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Well, i was all alone until you guys showed up were going to start off with the markets. Volatility heating up. Weve seen a big rebound in stocks this morning, though the yield curve is sending its strongest signal yet to the markets of recession inverlt verting to the worst levels since 2007 here is ubs Global Wealth management head of trading strategies ian, the move in bond yields, at this point whats driving it because some of the fundamental data later, Consumer Confidence yesterday has been a little better and yet we continue to see these new lows on treasury yields. Frankly there seems to be a race to zero in the global sovereign debt market, whether its driven by the fed or the ecb or whats going on in japan. The fact of the matter is u. S. Treasuries yielding even now north of 2 end up being a huge buying opportunity, and thats what we saw in the long bond, and t ....
Stocks the dow and s p are on pace for their best week since march. Were going to close out the month on tuesday. Were going to Start Talking about how to play this in june ahead of brexit and the fed, how to play it in a summer where stocks have alternated up and down for six years. But at the same time we have groups that have come alive. This tech rally is very real. It is broad based. Its chips. Its software. Its high growth. Its cloud. The bank rally is in its infancy. As we get closer to a rate hike, which i think we will get given the fact that these fed heads of carpet bombed us with the two to three, that bank group can get stronger. Net interest margin will go higher. Its very undervalued and i think it works. So right now and im not saying im sanguine because if we get a really weak employment number thats bad. Because theyll tighten into a weak employment number, but i like it. Were not focused on china as much. Oils re ....
I am anna edwards. Lets start with breaking news. Of howe pmi, the gauge the economies across the eurozone are doing right now, these are the preliminary numbers for august. We were expecting on manufacturing a number of 51. 3. It has come in at 50. 8. The service number, that has come in just a shade below estimates at 53. 5. The composite number, we were expecting 53. 4. That has come in at 52. 8. That is a little bit below estimates. Slightly below estimates all in all. Clearly the miss against expectations lies somewhere outside of germany. Lets check how that is impacting on the euro. We are not far right now. 1. 3268. You can see the oscillations in trade around that french data which was mixed to negative and that german data which was better on all counts. Details from our international correspondent, hans nichols. Storye been watching this all morning. Just to recap, that composite number on pmi for the eurozone has come in at 52. 8. Way theis is in a reverse of a story where ....
Bernanke putting a damper on the markets this afternoon after he said the central bank does not have the tools to offset the full harm of going off the fiscal cliff. Yet, rob morgan is not concerned. He says he thinks the fiscal cliff has been overblown. Are they overblown . Lets bring him in. Rob joins me now along with brian ferhrry and rick santelli. Rob, youre not worried about the fiscal cliff. Im worried, maria. Just like chairman bernanke is. Congress and the administration have to get together, but, you know, the president s been very clear that he doesnt want necessarily higher tax rates. He wants more tax revenue. Speaker boehner said, well, geez, we can get higher tax revenue just by closing a few loopholes, restructuring mildly the tax code. So i think the fix is in. Its just why hasnt it happened. They wanted to wait until after the election, see if both sides wanted to see if their hands were strengthened. Obviously, the president has the strong hand. They sort of like ta ....