tv FBN AM FOX Business July 6, 2018 5:00am-6:00am EDT
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it was an incredible rally in montana from the president. we hope you enjoyed it. i will see you tomorrow night. good night from new >> the war was lost but now we are going to win it because we have all the cards. [cheers and applause] >> well, in it to win it. theist -- u.s. and china slapped tariffs all of it happening early this morning. first real shots in trade battle >> markets remain optimistic solutions will be found. the dow 280 points yesterday. cheryl: expected lighter today that could create volatility. looking at the futures, dow is down, s&p up by 1 and nasdaq lower, flat, waiting for the
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june's job reports today. >> right now, look at the board, still green. you are seeing the ftse up by 6. cac by 16. >> there's optimism in asia market, every market higher than nikkei. shanghai composite up more than half percent. >> latest to attempt to save boy's soccer team in thailand and unfortunate it has turned tragic. fbn:am starts right now. [cheers and applause] cheryl: 5:01 a.m. in new york. friday july 6th, good morning i'm cheryl casone. tracee: good morning, tracee
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carrasco in for lauren simonetti. cheryl: 34 billion in chinese goods have now taken effect. airplane parts, farm equipment, president trump did talk about strong stance on trade during big rally in montana last night. >> i respect china and i respect president xi but they've been killing us. $507 billion in trade deficit. not a free trader. no, the war was lost. we are going to win it because we have all the cards. you know that if we knocked down the trade deficit, right, trade deficit by just a little bit 25%, question do that easily. that's easy. if we do that, we pick up 1 point in gdp, does anybody know
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that? $3 trillion and that's 10 million jobs. cheryl: 12:01 a.m. eastern time the u.s. imposed tariffs on china and commerce ministry has sent, quote, china did not fire shot but to defend core interest of people and have no choice but strike back as necessary. tracee: country's foreign min city beijing has begun implementing tariffs on u.s. goods in retaliation. china is targets soybeans, lobster to pork. state-run china daily newspaper saying, quote, the trump of administration is behaving like a gang of hoodlums. cheryl: right. other big story this morning that we are following for you. it is job's friday. big day for market.
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labor department, june job report later this morning. economy likely to be expected out 195,000 jobs in month of may and unemployment rate to hold steady, month of june, excuse me. the lowest level since april of 2000. we shall see. we will have complete coverage of job's roberto on mornings with maria. that starts 8:00 a.m. eastern time jobs in america. >> environmental protection agency scott pruitt resigning amid multiple ethic investigations, he cites unrelenting personal attacks. >> in washington with the details. >> good morning, cheryl, tracee, the president announced on twit e and announcing also on twit e what's next. president trump saying that andrew wheeler will assume the duties of epa. i have no doubt that andy will
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continue on with great and lasting epa agenda. we have made tremendous progress and future is very bright. pruitt steps down amid multiple allegations of abusing power, some issues spending $43,000 on sound-proof beth for office. spending more than $100,000 in europe with private tour at vatican. reaction coming from all over congress. bernie sanders, scott pruitt was worst epa administrator in agency, not only acting time and time again in unethical manner but led agency in wrong direction. pruitt says that it's effective today. it is extremely difficult for me sevenning you in role first because i counted a blessing to be serving in any capacity because the transformative work that's occurring.
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attacks on me personally, my family are unprecedented and have taken a sizable toll on all of us, several ethic investigations opened on pruitt. some asked inspector general to get involved. unclear what happens to all of those problems. thank you. cheryl: all right. another big story we are following you this morning. pompeo arriving in north korea overnight. third visit sin kim jong un agreed to give up nuclear weapons. officials say part of the mission is see how committed kim is to promises. they've upgraded nuclear research facility. u.s. officials say there are signs that trade between north korea and china is actually on the rise. we will have more on this later on so. tracee: president trump narrowing the list of supreme
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court justice nominees. cheryl: blake berman at the white house with the latest names. >> president trump believed to be down to final 3 contenders to replace kennedy, bret kavanaugh is a local, revered by many between the bush orbit. ray on this kethledge and amy cone barrett, based out of chicago, she was put into the post by president trump. clearly not on short list merrick garland who is confirmation process was stimet. that didn't stop chuck schumer that he should nominate garland. it was more like a check the box kind of phone call. schumer did warn the president
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that if he nominates somebody hostile to roe versus wade and obamacare would be catastrophic. decision coming monday evening. thank you in new york. cheryl: fox business will be carrying president trump announcement on supreme court nominee, live at 9:00 p.m. eastern time. monday night. tracee: we will be watching. growing about long-awaited aramco ipo, the center piece of the government's plan to open up economy, saudi officials tell wall street journal the company and country aren't ready for ipo. that could raise $10 billion but bring unprecedented scrutiny to the company. oil prices have more than doubled since idea of ipo was floated lowering appeal to many inside the kingdom. cheryl: all right. samsung, world's largest smartphone and semiconductor
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maker forecasting second quarter profit grow 5% from a year earlier. that missed expectations and this would miss record-breaking streak, galaxy smartphone, mobile team spent more on marketing expenses. samsung has had issues with exploding phones in the past. tracee: i think so. well, coming up, we will have the latest on attempts to save soccer team and unfortunately it has turned tragic. the market looks like trade war has begun as tariffs take effect but investors appear to be taking it in stride for now. checking u.s. stock market futures, mixed board, dow futures down by 9. s&p 50 and nasdaq both up a little over 1. yoi watching -- you're watching
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s&p, nasdaq down one and a quarter and investors taking in stride. two breaking stories out of thailand, 17 people are dead and researches searching for more because of turbulent waters. death toll expected to rise, both carrying passengers, 93 chinese tourists, thailand island. also in thailand we want to show you the live pictures of rescue efforts for youth soccer team also breaking overnight. former thai navy seal apparently has died. his death first in nearly 2-week effort to find and rescue boys and coach, 37-year-old diver joined the effort as volunteer. he died while places air tanks further inside cave system as
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rescuers work to get boys out of cave. live pictures from thailand right now. back here at home the woman who climbed statute of liberty has pled until the to charges including trespassing. she took inspiration from the former first lady. >> michelle obama, our beloved, care so much about, when they go low we go high and i went as high as i could. [cheers and applause] cheryl: 44-year-old woman also said the decision to climb lady liberty was, quote, spur of the moment, despite the fact that she put rescuers in jeopardy during her climb. that tracee is what's happening now, over to you. tracee: thank you, cheryl. asian markets bouncing back as
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investors to chinese tariffs. hang seng jumped and nikkei surged more than 1%. joining us now gary smith, good morning, gary. >> good morning, tracee. tracee: big question right now why are we not seeing any big reaction on the market, we had thursday, positive day, are people optimistic, what do you have to say? >> i'm not sure they are optimistic although this will be resolved in our favor in the long term. i really don't think there's anything to worry about, look, i make the analogy that this is wal-mart being concerned with projector&gamble thinks, wal-mart is such a big buy e of proctor&gamble an came out and said, they are treating us like hoodlums, probably because they have the power.
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in a similar case, our import from china are 4%, 4% tracee, of gdp. we have the strength to, quote, unquote push them around, should we push them around, that's for another day i suppose. is trade war good, no. but do we have the power to quote, unquote win this, absolutely. tracee: all right. so i want to ask you, what are you watching today? any specific stocks to watch today as we are in the trade war? >> well, you know, that's interesting because i think the stocks to watch are the ones that people have talked about as being safe haven. tonight, tracee, regardless of what happens with the market you and i and others will be using netflix, ordering from amazon. i wouldn't say the stocks are totally immune because it takes buying power which might erode slightly with trade war. those are the ones to watch. if those stocks keep going up,
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nasdaq in particular and those kind of tech stocks, the fang stocks, if you will, the place to go. tracee: so do you think investors are also maybe focused on something else, twef job's report coming out. do you think they are looking at that more so than what's happening with china? >> i do not, i think the job's -- at this point everybody expects strong job's report, 180,000 or so new jobs, we are going to see wages creep up. nothing in job's report that should be a surprise or even slightly a shock if you will. i think that's baked in. i also think this whole talk of trade war is also kind of baked in market. that's why you are seeing futures flat, maybe slightly up right now. tracee: thank you very much, gary. >> you bet. cheryl: a lot more coming up. the film that sent everybody out of the water.
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>> you are going to need a bigger beat. shut off the engine. cheryl: welcoming up we will tell you about real-life jaws off the coast of maine. and then long last relief from the heat in northeast but first come some rain, fox meteorologist adam klotz, we are now tall way in the red but just barely, dow is down 26, s&p down 3 quarters, nasdaq is down 3 and a half as it is official overnight we have imposed tariffs on 34 billion in chinese goods and they retaliated. we will be right back.
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cheryl: okay, you don't see this every day, straight out of scene of jaws literally. of course, they took pictures luckily. crew returning from search and rescue mission when 20-foot shark jumped in boat. i know. crew members took out cell phones to record it. they initially thought this was a great white but marine experts are now saying it was a basking shark which does not pose a threat to humans but it is not something that you want to see under the water. we have seen sharks off the coast of maine, they are out there. tracee: i'm saying out of ocean. coming up, remember this promise
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on obamacare. >> if you like your doctor, you will be able to keep your doctor, period. if you like your health care plan, you will be able to keep your health care plan, period. tracee: despite countless promises like that rising costs are forcing more than a million americans to drop health care, we will tell you why and sect ray of state mike pompeo arrives in north korea, will he be successful in pushing kim jong un to give up his nuke, our political panel weighs in. let's take a look at u.s. stock market futures, right now the red, dow is down by 35, the s&p 50 down by 1 and the nasdaq down by 6 and a half. of course, all of this as both u.s. an china impose tariffs, you're watching fbn:am i woke up in memphis and told... (harmonica interrupts)
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>> i agot along very well with chairman kim. that's a good thing that i got along very well. mike pompeo has arrived in north korea to persuade kim jong un's denuclearize, our political panel is going to weigh in. tracee: u.s. trade tariffs against china took effect overnight but markets remain optimistic a solution will be found. cheryl: volume lower because of holidays taking a look at futures, the dow is actually down 28 in premarket. s&p down 1, nasdaq is down 4 and a quarter. we are waiting on june's job report out in about 3 hours. tracee: right now take a look at board. mixed board, slightly ftse down
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by 1, cac up by 13 and dax up by 21. cheryl: in asia there's optimism believe it or not, all of the markets are closed higher despite the fact that tariffs from both chinese and u.s. will affect. tracee: why are more than a million americans being force today drop obamacare coverage? we have the story. fbn:am continues right now. cheryl: coming up at 5:30 a.m. in morning, new york, friday july 6th, good morning, everybody, i'm cheryl casone. tracee: i'm tracee carrasco in for lauren simonetti. some breaking news this morning. secretary of state mike pompeo in north korea right now his third visit to the country in
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just three months. cheryl: griff jenkins live with the latest, all eyes on secretary of state, good morning. >> that's right, hit the ground running secretary pompeo met by environment kim-jong-chul. pompeo noted it was third visit and joked that fe comes one more time he will have to pay new taxes. new video as pmp into begins two days of talk to nail down commitments made by chairman kim jong un on denuclearization amid skepticism, the regime is serious about an agreement. pompeo issued statement in advance of arrival saying he's seek to go fill in details on commitments and continue momentum towards implementation of what the two leaders promised each other and the world. in optimistic president trump praising his relationship with chairman kim at rally in montana last night. >> they said he's too tough, he's going to cause a war, it's
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too tough, now they say, he's too nice, he's too nice. [laughter] >> i got along very well with chairman kim, i got along very well. that's a good thing. >> looking ahead the president also taking a shot at critics casting down on upcoming summit with russia. >> putin is fine, he's fine. we are all fine, we are people, will i be prepared, totally prepared. i have been preparing for this stuff my whole life. they don't say that. >> the president meets face to face a week from monday, pompeo meanwhile will continue onto japan, vietnam before joining the president in brussels for the nato summit, cheryl, tracee, as we watch a president with very unorthodox international approach to things. cheryl: that's certainly proven true as we watched the tariffs go into effect overnight.
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griff, thank you very much. let's bring patrice, senior policy analyst and robin byo, guys, good morning. >> good morning. cheryl: so much to talk about. let's start fist patrice, pompeo's mission is to fill in details, two things he's hoping to accomplish, one he has to find out exactly where the nuclear test sites are and more details and proof from the north koreans that they are starting to dismantle the nuclear arsenal and also remains of the u.s. soldiers, 200. main objectives, what do you think the chances that he gets things accomplished? >> we have seen north korea comply when it comes to turning over hostaging or releasing, they have shown good-will gestures. likelihood that we will see the remains brought back to the united states. i think the details in terms of the agreement and flushing out what the framework should be
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going forward. we have to have skepticism. we will see if north korea is willing to comply with that. i think we have seen that north korea have made lots of agreements and they've reneged on those agreements, and, you know, this is going to be important. i also think secretary pompeo is trying to figure out who his counterpart is going to be and from there, this really start of a long back and forth negotiation to bring this completion. cheryl: point person for pompeo, back in this country, rob, if you look at the highlights from several newspapers seems that the rhetoric is the landscape has changed since campaign. north korea plot to go keep arsenal. key manufacturing plants. i mean, all of this is backdrop of what history tell us that we can't trust the north koreans, robin. >> you know, there's good reason
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for that as condoleezza rice has said. you can't trust them as far as you can throw them. i want to believe that we can accomplish something and if anyone can hold the feet to the fire i really do believe it's pompeo. so i'm glad that he's going over there. i think that, you know, he's really going to hold his feet to the fire and what i loved about how pompeo did this, if you're serious, send over the nukes now so that we can start the process of denuclearizing them. so, you know, i really just -- if anyone could get it done i think it's him. i think he's the right man for the job. cheryl: i would hope so as well patrice, i want to get reaction to new york times, basically quoting outside experts that have conversations with the secretary of state that he thinks that this -- this summit is set up to fail, that his work in north korea is set up to fail, he's not optimistic that the north koreans will negotiate. what do you make of that?
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>> well, the sources in new york times i think there's already an agenda behind that which is to shed as much negative light on the potential for north korea to do something that previous administrations have not done. you know, i think if these sources are really accurate, then they'll certainly have some real concrete proof behind that. i don't think secretary pompeo is going the take all of the time and effort to put into negotiations to really think, o well this is going the fail. he could certainly undermine his own work in other ways. cheryl: you make a point about "the new york times", it is "the new york times", we will see where this all goes. i do -- i want you to listen, though, robin to gordon chang, one of the china experts and north koreans experts at fox news and fox business. thereon what he said about the possibility of kim jong un coming to new york. >> and you don't talk about a second summit in new york in september between trump and kim because kim will just love that.
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that's legitimization, that further bolsters rule back home. that's exactly what we should not be talking about at this particular time but obviously administrations are. cheryl: robin, he says that's a horrible idea, that's being talked about. >> and i'm concerned too because it gives him the legitimization that right now we need more than just talk, we need some action that's why pompeo is going there because in order to -- for that to happen, we've got to get more action, you know, i'm a special operations veteran and want to see more accomplished before we legitimize him in that way, so i would agree with that assessment that, you know, more action less talk. cheryl: all right, we will see how the secretary of state affairs, he's pending the night which is a first for him. patrice, robin, thank you very much. >> thank you. tracee: obamacare premiums have hit all-time high despite
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countless promises that they would be affordable, rising costs forcing more than 1 million americans to drop their coverage. cheryl: fox news peter doocy breaks down pricey plans taking center stage ahead of midterms. >> more than a million americans decide today drop health insurance last year once policy changes dictated that 20% of people paying for obamacare plans would not longer get government help paying for them. this year's early numbers show a slight 3% rise in obamacare sign-ups, centers for medicare, fema says, quote, these reports show that the high-priced plans on individual market are unaffordable and forcing unsub sized middle class consumer to drop coverage. different reality than the one president obama promised. >> if you like your health care plan, you'll be able to keep your health care plan. >> democrats believe priceyier plan are product of
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republican-led majority backwards. >> gop bill for the rich and rich republican donors an shareholders in wall street and reward corporations and shipping american jobs overseas and driving up health care costs for hard-working americans. >> most popular option on the government-run marketplace is the silver plan and there are 13 states where premiums for silver plans are at least 40% higher this year than last year including senator john barraso's wyoming. >> we had lots of ranchers who had insurance that could afford but made illegal by the obamacare regulations that said, no, it's not good enough for the government. >> experts say when premium doubles an tripled the quality of care doesn't double or triple as well. >> on average $4,000 and networks are getting narrower and exclude the best doctors and best hospitals. >> control of congress could be determined by the rising health insurance premiums or at least by which party voters blame for
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the price going up because the next round of premium increases will be announced right before the midterms. in washington peter doocy fox news. cheryl: well, we have got a lot more coming up this morning, tensions rising again between uk and russia oaf the latest nerve-agent poisoning. we are also watching president trump's twitter feed, is it going to make any comments ahead this time of the june job's report? is he going to tweet again? we are curious here. taking a look at futures right now, a bit of escalation in selling, dow down 42 in premarket, s&p down 2 and a half, nasdaq is down 9 and a half again. tariffs on the china 34 billion took effect, the chinese lobbied tariffs back. you are watching fbn:am. insurance that won't replace
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♪i needed to try but then the magic happens. and all of that falls away. (amazement & laughter) it's the experience of waking up and seeing things the way you saw them before they became ordinary. ♪i need never get old i'm looking for that experience of wonder. tracee: welcome back, let's get you caught up on what's happening now. fist let's take a look at futures right now. board seeing some red, seeing selloff continue. dow down by 40. s&p 500 down by 2 and a quarter and nasdaq down by 8 and a quarter all of this as the u.s. has imposed tariffs, $34 billion
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worth of goods, china retaliating, the uk is demanding russia provide new details while poisoning of former spy and daughter in march. the controversy reigniting after man and woman were exposed to nerve agent used in alleged march attack. two hospitalized in critical condition after falling ill just miles from the city where the former spy and his daughter were exposed. the leader of japanese doom's day cult and his 6 followers have been executed. they were convicted of multiple deadly gas attacks in 1990's, they called release gas in busy tokyo subway line killing 13 people and injuring more than 6,000 rattling the country typically low in crime. and méxico's new leftist president elect andrés manuel
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lópez obrador says he will be inviting president trump to his inauguration, president trump congratulated lopez on victory earlier this tbheek phone call described as friendly and respectful and, cheryl, that's what's happening now. cheryl: certainly big change there and we might have change in markets. hours away from june's job's roberto, holding steady at 3.8%, weighing on the good labor news could be trade war with china that has erupted today. joseph, good morning. now official, tariffs, it's on. what does this mean to you as far as what you tell your
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clients? >> well, the tariffs have been well telegraphed and now that they've gone into effect, both sides have something on the negotiating table to discuss so hopefully they'll work for something in best interest of both companies, we tell our clients that, you know, we are in high-quality stocks for long-term and this is interim noise along the way. cheryl: although high-quality, big names that could be affected, boeing, caterpillar, there are large conglomerates in the country that do business in china. we are hearing stories of chinese changing shipping routes, giving american companies a harder time trying to block things up at the portment all the stories are coming out as the this begins, this doesn't worry you at all? >> well, certainly the large multinational companies have exposure in china as well as europe, canada, canada, but part
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of the course, u.s. economy is doing well, jobs are doing well, it's a balancing act. cheryl: let's talk about job's then, less than 3 hours away from june's job's report, expectation 195,000 jobs, unemployment rate holding steady, 3.8%. those are the numbers. you go behind the numbers, i think the biggest question is are we going to see wagings pick up. you would think we would have more wage growth in an environment where we have such low unemployment and american companies are fighting for workers now. >> yeah, i do believe wages will be on the rise. we may not see it in the report this month but certainly more jobs available than there are workers to fill them that are qualified, so that certainly puts a premium whether it's truck drivers or computer coders, u.s. companies are competing for workers, that should lead to higher wages and those companies will need to
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pass higher wagings through in higher costs and services. cheryl: that's inflation story. i want to ask you about the president, do you think investors are going to take it one way or the other if he doesn't tweet ahead of the job's report, last month he tweeted ahead of it and it was a very good report, are you looking for a sign from the president's twitter feed. >> i would like to think he won't be tweeting about the job's report before it comes out. hopefully he's been councilled not to do that. cheryl: always good to have surprise, you know, right? we like the excitement at the job's report, thank you very much. >> thank you, have a great weekend. cheryl: we will have more coverage at 8:00 a.m. tracee: coming up in sports, rhonda rousey makes ufc history and we will tell you in world cup quarter final matches start today, can belgium beat the
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power house of brazil, my vote is now but we will have all the match-ups, u.s. stock market futures take a look at the board, we are seeing red, dow futures falling a bit. now down 57, s&p down by 4. all of this now u.s. and china have imposed tariffs on goods. you're watching fbn:am phones have made our lives effortless.
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yes. >> yes, it is. tracking showers across the northeast. here they are. some are heavy and i expect really downpours, how long are they going to last, here is future radar, good 50% of chance of showers all the way to 5:00 p.m. on the backside, a little bit cooler, not real cool but a little bit cooler. in new york city temperatures at 79-degrees, still warm across the country. spots in 80's, the hottest spot going to be dessert, the high today 112. la up to 104-degrees. it just continues to stay warm an get warm as you continue on and i want to leave you with this, guys, we got this this morning, first atlantic, the good news is this has weakening, it won't be hurricane by the time it makes its way.
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cheryl: i'm trying to get over 120 in death valley. tracee: we will take 80's 90's with humidity. cheryl: in the world of sports ronda rousey to be introduced to hall of fame. she held on and credited with popularizing women's participation in what has always been a male-dominated sport. rousey saying i'm not the first person that had the ability to do this but i'm here because i'm the fist person you took the time to watch, because of you i'm the first woman standing up here accepting this incredible honor. may i be the first of many. rousey is no longer fighting, she is still going.
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tray turner, star for washington nationals last night as they mounted the largest comeback in team's history. he hit 2 home runs including a grand slam. turner brought in 8 runs to help nationals. they beat the miami marlins 14-12. tracee: here is what i'm most interested in, well, not yet, in hockey, the ottawa senators to trade captain to tampa bay lighting, there are also reports that a third team could be involved in the trade. now let's get to it. the quarter finals of the world cup kick off today, you catch the action on fox sports 1 starting with uruguay and france at 10:00 a.m. and then brazil takes on belgium, cheryl, you know where my money is. cheryl: brazil. tracee: yeah. cheryl: i think the odd makers are on your side as far as brazil goes, right?
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>> tracee: i hope so. cheryl: england plays for tomorrow. coming up, why are european markets higher despite the story of trade war between u.s. and china, live to london to find out, we will be right back. the employee of the year, anna. [music playing] (vo) progress is in the pursuit. audi will cover your first month's lease payment on select models during summer of audi sales event.
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cheryl: no big move in european markets, trade wars going on. michael, we will start with the jobs. unemployment in this country is at 18-year low but really is about wages in our country. what are you watching? >> yeah, i mean, that really is the key data point, it's been the key data point for me for quite some time and one of the things that we did take away from the fed minutes last night the fed was concerned about overheating economy and the fact that wages were continuing to lack behind. i was looking at unemployment rate, that has come down, what struck me about payrolls, employers were complaining they couldn't fill enough vai capgies, they should try pushing wages up because at the moment we are still below level that is we saw in january 2.9 and looking to sigh numbers move
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back to january numbers. tracee: michael, we are officially in trade war, if this fight drags on, what will happen in the markets? >> i think that's the real key question off. the market is shruging. for the moment, i think this has been largely priced in, largely expected and at the moment that's why we are seeing european markets slightly hower. tracee: michael hewston, thank you very much. cheryl: it is job's friday, dagen. dagen: so much news to cover and can't wait for it. can be the wait to see you later. good morning, i'm dagen mcdowell in for maria bartiromo, friday
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july 6th, top stories at 6:00 a.m. eastern. trade war is on, just after midnight the united states triggering tariffs on $34 billion worth of goods imported from china with the retaliation announcement from china coming hours later. president trump slamming previous trade policy at campaign rally last night in montana saying things are changing under his relationship. >> i respect china and i respect president xi but they have been killing us, $507 billion in trade deficits last year. the war was lost many years. not a free-trader, no, the war was lost but now we are going to win it because we have all the cards. [cheers and applause] dagen: investors eyeing more than trade this morning, we have got the big june job's report that's out about two and a half hours from now. economists expecting the economy
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added 195,000 jobs last month with unemployment rate holding steady at 3.8%. futures are showing losses across the board but this is important to watch as we get closer to the job's report and here is what investors are really looking for. president trump, will he tweet ahead of job's report. he did last month setting us expectations that he should, would do it again. 40 point lose on dow point after gain yesterday. there you see yesterday's closes, up across the board in the u.s. in europe markets are hoovering near the flat line, mixed market action right now, ftse 10 slightly lower. france and germany moving up ever so slightly. in asia overnight we had gains across the board reversing the action from the previous day. the biggest winner there was nikkei in japan up more than 1%.
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