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In part because the chinese did respond to our last hike in tariffs. A spokesman for Chinas Ministry of commerce quoted as saying that escalations of a trade war wont benefit anyone two sides still planning to meet in september of course, much of this rhetoric or communication is what weve been seeing for some time. I dont think any of it necessarily means the chinese are not still in a stance that sort of has them backing off from full engagement that somehow would lead to a deal in the near term. I think it was a surprise olive branch, maybe, taken as good news by the markets that things werent going to escalate even further at the moment but youre right, in terms of a deescalation, theres not much evidence september 1st, this weekend, were set to have a new round of tariffs go into effect on products coming from china into this country smart watches, bluetooth headphones, flat panel tvs, some footwear december includes cell ph ....
Thats still the case. Reaction to the north korean overflight also the euro is on fire. They dont want that. Tenyear yield. Look at that 2. 10. Jamie dimon must be thinking how am i going to make that how am i going to get my Net Interest Margin . Home prices is just out. Report for june shows prices up 5. 8 compared to a year earlier. Up 5. 8 that was a bit more than had been anticipated lets get to our road map this morning. It starts with that north korean provocation. A new missile test that flew right over the main japanese islands. President trump says, quote, all options are on the table plus, best buy is moving lower although, the numbers cautionary on the call, saying this is not the new normal. Were going to get into it, of course, here, and explain what exactly is going on of course, well be following the continued catastrophic flooding paralyzing Southeast Texas ....
I mean, up or down. Lets just see. The european markets have been open for some time. There we can give you some actual answers. Also, well, largely down other than the ftse in the uk which is up. But no great moves there. Thank you for italy and spain in the control room. I like to see a broader picture other than the big three. As for crude oil which we go to next, 2. 276. Wti back above well above its kind of a stealth move there a little bit. Thats all talk ahead of the opec meeting. Hot air . Yeah. The saudis have cut back by 500,000 barrels because the u. S. Is increasing by that much in if next four months. So interesting. Well talk oil during the show but lets start with retailer. Two are falling sharply. Tiffany with a surprise drop in samestore sales and lowes also missed on its top line. Plus, were awaiting a new outlook from the fed. The u. S. Futures are more or less flat after the longest winning streak is extended. Over in china, a downgrade. Moodys lowers its rating on ....