Treasury yields rise as u. S. Jobless claims drop. Is creaking aine milelong allegations of cheating. Saudi arabia moves forward with a volatile deal. David david and amidst those headlines, we are just getting a kind reminder was, i dont know if it is early, 50 right now, but it has been a relatively good week, even considering the pullback we had. Gold, 1721. Lets put it this way. A moderately soft start to the session, a third of 1 . , give ores trading take, a 10th of 1 . Jobless claims were below 2 million. We are looking ahead to the jobs report later today, 19 Unemployment Rate is what we are expecting. Have a look at the currency markets with the dollar, the weakness in the dollar up about 12, 18 hours back has really been your top theme as well. Strengthe seeing some coming through a lot of these asian assets. Have a look at where we are on euro. 90. Ling back up about we are up eight days on the euro until right now. The ecb outlook increasing the that roughlyending until abo
British pound sterling. Lots of development in europe, including the 750 billion euro package, a combination of loans and grants. We will get to that in a moment. Essentially, that massive edge helping to narrow spreads, so the italygermany 10 year spread in seven basis points at 1. 91 . Matt the china story obviously a huge one that markets didnt look like they were pricing and until now. The european rescue package was a story that markets had priced in already. It was 500 billion last time arco spoke. Today it has grown a little bit, with another 250 billion euros attached to it or get still, 500 would be the number in grants. Overall, it doesnt look like that is doing much. In terms of the stoxx 600, it is down. The dax is up or than 100 points again. One of the big reasons is daimler. Renault is up 16 . Macron has unveiled a 5 billion euro loan guarantees to renault. No direct help to daimler, but theres going to be incentives in france to buy a new car, 7000 if it is electric, an
Just not in qe times anymore. Youre in the qt era. It is a higher rate environment. Cant be the same multiples as before. It is not bad, just different. Just a different environment. Pretty clear from my conversation with the Hedge Fund Legend hes trying to figure out what the right multiin many this market is like all of you is. Is it 18 times, 19 times, 16 is it lower than that . If so, that wouldnt be great. Thats what he said. Not terrible, but he did tell me about a new investment he made yesterday. Know what he did . He got 6 on his cd for six months. So he put some cash there. Like a lot of you have done. Says he didnt tell anything in his portfolio, thats clear. Stocks are lower as we come on the air. Wanted to bring you that news first as well. Government shutdowns looming, thats the overhang today. In part with Everything Else. Lets kick all of it around, comments from david tepper with cnbcs senior markets commentator, mike santoli. Lets start with what tepper had to say, he
British high street chain wilko has collapsed, leaving the future Of Thousands Ofjobs in doubt. All of the 400 Stores Across the uk will close by early october, the gmb union has said. It means redundancies now look likely for all 12,500 staff at the family owned business. Peter ruddick is outside a wilko store in merseyside. Why has it been so difficult for them to come up with a deal . We heard one was in the offing, but that has fallen through. Essentially the man who rescued hmv has not been able to repeat the trick, it was not commercially viable to make the deal happen. He was in for around 300 stores we believed and that was reportedly taken it down to 200 and then 100 and that has not been possible and a lot of supplier and landlord trust has been burned during the process were welcome has been getting into trouble and it appears to be those suppliers wanted confirmation of their debts would be cleared that they would have the money they owed paid back to them in full. Before t
At whatstake a look going on in to those brexit talks. The pound is up by. 2 . Stronger dollar story throughout the day and dollaryen is up to. 6 . 58 basis points. Thats really steep. Time for the morning brief. Ahead. A look at the week today theresa may is scheduled to meet with Jeanclaude Juncker. Then social democrats hold their convention. Congress has to act to avoid a Government Shutdown and we are also going to get on friday u. S. Jobs numbers. Big week ahead. Topics tax, u. K. , cvs buying aetna. The talk on the talk shows was all about taxes. Had towhat the senators say. When you heard the president say we are very close to the finish line you know he has wanted a 15 right from the beginning. Is parted to a 20 rate of the discussion. The house as a 20 right now. We are happy with both of those numbers. If something small happens in conference that gets us across the finish line we will look at it on a casebycase basis. Business tax all the way down from 35 to 20. It could be