The s p is fairly flat, up by 1 10 of 1 . 1 . We are keeping a firm eye on brussels. European leaders are at work again. They just started there may meeting to decide to leave the European Council and european commission, and by extension, the European Central bank. The current head of the imf is being talked about seriously as a contender to take over from mario draghi. Lets get the latest from maria. The main meeting has started after a series of side meetings. What we know on account of how much information we have at this point . Maria in terms of official information, we have nothing. It is speculation swirling around. Weve spoken to a number of diplomats who say Christine Lagarde is being considered to her crate replace mario draghi. She was now the name of the running yesterday, but appears to be now the frontrunner. Conditionality, if Angela Merkel manages to get her defense minister to become the next commission president. Surprise. She was not on the list. The good thing, it
, Lisa Abramowicz and annmarie hordern. Live from new york city, good morning. For audience worldwide this is bloomberg surveillance alongside Lisa Abramowicz. Your equity market on the s p 500 down yesterday just a touch down this morning by one third of 1 . Cpi upside surprise, pce coming up a little bit later. A lot of people are saying thats the big data point but how do you trade the market that seems to be driven by its own sentiment. That seems to be with the lack of conviction i read all the notes overnight i have to say the headline of the day frankly is momo fomo or own no. You can translate that later in the program. Ultimately over the last few weeks the last few months this market is repriced aggressively. And the fed hasnt had to adjust at all. President williams sounds like a president williams we heard about a month ago. Three times seems about right for fed rate cuts this year. They havent changed their message. Market kicking and screaming. But heres the real question
Bloomberg surveillance. Manus is in the hot seat. We have cpi, ppi coming up next on the late. Because Bank Earnings we have Bank Earnings. Manus when the call ended at this morning to join surveillance, what a moment. No guidance is going to be revised higher because we are in a higher for longer weight. But going to jamie dimon says come he is not completely sure. 70 to 80 chance the market thinks there is a soft landing and i think the odds are lower. What is the rhetoric and guidance . Lisa that is what people are going to be watching for. We are expected to get jp morgan, wells fargo come at it click get citigroup. Markets are fascinating because we are looking at a situation where bonds are stuck in everything are still kind of really reeling. It raises a question, is this a market that can withstand peoples where they are withstand yields where they are . Annmarie and you siemens coming out about this no landing scenario. The reason earnings is so important is because of the dat
It is a stronger dollar story this morning. Yields much higher on treasuries by flavor basis points four basis points. Alix look at the two year yield. 1. 29 on the twoyear yield, up three basis points. Watching over in france, the yield up by thre two basis poin. Watching that selloff as we hear that fillon will stay in the race. David taking us to President Trumps speech to Congress Last night, we are joined by kevin cirilli. In new york, we have michael mckee. What were the highlights of the speech . What did you take away from it . Kevin it was a different tone from trump, but it did like policy specifics that traders on wall street were looking for. He did call for an increase to u. S. Notary spending. He also called for a 1 trillion infrastructure package plan to pass. He also vowed to cut funding from the Environmental Protection agency as well as the state department and foreign aid. Either way he did not take a position on the border tax or tax reform or a host of other issues
European banks. Citigroup says it appears to be more companies than systemic. European equities are trading just under 30 minutes. There is your equities column. Look at the green gains. Norway, germany, netherlands. All rising because of the rebound in oil price on comments the russian president that russia is prepared to stake to take part in the freeze between opec and nato producers. These are your currencies policies currencies falling and bond yields. Look at brent crude. Up by 2. 5 . Getting to william hill. Shares up by 6. 5 , the most since july. Announcing it is in talks on a with ae combination poker stars maker. It would be the latest in a round of industry consolidation. 14 billion by the way has been splurged on betting Company Takeovers in the past couple of years according to bloomberg data. Another stock rising, shows up by 2. 8 . Proposal to buy the portfolio for 783 million pounds. Returning more than 700 million pounds. Interestingly, had previously agreed to sell t