Dan what is next is that we have reported that mr. Renzi, according to one italian news agency, has already met with the italian president. He has to formally submit his resignation and then resolve this political crisis, turning it over to the italian president , who will hold probably two days of Political Consultations with the leaders partiess political before deciding on a mandate government for the country. David a lot of focus was on the italian banks and what this would mean for the italian banks. Do we have any sense of the answer to that question . There aretle bit, but still a lot of Unanswered Questions so far. , the worlds oldest bank is in the midst of a 5 billion euro Capital Raising plan. It has started the first leg of that. The board is probably meeting today. They are likely to put out a statement to find out what happens next. Are they going to proceed with this plan or perhaps postpone it, given that while markets are not as volatile as people expected today, who k
Biotech giant actelion while hedge funds continued to bet on a rival offer from Johnson Johnson. And president Francois Hollande names a new french Prime Minister. Good morning, everyone. Louisa is out at a conference today. We have a jam packed show for you. How about we kick things off with a look at the European Equity markets. We are slightly higher for the stoxx 600. Yesterday we shrugged off the italian no vote and renzis resignation. We are seeing weakness in copper prices, crude prices down. Lets see the xetra dax is comfortably higher to 0. 2 . German Industrial Orders were up by 4. 9 in october. The biggest rise in more than two years. The cac 40 pulling up to a quarter of a percent. The ftse mib, up by 0. 9 almost, this is after yesterday saw some choppy trading. At one point the market was down 3 , up by more than 1 . It finished the day lower by 0. 2 . The italian banking stocks came under severe selling pressure. In terms of the sectors, i mentioned it before, were seeing
Thank you. Feels like a long week. Did you miss me . I did a little bit. Thats it for december now. I he was disappointed to miss the latest european youre here until christmas . For the rest of the year, all the way. New zealand, dollar move, i missed all of it. That was a bit niche, not for you, i suppose, but a bit under the radar. Political instability over there as well. Im wilfred frost. Lets check in on the markets at this hour. U. S. Equity futures after another rally yesterday where the dow closed up about 40something points. Another rally yesterday after declines last week for the first time in four weeks. Since the election. We got a bit of a rally going yesterday. S p near a record, the dow finishing at a fresh record. The gains set to continue this morning. Slight gains. Dow futures up 10. S p up 1. Nasdaq futures are up 8. It was also buoyed by more strong data on the u. S. Economy. Services number looking pretty good. As for the tenyear treasury note yield this morning,
Doesnt have much room to rise. Is the crude rally done . Welcome to the program. Half an hour until the market open. Good morning, caroline. Lets talk about whats going on in terms of the equity market. After the volatility of the last few days, today looks relatively benign. We are looking for a reasonably flat open, a little bit of the softer side. 1 10 ofutures, ftse 100 1 higher, Everything Else looking softer. Caroline yeah, and the ripples of the italian concerns seem to be failing as fast as asia. Msci down, the first time we have seen a drop in that market in the week. We are seeking a move to new havens. The dollar is trading lower, yen trading higher, yields really pushing lower. U. S. Treasuries near a record low, aussie bond yields of 1. 94 , crashing to new alltime lows as the rba holds fire for the Interest Rate changes and italy yields are just pushing up slightly. Clearly, concerns once again about the banking system, the need for recapitalization and merkels decision,
About 30 minutes into the trading day in the u. S. We start with Economic Data. Julie manufacturing get expanded july, but it was at a slower pace. This is an institute of supply management. 52. 6. Coming in at we should mention, the median forecast was 53. Coming in a little below at had what had been estimated. Employment contracted for the seventh month as part of this report. We get the overall jobs report friday. The major averages remain mixed in the wake of this report. Snp pulling back slightly. Nasdaq is trading higher. Goldman sachs cut stock to an under weighted tactical trade, but nonetheless, adding to bearish sentiment this morning. If you look at the groups on the move within the s p 500, Energy Shares of the worst performers, down 1. 9 . We do have health care holding up well. Those of the opposing poles at the morning poles at the moment. Energy is falling because oil prices, which are pulling back for the seventh session in the past eight. Getting close to 40 a barrel