This is bloomberg surveillance. Francine the clot, tom keene in new york. The currency moves Francine Lacqua in london, tom keene in new york. My number one message is that markets are on the move. You do not see it in equities. Bonds,om equities, currencies, and oil are a jumble not lows but nevertheless markets on the move. Bp,cine when you look at the refining margin is nowhere to be found that they are sticking to the dividend. Lets get to the bloomberg first word news. Bernie sanders supporters ignored his pleas not to protest on the opening day of the Democratic Convention in philadelphia, many angry over revelations that the dnc favored Hillary Clinton. Sanders did not directly call for his supporters to vote for clinton but made it clear where he stands. Mr. Sanders any objective conclude are observer will conclude that Hillary Clinton become the next president of the United States. Taylor senator Elizabeth Warren urged reluctant liberals to vote for clinton and told the conven
Lag last years reports. What that means for the markets. Softbank buying arm holdings for 32 billion in cash. Well give you the details, some insight and context on this massive deal. Republican National Convention kicks off in cleveland. Whats on the agenda and what surprises could be in store . But first up futures on the rise to kick off the week. The dow and s p near alltime highs. Markets largely shrugging off the attempted coup in turkey and on a busy week of earnings, b of a beating on the bottom line, 36 cents versus estimates of 33. Deposits up 5. 8. Some of the metrics not matching those of its peers, jim. But still, this is a grind out quarter. Return on equity, getting double digit. What i liked best about it, really, this is kind of interesting, this is a company thats well ahead in mobile and you have an amazing decline in branches from 6,000 to 4600. Yeah. And that is because people are rapidly adopting mobile. Interesting brick and mortar story where you have still one
Wall along the southern border. And mexico will pay for the wall. The growing number of hispanic voters, can he win the white house with this position . We are nearing the Halfway Point of the trading day. Bloombergs Abigail Doolittle has the latest. We have the u. S. Averages in decline mode today, this after there was a surprise contraction to the august isn manufacturing number. Dow, s p and nasdaq all trading lower on the session today. Nasdaq, its the first threeday decline since the middle of june. We take a look at the s p 500 on an intraday basis, the turn of the s p 500 today, we do see that the index is trading right near the lows. Not a lot of reprieve, the drop came after that contraction or shortly thereafter that ism report around 10 00. The s p 50038 of not making a 1 move. Theres Interesting Research from the spoke Investment Management talking about the ina that the source of lulls market activity tended to and in a decline or move down 1 or more. We will have to see w
Dont miss our interview on the show with andrew wilson. Income also. We do have headlines from the prepared testimony of chair yelling. She says shes does not discuss Economic Outlook or rate policy, but in terms of fixed income, she writes the fed must stay vigilant of new risk to Financial Stability. The banks are considerably stronger since the crisis and to carefully monitor the impact of any rule changes. Examinations have found regional banks to be wellcapitalized. We are expecting her to field questions about the reasons why there have not been a supervisor vice chair of pointed by the Obama Administration and what might happen Going Forward in that regard. We are about 30 minutes into the trading day in the u. S. Julie so julie is a very small rally underway in u. S. Stocks. I should really call it little changed. A little higher as we go into janet yellen testimony. Energy shares are the best within the s p 500. It has been this with saw affect for oil over the past week as we
The committee will come to order. Without objection, the chair is authorized to declare a recess in the committee at any time. This hearing is entitled semiannual testimony on the Federal Reserve supervision and regulation of Financial System. I now recognize myself for three minutes to give an opening statement. As we all know the dodd frank act vastly increased the powers of the fed way beyond has traditional Monetary Policy responsibilities. The act has made the fed omnipotent but cannot make it omniscient. No act can. Through the exercise of socalled heightened prudential standards the fed can control the largest Financial Institutions in our economy. Former fed governor kevin warsh recently wrote Central Bank Power is permissible in a democracy only when its scope limited, its track record strong and accountable assured. None of that do we observe today. Where his feds omnipotents has taken us . The big banks are bigger, Economic Growth lags and theres scant evidence our economy i