Welcome to squawk on the street. Im Carl Quintanilla, david faber, jim cramer at the new york stock exchange. Get to wells in a moment. Premarket weak on the back of disappointing chinese trade data, renewing concerns about global growth. Europe down more than 1 . Yields here falling back to 1. 75. And oil still fighting it out just above 50. John stumpf said departure comes amid that scandal thats engulfed wells fargo. Tim sloan is now the new ceo. Sanger will be nonexecutive chairman. Jim, happened suddenly, tensely worded press release. Your thoughts after seeing that tape. Well, first, when i asked stumpf whether he would resign, that was regarded at that moment as a radical question. Almost idiotic. People said what are you kidding me . Jumping to conclusion. And i just felt that the way went through the crisis the crisis is a very simple lesson. You lose your job whether you know about what happened underneath or you dont. Now, you can say jamie dimon didnt lose his job, very dif
And spain and france. Strong gains across europe. And look at crude, which is set for weekly gains, up by 1. 25 on the week. Showing just about that gain today. We got surprising inventory builds yesterday. Traders seem to be taking in stride. The u. S. Treasury department issuing final rules to crack down on those tax inversions. Thats when a company is acquired by a smaller foreign business in a low tax country to avoid paying the higher u. S. Corporate tax rate. The new rules crack down on earnings stripping when the u. S. Subsidiary avoids taxes on domestic operations by sending them overseas as tax deductible payments. Got that . Sara eisen does. This is clearly becoming a signature issue for the treasury secretary, for this administration. And what he issued yesterday were new rules to crack down on tax avoiding companies. This earnings stripping strategy, its a common practice by inverted companies, they use the u. S. Subsidiary to issue loans from the Foreign Company that are t
It is thursday, december 1st, 2016. Thanks for join us. Oh, the red thing today. Of course, for world aids day. Yes. Wonderful. Well, day care, one mother says she was told. Look at this. Do you see something wrong with this . Why her toddler preschool is bang these pants. Scary little monsters. What are you talking about . Dreaming of classic holiday it, will cost you. Two turtle covers and partridge in a pear tree. Prices apparently went up. You say you have pear tree in your home is. I have two growing right now. Oh, how about that . Pairs for everyone this holiday season. Michelle owe bamm, a he dressed her, right, the first lady. But will he dress melania trump, why designer tom ford fighting off controversial comments, this morning. First, weaver to talk about jennifer aniston. Because she open up to allen degeneres. About a passionate piece she wrote for the who have inning ton post. We covered it. It is about women, and body image, and the paparazzi, their obsession over her an
Gape gaining 4 as the shinzo abe won a landslide victory in the upper house elections held yesterday. This is likely to make it easier to push through his agenda. The nikkei up by 4 . The shanghai composite was higher as well. In the early trading on the european markets, innings are mostly in the green there as well. The dax is up by 1 1 3. The ftse up by 3 4 of a percent. We should take a look at crude oil prices. Energy giving back some ground. In fact, wti down below 45 at 44. 84. Still no clarity perhaps on what will happen with the italian banks. That may be why. Thats the outlier. This week is full of Economic Data. Ernest season gets may wholesale trade followed by june import prices and the fed book on also on thursday, we dont normally Pay Attention to this. But the bank of englands policy meeting is going to happen. On friday, june retail sales, cpi, Industrial Production and the first look at Consumer Sentiment for july. In earnings central, alcoa reports earnings after the