Wall Street Breakfast August 15: China Surprises with Rate Cut as Economic Numbers Remains Weak

Wall Street Breakfast

Seeking Alpha

Business, Investing, Business News, News

3.8 • 950 Ratings

🗓️ 15 August 2022

⏱️ 6 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

China surprises with rate cut as economic numbers remains weak. Enjoy $4 U.S. pump price while it lasts; Goldman sees $5 gas coming back. S&P, Dow, Nasdaq futures tick lower to start big week for housing data. Catch today’s WSB article here.

Transcript

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0:00.0	Welcome to Seeking Alpha's Wall Street breakfast, your daily source of market news and analysis.
0:06.8	Subscribe to this podcast on Apple Podcast, Spotify or Stitcher.
0:11.2	Good morning. Today is Monday, August 15th,
0:13.9	and I'm your host Julie Morgan.
0:15.8	Our top stories, China and Gas,
0:18.8	and later Tesla, Shell, Chevron, YouTube, Best Buy, and Peloton.
0:25.0	The stock market rallied on Friday, resuming its upward momentum after a mixed performance the previous day,
0:32.0	the NASDAQ let the advance. The broader market
0:34.8	recorded its fourth straight weekly gain as the S&P 500 posted its highest
0:39.5	closed since early May. All 11 S&P sectors finished the day higher. This included greater than 2%
0:45.9	gains in communication services, consumer discretionary, and Infotech.
0:51.6	In the earnings spotlight today, Lee Auto, Tinsent Music and Thread Up.
0:57.0	Today is Monday, so in our day watch is what we're watching this week and there's a few things.
1:02.0	Walmart and Target are a few things.
1:02.5	Walmart and Target are both reporting earnings and Deutsche Bank is having a
1:06.8	transportation conference this week as well.
1:10.3	Now our top stories. China lowered two key lending rates and injected more cash into its economy as it looks to keep stimulating the economy.
1:20.0	The People's Bank of China cut its one-year lending facility rate by 10 basis points to 2.75%
1:26.7	and cut the seven-day lending rate the same amount to 2%.
1:30.4	The government reported a batch of mostly disappointing economic data.
1:34.3	Retail sales increased 2.7% in July compared with the same period in 2021, below the 5% forecast.
1:42.2	In addition, China's jobless rate for 16 to 24 year olds hit 19.9%
	...

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