso have an we also have an announcement of new sanctions on iran. Are there really more than before . Jordan a little bit they have targeted copper and iron producers and sanctioning more perfect more officials, but as you hinted at the u. S. Has sanctioned so much of irans economy and placed so much pressure on iran, official say this is an effort to get iran to return to the negotiating table. Leadership has not given any indication they are willing to do that, especially in the aftermath of the airstrike they got from soleimani last week. David that is jordan fabian. Now we go to maria tadeo in brussels
Afraid. Alix the cotton crop is the most vulnerable now. In the markets, this is your job set up in the middle of easing from russia and china. Both of those contributing. Yesterday. Her continue to see some followthrough buying, up 0. 1 taylor the dollar is kind of back up 0. 1 . The dollar is kind of mixed. You had a sort of large selloff block in asia in the treasury market, so that exacerbated yields moving much higher, but crude all of the sudden off by 0. 2 . Off by 2 . Time now for the global exchange, where we bring you todays market moving news from all around the world. Going us from hong kong is bloombergs jeff black, tony ahrens in london, Francine Lacqua in italy, and Michael Mckee in washington. We want to start with china, where the countrys central bank announced it will cut reserve ratios for banks. Bloombergs jeff black is in hong kong. Put it in perspective for us. Jeff good evening from hong kong. This is all about the ongoing slowdown of the chinese economy, the on
Fed. David today is jobs day. Last night, july 4 celebrations, including in boston led by alix steel and carol massar. It does strike me as i talk to you over in europe that one of the really iconic moments is an overture written by a russian composer, tchaikovsky, about a european war in 1812. It is kind of ironic. Incidentally, i remember trying to play that. With all the cannons firing, very difficult. But i digress. Seeing the market may be not hoping for them many fireworks. Lets have a look at the data right now. S p futures pointing downward. European equity markets a little bit sluggish. The euro is a little weaker. German data came in disappointing. Yields on the u. S. 10 year around the 1. 96 level. Weve seen selling in stocks and bonds in the european morning. Ive put iron ore in the data check today, not oil, because we seem big drops in iron ore in the Asian Session once again. It has been dropping like a stone. Story ise iron ore really quite something this morning. It is
Ma mac, possibly some custom chips and well bring you key headline throughout this hour our own steve kovac is live on the ground at wwdc while rosenblats martin croquette and msnbc contributor are with me to discuss what the product means for apples bottom line with the event kick off as we speak lets get back to steve kovac out there in cupertino steve, people would be forgiven for thinking this whole thing is a headset unveil, but this is a developer conference which is paving the way for the new software for the next iphone and possibly macs that helped them gain a lot of market share during the pandemic. How important are those pieces during this event . Yeah. Incredibly important, jon. This is still some of the iphone companies and any updates to ios is incredibly important. What i will be looking for is around wallet and fintech, and they announced the buy now, pay later that sent shares of the firm down and they have huge ambitions for apple pay and there there was an interesti