A couple of days on the holiday and we are seeing assets catching down, what weve been seeing most of this week. The csi 300 down. 6 . A lot of focus has been on the renminbi. Fixed slightly stronger, but marginally. Perhaps it has limited the volatility. Weve seen implied vol spike for the offshore renminbi. We are seeing a bit of spread between the onshore and offshore. The onshore at 7. 0 632. We are watching hong kong as we slowly return back to normal. Weve heard from carrie lam that they will open gyms, theaters, massage parlors. 123 in hang seng, up points. U. S. Futures, still heading lower and nifty futures. We will see it seems more troubled when it comes to the indian reopened. And theylot of brawls are slapping a huge tax on liquor sales too. Tom lets get more on the Market Action with Mark Cranfield in singapore. The question of the day on the mliv is how important is trade for these assets . 10 investors look past the tensions between beijing and washington . Maher it wil
Jim, its clear that even though we had some constructive things happen tactically yesterday, sounds like you dont expect this bounce to last for long were the most oversold weve been i guess you could go back some people say get some great stuff from mr. Williams who is one of my favorite technicians, larry williams. I want to point out, hes done work which says going back to 1933 this is one of the most extreme panics ever. He wants to buy panics on the other hand, you say whos there to buy i feel that were due for a bounce i dont know how much money there is there is to buy much more stock liquidity is a concern in every aspect of finance, at the same time any time you skip over the Public Health issues, you forget that right now strapped in san francisco, strapped in boston, strapped in new york maybe theres not just equipment. The nightmare is occurring what do we make then of stei stifel looking for a 15 rally, gun gundlach not shorting. Why are there these Little Pockets of not o
Bob iger is about to join us as disney buys a big chunk of 21st century fox. Retail sales up 0. 8. But we know what the lead is today. Yep, we finally got the deal weve been talking about now for more than a month, of course disney buying those fox assets that weve detailed time and again over this last, lets call it, five weeks or so since we first brought the story to you of the talks between the two it is a large deal, to say the least. Depends on how you want to value the equity right now, at current prices, and if you take into the considerations that minority interests, its about 55 billion in equity. Some 515 million shares of disney will be exchanged for the fox businesses that are going to be sold to disney. Were talking about a deal with an enterprise value of 69 billion. Theyll take on 14 billion worth of debt. Tax liability which i finally got clarity on, 8. 5 billion to fox. That is the spinco, could come down as a result of tax reform, the lower tax rate and that will hav
Negatively. The dow opened lower, the nasdaq lower by 6. We had a multibillion dollar deal. Teva acquiring allergan. We should tell you that teva is officially withdrawing its off for mylan. You may have remembered they made that offer as a hostile offer. It was not morninging. Mylan which located outside of the u. S. Became a bizarre beneficiary of moving outside because of the way the governments rules work abroad were they relocated it made it much more difficult for teva to pursue a deal. How do you think the mylan shareholders feel about the big fight . How do they feel this morning . In the immediate case i think that they cant be thrilled. Longterm, mylans ceo has made the argument and i actually buy it that theres more value to them reinvesting by reinvesting and being independent. So well see what happens there. Can i ask a really important question . Yes. Friends of mine would like to know. Does this get us any closer to a botox thats what friends would like to know . I have
Were talking about a dry start to the day. We have the marathon. Lots of clouds throughout our noon hour and the rain begins in the north bay by 2 00. We will talk about it spreading south and east and time it out for you in just a few minutes. Thank you very much. We have breaking news out of ohio this morning. Cincinnati police say a shooter open fire inside a nightclub injur injuring 15 people and killing one, and it happened 10 00 our time last night. The motive for the shooting is not known at this time and many young people go to that club on saturday nights. Saturdy night, its a very young cloud. We have had incidents in the past but this is the worst by far, just a lot of chaos, when the shots went off people trying to get out of the way, get out of harms way. Of those injured one in Critical Condition and three in serious condition and others in stable condition. Police are interviewing witnesses. They say there are no indications the shoot something related to terrorism. Offi