done these calculation is, no doubt. vladimir putin would have sat down with his paper and pencil and it worked out what the economic financial consequences would be of his actions and it appears that he has come to the conclusion that it is worth going ahead with his military plans, in otherwise, as far as he is concerned, the geopolitical benefit of what he s doing outweigh the economic losses and there will be financial pain here. the russian ruble has been going down, the moscow stock exchange has collapsed, trading has been halted in the stock exchange today. inevitably there will be economic pain for russia and more western sanctions but, when you speak to russian officials, we talked about sanctions at the ministry and asked whether they were worried and the answer came back, no, the russian say the west has
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president wants to see. this is a clash between economic policy and wall street at this point. and i saw it play out here on the floor of the stock exchange today. as soon as the fed decision came out, the market took a turn, started heading down. and then fed chairman powell started speaking about the decision to raise interest rates. and you saw a little bit of a boun bounceback, but very quickly again turned south. and that is because not because it was a surprise that the chairman announced that the federal reserve would raise interest rates, but because the market was looking to next year, 2019. and it thought that perhaps powell was going to cave to political pressure, to pressure from the markets, and maybe back off some of the interest rate hikes that were scheduled for next year. and instead he signaled that they are on the path to doing just that. this is the kind of day that president trump is probably not going to be happy with what
understand that the long-run goal is an extremely worthy one. trump s fellow republicans aren t show sure about that though. one of the skeptics, utah senator mitt romney who said i hope the tariffs going into effect can be removed and replaced by a mutually trade agreement. trade wars are a tax on americans. the t word is one no one in the republican party likes too much. joining me david gura and matt gold, a former executive u.s. trade representative. he also teaches at law school. david, you were down at the stock exchange today. how is wall street, the business community, how is the economy as a whole responding to this? markets are muted in response. we didn t see a lot of market movement. as i talked to investors, to china watchers, to market strategists, a lot of them expressed optimism it would be sorted out. despite the fact we have the tariffs being implemented, we see retaliation, the president talked about another $16 billion
stock exchange. back to you. before i let you go i want to ask a follow-up about kind of the you talked about algorithms but there s the feel of the stock exchange and what happens when markets get spooked. your trader said he didn t think they were going to get spooked but you never know when it comes to is stocks and people stocks and people might be looking at this thinking my money is in my 401(k) it s in the stock market, if this kind of thing can happen maybe i need to take my money out. are you hearing that concern for from any other traders or experts on the floor? i m not hearing that. and, keith, you re not hearing about anyone being spooked about this technical glitch. any chance when trading does resume we may see some volatility because of what happened at the stock exchange today? you can t predict what the behavior will be for everybody. nobody here is panicked or spooked. as i ve been telling my
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