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Street hands in its worst day of the year the selling was widespread all 11 sectors finishing the day deep in the red led lower by technology the cause china. That nation effective i. Weaponizing its currency sending the yuan lower, turning the the trade war into what many are considering right now a fullblown currency war. Weve got full Team Coverage of this dramatic turn of events lets things off with bob pisani live on the floor of the new york stock exchange. Hey, bob and melissa, we had a tough day here i want to give a sense of what happened last time china devalued its currency. This was about five years ago in august 2015. The last time china devalued its currency was in august 2015. That happened on three consecutive days of devaluations that was beginning on august 11th the market was very different back then. It was a different picture for the overall markets. Chinas currency was appreciating back then thats a big differ ....
Back in october. Right here on fast money. Mike novogratz is back hes here exclusively. But, first, we start off with breaking news, the embargo lifting now on the fed chair nominee Jerome Powells testimony ahead of his confirmation hearing tomorrow. Lets get to Steve Liesman with the details. Thank you very much Jerome Powell, the fed chairman nominee, nominated earlier this month by President Trump, will say in testimony before Senate Banking tomorrow he expects rates to rise, quote, somewhat further and the Balance Sheet to gradually shrink he pledges to preserve the feds independent nonpartisan status and says transparency and accountability must accompa ....
From the start of the session. Lets have a look at what is going on. Done. Ally is not average. The today it can go higher. We have the Shanghai Stock Exchange positive. A clear outperformance. This is what we have in the moment. Lets take a look at the here and now. Find out what is going on in singapore. Subdued. Ubdue mostly lower when it comes to sessions there. The deck one races to 10,000. Not look like it is helping in taiwan so far. Take a look at the big picture. Very much as crude focuses on a twoyear high. Taking a closer look, the end Holding Gains that we saw overnight. This is being thrown into the next. In tokyo, we have pharma falling by the most since 2011. Is president of the company to hold a press conference at 10 30 a. M. Local time in what you take a look for the sox, your seating Trading Volume ....
Earnings coming down overall and Chinese IndustrialCompanies Profits down in june feeding into one thing. The secondbiggest World Economy is getting a little bit nervous do you sell commodities . One the biggest demand is of copper. There goes copper. Clearly, this is feeding in and feeling the commodities and concern about china equally we will keep a close eye on oil as well. Oil being sold off. We are worried about supply. More rigs in the United States for the Third Straight week. They are still drilling when it comes to shell despite the concerns maybe iran will be adding to supplies and the middle east and saudi arabia and a supply glut to continue. Demand may be easing when youre the likes of china ....