Trading in a pretty tight range today. It feels as though they are waiting more direction. That said, stocks are new the highs of the day. Earlier, we were offering we were saying major averages trade lower. On the plus side, we have the financials, which have been writing today along with technology. On the downside, Consumer Staples and consumer discretionary. Apple is one of the stocks on the rise today. Tony over a bernstein says the company could reach a trillion dollars in market cap if it shifts toward a Subscription Services type of model where people will pay a monthly fee for their iphone and other Apple Services rather than one lump sum for the iphone of front and so an interesting call and the stock is trading in the obit higher. We are watching the banks trade higher. They have been going up along with rates today. That is treasury yields on this outlook. Perhaps some insight in the fed minutes that we will see in interestrate sooner rather than later potentially. , bank o
Tom keene in new york. At g7 will focus be china. Tom the president with those comments. What i find remarkable is how all of these leaders seem to be speaking to their homes, but it is not a g7 meeting but it is people talking to america, to canada, etc. Francine especially japan where you see shinzo abe trying to get out of the increase. Lets get straight to the bloomberg first word news. Nejra starting with the g7, angola merkel does not have much support when it comes to austerity. The debate over stimulus versus belttightening has shifted. Canadas new Prime Minister had shifted his countrys focus to Infrastructure Spending and cash. David cameron joins markel as a champion of fiscal restraint. Just a few minutes from now, president obama holds a News Conference at the summit. In france, strikes at Oil Refineries may spread today. Workers at six of eight refineries have walked out. The strike is protesting the president s proposed labor reforms that makes it easier to fire employee
Thisfficial chinese pmi, is where the distinction is drawn. We can consider it grateful for a little bit of calm. Anna a little bit of stabilization preg20, better than estimates, better than the july number, but not convincing everybody. Manus it has not. Let us take it off. What we have here is the insurance against default. Every single month, every single month for the past five months the market has been adding 2 billion over the past five months, the biggest increase in 59 countries throughout the world. You can say to me , just around 152 basis points, still only 8 probability that china will default. What im trying to say there is momentum. A carriage of travel for default insurance. Anna not the people expecting the Chinese Government to default, but is very few ways to hedge chinese exposure, and if this is on the rise that is of interest to the markets, especially ahead of the g20. The risk radar, positive data that we have had out of china, released the official reading boo
The european markets in 30 minutes time. Front, the German Company sees growth when consumers spend more. What is the Global Retail environment like . We are going to speak to the outgoing ceo this afternoon. Adidas has never quite short on that one. The french are making their point very clear. Matter whichnt because he wears, he is making it clear he is going to have consequent is for britain if they leave the eu. It is a remarkable comment. It shows you how fluid this entire conversation is going to be. We are in for an exciting three months. Guy i think he is pushing the right buttons. The contest in the u. K. Has gone very negative. He is taking that little further but he is pushing the negative campaign buttons. Look the consequences and the disaster that will become the u. K. If it decides to leave the eu. He is pushing the migration button pretty hard here it he is pushing the financial conservative button pretty hard. He knows what he is doing. Hans i will think David Cameron
Welcome to the program, this is countdown. We have numbers coming through from the German Chemicals giant. They toldthrough we have numbers coming through that came through at 1. 9 billion euros, beating the estimate for the First Quarter. Going into these numbers, we could see volume putting pressure on cost and the product mix. We are looking out for anything they say on the ability to cut cost, also there are emerging market dynamics, as expectations for growth have been on the wane, and we are getting various comments coming through. The forecast is based on the average oil price of 40 a barrel, which is interesting. Trading a little above that. The items are slightly below 2015. Their Sales Numbers are coming in at 14. 2 billion, and actually actually a touch below the estimates of 50. 1 billion. They see that in 2016, they see considerable sales decline. That said, they confirmed that outlook. Interesting comments coming through for the future of this year, considerable sales dec