Companies. Next, testimony from treasury secretary Steve Mnuchin on the u. S. Economy and Financial Stability. He also talks about digital currency, World Bank Lending and the potential impact of climate change. The tcommittee will come to order. Without objection the chair is authorized to declare recess of the commit at any time. This hearing is entitled promoting stability, reviewing the administrations deregulatory approach to Financial Stability. I want to inform all concerned that this meeting will end at 1 00 p. M. Per the request of the secretary. I now recognize myself for four minutes to give an opening statement. So let me welcome back secretary mnuchin. Today were here to discuss the Trump Administrations actions that have undermined and not promoted our nations Financial Stability. As i have said many times before, i am very concerned about this administrations actions to eliminate important protections for consumers, investors and our economy. It appears that our banking
If we get a currency pact, maybe we see a weaker dollar. Time now for global exchange. We bring you todays market moving news from all around the world. From hong kong to london to washington, this mornings top stories. We start off with china. After decades of waiting, china is setting out a timetable to remove its Foreign Ownership cap on financial firms. On the phone from hong kong is bloombergs enda curran. What does this actually mean . To wind is a roadmap they can fully take over their operation in china. Theyve been pushing for this for years. It will begin next year. Its just the latest step on chinas part to attract more foreign capital into its Financial Markets, to buy more stocks and bonds, and that is a good thing for their companies. The timing is hardly coming to dental, coming in the background is hardly coincidental, coming in the background of trade talks. It remains to be seen whether and how quickly these approvals are granted to foreign firms. Alix now i want to t
It is time for the global exchange, where we bring you todays market moving news from around the world. Joining us on the phone from hong kong is karen leigh, from plus guytuart wallace, johnson, and bloombergs dani burger, and here in new york, bloombergs michael mckee. And hong kong, thousands marched through the citys financial district after demonstrations turned violent lester day violent yesterday. Karen leigh has the latest. They firedce saying more than 1400 rounds of tear gas at protesters yesterday, the 70th anniversary of communist party rule in china. People here came out to protest on that day. To give you an example of how big a number that is, that is more than half of the total number of tear gas rounds that have been fired over almost four months of protests. So a pretty big usage by the lease. We saw a lot of violence here yesterday. We saw a definite escalation when a protester was shot by live ammunition for the first time, something people here have been worried ab
We begin with a teching wreck on wall street. The fang stocks stumbling, all posting big big losses the past few days is this fangfree fall taking down the Broader Market tim . Some cht frank free fall is something i think we saw three to six months ago. Clearly with the regulatory headlines on doj in june big moves facebook and google have had a tough time getting out of their own way amazon got back up to alltime high has not exceeded that ill let the chartist tack about that but when you think about the market for the last month and four or five months yes we saw the interesting rotation into cyclical stuff a month aigt. But really the defensive rotation is something thats been alive and well for plshl six to nine months as evidence by utilities thats an environment you cant see fangout perform and the multiples caught up to the stocks i know the multiple on google. Not so much. I know the multiple on facebook, not so much. But i think again you have regulatory pressures on top of v
The forecast was 48. We are seeing a little bit of a gain, practically unchanged, but up by 0. 05 . A lot of stock markets are looking at Decisive Action from Central Banks around the world, signaling more dovishness and putting to one side concerns for iran. Crude oil jumping and stabilizing 57. 48. We are just getting the june the manufacturing forecast coming in at 47. 8, a touch below estimates. Anything below 50 indicates a contraction. Speak shortly with the International Rescue Committee Executive and former foreign secretary of the u. K. Later in surveillance, two days after the fed got rid of patients language, we speak to the vicechairman. The day, we are joined exclusively by the former fbi director james comey. Hong kong headquarters are closed again today after demonstrators gathered to show opposition. Despite a public apology from executive carrie lam, protest leaders are calling for her to resign. They also want the controversial proposal to be completely withdrawn. , a