Such a big mess. We will have that summary in just a moment. In the meantime, lets take a look at factory orders for august. They were down just 0. 1 when the market was looking for a to klein of 0. 2 for a decline of 0. 2 . Theres a potential Market Reaction there as well. Lets bring in our International Economics and Foreign Policy correspondent michael mckee, who is in washington, d. C. For us. Even though this number is an expansion, it missed the 55, and that is really what the market was looking for today. Michael the market has decided the economy is rolling over, and a weaker pmi, even if it is still positive, helps confirm that feeling. Take a look inside the number. You can see the chart i have shows the ism nonmanufacturing index is up. It is still positive, but it drops a little bit to 52. The new orders index and the Employment Index both fall, and that is a significant contributor to what is happening in the markets because the new orders index falls by six points. Drop,s
Stoxx 600 is negative now, down by less than 2 10 of 1 . The pound is moving relatively aggressively on a number of different things. Theres a reuters report talking about a regime that would allow the continuity of the good friday agreement for the irish border. Emmanuel macron talked about an intelligent solution to the brexit impasse. All of these factors helping the pound get a lift today. I think positioning is also a factor in this. The italian 10 year not budging that much, but keep an eye on it. Reportsla, the suggest, wants a coalition formed by the end of today. Salvini is about to go see the italian president. Vonnie the u. S. Economy does not need lower rates according to Kansas City Fed president Esther George. She spoke with bloombergs Michael Mckee in jackson hole, wyoming. Have a listen. Theer as i look at where economy is, im not ready to begin to provide more accommodation to the economy outlook thats adjusts the economy is getting weaker. Vonnie we are joined now by
When we saw a massive drop. Union pacific was the rail in the news this morning on corporate earnings. We will speak with lance fritz a little later on. Union pacific beating on many important metrics. Lets have a look at europe. The stoxx 600 down just 1 10 of 1 . The s p down 5. 1 after a very disappointing quarter. Its dragging on the docks as well. I mentioned a rally in global bonds. At 2. 15 10 year yields , just a few basis points above the u. S. 10 year yield. The reason for that is the ecb. We will talk about that, as well as sterling, which is rallying on some brexit news in parliament not getting any new Prime Minister a mandate to go no deal. Meanwhile, a cautious pledge to provide fiscal support if dangerous materialize. We are joined by erik nelson, Wells Fargo Securities strategist. G7 finance ministers. Can anything concrete come out given the concurrence at work among these economies right now . Good point. A i think theres so much in these individual economies that th
He tweeted let righteousness flow like an ever flowing stream. Congressman john conyers is the michigan democrat will decide within days whether he will resign a longer for congressman john conyers says the michigan democrat will decide within days whether he will resign. H isdded that conyers healt not the best right now. Party leaders, including nancy pelosi, have called on 80yearold conyers to step down. The eu says that british Prime Minister theresa may has until monday to present its final offer so we can be assessed ahead of a summit in two weeks. Tusk spoke alongside the irish Prime Minister. The irish Prime Minister says that they must guarantee there will be no northern border between ireland and the irish republic after britain exits the bloc. Day,l news 24 hours a powered by over 120 journalists and analysts. I am Mark Crumpton. This is bloomberg news. Julie live from new york, i am julie hyman in for julia chatterley. Scarlet i am scarlet fu. Joe and in joe weisenthal. Jul
The major averages trading at the moment. We are seeing a big boost coming from the news that kevin walsh could be the next fed chair. We are things that s p 500 trading at a record high. The dow jones feeling the pressure, not coming after two big of a gain, still seeing the longest quarterly win streak in a few years. The nasdaq gaining 1 . Top story today, President Trump and Steve Mnuchin are set tohave met kevin wars discuss a potential nomination for the fed chair position. Saw a minor reaction in the kbw bank index, the contest for the position remains open. Also already met with other candidates. Mckee, andhael elaine associates eva, economist for bloomberg intelligence. With todays coverage that kevin warsh is a front runner. We dont know that, it doesnt seem to be a case of reading into a headline that was incomplete at best. It was followed by the white house saying the president met with other people. In an ordinary world, you might view this as a trial balloon. The white h