Going to know where we are tuesday night. Lets call it less than likely. Maybe somebody can disagree with me on that. We will go into wednesday and may go into november to get to a successful outcome. Jonathan that is the risk of this market, and it has been for the last couple of months. The other issue this market is grappling with at the moment is the breakdown of traditional correlations. Last week was brutal for the equity work it the equity market. Youve got no comfort for the bond market. Tom bonds really dont move today. It is a higher yield into the weekend. A less than correlated market. I would note the absolute stasis in strong dollar. Dxy, that blended Company Index against the dollar, 94. 03. That is a strong dollar. Jonathan weve got to talk about the weaker euro over last week as well. The Economic Data in europe set. To get worst. We have manufacturing set to get worse. We have manufacturing pmis in europe tomorrow. Lockdowns in france, lockdowns in germany, and the u.
We were down 5 from the peak on spx. Where we are is about where we were on valentines day. Of course, you do remember valentines day. That was prepandemic. All we have really done is pulled back to the prepandemic. Weve got to put some perspective on this as we saw the dow down 800, 900 yesterday. Jonathan im not sure why i am the target of room bring valentines day of remembering valentines day. Its you im worried about. Tom that would be true. Jonathan because you often dont remember it. Tom that would be true. Rosesgh i do remember a scenario with jon years ago. Lisa you are trying to bring me into this . [laughter] for those in engineering and history, this is a hugely emotional deal. The difference from san jose to santa clara, it is like four, maybe five miles. But xilinx is one of the storied names coming out of fairchild years and years ago. To see this merger today, 35 billion large, it really says something about the combination of all of the history in the bay area. Jonatha
A bit this morning. Jonathan we were told it is all about the past two fiscal stimulus. Would it be smooth . Would it be downhill . Would it be quick . Right now that path looks rocky, with storms only arise in, yet still this equity market gets bid. Now startsarrative with chris harvey of wells fargo, and others are saying it. Not my view. It is the view other people share. You may not get the tax hikes. Tom some of these states 7000 apart. Some 20,000 apart. Michigan just dribbling in here. Moments ago, that gap closes 227,000 in michigan. Many people on the bot inside people on the bidens had wondering. Lisa lets give you the hard mass. We are talking about where the votes are coming in and where things are close. To 270 this is the path electoral votes. With 238 joe biden with 238, President Trump with 217. Pennsylvania, of course, we are not going to know for a very long time. These are the big swing states, there are more paths to get to 270 electoral votes. President trump, stil
Smashing it. Mike mckee is here to break it down. Brian it may be michael it may be too late to influence the president ial election, but certainly influencing the way the markets are going to trade because this is a big number. In october. We thought it would be 56, but this blows that away. New orders, 67 point nine from 60. 2. Production, 63 from 61. For the First Time Since july 2019, we are seeing employment well for with augurs this fridays numbers. Maybe we get some positive manufacturing. Prices paid still rising. Hard to know exactly what that means in terms of long red inflation since we do have the confusions of the covid case. Is it a shortage of materials, a pipeline problem, or are we actually see in prices going up . Likets for the year, looks the new export orders goes up to 55. 7 from 54. 3. That will take a hit from the lockdowns in europe. Overall, this is a very good number for the economy going forward. Alix how much is it like we have seen in europe, where manufac
Ireland, so we are watching the pandemic on those fronts. It wealth story right now is the welsh story is the most serious clampdown. A circuit are being brought in with the hope and expectation that could be lifted after two weeks. Tom and on brexit, im thinking fishing rights. There is an update. It is the end of october, we are getting what is the brexit plan the rest of this week as we are all distracted in america . Anna it seems as if the u. K. Government is still waiting for concessions on the e. U. Side before jumping back in to any kind of talks. Sidewants to see the e. U. Actually verbally explicitly say they will concede something in order to get the talks restarted. We will see whether the e. U. Jumped at the chance or not. Tom we will get to the data in a moment. Futures up 18, a lift off what we saw yesterday afternoon. With first word news in new york city, here is ritika gupta. Ritika House Speaker nancy pelosi and treasury secretary Steven Mnuchin are drawing closer to