Now. Maria we want to check Global Markets this morning, european indices all over the place this morning following the u. S. Central Bank Stimulus package. London shut down, some of the mass transit lines in an effort to contain virus. Ftse 100 is down 12 points right now. Dax index in germany right now up 21. In asia overnight it was red across the board. Take a look. Korea getting hard hit down better than 8 overnight in korea hitting levels not seen since 2009 even as coronavirus cases are dropping in korea. As you see the other majors are also weaker. Lets check the oil markets now. Seeing a rebound this morning after 18year low. As you see oil prices bouncing 250 a barrel at 22. 87 a barrel. Yield on the 10year treasury hovering above 1 . Yields are bouncing once again 1. 92 on 10year. Investors certainly gearing up for another wild day this morning in terms of volatility. Lets check futures. We are expecting another tripledigit decline. The nasdaq is down 35 and s p 500 weaker b
At the ecb, Christine Lagarde says the central bank will be resolute on inflation. Manus we kick off bloomberg daybreak europe, waiting to hear exactly what the list of unreliable entities are from the chinese back to the u. S. Alive and well against argentina, brazil, france. That is the market angst in global trade. It is not going down. If anything, we are ratcheting higher. Man back at it, and this is the first time President Trump has explicitly tied tariffs to currency issues. We sigh risk on session yesterday and that started to sour in the u. S. On the terrace risk and on the factory data out of the u. S. After optimism around china. Manus of course, you are quite right. Interesting how his view on currencies the bloomberg john, crazy from like a fox in terms of understanding how currency markets move. The backs rose on a of issues. Socgen says the fed will cut 100 basis points year and the u. S. Faces Recession Risk, and you may see yields drop to 1. 2 . Bloomberg say if you s
Across markets trying to figure out what the latest tariffs mean for some of the allies of the u. S. This after moves against an array of trading partners. Lets check in also on crude. Opec starts in a couple of days. We also have a great lineup of guests today. Later the brazilian environment minister and a 10 00 a. M. U. K. Time we have the chief executive officer of. Lets get straight to the bloomberg first word news in new york city. We begin with this, no impeachable offenses, that is the conclusion of the report of the investigation of the republican report of investigation. The democrats are expected to release their findings, that is ahead of the u. S. Judiciary Committee First public hearing on wednesday. Possibly the worlds most ambitious policy to combat Climate Change. European leaders are set to bringing net emissions to zero. Eu is also considering over the hong kong, the chief executive is planning more relief measures as ongoing unrest continues to impact the economy. S
3. From new york to frank for, Christine Lagarde heads for the euros ofs slowing and the need for fresh stimulus. Shery lets get a quick look at how the markets closed in the u. S. Stockmarkets removing with between gains and losses throughout the session before moving decidedly higher in the last hour of trading or so. We have the s p 500 falling to session lows when we heard from cleveland fed president Loretta Mester talking about the fact she could not support a rate cut. We saw a estate, utilities, communication stocks pulling the market higher. The s p 500 closed 3 10 of 1 higher. It was a session of low volumes. We are headed towards a july 4 holiday and not to mention that trading will help only during the morning session. We have seen a little bit of light volume in this session. Not to mention that we have a lot of ecodata coming around the holiday, including the labor report on friday. Take a look at tesla. This was one stock that moved with a surge in late trading, gaining
because oil producing countries agreed to continue cutting production basically to push up prices which seems to be working so far. saudi arabia said it would make cuts of1 million barrels a day injuly and 0pec+ said targets would drop by 1.4 million barrels per day from 202a. 0pec+ accounts for a1% of crude oil and let s get more for our middle east correspondent. it was widely expected before the meeting started on the weekend that 0pec+ would reduce oil production because it is hovering around $75 a barrel. there are concerns it could fall further with global economy struggling and demand wiggling. saudi arabia and some countries were really keen that the oil group goes ahead and makes another cut as a group but most countries were against that idea because any would cut the oil revenue crucial for their economies. saudi arabia was the only one who could make the cut and be able to manage its budget. why is saudi arabia keen to make these cuts? if you look at oil prices as