R justately ben laidle calls it a q4 melt up to come. Jonathan pointing out that the u. S. Election volatility could fade. The data might continue to improve. The market might grind higher. But the numbers we are seeing from some of the big employers around the world are not pretty. Tom terrible. I am so glad you bring this up. Horrific, but once again, you separate stock market activity from the social cost we are seeing right now. Jonathan 90 minutes away from claims data, lisa. Lisa we will be finding out a backward look at the latest claims. I say backward look even though is a weekly initial claims that i because we will also be getting a backward look at the income people received in the month of august. One thing i will be watching is the copious amount of additional fed speak. I want to know how much stress they are seeing within the banking sector. And then the theater in washington, d. C. Continues. Steve mnuchin and nancy pelosi continue to talk. Is this just theater, or is
Surveillance today on television, on radio. We welcome all of you worldwide, across this nation, where the linkage, the urgency that we see within our politics and our economics is truly front and center. Get out the calendar. I believe it is 23 july, and this is a nation staggering to the first week of august. Jonathan what urgency . It is sunshine and rainbows in the equity market. In washington, d. C. , we havent seen the urgency we actually need. There are a lot of people still out of work. This market is in a lot of pain, and it is not going to heal as quickly as we needed to. In about 30 minutes, initial jobless claims set to come in at around 1. 3 million again. We need to see much bigger improvement. Tom that will be a key statistic of the week. Rule number one in the equity market is follow bonds. I continue to see yield compression, lower yields and flatter curves. Jonathan sunshine and rainbows lisa sunshine and rainbows very much funded by real yield that is negative by the
Flatten. The currency move of the day is what is happening with the turkish lira. A huge move today. We will discuss that later on in the show. Because theres a war going on between the president and the central bank. The last 24 hours hasnt brought much certainty and who will govern germany. Chancellor merkels largest partners expressed no interest in coming together and she said she would rather have new elections they go forward without a majority. Matt miller has been covering each development and we welcome him from berlin. Bring us up to speed. What is going on . Matt you summed it up quite well. The key is she doesnt want to go forward without a majority. The form still prefer a Majority Coalition with either the ftp and the greens or with the std her Current Coalition partner. That seems so unlikely, the ftp having to walk out of Coalition Talks. The stp saying it is no way interested in prefers to stay in opposition. Now the president whom you see here is going to try and forc
10 00 we get the isn manufacturing data for july and later this morning u. S. Automakers will report july Light Vehicle sales. Good indicator for the market and Consumer Spending. From shakeups to the white house to the senate remaining in session, every day brings new twist and turns. The man who follows it all is kevin cirilli. I guess we have to start with the white house. What happened . He barely lasted 10 days. Yesterday i spoke with several sky Bridge Capital announced scaramucci was fired by kelly hours into his first full day as chief of staff at the white house. Essentially they are saying this was general kelly trying to himself on day one to give himself a clean slate. The statement from the white house announcing the firing. Himself on day one to give himself a clean slate. They say that Anthony Scaramucci will be leaving his role as White House Communications director. He felt it was best to give chief of staff john kelly a clean slate and the ability to build his own tea
The s p 500 down 1 . The nasdaq down more than 1 . We are seeing those attempts for a new rally, but they are not holding on to those gains. Take a look at the s p 500 intraday chart. We are not getting to that high we saw in may of last year. Right now, trading below that 2100 level. Lower, losing 1 . For the entire week already in negative territory. The s p 500 reversing three weeks of gains, down. 3 . The dow still clinging onto those gains of. 1 . Says there is the scrutiny from stock down more than 2 . That fund has been under investigations internationally from switzerland to four other countries. The bank is being asked to report on its 6 billion in bond sales. Take a look at intel today. Have a chip order from apple. This is a big win for intel. Apple had used qualcomm in the past, but they are trying to diversify their supply sources. We are seeing Government Bond yields across the world just plummeting. 10 yeary tenure yield losing for basis points. Thats four basis points.