Faster Consumer Recovery and it is monday, june 1st youre watching Worldwide Exchange right here on cnbc good morning, good afternoon, good evening, welcome from wherever in the world you may be watching us i am Brian Sullivan. Thank you for joining us on an important day on cnbc. We begin our coverage this monday, as we always do, focusing on markets, economies and global business. That is our business here on cnbc and this morning, in a new month, we find those things are at the crossroads of four very important events number one, the planned reopening of the American Economy and whether that is now at risk. Two, both peaceful protests and riots in nearly every major city in the country three, rising tension between the United States and china. And, four, 40 million americans currently out of a job and hoping for a recovery that puts them back to work. Throughout this hour and the entire business day, you will hear commentary and analysis from investors, money managers, executives an
Highyield credit another risk asset down for a second week in a row. A cautious tone. We have been in this big rally. Some might be nervous whether or not it lasts. We are coming to the close of a rough week, particularly for oil. What is going on with Energy Stocks . Abigail it is interesting because on the week energy is the only up sector, up 1. 1 , even though oil is down 33 . Connect bit of a dip some of the investors bottom fishing. When you look at the s p 500 on the week, it is a bad week. The worst week in about five weeks, down 2. 7 . Inflection points sometimes happen very slowly, but it will be important to see what next week brings. If we have another down week, that could suggest a whipsaw in emerging range. Next week we will get a look at earnings from Big Companies such as apple, alphabet, amazon, microsoft. It could be an important earnings week along with the macro we have been paying attention to. Investors seem a little bit cautious. David all of the tech guys. Than
Mike corbat, the ceo of citigroup, as steve mentioned, the worlds global bank with 200 million customers and accounts within 160 countries. Huge from anybodys measure. Since becoming ceo in 2012, he has focused on leveraging citis Global Network to serve its institutional and banking clients with an emphasis on strong execution and the highest ethical standards. Mr. Corbat has been at citi since his graduation from harvard in 1983. Prior to his current role, he has held a variety of ceo positions for citigroup, including ceo of europe, middle east, and africa, ceo of citi of the Global Wealth management unit, and the Global Corporate and commercial bank. He is actively involved with several civic and cultural organizations, including his roles as executive Committee Member of the partnership for new york city and as a board of trustee of the United States ski and snowboard association. I would like to introduce dustin walsh who will be moderating today. Hes an awardwinning senior forr
Capitol hill falls far short of democrat hopes. And the greatest brexit cheerleaders says its time to act decisively to pull the country out of the european union. Lets get you started with a quick check of how markets closed the wednesday session here in the u. S. It was a mixed picture across markets in the u. S. Picture, but you can see, of course, that the s p 500 rallied to another record high. We have very strong numbers out of ups with its profit guidance. Higher. Aq also closed Texas Instruments posted strong earnings. Boeing and caterpillar really weighing on the dow, which underperformed. As. Futures at the moment little bit in the red at that 3018 level. Yields were down with manufacturing pmi barely avoiding contraction territory. Lets see how things are shaping up for asia. Sophie geopolitical risks into the fray once more after north korea launched two projectiles this morning. We will see if japan will strip its neighbor of its preferred status. Nissan earnings as the ca
Testifiesller finally but his longawaited appearance falls somewhat short of democrat hopes. Shery we have breaking south korea gdp numbers for the Second Quarter. The preliminary numbers year on year are seeing growth of 2. 1 , which is better than the expected 1. 9 growth. It is also an acceleration from 1. 7 in the First Quarter. Quarter on quarter, those numbers also avoiding a technical recession after contracting 0. 4 in the First Quarter. We are now seeing quarter on quarter growth of 1. 1 , which is better than expected. It seems that we have seen more Government Spending and south korea. The contraction that we saw in deceleration in the First Quarter came from local governments not spending as much. Now we have Government Spending kicking and again. Also consumption being relatively resilient despite the fact we have been getting contracting freddie lacks exports contracting the last seven months. This has been a difficult environment for south korea. Investments have been fa