The committee will come to order. Good morning and thank you all for joining us. And today our committees focus on the top priority for the American People. Progrowth tax reform that will create jobs, increase paychecks and strengthen our nations economy. America now has one of the most costly unfair and uncompetitive tax systems in the world. The need for progrowth tax reform is urgent. Todays high tax rates on americas businesses drive good paying jobs overseas. Makes it more difficult for our job creators and workers to succeed here at home. Americas burdensome International Tax discourages investment in our local communities. Scores of loopholes give favored treatment to Washington Special interests while millions of hardworking americans havent seen a real pay raise in years. Heres the good news. President trump is leading the charge for bold tax reform that will unleash the growth of jobs and paychecks nationwide. And hes calling on the house anthe senate to put forward or best i
We will go to San Francisco shortly for the latest on changes in ubers leadership. On thewe have our eye middle east with the crisis in vauxhall, later in the program. This is daybreak asia, coming to you from 7 00e it is just after a. M. In hong kong. I am yvonne man. We escaped the typhoon in hong kong. A whirlwind of a storm. The selloff going global. It is hard to tell if this is a pause or meaningful rotation out of some of these growth stocks. Betty it seems to make perfect sense, right . Yvonne, these big tech shares are the ones that have led the rally, so you can see at some point, investors would say let us take some profit on these gains. The question is, what is the timing . What gives here . That is what investors are tied to parse through in the next few hours. Heavy some of the tech investors. That looks set to continue. Let us look at how the state of play is into new zealand. Plenty flat. The kiwi at 72. 02. Australia returning back from its holiday, could play catchup
The chances of a rate hike this week are almost 100 . Haidi big u. S. Banks, preparing you regulations. New regulations. Rishaad how innovative is hong kong 20 years after the handover . Has the city slipped off the pace . We are looking at chinese shares. We have aged shares. Lets bring up this chart. All we have isou a situation that they are cheap, but this is something going on for a wild. Looking back to 2006, seeing how cheap they are in terms of valuation and a share counterparts. Betteralso have is value, something people are counting on for a while. That margin or divergence between the two has always been per point the would narrow, but is seemingly remaining at the same level. Its amazing how many people the alignment never really seems to happen. Haidi people are always talking about the convergence eating inevitable, but it has not happened, continuing to confound analysts. Size signssee of evening signs of easing when it comes to this tech tantrum. After watching tencent
Turn cautious too soon rather than wait until its too late. In addition, marks writing that asset prices are high, quote, across the board. That there are few bargains to be had and that a growing number of investors are embracing increasing risks to achieve their returns. Here to discuss that and debate the memo, the stocks which are moving today at this hour, pete s na jaaron. Also with us is cnns leslie pi pickert going through this memo. It is from oak trees howard marks questioning whether stocks are too expensive. Jim, he says the s p 500 selling at 25 times trailing 12 month earnings compared to a longterm median of 15 he mentions the schiller cape ratio. Almost 30 versus a historic median of 15 right. Is he right he is right in concept. Now this is not bubble territory. Stocks are a little expensive. The market overall is a little expensive. I look at some of these industrial names as earnings come out, trading in the mid 20s for a multiple thats a little bit high heres the thi
What a disaster. Mortgage rates 4 and rising. This is a turning point and the refi rush it on. Its friday and as usual, its a jampacked show. Varney company is about to begin. Rocking robin twitter stock opens in less than a half hour. Were all over that story for three hours, can you stand it . Varney company. Here we go. Rick grenell and hes been hacked like everyone else. And joining us for the 11 00 hour. Please look at this, golf legend gary player talking u. S. Open and the future stars of golf. And Cheryl Casone is here with me in new york. Breaking news president obama unexpectedly headed to capitol hill to twist arms on the trade deal. Hell meet with democrats who are not sold on this deal. A little background here the democrats are split. There will be a vote on it in the house today. Lots of opposition, including tammy bruce, i love this thing. Im a free trade guy and youre not. I totally am. What i am is Global Governance and moving the country into a frame work thats like