Lebanon had sought his release a week before he fled tokyo. Welcome to surveillance, i matt miller in berlin for francine lacqua. Lets check in with what is going on in the markets for the first trading day of the year. The stoxx 600, the broader european stocks index, is gaining 0. 8 . Futures that are rising as well. We could see a positive start in the u. S. We have a ton of pmis out this morning. I just had germany at the end of the hour. 46. 7. 46. 3. E looking pmi is still weak wherever you look. I thing we had italy or france and they were also pretty disappointing numbers. Coming up, a couple big interviews on the docket for friday. Chicago fed president charles fed president the chicago fed president joins our colleagues at 4 00 p. M. London time tomorrow. Set your dvr, because at 6 00 p. M. , we have the cleveland fed president joining Bloomberg Television. Another interview you dont want to miss. Lets get the bloomberg first word news in new york. Happy new year. Iranaqi mil
Year not beating estimates. David it looks like their stock is down in the premarket about 2. 5 . Home depot before you so rudely interrupted me alix david is funny today. David not very funny. Per depot beat earnings share, a little light on revenue. They basically blamed a lot on lumber disinflation, basically. They are warning a lot about china. One is how they want to eat up the lumber costs, a 21 drop in the cost of lumber. At the same time, you have continued slowing homebuilding, but theres a lag for that. Home depot not necessarily feeling the full effect of that could weakness. Because of the price of lumber, overall sales are down. They took it down for the year. There estimates went down. Ls, theykoh reaffirmed their adjusted Earnings Guidance on that comp sales mess. We will dig into retail more over the next couple of hours. The equity markets looking a little bit soggy here, with s p Futures Party much flat. Dow jones off by about five. It doesnt feel like theres a lot of
Of that. Marriott and hilton is down on a downgrade. The 10 year yield is backup to 2. 06 before the powell testimony tomorrow and plenty of fed speakers today and later in the week. Guy absolutely a firm focus on the fed. European stocks are down again. Stoxx 600 down by 1 . Cable is breaking lower again today. The reason for that the politics, probably more importantly core retail data out of the u. K. Today ahead of gdp tomorrow. Looks like the u. K. Economy hit a brick wall in the second quarter. The market is pricing and more rate cuts from the bank of england. By anothernk down 2. 32 . It was a little worse earlier on. It rallied a little bit, but down hard since that plan was announced. Vonnie fed chair Jerome Powell delivering the opening remarks on the recent Bank Stress Tests at the boston fed conference earlier today. His remarks come a day before his today testimony to congress, with investors expecting powell to pave the way for a socalled insurance cut. Here to discuss no
Index. The 10 year yield bouncing around a little bit, still at 2. 05 , little higher than the last few days. Guy fed chair Jerome Powell before up to testify Congress Tomorrow as the white house keeps up pressure on the central bank to cut rates. We are joined by pimco Portfolio Manager and sovereign credit analyst. Good afternoon. Would you buy or sell the u. S. Tenyear into the powell testimony . What does he have to do to move the needle . Guest we think powell will roughly compare market roughly confirm Market Pricing. The fed has sort of painted itself into a corner and shifted in a dovish direction, so if they do not cut, the market will be disappointed, financial conditions will tighten. The macro data is not really warranting a cut come about the same time, manufacturing is very weak in the fed knows that a hawkish mistake is much harder to reverse than a dovish mistake. So for Risk Management insurance region for Risk Management assurance reasons, we believe they will cut. Lo
Joining us for the hour to break down the market action, keith bliss. Good afternoon to you. Thank you very much, wilf really good to be with you snapshot of today, why are we selling off . Number one, you have low volumes coming into july you usually have the spike in june on the weekly volumes were seeing that today. Listen, you got to say the news is really washing over the markets as it relates to boeing. The downgrade we had at apple, people are getting nervous about what fed chairman powell may say and may not do at the end of the month. I think thats why youre seeing a little selloff in combination with that is we did get overbought in the dow a couple weeks ago are traders talking about the fed and whether they may not cut at the end of the month . Youre certainly seeing that in the discussions that you have with traders and investors alike. Youre not seeing it reflected in the fed funds futures yet still an overwhelming majority of people think were going to get a 25basis poin