Closed down by about 2 . The losses were more severe by the hang seng. Down 2. 1 . The shanghai off by 0. 3 the nikkei down by 441 points. That will get your attention lets look at early trading in europe again, some declines there not as severe as we saw in asia, but the dax is off by 1 lesser losses for the cac and the ftse declines in italy and spain. Yesterday the tenyear yield was 2. 35 , this morning at 2. 34 . We are watching the price of bitcoin surging past 12,000 towards a new record high. The currency got a boost on friday when regulators announced it would allow the cme group and cboe to allow bitcoin future contracts. Theres a few economic reports on the wall street agenda the november adp employment report is out at 8 15 eastern followed by revised Third Quarter productivity and labor costs at 8 30. On the earnings front, brownforman, h r block, American Eagle outfitters are set to report before the opening bell broadcom and lululemon are out after the close. We mentioned
Were decoupling 2. 27 . 30year at 3 . Fiveyear at 2. 6. And i go through all of those to highlight the yield is steepening and continues to do so. Global yields, this is getting interesting. Italian tenyear, 2. 21 . Its moved 18 basis points in a day. You see the biggest weekly rise, oneweek rise for the italian, german and french tenyear yield, we have seen it happen the highest in years. How long . 30 years. But all the strategists said probably five years four or five years ago we were wait iin. Here we are. What was happening the entire time that rates were not going up . We were sub2 . We were stuck in the muck, basically. The greatest thing, i mean, to see the stock market hitting new highs while rates are surging, if youre at zero on rates and sooner or later you have to normalize, if rising rates are going to move into financial assets, you have a problem with stocks going down. Unless you decouple. Rates are going up for good reason, then the stocks go up at the same time. You
The hang seng was up about half percent. And the shanghai up about. 6 . The European Equity markets. This is the early trade. Relatively flat. The dax is flat. Cac is down less than. 2 . The ftsi up about a. 25 . And the italy index about 1. 5 . And spain just over 1 . And up about 0 30 cents. Brent up about 33 cents. Couple of big stories this morning. Bp reporting overnight. Quarterly profits dropping 80 . That topped expectations, oddly enough. The company says it now could cut Capital Spending further as a result. Ceo expecting prices to recover towards the end of the year as pruszers stop work on fields and demand strong returns. Also dupont is raising its full year guidance. The chemicals and seed producer planning to merge with dow chemical but last year regulators needed more time to review materials related to the deal. And today were expecting results from dow components 3m, numbers from Pharma Company eli lilly and hear from its chairman and ceo at 7 30 eastern time. And fac
Morning. Our road map begins with a new Gopcontrolled Senate for the first time in eight years. Implications for the rest of the president s term and the markets. Media earnings also out. Time warner lifts its outlook. We have a beat from Rupert Murdochs 21st century fox. Both stocks rising after a drubbing yesterday. And better than expected adp numbers. Well get that ahead of the big jobs number coming up on friday. But last nights midterm elections resulting in a power shift on capitol hill. Republicans retaking the senate for the first time in eight years, capturing at least seven seats and defeating democratic incumbents in states including north carolina, colorado, arkansas. The gop also strengthening its grip on the house, winning governorships in blue states like maryland and illinois. It is a stinging defeat for the president and his party, who by the way, is scheduled to hold a News Conference this afternoon and is planning to meet with congressional leaders in both parties o
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