It looks like a Consumer Confidence beats on the top line. Coming a lot stronger as well. Is ad know that the s p little bit lower and that continues to be the case. Off by. 4 . The big headline number is tech. Semiconductor coming in with it is sporting forecast. It is dragging down all of the tech sector. Threemonth, 10year. Only inverted by 1 basis points. Jay powell tomorrow, he will be happy about that. Want to take a look at the financials index. One of the worst performers within the s p 500. This is after we heard from citigroup yesterday. They are laying off hundreds of global jobs. 80 of those in your london, guy. Guy deutsche banks front and settle on a story as well. Here, we are trading with a 121 handle. That is helping out the ftse 100. It is not trading as much to the downside as its continental counterparts. By is done. 2. 22 is down 2. 22 . The lufthansa is trading down today. Bayer is trading down today. The tray narrative mixed up in all of this. Continental market
Semiconductors. A lot of the big tech heavy off of apple. I have my eye on the inverted threemonth 10year. You heard from zone he said he wants 30 five basis points before we get too worried about a recession. The financials guide. A london story and european banking story. Citigroup announcing hundreds of job cuts yesterday afternoon. 80 of those in london. That pressure from equity revenue trading. I wonder if this low volatility trading and the pressure it is putting is more a systemic than a cyclical problem. Guy you are certainly hearing it more and more in the banking sector, talking about the fact that people may not be on the sidelines, wreps happening on a more permanent basis. Certainly the hedge fund community, that is an issue. Lets talk about the markets when it comes to the pound, having its worst run of losses in almost three years. The bloomer pound index is trading at a record low. Investors raising serious concerns about the possibility of a no deal brexit. And one co
Plausible construction is one in which the guilt or innocence hinges on how the ordinary defendant might act but a very unusual way for criminal conduct in the context of a jury trial but section 924 c were the only or the first to present the categorical approach and categorically specific. What do you think congress intended in 1986 . They did not think of the question. I dont say had because that is rewriting their intent to. Given the circumstances of 1986 that it was red in the categorical approach they adopted it through the bail reform act that for decades you have said 16 b is better than categorical . A couple of points. Without reference. First of all with the bail reform act we dont agree necessarily that with that categorical approach was not well established to identify a single decision from the Second Circuit with the form of a categorical approach that they were not covered by the existing version congress clearly repudiated that. You say the language was best defined a
Was purposely weakening the euro today. And we continue to see euro strength relative to dollar weakness. Draghiat is not what wants, he defined as not want a stronger euro at this point. And he was pushing back against the president. European equities going nowhere in a hurry today. The volume is actually reasonably ok. Some of the defensive names being sold off today, and you are also seeing something of a selloff when it comes to the bond markets. A little bit former come up by three basis points on the german tenyear. Today, just firming up a little happenswe wait what with the fed a little later on. ,he turkish lira, there were real weaknesses within earlier as there was talk of increasing sanctions on ankara as a result of the potential decision by the country to buy the s400 Missile System from russia. That really got the. Markets. Of the the dollar weakness has crept into the story and now, that is feeding on the turkish lira. Let us talk about the fed. As you say, taylor, it i
Patriot Missile System from radiant. But as a we have from raytheon. Wonder how much trouble i will be in if i keep using the pound. Equity markets being patient ahead of the federal reserve. All the major averages unchanged. Flat forll it, mostly the day as we await the 2 00 p. M. Decision. It is all about the bond market. Take a look at the threemonth 10 year, 20 Straight Days of inversion. But because we have a list of yields on the long and, instead of 20 basis points, we are now only about 12 basis points on the threemonth 10 year. You had trump treating to mario draghi about not weakening the to mario draghi about not weakening the euro. Guy we will wait to see what f the central bank low signal, will it be a willingness to cut rates, maybe not today, maybe the next few days . Mas,ing us is charles du chief economist at ts lombard. What do things are chance is the fed comes out in signals that the market is right, we need to lower significantly and get on board with this idea. A