Industry. They took questions about the use of thirdparty seller data and allegations of anticonservative bias. The subcommittee will come to order. Without objection, the chair is authorized to declare recess at any time. Welcome to todays hearing on marketing power. Amazon, apple, facebook, and google. I would like to remind members we have established a distribution list dedicated to circulating specific motions or other written materials members might want as part of our hearing today. If you would like to submit materials, submit them to the email address distributed to your offices. We will circulate materials as quickly as we can. Thatld also remind members face coverings are required for all meetings in an enclosed space such as Committee Hearings. I expect all members on both sides of the aisle to wear a mask except when you are speaking. I recognize myself for an opening bateman Opening Statement. This committee launched an investigation into Digital Markets to document compe
Data, that amazon does not use that data for its own benefit, and im now hearing you say, well, youre not so sure thats going on. And the issue that were concerned with here is very simple. You have access to data that far exceeds the sellers on your platforms with whom you compete. You can track consumer habits, interests, even what consumers clicked on but didnt buy. You have access to entirety of sellers pricing and inventory information past, present and future, and you dictate the participation of thirdparty sellers on your platform. So you can set the rules of the game for your competitors but not actually follow those same rules for yourself. Do you think thats fair to the mom and pop thirdparty businesses who are trying to sell on your platform . I appreciate that question, and i like it a lot because i really want a chance to address that. I am are proud of what weve done for thirdparty sellers on this platform. We started our thirdparty platform 20 years ago, and we had zero
The week. Vix below 30. We have a stronger euro today. Europe definitely doing better on the coronavirus front. The 10year yield holding at those lows of 64 basis points. Kicking off this week. Investors awaiting report from the largest u. S. Banks. Lets get to brian levitt, invesco Advisors Global strategist. It seems there is more optimism than pessimism on the earnings front. Why should that be . Brian i think it is largely not investors view the Second Quarter as being priced in by the markets. 35 in 20 was down days, pricing in a bad secondquarter, and a big hit to earnings. From there, you assess whether things start to get better as the year progresses. Investors are largely looking out beyond the Second Quarter as there has been resumption in , as mobilityvity has improved, conditions have improved. It is largely a look at things getting better, rather than taking the Second Quarter will be anything but pretty ugly. Vonnie it seems investors will be cheered by anything. If you
Thanks for taking my question, you added a sentence into the statement about the course of the economy depends on the path of the virus is this do you feel this idea or view is not widely enough understood do you feel you had warned back in may that too early reopening or cautious reopening might harm the economy do you feel that message is not heard and some of these reopenings took place perhaps sooner than they should have i think we feel that it might be the most central fact or the most central driver of the economy is the virus were seeing that again. You saw that during the lockdown when we got cases way down you saw the economy reopening. You saw spending go up and hiring go up now that the cases have spiked again. Again, the early data, highfrequency data suggests that theres a slower pace of growth at least for now. We dont know how deep or how long that will be. Its such an important sentence, we just decided that it needed to be in our post meeting statement. Its so fundame
Arizona, and hospital cases in california all marking new highs. Plus top advisers to President Trump are set to urge the u. S. To undermine the hong kong dollar peg to punish china for its crackdown in the city. Ons get a quick check up how markets are set up for the open. Here is Sophie Kamaruddin in hong kong. Sophie in asia this wednesday, we are seeing a mixed start to the session with focus on china and if mainland stocks can keep up that rally we have seen for six days. Futuresd 14 so we have in the green for the most part. Hang seng futures settling higher after the rally did stall in hong kong on tuesday. Switching out the board, checking in on the hong kong dollar, which continues to have the 7. 75 mine as they continue to defend the peg, we are seeing little reaction in the curb. Jumping into the terminal for a big picture book, low 200 pips after the spike we saw in may but staying elevated on economic and political uncertainties. Tracking any reaction to a bloomberg report