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
The last halfhour or so. The morning started out on a grim note with initial jobless claims very close to 3 million once again. Of smallerixth week jobless claims, but nevertheless , at those rates, it is still pretty dire. The dollar index is stronger today. Weaker euro and weaker sterling, too. We continue to see gains in the oil patch. 37, and brent crude trading above 30 a barrel. Governor Andrew Bailey also seeing the bank of england is not currently considering lowering Interest Rates below zero. His comments coming a day after fed chair Jerome Powell pushed back against the idea. Lets get to our guest, patrick chiefong, Plurimi Wealth investment officer. Expected. Ire as we maybe u. K. Data wasnt quite as bad as we were looking for, but still a contraction of nearly 1. 6 . Of 5. 6 . Do the Central Banks need to start considering negative rates . Patrick i think it is a bit of a mixed bag. I dont think the benefits of negative rates are that compelling at this point. If we see it
Good morning, everyone. Tom keene here. Thrilled to be with you, honored to be with you with your coverage of 10 downing street. How will the Prime Minister celebrate this important day . Are all going to be listening to another Prime Minister about 3 00 u. K. Time, tom. You quoted him talking about winston churchill. We will get a broadcast of what he said at that time 75 years ago. Interesting the parallels between then and now. Of course, limited as they are, certainly a very difficult time to be celebrating 75 years since given we are not able to go out onto the street and celebrate. Tom just extraordinary week that it has been. On this friday, of course, all focused on the depth of the jobs report that we will see at 8 30. That was adjusted over the last two days with a difficult adp report on wednesday and a really challenging and grim weekly jobless claims report. Right now with our first word news in new york city. The top trade negotiators for the u. S. And china have agreed t
Worst in the history of the report. Jobless claims out today. The u. K. Is set to ease parts of its nationwide lockdown on monday. The pound fell to a twoweek low ahead of a bank of england decision. We speak with governor andrew bailey. Welcome to daybreak europe. We are getting a little bit of a. Ift through risk assets unexpected rise on exports. Backtronger yuan off the of that. Still some red on the screen in asia. The s p dropped for the first time in three days in yesterdays session. European futures in the green. Earlier, we were seeing the yen at its strongest or near its strongest since midmarch. You wonder about the kneejerk reaction. The painful jobs report, a grim foreshadowing of what we could get out of the nonfarm payrolls tomorrow. Ahead ofa two week low the boe decision. The expectation we could see more quantitative easing either this week or perhaps in june with the boe expected to hit its present the bond buying goal around the end of june. Oil getting a little bit
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