00:09 Speaker A
Well, the president was quite busy on the truth last night. He unveiled a new round of punishing rates on a wide range of imported goods, including 100% tasks on brand drugs and 25% levies on heavy trucks, which will take effect next week.
00:30 Speaker A
Now the stocks of medicines in Asia fell heavy and in fact also in Australia. And although there was a first breakdown in European pharmaceutical shares, the falls were less pronounced.
00:41 Speaker A
It is interesting to note that the London shares on the London setup are higher. Remember that the British pharma agreed to invest in the US earlier this month.
00:51 Speaker A
It is not surprising that the American heavyweight Eli Lilly has seen its shares rise in the pre-market there by more than 1%.
01:00 Speaker A
Now, Trump also said that he would start to count on a rate of 50% on imported kitchen cabinets and washbasins in the bathroom, and a rate of 30% on upholstered furniture. All new tasks will take effect from 1 October.
01:13 Speaker A
According to the Wall Street Journal, the US is also planning to ask chip makers to produce as many chips at home as importing their customers in an attempt to curb dependence on foreign delivery.
01:27 Speaker A
The Trump administration would charge rates on companies that do not maintain one-on-one ratio over time. The plan is the result of which President Trump referred to last month, when he said that technology companies that invest more in the US would avoid around 100% rates for semiconductors.
01:44 Speaker A
If this is now implemented, this may prove to be a big headache for Apple. It imports chips from all over the world. But companies such as Micron and Intel that increase production in the US, well, they can benefit.
01:55 Speaker A
Okay, well, here my colleague Josh Lipton is about what else you should view.
02:02 Josh Lipton
Okay, starting on the Federal Reserve. We are going to get a little more comment on Friday from a few FED officials, Richmond Fed President Tom Barkin, Michelle Bowman, the top bank of the Fed.
02:14 Josh Lipton
This is after a large series of comments on Thursday, including Michelle Bowman, Bowman who says that the fragile labor market justifies more interest rates.
02:22 Josh Lipton
Speaking of the central bank, the FED preferred the inflation meter that came out on Friday, that is expenses for personal consumption or PCE. Economist who predicts the total PCE for August to accelerate to 0.3%, while the Core PCE delayed to 0.2%on a month of the month.
02:39 Josh Lipton
And finally I will get the last lecture of the consumer sentiment from the University of Michigan. That number is expected to remain stable compared to the earlier reading at 55.4, which does not indicate a change in the attitude of the consumer to the economy.
02:51 Josh Lipton
55.4 is a historically low reading, indicating that consumers are still relatively descending over current circumstances.
