Julie its more like we are inching toward it. We do have increases but they are not large ones. He nasdaq earlier did into the red and the nasdaq was very little changed. Now all of them are up around. 2 or more and commodities have a lot to do with the rally but so do industrials. We have some Economic Data out of china with car purchases rising for the ninth month out of the last 10. Industrials and the top spot followed by materials. We still see a strong rally despite that. If you look within those industrials, we have caterpillar rising Jacobs Engineering and analysts saying there are signs of stabilization which should be a positive feed through four dover. Railroad stocks are higher, a sort of feedthrough from china and perhaps stronger demand coming from that nation and industrials doing well. All of them trading higher today. Alix commodities soaring and rob materials doing well. Julie oil has been interesting. A build in gasoline and distillates was not expected but crude has
Where julie hyman have the latest. U. S. Markets just keep going up and are very resilient, as we as we have frequent talked about. Trading higher, where we are right now that is the record so we are indeed closing in on that record level. A little further from their record closes but nonetheless moving higher today. Look at the s p 500. Since last may, that is the decline we are seeing. We will be seeing the s p can make up the gap. And reach a new record in the coming days. Once again, a commodity led rally, a broad rally. Tech are the Top Performing groups here. Oil inventories coming up in about 30 minutes. Last night, the epr reported there is a drawdown of about 3. 5 million barrels. We will see of the government numbers match that. The dollar decline in copper futures are coming back after yesterday passes losses. Economic data has been supporting. Percentage movers, companies that make this stuff, that produce the various commodities. Chesapeake energy up by almost 10 . And an
Johnson joining us from our european headquarters. Headline number for me unchanged. Guy they will keep the they purchase facility are saying they do not have enough information to make a decision at this stage. Maybe at the beginning of august we may see a rate cut. Sterling has picked up on the back of that, no rise to see what is happening. We will have to wait a few more weeks before we get that decision. Everybody waiting to see what will happen. I do not know a reflection of whether they believe a rate cut will have zero impact on the u. K. Economy, or want to see the effect of the brexit referendum story will have. It a stronger pound, kneejerk reaction in the fx market, yields higher off the back of the 10 year gilt yields around 0. 7 . Is this to do with a lack of data . All we have is a confidence survey. A bit of data but not much. Sentiment about consumer there are not much indications that some businesses are delaying investment and hiring, some signs pretty brexit vote st
We are getting a headline from it is a of japan and significant number because it is double yesterdays amount. We are seeing bank of england and bank of japan. Are we seeing the limit of what they can do . Tom i am kind of amazed. Francine, it is the most interesting day and then we go into the jobs report tomorrow. Everybody will recalibrate. Theve one item that shows central bank dysfunction that you talk about. Francine if we compare, which i know we will do. Mark carney on the speech june 30 was very careful. Lets get to the bloomberg first word news. Taylor sticking with Central Banks, economists predict the bank of england over deuce the benchmark rate to a record low. Mark carney surprised investors by keeping rates unchanged and they signaled they would cut this month. The central bank will publish the first full assessment of what the brexit vote means for the economy. In london, one person was killed and others injured in a knife attack. Police are looking into whether terror
Apple is gearing up to release the next iteration as early as next month. It includes more advanced capabilities and upgraded hardware, but is it too similar to the last design to get the consumer excited . We are about 30 minutes into the trading day in the u. S. Now. Lets head to the markets desk were julie hyman has the latest. Julie i want to start with oil prices that as having a rebound effect in equity markets as well. Oil almost at 43 a barrel. We had some commentary out from the opec president in a statement on that organizations website, saying that the countrys are in constant deliberations on stabilizing the market. Theyre going to hold informal talks in algiers next month. A couple delegates familiar with the plans here say there are no plans to run new the failed push for production freeze. Nonetheless we are seeing this bounds in oil prices today. This is a missed what has been a very negative environment for oil. We had entered a bear market and are still theres still a