Daybreak europe our flagship show from here in london. Manus i am manus cranny. Biggest twoday rally on record, bang, turn it around, the biggest draw. Added,ugh the bazookas the pboc. They manipulated the liquidity. Here it is. Overnight, we have dropped by reserves,got the fx which, in on the cusp above 3 trillion. The question for the market is down, are more capital controls to come. The pboc making life difficult. That was the cause of that pain for shorts. This is a deviating it somewhat. We see how close we are to that seven number, six. 9, on the radar before then. Back, weakening, 6. 88 or so, looking towards that 6. 9 level. We did not, they did not have to drop fx reserves below that 3 trillion level to defend, but how long that remains the case. It did drop for six straight months. Manus this is the real momentum. Theresa may making it clear that exiting the eu and regaining control of the borders is a critical point for her. ,re we moving to a hard brexit a break of 122 in
We have some breaking manufacturing data now here in the u. S. Lets head to the markets desk were julie hyman has the latest. Julie you have the ice and Institute Index coming in at 49. 5 . That is a point better than estimated. Earlier, we got the marketing Manufacturing Index rising to 51. 3 . That would still seem to signal expansion. This number i mentioned the signal contraction. That is something they keep in mind. We saw that factory activity strengthening less than forecast in the month of february. A little bit of stabilization in this number again 49. 5 is the figure we are looking at. If you look at what is going on with the major averages, you can see the s p 500 bouncing around in a narrow range of 9 10 of 1 . All three major averages have been rising. That is even as we see oil actually falling now. Oil have been rising throughout the morning. A lead lower. It did not seem like there were any particular headlines that drove it there. We saw Vladimir Putin meeting with oil
The beautiful business of beauty. The ceo who wants everyone to buy her cosmetics and she wont be going through the big retail chains. Welcome to Market Makers. My partner Erik Schatzker is on assignment in boston. We will be hearing from him a little later in the hour. Meantime, mario draghi says he has a few mores over bullets to fire. The ecb chief says he will keep buying assets for at least two more years as the euro zone stumbles back from the recession. Lets bring in Jonathan Ferro in london. What did you learn from the News Conference today . We learned when this new abs Asset Purchase Program would start. They will start buying bonds in the middle of this month. The Fourth Quarter of the bigig question was, you want to get your Balance Sheet up by one trillion euros. I dont think it is clear how he wants to plan to do that still. He deemphasized the target of doing that. If i could sum up the press conference in a line it would be , we have already decided a massive amount of