That could spark an ugly storm for investors in chinese stocks. Just back from asia, undersecretary of state for economic growth, keith crock, is here live to react. He will reveal the new weapon our government is using to counter chinas fastgrowing technological might. The deadliest day of the coronavirus pandemic, now at this hour has los angeles going into full lockdown mode. We are on the ground in l. A. As businesses shutter in realtime. From College Dropout to ceo, the youngest selfmade billionaire in the world with us live on the day his tech company goes public. Discussing the risks he took that triggered his laserlike rise to the top. First, we begin with a fox business alert. The tweet heard round the stock market with billions in Coronavirus Relief at stake. House speaker Nancy Pelosis deputy chief of staff just put out this tweet in the last hour and a half that used covid relief and as soon as possible in the same sentence. The tweet confirmed that the speaker and Senate L
That offset the departure of ceo. Demonstrations continue after an 18yearold is shot by police after 17 weeks of antigovernment protests the risk off tone was set by wall street overnight. A heavy close after a very disappointing ism manufacturing print coming out of the United States showing it deeply in contracting territory. That set the tone for equity trading. You can see the stoxx 600 today, almost all of the heat map is trading in negative territory. We are only about an hour into the trading session or so. So very heavy losses lets talk about the indices the ftse 100 today with Boris Johnson expected to deliver his keynote speech the ftse 100 is down 1. 2 well get more about hard deal or no deal luxury hit there well talk about that in a second ftse, mib in italy down as well about. 8 travel and leisure the only spot in green basic resources down 1. 8 . Chemicals in decline down almost 4 there anything that has international expose youre or exposure to this trade war speaking o
Matters to the markets an your money. Forget trump and xi and china. A new trade war just started well tell you what it is on this wednesday october 2 as Worldwide Exchange begins right now. Good morning, good after, good evening wherever in the world you are watching maybe you are in australia, the home country of acdc if you live around here, this is a scene in new york. It is dark get ready. It is going to be hot. Right now, it is 5 00 in the morning. It is already 73 degrees it is going to hit 89 or 90 degrees. There is your weather hit. Our first ever lets see how the markets are coming off of yesterdays decidedly cold drop. Not only did we fall, we gave up all of our gains from the Third Quarter in a single day. Futures, as you can see, they are down dow futures are off 139 points right now. Remember something about october. October gets a bad rep it is known as a volatile month and one of the worse per forthiformin months of the year the last few years, october has been relative
Decline. Biggest drop since 2009. A real freeze that has hit the manufacturing economy. Thats right. The lowest ism reading this is a kind of this 340 versus last month survey sometimes market moves are inscrutable. Yesterday, markets were up clearly just challenged this idea that the u. S. Economy was resilient enough we are constandly talking about increasing recession fears. Suddenly this data point comes along. The consumer, in 2019, are we dependent on manufacturing to the extent we used to be no. Not even close it is a great swing factor it doesnt go down that much but it also accelerates that much. You take a look at treasury yields yesterday as soon as this number hit 0 years at 2. 089 . We were above 1. 7 on the 10year yesterday. That shows you the market is saying, okay, the fed is likely to give another cut in october not a sure thing probability right now. The october adp report will be released at 8 15 eastern. Reportedly added 120,000 private sector jobs last month johnso
Number came in soft enough to illustrate that inflations finally running out of steam so when the c pichlt came in around 3 way down from where it was before we all cheered. Many people bought stocks. Everything was fine, right wrong. That rally was a totally revolting development. Sure enough the averages spent the rest of the session selling off dow finishing just up 53 points while nasdaq advanced minor. A far cry from that yoef heated opening. Theres so many reasons why it was a mistake to buy stocks this morning. Because ive been spending this whole week teaching you how to avoid the kind of mistakes that make you give up on the entire stock market were going to unpack this one. Unpack it good mistake number one the vast majority of people who follow the stock market closely were predicting that the Consumer Price index would be up around 3. 3 . It was actually up 3. 2 . Take note. When most prognosticators predict 3. 3 inflation and yet 3. 2 inflation, guess what its not a surpri