Sows. The dow is indicated to open lower by 187 points. S p futures down by 24 and nasdaq down by 61. Chinese president has arrived in the United States. Hes going to begin in seattle to meet Business Leaders including tim cook, bill gates and bob iger. And then to washington with an official state visit. He is defending the leadership of the chinese economy. He promises that slowing growth and market swings wont stop needed reforms. Meanwhile, he is calling on china to keep its economic commitments. He says beijing should set its sights on policies that will further its reform agenda such as targeted agenda and they should be subject to upward pressure that would drive the currency up and not just down. Well see what he says out in seattle to the ceos and what theyre looking for and then of course what the president says to him when he arrives in washington. Theyre not, the pope and the chinese guy everybody hanging since theyre in the same place. A little cocktail party. Pope does lo
Happening in the markets. The shanghai had a very good day and machine orders, not particularly strong, jim. May have pressured that mark down as much as 1 . Tenyear note yield on all this news about selling by Central Banks around the world to a certain extent. It is hanging in there 2 . The chinese continue to do some selling. Crude has been much of the story this week when it comes to our equity markets and even the highyield market. It is creeping in there. Thats some new highs. We havent seen edging towards that 50 level in quite some time. Lets get to our road map this morning. It starts with dell and private equity firms silver lake partners. They are in talks to buy data storage link company, emc. I will have details. A strongly worded response to millers rejection of its latest offer. Alibaba is out with a company update. They are launching a site called alibaba defined, trying to clarify whats going on at the company for those that dont know it as well as they would like. It
Losses. Hillary clinton takes on president obama saying she does not support his transpacific trade pact as she outlines her plan to take on wall street if she becomes a democratic candidate. The story of the day. Lets check in on european lenders and they paired back their losses at the start of the session. This is because germanys largest bank stunned investors by announcing a record 6 billion euro loss and in an exercise in what theyre calling kitchen sinking we have him outlining a slew of charges and write downs that may cost the company its dividend for this year. Total charges could top 6. 2 billion euros and this goes back to a lot of missteps when it comes to corporate banking. Right. Most comes from a 5. 8 billion euro investment charge on the Investment Banking side and private client business as well. Bank also set aside more funds for Legal Provisions and a write down on chinas bank. Those factors all coming together to surprise the market and carolyn has more on that. An
That were set just when those minutes came out. You were watching the yield on the ten year as well. It looked like people were anticipating, oh, this is going to suggest theyre going to be soon. So the yields moved higher and then, bam, they fall off a cliff right after the minutes come out and now they are back to where they were before. Market cant decide. As that dollar moved lower oil moved to a high we havent seen since july. The euro at a two week high against the dollar, all kinds of movements and benchmarks set today. Netflix announce ago 1 price hike for some customers and those customers may not be happy about it but investors are happy about it because the stock around around midday on that news. More details coming up. And we havent forgotten about the big story out of washington today, House Majority leader Kevin Mccarthy dropping out of the race for speaker. Now who could take that job . John boehner is going to have to stay there until somebody is elected. Who better to
I want all hispanic businesses to move to ohio, okay . And the reason is, in our state state [inaudible] now we have multiple we are really headed into anyway, we have no income tax on virtually all Small Businesses in our state. Here is what the problem is. If you dont have economic growth, then it stunts your ability to reach out to people who do live in the shadows to do creative things. It is just a fact. If mom and dad are in a financial bind, the kids dont do as well. If mom and dad do well the kids do better. The same with a country. What do we need to do . First of all we have a nightmare of regulations. You know what we need is Peoples Court where people are normal folks that can go to say why is government so dumb . Why are you hindering my ability to create jobs . We put all the rules on banks. What were doing is making big banks bigger and killing community and midsized banks. If youre hispanic trying to get a loan, you think youre going to get one where do you think it is