We are watching the hang seng index. Australias market is only higher by 0. 3 . But we had this news that china will allow australias cargo to come ashore. Lets have a look at stocks. Clearing exchanges in focus. The u. S. Approved legislation that could lead to chinese firms getting kicked off american exchanges. Also getting a call from sidney. Tak is down 1. 4 . ,his big surging iron or holding at a record. In recent weeks, weve seen pickup of state owned enterprise default in china that have jolted the credit markets and rattled investors. One company in the spotlight is ever grand, which has accumulated the biggest debt in global real estate. We are joined by Stephen Engle in hong kong. In ournt to bring distinguished guest, the ceo and cofounder of sc lowy in hong kong. A bank and manager that specializes in distressed and highyield debt. Good to see you. You spoke to bloomberg about a month ago and you did talk about ever grand. We know that they have taken steps to increase or
Beijings economy. He says the world has entered a transformation period but warns against the closed domestic cycle. Watching wall street, Goldman Sachs, bank of america and wells fargo report later today. This after j. P. Morgan and city shares fall despite surprising to the upside. Very warm welcome to our viewers just waking up. Manus is off this week. A much do holiday and very welldeserved. The pandemic really was maines front and center. We have the latest projections from the imf, warnings from the u. K. Scientific advisor. The netherlands entering a partial lockdown. The pause from eli lilly and Johnson Johnson on their latest medical trials serve as a stark reminder that the pandemic is a perennial Market Driver even amongst the uncertainty of brexit, the tugofwar over u. S. Stimulus, and the noise surrounding the u. S. President ial election which today is now 20 days away. Against that backdrop, the markets this morning a little softer in asia. Xi jinping speaking in shenzhe
Stephen mnuchin speaking on the phone today regarding stimulus negotiations with a promise to speak again tomorrow and new york city is back in had the coronavirus spotlight. People refuse to wear a mask still to come, coming up on todays show, embattled e. V. Maker nick la with new lows. Well ask the former auto executive what it all means for nikolas pending deal with gm. Plus, well speak with the newly minted president of shopify about the run that stock has been on. Up more than 150 . Well ask about the recent news of rogue employees stealing some Customer Data. Harl Harley Finkelstein will be our guest. We have the latest headlines coming out of washington, d. C. For us start with you, mike a little bit of low volume churning going on today. Maybe a little apprehensive. Kind of Holding Steady ahead of these couple of known potential catalysts, of course the president ial debate and the jobs number. After 4 two day rally, s p 500 year to date, train day, we kind of had that half 1
34. 20 is your level. The nasdaq coming off a fourth positive week. Longest weekly winning streak since december the composting a half percent gain at this point courtney, are you surprised at where we are in the markets given what is going on around the world with the coronavirus its been a while good to see you today. Am i surprised im surprised at how quickly the mark has come back however, we have a market that wants to go up people do want the see things better whether its the onlyis ianalys companies, expectations are very low. The fact we have seen a glimmer of hope, these markets wanted to see that i think well continue to see that rise as we move forward if people can put masks on, we might come out of this faster on the economic front the marks are looking 12 months ahead and saying we see ourselves come out of this and were seeing that with the rise in the s p and market overall. The notion of people being optimistic and wanting to be optimistic you want to be optimistic tha
Sanctions and claims to the South China Sea take center stage today. Stocks are shrugging it off. The dow up more than 400 points but the big tech is struggling faang, internet names that have been on fire are seeing weakness today. Were following it all 59 minutes left of trade. Certainly weve been all over the place in markets but were up as we stand with the major indexes we have a big line up of guests. In a few moments well speak with shrewsberry, cfo of wells fargo. And Robert Kaplan will join us and well speak with Michigan Governor Gretchen Whitmer an earlier biden endorser as biden lays out more details of his economic plan. Lets focus in on the big stories were watching at this hour wilfred has the highlights ph wilfred, start off with the banks here. The key focus, sara, as we expected it to be on provisions for potential bad loans. They rose from all the banks from q 1 to q 2 and rose more than expected. Wells fargos more than doubling quarter over quarter the big question