That retaliation comment that mentions boeing. Did not mention apple, but apple is acting terribly did not mention Applied Materials. Had a great quarter, stock reversed badly its a surprise. I dont understand whats happening with boeing. You have this you have the ceo, who is blasting the clients, then you have china who doesnt want boeing, and a queue for boeing planes that is dissolving i dont like anything im hearing about boeing nothing. You mentioned the editor for the global times, he does say based on what i know, if you block further, we can add you to the unreliable list, and he says qualcomm, cisco, apple as well as suspending the purchase of boeing planes. This is terrible. The china haters and china lovers should look at our retail sales and say, you know what maybe we have to shut up a little bit here. Maybe were not as strong as wed like and we should hold out until were stronger ive been the hardest line on china. Everybody knows that im harder than peter navarro. But t
November is the number which remains high in historical comparisons. The consumer is not falling off a cliff and that is important because as we look into 2020, it is the consumer which will be doing the legwork and driving prices. David you are our chief economist. It seems like different data in different directions. The university of Michigan Consumer was high. It seems like it is up and down. Can you get a clear picture of where the u. S. Economy is right now. Tom our view is we are looking at a slow down, but not a meltdown. The key way to look at this is through the lens of the job data. A year ago, even at the beginning of 2019, we were looking at a u. S. Economy creating a solid 200,000 new jobs a month. 2019,e are at the end of the run rate has come down considerably, we are closer to 100,000 than 200,000 now, but that is still enough job creation to keep unemployment at a 50 year low, to keep wage growth at a solid 3 or even higher. With that Unemployment Rate in that pace of
Out within the have and havenots of retail, the targets versus the macys and jcpenneys. We have the oecd cutting its Global Growth forecast for this year, in particular germany. They see growth up there just 0. 4 . But the market goes nowhere. The markets really want to drive higher here. For globalow exchange, where we bring you todays market moving news from all around the world, from beijing to new york to atlanta. Our bloomberg voices are on the ground with this mornings top stories. In china, top trade negotiator liu he says he is cautiously optimistic on a trade deal. Shawn donnan joins us from beijing. Whatever we learned so far from china . Shawn we learned that liu he, the vice premier, has been sending out some positive signals. What is important about that is at comes at a time when some folks in the market and some folks close to the talks are warning that these talks are in a pretty fragile state and could fall apart still. Liu he, as part of a visiting delegation last nig
There is no getting around their influence. Our expert is here to get us started with a snapshot. You mentioned the fed and rates. This is a big deal, it has had a big effect on etf flows. We have seen what has gone on the bottom side of things, but we have seen other etf flows. In particular sectors. You would think tech would be number one, that it is real estate. The yield is 5 , 6 , so the thirst for yield has pushed money into interesting places. Our etfs taking over the world . Sectors, itat the is way more owned by passive than other sectors. 5 of real estate etf are owned by passive funds, that is very high. Estate etfsl are owned by passive funds, very high. This company, almost 40 is owned as passive. If we continue to see rates staying low, some of these will be majority owned by passive funds, and if rates rise, look out. Extra selling pressure. Scarlet just a matter of time. Lets bring in the chief Investment Officer of caruso investment. He has a decade of experience in e
Overheating economy or a tight labor market. Wage increases are modest. We dont see wages signaling tightness. It has been below the 2 objective the last 25 years. Is a transitory or are there more fundamental things that work . I think were watching carefully to see. We think it is important to gradually move our policy rate to a neutral level. The economy is strong, unemployment is low, growth is strong, it appears to have picked up. It is time to be normalizing Interest Rates. Jonathan joining me is cohead of Global Portfolio management at Goldman Sachs asset management. And coming to us from london, 16 fixed Income Portfolio manager at j. P. Morgan asset management. It is great to have you guys with us. I want to begin with you, what will change at the fed given the two individuals sound precisely the same . Not a lot, but i think over time there are subtle differences. First on the similar side, i think theyre both consensus builders. I do think youre not going to see anything ext