A surprise appointment at the head of ubs. The ceo of ing to take over from Sergio Ermotti. He is known for the Digital Transformation at ing and a eran of the dutch banking banking a comparison to whats been happening here, hamers is a relative outsider to the rarefied world of swiss management. He has climbed the ranks. He was the head of the dutch and belgium banking units. He has been ceo since 2013. What he is known for is leading the Digital Banking push in an effort to win customers and he is also known for cost cutting, and thats what he has been doing, bringing ing back to profitability by reducing costs. Sergio ermotti recently cut the banks financial targets for the second time in as many years. We were reporting that the search for a successor was starting on friday. That news came through. The International Wealth management cohead was widely seen as an eventual contender for the top rule. His run in with his former boss, Tidjane Thiam, apparently dimmed his standings with
Currently down. We are still trying to figure out what the next leg for a lot of these markets is. Industrials are under pressure today. We are still trying to figure out the aftershock from the global selloff that we saw on tuesday and wednesday. The other thing that i am looking out for is the yuan, dropping the most since august of 2015. Some trade figures in china disappointed and of course it is boe day. Bloomberglso on to a fewnce. , we speak guests. Kaplan of the Federal Reserve bank of dallas joins us in an hour. A little bit later on we will be axeld by axa labor weber. Lets get straight to the bloomberg first word news. Societe generale has the estimates has Beat Estimates. It was expected to post a loss. The ceo of frances secondbiggest lender is upbeat. First of all, Fourth Quarter we did better. Decline. Very modest u. S. Senate leaders have announced a budget agreement that would provide nearly 300 billion in additional funding. Extend the plan would the National Debt to
Useless . Congress back to work and a lot on the table tax refor, Harvey Relief and fast approaching debt ceiling. Will anything get done every building after Hurricane Harvey how much is it going to cost well ask a ceo of u. S. Concrete im Brian Sullivan power lunch begins right now welcome to power lunch, september is off to a shaky start. Stocks are at session lows, posting the biggest one day tumble since august. In the wake of the saber rattling, the dow plunging more than 200 points and oil soaring hitting the highest level in almost two weeks, gold hitting its highest level of the year as well United Technology down more than 3 , remember its a big yield deal news of the day agreed for 20 billion insmed, more than doubling, positive data on the experimental lung cancer drug. Tyler . Thank you very much good day, welcome. We are going to begin where all of the action is for us, and that is the markets. North koreas latest bomb test reverberating through the markets right now, tak
Slightly the nikkei up by 0. 2 . Shanghai composite under pressure as was the hang seng, down by a third of a percent the hang seng down by a third of a percent, shanghai composite down by a half percent in europe, in early trading, mostly green arrows. The dax is up by almost 1 the cac in france up by a half percent. If you check out crude oil prices, yesterday up 1 to 49. 16. This morning wti back down to 48. 99. Lets get an update on Hurricane Irma heres what we know. The most powerful atlantic hurricane on record ham agriculture string of northeastern caribbean islands with winds up to 180 Miles Per Hour its a category 5 storm. Its killed at least eight people and millions are without power. On the island of barbuda, 90 of the buildings have reportedly been destroyed for the latest lets get to nbc meteorologist kale dionne. Its an active time in the Atlantic Basin we have three hurricanes irma, jose and katia thats the First Time Since 2010 the main topic is irma as it marches clos
Speaks claims do jump to 298,000. Our road map begins with cohn on the outs the president no longer considering him as the next fed chair. Plus bracing for one of the most powerful atlantic storms ever recorded. Hurricane irma is is battering puerto rico overnight. Deal maker and chief, President Trump stunning republicans making a debt and harvey funding deal with democrats. First up stocks are aiming for a second straight day of gains following tuesdays sell off. Coming off its 7th positive session with the Energy Sector posting the best day in a couple of months. Trying to make some connections between irma and what it might bo dodgers the gdp and rate hikes and not to mention more stories about reinsurers and the damage they may sustain. We saw an up tick in jobless claims this morning. That was expected. Its going to hover for a little while. At least on the debt ceiling front you got a little bit of clarity so youre adding and subtracting as we go along. Talk about a big jump is