Paying more than 1 billion australian to settle a Money Laundering allegation, the largest corporate find never levied in australia. Tiktok drama turns another page, owner bytedance asking a judge to halt the ban in america, Chinese State media slamming u. S. Dirty trip u. S. 30 tricks. We heard from larry kudlow in the last few minutes, downplaying expectations we will be getting any more fiscal stimulus through the pipeline, larry kudlow saying he doesnt think the u. S. Needs another stimulus package and that they will be doing targeted measures only and need to be smart about this measures. This comes after course of fed officials, including chair powell, saying there is a long way to go for the economic rebound, we heard from several others, all saying there is further need of more fiscal stimulus to do that heavy lifting. And that comes after congress ended its pursuit of a bipartisan spending bill and are now focused on replacing Ruth Bader Ginsburg on the supreme expected thisin
The measure of the ecb were the good one now it is up to the industry to be occur ageous. French finances a massive plan to support the economy amid a resurgence among virus cases siemens at the bottom after unveiling an increase to help fund its deal. A warm welcome to street signs. Lets kick off the show with fresh data just off the wires here the composite Pmis Services have come in at 51. 5. The august composite has come in at 51 dat 9. Almost slightly better than the flash number of 51 dat 6 new business, that has come in at 49. 8. Bang in line with flash estimates weaker than july new business, a little weaker. Overall, we are looking at growth territory for the composite as well as Services Sector within the eurozone mixed picture when you look at the country break down germany stands out as a bright point this morning italy and spain in contraction for the Services Sector. France remaining above the 50 mark for the month of august overall, the economy is slowing a little bit we
July. It is the last week in july and we are running out of Unemployment Benefits and the rent is due august 1. There is a lot going on. Francine we will spend a lot of time on that. Lets get to first word news gupta. Itika group unveileditch mcconnell the new relief package, listing unemployment to 70 of prepandemic wages. Makes to pelosi panned that proposal. Health officials around the world are getting a reminder of how tough it is to permanently stamp out coronavirus. They are grappling with second waves of the pandemic. China reported the most cases since midmarch, and spain is scrambling to stay ahead of new outbreaks. Posed a new imposing new quarantine on travelers from there. Will stay near zero for a longer while. Policymakers open the twoday meeting tomorrow. The last day they met was in early june. Florida and california have yet to see the surges have that if that that have afflicted them since then. China eagle authorities following the closure, the latest development in
Go, it is the only index that is higher for the year. Lets bring back our investment strategist at allie on global advisors. Something romaine mentioned, the low volume. They, down about 14 versus average. In may and gosell away. How much can we rely on these doesnal trends to work, or that go out the window because we are in unprecedented times . Coincidentally, we are at a point where markets are at a bit of a crossroads here. We are just beginning this reopening process. Very much the coast of the country, where the High Economic stillnancial hubs are, largely closed. There is a lot of uncertainty on what lies on the others of this process. I think the market move does put us at a point where we may be priced to a very positive or at least the baseline stable scenario. You is interesting, and probably noticed this as well, but the dichotomy in the market from a sector by sector perspective is striking. Financials, energy, industrials. These are sectors you would expect to start movi
Has a safe haven . Taylor i have been seeing that. You take a look at the companies with great free cash flow, balance sheets, expanding operating margins. You take a look at the nasdaq 100, or the big tech, today was the exception, but coming into this, six of the last seven days, the nasdaq really gaining. Faang today outperformed even though it was lower. I have heard that tech is providing a little bit of a defensive position when it comes to the health of the balance sheets. Apples another Company Really leading today. In the in six of the last seven days, apple has gained more than 1 in every day. Share, it to 350 per saying the iphone 12 could start the road to recovery. He is confident that the eye of the storm is now in the rearview mirror, at least from a demand and supply chain perspective. You are seeing apple, some of the other big tech stocks really leading on hope and optimism. Emily meantime, big news potential in the food delivery space. Ubermmond reporting that has ma