[inaudible conversation] [inaudible conversation] [inaudible conversation] [inaudible conversation] [inaudible conversation] [inaudible conversation] [inaudible conversation] the meeting will come to order without objection. The chair is authorized to declare recess at any time. This hearing is entitled examining the sec agenda operations in fy 2018 budget request. I now recognize myself or three minutes to give an opening statement. I warn everybody i will take a lot longer because there is unanticipated news. First, before proceeding to the purpose of this hearing, i do want to know for all my colleagues that as we begin this hearing today, in 318, b3 18 of this very building, the rayburn building, our friend, our colleague, the Great American hero and patriot sam johnson is being honored by having that very room b3 18 named after him. I think we all know he is a decorated war hero who served his nation with great courage, great valor in korea and vietnam and spent seven years and ex
I said we would do as many of them as we could. Weve basically set the agenda for the rest of the year and into january. You dont see any i dont see any lastminute rushes. I intend to carry out the agenda i outlined in february of 20 1y50i6r 16 as much as i can. In the bloomberg report, it says u. S. Consumers are increasingly defaulting on loans made online. They talk about delinquencies and default reaching key levels known as triggers, four different sets of bonds reaching those levels. To start paying down bonds early. My first question is, are you aware of this with regard to the on line lending loan that is secure these bonds and are having some problems . I am certainly aware of the reports of those issues. Our space is the investors in the space, not the lenders. They become relevant in terms of what the assets are underlying those investments. In the article, it talks about breaching these levels instead of making new loans to find more new or more expensive funding to scale b
Volkswagen hopes to clear the air, since the cheating scandal emerged in september. A very warm welcome to the program. This is countdown. Live from london, i am anna edwards. Manus and i am manus cranny live in dubai. You have a chart. Anna when we need the keep an eye on of course. This is the implied probability of the betting market of brexit. , 25. 68 . Down at 26 last week we went as high as over 40 on this particular measure of whether it was likely or not we would see a brexit. Of course last night, manus was dominated, the heated exchanges at wembley arena, maurice a holding pop concerts, but that was the faceoff between the remain and leave campaigners. It seems that we have some big moves on monday, slightly smaller than yesterday. Now just pausing for thoughts, manus seems to be the way we describe this morning. Manus we are, indeed. The riska look at radar. I think it is fascinating. We have done a little bit of that isour pound index, what you want to look at. What you ha
I am Francine Lacqua with jonathan ferro. Jonathon the city of london is probably happy it is the weekend, because the market is closed. Francine they are watching us. They are raising analyst reports, trying to figure out how monday will pan out. Jonathon shall we get you up this bead on how the carnage laid out. Beginning in equities. The ftse closing down the three Percentage Points on this day. The big carnage was in mainland europe you the dax down 6. 8 . The biggest oneday drop since 2008 and the biggest oneday drop on record for the european banks. At a 99aryen yesterday handle at one point. A big stand out the bond market and i will whip you through. Down 14 basis points on bonds. Francine the problem is that there are so many angles. We have to look at the European Union. How or if they are negotiating. We heard they want to kick out the u. K. And the political turmoil. Jonathon listen to european leaders. I regret the vote of the United Kingdom but i respect it. It is a matte
Count them. Im anna edwards live in london. It is 6 00 in the morning. The broader equity picture in asia is quite stable. They posted stimulus from a central bank, entering into the market psyche. Lets have a look at what is happening with the pound. The pound catching his breath its breath after the dreadful selloff we have seen over the last couple of days or so. Down to 1985 levels. The relative index perhaps signaling the plunge may slow. Lets bring up our risk radar justin at you just to show you where the markets are. It is up around half a percent in the asian session. The yen fairly flat at 102. 02. Pause for thought. Abe will be watching foreignexchange and stock markets closely. Lots of talk of cooperation between Central Banks and finance ministers from the japanese. A fairly substantial pickup of 1. 4 . The nigerian ceasefire seems to be having an impact. We will take a look at supply data later. Lets get the bloomberg first news. Central banks have been reacting to brexit