Meeting. Policy announcement coming up at 2 00. In global news chinese stocks rallying overnight. This morning snapping the threeday losing streak. The shanghai composite closing up 3. 5 . Big growth. In europe greeces stock market will not be reopened today as some had expected. The exchange is waiting for an okay from the ecb and government decree. Thats 6 or 700 points. Huge. Stocks to watch this morning, twitter earnings and revenue are both above estimates but it was the Monthly Average user number and it grew at its slowest pace since it was public and that is accounting for a pretty substantial selloff today. 32. I dont know the last time it was there. Jack dorsey this weird beard, calls this unacceptable. Have you seen the beard hes sporting . I have. Its like does the not pass by mirrors . People dont talk. He has a lot of yes people. Yeah it looks good. Yeah, it looks good. I like that egg yolk. Right here. More of his comments and reaction from analysts in just a few minutes
First, china has devalued the yuan, cutting by 1. 9 . Francine that ends a peg to the dollar. The decision led to the currencies against oneday loss in more than a decade. Run us through the Immediate Impact on markets. Absolutely. This was an abrupt move by the chinese. The yuans biggest drop in two decades and a lot of lingering questions, or questions that will spark geopolitical questions that will have to be dealt with with trading partners. Lets talk about the market impact. We begin with equities which saw a more muted impact. The hang seng index now turning negative. The shanghai composite flat. It was higher earlier. That looks like it is basically unchanged. Same thing with hong kong. The dude see optimism in chinese shares on speculation we did see optimism in chinese shares on the speculation that this would boost exports. Not market friendly to those countries that would be adversely impacted, particularly in the asiapacific because of chinas move. Countries that are being
Devaluing chinas currency should make it easier for exporters to sell overseas. Last month, exports fell 8 . China is in the midst of its biggest economic slowdown since 1990. Google wants to become the Berkshire Hathaway of the tech world. Goal is reorganizing into a Holding Company called alphabet. The companys search and advertising units will be separated from new businesses such as self driving cars and health technologies. Each alphabet subsidiary would have its own ceo. That is a structure similar to Warren Buffetts Berkshire Hathaway. Larry page will be the ceo of alphabet. Negotiators have agreed on a deal for another greek bailout. Says only avernment few details need to be worked up or the agreement will give the greek 94 in loans. That moneys some of in the next week it has a payment due on august 20. It is being called a new front in cybercrime. Louvered news reporting that u. S. Authorities have broken up and Insider Trading ring that relied in computer hackers. Nine peop
Several stories today about the toxic waste spill flowing down the colorado river. Some epa workers were trying to fix abandoned mine pollution problems in the mountains when something went wrong. They originally were ordered one million gallons were accidentally released. They now say that its more like 3 million gallons containing heavy metals. Isnwhile, Gina Mccarthy speaking in washington this afternoon about Carbon Emissions. Live coverage at 12 15. She is going to address the new regulations for reducing Carbon Emissions from existing power plants. That is at 12 15 eastern. Cspan2 will bring you live coverage from capitol hill at noon for a discussion on the cards ready. The forum will look at the differences between chip and pin technologies and go through what the government and retailers can do to better protect against fraud and identity theft. Later today we look back at a recent Senate Hearing about unwanted phone calls and telephone scams aimed at seniors. The victim was t
Coming up later, the strong frank puts pressure on swiss employers. We will be speaking to the countries economy minister johann schneiderammann. At 10 10 a. M. Francine first this morning, minutes from the feds in july show janet yellen and officials are concerned about low inflation is. In improving job market is bringing them closer to the first Interest Rate increase in a decade to manus mike mckee has been taking a closer look. Mike it is all about inflation now. Teresad officials met go, most judge the conditions for policy farming had not yet been achieved, but they noticed that conditions were approaching that point. What was missing . Prices what continue to move up. To seembers continued Downside Risks from the possibility of further dollar appreciations and declined to Commodity Prices. In addition, several noted tighter legal markets labor markets had not yet pushed up wages. Theyt all members indicate would need to see more evidence that Economic Growth was sufficiently st