Translator this decision is after four years of being in office and is anything but trivial. And oil prices provide a boost to stocks. And the president elect meets critics and supporters in a bid to assign key cabinet roles. Good morning, everybody. Welcome. I am surprised with the french primaries and the landslide. I remember you saying last week that you thought that the polls were turning. A lot of analysts didnt realize how much the polls were turning on the ground in france. It just happened within the space of the last week. That was a lastminute turnaround for him. Precisely. Well be talking about this coming up. The European Markets are down by. 30 heading into trade. Weve got quite a bit of activity in looking at the various sectors out there. You are looking at the main European Market being mixed. The xetra is down along with the cac 40. You have the opec meeting in a weeks time, so well be talking more about oil. The first week saw gains over a month or so. And we are see
Nicole in a shed the nikkei ended slightly higher in China Shanghai composite index dropped 1 . Lauren the art of the deal. President elect donald trump reaching an agreement with the carrier to keep 1000 american jobs in indiana. Nicole fox business headlines partner Goldman Sachs chairman steve minich and will be the next secretary. They will both be on the Maria Bartiromo letter this morning. Lauren facebook friends the mobile gaming on this messenger platform. Nicole in sports, the mets beat Los Angeles Clippers but it took two overtimes in every dark rivers in what is being called the weirdest ending so far this year. Lauren i cant wait to see the ending. 5 01 a. M. In new york. The last day of november, welcome to fbn am, your first look at todays market than the latest breaking news. Nicole oil prices traded sharply higher imacs but patients in opec will reach a deal to cut oil production. Oil currently up about 5 . 47. 47 a barrel. Discussing a deal amid a global Saudi Energy M
Well but they are not doing much for stocks. Not seeing a big decline. One would think, a b that is because it is bringing forward when the fed might raise rates but we are not seeing bond yields rise or the u. S. Dollar. Take a look at the bloomberg map. We have Energy Shares trading higher, Consumer Staples lower. A Diverse Group of groups doing poorly today although it seems like there is a little bit of a rotation out of the defensives. Within the Consumer Staples, have kraft heinz pulling back today. It does not look like a specific catalyst that is driving them lower. In terms of the dow loggers we have cocacola and then we have been talking a lot about the home depot. They said the First Quarter would likely be the high point for the year in terms of sales growth. It is off from january to february and february to march, slowing sales growth. That appears to be behind what we see in the selloffs. Scarlet and a bright spots . It looks like energy is the bright spot that it is not
Group rising on the stoxx 600. Helped in no small part by yesterdays fed meeting. Still, the stoxx 600 is a low the close of june the 20th. This is the big piece of macro data. Business confidence sinking to a four and a half year low in the days after britain voting to leave the eu. Sliding to six in the wake of the record random referendum. The lowest level since december of 2001. The height of the european sovereign debt crisis. This gauge fell to 33 at the height of the financial crisis. The first negative reading since july 2012. Lets focus on u. K. Property. Have u. K. Property funds frozen withdrawals this week after four more joined the list. To dump realking Estate Holdings in the aftermath of the brexit vote. These are how Asset Managers and companies have fared. Declines of 8 to 23 . Be beingortugal might hit by eu sanctions. An unprecedented step to break budget deficit guidelines. This would be to enforce the rules to prevent another debt crisis. According to the european
Some breaking news on pending home sales in june. Lets head straight to the market desk where julie hyman has been one and the data. Julie weaker than estimated. 2 . Crease of two on the one hand, we have very low Mortgage Rates and on the other hand, rising prices seems to be offsetting any gains from the historically low Mortgage Rates. Coming in below estimates for the month of june. In the meantime, we see all three major averages higher. In the meantime, we have been watching apartment landlords on the real estate front. Stocks been watching like Equity Residential which came out with earnings earlier. It seems as though the issue for many of these companies is manhattan in san francisco, they are seeing greater than equityated weakness, residential cutting its forecast for the third time this year, offering a lot of incentives to renters to try and get them to rent here. Are under pressure and i just want to pair that with the pending home sales number we just got. It is interest