Just get an idea what of idea of what is going on. Corporate earnings flow in. That is the main story right now. We see barclays out with numbers today. We seen a number of companies out the numbers today. Overall indices are not going anywhere in a hurry. Stick a look at where we sit with the major markets. 0. 2 , justown by backing off the 400 level. The pound down a little bit. Ruble saw a 50 basis point cut from the russian central bank. The governor delivering a little bit of a surprise on that point. Whats happening with the major e . Rkets in the states, romain the s p relatively directionless. A lot of mixed earnings here. , athe s p 500, your leaders maker of medical devices, Companies Like mohawk. You are getting a little bit of a boost in the Philadelphia Semiconductor index with names like intel, which surprised a lot of folks, making that transition away from pc chips into data centers. Really surprising people. This has turned out so far to be one of the right spots in th
Now out of germany. I have my screen here on the bloomberg terminal. We can see the number coming in a little bit better than expected. The business number at 94. 6, the survey was for 94. 5, and that is better than the 94. 3 that was the prior meeting. The expectations worse than expected, this is where we thought we might see the disappointment. Indeed we got it. We were looking for 92 and we got 91. 3. Course lower. This is better than the estimate of 96. 9. But bottom line is the is atations down at 90. 8 disappointing reading. Lets look at what is going on in markets, a little data check, the stoxx 600 is up 0. 2 . It has been up all morning long. We even have the dax showing gains, 0. 1 . The cac is up as well as the. Tse, 0. 2 we see the individual indexes rising. The euro falling a little bit in dollar terms. Down . 48 a barrel. Crude coming down as we see the u. N. General assembly get ready to hear Donald Trumps speech later today. The u. S. 10 year yield also coming down as
Several sessions this week where weve broken even are gone higher on the session. Today looks to be no different. 3010 is where we are at, up two points. The 10 year yield is back at. 83 . That is a major move in treasuries. The yen has moved two big figures in the last session alone. One of the major rivers in the s p 500ay, ceepo today, cboe. It got a downgrade at bank of America Merrill lynch. It is now a sell. Guy we are continuing to see rotation in the equity market. German tenyear now at 48 basis points despite the cut yesterday from the ecb. European equities grinding higher, but that is not the story. It is below the surface. This move into cyclicals, this move into banks continues in europe. People are selling the big bond proxy names. Trading nestle, etc lower. This is a big unwind from what. We saw in. August the pound continues to catch from what we saw in august. The pound continues to catch a bid. 1. 2 440d now trading at on the idea of a hard brexit beginning to fade a
At the 10 year yield first. It continues to climb. 1. 87 . A lot of selling and bonds globally again today. We heard Bruce Bittles earlier saying 1. 90 , maybe 2 is where we are headed. We will speak with Marilyn Watson in a moment about global fixed income. The s p 500 continues to grind higher. All week it has been either flat or higher on the session. The best performer is freeport mike moran is freeport up nearly 5 . Wo bign has moved t figures this week as well. It is above 108. 04. Guy a lot going on in markets. Equities trading backup towards record high. Globally, shares doing well. I thing this is the third week of gains we are heading for. Trade fears may be easing a little bit. We also had the central bank story in there as well. The real story over the last three or four weeks has been this kind of real backup and yields. Bidst, massive bid, a fear attached to the global bond market. Since then, we started to go in the opposite direction. Marilyn watson, blackrock head of g
Overall gdp number. Headline gdp growth is in line with what everyone expected. Wage growth, Income Growth has been relatively strong. Government spending data, quite strong. There is some upside risk to the economy. The consumer and the labor market side of things is looking quite good, but manufacturing is under pressure. There is clearly a pretty significant dislocation between the industrial economy and consumer economy. It is the composition of the data here that is worrying the fed. There are pockets of weakness. Potential u. S. Gdp is less than 2 . We do see a further deceleration in the u. S. Economy here going forward. Ultimately, we are moving back toward a lousy trend. Jonathan joining me around the table to discuss here in new york, Marilyn Watson of blackrock, bob michele of jpmorgan, and george bory of wells fargo. Marilyn, you know how this works. You pick your bias, look at your data, and confirm the price. There is something in this for everyone. Marilyn thats right. T