Continues in solidarity. We will have the latest. Global stocks rally, and then filing just a little bit as we count down to jackson hole and the highly anticipated speech by the fed chair, jerome powell. Here is the state of play. European stocks a little bit lower, dragged down by rollsroyce, in particular, with record highs throughout the week. 68 basis points. We look at that later in the day, we might get more traction. Space, if you are looking for a quiet complex, it is the currency right now. The movement is contained, the dollar barely halting a loss. Wti, at the moment, just barely below the flat line. High, whereemonth they are looking out for live images from the area to get a better sense of the potential damage that might be inflicted. Morgan stanley says the extent of the impact on oil refining will be evolving in the coming weeks with the risk of higher or extended outages, mandatory evacuations in place in some of the coastal areas. You are looking at live pictures now
Jackson hole goes virtual. Jerome powell gives an update on the central Bank Framework review. We hear from bank of england governor Andrew Bailey and ecb philip lane. No more lockdowns here. Italy joined france and spain and rolling out another nationwide shutdown. Despite rising cases in all three countries. Global infections past 24 million. The eu trade chief phil hogan quit after growing criticism that he broke my wrist rules by going to a golf dinner. Just under an hour away from the start of cash equity trading in europe as hurricane laura makes landfall in cameron, louisiana. See european futures swinging back and forth between gains and losses. Right now, dax futures up about 1 10 of 1 . The futures doing a lot of nothing. A bit of a stall after global stocks really had an alltime high again yesterday. I want to bring you some breaking news on wpp. The second quarter, organic sales at the advertising behemoth down 15. 1 . This sales hit was something that investors were focuse
Agenda on the postelection economy, we are joined i larry kudlow, who is very kind to join us from his vacation time. We are thankful for that. He is President Trumps chief economic advisor. Larry, thank you so much for joining us. Mr. Kudlow thank you for having me, ben. Prof. Peterson i will also have a separate ben i will also have a separate conversation with pat mchenry. You can follow along with the h tag rncpolitico. I want to ask you about what President Trump said in 2016 and even before that when he was running for president. He called the stock market a big fat bubble blown up by the fed that was set to explode. I wonder why it is not the same thing now, given the fed is pumping huge amounts of money into the economy. Why is the stock market not a big factor like you said it was in 2016 . Mr. Kudlow it is a completely different situation today than it was in 2016, dealing with the pandemic. And the resulting Economic Contraction permitted getting the pandemic. Premitigating
Private sector economists, and members of the news media for this annual gathering. As you well know, it has been our custom for nearly four decades to welcome you to beautiful jackson hole, wyoming, part of the regions served by the kansas city fed. And i look forward to returning to that setting next year. With this years online format, instead of expressing my gratitude to those who travel from around the globe to attend this symposium while managing jet lag, i will offer my appreciation to those attempting to manage local time zones with the current time no ranges from 6 00 a. M. Thursday to 1 00 a. M. Friday. This year has been an extraordinary one for Monetary Policy and central banking. Many of the issues that we talked about for some time, including the low level of Interest Rates, slower case of growth, effects of heightened uncertainty, and how to effectively communicate Monetary Policy, have been amplified by the economic fallout of the pandemic. For more than a decade, it h
Especial good morning on sirius xm channel 119, and the path of hurricane laura. That will be a long pass of rain over the next number of days. It is a natural disaster, and every expert says, not that it will affect national gdp, but nevertheless a profound storm. Lisa it really raises the question of what resources the United States has to do with a storm of this magnitude, the biggest storm hitting the u. S. In records going back to the 1800s. How much we have to combat this at a time of such economic distress. Tom galveston here, i believe, and the sunrise over to lake charles and onto new orleans. The path really centered right on the louisiana western border and texas eastern border. Landfall with 150 miles per hour, a scope back to 1856. We fall back to the jobless claims in 28 minutes. We are numbed by one million a week. Lisa i dont understand the relationship right now between the economic at and markets. We are at record highs for the s p and nasdaq, a little off that, and y