Im Francine Lacqua in london. We have a lot to get through today. We have quite a lot of news. Mark carney and Philip Hammond, and we will get on to brexit. First, let me show you your markets. A lot of the movement we saw in the last hour reports to what we heard from the chancellor and the boe governor. I would suggest it is really what is happening in the u. K. That many to look at. 675. Can see the pound, 1. 2 when it says market matrix, it is basically the difference between the two year gilt yield and the 30 year gilt yield. That curve is kind of flat. The u. S. Dollar, pretty much unchanged at 1197. The two year u. S. Yield, 1. 36. Lets get straight to the bloomberg first word news. Fourter barclays and former executives have been charged with conspiracy to commit fraud. The u. K. Fraud office said john varley and roger jenkins, and oth faced charges, along with the bank. Barclays says it is closed considering his position in relation to the allegations. U. K. , a 47yearold man
Happening which is the equalweighted biotech index as im speaking, this is occurring. We are now at the highest level since december 2015. Thats more than a year and a half ago now take a look at the ibb this is your large cap biotech 300 has been resistance for a long time. Looks like she wants to take that out here. If you can get above the 300 level, thats another massive breakout okay, josh, it is above that 300 level, as we have this conversation ibb is up 5 in a week xbi, 6. 5 and what i want to know is not only did it take out 300, its already 312, theres no serious resistance here until at least 320. Theres nothing fundamental thats changed, but the xbi is up 8 over the last three days large cap biotechs going bananas. Xlv, now at alltime highs, right this minute. And so i think, like, people talk about ital technicals what were really talking about, not what are the earnings, what are the drugs coming out the market is processing that all the time what were saying is, what are
Rally yesterday and for most of the week now weighing down the market today coming up we will look at which stocks could be the big winners and losers from the Senate Healthcare bill proposal and President Trump has been touting an improving economy, but economic disappoint hasnt been this low in six years were going to discuss what trump can do to help turn things around mean healthcare is still on pace for its best week of the year it is the best performing sector this week led by the biotech these gains are just shortterm moves in his view. The market is focused on shortterm profits if you look at whats going to happen five or ten years down the road, this is going to cost much more. So were going to have some shortterm savings but in the end the taxpayer is going to pay much more joining us now to talk about the stock market impact, are you looking primarily at the insurers and do you think its this bill thats driving insures higher or could it be they dont think the markets going
Getting some news from the International Energy agency. This is the balancing of Global Oil Markets has become less certain with opec production rising and little evidence that bloated stockpiles are shrinking as expected, while world of demand is climbing faster than initially estimated. Opecs implementation of the supply cutbacks of the implementation 30 come opecs implementation of the supply cutbacks needed to clear the inventory surplus has faulted to the lowest levels since january. That is according to the iea. That is a change from two months ago, when it said the rebalancing is here and was the shorting in term. Crude oil down by 0. 6 , 47. 44. Check out what is happening in the markets the day after that yellen testimony. The stoxx 600, as you can see, is up by 0. 25 . A big increase yesterday of 1. 5 , the most since april. The dollar spot index is down by 0. 1 , the lowest in september. Those comments on f inflation comes bring investors to lower their expectations. That na
Lets begin with a new record for stocks a monster number mcdonalds there is your dow 21,635 a gain of better than 122. Joe, which do you fine tyou fin impressive i find it all impressive. Yields are rising, oil is rising you are seeing a significant short squeeze in oil not to be dismissed. So okay, you wake up this morning and you want to be one of those people selling out of google, rotating there is plenty of places to go. Financials, bank of America Morgan stanley above 48 banks are having a good day about that. And after last week, we were kind of a little bit uncomfortable about where banks were going to be going on the backs of earning but industrials is strong. A lot of optimism. So what stands out, cat highest since march 2012, mcdonalds, dupont all time high so many names. United technologies good earnings a good outlook in general, what were supposed to be a fully invested here and riding this rally on the other hand, and i said this last week, you have to keep an eye for th