Welcome to daybreak europe. A rally in chinese equities, the best start to the year since 2016. You are seeing some green on the screen for the Msci Asia Pacific index. Excluding japan, seeing some gains of more than 1 in todays session. In yuan not moving a lot reaction to that cut by the pboc. Pretty much in line with expectations. Some of it might be to do with easing liquidity concerns around the spring festival. Markets closed in terms of the cash market. Futures not giving us a lot of direction. Switch the board and we do see some green on the screen for the s p 500. Futures on the front foot. The dollar recovering a little bit from four days of declines. Oil on the front foot as well. Lets get back to the china story. The pboc has slashed their cash reserve ratio by 50 basis points, unleashing about 115 billion of liquidity into the financial system. The move aims to help make it cheaper for companies to borrow money. Pmi stays inring expansionary territory in line with the rece
A four basis point move higher. Bitcoin hitting records once again, above 17, we saw some choppy days last week but we are still riding high as we watch for more excitement about digital assets. We talk about the equity side, we are watching meta shears dive as one of the biggest losers in the s p 500 and it is selling off by the most in october, that is after donald trump suggested a tiktok man would only benefit the social media giant. Shares of apple gaining after lagging so far this year due to concern over iphone sales in china. We are watching shares of moderna, surging after starting midstage trials of its experimental cancer vaccine and it follows a study that showed patients on the keith roda vaccine patients on the vaccine were 49 less likely to have their cancer return. Remember President Biden said lawmakers, his physical 2025 budget proposal, aiming to reduce the deficit by 3 trillion over a decade. Kailey leinz is in d. C. With the details. They do aim to reduce the defic
Also, also trading at a record. Small caps lagging recently as investors try to flush out with the prospects are for tax reform, because this is seen as a group that is particularly receptive to any kind of tax cut. Everything since last years elections, you saw outperformance initially and through the long fade. Particularlynce, in the last week or so, this is i should imagine the russell 2000s performance relative to the s p 500 so we are still positive post the election, near breaking even or even with the s p 500s performance in august. One proxy we are watching for tax reform. As for what is leading large caps, technology is the big winner, up over 1 . They are performing well in the session. The only group down on the day is telecom. Health care bouncing back, i will talk about that today. Bounceig cyclically led we are watching in todays session. Take a look at one stock that is a standout, whirlpool. You can see the lake up leg up. That appears to be connected to the Internatio
Specifically about individual meetings, because thats why we have the meeting were all supposed to hold back on that final decision and then go in and listen carefully to each others views, all the reserve Bank President s, all the governors. Thats how we do it out of respect for each other i will say, senator, i think the case for, you know, for raising Interest Rates at our next meeting is coming together do you anticipate we will be raising rates in december . Well, to repeat myself, senator, i am not going to give you a really specific answer i dont know what coming together means thats why i asked the question again. I think the conditions are supportive of doing that, but we need to go ahead and have the meeting and listen to each other. Before the 2008 crisis, the fed had a lot of authority to regulate and supervise the biggest banks in the country, but failed to use that authority. When times were good, looked like maybe we didnt need strong rules to protect the Financial Syste
Secretary and undersecretary of the treasury under president george h. W. Bush. Where he was responsible for policy on Financial Institutions and the treasury debt market among other areas. He also has firsthand experience in Investment Banking and was a partner at the Carlyle Group before being appointed to serve on the board of governors in 2000 twelve. During his years of service in government and in the private sector governor powell has proven hes qualified to lead the fed. If confirmed hell play an Important Role in striking the proper balance between a safe and sound Financial System and the need to promote a vibrant, growing economy. Over the past year ive been encouraged to see the federal regulators carefully evaluating current laws and regulations. Governor powell has shared specific areas in the past. Where the fed believes some laws and regulations can be changed to alleviate burden, including the culver rule, stress tests and resolution plans among others. Several weeks a