Busiest week of earnings thus far. Trillionlmost 16 worth of corporates reporting. We need to figure out exactly what the set up looks like. Lets do that with scarlet fu. Scarlet what we have learned so far as we are deepening in an earnings recession with more than a quarter of the s p 500 having reported. Third quarter etf down 18 . Third quarter revenue down last, but still up 4 versus last year. We have definitely turned the corner because declines in the top line and bottom line are less bad than it was in the second quarter. It may even turn positive by the second half of 2021 when the conversations become easier. The market had priced in all of these Third Quarter declines. So far, so good. 500 are topping estimates overall. Sales are beating estimates by 3 . That is the most in two years. Eps is surprising to the upside by 18 , slipping from a 23 margin in the second quarter. Gina martin adams says Growth Companies are beating estimates more widely than value companies. When ea
Hurricane laura nears the u. S. Gulf coast. Massive activations take lace for fears the storm could drive 30 miles inland, causing massive damage. Jobgermany extends preserving subsidies until 2021, as europes with this economy recovers from the coronavirus. This as the japanese official warns over a second wave. It has just gone 6 00 a. M. In london, 9 00 a. M. In the difc in dubai. We will spend a lot of time talking about specificity. [laughter] hopefully at got that right. Put it to you this way, the end is reallyael well anchored in the u. S. I see those as being the two risks if there is a lack of specificity. Annmarie you make a good point. It is clearly going to be center stage. Writes, theper dollar is the guest of honor even if it doesnt want to be. Can we see more u. S. Dollar unwinding . Of course, this is the bond market moment. It comes back to the conversation we had on monday with a great Bloomberg Businessweek satire speech. They said no, i stuff, jay powell. Manus exa
Bloomberg surveillance. Im tom keene in new york. Guy johnson in for Francine Lacqua in london. Monthsin to the summer in august. I look at the newspapers in the United Kingdom and it is sort of a soup of distractions right now. Inme and update on the virus the United Kingdom, because the statistics i look at are actually pretty good. Guy . They are pretty good, tom, and there are large parts of the country where people are talking about the fact that we may have achieved herd immunity. You listen to the commentary come out of a large hospital, out of large hospitals, they are seeing a fraction of the number of cases they saw coming through the door back in the spring. The situation seems to be under control. This is pumping Boris Johnson the prime minister, to make firm assertions that schools will september, in the same way Governor Cuomo is making those assertions in new york. Thathe is pretty lonely on right now. That will be one of our themes without question in august. Back to sc
In washington coming out new unemployment claims the United States drop below 1000000 for the week as we look to find the bottom of the pandemic coverage and there are a lot of headlines about trade tension between the u. S. And china dont forget the u. S. And the European Union well they still have trade issues of their own have a lot to get to so lets get started. Its thursday which means u. S. Unemployment numbers were released weekly jobless claims fell to 963000 last week now this is the 1st time the numbers are below 1000000 since mid march that was when the coronavirus was declared a pandemic in late march u. S. Filings hit nearly 6900000 in a single week while the better than expected numbers come as President Donald Trump issued an executive order that provides an extra 4 100. 00 a week of unemployment thats down from the original 600. 00 of insurance but those by. That may not show up for weeks and employment rate fell to 10. 2 percent last month this was after peaking near 1
Should not be ended as fast or as abruptly as they are 1 then what is the actual trade here and florida unfortunately heres what i wish we could report right if you were in a Perfect World you and i would go on the air today and say the surge of cases. Of coal that my team are down oh and by the way employment is up yeah unfortunately we only are able to attach ourselves to half of that story which is employment is looking like its starting to go up by the way and when we say you know comparatively speaking because yeah better. Lets not lets not set off as my mother would say any fireworks yet but if were playing with. A little tiny bit but were still seeing kobe 1000 cases go up in places like florida then you know most Health Experts would say its not a good tradeoff. Some economists would say ok politicians depending on their party would say yeah we love that lets keep doing it so thats kind of whats going on right now in places like florida and arizona and others its a little bit o