Session lows, dow down 250, obviously yields a big part of the story. Were on pace for our first weekly drop in three weeks for all the major averages as a selloff steepens today thanks to weak pmi data nasdaq down another percent today. Where do you look for value now . Jake paulson and mark mahaney. Good to see you both good morning. Thanks, carl. Jim, what separates today from another gardenvariety growth scare and are bonds suggesting that were looking at a global recession . Yeah, i think this is less about the coronavirus today, carl thats the catalyst, but i think this is all about the bond market and are yields going to break to record lows in the united states. They already with the 30year. Well see if the 10year holds i think its creating fear what does the bond market know that the stock market doesnt . I would suggest that the bond markets message is not as bad as people think, because when you look at it, bond yield are back to where they were back in september, but credit
Nearly every major Global Market and asset class saw positive returns in 2019. The big question, what can you expect for the money heading into the new year . Its time to break out the 2020 playbook guy adami, what do you have for us first of all, courtney in all the years weve been doing the show this is the first time you hoeft. On behalf of all of us i wish amazing to have you. Great to have you. Thank you, thank you. New kid on the block here. Its fantastic to have you. In terms of whats working next year listen ive been wrong for months in terms of market direction. But right about a few things i think hsh is absolutely toing well in the first half the upcome year. You look at big cap pharma pfizer marc, eli lilly unh off the map. Hospitals doing well you mentioned energy i dont know if energy finishes next year well but the first couple months it does well. Because i think you see continued weakness in the dollar commodity is an underappreciated asociety. Health care because of t
Countries, canada and mexico, are our number one and number three markets for agricultural exports. Problems withn our exports imposed by the countries, particularly canada, has been very restrictive of our wheat and dairy. That is one thing. The more important thing, in some ways, are the new rules of origin, which will guarantee many more automotive jobs coming back to the u. S. That had been sent overseas by the poorly drafted rules of our origin in the original nafta. 75,000eve there will be new jobs created in automotive, a total of at least 175,000 in all sectors of the economy. Give us a secretary, sense as best you understand it, once usmca goes into effect, will there be more trade or less . Pat toomey has said that we think this will actually be trade restrictive. What do you think . Wilbur i think he is simply wrong. I dont think he understands the details of the agreement. I think he is simply wrong. David so youd expect there to be more trade as a practical matter. Is ther
Lebanon had sought his release a week before he fled tokyo. Welcome to surveillance, i matt miller in berlin for francine lacqua. Lets check in with what is going on in the markets for the first trading day of the year. The stoxx 600, the broader european stocks index, is gaining 0. 8 . Futures that are rising as well. We could see a positive start in the u. S. We have a ton of pmis out this morning. I just had germany at the end of the hour. 46. 7. 46. 3. E looking pmi is still weak wherever you look. I thing we had italy or france and they were also pretty disappointing numbers. Coming up, a couple big interviews on the docket for friday. Chicago fed president charles fed president the chicago fed president joins our colleagues at 4 00 p. M. London time tomorrow. Set your dvr, because at 6 00 p. M. , we have the cleveland fed president joining Bloomberg Television. Another interview you dont want to miss. Lets get the bloomberg first word news in new york. Happy new year. Iranaqi mil
0year, we probably have to be looking at a global recession. We are going to test 1 . A lot of things would have to go incredibly wrong to get the 1 . You have to have a recession to get there. The u. S. Economy could go to recession. Unless the market begins to price an additional cuts, the 10 year at most will drop down to the 160 range. The fed will have to ease again. The fed is going nowhere. If there is any sort of weakness in the data, you will see an outsized rally in bonds. Jonathan joining me, kathy jones, george bory, and in chicago, jim bianco. Jim, lets begin with you, looking out to 2020, it seems the consensus view is for rates they are or go lower. Where you come down in that debate right now . Jim i think thats probably right. Rates will probably drift lower. Thats been the story the last 10 years. Weve had no inflation, we are in a record expansion, we cannot generate any inflation right now, rates are down 75 basis on ts this year, at least the 10year yield. The path