Following yesterdays rout john ferroli and dan sculley join us. Happy friday to you both a lot of debate this morning about the jobs number, and the degree to which it tilts the macro debate whats your take its more of the same, which is strong job growth, low unemployment, but disappointing wage numbers which is the story weve seen a bunch of times over the last year or two i dont think this does much to resolve the debate growth looks good. The question is where inflation is going the wage numbers dont scream out that theres a whole lot of inflation worries for the nrt nearterm. Dan, do you agree how long can that dynamic last i would say we had solid news in particular in the manufacturing jobs sector this morning. We may continue to see that as we get infrastructure announcements into january potentially some changes in capex trends as we have fiscal tax reform and tax changes the broader takeaway for our team is that were seeing a rate of change inflection in job growth going back
Anna very good morning. 6 00 here in london. 7 00 if you are joining from paris or berlin. Not a lot of movement in the bull market. 2018 a seen so far in surge in risk assets. Morgan stanley talks about euphoria. Others talk about a melt in equity markets. Equity markets in asia in the wake of the bull markets, msci asiapacific down. Perhaps taking a breather. Speed anddo with the pace of that move. We will talk about that more as we go through the program. Lets talk about what is going on in currency markets. The yen is on the move. For ase currency is up second day. It was described by many strategists and economists as a small tweak to boj policy, not it not a change in their qe strategy. We do see a second day of moves for the japanese currency. Crude oil up. Of thellows a strong set moves for energy markets. We see 2. 5 gains. This all comes on the back of u. S. Industry data which signals that crude straps and dropped for an eight week. That may be the biggest decline since 1999
Its a very modest decline. All in all, when i look at the full year, we have done better. We are gaining market share. Anna a warm welcome to the program, this is bloomberg daybreak europe. In the london, 7 00 land. We go there in terms of the results we get first this morning. Fourthquarter net income coming in ahead of estimates, 801 Million Euros is the number on the bloomberg right now. The estimate was for 569. 6 million. The company has been cutting costs and has sweeping restructuring plans. The focus is really on that restructuring progress and what they are doing there. Also on their dividend plan. Theyre telling us for your dividend will be 0. 32 euro. The focus, the comparison with ,ts rooftop with its rival will become italys largest company. Credit has at union his plan in his sights. On watching for an update nonperforming loans, a focus for this is this as well. Lets stick with the banking sector, commerzbank has their numbers hitting the bloomberg as we speak. For her o
Some of the averages with the dow and s p are a little bit lower. The nasdaq is higher. Nxp semiconductors is pushing tech stocks a little higher today. I want to focus on some of the weighing downe some of the major averages. Im going to start with merck off almost 2 . Federal judge tossed out the verdict that merck had previously won. Merck is a little bit lower. Walmart and Procter Gamble are all. Off. Dragging down all of the staples including Procter Gamble. I want to take a step back and look at the broader macro picture by looking at the dollar. Were having the first threeday rally so far this year. Doesnt sound like much, but for a year that i see no weaker up threedayout 9 , so far this year isnt a terribly bad story. You would not expect the dollar to appreciate, but we have a lot about rates rising. Focusing on the treasury auction 6039. Es g btv the twoyear bond deal relative to the s p 500, pretty incredible going back to 2008. You are seeing that gilmore blended dividend
The issuance of costly promises is virtually limitless. Shery Central Banks release Meeting Minutes with important clues for investors, while Neel Kashkari shares inside insight on the fed stock proccess. Wall street overreacts to everything. They overreact to the upside, they overreact to the downside. Shery plus, the earnings drumbeat continues loud and strong. What is pleasing is all parts of the business are performing well. There is still a lot more work to be done, but we are pleased with where we are today. Shery it is all straight ahead on bloomberg best. Shery hello, and welcome. Im shery ahn. This is bloomberg best. Your weekly review of the most important business news, analysis, and interviews from Bloomberg Television around the world. Markets were closed in the United States on monday, but there was plenty of drama elsewhere, as a euro group put forth a nominee for the vice presidency of the European Central bank. Nejra the euro group has nominated luis de guindos for the