Nov 14, 2012|
The First Look - Michael Regan, Bloomberg
Transcript - Not for consumer use. Robot overlords only. Will not be accurate.
Good morning welcome to show it is Wednesday morning November 14. That day after we lost 58 points on the Dow Jones Industrial Average just seems like ever since the election. Market's been trending downward it is almost a steady slide -- we have one slightly. Positive day since the presidential election but for the most part it's been a steady slide. On the down slope. This morning we got retail sales numbers that I found quite disappointing commodity thirty but the futures didn't seem to move in the future still in positive territory. Yeah you know I got to tell you opening not bad Dow up thirty points NASDAQ up fourteen S&P is up five. Oil trading up seven cents to 8544. The US senior US treasury one point 615 -- that's up from yesterday and and you get gold up 360. To 17:20. Am not surprised at the retail sales but the way to gas prices of men and Santa hurricane sandy -- sandy has. Cause I think this off number I think Mikey that's around here I -- -- verify that we're joined by Michael Regan from Bloomberg News in New York might carried one. Is that that is that the deal and retail sales I read on Bloomberg News is the number broke they said they attributed much of the decline in retail sales first time in four months. -- auto sales. That's right I think you know it is and he was such game changer for so many of these statistics that seek coming out of August that you know I think decent futures could really react too much to not think. Reports are looking past this record saying okay you know it is steady kind of -- -- Any impact this number -- the Commerce Department itself so it was unable to collect information from areas affected by the storm and I was not able to quantify its it's impact so. Of -- you know the next report next -- -- a little bit more where he you know on on what exactly impact was I mean obviously you know people pick -- which. -- wonder you know when there hunkered down trying to whether hurricane. But on the other hand you know people loaded up on it suffered from deep and you know supplies the storms so. It it could have it could have an outsized impact side. Either way. All right so it. Basic effectively telling the Soviet catch up number in the next month right. So that next people be looking at next month so a lot more closely at that -- it's it is such an isolated event that. You know -- even at two months I think people will not put too much you know success on either report. -- surprise expectations for the FOMC meeting minutes they come out this afternoon at 2 o'clock. News it will what you anticipated to. Well again it's it's gonna be one of these reports where you know. So much the economy you know shifted. Because of hurricane. Now with you know attention folks on the fiscal cliff that. You know. I -- the market rule. Obviously take in stride with a minute say that the -- has been so -- in telegraphing what its position on policy for the next three years. Keeping rates -- 2015. And you know buying mortgage bonds. You know he's -- -- think you know that the economy is back currency. That. You know. The market is looking at these statements a lot more from what they are rather than as some sort of you know -- leases as with the Fed's next I'll and so. You know today it is legal but maybe -- -- what they say you know what this economic momentum look like last month but again. That's -- came -- really just you know change the whole paradigm so. This again to -- pride that it is much scrutiny as -- other. Let me ask you Michael you brought up the the fiscal cliff how far apart are John Boehner and President Obama these -- the two most powerful man. Country right now arguably the world arguing over this fiscal cliff. You have a sense sitting on their New York do you have any sense as to just how far apart they are. Well you know as you mentioned the markets and I can keep them about 4% from the elections so. The best sent packing gathers is what markets around me and that's you know that is the the markets are not confident that there and very much closer you know that the key talks will be on. Friday. You know Obama and and Boehner and and the other leaders get together and trying to hammer this out. The the most recent remarks from from both sides really indicate. You know -- either one has put in very much. Republicans are still want to. Well we could raise taxes. On the highest tax brackets. Boehner has indicated he'd you know be more willing to. Raise more revenue by. Close some loopholes and limiting some deductions but they haven't really laid out exactly what the talk about now and -- -- to really move in Italy he's got to look at some some really popular deductions like that yeah mortgage interest and things like that so. You know like in the market is really it's not very -- -- that they're getting close. It's really it's turned into you know east meat market would be you know what every headline coming out of Europe to see what you know terms were saying about -- was first and now. -- -- -- got you out and I think the president is feeling his -- he says hey I won this election by three million votes I got a big chunk of the popular vote. I've got 55 seats in the senate he's price taken goes -- -- on the spends on I'm gonna. He you know he he's got a mandate he feels like he's got a mandate to go after the rich so. That effort seems to be as you know -- cents an -- Boehner can come back and say hey guys you know the -- -- America re elected a Republican. And now you know you know we've we've got -- to the that's our constituents too so it. You know both sides are sort of maybe a little bit in the sand inside the -- there so it. These talks on Friday will be crucial and you know going wordy it was expecting them obviously. -- come Allison -- intricate in the that that -- everything but you know even the tone of their remarks after that meeting will be people he'd definitely. Reading -- and the chances you know -- -- a companion. All right thank you very much Michael appreciate it. To Mexican standoff accepting Mexican standoff -- is occurring in Washington DC. You know and I that's really what this boils down to. Gainers on one side of the equation and President Obama is on the other side I -- he's got his agenda. -- you know what we have our agenda here we got a great show for you today hope you'll -- of the stimulus for the duration. -- be joined next by Axel Merck he's gonna talk to here's what I wanna find out. Axles a currency he knows more about currencies than it arguably anybody else in town. I wanna find out what does the future of the Euro -- should we plan our Europe vacations. Maybe maybe we shouldn't be should book your trip to Paris you know it seems well I don't know on a little weak we'll have to wait until we talked axle to learn as to whether or not we should play any European vacation. But we also have. Question of the day. We do okay we wanna -- do you expect. That you'll need help your parents financially at some point. Because there was survey done. Right this is the fidelity -- belly up and it over the Thanksgiving holiday it is going to be a lot of talk about this -- the dinner table than you might have to bring it and say. Came on dad's hi you doing with your finances and be done any planning selling house and they hate you they had with the spoon. Just the flat out don't any of business still pull up the pamphlets to via the nursing home that hurts Thanksgiving. That's not -- you know wait until maybe after a couple -- axis of the fireplace here at Denver at the nursing home -- and that's that's no 68680. Do expect you'll need to help your parents financially at some point and we wanna stop these automobile accidents that have been cut occurring in -- that we will be giving away Turkey today. All right -- that was Bob needs a lot sorry David we did you change it again did you the only my mom it's mom I read it -- it is mom and you -- you've already been flagged. And that's it back tomorrow. I wanted to name the doctor that had the car accident that it was vetoed. Some people. And mom is gone as far as the past 8882052263. When you hear the Turkey gobble beat the 25 caller. At that number and know the password which is. Mama. Generator tech's number 68680 -- were talking about currency specifically. The Euro specifically where to talk to him about the price of gold going forward lots more to go here on the financial exchange.