A very warm welcome to countdown. It is friday morning and im edwards. Manus and i manus cranny. Tock dropbanks s yesterday evening. We hit a new record low. What did it do . This is the latest or that we have, that 10 clients out of approximately 800 have reconsidered what level of cash they looking for the derivatives with Deutsche Bank. You have got the department of justices potential 14 billion bid, but that is when we saw this move. We saw a record low in the u. S. Overnight, anna. This is a small number of hedge funds and they are reflecting what the counterparty risk is, what they want to take to Deutsche Bank. Some think there could be a failure of Deutsche Bank, but that has not moved up to zero probability. Is this a kneejerk reaction in terms of peoples perception of counterparty risk . Deutsche bank says they no longer reflect necessarily accurately reflect their counterparty risk. Anna the questions about banking have always been contained quite well in europe. The bloomb
And the ecb president mario draghi says low Interest Rates are not to blame for europes bank problem. Does deutsche disagree . We are less than half an hour away from the european open. Whether we expect futures to deliver for us today. We are very much risk on. We are expecting of pop and european equities to the tune of around 1 . Questions still to be answered. I will show you the contract table on oil. But what is happening with canada and australia. We saw them all flying overnight. The yen taking the brunt of this on the downside. Music to abes is im sure. Indepthe you a more look at what is happening. Has toldyellen lawmakers that the fed is looking into what she calls disturbing compliance failures at the biggest u. S. Bank. Ted leonsis review will investigate reaches including mortgage abuses. Yellen was responding to questions about the fake account scandal but would not confirm the fed is considering fed president Patrick Harker will give his first ever media interview here
Couldnt. But just extending the gains on the opec decision. Health care financials were the big laggard and we have to talk about Deutsche Bank. It is in the afternoon about potentially some hedge fund not wanting to do as much business with the bank sent markets into a tailspin. And dowsets and volume and s p stocks above the 10 day average. Joe the s p down not even 1 we were closer to about two thirds of a percent down. Fairly close to the lows of the day. A record low for Deutsche Bank u. S. Shares because the news came out after german trading ended. A number of funds that clear derivatives trade with true positions held at the firm according to an internal bank document. To thecern spread financial sector. An etf that tracks all financials, you saw losses in Goldman Sachs and morgan stanley. I included wells fargo, down more than 2 as it was under pressure with the ceo testifying before the house financial. Ervices committee today looking at the vix, you can see it is up once aga
Bank, nowsche commerzbank, the share prices are likely to come down, despite thing dividend is up, but 9600 jobs will go. Tom it has always been the news, and it has been for years, what to do with commerzbank. It will be a good hour to inform people of the dissensions between commerzbank and beleaguered Deutsche Bank. There are differences between these stories. Francine you are absolutely right. They are different. This is surprising because it is after brexit. We will get more on that. Bloombergstraight to first word news. Here is taylor riggs. The army says it and selected heavy casualties on militants trying to infiltrate india. No more attacks or plans. The attack was in retaliation for a Deadly Strike on the indian army earlier this one. Eight and soldiers were killed. Meanwhile, pakistan denied the Indian Forces staged a raid, saying they fired across the border. Congress has top suspending the u. S. Government shutdown through the summer ninth. It puts money forth to fight the
Minutes, the dow up almost 200 points. The s p 500 gaining two and higher for the week. It was a bit of a tossup which way we would end but it does look like its a positive number for the week. If this was the dows best day since september 12 and within the different sectors looking at financial and energy, those two groups leading the gains in the s p 500. It wasnt a bad week in terms of volume. You had an average of 10 billion shares. Im going to jump into what happened specifically in the stock market today, looking at a couple sectors that were the winners and losers. We will start with the losers. There was only one group down, and that was the Utilities Group trait i thought it was interesting because if you look below, the staples still gained 94 basis points. A bit of a diverging story in terms of the higheryielding stock. Utilities there are much more projected to the yield play. That is interesting. The Energy Companies doing pretty well, this has been a big part of the marke