U.S., Mike Wilson, Nathan Hager discussed on Bloomberg Daybreak

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6 30 on Wall Street Good morning I'm Nathan Hager And I'm Kerry and Moscow are just about three hours away from the open of U.S. training as he had to up to date on the news You need to know what the shower U.S. futures are rebounding from yesterday's sell off which saw the S&P 500 dropped 1.7% At one point the index was down nearly 3% and Morgan Stanley chief U.S. equity strategist Mike Wilson sees more selling ahead Corrections are always about price and time And so from a price standpoint I think it's ten to 20% Great But time I think you've got to get through the third quarter earnings season Let's see how the revision breath kind of plays through that Let's see how the market digest the fed moving towards tapering by year end Morgan Stanley's Mike Wilson says the fed will be key and today the Central Bank begins day one of its two day policy meeting Officials are expected to hold interest rates near zero while telegraphing the timing on tapering asset purchases U.S. markets are stabilizing this morning There still concern over China's real estate sector There are questions whether China ever grant can make good on $300 billion of liabilities Again more from Bloomberg Stephen ankle and Hong Kong This is a case where if it doesn't create the contagion that Beijing is really worried about it will default It will essentially then go into debt restructuring or ultimately a failure What is happening is the smaller developers that are also have these duller bonds stressed right now They've mentioned China central real estate fantasia rice son and cynic They've all been downgraded to negative by S&P Bloomberg Steven engel says the stress developers shares in Hong Kong dropped as much as 7% before recouping some of those losses Well back here in the U.S. Karen President Biden steps onto the global stage today with an address to the United Nations General Assembly Bloomberg you need a young joins us live from New York with the details Rita Good morning Nathan President Biden's first remarks to the UN come after a U.S. withdrawal from Afghanistan that drew criticism even from supporters Bloomberg news has learned the president will use his address to mark the end of 20 years of war in the country and declare a new era of diplomacy to resolve international conflict The president also plans to make the case for the U.S. and China to cooperate on global threats including climate change His address to the UN is scheduled for ten a.m. Wall Street time Live in New York I'm Renee young Bloomberg daybreak All right we need to thank you on a deal this morning with U.S. Bancorp agreeing to buy MUFG union banks core regional banking franchise.

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