Sep 12, 2013|
What's Up On Wall Street - Andy Cinko, Bloomberg
Transcript - Not for consumer use. Robot overlords only. Will not be accurate.
We are joined on the line it right now by one of my favorites and EC go and it's always good to have -- on. After a New York Giants lost as well so -- Wow Andy and you welcome in this morning. Banks and really building up. And it just so you know I'm the proud owner of an Eli Manning mr. potato head has the giants. Patriots in the super -- -- so. I think we're pretty much even at this point. Let's take a look at what's going on in the markets markets up big yesterday. Mostly I think on the Syrian news as well as some data out of China was there anything else that markets were looking out yesterday. And not not a heck of a lot that -- detonated at a time. China -- that big pick me up because as you know they've -- Chinese the economy's been slowing down in the little weaker. People were afraid that it was gonna get worse worse. That doesn't seem to be the case and of course Japan winning the Olympics did you know that has some people confident that that building boom will result of the stronger economy. You know that's flowed into -- those things are looking pretty good you know this month. -- we're seeing some huge gains for the cyclical part of the stock market talking about things like industrial that would be like you know come in pending engines. Financial and doing great beat them both up over 4% materials and technology. And -- PDs speed that they can't stay at news thirteen your -- You have you know that they seemed to be a bit back in the stock market people came back to work it's got -- optimism surgeon on Wall Street. And you mentioned technology and the the main focus in technology right now as of today. Apple with their big unveiling expected to be potentially cheaper iPhone may be a slightly updated model as well as IO OS seven. What are your expectations for kind of the performance after this and do you think there might be. Any surprise that they might be willing to law to show us today that we haven't really seen since Steve Jobs passed. Yeah I -- I would hope for some sort of surprised because the Latin otherwise this has been a very well telegraphed product announcement. From apple and and you know it used to be one of these events where you word never quite sure what they would would roll out there would always be some sort of twist. We haven't had that no wild that would be it would be great if there was it was -- -- I think it would really give apple. Share that shot in the arm that might show that the -- is back. In terms of the announcement today it's going to be pretty straightforward we're looking for an updated. IPhone 5. From the company and we're looking for is something that is cheaper for the Chinese market you know there is they have press conference tomorrow where -- wireless company in China. And that has many people speculating that Apple's worked on a -- Similar version of its high end phones. But for that lower and developing market China India and other places. And took -- can do that. Apple's got a pretty good chance of rebuilding its market share in China but of course this will be a lower margin phones though it's got to make up the -- in volume. Now in in terms of looking at any other data today obviously the big things people are going to be watching. The serious situation as well as what happens in this apple announcement is there anything else. That we should really be focused on as we go into this afternoon. Yes I would point you toward Italy we have a bit of heart stopper here few minutes ago Italian stocks fell off a cliff. There were two things that occurred there's the bank and Italy called -- patchy it's one of the oldest. Financial institutions in the world and that's stock had been halted because it would limit down meaning it had fallen as much as it was allowed by the exchange. And that's a similar time the prime minister there in Italy had canceled his speech for this evening we could expect that people were may be afraid that there was. -- new news about market -- and perhaps the bank was in deeper trouble than what we're already aware of. That has not come to pass so that seems to have gone behind that you know there are still wrinkles and problems in Europe that. That may come back to -- -- And other news around here is not but not that leave no he we've we've spoken we've seen that the president has come out and said that he is now willing to talk about the. Russian proposal that he would turn over it chemical weapons stockpile. So we seem to be on a more diplomatic path but of course present will have a speech this evening it'll be interesting to see how he leads -- all these new elements together. Given the changing events over the past three or four days. All right well Andy I appreciate it coming on with us this morning and I certainly wish the the giants the best luck against a tough Broncos team. This weekend and we will catch up with you later this week -- All right. Our that was -- -- go from Bloomberg News.