This is march data, so it doesnt take account the real slow down. Just the very beginnings of it. We are not seeing much of an impact on equity indices, but we were already lower. Tons hit by pause but amazon and apple. We also had oil Company Earnings that were week. Then we have President Trump ratcheting up tensions with china once again. Crude oil was above 20 a barrel a few minutes ago, down to 19. 30 there. Is definitelyuan we getting on those comments from President Trump. The dollar trading at 7. 13 right now. Down nearly 6 . Vincent there are all kinds of guy there are all kinds of quirks in the ism number and how it is calculated. It is may 1. That means most of europe is closed today. Most major markets are shut for the day. The ftse 100 has its own calendar, and it is open. It is down by around 2 . Down 5 , 6 over the last couple of sessions. Highlighted a couple of the big stories driving that. The pound is softer by 0. 6 . The aussie market overnight taking comments from President Trump quite badly. Wellar for the currency as , 50 few dollars . 45. Well, 52. 45. Vonnie lets get to our first guest on the back of that parking data, capping a green week for the u. S. Economy and beginning may on a very weak note. Lets get to julia coronado, Macropolicy Perspectives president and founder. Where do you anticipate we will continue quarter to quarter gdp wise . How deep will this recession be . Julia we know it is going to be very deep and sharp, and we are in the middle of that right now. First of all, on the ism headline numbers, boosted by supplier deliveries being delayed, usually that is a sign that suppliers cant keep up, but now there are different for that being delayed. The Bigger Picture is obviously the hard stop for the Global Economy. Gdp prettynnualized rough, and we are seeing that also in the earnings reports. ,ome of the guidance coming out one, there is a lack of guidance and a lack of visibility, and theres a lot of anticipation t things are going to be that this is going to be far from a vshaped recovery once we get the most pronounced part of the shutdown. Vonnie explain to us why the u. S. Cant cancel its debt with china, as the president suggests. We areobviously, what seeing with the market reaction, what we are seeing with the treasury market is the epicenter of Global Financial markets. The liquidity of that market, the security of that market, the trustworthiness of that market underpins everything we do. The president s suggestions are absurd, and he specializes in absurdity, so i dont think we want to put too much weight on them. Regularlyoff quite and says things, but then reverses quite quickly. So i am not taking it to heart too much. Guy i appreciate what you say, but it is very much likely that we are going to see a tougher response coming out of the. Nited states it is likely to get tougher and tougher from here. Phase two is looking difficult. For are the implications chinau. S. Relation in the deep freeze . Julia that is absolutely relevant and true. I think the deglobalization pressures we were seeing before to only beappear intensifying as a result of the crisis. The tensions were running high , deepening now, and that it only be disrupted for the recovery when we are thinking about the disruption to Global Supply chains that are a necessary part of this shut down , and how reopening will look when we are seeing these tensions intensify and Global Supply chains being reorganized. I think it is an incredibly Disruptive Force to the essence of globalization, which is what drove the efficiencies and the , somets in recent decades profits in and the recent decades, some of which are essential. We are talking about medicine and food and a lot of very critical industries. Does that mean the potential growth rate for the emerge, andmy as we continue to have the legacy of growthus, the potential in the United States and around the world will be significantly lower . How much lower do you think it will be . Julia its hard to put numbers on these things now. ,e heard chair powell echo this not just in the form of sidelined labor, but in the form of productive capital and productive capacity and investment. What that number is, we were already in a situation where potential growth was slowing for demographic reasons, and in emerging markets as well, so we were already looking at much lower run rate, maybe 4 for the Global Economy as a trend, but now this could certainly be lower. That also the disruption has been a tailwind for the u. S. , and a lot of u. S. Industries, from medical care, tourism, these industries have been a real boost to the u. S. Growth story over the last decade from globalization, so i think we are going to see a lot of service , so we also disrupted are probably looking at some thing below 1. 5 as a result of this. There are some states reopening already. Some never really closed. From an economist point if view, does this anything for gdp or to help the overall case . Julia i think we have that choice between opening up and restarting the economy. In our space, what that means is government is leaving it up to businesses to make these decisions on an individual basis. Have tonesses in turn make decisions based on the safety of their employees and the safety and confidence of their customers. Im in texas, for example, where we are reopening, but many businesses are not reopening because they dont have the protocols in place to ensure the safety of their employees or customers. These are extremely difficult things to establish. The consumers themselves are still very worried about safety, so it is not a panacea that will resolve overnight. I think we need to focus on the health aspect of things, the protocols by industry for before we can do this successfully. If we do that without those without thetocols tailwind to growth. It is just going to further horizon ofextend the the covid19 epidemic. Vonnie right, and yesterday, texas reported its deadliest day since the pandemic began. Julia, stay with us. Julia coronado is macropolicy esideny ands pr founder. President and founder. Lets get a check on the first word news. Hes ritika gupta. Democratic president ial addressedjoe Biden Allegations on msnbc today. Mr. Biden no, it is not true. I am saying unequivocally, it never happened. It never happened. I dont remember any type of complaint she may have made. It was 27 years ago, and i dont remember, nor does anyone else that i am aware of. Ritika this is the first time biden has publicly commented on the accusation. The pandemic is likely to last as long as two years, according to a new report from Infectious Disease experts at the university of minnesota. They also protect the outbreak wont be under control until about 2 3 of the World Population is immune, and people may be at their most contagious before they even have symptoms. Encouraging signs out of germany. The German Government began relaxing measures this week, but it will maintain travel restrictions and most other curbs on public life. In japan, the state of emergency that was set to End Next Week will stay in place for at least another month. Prime minister shinzo abe said the medical systems were steer under severe pressure. Japanese Health Officials say they have more than 14,000 coronavirus cases. Experts say the numbers could be significant lehigh or. 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 ritika gupta. This is bloomberg. Guy thank you very much, indeed. We are getting a bit of Important News out of the bank of england. It looks like the new governor is making changes in terms of the way events are going to be scheduled. The headline at the moment suggests the bank of england is may 7to publish the decision at 7 00 a. M. Normally it comes out at noon. The press briefing will then happen a little later. We are hearing suggestions around all of this timing. We are not entirely sure what the press briefing is going to look like and when exactly it is going to happen, if it is going to happen. Andrew bailey, new governor of the bank of england, looks like he is making changes in terms of the scheduling of the delivery of the news, which will now come out premarket. This is bloomberg. Vonnie live from new york, im vonnie quinn, along with guy johnson in london. This is Bloomberg Markets. It is risk off across the United States. Some markets closed across the world. Lets get more on the markets with kailey leinz. Kailey we start may deeply in the red. Many markets in europe are closed today, but we do have the u. K. Open the ftse 100 is down by more than 2 . We are looking at losses of almost a similar magnitude for u. S. Averages. You have the ongoing overhang of the coronavirus and the economic damage it is causing, as evidenced by the ism print. Plus, we have the overhang of potentially more ratcheted up tensions between the u. S. And china, with President Trump threatening to retaliate for the virus. On top of all of that, you have corporate Earnings Results continuing to roll out, as we take a look at some of those movers. We have the likes of apple flipping into positive territory now by about 1 . Its fiscal Second Quarter did see revenue grow by about 2 , but the company did not give a forecast for the first time in many years. You have amazon down by nearly 6 . It did see a 26 jump in revenue, but could see a loss of 1. 5 billion because of the investments it is making to combat the coronavirus and expedite logistics and the like. Big oil really under pressure. Chevron and exxon down by around 4 . I want to point out, with oil thatly, despite the fact prices are still relatively depressed, you have wti trading back around 19 a barrel. That is the first time we have seen a weekly gain in wti in about a month. It is up nearly 20 on the week. Valuet about 1 4 of its monday and tuesday, but a nice rebound to end the week. Vonnie thank you for that. We are back now with julia coronado, Macropolicy Perspectives president and founder. Is fed chair Jerome Powell correct not to be worried about deflation . He made a very strong point of that at the News Conference the other day. Think they are more worried about disinflation then thinkion, so that is i the correct tilt. They are not worried that some of the money printing going on will result in inflation because of the magnitude of the demand shock. I think fed chair probably has to sound confident that they have the tools to prevent deflation. You certainly dont want the fed chair to sound like he is in a panic or worried that his tools arent going to work. So part of this is the confidence game that the fed chair has to play, and i do think that they are very actively deploying all of the tools at their disposal, so they are taking it seriously. There is a real deflationary risk. We are seeing that in a wide range of prices, not only energy. Somethingat that is that is certainly an inspiration or a motivation for the fed to not hold anything back, and they havent been. I think he understands that that is the direction that the risks lie in. We find ourselves in a situation where financial around the world are rallying quite aggressively. Liquidity has been provided by central banks. How sustainable is that liquidity ultimately . The liquidity is sustainable. I think the policymakers, the good news in all of this is that policymakers havent held back and havent waited, and they havent gotten bogged down in handwringing over the deficit. I think that is absolutely the right response. I dont think there is a limit to what they can do, except their own willpower. I do think markets tend to focus on what they can defy. Quantify they can stimulus, whereas the outlook is harder to quantify. I would expect many ebbs and flows and sentiment in months ahead because theres a tremendous amount of uncertainty. That is not going to resolve overnight. It is not going to resolve with, as we discussed, announcements by states saying they are opening up. That doesnt resolve the problem. So i think we are going to be grappling with this uncertainty for the remainder of the year at a minimum, so we are probably going to see waves of sentiment, and go. Again, the earnings reports themselves in the earnings for this year are going to be truly terrible. There still is quite a bit of optimism of a bounceback in earnings next year. Companies are not guiding right , so i think that is less likely than a longer slog. This is going to be a deep recession. Guy there seems to be a sense the united is behind states, but other places as well, would it comes not only to fiscal policy, but also monetary policy. He saw the ecb yesterday trying to maybe alleviate some of those concerns, but not going far enough. Do you worry that europe and the eurozone in particular is behind the curve . What kind of a drag will that be as weak restart the Global Economy, in terms of providing one of those engines of growth . Do you think europe is again going to be slow out of the blocks . Julia yeah, i think we obviously know all of the structural complications for europe developing the same kind of mechanisms and political will to push forward with the stimulus that is needed, so they are a bit behind, and likely to. Tay a bit behind is it enough . Probably not. They are probably going to lag thative to other countries dont have those structural roadblocks to getting things done, so i do worry about that very much. Vonnie you say you are in texas. Texas has been approaching covid19 differently, as it does a lot of things, then some of the other states. What would happen with any kind of recovery we do see . Very patchy and geographically based recovery . Julia im in economist, and we think about things in turn of innow in turn of terms of externalities. It is going to take time to develop the drugs in the medical approach we need to engage in commerce with confidence. So texas has been approaching things differently, but as you noted, the disease curve doesnt look all that different. We are still seeing the end number of diagnosed cases doubling every two weeks here. The number of deaths still rising. While the u. S. As a whole has flatten the curve, theres still lots of people getting sick every day, and in that environment, it is hard to really restore robust economic activity. When we go back to traveling, how are we going to travel . How competent will we be . Will the airlines, the airports have the procedures . These still need to be answered before we can get back to business. Vonnie julia, thank you for all your time today. That is julia coronado, Macro Policy Perspectives president and founder. This is bloomberg. Vonnie live from new york, im vonnie quinn, along with guy johnson in london. This is Bloomberg Markets on this may 1. The ism manufacturing data now the headline number, steeply below the 50 dividing line between contraction and expansion. However, the employment figure was much worse, coming in at 27. 5, all the way down from an already weak 43. 8 in march. April really showing deterioration, as you might anticipate. That did weigh a little bit on indices, as did the comment from President Trump that seem to be ratcheting up tensions with china once again. All sectors, led by energy, lower. Energy down almost 5 . The offshore yuan we getting by 0. 7 on those china comments. Ceos representative of and earnings reports, suggesting the economy is very definitely on hold. This is bloomberg. Berg. Erik this is Bloomberg Markets. Im Erik Schatzker new york. The coronavirus pandemic is wreaking havoc on the economy and putting Many Companies in danger of bankruptcy. Tim coleman is chairman of restructuring at jt partners at pjt partners. Inhink of the emergency room the hospital. The companies you see are sick companies. How sick are they right now . Tim well, theres a split. You have all of the companies that have been affected by the coronavirus, and those companies are different. Some of those, though, were with, so thegin lack of cash flow liquidity is hitting them earlier than some of the companies that have more liquidity, and Many Companies have been able to take advantage of stimulus packages that have been offered. It is all about liquidity. These are companies that are sick from being affected by the virus. Erik if the corporate equivalent of a ventilator is a restructuring or a bankruptcy proceeding, what percentage of the clients youre dealing with now are headed in that direction . Tim thats a hard one to answer because the information on when this virus will end or when we get back to something normal is difficult to know. Just read an article that said 60 , 70 of the population is going to be infected by the time this is over, and it is going to go on for another 18 months to two years. Goingt happens, there are to be a lot of bankruptcies. If we get some reopening and it actually works, and there isnt a big second wave of this virus, bankruptcy doesnt necessarily help most of these companies. It helps them from an outgoing cash perspective in terms of any interest they are paying. These are not companies that are going to be like most Companies Going to bankruptcy that are making big changes. Thats not what the situation is like. It is very hard to tell right now. Clearly there are going to be a lot of bankruptcies. , a how many there will be lot of that is driven by what is happening with what is happening with the virus. Erik it goes without saying, this is the first time in modern history that industries have no revenue. Some people wonder, given that has been the case for weeks, why we havent seen more companies ,efault, miss Interest Payments or even start a bankruptcy proceeding. Is there an expedition is there an explanation for that, or is it too early . Tim it is companies i would describe as Good Companies to begin with, those companies, their banks dont want to see them falter. The government doesnt want to see them falter. So the extent that they are hitting covenants that would normally trip you up, most of the banks, you have to be careful about being too general, but most of the banks are wa iving those covenants. If you are a good company, you should be back to normal at some point, and i am not going to cause you to go under just because you have some covenant that you otherwise wouldnt have tripped, but i am going to put in a liquidity covenant that says to me if you go down this path and start to run out of liquidity, i need to know because it is expensive to go into bankruptcy. You cant just run out of liquidity and then say i am filing for bankruptcy. If you do that, you will be in liquidation. Thats what most of the banks are doing in these situations. You also have distressed investors stepping in on rights offerings and things of that nature. In to provideing capital, and typically what they are getting out of that some big boost into the equity. They might even be converting debt into equity. But they are looking for the ride up once the companies recover. Erik the example that comes to mind is expedia. Expedia did maybe not a rights offering, but a preferred. Not quite the type of rescue financing you might expect in this kind of situation. Tim everything is what you would expect in the situation because we never had it. So whether it is a preferred stock, a rights offering, whether it is just a Portfolio Company that is putting more it is anything where somebody can come in with a logical reason to put the cash in and on what basis to put it in. If you feel good about the preferred,nvertible maybe you are looking for that bump and you will wind up either getting it back or getting some bump as a consequence of where the stock eventually goes. Restructuring is normal from the standpoint that you need liquidity. You have to look for viability and companies ill of those things. But for the companies that are just virusinfected, those Companies Come almost everything is normal. To be a goodseems example of what the government hopes to achieve, certainly the Federal Reserve. This could have been the Lehman Brothers of the coronavirus crisis. It was in deep trouble beforehand. It is in deeper trouble because of the pandemic now. 25 it was able to sell billion of bonds yesterday. What do you think . Tim that is exactly what is happening across the board. You can look at a lot of these companies. When you have a company that is an Investment Grade company, typically they dont have any collateral thats been granted to anybody. They typically dont have a huge amount of debt in terms of the context of their overall market cap or asset base. So what you see is people are able to go and raise money. Lots of the airlines are raising , i gates,nst rates routes, slots. They are doing a lot of financing in every industry if you are an Investment Grade company. We did xerox long time ago, and xerox had a very big issue with the way they were accounting for things and got in trouble with the sec. Everyone thought xerox was going to liquidate, which was sort of silly because it was an Investment Grade company. We were able to raise a lot of money for them and help them come out the other side. Theres a lot of companies out there that can afford to put a lot of debt on their Balance Sheet based on what was there in the beginning. Governmentsing the on airline bailouts. How much can you say about that . [laughter] tim absolutely nothing. We never speak about clients, so i apologize, but that is not something i can talk about. Erik thats fair. You talk about how government programs, Federal Reserve backstops are helping Investment Grade companies, and lenders are providing support to those Investment Grade companies. What about the highyield world . Is there a huge dispersion . Tim no. Let me just describe it as the Distressed Community. Youve seen highyield have some of the biggest spreads ever, and you have seen those narrow more recently. The Distressed Community is all over this, and they are looking for as many places as possible to provide the needed capital in a way where they will end up profiting greatly, whether that own, but that whole community which traffics in the highyield space is very active. They are looking for those opportunities. Erik very quickly, would you say this is going to be the greatest opportunity ever for the distressed players . Tim we said that in 1991, in 2000, in 2008. Here we are again. Whether it is the greatest, i dont know. I hope it is not, for the country. We try and help companies is much as possible, so i hope it is not. Erik thank you for joining us this morning. That is tim coleman, chairman of restructuring for pjt partners. This is bloomberg. Omberg. Vonnie live from new york, im vonnie quinn, along with guy johnson in london. This is Bloomberg Markets. Time for etf friday. The recent pandemic has inspired for the newcs normal. Lets bring in athanasios psarofagis. Talk to us about the product you have seen come out and try to capitalize on the pandemic. Ios this is actually not uncommon in the market. Etf markets always try to come up with something new. We saw it in 2015 after the energy crisis. We saw a trade war etf launched during the trade negotiations. Is bio threat etfs, trying to have companies that are combating viruses or coming up with vaccines. Another is trying to pick up on a new trend of working from home, hoping that more people are just going to be the new normal, working from home. One thing to remember is a lot of the companies have gone up a lot, so sometimes what happens with these themebased etfs, they didnt to be a little bit late sometimes. Sometimes they miss the big move that already happened. I was about to do want to tickerthere was a whf already available. Lets talk about some of the etfs that have done well and may had inflows. Theres the new ones, and then theres some thats sort of sit in no mans land for a while, and something happens that triggers a big response. One i want to call out in particular if the airline etf. It is the only one out there that really is a pure play. It was sitting with almost no , now almost at 600 million. So you see these grow in response to something that is happening. Investors put ones together by themselves, so they are finding aiming etfs, Cloud Computing etfs, so the wfh will put all of these together. Vonnie we are seeing a nice bounce and crude oil prices today. Talk to us about the oil etf that held all of that trouble and turmoil. Athanasios normally it would only attract the front month futures. It has completely changed its composition. It is out of the june contracts. In fact now, it has stretched all the way out to next june. If you look at the makeup, and looks like a lot of other etfs on the market that have some kind of spread across different contracts. One thing i will mention is even with the change in composition, it still is the closest one to tracking spot. The others are little further out. Uso is still the one that is going to get the posters the closest exposure to spot. Guy always a pleasure. Thanks for the update. Psarofagis joining us from Bloomberg Intelligence on the etf landscape. Lets get our stock of the hour. Here with the details, kailey leinz. Kailey our stock of the hour is apple. It reported fiscal secondquarter results after the bell yesterday, and shares sold off on that news, but we are back in positive territory, higher only by a few tenths of 1 . On the headline number, it did not go as badly as some analysts perhaps feared. Toenue did rise about 1 58. 3 billion dollars. That topped expectations. But beneath the surface, there was weakness for their big money maker. The iphone saw sales drop by about 7 . Weakness particularly in china. China sales overall down by about 760 million. Apple also had issues with the supply chain and china. The weakness on that front was set off by strength and its wearables and services division. We know these are areas in which apple is shifting its focus more and more, and thats all revenue up by about 23 for wearables, 17 for services. Going forward, the picture is a lot more unclear. Perhaps the biggest headline is they didnt give any guidance for the first time in around a decade. You did have executives on the call hinting that there may be some trouble in the current quarter. The cfo said they should see year on year performance for iphone and wearables worsen, but then tim cook, the ceo, said they are starting to see demand pickup in the back half of april. Finally, they are doing something that a lot of companies arent right now, and that is raising their dividend , this is a company that has had a lot of cash on hand. Not all Companies Find themselves in a similar position right now. Seen company after company suspending their buyback and dividend programs. Last years total has already been pulled by about 25 of s p companies. Apple is bucking that trend. That is your stock of the hour. Guy thank you very much, indeed. Still ahead, oils futures contracts rallying this week in the crude market this week as the crude market seems to show signs of recovery. Futures in focus is coming up next. This is bloomberg. York, imve from new vonnie quinn, along with guy johnson in london. This is Bloomberg Markets. It is time for futures and focus. Joining us is larry schober. We were above 20 a barrel for wti earlier on. Is this actually the Production Cut sweeping through for the market . Larry it seems like it is. That has been the buzz this morning, and even overnight, rumors of that. , it has beenmind washing out of the market, and perhaps we are returning to some sort of normality where the slow orls or new optimism, but it is comforting to see the market trade where it is right now. Vonnie we are also the first day of may. We will see contracts rolling over again, and we had that incident last time. Are you anticipating any velti any volatility like that in the coming weeks . Larry not in the next few days. Think a lot of people have. Ecognized what happened the storage issue is real, more real than most people realize. That said, there is still space available. I dont know if we will see that. I am not counting on seeing metta nearterm. Vonnie a question on the dollar, if you dont mind. If the dollar in play again as something to trade . Dollars a very fastmoving story, and a lot of it has to do with the messaging we saw yesterday from the ecb. Theres so many things being rolled out by both the ecb and the dollart we see continued to lose a little traction in the shortterm, just given the various unknowns in regards to what is being rolled out by the monetary authorities. Vonnie larry, thank you. , Efficient Advisors cio. Morelets turn to some historical changes we are seeing in the world right now. Apple didnt provide a forecast for the first time in more than a decade. For sparking concerns investors about performance later this year. Ceo tim cook spoke to bloombergs in many chang bloombergs emily chang after that. Sales were down about 6. 7 , but not down as badly as some feared. I spoke about all of this in an interview with apple ceo tim cook, and the key headline is he is already starting to see sales resurge. He told me in the last part of march and first part of april, things were very depressed, and we have seen a pickup in the second half of april. We are not projecting but we are going to do this quarter because of a lack of certainty and lack of visibility. Apple not releasing a forecast for the quarter or the year. Some analysts disappointed by that. I didnt get a chance to ask about his eye blind a future projects and whether the sideline about his on future projects and whether the pandemic would affect things. He said we couldnt be more proud of our current product, and we have rapidly build the muscle to run the company in this kind of way. ,tores have reopened in china south korea, austria, australia. He is looking at the first half of may to start reopening stores in the United States, but that will happen slowly, just a few initially. They are also talking about how they bring apple employees back to headquarters in cupertino, california. He said there will be temperature checks, health screenings, and possibly covid19 testing. That is something they are considering, but havent decided on yet. Vonnie that was bloombergs emily chang. It is time now for the Bloomberg Business flash. Chevron is slashing Capital Spending for the second time in five weeks. The oil company also warning profit will suffer as the industry spiral deepens. Chevron further reducing its Capital Expenditure guidance, as low as 14 billion for the year. Ceo mike wirth has been aggressively cutting spending to preserve cash. The coronavirus pandemic is taking a toll on manufacturing in the united kingdom. The april purchasing Managers Index fell to its weakest readings since the readings began in 1992. Only companies producing medical or food related goods saw increased orders or output. Ryanair is slashing 3000 jobs. The carrier will carry less than 1 of its normal passenger volume during this quarter. It says it does not expect a full recovery until summer of 2022 at the earliest. Ryanair is also taking issue with the billions in state aid being doled out to save its competitors, saying the bailout his cup edition. Joining us in the next hour, we will speak to pearson ceo john fallon to discuss the outlook and social distancing measures impact on its bottom line. Weightiness in this first day of may. I wonder if it is just the tone from earnings season as the president is ramping up pressures on china once again, even saying that something could which, inth the debt, the words of julia coronado, is absurd. All major indices in the s p are lower now, led by the energy index. It is just a terrible environment for the oil companies. Guy quick look at european markets, theres only one we can talk about, and that is the ftse 100. It is down by 2. 1 3 . It is may day. Mostresult, we are seeing european markets closed. U. K. The exception. This is bloomberg. Save hundreds on your wireless bill without even leaving your house. Just keep your phone and switch to xfinity mobile. You can get it by ordering a free sim card online. Once you activate, youll only have to pay for the data you need starting at just 12 a month. There are no term contracts, no activation fees, and no credit check on the first two lines. Get a 50 prepaid card when you switch. Its the most reliable wireless network. And it could save you hundreds. Xfinity mobile. Guy im london, im guy johnson, with vonnie quinn in new york. This is the european close on Bloomberg Markets. We dont have that many markets open. It is may 1, which means most european equities are closed for the day. One is the ftse 100. We are down by 2 . We are also seeing with this in the cable rate as well ahead of the bank of england next week. Overnight, the president of the United States made some comments that certainly shook relations between china and the u. S. The aussie equity market down by over 5 . We also saw significant drop in the currency, and that is being reflected in some of the metals as well. Copper trading down by 1. 32 . Vonnie in the u. S. , we have a very weighty feel for these mark