Ended where they began yesterday. It was i guess a quiet august day. Today is september, though. How did the european markets fair on the first day of september. Whatever happened to italy and spain . Come on, guys. But theres germany, france, and, of course, be the uk is the three, the one that was in the red. Theres wti crude, continuing to fall now below 45, well below this morning and that 10year note yield creeping above 1. 6 at 1. 613. Our road map this morning does start with the first trading day of september. If you woke up and didnt look at the calendar thats what the day is. Its a volatile month. Whats going to be coming. The apple tax saga far from over. Tim cook calling the 14. 5 billion tax bill from europe total crap. And european officials are firing back. Shares of salesforce falling this morning. This after earnings that were fine, Ceo Marc Benioff spoke with jim last night on mad money and well get into whats going on there and why that stock is looking down this mor
Us this morning is jon fortt and good morning to both of you. Regulators are ordering apple to pay back taxes to ireland. Lets get to Julia Charter will i in brussels with the latest. Julia . Thanks, kate. As you quite rightly said, apple has been ordered to pay over 14. 5 billion, the irony is ireland doesnt want the money as the irish finance minister, they say they believe apple owes nothing and they want to protect the relationship they have with Companies Like apple and other u. S. Firms apple has hate back, saying they ultimately believe this ruling will be overruled, but i think the statement cuts to a bigger issue, which is what does this mean for other companies trying to invest in europe . Their statement says it will have a profound and harmful effect on sleismt and job creation in europe and apple follows the law and pays all the of the taxes we owe wherever we operate. This is a point i think the competition commissioner made to me, that this is not really about the tax ra
Hiring on wall street. Mylan announcing a generic version of the epipen for 300. What it means for the millions of patients that use epinephrine. But lets start with the markets. Theyve run up today. They declined about 0. 8 last week but bounced back to tune of half a percent today. Joining us, we have brad mcmillen, ben willis and our own Rick Santelli at the cme. Good afternoon to you all. Brad, lets start with you and focus on the driver for the market bounce today. It is banks, it comes off the back of a decent move on friday. All really based on expectations of rate hikes coming forward. Is it justified the see the banks start to perform given how much they underperformed year to date . Yes, it is. The reason ill say that is first of all you have yellen actually coming out and saying she sees the economy strengthening. Despite the uncertainty. It is not just the rates but seeing the businesses improve. There could be a double whammy Going Forward to help them. You know, ben, here
We see an interesting chart. Consumerhe u Michigan Confidence index. The point is, the middle class is less confident. The lower class. The middle class. We see a decline in expectations for the middle class around Consumer Confidence. Taking a look at the major averages to see what the reaction is to the Consumer Confidence number. The three major averages right around even, mainly unchanged. We do have a bit of breaking news on the news that potash and agrihim are in talks to merge. Potash and agrium are in talks to merge. Farmers are also making less purchases. A potential merger could be announced as early as next week. Now, lets take a look at apple. Shares are trading lower on news the company may be is facing a 14. 5 billion tax bill from the eu, plus interest. This after the European Commission said ireland is taxpleslashe bill. Gene munster thing he is unconcerned about this vonnie . Vonnie the stop only up slightly on the year. Going to be very interesting. A lot going on in
Theyre flat in the uk. Weve taken that apple money and applied it immediately to the stock. They are. Theyre also still buying bonds up like crazy over there. Put the money theres so many weird things going on theyre actually hoping to fund the transaction by which denon is buying bonds. Any way, lets get to bonds, you answered, 158, crude down today and you can see brent nearing at least 50 a share. Weve got the latest s p 500 case chiller report, showing home prices rose 5. 9 . And thats why unemployment are strong, and paychecks, doing consistently strong business. We keep running into these numbers that are somewhat positive. Well get to conversations about the broader market. Want to get to the roadmap, as well and it starts with apple, which is the market also. The european ordering the company to pay over 14 billion in back taxes. Plus, any hopes of a deal off. And a bid for hersheys, saying there is no actionable way forward. Ill give you the details on what exactly went down t