But nonetheless, we are seeing some read on your screen here. All three major averages fall about one quarter to a third of 1 to a lot of investors waiting this afternoon when we get the minutes from the fed. Also watching retail numbers that continue to roll out from the various individual companies. That is a slowdown from the prior quarter and it is lower than analysts had anticipated after one quarter of lows outpacing home depot, it has fallen back behind, more than normal pattern. There is the case of target, cutting its annual forecast. Sales are down in the last quarter. Had earlier been 540. The company is also cutting its projections for sales, cutting like thet it looks strategy will not continue to bear as much fruit. Urban outfitters are the outliers this morning. Those Companies Beating estimates. Strongeres are utilities, if you look over the past month, you can see a utility index within the s p 500 down more than 6 . This group had been the out performer in the first p
To y welcome manus welcome to countdown. Anna commodities a big theme. By some concern investors around the highyield markets in the u. S. The junkbond ecf close at a sixyear low. We talked about highyield bonds and the spread has been whitening. Widening. Now the Goldman Sachs event expressing concern. Talking about real carnage in junkbond market. Markets. They say they have the most Investment Opportunities since lehman collapsed. Manus it worries me when you have a Major International when you talk about this junkbond or these high yields, when you look at the oil industry a big portion the yields are rising to the highest level since 2009. That goes back to the conversation we had yesterday, a lot of restructuring. A lot of expense to repay the 1. 5 trillion that is the size of the u. S. Junkbond. News. Lets the first word reporter Chinese Consumer inflation Beat Estimates. Cpi November Rose 1. 5 year on year. The Producer Price index fell 5. 9 , extending declines. Meanwhile, the
It has just gone 6 00 in the morning. The chinese stock market a little less volatile today as a result of some of the government actions. They seem as if they are wanting to take on the speculators in the offshore market. That means the cost of borrowing surged hong kong, that to another record. It seems the intervention by the liquidityaining yuan in the offshore markets. Murderous ins terms of stamping out the speculation. The whole point about this is trying to bring the offshore yuan and the onshore yuan. This is the start of the day, offshore yuan and onshore yuan are coming together. The first time they have been at the same level since october of last year. Lets take a look at your morning market check. Where is the money flowing . It is flowing into the yen. By 2. 8 e yen increased versus the dollar last week. 7. 53. T around 11 today, a little bit stronger for the japanese currency. Manus oil is moving. We are precipitously close to the 30 level. Contract, volumes nearly 50 a
Some earnings blackberry, remember that company . You used to have it a couple of years ago. They are reporting earnings. This is the earnings report. It is a losses report. They will not make any money. Lets go to the data check. We have a lot to talk about. We look at the stocks and bonds it to this quickly. It to the emerging markets. The 10 year yield creep up. The euro dollar is weaker. Weaker yen. Hydrocarbon is up. The vix is better. The dow is at a record high. That is one of the shanghai libor rates. It has the attention of the world. Lets go to the chart and tell the story. Here is the threemonth rate in china. This is good news. It is stability. Here is the first blowout. They come in at a higher level to try to stabilize. It has not worked. Was taper, with indonesia we go again. This links right into coal. It does. Can the china banks live without help . That obviously does not work. You wonder when all of this begins to fold back into the american market. That will be for
Why is it so unique . Because it is in beijing, headquarters of the China Investment corporation. How much do you have to invest . We have 200 billion. 200 billion . 200 billion. This is the funds president , gao xiqing. He has poured billions into investment houses on wall street, causing some concern here in the u. S. We think, based on your historical behavior, china, that youre gonna do mischief in our economy. [ticking] hey, how you doing . Oh, im doing well. How are you doing, sir . How you doing, scott . Good to see you. Is davos the most important meeting on earth . Well, the top of the alps is a long way to come for the rich and powerful, but youll run into billionaire george soros; eric schmidt, the guy who runs google; nobel prize winners; captains of industry; kings; and even a queen. Lot of the work is done just sitting in the cafeteria in the Congress Hall and just seeing people pass by and discussing things. The queen hangs out in the cafeteria . I enjoy hanging out in t