Terrible composite pmis from the region. Oil continuing that recordbreaking rally yesterday. Some delegates a little bit more optimistic about getting deals done. Now i want to update you on our top stories from our new york team. We want to begin with europe. Thentioned the economies in slump of unprecedented scale, pointing to a contraction of about 10 . Bloombergs Michael Mckee joins us with more. Good morning, mike. Michael we are getting to the point where Economic Data are almost irrelevant to investors. Yeah, it is terrible. We know that. Weve traded it. Thats why you are not seeing a huge reaction in equity markets in europe because it was largely expected. It is sort of exactly what you think wouldve happened. Services pmis and composite pmis just falling off a cliff. The story in spain and italy there, but also france and germany. Those economies have basically shut down. Economists try to put a number on what that means, and that is where you get that 10 contraction figure,
Plus, the season of strikes set to grow even larger. Today, with more than 75,000 Kaiser Permanente workers possibly walking off the job. And then later, we have a rare downgrade for apple, like key bank says, it is taking a fresh look at the stock. It is wednesday, october 4th, 2023. Youre watching Worldwide Exchange right here on cnbc. Good morning. Welcome to Worldwide Exchange. Im frank holland. Lets get you ready to start your day. We kick off the hour with the checks on u. S. Stock futures. In the red across the board. The dow looks like it would open up 30 points lower right now. This after the dow posted its worst day since march, falling nearly 1. 3 . Similar story for the nasdaq and the s p 500. Both of them closing down. 1. 8 and 1. 3 respectively on the day. We also want to look at the russel 2000, negative for the year and seen as a leading indicator of a possible u. S. Recession. You see the move this is dow transports. Dow transports dipped below the 200 Day Moving Avera
Stock, futures is down sharply healthcare stocks are under pressure this morning and amazon entering the health business, pa partnering with berkshire, finding ways to cut the cost of healthcare mcdonalds reporting a major spending boost for thousands of new stores and digital upgrades. Dow and the s p 500 remains on pace for a 10 consecutive months of gain i think it is true. You come in and when you see stocks, when you read the release and the mcdonalds release in the lets just say in the cave and not look at these you would say wow. These are great numbers. The markets set up to go down you have this team up that we talk about all morning with jai jaime dimon. It is generic, yeah, it is been up a lot and i want to take profits ahead of the president whos going to take credits for a good mark. Ye market you come in and let them take credit we got thursday is National Earnings day so there is a lot of reasons to take profits and not a lot of reasons to say you know what, once to the
Good morning a warm welcome to Worldwide Exchange. Im wilfred frost. Im seema mody. Great to have you back at headquarters its great to be back lovely to be alongside you thank you lets quick off with that big breaking deal news comcast making a 31 billion cash offer for british broadc t broadcaster sky. Sky shares shooting higher on the news sky up to 1,332. The bid price was 1,250. For most of the last year or so since the fox deal for sky had beenagreed, it traded below that bid price on expectations that regulators could block the deal now there may not be regulatory hurdles, but also now a bid war. Comcast lower in the premarket comcasts bid does rival the current offer from fox well have much more on the breaking story straight ahead. Great analysis and guests coming up throughout the show. Lets check Global Markets following yesterdays big rally. It was a strong start to the week with the dow gaining 1. 5 futures indicating a higher open for the dow which is up 18 points in the
Do with the manufacturing reports. But not much movement. Olivia a big earnings day with 30 S P Companies reporting today. Earnings numbers are coming in pretty mixed. A little more action in the currency market that is pretty much flat also. , the dollarndex dropping from a fourmonth high and the euro a little stronger but under 1. 10. Perhaps the real story is the the royal bank of australia left benchmark Interest Rates unchanged. Little movement on oil prices, perhaps a rebound from yesterdays selloff, but a commodity driven currency like the aussie dollar and canadian kurt the taking a hit in recent months. More Health Care Companies are making deals. Today, one is excepted while a much larger one is being turned down. Team Health Holdings agreed to aboutc health care for 1. 6 billion. It represents a premium of 37 over ipcs Closing Price yesterday. Team health says it will expand their ability to staff hospitals with qualified doctors. Billion offer by shire is being ignored. The