On this thursday, jobless are front and center jon jon . A News Conference center. Jon a News Conference over the weekend, lisa, i love this about the great depression. That after delivering record fees worldwide for the firm. Just try to reconcile those things for us. Lisa its a boom of fees in a time of incredible uncertainty coming on the heels of fiscal stimulus and the question is how do they pair these realities . We will have more on that decision at 7 45 a. M. , i am watching it even though guy johnson calls it a snooze. Hopefully the press conference will be less of a snooze. Tom, to your point, jobless claims and retail sales are already anxious history, but we can get a sense of how much momentum there was going into this resurgence of cases in the virus. We are also getting netflix earnings after the bell. Interesting to see if some of these high flyers improve. Me you would never catch characterizing and ecb News Conference that way, would you, tom . [laughter] tom never.
A bny mellon forecast really concerned investors because deposits, both interestbearing and noninterestbearing, will be lower. So the next earnings quarter is in doubt. Not so for Morgan Stanley. That stock is getting rewarded. Here in europe come of the equity markets dont look as exciting in the United States as we are tracking now towards 30,000. Hints that may be more stimulus is on the way. The South African rand taking a hit today. The reserve Bank Delivering a surprise 25 basis point cut. , this isd bombardier kind of a joint story. Bombardier being pummeled today, mainly around the airbus aircraft, basically a narrowbody shorthaul aircraft. Bombardier may walk away from that project. Muchs not really reacting to this today. The expedition was that airbus was ready for this, but it seems like the market wasnt. Basically, the rampup of this aircraft costing more. Is worried that this may affect the turnaround planned, and thus may walk away from it. That stock down 35 . Vonnie le
London and various european capitals on whether or not Boris Johnsons deal will fly. The lira trading lower by around a percent today. I suspect that has to do more with Interest Rates than what is potentially happening in syria. Vonnie hsbc looking to cut 10,000 jobs, dropping its french Retail Business entirely. The interim ceo looking to potentially take the reins on a permanent basis. Banks begin reporting next week. We are with mike mayo, wells fargo managing director and head of u. S. Largecap research. Not a huge amount, but still, 10,000 jobs is very substantial. Does hsbc need to rethink its strategy and potentially become a china vanke once more . Mike i think all banks globally need to rethink their strategies. A response to slow revenue growth, what do you need to do to control the bottom line . Control expenses. One way you do that is with technology. Benefit of technology at banks is in the nontechnology space, and that comes down to headcount. Youre seeing that other ban
Decline. Biggest drop since 2009. A real freeze that has hit the manufacturing economy. Thats right. The lowest ism reading this is a kind of this 340 versus last month survey sometimes market moves are inscrutable. Yesterday, markets were up clearly just challenged this idea that the u. S. Economy was resilient enough we are constandly talking about increasing recession fears. Suddenly this data point comes along. The consumer, in 2019, are we dependent on manufacturing to the extent we used to be no. Not even close it is a great swing factor it doesnt go down that much but it also accelerates that much. You take a look at treasury yields yesterday as soon as this number hit 0 years at 2. 089 . We were above 1. 7 on the 10year yesterday. That shows you the market is saying, okay, the fed is likely to give another cut in october not a sure thing probability right now. The october adp report will be released at 8 15 eastern. Reportedly added 120,000 private sector jobs last month johnso
Equity futures a mixed open in asia. A flood of corporate debt sales before the fed decision. Oil surge adding to inflation worries as saudi arabia and russia extend output cuts through the end of the year. Lets get a quick check of u. S. Futures doing nothing right now. We are well into september, but it has been the Labor Day Weekend in the United States so we only had two trading sessions in september. To say session was basically the s p down for tens of 1 . Traditionally some timber not a great month for markets. It is the worst generally unless they have already rally between 10 and 20 . Given that we have rallied, may be able not be so bad this year. We will have to see. Mike wilson says 3900 is where we will end the year. There are bears out there. Nasdaq futures pointing lower. We had bonds seeing yields rally 15 basis points partially because 40 markets Companies Went to market and sold bonds, so a massive amount of issuance that would have depressed prices somewhat. We had a