Ray you are probably going to lose. Francine and the worlds top automaker at the geneva auto show. All this, plus the weeks most revealing charts coming up on bloomberg best. Hello, i am francine lacqua. Welcome to bloomberg best, a weekly review of the most important Business News, analysis, and interviews from Bloomberg Television around the world. Lets take a day by day look at the top headlines starting at , a bold policy step on monday from the peoples bank of china. Jonathan the big story the Chinese Central Bank cutting the reserve requirement ratio by 50 basis points to 17 reducing the , amount of capital that banks need to hold in reserve. This is hot on the heels of one of the biggest months of new credit growth in china. Is that a story here . Enda you are completely correct. This is both a significant surprise and a significant move, especially when you consider the amount of liquidity they have already pumped into the system. In the near terms, it will add to credit growth
Way higher. Stocks ending higher, tech and utilities leading the gains for the s p. Utilities would make sense, when it comes to rate rises. The highest for the s p this year, positive territory yet again. It does feel like this is a general risk on a rally, people are not differentiating that much at this point in time. And they are already not on the fix. Vix. We saw the volatility go down a bit. And tracy, you pointed out, a lot of Hedge Fund Guys were into the vix. It is at the highest level since 2004. Tracy they are not going to be happy with that vix collapsed. We could see that exacerbate the fall. That is something to watch for sure. Lets take a look at currencies. Yellen is talking, dollar falling on the back of this. It is now on course for its worst month in five years. Which is pretty amazing. Because we have that weaker dollar, that is feeding into emerging market currencies. Idiosyncratic situation in brazil right now, but that moved sharply higher on the back of yellens
It is more that it is a resumption of the rally that we had seen originally when janet yellen gave her dovish message. Dissuaded from that view by the fed speakers in the interim who were more hawkish. The double stone is back again and even as alex points out we are not that much up across the board we should point out we are off the highs of the session for the three major averages as well. The two day rally for the major averages is relatively substantial. It began yesterday after we heard janet yellen speaking it in front of the Economic Club of new york. What we have seen is a gain of 1. 4 . On that basis, not anything to sort of ignore. It also means the s p is once again higher on the year. It also means we have seen the market cap recovery of the u. S. 1 trillion since february 11. If you add on todays gain another 200 billion or so. That is the size of the rebound we have seen. The old leader coming back in favor. The sang stocks, whatever you want to call it now. Alking about
Kate . I would agree, brian. Whatever you think about his love of leverage on a personal front and on the corporate, or his alleged legal transgressions, and clearly some of the stuff has not been proven, he was a visionnary. He started chesapeake with tom ware basically from scratch. They had an amount of money in the tens of thousands. It was not a lot of money. He was known for having an eye for drill sites, right . For drying or leasing land that was going to prove valuable, and he built the company into an impressive place. I visited with him there in 2010, and sat down for like an hour. He was employing thousands of people, bringing business to Oklahoma City. He had several restaurants. I know, michelle youve been to one or more of them, right . Right. He had bought a big plot of land decided there was an old gasoline situation, an eyesore on route 66. As part of redeveloping route 66, he was going to put in the nicest gas station with the greatest selection of American Soda pop,
As we first reported on power lunch yesterday, the engineer pioneer died in a car crash in oklahoma yesterday, less than 24 hours after he was indicted on charges of conspireing to rig the price of oil and gas leases. Reuters now reporting the private equity fund emg halted new deals with mcclendon just before his death. Bethany mcclean is a contributing editor at vanity fair and cnbc contributor. We knew aubrey was scheduled to be in court later on that day. And now this. What have you found . Well, this is clearly a guy who was under siege from a lot of quarters and im connecting multiple dots, but you have obviously the indictment by the u. S. Government, and having the weight of the u. S. Government brute force come down on you is not an easy thing to live with. Thats been an investigation ongoing for the last four years. He was clearly starting to have a lot of trouble raising money and keeping his empire together. He tried to raise 2 billion in an ipo for American Energy partners