the response, of course, still to those fed comments, giving a lift to the shanghai composite, up better than 3%. 2% for the hang seng. nikkei adding a little as well. given the strengthening of the yen, a sign of progress, a welcome sign, you could say. the european market, ftse 100, up .7. better than 1% for the xetra dax. >> you can read either one there. when i read this, they walked in feeling strong. and then within two days, going, no, i don't know about -- we can't -- the 85 billion -- what if we do -- none of them had any -- do they? >> i think they need to let the economy react. the economy is like a 12-year-old on a bike with training wheels. we can just -- >> you got a keynesian on steroids here. you think there is not enough ink and paper in the world. >> monetary policy has not stimulated the economies of europe or japan or the united states. >> she's glaring at you. >> i think it felt evident. it doesn't take much to look around the world and see who is being accommodative, in response to what conditions and what are the markets and economies doing in turn. >> will we ever

shanghai down 2.4%. in europe, though, you do see a lot of green arrows there as well the biggest gains coming from germany. the dax is up almost 2.4%. the footsy 100 is up by about 1%. we're kind of bouncing off of what happened on friday when we got that better-than-expected jobs report, that did send stocks higher on friday. ilt it fueled the tapering. doin joining us is dean baker. also, tony fratto, managing director of hamilton play strategies. tony, i was a little surprised when i read through some of your notes. it sound like you are worried the fed could pull the rug out from unthese markets too quickly. >> i have felt this for a while. i have been surprised about the rush to get into talking about the tapering. i have been saying this. i feel like if there is any risk of us, a lot of people talk about america is turning into japan because of what the fed is doing. i don't think it's a real parallel. one parallel i worry about is the choking off of, you know, organic growth, getting to organic g

not much movement in shanghai or in hang seng. if you look at oil prices, we have been watching these so closely, hovering around $105. this morning, down by 79 cents to 104.70 for wti. the ten-year note is the other one worth watching, because this has been the tail wagging the dog. yield is 2.58%. it touched 2.6% yesterday. if you look at what is happening with the euro, the euro yesterday up for the fourth time in five sessions, versus the dollar. it touched its highest level since june 19th. this morning, it is trading higher once again. euro at 132.73. the dollar yen, the yen at 98.50. gold prices at least at this point are indicated down, just barely. down by 2.60. $1,326 an ounce. let's talk about starbucks which came in with numbers that sharply beat the street's expectations. howard schultz says it was the global coffee chain's best performance on record. joining us now to talk more about the numbers is r.j r.j. hovotni from morning star. these numbers are certainly something to crow about, the street likes what they're s

the shanghai markets are all ending higher. the nikkei actually closing at its highest level in a month. you see it up 1 and a quarter percent. european shares are higher as investors digest a slew of numbers coming in, the including the latest figures on manufacturing and employment, investors are focusing on the manufactured pmi. again, if you take a look at the european markets, you will see the dax is up .3 of a percent. and the kak is up by .7 of a percent after closing at its worst quarterly drop, gold is bouncing back this morning. it's helped in parts by the san francisco fed president john williams. on friday, he said he is backing off his view the fed should start cutting stimulus this summer. you are right, backtracking on all of this stuff. gold is up by about $15.16. back to $1,042 an ounce, gold is taking a toll on investors in david einhorn's green light capitals. that fund was down nearly 12% in june. it's down about 20% for the year. >> here in the united states, despite shortened week, on once, adp is out with

almost 2% in shanghai. the nikkei down 3.3. do the math. that would get your attention. then in europe, they're all up. but not much. let's look at oil. the oil board, that's been stubbornly above 100, but coming down slightly, $104.53. the ten-year, i saw, was at 2.56, almost 2.56. dollar n , if we're going to europe, it's got to come down. the euro, slm 1.43. gold on a little bit of a run. i'm thinking about buying some. >> really? >> because of man q. i read man q.'s piece in "the new york times" over the weekend. he mentioned buffett and all the people that don't like it. just because it's noncorrelated with anything else. he says 2% of your portfolio could be in gold. >> are you going to buy it anyway? >> no, no, no, no, no. >> store it. >> yes. if i could find a place to buy them where i didn't have to buy a big -- not a lot of them, but i'd maybe buy a few of them in case i need to bribe someone in the future for something. >> always thinking. >> for something. i'm not sure what. but if paper money is ever useless. it could be food. it could be passing -- you know

that's giving a boost to the stock markets in hong kong and shanghai, though a different story for the japan benchmark index after hitting a new six week high briefly, the nikkei closing down 56 points following trade results from china. also fed minutes will be on the minds of investors this morning. minutes from the latest policy meeting out at 2:00 p.m. eastern. traders looking for any further clues on when the fed will begin to scale its bond buying program back. and we'll have more coming up on that with chief economist and managing director of global research. checking europe, right now red arrows across the board there, as well. cac off, ftse off, and the dax off. but not horrible. and brent pushing above $108 as china's imports of crude fell 7.4 7.4% from the previous month. the spread between brent and west texas intermediate narrowing slightly making wti more attractive to investors. >> blackberry is reportedly going to cut more jobs. "wall street journal" says the new cuts will come at middle management levels in the sales and support divisions. that would be on top of 5,000

half a percent in shanghai. in europe, you will see at this point the dax is up by over 1% as is the cac in france. ftse up by about 0.8%. we do have plenty of earnings news thorn. boeing, earnings $1.67 a share. compared to street estimates of $1.58.thorn. boeing, earnings $1.67 a share. compared to street estimates of $1.58.horn. boeing, earnings $1.67 a share. compared to street estimates of $1.58.orn. boeing, earnings $1.67 a share. compared to street estimates of $1.58.rn. boeing, earnings $1.67 a share. compared to street estimates of $1.58.n. boeing, earnings $1.67 a share. compared to street estimates of $1.58.. boeing, earnings $1.67 a share. compared to street estimates of $1.58.boeing, earnings $1.67 a . compared to street estimates of $1.58.. boeing, earnings $1.67 a share. compared to street estimates of $1.58. also some strong numbers for ford in the second quarter. company posted earnings of 45 cents a share. revenue also above consensus. and that stock up by about 3.25%. pepsi came in with earnin

nikkei up by about 15 points, shanghai com positiposite down . and in europe, things are bury bunchidge there, as well. modest advances. >> today is about the intersection of policy and investing and economics. and no one better equipped than david mccormick, bridge water associates co-president and member of the management committee. he was treasury undersecretary for international affairs during the bush administration. brid bridgewater has more than $150 billion under management and the world's largest hedge fund. thanks for coming in. so we'll hear a couple things in the next frankly half hour. we'll hear from jack lew on dodd-frank and i want to get your views on that but we're going to get bernanke's testimony at 8:30. what are you expecting to hear? >> i think what you're likely to hear is what you've been hearing. if you would step back and said how would we have expected if this was managed well the qe process managed well, how would we sxrekts this had to go. >> that implies you don't think it's being managed well. >> no, i do. i think

of our country if we didn't pass this bill we could find london or frankfurt or years down the road shanghai becoming the financial capital of the world. and the first guy we saw was mr dodd who put the dog in dodd frank he got that a little bit wrong then he got that wrong jack reed would say today that he he regrets those words and mr schumer unfortunately because of this they have made singapore and london the financial capital of the world because with investment banks no no national borders and we talk about competitiveness what is it competitive that goldman sachs for example with its thirty two thousand employees has five thousand in london they are not american foreign exchange students they are london citizens paying the london payroll taxes this competitiveness is a feel good word that actually means exporting american jobs but it could also mean regulatory arbitrage not only between different countries but even in the states that we have them yes regulatory arbitrage is the same thing as when a teenager wants the car keys and mom won't say yes so they go to dad so if you don't lik

i've been convinced of the asia pacific region as hong kong and shanghai. right now and the decision to reduce the corporate taxes in the forest to make this easier but again nobody is thinking seriously both to transfer and crush into the not sure sure sure country when it's an idea it's a work in progress or you guys actually were not all make a subtle and i'm sure place. we will try to. do this but we are not. we are not trying to perth various financial services in so wholly in our east to make society in to. give us the. places convenient for investments i wonder what japan will say about that i think then japan will start cooperating with us even. islands and. from pragmatic point of view not a political point of view. going cause of the crew islands means putting money in. and trying to take quite away from from russia well here's another graph let's take a look at that this crap actually shows that western european countries generate more offshore wealth than anyone else in the world pretty clear that you want so sure is down and out of existence ri