Bank of america, saying they expected benefit from higher Interest Rates and a lower Corporate Tax rate. Brian moynihan says that pretax earnings rose year on year. There is what it is doing, up by 3 10 of a percent. Not Much Movement either way. Allison is joining us. Surface this looks like a pretty solid report. Walk us through it. Allison still going through the numbers, but so far so good. Trading is a number we always look at, a little bit better. Fixed income is a little better, equities a little better, in banking they had a oneoff charge. David who do we think that might be . 880 million driven by a single name, nonus commercial chargeoff. David South African maybe . Alix steinhoff . Allison and i guess the surprising thing would be if you did not see it. Alix it is exposure i think. Allison we were joking the other day, the term episodic, but that is a better term than a oneoff or not occurring, because it is the cost of doing business. David the other thing we do not see is
Commodities were on their way up. Ime for the morning brief citibank will be releasing its earnings. Will get Empire Manufacturing numbers for january and this afternoon President Trumps dr. Is going to brief reporters on the president s First Physical exam. Its all coming up today. Time for your daybreak first take. Global equities are rallying. We are waiting for those citi earnings. And the race to get a deal done in washington. Alix thanks for being here. The one im looking at is the equity rally. Rsi index versus the major indices. The s p is the yellow. The purple is european stocks and the white is the global world all in major over but territory. Is this going to be a Global Growth story . Are you going to say the word synchronized . I think synchronized and kick the can are sure to come up. We can get even more signs that the word of the day is euphoria at bank of Americas Fund manager survey for january shows that cash levels among Fund Managers fell to a fiveyear low. Share
These are your markets and we see a little pullback when it comes to european stocks, down by 0. 2 . S p futures gaining 0. 8 . The further correction we saw overnight is putting a little bit of anxiousness out there on the market. We spoke to a lot of market artisans and they say, look, it is too soon to see if the situation will stabilize. We will look at the opening of the was market to see if there are any tensions there. Its just too soon to make a call on whether or not the markets will be quiet right now. That is what we will discuss throughout surveillance. We will keep you updated on all the action throughout the morning. Plus, we speak to Iain Duncan Smith about how long theresa may can hold onto power. We also have an exclusive interview from milan. And later on, we hear from the chief executive of loreal. First, to the bloomberg first word news. U. S. Senate has passed a budget bill. That is as lawmakers seek to end a partial Government Shutdown that began at midnight local
For for the Global Markets, all sorts of records broken. Investors were word about the risk of rising Interest Rates. Tracy alloway had an interview this in a wood of the. The market is a market. They have done a great job in stimulating the economy. This in a wood of the. President obama had started te Aircraft Carrier to move slowly, and he did a good job at it. The market is always dangerous. It is always dangerous to take too much credit for it on the way up as you also have to take the blame for it when it goes down. Anchor what actually sparked the volatility . Have you seen Something Like this before . Guest sure. The quantity of course is striking, but now we are dealing with etfs and computerrelated programming. Nervousness and markets is in the anticipation of Interest Rates rising. And we it is significant will see what happens in the next couple of years what happens in the overall economy. Transition. Tional Jerome Powell coming into the fed, the world being maybe not as t
Week for the Global Markets, all sorts of records broken. Investors were worried about the risk of rising Interest Rates. Tracy alloway had an interview on this in a wood of the. Abu dhabi. The market is a market. They have done a great job in stimulating the economy. President obama had started the Aircraft Carrier to move slowly, and he did a good job at it. The market is the market, it is always dangerous. They give it too much credit for it on the way up as you also have to take the blame for it when it goes down. Anchor what actually sparked the volatility . Have you seen Something Like this before . Guest sure. The quantity of course is frightening, but now we are dealing with etfs and computerrelated programming. I think the nervousness and markets is in the anticipation of Interest Rates rising. I think it is significant and we will see what happens in the next couple of years what happens in the overall economy. Also, the emotional transition. Jerome powell coming into the fed