President macron criticizing erdogan for his insertion a regional power. Jinping, president xi opened a meeting to map out the countries next fiveyear plan. It could push the economy passed the United States within a decade. The latest roadmap will center around technological innovation, economic selfreliance, and a cleaner environment. Global news 24 hours a day, onair, and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. Im Mark Crumpton. This is bloomberg. Vonnie it is 1 00 p. M. In new york, 5 00 in london, and 1 00 p. M. A. M. In hong kong. Im vonnie quinn. Welcome to bloomberg markets. Here are the top stories we are following on the bloomberg and from around the world. The s p 500 heading for its biggest decline in seven weeks. Thanks to surging virus cases, the stimulus logjam, and general malaise. Virus cases rising in the midwest and the potential for fresh lockdowns already happening in europe is driving investors to sell.
Multiple seeking challenges in the rise of yonperforming loans, so m second question is on banks. The general counsel discuss the onond containment measures european banks . Thank you. Thank you very much for your question. Tltro is a longterm refinancing scheme that is really intended help the financing of the economy because banks are offered very attractive terms in order and provided that the lind to the economy. It is not that they lend to the economy. It is not that it was a very generous package of refinancing without any conditionalities. The banks are going to only be eligible to the very attractive rate of 100 basis points provided that they lend at least as much as they did to the economy. So that is number one. It is an encouragement to finance the economy. And all sectors of the economy, not just large corporate accounts. It is focused on small and mediumsized enterprises. Through the enlargement of collateral pools, we make sure it can reached the small osborne orders and
Stocks into value encyclicals keep up . Havens are bringing back some ground. The Federal Reserve warns there could be major downside for asset prices if the Economic Impacts of the virus is not mitigated. Will a vaccine or stimulus come soon enough . Welcome to the program, happy tuesday. Picking news from the u. K. , jobs data giving us a picture of the damage done or avoided on the u. K. Economy. The unemployment rate, a three month figure, we get an ,nemployment rate of 4. 8 exactly what was anticipated. It was on the rise. Very cushioned by the furlough scheme over the summer, and the end of september. Where we are on the jobless claims number, we have i go to this because we do not have survey data but it is interesting because it is october data, a little more impactful. The jobless claims change down by 29,800. , that looks lower than the prior period. Some of the data seems an improvement on the previous period. I go to that redhead line on the u. K. Unemployment story. 164,00
To increased economy. There is a one month to in germany, not good for our market, same thing in france and a Record Number of new cases in america over the last seven days. Thats not good either and a time clearly running out for stimulus package before the election. We will ask larry kudlow about that. Dow industrial 900point drop yesterday, dead flat at the opening of this morning, pretty much the same story for the s p, modest rebound for the nasdaq. This is the big day for big tech, apple, amazon, google and facebook will tell us how they are doing financially. Report on this about 4 00 p. M. Eastern this afternoon. Extreme importance because these are the most important and powerful countries in the world. Their stocks have had a terrific run, but they have come off their highs and we will ask if the blue is coming off the big tech. Campaign headline, joe biden leaves his house again. Today hes off to tampa, florida and so is the president. The latest poll shows a dead heat, 48,
Felt across europe as restrictions begin to apply again talents have been ignoring an overnight curfew choosing to vent their anger on the streets. The mood in the study been as you can see italy is rebelling not just government has decided to suppress you tell you hes the star of the study. Was your world News Headlines for this hour for more on those stories and others give us a follow on your favorite social news media and social media platforms my colleague neil harvey will be taking over in just about 60 minutes thanks for joining us and hope you have a good the rest of your day. Max kaiser this is the kaiser report you know weve broken a lot of stories over the years the hoax that is the fracking industry we broke the global insurrection against banker occupation. A bunch of other ones that we were in the lead covered it nobody else did i think no weve got a tiger by the tail here i think were in the midst now heading of the torch from the u. S. To china the through saturday stra