Bloomberg Audio Studios, Podcasts, radio News.
This is Bloomberg Daybreak Weekend, our global look at the top stories in the coming week from our Daybreak anchors all around the world, and straight ahead on the program, a look ahead to this week's FED meeting, what it means for monetary policy. I'm Tom Busby in New York.
I'm Caroline Head in London, where we're looking ahead to the Eurozones Big economic data job.
I'm Brian Curtis in Hong Kong. We look ahead to the machinations of one key central bank, and then what's next for a key industry that would hope to curb the power of central banks.
That's all straight ahead on Bloomberg Daybreak Weekend on Bloomberg Eyleod on Free Own, New York, Bloombergen ninety nine to one, Washington, d C, Bloomberg ninety two to nine, Boston, Bloomberg nine sixty, San Francisco, DAB Digital Radio, London, Sirius XM one twenty one, and around the world on Bloomberg Radio dot Com and via the Bloomberg Business APPA.
Good day to you. I'm Tom Busby. We begin the program with a look ahead to this week's Federal Preserve Policy Meeting, a decision on rates expected on Wednesday. Twenty meetings in a row with either a rate increase or no change at all, will the Fed finally vote to cut rates for more. We're joined by Michael McKee, Bloomberg International Economics and Policy correspondent. Michael, I think the handwriting is on the wall. What are you expecting to see though this week from the Fed?
The handwritings on the wall? And for the first time, as you mentioned, in a very long time, we're actually going into this saying it matters what they do for so long. We've been saying they're stuck higher for longer, and it doesn't matter what they do at their meeting.
It's going to be what they.
Say about the future. Well, that one's going to be both because there is a slight chance of a fifty basis point move because they didn't fit rule it out before the quiet period began. Nobody really thinks that's going to happen, but it's out there, so it'll be the first thing people will look at is how much did they cut? And so that will be important. Then we get the summary of economic projections new forecasts for the economy and the dot plot, and that'll capture some attention as well.
Now, the Fed has always said we are data dependent. Any move we make is all depends on the data. Let's talk about the data we saw this past week consumer and producer price inflation. How will that factor into this decision?
Kind of a downside surprise.
Yeah, well that's what cemented. I think the view that we do twenty five instead of fifty and really took away the hope of the fifties folks, because while we got a very small increase in core CPI over what was anticipated and the same in PPI, it doesn't suggest that the inflation is going to be going the other way or there's a huge danger of inflation accelerating. It just shows that the battle is not won yet and
the FED can't rest on its laurels. And so that's why people are saying they shouldn't go fifty because that might send the wrong message. They want to send the message that we are still vigilant against inflation.
And we're going to keep an eye on it.
And as last week, Christopher Waller from the Federal Reserve said, if data from this point on show that fifty is worth doing They can easily do that, but right now they're not ready to.
Now some of the people who are calling for a fifty basis point cut, I think the Fed waited too long to initiate this cut, that they kind of missed the boat at the end of July and we saw some very troubling data about jobs. We saw a little uptick in inflation growth. Do you think they missed the boat, do you think? Or is it steady as she goes and they're on the right path.
Well, it's impossible to say, except in hindsight that they were behind the curve. The argument is that, as you noted, the labor market has slowed a lot. We haven't seen consumers spending really slow yet, except that the people's savings are kind of dwindling, and so there's a feeling that's
going to happen at some point. The thing about in recessions is they're based on confidence, and all of a sudden, people lose confidence, both consumers and businesses lose confidence in their ability to pay for new what economics would call investments, all the stuff you buy, and so they pull back on their spending. And right now it doesn't seem to
be the case, businesses have slowed down. We don't really know whether that's because they are waiting, and it does seem logical they are waiting to see the results of the presidential election and what the tax and regulatory regime will be like going into the new year. Consumers through the back to school have been spending. We'll see if that continues, but the latest indications from the high frequency
indications from retailers are that people are still spending. So it doesn't look like there has been a seizure of lack of confidence seizure among people yet. So it's hard to say with any certainty that they may or may not have missed the boat. The only thing that you do know is that it takes a long time for
monetary policy to hit the economy. You're going to hear after Wednesday, especially Donald Trump, who's already said this, the Fed shouldn't be cutting rates and it's going to be unfair, and it's going to be a boost to Biden and Harris. But it's not because you won't really see any impact on the economy until next year from even a twenty five basis point cut. So if things deteriorate between now and the end of next year, you could say they got behind the curve, but we don't know yet.
Well, we have a big decision this Wednesday from the Federal Reserve. Our thanks to Michael McKee, Bloomberg International Economics and Policy correspondent for full FED coverage, be sure to tune in Wednesday one thirty pm Wall Street Time for a Bloomberg surveillance special, The Fed Decides, joined Tom Kaine, John Ferrell, and Lisa Abramowitz as they break down the decision with the biggest names in finance, economics, and business.
That's one thirty Wednesday on Bloomberg Radio and Television. We move now to the logistics and services delivery giant FedEx, and with its busiest time of year nearly here, FedEx reports first quarter earnings this Thursday. So how will an organizational restructuring impact its earnings ahead of the holiday season. Well, for more, we're joined by Lee Clascow. He's Bloomberg Intelligence Senior Transport, Logistics and Shipping analyst.
Will Lee.
Let's start with what you expect to see in FedEx's earnings report this week, coming off a very strong Q four in June.
Yeah, Well, thanks for having me. You know, I think that FedEx's should report another solid earnings report. You know, they were show me story for so many quarters, and they've really shown the market, if you will, that they can't execute on their strategy. They have a bunch of restructuring plans that are underway that are expected to save a significant money, over two billion dollars in physical twenty twenty five on top of the one point eight billion
that they saved in twenty twenty four. So you know, they're really doing all the right things. They're restructuring their businesses into one main reporting business. They are changing the way they operate their air fleet, and they're really taking costs out, something that that company didn't do for a long time. It really became an old fat company, and they're really taking a good look inside and making it a much more productive organization.
Well, they also laid off tens of thousands of workers in the last year or so.
Yeah, I mean they you know, that's always an unfortunate event, but you know, they, like I said, there was a lot of fat, if you will, that needed to be them. And with the you know, advent of technology advancements and productivity tools that they're able to use you just simply don't need as many people as you once did, whether you know that's on the dock or you know in accounting.
Does robotics play a lot into that?
Not so much robotics for FedEx. I mean, you know, they have really state of the art sorting facilities across the country and the world. You know that does a lot of that automation, and that's able to save not only time but money for the company. So that is definitely in net positive, but that's not really what's driving I would say the head cuts a lot of that. The head count reduction is really on the corporate side.
Now, in addition to those job cuts, there's also capital expenditure.
They've really pulled back or are they just you know, really.
FedEx was famous for buying a lot of planes, maybe even if they didn't need them. What they have done is they've refreshed their fleet into a much more fuel efficient fleet, getting rid of some of the older, less efficient planes, and they're also parking a lot more equipment. So you know the reality is they don't need as many planes as they once did. And not only does it need as many, but you know, not just because
from a restructuring of their air freight network. They also don't need as many because a lot of the planes either can can do more with less, if you will.
Now, speaking of freight, you have reported that there's a possibility of them spinning off that freight unit.
Is that still in play?
Yeah, so they're freight unit is or less than truckload business. That's it's a very good business, but it's currently under a strategic review. You know, we expect that could generate an enterprise value of between thirty and thirty three billion dollars for the company. You know, right now, the less than truckload market is having a little issues with demand.
Demand is down for a.
Lot of the carriers that are in the market, and the reason for that is we're really coming up against tough comparisons. One of their large competitors went out of business last year and we're kind of past that anniversary. Also, you know, the ism has been in contraction territory for something like twenty one over the last twenty two months. So that's not great for LTL demand because it tends to be a leading indicator.
Now a lot of businesses and consumers pulling back on spending times are tight, especially as we're coming into the holidays. Do you think there's going to be a lot fewer packages people choosing ground instead of air. I mean is how will this affect FedEx in the coming months.
Yeah, So the consumer is obviously an important constituent for not only FedEx ups, Deutsche Posts, but really all modes of transportation that I cover. We're relatively bullish on the consumer. You know, we think that a couple of things are going to happen a you know, we are transitioning back from buying services to now going back to buying stuff.
We all so believe that we are going to have a real peak season this year pecause of that, and seasonality is continuing is coming back into the market because we've gone so many years from the pandemic of these crazy dislocations that made comparisons next to them possible. So you know, we're getting back to seasonality. We think there's going to be a peak, which I think could surprise
demand on the upside. And we're really gonna be paying close attention during the earnings call on Thursday on when management talks about you know, what they are expecting from peak from their conversations with their shippers.
Well FedEx fiscal first quarter earnings out after Wall Street's closing bell this Thursday, and our thanks to Lee Classical Bloomberg Intelligence senior transport, logistics and shipping analysts. Coming up on Bloomberg day Break weekend to look ahead to the eurozones big economic data drop. I'm Tom Busby and this is Bloomberg. This is Bloomberg day Break weekend, our global look ahead at the top stories for investors in the
coming week. I'm Tom Busby in New York. Up later in our program, we look ahead to a meeting from one of the key central banks in Asia, the Bank of Japan. But first, as expected, the European Central Bank cut rates again at its most recent policy meeting, three months after its first cut in five years. Will lower borrowing costs lead to economic prosperity for the block for more, Let's go to London and bring in Bloomberg day Break europbanker Caroline hepgar.
Tom in Europe, it seems that rake huts are like buses. You wait five years for one, and then two arrive in quick succession. When the EU became one of the first major central banks to cut its lending rate, this summer, it hearted progress made on tackling inflation. This time around, the bank delivered another twenty five basis point cut, citing further progress against their economic goals. But European Central Bank President Christine Lagarde says that you per area growth risks
are now tilted to the downside. Speaking at a news conference in Frankfurt following the committee's decision to once again lower boring costs, she emphasized the importance of economic data going forwards.
So the President, the Vice President and I welcome you today to our press conference. The Governing Council today decided to lower the deposit facility rate, the rate through which we steer the monetary policy stance, by twenty five basis points. Based on our updated assessment of the inflation outlook, the dynamics of underlying inflation, and the strength of monetary policy transmission, it is now appropriate to take another step in moderating
the degree of monetary policy restriction. Recent inflation data have come in broadly as expected, and the latest ECB staff projections confirm the previous inflation outlook. Fiscal and structural policies should be aimed at making the economy more productive and competitive which would help to raise the potential growth and
reduce price pressures in the medium term. Mario Draggy's report on the Future of European Competitiveness and then recall it as report on empowering the Single Market stress the urgent need for reform and provide concrete proposals to make this happen. The risks to economic growth remain tilted to the downside. Lower demand for your area exports, owing for instance, to a weaker world economy or an escalation in trade tensions
between major economies, would weigh on your area growth. We have consistently said, and we repeat again that we shall remain data dependent, and that is particularly justified in view of the uncertainty that abounds.
That was the European Central Bank President Christine Lagarde speaking there. Despite the upbeat sentiment of Eurozone policy makers, growth is faltering across the region's largest economies and consumer confidence remains below pre pandemic levels. The ECB's latest projections downgraded output over the next three years, whilst the outlook for underlying inflation nudged higher for this year and twenty twenty five.
In the coming days, markets will receive more European inflation data alongside the Bloomberg September Eurozone Economic Survey, which may help to guide the two remaining ECB policy meetings that are left this year. All of this is something I've been discussing with Bloomberg's senior Euro Area economist David Powell.
The most important data point will beginning this upcoming week to you.
Is that the finallying on CPI for the month of August, and that will allow us and others to look at as a more grammar look at underlying measures of inflation. But basically, broadly speaking, those measures are coming down. The headline number isn't very far from the ECB's target right now and all moving in the right direction. A real number that's is concerned to the ECB's services inflation that has remained uncomfortably high at over four percent, and that's
what the ECB is focused on. This is the second reading, so it's unlike it moved that much from the from the first reading, so it'll be more important for the ECV on terms of inflation. We get the reading for September and that's out on the first in October.
Is there a danger that the ECB has been overconfident on tackling inflation. They haven't ruled out a further cut in October.
Well, these policy rates, deposit rate is in very restrictive territory. We think that kind of a neutral level would be about two percent. So monetary policy has been very tight. We have seen that in the economy, with the economy having flatlines for a long time in your area, and they have made significant progress on inflation. Like I said, the headline number now is now very close to the target.
And when we look at measures of cost pressure, so wage growth and negotiated wages, things like that, they're all moving in the right direction. And an ECV can't wait until they're actually there to cut because voluntary policy operates with the long leag They've got to be more forward looking and they see everything going in the direction they want it to be going, and I think monetary policy can be less restrictive.
Now.
Expect, though, is for the economy in Europe to remain under significant pressure. You saw it in the ECB's forecasts from this week's bank meeting. How will markets react if the incoming economic data isn't positive? Will there be concerns that the ECB has left it too late.
Yeah, I think generally speaking in the your area as well as in the US, so around the world, there are concerned that that tight monetary policy is really taking it all on the economy, and of course the markets are react negatively when.
We get the bad data.
We're seeing that not only in Europe, in the US as well, and.
So in terms of what that means for others who are affected by interest rates, particularly for the European banking space, what do you expect from that.
Well, A lot of banks, of course are benefit from the rise in interest rate because their interest rate income has gone up, and then they will have a negative impact as that comes down, although it won't be immediate because for many of these institutions they have longer term they have longer term assets and liabilities. They will be benefitting for a while from higher interest rates, and we have we've we've seen that in the government bond space where Italy has.
Had a very high demand for its bond in recent in recent options in order for investors to take advantage of these higher interest rates before they come down.
Will be the effect on the European Central Bank If the FED cuts by fifty basis points in the days ahead.
Well, the the the e c D has been moving on its own at its own pace. The e c B cut before the FED, and so it really at a monetary policy based on what's happening in Europe. Having said that, of course, not ignoring what the SAID does.
What the FED does is an impact on the exchange rate, and they'll be watching it closely if the if the FED were to have an aggressive move, it would probably increase the probability of the ECB moving more aggressively as well, meaning it would increase the probability of a move in October, although at this stage we don't think that Planckly, what do you make.
Of the idea of higher for longer? Is that really true for Europe?
Well, we have we moved away from that now. The CD had its first cut in June and then we had to cut yet announced and we think the CB will cut again in December, so they have the higher the longer idea of this idea of kind of reaching a plateau is the chief Aponos the Maank of England referred to as a table mountain approach. You kind of get up and it's very flat for a long time.
But this isn't looking like table mountain. It's certainly more like a like a a peak that we've come down and we think will continue to come down after December. In the next year, you'll probably be having cut at a quarterly pace.
How much concern is that within the ECB around the growth prospects of Europe? I mean, the US also is perhaps cooling, but only a little, and the underlying strength of the economy has been evident for months. China has seen kind of a lot of big disinflationary pressures. How much concern and Europe is exposed to that, How much concern is there within the ECB about the slowing pace of the economy.
Well, the ECB has a single mandate just inflation reserved, a dual mandate focusing on inflation and employment, so the ACB doesn't have to pay as much attention to employment as epent. But of course in order to meet this sensation objective, it has to look at what's going on the economy, because an economy it's too week will produce inflation that's below target, and we saw that.
For many years preceding the pandemic.
But at this stage they really focused on the inflation numbers as a whole, although there are voices that are becoming increasingly concerned about the slowdown the economy and the potential for that to lead to an undershooting inflation eventually, and that's probably why we've seen some more of support for a back to back cut at the ECB, needing another move in October. As it's reported by Bloomberg.
News David, there's always a concern amongst the different members of the European Union and the Eurozone indeed about the differing performance of certain countries and whether or not interest rates happen to suit them at the particular business cycle that they are in. Who is most worried now?
Well, when we look around Europe, there are the various economies that performed differently. The President of ECV, Christiane Regard, highlighted it for press conference with this month that Spain and Netherlands.
Are doing very well, others are not.
If there's one country that had stopped doing well right now, it's Germany. Germany's industrial sector who has had a number of hits in recent years from high energy prices as result of the war in Ukraine and softening demand in China, which is one of its largest export markets, and it really does continue to kind of be in thedulgence right now, and it's looking like a sick man of Europe as it was called for many years before before labor market reforms were introduced.
My thanks, sir to Bloomberg's David Power for taking us through the data to watch when it comes to the European Central Bank. I'm Caroline Hetger here in London. You can catch us every weekday morning for Bloomberg day Break Europe. Began at six am in London. That's one am on Wall Street.
Tom, Thank you, Caroline.
And coming up on Bloomberg day Break weekend, we look ahead to a monetary policy decision from the Bank of Japan. I'm Tom Busby and this is Bloomberg. This is Bloomberg day Break Weekend, our global look ahead at the top stories for investors in the coming week. I'm Tom Busby in New York. We turn now to Asia and what could be a big decision from the Bank of Japan, which is weighing just how far to adjust its policy
easing settings. We get more from Bloomberg Daybreak Asia co hosts Brian Curtis and Doug Krisner.
Tom the Bank of Japan meets in the coming week, and this smart money is suggesting no major surprise is expected. But what are BOJ officials thinking. Well, a Bank of Japan board member says the BOJ will adjust policy provided the economy performs in line with projections. We welcome Paul Jackson to the air waves Bloomberg Economy Editor to take a closer look at what we might expect. Paul bog official seem a little nervous here about the volatility that
was caused by the rate hike in July. So let me go out on a limb and say, not likely they will make a move this month.
Yeah, I think you're right there. I think it's a time to wait and watch given the extreme volatility we saw after that July rate hike. Remember this is only the second time the Bank of Japan has raised rates in the last seventeen years, so we saw in very sharp volatility afterwards the nick K stock index and its biggest drop on record following the rate hike. Of course, one of the key factors was also US data, which fed into the narrative for the Federal Reserve rate cuts.
So it wasn't just the BOJ rate hike that caused that volatility, But still I think there's enough reason there for the central Bank in Japan to want to just wait and see look at market stability and also to look at the impact of that second rate hike in July. So I think the widely held consensus for next week is there's going to be no move from the Bank of Japan, but that does not mean rate hikes aren't in the pipeline coming ahead.
The enormous volatility with the unwinding of that yen carry trade as well, which then brings to my mind the concern that the BOJ may have when it watches the currency perform in markets. Is there a kind of a comfort zone that the BOJ has, do you think for the en visa e. The dollar?
Ah, well, that's that's a very interesting question. Of course, the BOJ would argue that it is not targeting any currency levels. But let's face it. You know, the yen has been extremely weak against the dollar, and while that really helps its global companies, its companies with a lot of exports, it inflates the earnings for those companies. For
domestic operations, it's the opposite. It raises all the costs puts pressure on them, and it also makes the power of the end for the average Japanese consumer, especially for thinking of going abroad, much weaker. So in terms of levels, i'd say one sixty is definitely two weak. We see a lot of talk about the end getting too strong when it's you know, between one hundred, one hundred and ten, So we're a long way off that, but for sure
that the narrative is going to change towards. Is the end strengthening too much we get past one twenty, I would say.
It's hard to argue with the math. At the moment, it looks like US rates are heading down, that Japanese rates are heading up, and when you put that all together, it would seem to argue for a stronger yen. The pace is what matters, I suppose the most. The pace was just too abrupt when we had the July rate hike, so some modulation there. But the end will get stronger from here, right.
I think the end is going to get stronger, But I think we should be wary of thinking that the Bank of Japan has seen that volatility and is now scared off hiking again. I think they've been very consistent in the messaging that no, no, If forecasts are met as we hope, then we are going to continue hiking. Now, is it going to be every quarter? No, I don't think so, but I think the consensus is that December or January is probably the timing for the next rate hike.
And don't forget we had a story with people familiar and their views that BOG officials see this idea that a nominal interest rate about one percent is probably around the minimum level for the neutral rate. So if you think of it in those terms, that's three quarter percentage rate hikes that could be in the pipeline.
Paul, take a step back. Help us understand the macro view of the Japanese economy right now, economic growth and inflation, how are they performing well?
The economy has been sputtering. We've been lacking a consumption in real terms, and that's really down to inflation. Don't forget, Japan has not been used to inflation. It's had decades of deflation. The goal in Japan has been to create inflation, not crush it, so the optics are very different in Japan. Inflation at the moment overall is at two point eight
percent and that's been really weighing on consumer spending. Really, we're looking to see if the economy is kind of engaging gears and is now moving towards growth of the positive inflation cycle that allows more right hikes.
Paul, Thank you, Paul Jackson, Bloomberg Economy Editor. Next up, we segue from the world of central banks to the world of limiting the power of central banks. Cryptos. Coming up later this month a very big conference Token twenty forty nine. It's going to take place in Singapore. A lot of very interesting topics coming up, such as the metaverse, DeFi, NFTs, Gold, Macro, of course, Web three dios, and a whole lot more.
In Joining us now on the program to discuss what might be said is Suver shri Ghosh, Bloomberg Crypto Currency Reporter with us in our Singapore studio, Suva. I know the US elections is a big issue with regard to crypto. When we get to this Token twenty forty nine Singapore agenda, what will the biggest issue p.
Firstly, I would like to kind of just give a quick summary about this Token twenty forty nine because why we care is important. You know, this is the most popular, most well represented crypto conference globally that Singapore hosts every year, and this time there will be twenty thousand people attending globally from across the world, which is double that of
last year. Coming to your question over here, the main themes as we go into the US elections is, of course what will be the outcome of the US elections results on crypto, especially given that there are two candidates, one has very clearly talked about pro crypto, you know, stance, and then there is Kamala Harris who hasn't yet given a very clear indication of stance on crypto. So that will be a very big theme that I expect to play out in this conference in Token twenty forty nine
which starts next week. So we will clearly and very openly speak to a lot of venture capital funds and are there are big ones coming from US, from Europe, from all across the world for four to twenty forty nine in Singapore, and we are going to speak to them to understand where will they put their money in. Because in the back of the theme of US elections,
there are a lot of projects as well. We saw in the last two years, there are projects which had and companies which is moved, which were moving out of US for a not so favorable climate towards crypto. Then these are very crucial stuff that you're looking to cover from the crypto.
Cryptocurrencies I think we can agree. I mean rose in popularity pretty dramatically during the pandemic, and then twenty twenty two happened in November, the cryptocurrency crash. There was a lot of conversation before that about venture capitalist interested not
only in crypto but in blockchain technology more broadly. Is now the notion of artificial intelligence really providing a lot of very tough competition for new money that would have otherwise maybe flown or flowed into the crypto space or the blockchain space.
I mean, the thing is that you know, the money is of course a part of money is limited, and venture capital obviously would like to optimize the returns for their LPs when it comes to choosing between AI and crypto. Of course, in the last year or so, AI was a fat but we have been seeing that that fat is slightly fading and people are looking more for projects which are detailed use case rather than just pure play infrastructure,
be it in AI or in crypto. So to answer your question in a short wait, it's basically venture capital funds are looking to invest where the use case is more prominent than just going by the tag, which is either AI and crypto. And I think personally speaking that this will merge in this conference as well, where AI and crypto will come together, they will intersect, and we will see a lot of investors looking for those kinds of projects.
There's a lot of technical aspects to this. For instance, we've seen mining difficulty increase for bitcoin, and you'd have thought that that would lead to higher prices, and perhaps to a certain degree that happened, but bitcoin has actually dropped about ten percent since you have this software code adjustment, So you're seeing quite a lot of whipping around volatility in cryptos. Will that continue?
Interesting question, and yes, crypto is a volatile asset and it is likely to go ahead in that way, meaning that the volatility is likely to continue. Of course, the initial support was from the exchange traded funds that were there in the US that piled up a lot of bitcoins. But then after that the initial demand fizzled out and we again saw macroeconomic conditions paramitter like inflation growth, all this taking over, and Bitcoin was reflecting that as well.
In terms of volatility going ahead. You bring a very interesting point about mining. Yes, the mining ban in China had an impact, but we are seeing you know, spurts of mining growth in different parts of the world, and that is giving rise to some kind of support on the bitcoin prices. At the back end of it, however, yes, bitcoin is a volatile asset and no one can say what would be the future of the price is going ahead, whether the demand and supply will continue to match to
push prices higher or not. But this token twenty forty nine will clearly show the trend of investor demand as well as what miners are saying over here, because that's going to be crucial for the you know, the aspect of what will happen to bitcoin price is going ahead.
Suva, thanks so much for joining us, Suva. Shrik Ghosh there, Bloomberg Crypto Current see reporter. We'll have Dan moorehead, the founder and CEO at Pantera Capital speaking there. Mike Novograt's a big name as well, CEO at Galaxy Digital. That's all coming up in this conference. I'm Brian Curtis in Hong Kong along with Doug Crisner. You can catch us every weekday here for Bloomberg day Break Asia, beginning at eight am in Hong Kong and eight pm on Wall Street.
Tom, Thank you Brian, and thank you Doug. And that does it for this edition of Bloomberg day Break Weekend. Join us again Monday morning at five am Wall Street time for the latest on markets overseas and the news you need to start your day. I'm Tom Buzzby. Stay with us. Top stories and global business headlines are coming up right now