No doubt do nothing to help. 2. 75 . Daq is down we had the vix at 65. A Stronger Crude Oil index today. Basically, all industries in the s p 500 are lower. Just a couple of stocks higher, things like kroger and netflix once again. Absolutely. Rebalancing is done. President didnt sound very positive last night. In fact, he really didnt sound very positive last night. He delivered a long press conference. I think thats taken the shine off of stocks. , u. K. Banks also not paying dividends. The stoxx 600 is down by 2. 82 . Volume is a little on the light side, but actually ok. The saudis are really pumping it out. You wonder what will happen when storage gets full. Youve got a stronger dollar today. 1. 0928. Ar trading on off a lot of points out of the ftse 100 and the stoxx 600. Vonnie we are joined on the edne by yardeni founder yardeni. What are you looking at for the quarter and for next quarter . Ed it is hard to do point estimates. That was before the virus. These days, all you can do is ranges. I think in the second quarter, we are going to see somewhere between 15 and 30 . I wish i could be more precise on that, but it is going to be a nasty drop. Keep in mind, that is at an annual rate, but it is still going to be bad. Third quarter, probably another decline of about half as much. Then depending on whether we can get past this virus pandemic, we should see recovery in the fourth quarter. Vonnie we take the temperature of the economic data, the highfrequency data, to confirm what we know is happening. If the economy is just down, the data is going to start pouring in negatively. Is there anything we can learn over the next few weeks . Ed all its going to do is eliminate uncertainty. It is no surprise that the data is going to be terrible. But i thinkocking,. He stock market knows the healthcare news is the problem. We are at war with a virus, and theres three fronts here. Theres an economic front, a healthcare front, and a financial front. He said i think has helped stabilize the financial front. Right now it is the health care and the economic front where we are going to get terrible news. Guy we are only just in the foothills of understanding whether or not phase three is working. What since do you have about what phase three is going to mean for the economy, how quickly we start to see evidence of it filtered through, both with individuals and Small Businesses . Edward we all know there is nothing that fiscal and Monetary Policy can do about the healthcare crisis. That is going to have to be solved by the healthcare industry, by medical professionals, and they are scrambling to do that, and theres actually some good signs. But in terms of all the stimulus , it is kind of helicopter money. Helicopter money is when you cut taxes and provide fiscal itmulus in other ways, and is all financed by the central bank. But it is really b52 money. The amount of liquidity being poured into the economy is extraordinary. That might actually help to avoid some of the extreme downturns that are being forecast. The forecasts are pretty much 15 to 30 for real gdp. May be that stimulus will make it closer to 15 than 30 , if that is any comfort. Vonnie the bond vigilantes, who are they now in this market . Edward they really dont exist anymore. Theyve been buried by central bankers for the last 10 years at least. Once we get out of this, unless yeart out of it later this , we could see a lot of cabin fever being relieved by people going out and shopping. It would be a huge increase in demand, at least on a percentage basis. The supply may just not be there because of depleted inventory. We could actually have a surge in inflation. That is when the bond vigilantes might come back from the dead and create problems. But i think the fed will view any rebound in inflation coming out of this as welcome, and something that will be transitory. They are going to keep Interest Rates down, which will mean they will continue to stymie the bond vigilantes from acting up. In terms of the bounceback you are anticipating in the economy, is that focused on the idea that we are going to get stimulus from the authorities rather than just relying on the relief effort we have currently . Edward well, im not a virologist. None of us are really virologists, but we are all virologists. As an economist, i have to have some sense of when this Health Crisis is going to pass. To a large extent, all economists forecasting a rebound in the economy later this year, they are all assuming based on what we are reading that this thing will peak in the next few weeks as the most ration has tod, and that if we continue affect social distancing and gradually go back to work, and have widespread testing and so will beo forth, that we able to see the economy coming back. But it is all really a function of the healthcare crisis. Guy absolutely. Aree of a those the only numbers that really count at the moment, arent they . Lets talk about what is happening in the markets in a little more detail. You get a sense as we restart this new quarter that there will be margin calls . This clearly a lot of leverage left in the system. I wonder whether or not you have a sense that we still need to see some of that coming out, and i am wondering how painful that is going to be. Edward theres clearly more bad news coming out of the financial front. As i said, i think the fed with its qe forever, to infinity and beyond, i think those policies are helping to stabilize the Financial System. But we are still going to see lots of Credit Ratings being lowered. More consequences for the Financial System with may be banks announcing they are going to cut back on their dividends. But i think the stimulus is just so huge that the financial side of the equation isnt going to be as troublesome as it was in 2008. I think this time around, it is a combination of the healthcare crisis and shutting down at least half of our economy. , as i said, theres refronts. The financial front i think has stabilized. Im not as concerned about it after with the fed did with the fiscal stimulus. The healthcare crisis front and alleconomic front is where of the uncertainty is right now. Vonnie what will be the longterm impact of this whole movement, this whole month going into the coronavirus epidemic and being in it, and then coming out of it . You see any longterm impact on Corporate America . Edward we all are thinking about how we come out of this thing, and is this new postvirus world going to be radically different, or are we going to go back to the way things were. It is hard to imagine that there arent going to be some rather significant changes. As an economist, i am fairly convinced that supply chains are going to be moving back to the united states. They are going to become more nationalistic. People are going to want instead of just in time inventories that come in from efficient supply chains mostly china, theres going to be a lot of just in case systems now, where you want to make sure the inventories are available, the supply chains are reliable. A lot of supply chains are going to becoming real close to home, maybe to home itself, and technology i think help to do that. For example, 3d manufacturing can be used to make arts here that may be in the past were made overseas and had to be imported. I think supply chains are going to change. I worry about demand. This is a big shock not only to , what kindour kids of future they are going to be worrying about. How about baby boomers . Baby boomers basically had a very optimistic outlook for their careers. Im concerned that a lot of people are going to be going into their savings pretty deeply , and theyre going to have to start saving again, and they certainly arent getting any significant rates of return on their savings. This could really be a dampening for the longerterm trend in the growth of Consumer Spending as people decide they need to save more, and they are not getting touch in the way of return. Vonnie for the future of central banking, do we have now a much bigger toolbox . Has this whole episode given the fed more leeway to do things that it hadnt done in the past . Edward i dont know if toolbox is really the analogy anymore we talked about unconventional monetary policies and the tools used, but this is like war. , thewartime situation analogy used was lucas. More recently it was helicopters. Now i am using the analogy of b52s. It is extraordinary, the kind of moneys we are throwing at this thing. Thoughtast, no one even about doing these kind of things when you had emergencies. All thes kind of weapons they can possibly have. Whathocked and awed by they are doing. It is extraordinary. Is sayingat something. Thank you so much for your time this morning. We really appreciate it. Ed yardeni, president and founder of yardeni research. Lets check in now with the bloomberg first word news. Heres viviana hurtado. Viviana President Trump told reporters the coronavirus would civilly go away. Now he is dropping that would simply go away. Now he is dropping that optimistic tone. He is warning americans to brace for painful weeks ahead. The coronavirus could kill as many as 240,000 american. Total deaths in spain have risen past 9000. Confirmed cases is above one under 2000 above one. Saudi arabia stepping up production, now pumping more than 12 Million Barrels a day. Russia says it will not boost its own output. President trump says he has spoken to both the russians and saudis about ending their price for. The u. S. Pentagon rejecting the plea to evacuate an Aircraft Carrier struck by the coronavirus. The commander of the uss Theodore Roosevelt calling for removing all but a skeleton crew. Instead, the navy decided on, gradual rotation decided on a more gradual rotation. Global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. Im viviana hurtado. This is bloomberg. Guy thank you very much, indeed. Coming up, u. S. Crude holding near 20 a barrel. Supply from saudi aramco surges above 12 Million Barrels a day. Brent crude, more allied to what is happening with saudi, down by 4. 5 today. More next. This is bloomberg. Live from london, im guy johnson, with vonnie quinn in new york. This is bloomberg markets. Saudi arabia stepping up oil production, now pumping more than 12 Million Barrels a day. Russia says it will not boost its own out put. President trump says he has spoken to both the russians and the saudis about ending the price war. Lets bring in Annmarie Hordern in new york to get some analysis on this. Saudis pumping 12 Million Barrels a day. What happens when all of the storages used up . Annmarie theyre actually right now supplying more than 12 Million Barrels a day. With the opec deal dead today, the 2016 Historic Deal not happening, all of the producers can pump as well. But you make a very good point. Where is all of this crude going . If you look at the jet fuel market, for instance, we are weeks away from running out of storage on that. This is all being pushed to supertankers. We are seeing the rates on these go up astronomical. They are going to have an incredible second quarter, Companies Like frontline and the likes. Goingme point, they are to have to cut back supply not because they are going to do some grand epic deal again, but just because of what is determined by the market. Vonnie how come the price is staying so stable . We have seen crude dropped to 20 and even below 20, but it is still relatively stable. Annmarie at the moment, i would say it is relatively stable in this range. But think about where we were january 1, 2020. Wti, moret 65 on than half its value. It was the worst quarter for crude ever on record. Right now, that is where we are, this range bound in the 20s for contracts, but everyone is saying we could go much lower. These are just the futures contracts. , he physical market President Trump in his briefing was talking about the fact that in some places in the united states, we are seeing gasoline prices under a dollar, and that is all impacted by this. Even in the parts of the permian and the u. S. , we are seeing prices go negative. So people are actually paying for you to take crude. Guy what is the relationship between the russians, the saudis, and the americans right now . Annmarie President Trump spoke to president Vladimir Putin and he has been speaking to mohammed bin salman, the crown prince of saudi arabia. Obviously, the u. S. Has a much better relationship with the kingdom, but he did say that the two were talking last night. The kremlin came out today and said they have not been talking. Trump was saying that at some point, he would get involved in because we have seen what it is doing to shale. The first driller they are claiming a victim from the price war. At the moment, they are in this all out price war. The two arent speaking. It doesnt mean, though, and in our reporting today, with someone officially speaking to reporters in moscow, the kremlin is not saying that talks are off forever. They said they are going to keep output pretty much flat. They are not going to do what the saudis are doing. Frank from what we heard about two weeks ago from alexander novak, when he said they have the capacity to boost capacity in the future. But i would say it is a rough relationship at the moment between the two, after they had this incredible opec that was once called the bromance. Vonnie Annmarie Hordern, thank you for that. I want to bring you one headline. Germany is now extending its nationwide lockdown until april 19. Germany extending its nationwide lockdown to prevent the spread of the coronavirus until april 19. Still ahead, we will compare the ongoing economic crisis with the one of 2008. Colombia professor of history, joins later this hour. This is bloomberg. Live from new york city, im vonnie quinn, along with guy johnson in london. This is bloomberg markets. It is time now for our muni moment. Taylor riggs has that. Taylor thank you. Joining me today is robert amodeo, head of municipals at western asset management. Curious to get your thoughts from the fed intervention in the muni markets, if its done enough to calm volatility on the front end of the curve. Robert pleasure to be here, and thank you. I think we all know the scale of the social and economic disruptions in the marketplace are unprecedented. With that, the municipal budgets were already under strain in a way that wasnt anticipated a few months back. The injection of liquidity into the market place we believe is helpful. It has calmed especially the front part of missable bonds, and in particular, away from that that includes a significant amount of aid for state and local governments. That is going to provide liquidity to address the nearterm costs associated with the virus related challenges. Is that assistance enough, or are you still concerned about these big budget gaps . Robert we are always concerned about the state budget gaps, and certainly the dynamics of the severity of the Current Situation will be determined by the length of time it takes to get past these challenges, but clearly state and local governments are on the front line. They are confronting the pandemic. That is going to require spending for services while facing revenue shortfalls due to the lockdown rolling across the u. S. Economy. This is not the first time, though, that the Municipal Bond market had face to the unprecedented times. You look back, perhaps not in the same scale, but look back to natural disasters that could act as somewhat of a proxy, where municipal credit has successfully weathered shortterm, yet complete economic shutdowns for entire regions. Using that as president , again, it is not the same scale, but they have come out of it in pretty good shape. Taylor what about some of the individual credits . Im to get airports or the mta. If they are facing potential default because of loss of revenue. Robert i think that situation is very real. Isadly, Investment Grade helped, and in most sectors of the marketplace, in particular transportation, transportation related credit. Our view is that u. S. Mass transit systems vary widely in terms of debt service payments. Strong airport hubs are poised to rebound pretty quickly. But others that are more dependent on ridership like mta, these are a bit more vulnerable. It is not one of our favorite credits to begin with, but theres a heavy reliance on federal subsidies that makes them a bit more vulnerable. However, mta is current on their debt service. Any shortfall in revenue due to these virus related challenges will impact their budget first. , head ofobert amodeo municipals at western asset management, thank you. Vonnie our thanks to fbloombergs taylor riggs. This is bloomberg. Shouldnt you pay less when you use less data . Now you can. Because Xfinity Mobile gives you more flexible data. You can choose to share data between lines, mix with unlimited, or switch it up at any time. All on the most reliable wireless network. Which means you can save money without compromising on coverage. Get more flexible data, the most reliable network, and more savings. Plus, get 300 off when you buy a new Samsung Galaxy s20 ultra. Thats simple. Easy. Awesome. Go to xfinitymobile. Com today. Live from new york, im vonnie quinn, along with guy johnson in london. This is bloomberg markets. We are Getting Crude Oil inventories and just a moment. Crude is trading at about 20 a barrel. It will be interesting to see whether inventories meet the survey number for a build of 3. 92 Million Barrels. That wouldnt do anything to help the market. Inventories havent had a huge impact on pricing in any weeks in the past weeks, anyway. We had a massive build of 13. 83 Million Barrels. Lets see what that does to prices. We are seeing 1. 2 of a drop now. Still above 20 a barrel, but we will check in just a few moments. Refinery utilization down a full 5 . Gasoline inventories showed a build of 7. 5 billion barrels. Of 7. 5 Million Barrels. Meanwhile, lets get back to the economy and the impact of the andnavirus on the economy, on emerging markets. Many comparing the Current Situation to the 2008 financial crisis. Our next guest saying it is far worse in terms of a mobile shock. He talks about the difficulties we are seeing in dollar funding markets and lots more. We are joined on the phone by colombias adam tooze, author of the book crash how i decade of financial crises change the world. Youve been looking at the impacts of this for a long time now. I am curious as to what you think the most difficult thing for the Financial Markets to swallow has been. Adam i think the single biggest shock was the moment the meltury market began to up. I think in terms of understanding the fed response, it is extraordinary efforts to roll out liquidity globally, everything is doing is basically oriented towards stabilizing central market. Of course, it is also playing whackamole with the american credit system. When the treasury market is behaving in the way it was on several occasions in march, that is when alarm bells go off. That is how we can understand the decision to roll out a variety of different swap lines, and now this repo facility for Central Banks around the world. The aim is to really prevent people panic selling treasuries. Theres a massive global shortage of dollars that went on for quite some time. The fed had to literally throw the kitchen sink at it. It looks like that is alleviating now. Do you think the fed and other Central Banks managed to get in in time before we see a wave of sovereign defaults around the world . Adam i really think we are talking about a managed crisis right now. What makes this different from 2008 is in 2008, there was the real estate boom bust cycle that thatefaulting over years, didnt come through until 2010, 2011. On top of that was the financial crisis. What we are seeing here is the virus itself moving at a ferocious pace, and a sense of the measure of success are only central bank is that they are keeping the financial troubles out of the headlines. For us on bloomberg, wall street journal, financial times, we are obsessing about it, but in general, this is not story that lehman was. What weve seen is astonishingly proactive moves, even from the ecb after initial hesitation about italian spreads. The ecb has put the pedal to the metal and is really Holding Together in the euro zone. A remarkable bout of technocratic activism on the part of central bankers. Some gm data worth wrong attention to at the bottom of the screen. Where is the leverage in the system right now . Back in 2008, 2007, it was in the Housing Market and the banks. Where is the leverage now . Is it in corporations . If so, how problematic is that going to be . Theyve given up their balance sheets, and i wonder how much are going to default off of that. Is a crucial this question. Clearly the fed has seen this coming, and they made an unprecedented move typically central bank behind the corporate debt market. We have seen that in europe. It is unprecedented for the fed. The real question is what happens with those, that huge chunk of debt strapped up chunk of debt stacked up on the bbb line where they could fall out of the safety net that span around the Investment Grade market. For me, that is a key number to watch, the pace at which those downgrades start feeding through the system. That is not something that is going to happen in a matter of hours or days, but over the coming weeks. It is just going to be a pounding series of bad news stories pertaining to the corporate debt market, not just in the u. S. , but worldwide. I think that slow burning pain, if you like. Guy do you think in that situation that Bond Investors should give bond waivers in order that they dont have to end up in a situation where they are forced sellers of downgraded bonds . Do you think pressures should be put on the rating agencies to may be slow this process as well . If it is a slow process, it is going to be much easier to manage. It is all about, and a sense, flattening the curve, the term we are all familiar with now from epidemiology. Momentt to avoid the when no one is there to buy when someone desperately needs to sell, so prices basically collapse. Any degree of persuasion that will slow that process is welcome. ,f course, on the other hand the sweep in and tell us about the very perverse incentives this creates, and they have an argument. The needs ofnd, stabilizing a financial crisis cannot dominate the headlines when we have a Health Crisis, and the need to preserve intact the discipline of the market economy to avoid basically become a giant collection of zombies. Vonnie the notion has been gaining ground recently, and we have even begun to hear it from some of our guests, that this could be the death knell for globalization. That trade problems are so Rearview Mirror at this point, what will be the focus now after , is, assuming it passes local supply chains, the ability to manufacture things locally, and that this is the last nail in the coffin for globalization. Are you sensing that that is the case, or will we still see a multilateral cooperative world . Adam i think it is far too early to tell. We are going to see rather different patterns. Games the fed and others are playing are not just a stability game. Every move they make, every stabilizing move is a sort of signal to Global Markets that the dollar is still the best currency to do Global Business in. That will be highly significant. I dont think we are going to see a massive retreat from financial globalization, but we certainly will see modification of it, as we have already in recent years. They have Huge Exchange reserves. They will use capital controls if necessary. Important balance sheets. I think we will see more of that messy, modified globalization Going Forward. On the supply chain story, i think we might well see a regionalization of production, but you would expect intellectual properties, the design element to remain multinationalized. The car industry is quite an interesting example. Many of the auto producers are now in a position of being able to restart production in asia, isthere Global Portfolio providing them with a degree of risk spreading in this crisis because we are on different cycles in this epidemic, and the chinese and South Koreans are returning to Something Like business as usual. So there are benefits there to a sprawling global corporation, and we could certainly see people drawing lessons on that side as well. Adam, its been great to talk with you today. We really appreciate your time. The Columbia University professor joining us on what is happening in the markets and the longterm applications. He is the author of crashed. Lets look at the latest on coronavirus headlines. Here with the details, viviana hurtado. Viviana we begin with the words two painful weeks ahead from donald trump. Consecutive days of increases, with wednesdays report marking the deadliest day of the contagion. The lockdown there one of many in the world. This includes italy, once the epicenter in europe. It is extending its lockdown until april 13. The freeze showing up in manufacturing data in italy in march, suffering a record drop in output. Factories and the u. K. Also scaling down faster than the previous month. In china, the cabinet says the central bank should enact further cash injections among other efforts to support the economy there as the global Coronavirus Crisis deepens. Back here in the u. S. , within the last hour, ism survey coming out at 49. 1. This is above the highest estimate in the bloomberg panel. Key metrics like production, new orders, and employment falling by several points. Today, april 1, 81 billion in rent is due. Property owners and lenders are all looking for solutions as many renters say they just wont pay. As we look ahead to thursday, jobless claims after last weeks friday, payrolls report. All of these key metrics, we know what the toll is, these allow us to measure the impact of the outbreak on the economy. Guy. Guy thank you indeed. Keep an eye on that mortgage number. I thing it is going to be portent. Coming up, we speak to Neuberger Bermans anthony tutrone. This is bloomberg. Guy coming up, we speak to bank of america ceo brian moynihan. This is bloomberg. Vonnie live from new york city, im vonnie quinn, along with guy johnson in london. This is bloomberg markets. Private equity at a crossroads. While the market rout is creating takeover opportunities, it is making financing more difficult to come by. So what is the temperature at pe companies . , ceous now is tony tutrone of Neuberger Berman alternatives advisors. Ackmansback to bill comments that Many Companies will go to zero. What is the biggest concern for private equity right now in terms of writing down their Portfolio Companies . Private equity firms right now is, number one, making sure their companies have the adequate cash and liquidity, so they are being very aggressive working with their companies, making sure they are focused on that. That is really the first and top priority. As far as markdowns to the values, at this time i think it is very hard to predict because a lot of the harm to the businesses has been very recent, just in the last month, especially here in the u. S. But we did a study at Neuberger Berman looking at the last 2007, 2008, really exploring the raw data at this point. The peak to trough, the s p 500 51 , and private equity writedowns were about 28 . The peak for private equity was at one quarter after. Things tend to be delayed, but the kind of met the trough at the same time. At the same time, private equity businesses recovered more quickly then the s p 500. Littlepefully gives a bit of a measure of what we might expect given the current market environment. Sonali Neuberger Berman has invested in some any private equity firms, dozens of them, and at the same time, you help investors invest in private equity firms as well. Are there significant capital calls, and while they are pressured in this market, are investors able to meet those calls . Tony the simple answer is investors, the vast majority can meet the capital calls. There may be some small individual investors or retails who cant. Institutions dont necessarily want capital calls right now because often, in selling other parts of their portfolio to fund those capital calls, and it is not an optimal time to do that. Especially given some of the illiquidity in the fixed income markets, which is often where they go to fund their capital calls. Noise aboutot of potential big increases in capital calls. We have not seen it yet. That doesnt mean it wont happen. I think that for private equity firms calling capital for legitimate reasons, they will understand that and be cooperative. Gps are calling capital to build up a war chest, i dont think lps will look on that kindly, and i think they will remember it coming out of this crisis because, again, they are typically having to sell into a bad market to fund those capital calls. One complication is the capital call lines that are often used firms. The private equity there may be some capital calls to pay those lines down because, remember, those lines make returns look better when things are going up, but when youre using them and asset prices are going down, it makes the portfolio look worse. Drivek there will be some to pay those lines down, and then use lines Going Forward to alleviate some of the capital call pressure. Sense theu get a Portfolio Companies are laying people off at the moment . Do you get a sense that per folio companies are able to access some of the Government Funds that are being offered at the moment . Are those funds getting to the right places . What are you hearing in terms of what is happening down there . Equity think private businesses are pretty much operating very similar to Public Companies and other private companies, so it is a mixed bag. Depending on the industries and businesses therein. I think one of the reasons private equity did not go down wasar in the last downturn that there is a very strong alignment between the private equity firms, the owners of the business, and the management team. They tend to take actions very and decisively, so for some businesses, unfortunately i think they will have to cut some cost, conserve cash, and help the business survive. In other cases, they wont. As far as access to Government Funds, i think it is unclear at this point the extent that private equity owned businesses will have access to these funds. Theres no reason why the smaller businesses owned by private equity funds shouldnt have access, in my opinion. People have to remember that the ultimate investors in these private equity funds are pensions. They are endowments. At neuberger, one of the largest client bases we have our hospital endowments. Ultimately, they are the owners, and they are the ones that will be affected by these businesses. In many cases, these are great businesses that are just going through a tough cash period because of the quarantines placed on those businesses. Vonnie tony, thank you so much for your update. We will definitely have a longer chat as soon as this is all over. Thanks to Neuberger Bermans tony tutrone, and to bloombergs sonali basak here with us. This is bloomberg. London, im guy johnson, with vonnie quinn in new york. This is bloomberg markets. Time now for futures in focus. Lets go to chicago. Lets bring in Phil Streible of blue line futures. Brent is done a lot today. The saudis are pumping north of 12 Million Barrels a day. Does that spread continue to tighten up . Where do you see the lows . Phil we do continue to see that spread tighten up. , crudelook at crude oil is most lightly going to hang right around the 20 a barrel range. Right now, crude oil demand is at the lowest level since 2014. What we like to look at is quarterly data, and q1 oil ,emand, 94 Million Barrels right now about 89 Million Barrels. When you look at crude oil, 2 3 of that consumption is gasoline. With people being forced to shelterinplace, stay indoors, gasoline demand is down significantly. The other thing we look at is distillate demand, the fuel used in shipping. That has also come down quite a bit as manufacturing has shut in. Finally, that jet fuel demand has completely collapsed. We dont expect crude oil prices to continue to go up until we get to that third and fourth quarter. More in normalized amounts around the 100 million barrel per day. If you look at the curve, you go up to december, crude oil is already at 32. Guy we are topping off the tanks. What happens when the storage is full . That the deal with that is toy are going to continue store crude oil as gasoline come about when we get farther out on the curve, that is when demand kicks up. Hopefully we can get out of this shelterinplace somewhat soon. The avenues for demand will start eating up production. When you look at the inventory build we saw today, over 13 Million Barrels, they are definitely storing crude oil right now, so prices are going to continue. You dont want to be caught on the short end. You dont want to be caught on the first few front months. Optionsot to look at going out into 2021 if you are going to see any kind of supply come off and demand kick in. Guy great to see you or not see you. Great to hear your voice, at least. Thank you for your time today. Phil streible hunkering down up there in chicago. Vonnie, over to you. Vonnie coming up next, we get an update from new Jersey Governor Phil Murphy is the number of cases in the state grows, and the state has difficulty getting everything it needs. That is governor phil murphy, coming up in the next hour. We will also talk to mike sievert, the president of the new tmobile. Tmobile and sprint are now long years. Er two the Dow Jones Industrial average now down 2. 7 , off its lows of the session. The s p 500 down 3 . Many negative headlines overnight for the markets to digest, including the president saying it is going to be an awful two weeks here in the united states. This is bloomberg. Guy from london im guy johnson, with vonnie quinn in new york. We are counting you down to the european close on bloomberg markets. Lets see how we are trending on the new day of the month and the new quarter. Not the start we were hoping for when it comes to equities. We are seeing a down day. Volumes all right, though. 311. 90. Banks,seeing european particularly u. K. Banks, under pressure. Brent crude down by 4. 5 . The dollar is bid today, and hsbc, along with a number of other u. K. Banks, being pressured by the pra to give up dividend payments, and as a result of which Company Market is banking those payments out of stocks. U. S. , itn the
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