Equities trading, just under 30 minutes into the end of the friday session. 600 gainingg, stoxx for the fourth day, best run since december the ninth on trumps promise business stock overhaul. All currencies falling against the dollar. It is the losing run after six weeks of decline set to come to an end. Looks like it is. That is the bloomberg dollar spot index. Yields rising in portugal, italy and ireland. The 10 year is lower commodity than sovereign. Loreal in the news. We spoke to the chairman, fourthquarter sales missed estimates, rising eight point 4 , boosted by 6. 2 Revenue Growth in north america and increasing appetite for its brand,c higher and separately, it may dispose of the body shop division, potentially pulling the plug on years of a failed turnaround of the u. K. Cosmetic brand that spearheaded the trend in environmentally minded products before losing out to rivals. Shares in the last 12 months up 12 . Ughly today, a big u. K. Restaurant food delivery service. Numbe
Hsbc names mark tucker as the new chairman. The shares jumped the most since december. And the fingers on the trigger. British Prime Minister theresa may is poised to invoke article 50 and start the Brexit Process as early as tomorrow. But is sterling oversold ahead of brexit . Matt guy, we are less than half an hour away from the european cash open. Lets take a look at where the futures are trading right now, pointing to very slight gains, very slight. Is the cac, gain but otherwise the dax is slipping. Im taking a look also at german yields. Let me zoom in on what we are seeing here at the open for looks like climbing just a little bit investors are selling off german debt, maybe the 10 year isnt what we should be focused in on. The short end of the curve looks extreme, very negative as far as the shorter end of the german debt curve. Guy was interesting as well is the relationship to switzerland we will bring you that chart later on. Lets go to the gmm function. I want to deal first
Autumn statement, the chancellors first major physical address. Since the brexit vote. Have a look at where european echoes are changing, just under 30 minutes until the tuesday session, gmm go is the function and stocks rising today, all the currencies in the are following against the dollar, yields are following. Following. A busy day for corporate news. Lloyds Banking Group shares up 1 and the u. K. Treasury selling further shares in lloyds, cutting the government stake in the british lender to 8 . Raising the total amount recovered to 17 billion pounds from 20. 3 billion pounds injected into the lender at the height of the financial crisis. The government seeking to cut lloyds ining stake in a measured way, shares have dropped 19 this year and the governments breakeven price, excluding fees received, is 73. 6 pence per share, below the breakeven price but the government close to offloading its stake in lloyds after betting. This is one of the more unusual stories of the day, a frex
And residents or u. S. Interests, those interests are clearly impacted by the behavior of other countries. And the u. S. Tax base can be eroded not only by the behaviors of multinationals but by behavior of other governments. Thank you and thank you for the opportunity. Good to be here, don, thank you very much for this opportunity to speak about policy and reform. It seems to me ive seen this movie before, however. We all love to sit around and talk about policy. I will get to policy in a second. Let me just say while we talk about policy, our tax system is being slowly eroded at the level of administration. Doesnt matter what the rules are if you dont have people to enforce them. If you just take a wink, a quick look at whats happening to the intern Internal Revenue service, you would realize it doesnt matter what the rules are. Weve lost so many people the enforcement capability is diminished. Unless that gets rectified. Who cares about tax reform if we dont have a tax system. Sayin