Sort of analogous to portfolio insurance in 87. Stuart not like you to engage me in conversations in the first minutes of your show but i will tell you neil im kidding. Im kidding. There is always sort of a monday morning quarterback that comes back to look at weird things prior. You and i can remember the whole portfolio insurance thing of 87. Just me, just me alone, all these Creative Products that are meant to sort of cushion the blow of just Market Forces end up creating the crisis to begin with . Stuart all i will say is, neil, dont ever come on my show with that stuff, you will get the buzzer throughout. That is a fact. I should have taken your question seriously. I got a car waiting for me right outside. It is warming up. Neil lizzie would appreciate my curiosity on this. Liz yes i do. Neil talking to the wrong person amounts soon as the papers were cleared, thats it. Thank you, my friend. I think stuart is absolutely right to say im obsessing about something so arcane. We didnt
Haystack the dow tumbled another 1,033 points no, no, no. S p sank 3. 75 . Nasdaq nosediving 3. 9 . In all honesty, what does it take should we look the answer is no no at least for the moment. There are far too few winners and the circumstances behind their moves are so hard to predict its simply not worth the hunt, not right now. You have to be content with buying the stocks of the companies you like that have hit attractive levels even if you end up having to buy more lower later betting one day the madness ends with wildness its often a better idea and this is what my advice is to sit on your hands after late afternoons late reversal we know any move higher for the moment will prove to be effectual. I dont want you to sell everything look, im not trying to be a defeatist. Sometimes the truth hurts. First, let me do this. Let me clear up the real culprit behind todays shellacking i heard stocks are going down because of weakness in the bond market this is false. Bonds might have set
The riskoff sentiment also rattled the crypto world bitcoin falls to 6,000. But the ceo of bp tells cnbc that the rough years are over for his country, shrugging off the recent market volatility as they post betterthanexpected fourth quart earnings. We have gotten through years of difficulty. This market turmoil, we are only back to where we were on the 1st of january were very longterm good morning a bit of a bloodbath in europe the ftse down about 1. 65 . The dax almost down 2 the cac down 1. 25 and the ftse mib down 1. 25 . Lets look at the sectors across europe its not a pretty picture for any of them. We can see basic resources down 0. 25 . Financial services down 2 down. Industrials down almost 2 not a lot of good news for investors in europe. After a long stretch of complacency, volatility is finally back lets look at the vix. Note that it posted its biggest oneday jump in almost two years. It was interesting to note just the evolution of the selling on wall street overnight. It
Im Francine Lacqua here in london. We saw a huge plunge in the markets overnight in the u. S. We saw quite a lot of pressure on the nikkei. 1. 6 . 600 now down i will show you a chart of the stoxx 600 in a second, you will 3 , downit was down 4 , and now it is kind of stabilizing at down 1. 6 . 37 can see the vix index. 32, now we have not seen that level for a while. Eems to be finding we focus on the selloff with the chief Investment Officer. We discuss oil prices in our interview with the ceo of bp. We talked the vixs historic spike. We focus on the markets, we also have quite a lot more throughout the program. Lets get straight to the bloomberg first alert news. Heres Juliette Saly in singapore. Juliette the president of the minneapolis fed says he does not think a financial crisis is imminent despite the turmoil. He made the comments in an exclusive interview with bloomberg. If they are pricing in a lower young term yield, that could be leading to higher valuations. I dont see a f
Flat. R yen now we had seen it move lower throughout the session but were off the lows of the session and is vix is what everyone watching. 45 is how were trading on the vix. Thats like a quadruple from what we saw last week. Modestly higher. I was interested as to why we didnt see gold spike more. To be about equities and commodities kind of taking on the chin. Raises the question whether its fundamentals or technical. Well be die jekting over the next two hours. For the first take, there are three top stories. You have equitys and what is the fed going to do . David . Were joined by Michael Mckee, Bloomberg International correspondent and the reporter bloomberg news. What happened with the dow yesterday . Ill pull up a screen that tells story of two days in one chart here. One on the left is what happened on friday when we had those out about jobs. The one on the right is what happened yesterday. Michael, what does this tell us . Tells us that we saw return Inflation Expectations ear