Bank may announce its move toward tapering in september. We bring you his exclusive interview. Alm in the markets dropping to the lowest levels since 1993 but is the investor complacent . , 30 lets take a look minutes to go into the market opens. The futures index is here in europe, we are seeing slight a Little Movement yesterday, the cap dropped almost 1 and we are seeing gains and futures there and as well as the ftse and the dax. Take a look at bunds. Investors are buying bunds, pushing yields down, they were this morning and that has turned around. They are selling off the bunds and pushing the yields back up. It will be interesting to see how the treasury trade goes. Given the news coming out of the u. S. Fed. Manus i have the chameleon curve for you, i will show you that later in terms of what the u. S. Treasury market is doing. The gmm is the personification of the market stories. The aussie dollar is off and down for a second day. Were waiting for the budget. The deficit. Also
Had a slight beat on revenue. But they did better on earnings per share, 1. 24 as opposed to 1. 19. Thats the first of several to come. Now we want to go to our morning brief. Were going to continue with retail sales reports, as we have macys out at about 8 00 this morning eastern time. 30 minutes later, its weekly initial jobless claims in the United States, plus Producer Prices coming up for the last month. And at 10 00, as alix mentioned, bill dudley holds an economic briefing on Regional Wage inequality. Finally at 1 00 this afternoon, the u. S. Treasury is going to auction 15 billion of 30year bonds. Throughout the day, people on both sides of the pacific are following developments in the potential conflict between the United States and north korea. To take us through the perspective from asia, were joined from hong kong by our chief asia economics correspondent. Give us a sense of how it looks over there. What are the possible effects that people are expecting of a possible confl
Local spending from exploration of production dropped by a whopping 10 6 in twirch and is increased by 22 this year. Altogether this amounts to more than 300 billion dollars in lost investment to this industry. Yesterday, [inaudible] some of the focus was reporting high in numbers. Especially between 2015 through 2020. Recently in new deli we have figures rarng between 1 trillion are to 2 trillion are within this period. This track is not to continue in unprecedented in the history of the oil industry. We have never had this in investment for three consecutive years in our history. This is a frightening situation when you consider that it must be according to our oil outlook and must have 10 trillion in Oil Related Investment is required n to to meet future oil demand and the industry must not be able to emit this level of investment. These factors are the reasons decided it was time to take action and that action were there for the industry. And let me say also for the first time, we
On what crossing this milestone might finally mean. We sat here a few weeks ago. Right. We got within a third of a point. Ill tell you the difference is the way you cross it. I mean, when we got there last time, i think a lot of people felt, wow, all these stocks are so stretched. Its really the banks that are doing it and thats not sustainable because banks have gotten way ahead. You look at the charts. And most of the of the good numbers that were in are more animal spirit driven. This is the biggest week of earnings, big week of earnings last week and were putting together a proctor, an american express, we look at ibm, 3m, which i know some didnt think was that great. It was fine. We look at United Technologies and boeing and say, geez, these are companies doing pretty well. So maybe its not all smoke and mirrors. Maybe its not all animal spirits. Maybe its not all trump inauguration. There was also a tremendous short base put in because people felt like no matter what happened its
Quarter progressed really hit the company among all these retail concerns. Joe an ugly day all around, Consumer Staples losing, Consumer Discretionary energy being one area that was positive. In looking for companies or sectors that did not decline, take a look at that xle. Oil and Gas Companies make up the only sector that did not drop. This was along with oil prices. Also, Transportation Needs seemed to decline. Shipper reaffirmed its guidance, but Rising Oil Prices ending t demand, improve their oil barge business. Joe in the Government Bond arena, weve been watching a spread between the two year and year at its ten flattest level since late 2007. 210 spreadsheet continuing to flatten out today. Data, thehat cpi housing start pushing the dollar firmer against the yen. Perhaps a sign that investors are cutting back on negativity surrounding the dollar. Joe on the commodity front, we mentioned Energy Stocks. One of thing down today, milk prices. This is good news if you like serial, d