Economic outlook has deteriorated and some Monetary Policy easing will likely be required over the summer. Reporter now he seemed to imply that was more likely in the august meeting than the july meeting but well have to wait and see when that action comes. The fall in the pound has allowed some of the exporting names in the ftse 100 closed higher today. Some sectors still under performing. Heres what the governor of the bank of england had to say. With the Capital Requirements of our largest banks ten times higher than before the crisis. Moreover the bank has tested against scenarios far more severe than the country currently faces. Reporter the governor of the bank of england. The other big story of the day is on the political front. We know all five contenders to be the next prime minister, the main headline is that Boris Johnson is not one of them. Guys. All right. Thank you so much. Im joined now by joe and josh and rick. Guys, lets kick it off with the news here. It seems like th
Brent a decline of 49 cents. Couple big corporate stories to tell you about. The biggest one, its final. Its here. Verizon set to announce an agreement today to buy yahoo for 5 billion. Sources telling us that yahoo will no longer an operating company after this. It will become a Holding Company for stakes . Alibaba and yahoo japan. Has a small platen portfolio to sell. Marissa mayer not expected to stay on after the deal is completed. Her severance, expected to be 57 million. Well have a lot more on the story in a couple of minutes. Other news as well. Tesla and solar city, theyre reportedly closer to a merger. No brainer. Thats a new one. One brain. Elon musk the largest share hoeflder in both companies. In the final stages of carrying out Due Diligence on both companies. The companies are carrying out due dial generals the right brain talking to the left . Elon did an interview this morning. Did you see this . Its a good piece. We dont get that paper. Its called the new york times.
Hasnt been as strong as we had thought. Getting obviously a little bit of relief after the announcements of all the buy backs and dividend increases. It doesnt seem as though anybody changed his or her opinion about the businesses themselves, whether they can earn a proper return in this environment. It seems still kind of a call on fed policy, but at least youre going to get paid a little bit along the way if youre a bank shareholder. Were seeing, this is the last day of the first half, last day of the Second Quarter. Coming off some pretty strong gains. I believe the best two day gain of the year on monday and tuesday but we are getting some of those headlines from the bank of england. Wets get out to wilbur frost outside of the boe in london with those headlines. Reporter thanks very much. Mike carney speaking right now. Hes due to say that there is need for summer stimulus after the brexit shock. This next line is a direct quote. He said in my view and im not prejudging the views o
Yesterday the s p turned positive for the month of june in the last minute of trading. Check it out, the s p sectors are positive year to date. If you take a look at all of them, most of them are positive. The tell kom leading the way. The worst part is the financials. Take a look at the treasury. Still sitting there. Yesterday we saw it at 11. 5. Today 1. 4. People are looking at this as a safe haven. Tell you whats happening overnight in asia. While some of you have been sleeping, things do look up there. Margely up. I dont want to get too excited about it. Lets swing over to European Equity futures. These are actually happening live as we speak. Dax, cac, ftse 100 up. Again. Marginal picture. Italy margely down. Currencies real quick. Im curious, okay. No, i know. Just stable. Im thinking when do you plan the trip . I think a trip should be in order . He had gotten from hilton saying 30 off sell there. Already sending off ems. 30 trips to london simply because of the devaluation fac
And it could spell trouble for stocks. The action begins right now. Sweet dreams are made of these sweet dreams on a friday evening. Lets get right to it. Crude oil fell 4 this week even as stocks continue to make record gains. It could, weve seen it the last two years. The fed hinted were going to start to taper. Bond purchases and qe and then last year when they were going to end zurip. We saw commodities get hit very hard and then the knock down effects were obvious. We saw people start to be concerned about the potential for some sort of credit contagion associated with the crude oil. Irlike to look for trades where people are not too focused here and there is a potential big bang for your buck. Thats why at some point i want to look at high yield. But right now, its a weird setup here. At one point, you know, oh, you go, the better this is. The better maybe the recovery is. What we know is. This the bottom improved. It is very analogous to what happened in 08 and 09. We may have c