Down now more than 19 from the 52 week high in january as it inches to bear market. How much worse can it get for the banks . What does it mean for broader markets. Great to have you back, mel. Thank you. Listen in the spring, summer, i tried to make a bullish case for banks on valuation, price to book at a certain point maybe you spay ner cheap but maybe wrong to defend them i would say early fall i started to say maybe things arent as rosy for banks this is what you have to ask citi Bank Reported in the middle of october tangible book give or take was 62 stock is trading 56 today Goldman Sachs, same type of thing. 186 tangible book. Trading 175. If the environment is so rosy for banks why are two of the biggest trading south of tangible book . Thats a problem i thought for a while that Deutsche Bank is this generations sort of bear Stearns Lehman wrapped up in one. If it was u. S. We talk it every day. But that its not we talk about it a couple times a we can now is the citi Bank Exp
Hes not satisfied with the riyadhs explanation on Jamal Khashoggis death. Shery lets get a check of how market started trading on wall street. We saw a bit of a mixed picture. The dow down 0. 5 while the s p 500 was pulled lower by energy and financial stocks. 30 of s p 500 Companies Reporting this week. Investors are focused on those reports. We had stocks boosting the index higher. This week we have earnings from the likes of microsoft, amazon, and alphabet. Dollar index touching a twomonth high as well. This will play into the markets in asia, haidi. Haidi we are looking like a pretty weak open as we get into trading in asia. Australiak at how opened, just coming online, pretty flat at the moment. Looking for some declines when it comes to the shakiness, commodities future weakness, metals weighing on some of the miners, as well as concerns over fluctuation in Oil Price Volatility as well. New zealand coming back online. We are off session lows, but still up 0. 8 . We are seeing som