Taking a look at stocks today, maybe people are reacting to earnings. Olivia we have seen betterthanexpected corporate earnings. A couple of pharma companies, ford, ofrd course. A little disappointment on the top line, but Financial Engineering boosting the bottom line. Things have called down a little calm to down a little bit. We see some movement in the british pound, gaining against the euro, the biggest move in about two weeks after british gdp gaming out came out, showing the economy grew 0. 7 in the Second Quarter. It is the 10th straight quarter of actual growth for the british economy. Markets are pricing in a rate hike in england in about may. Beat mark carney may have janet yellen to the punch. Olivia they think they want to do it until next may. Our funds are pricing them in for september. But the story was that carney could be the first to raise rates. How times have changed. Top headlines home prices in 20 big cities rose at a slower pace in may. Was upeshiller index 4. 9
Cheaper with effect fed concluding its twoday meeting tomorrow at this time. Fromtle bit of unwind yesterdays trade. The dollar gaining versus the euro and the yen. There is less risk aversion at play. Where does that leave commodities . Energy and some metals are stabilizing. That is giving a lift to the index, which marked the only second gain in the session. Year to date, there is a dramatically different for a. Down 11 . You can see a series of lower lows here. Commended march, a recovery that he in may, and the bottom falling out over the last couple of days into the middle of july and the end of july. As we next this outcome is going back to 1991. Since 2000 two, a 13 year low. Us on the back of the stronger dollar. Demand, or signs of we demand from china as well. This is a story to will cover for the rest of the hour. Lets take a look at some of the top stories crossing the bloomberg terminal at this hour. Attorneys for convicted israeli spy jonathan pollards taking has been gr
Average. It definitely reclaimed a lot of good levels here, that we will see if we can fold it into the close. Scarlet i no you have been focused on bp. Bp reported its worst quarterly profit in at least 10 years, but the stock is up, and this chart shows why. This is looking at quarterly cap x reductions, and you can see that though about 20 to 4. 7 billion in the last quarter. Bylooks to really be down the fourth quarter, by about 5. 5 billion. Brown bars oure projections and the yellow bars are what have been reported. Back,if youre cutting you are trying to live within your means and your cash flow, which by the way, a six and 5 yield, i did not even know that going into this order. Three monthss says ago, it was 20 billion for the year. Now it is less than that. Scarlet they are right sizing. They are making the adjustment. The background to all of this is the dollar, which is strengthening against the euro and the yen. The brazilian ray owl is up there. Their commodity currency h
You also have to stand up. Just because some of the comes in and says you should change the business model, it does not mean you have to go do it. That is what leadership is all about. Him and confidence in his stockholders have confidence in him, they will let him go and ride with him through the tough time because yeah shown in the past that he can do it. He is not going to make all the right decisions, but longterm, he can keep going. The Life Expectancy of ceos in america is 45 years, depending on how you measure it. Social media puts an instant referendum on improving. Everything. Things are different here. Still, Great Companies like Goldman Sachs and other big banks here have gone through good times, bad times. They have regulators that are rational, irrational. Markets that they could control, markets they could influence. Stephanie are you saying that there are some markets that Goldman Sachs can control . Mike no, but they can control how they approach those markets and he ca
Dow adding 77 points. People waiting on the feds decision. Earnings today facebook, northrop grumman. A lot of earnings. Olivia all eyes on 2 00 p. M. Yesterday, the s p posted its biggest gain in two weeks. Lets show you whats happening the fedollar ahead of statement. Nothing, essentially pure little changed. 96. 78. Dex euro above 1. 10. A surprise in the Housing Market last month. Pending home sales fell by 1. 8 for june. First drop this year. Economists forecasted sales will rise. The Housing Market is not going as many expected due to tighter lending standards and a limited selection of properties. Lloyd blankfein is bullish on u. S. Markets. Thelopment sachs Ceo Goldman Sachs ceo took part in an interview with Mike Bloomberg. He was asked why he was optimistic. Consumers have to leveraged, banks have de leveraged. Housing prices are starting to stabilize and move higher. Were in for a long, positive market. Olivia glenn fine says the u. S. Lloyd blankfein says the u. S. Will get