Remote hearings certainly arent the same as sitting together in our Committee Room but this new authority has allowed us to continue to do our work on behalf of the American Peoples while keeping our staff, family and broader communities safe. This is the second official virtual subcommittee hearing in the ways and means committee. As with our previous hearing i want members to know i plan to continue this committees long tradition of collegiality and substantive debates. Even as we conduct our business from afar i will continue to work with our Ranking Member and his staff so to ensure that the rights of all members are respected in this new virtual format. Before we turn to todays important topic i want to remind members of a few procedures to help you navigate this new platform. First, consistent with regulations the committee will keep microphones muted to limit background noise. Members are responsible for on meeting themselves when they seek recognition or when recognized for the
Overnight in asia. The nikkei higher by 1. 1 . Hang seasoning up 2. 3 and shanghai up. 8 . Youll also see green arrows in europe the dax up 1. 9 . Cac is up. Gains for italian stocks too in the treasury market, at this point, 10year yielding 1. 67 . Twoyear at 1. 551 30year up at 1. 61 . Iranian Officials Say two missiles trunk an iranian tanker in the red sea crude prices, as a result of this, they are jumping up close to 2 wti crude now 54. 47. They are saying that damaged two store rooms aboard the tanker and caused an oil leak that attack happened about 60 miles north of the city jeda six months after the attack of the oil tanker in hermuz and the saudi attack never good to conjecture anything they have been the attacker and you wonder was there Something Else going on because they didnt point fingers, you wonder. Was it a screw up but we have no idea. No idea they were attacked by someone. Who knows. Two missiles hit a tanker that much we know. Lets talk about the trade headlines.
Before the open this morning along with twitter overnight in asia, you will see what was happening there the nikkei ended down by almost half a percentage point. Hang seng was down by 0. 7 shanghai in china, you did see stocks higher. Up by a quarter percentage point. In europe, the three major averages had all been in the green. The dax up by 0. 3 the cac up by 0. 4 the ftse up by more than that. Italy and spain stocks there weaker spain down by 0. 7 in the treasury market, again with the gdp number coming up later this morning at 8 30 the tenyear yielding 2. 069 everything that happened with the ecb yesterday what that means for the fed, well talk about all that coming up in a bit. On the squawk planner, we have first look at gdp in the Second Quarter thats on tap. Forecasters expecting an increase of 1. 8 after a surge of 3. 1 in the First Quarter on the calendar we will hear from twitter, mcdonalds before the opening bell next week it gets crazy. It is the busiest week of earnings
Attempt to quell protests, she said the controversial extradition bill that sparked the demonstrations is, quote, dead lam said there is no plan to restart the legislation and earlier work to amend the bill has been a failure lam suspended the bill but protests continued with calls for it to be withdrawn completely lam did not say that she is officially withdrawing the bill. She said the bill is in the coffin, the bill is dead and no one needs to worry that there will be any tactics to resume the bill in the lenggislative council term Richard Bransons Space Tourism company now planning to go public. That is according to a wall street journal report it will list shares as part of the deal with social capital company, spac. Weve talked about it in the past it was created by a friend of squawk box, spac will invest 800 million in Virgin Galactic, it will get a 49 stake. The stock market listing is expected to take place later this year. Virgin galactic so far sold 600 tickets to space at
Out. A little bit of brinksmanship, or brinkmanship, i should say, as joe corrected me. Less is more there are a couple more brinks, a couple senators youve got to wonder about. Okay, then. What happens with Susan Collins, what happens with lee from utah, who said hes undecided lee who mike lee . Oh, mike lee. Who wanted got two first names its confusing i dont trust people with two first names. Do you yes, generally. You do . Yeah. I think its confusing. Well youve got three, youre fine. Ive got three, three names some people say andrew ross, two first names, even though no, im talking about when your last name is a first name. Chris christie . Theres a lot of them, bill george, ted david. I just made that one up. I dont really think there is a person by that name. All right, lets look at what else has been happening in the markets. The tenyear note, one weve been paying attention to, too. Earlier this week you saw the tenyear pushing above 2. 4 , but now were back below 2. 36 . A cou