Along with hemt care and energy. That was quite a turn around on the banks ahead, wall street heavy weights are taking sides on the market david miller and david tepper warning about the historic overvaluation. Bill miller announces saying they see market values here. Were going to ask billionaire mark cuban which side he is falling on right now plus, a rare interview with william demchak. Hell discuss the banks decision to sell its stake in blackrock. They own 22 and its created quite a business since they sold lets focus in its a great booking and i cant wait for the interview as weve been discussing. I love all the people you book from nap foods to nikes, but this one is creme de la creme from sarah try to get one youd be interested in. 59 minutes left of trade lets focus in on the big stories. Mike tracking todays volatile market action. Phil has an update on delta. Kate has a look at what mastercard is say iing about Consumer Spending. Mike, start us off with the Broader Market, w
Time to for global exchange. We are going to bring you todays market we would news from all around the world. Our bloomberg voices are on the ground with this mornings top stories. Want to start in japan. Prime ministers shinzo abe and im sick stimulus measures to keep recession at bay. That Package Amount to around 239 billion. Going to me on the phone from hong kong is enda curran. Does this match expectations . What is the read in terms of growth . Enda slightly bigger than expectations, but nonetheless it is an important shift. There has been criticism for some time that the boj has put much run the course in terms of what it can do for japans economy, so economists had been saying more had to be done on the fiscal side. This could help offset a recession. The economy has been hit by natural disasters, by weak exports, and theres a feeling that this money may endure beyond the 202011 picks in japan olympics the 2020 in japan next year. And fresh spending that is leaving markets and
Heres the jargon, the yield curve inversion. This is fed day and a very big day. In advance of the official word on rates, stocks have been all over the place this morning, up and down, moment to moment. Right now we are looking like a loss of maybe 112 points for the dow and down 45 on the nasdaq. This is whats hitting the market, china. China says it will impose 5 to 10 tariffs on 75 billion worth of u. S. Goods. That is obviously a negative for china trade. Its escalation and therefore, bad for the market. Elsewhere, later today, the president leaves for france for the g7 summit. Interest rates and trade will surely come up there. They are gearing up for more big protests in hong kong. Were on it. And just wait until you hear what larry kudlow says about tax cuts. Lets get going. Varney company is about to begin. Weve negotiated with them, weve tried to move the football. They have backed away and we have taken measures through all of that time, weve had a very strong economy, weve
Will shortly go on to what is happening at the ecb and what is happening with mario draghi. 0. 3 . An stocks down to a lot of the impetus will be on Central Banks. A lot of the focus will be on bonds. Leading the stoxx 600 lower, looking at oil. Adding to uncertainty over whether production cuts will actually be extended. Lets focus on the future of the euro area. Five years since mario draghi establishes answer to the jackson hole symposium. You that live as it starts. Investors will be watching closely for any hints on how mario draghi might use the toolkit. He will be keen to convince traders can get back to her target of 2 . A target of 2 . Paul, what is the market expecting from them . High in somens are respect. What is priced in, the ecb will move to action. The kind of feeling in the market is that he has got to. Ive a nod thelast ecb meeting market is looking for more. Asically the front end of the market has ced ecb action, a rate cut inflation is collapsing out of control. T
The feds job to take the data at face value. The best thing is to look at the data and standby that. No matter what they do they will get criticized. Im not concerned about the fed cutting rates. This is bloomberg surveillance with jonathan ferro, lisa abramowicz, and annmarie hordern. Jonathan ending q1 with equities alltime highs and high yield spreads at multiyear highs. If bramo was here she would say what could go wrong . The third hour of bloomberg surveillance great begins right now. We are together with peter tchir of Academy Securities. Lisa will be back tomorrow morning. Lets get straight into q2. This is what we are looking for. Monday pmis, the ism. Tomorrow the jolts report. Adp on wednesday together with chairman powell speaking. Thursday jobless claims. Friday the payroll report. Next week, cpi and Bank Earnings on deck. Equities kicking off q2 look like this on the s p 500. Futures positive. 25 . Yields higher by a single basis point. Coming up this hour, peter tchir of