The best week since november, which is kind of shocking compared to how things looked after the u. K. Vote. Not seeing as large gains, but continuing the trend weve seen the trend weve seen in the past four years. Manufacturing data showed the biggest expansion in more than a year. We also got more positive manufacturing numbers out of europe. Take a look at the biggest gaining groups today. Consumer discretionary is leading in part on the strength of automakers, health care, industrials, and tech is also higher. And we see more expensive groups like staples and financial groups lower. Withd fiat both came out june sales and their sales are higher. Because of the strength of the sales we did see you were in suv, a highermargin product. We are also watching gold today. Gold going higher. We see the miners benefit as well. In particular, Newmont Mining gaining. Twofold froming the price of gold and from that deal. Also a lot of news and the m a sphere. Julie it has been an interesting an
Overnight in asia, the markets in china, hong kong and taiwan all closed for dragon boat festival. And early trading in europe, also red arrows. The dax is the biggest decliner. Down 1. 25 the cac and ftsi boat down 1 . Wti down but still well above 50. And george soros front page this morning. A bearish soros is lured back to trading again. Getting back into the game. Soros recently directed a series of big bearish investments, semiing stocks and buying gold in shares of gold miners. And in an article he warns the falloff from ununwinding of chinese investments likely will have global implications. Soros is worried that continued inflation in china will hurt the u. S. And others. And he say s telling the jou if britain leaves it could unleash a general exodus and the disintegration of the European Union will become practically unavoidable. Soross best known trades of course he bet against the pound in 1992 in a trade that led to 1 billion in profits. We know what the markets done. Som
Good morning and welcome to a very special edition of Worldwide Exchange. We are live in london today. I am sara eisen. It is a new day in the uk. It certainly is indeed sara. Im wilfred frost. A very warm welcome to london from me as well. We are across the river thames on the day that uk voters have backed an exit from the European Union. Trait to the the Market Reaction which is severe. The center of the storm t british pound plunging overnight to a level we havent seen since back many 1985. A record fall for the currency. Currently trading at 138 wilfred before many people here went to bed last night, the british pound was at 150 on optimism that britain would stay in the European Union. The vote goes the other way and the pound plummet. Hitting a low this morning of 122. 39 a 30 year low. Records are being shattered across the markets. The euro a record plunge for the currency since its introduction back in 1999. Lets show you do euro against the u. S. Dollar. 111. 23. The concern
Cut Interest Rates after the uks shocking brexit vote. He definitely said that there needed to be more stimulus. But look at that. Despite that, still at 1. 32 when it comes to the british pound. Almost went down to 131. But Still Holding on to that level. The british tenyear guilt at 0. 863 . Compare that to the u. S. Twoyear. And the tenyear note is 1. 495. Bob pisani is here with me at the nyse on this last trading day of quarter. And the six months, bob, the one major european average thats in positive territory, london ftse 100. The 250 Broader Market is not in positive territory. Everyone loves easing. Carney hints at easing. Says Economic Conditions are deteriorating. The markets start moving to the upside. Take a look at the s p 500 and the important thing today, the rally continues. Even after carney was making his marks about Economic Conditions deteriorating, the markets helicoptered to move to the Positive Side. Were at highs of the day here. Lets take a look at the markets
Capitalal has changed its business and cites among other things ge capitals exit of the u. S. And consumer businesses and transformation of its funding model. You might recall during the financial crisis ges finance arm almost took the company down and since that time, it has certainly changed that this or i should say last year undertaking an aggressive plan to reduce ge capital selling over half of its assets and, indeed, since that time, it sold about 166 billion or signed 166 billion worth of deal. Now keep in mind, ge is one of four nonbank companies that have been given this systemically important financial rating. Others include aig, met life and prudential and met life is involvedn a legal battle with the fed having, of course, received a favorable ruling earlier this year by a judge who said tFederal Reserve or the government could not designate it as that. That means these companies are subject to Federal Reserve reover sight and enhanced capital rerooirmts. The fsoc voted to