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Francine welcome to the pulse , l ive in london. Im francine lacqua. Coming up later in the program we speak exclusively to the zalando managing director rubin ritter as his company beat secondquarter sales estimates. Francine after that, we will speak to the rwe chief finance officer. Make sure you stay tuned for both these interviews. Manus a rare briefing has been held in china. As the central bank worst to restore calm following the devaluation of the yuan. Francine the currency experience its worst loss in two decades as the peoples bank of china says it would intervene. The Deputy Governor also in charge of the foreignexchange told the media respects the market, fear the market. He did not mention intervene the market. That is probably what he was thinking in the back of his mind. Manus indeed. And try to get some sort of market context. Class test. Lets talk to mark. Weve seen a little bit of a bounceback. Mark lets start ....
David right, a big week for markets. Japan is closed. Have a look at where we are. We talked about 2500 on the s p 500. Asian shares are at a 10 year high. Where does that take us . Have a look at this chart. You the ups and downs of momentum. Might haveare that pushed it below trendline in early july. Rsi almost dipping below 40, but rebounded nicely. This shows you that the bull market remains intact. Japan is shut, some not a lot of updates. It is still risk on. Not a lot of appetite for haven at the moment your it could at the moment. It could change this week. Lets get you to the open up markets. Sophie is tracking all the moves monday morning. Sophie the flavor this morning is risk on. Singapore joining the upswing along with the taiex. The malaysian ftse down. Haven assets, the yen and gold on the back foot. The dollar rebounding from the drop on friday. The yen is down. 3 . This could be the unwinding of positions. We are seeing liquidity given it is a holiday. The key data poi ....
Comments from Steve Mnuchin about tax reform and stocks that investors are talking about. Tax reform or look out below is that what we need to start thinking about well, i think, number one, we dont want to pass a tax bill just to support the market markets are up 80 of the time, number two number two, its an irresponsible comment by mnuchin and number three, the u. S. Market is lagging other markets around the world, so theres no or very, very little expectation that a tax plan will occur and that it will occur thats going to impact this market. Heres Steve Mnuchin with these comments there is no question that the rally in the stock market has based into it reasonably High Expectations of us getting tax cuts and tax reform done it also has based into it amount mitchell on regulatory relief which they have begun to see, ....
Act cord cutting to house of cards today, well tell you what he had all of wall street talking. First, a bank worst performing sect sector. Both negative on the year. Check out some of the action, gold man sax, j. P. Morgan down and 3 respectively. Could the banks be the ultimate value track or should investors be buying the dip, tie . There obviously havent been trades, goldman sax is the first one reporting. The contracter the price action since has been miserable, think about it. Since makening an all time high, theyre down over 20 in a couple months on whats been a pretty decent tape. I have been one of these people bullish in the banks, now i have to ask myself, does goldman need to recapture that 225 . Tim talked about this, and j. P. Morgan. 84, critical level. Down again today. The last piece is xlf. I think goldman was terrible. I think they actually that to me will be an explanation why they would be under performing. Fair enough, what goldman franchise is you can argue is un ....
Let me also again acknowledge gay and david, molly, donna marie and the entire team at the society for the four arts for hosting this magnificent five part series. Thank you. And most importantly, id like to thank dr. Cheney for coming here and sharing her views on president and mrs. Madison. Thank you. Okay. Well revisit a couple the issues that discussed. Lets jump right into your writing style. Tell us a little bit about how you pick your topics and how you approach the research process. Well, during the writing of the book madison, i was entranced with the notion as gay pointed out that for the first 36 years of the republic, the virginians were in charge for 32. And i was interested not only in how this came about and thats a good story, but in the interaction between them and the personal interactions. I wont give away too much. But there are some surprises there. Yeah. And how i write. You know, i was teacher of freshman english for quite a while. I was getting my phd. And i jus ....