Good afternoon. I would like to start off today by having the secretary of takence discussion action last night with respect to canadian softwood lumber. It was an action that talks about what we are doing to make sure we are fighting for industries here at home. Without further a do, i want to bring up secretary wilbur ross. The action we took last night is actually the culmination of a couple of decades of disputes between the United States and canada. What has provoked the dispute is the following. In canada, the forests are owned by the individual per provinces and each of the provinces set the charge for the loggers to use when they are taking trees down. In the u. S. , it is all open market, it is all marketbased prices. Subsidize thees cutting down of lumber. Sts technical term being umpage and that allows them to charge a subsidized low price at the u. S. Border. We have determined preliminarily those problems vary from one province to the other, in some cases are as high as ro
Good afternoon. I would like to start off today by having the secretary of takence discussion action last night with respect to canadian softwood lumber. It was an action that talks about what we are doing to make sure we are fighting for industries here at home. Without further a do, i want to bring up secretary wilbur ross. The action we took last night is actually the culmination of a couple of decades of disputes between the United States and canada. What has provoked the dispute is the following. In canada, the forests are owned by the individual per provinces and each of the provinces set the charge for the loggers to use when they are taking trees down. In the u. S. , it is all open market, it is all marketbased prices. Subsidize thees cutting down of lumber. Sts technical term being umpage and that allows them to charge a subsidized low price at the u. S. Border. We have determined preliminarily those problems vary from one province to the other, in some cases are as high as ro
With bob having bhn confirmed out of the committee today and hopefully coming to the senate for a full vote very shortly, that should cure one of the objections that some of the senators had, namely they were concerned about formally reopening nafta when the absence of the u. S. Trade rep being confirm the catch 22 to that is they were also slow walking the confirmation. So it was a little bit of a circular thing. But in any event, that appears to be in the process of being corrected. Will this move complicate efforts to get a good deal . Mr. Ross everything affects everything else. This trade issue as has been pointed out is not a brand new issue. Its been around for quite a while. The meeting, the next upcoming meeting of the g7 is about a month iaway, and the u. S. Is in the middle of talking to china about how to address north korea. Are you comfortable that the north korea calculus has not ham strung your ability to be as direct with china on matters like this . And is the action
Lets get straight to the pound story. We have seen a great deal of volatility which we need to communicate to you. One month volatility getting a sevenweek high. The panel itself hitting a threeweek low. ,his is implied volatility bracing for the Eu Referendum which will take place on june 23. We have had a couple of polls over the weekend that seem to have put some moves into currency markets. 45 leave, 41 remain. Poll, 41 believe, 41 remain. We have to be a bit careful of the polls were the field work was done during periods of school holidays. Thought people who were younger and more affluent could be away during that period. It doesnt change the fact that the currency markets have been reacting to these polls. Lets move on to all risk radar. The nonfarm payrolls number the lowest in almost six years. We have got the Malaysian Ringgit surging the most in nine weeks. A move of more than 1 against the u. S. Dollar. Have the dollar against the chinese currency as well. Jack lew is in c
There it is. And you see about twothirds of the dow stocks are higher. United Health Leading the way. And trailing down there, let me see, i cant see over there. Home depot. Home depot. Lets get more on todays market action. Bob pisani on the floor of the new york stock exchange. Hello, tyler. Mixed market today, but something unusuals happened. Oil dropped and the market didnt fall apart. Take a look. We had a disappointing inventory numbers here. It wasnt as big as expected, gasoline inventories went up. Oil dropped a buck and a half in the middle of the day, but look at the s p. Really very moderate response to that. In fact, took a while for it to drop at all. You can see its come back a little bit on top of that. Energy stocks, like the xop, oil and Gas Exploration sector, did drop on that. Its just coming off the lows, but even that its not that dramatic overall. If you look at sectors here back to the slightly more defensive posture with telecom, utilities and Consumer Staples l