Find a bid. We wait for more gloomy Economic Data at 8 30. Time now for our market moving news from our new york team. We are going to start with oil. The iea says the outlook for oil demand has improved somewhat, yet it sees crude production on track for historic decline this month, at the lowest level in nine months. Annmarie hordern joined me now for more. Annmarie this report is still bleak, but slowly but surely improving. They had to say is that outlook for the oil markets are improving somewhat. Amanda little stronger than what they were expecting, but really, the big take away from this report demand a little bit stronger than what they were expecting, but really, the big take away is that this month is on track for historic decline, the most in nine years. This week alone, we saw the kingdom, the uae, and kuwait deepen cuts for june. The same time, the iea is looking at producers outside the group like the united eights that are just being forced due to supply and demand the U
In europe. European stocks hitting a 20 bounce up from the bear market in 2020. A little bit of selling on the bond market as growth questions continue and Oil Takes Another leg lower. Lets get right to the bank numbers. Jp morgan shares up by about 2 . They reported blowout fixed income and trading revenue. With us now is Alison Williams is sonali basak. Sonali provisions for loan losses are really skyrocketing here, more than 8 billion expected. A lot of it is coming from the consumer business, where those provisions are more than 5 billion. On the other end of the loan but, we are expecting lower Net Interest Income this year. Also, as one would expect with lower interest rates, that would come into about 55 billion, lower than the 57 billion dollars initially estimated. On the bright side, we saw Net Interest Income for the quarter come in pretty healthy, and fixed income revenue beat by almost 1 billion. Trading was able to hold up. The question is, wasnt able to hold up well in a
The moves in europe have been tremendous. A 58 basis point move upwards for the 10 year in italy. Moves. Re huge a big selloff in the bond market is not going to make the equity markets happy. You have limit down at one point for s p futures. The dollar keeps performing higher and higher. At some point, that is going to wind up crimping the Global Economy as well. To wrap it all into a neat bow, you have crude, the bottom falling out for that market. Goldman says they see brent coming to 20. Time now for global exchange. We are going to bring you todays market moving news from all around the world. From washington to new york, brussels, and london, our bloomberg voices are on the ground with this. Mornings top stories. The Trump Administration has promised a 1. 2 trillion dollar stimulus package, including to americans. Joining us is kevin cirilli. Where are we in getting this done . Kevin within the next week, i am told by sources. The president hasnt injected the treasury secretary S
Around the world from hong kong to brussels, berlin, new york, and washington. Our bloombergs voices are on the ground with the top stories. We begin in asia. The death toll from the exceedsrus exudes 2000 in china. Walk me through of what were hearing from the government in terms of supporting the economy. The 75,000to get to new cases of shared of this virus new cases out there this virus. This may have been a lot worse a lot worse. There is a 70yearold man in hong kong who succumbed to his illness at the hospital. He had underlying issues. But lets talk about the cruise ships. We have one in cambodia and we whichhe diamond princess have the most localized cases outside of japan. People are being led off that boat and being evacuated. If you test negative, it can reappear. It can remain dormant. What are we doing here . What is happening . Theyre suggesting a 14 day quarantine when you leave the boat. We were talking about how the Chinese Market was of thirdbiggest Aviation Market in
Half of next year. Time for todays global exchange. From dubai to frankfurt, to brussels to london, to Rio De Janeiro and princeton, new jersey, our bloomberg voices are on the ground with this mornings top stories. In turkey, the lira is gaining against the dollar following a 200 basis point cut. Joining me with more from dubai is paul wallace, bloomberg emerging markets reporter. Is this going to be enough president erdogan . Paul that is a key question. The lira has barely budged despite that 200 basis points cut being more than markets expected. Analysts were expect and about 150 basis points. The lira has had to endure a lot in the last six months. Erdogan has sacked his central bank governor. Since then, the new one has overseen a whopping 1200 basis points of rate cuts. Amazingly, despite all of that, the lira is actually up against the dollar since the end of june. We will have to see what erdogan thinks of this latest move to see whether he is satisfied that it is enough, or w