The most in cities. Haul supportto efforts halt support efforts. Money, city save budgets are being stretched. Many workers are working from home or unemployed, but it is not just city budgets, you have financial is supporting the cities you have Financial Institutions supporting these cities. Joe we know that all the regional banks are not doing great, but the ones exposed new york city are the most in trouble because they have unique issues dealing with new york and its future and fiscal sustainability. Here is how much the bank is backing commercial real estate. You see the big names like wells fargo, but also lesserknown names like signature bank, and for them, new york city is a big part of their stock. Romaine see the amount of lending out there. M down 42 over the past year. Yougo down the list and will see similar returns for all the banks that i have marked in the new year new york region. Joe hannah, thank you for joining us. Of the the sense exposure relative to the size of
Again im peter w. Watching al jazeera live from our Global Headquarters here in doha also coming up. No punishment. Will bring our loved ones back. The man responsible for killing 51 people with 2 mosques in new zealand is sentenced to life with no chance of parole. Also bracing for the worst hurricane laura heads towards texas theres a warning storm surges could be unsurvivable. The u. S. Vice president mike pence is use the 3rd night of the Republican National convention to praise Donald Trumps record on the economy and law and order mr pense was speaking to a crowd of about 100 people at the Fort Mchenry National monument in maryland he criticized the democratic president ial candidate joe biden for attacking america and said the country would not be safe under his leadership mr biden also focused on trumps commitment to freedom and ambition. The American People know we dont have to choose between supporting Law Enforcement and standing with our africanamerican neighbors to improve
And Nobel Peace Prize lets return to the Northern Irish winner, has died. Politician and Nobel Peace Prize winnerjohn hume, who has died at the age of 83. A bbc investigation finds the number of deaths an architect of the northern from coronavirus in iran is nearly ireland Peace Process, he was regarded as one of the most three times higher than important figures in recent the government claims. Irish political history. Earlier, we heard from the bbcs former ireland correspondent Islamic State militants denis murray, who paid tribute in afghanistan say theyre behind an attack on a prison in the city to the life ofjohn hume. In my opinion, he wasntjust a of jalala bad thats left at least 20 dead and hundreds of prisoners giant of irish politics, he was a trying to flee. Nearly two years giant of irish politics, he was a giant of irish politics, he was a giant of uk politics and i think it on from the collapse of genoas morandi bridge, was a giant of World Politics, as killing 43 people,
Fed set 2022 and what the chairman will say and what i assume will be a Virtual Press conference today. Ofncine we will have plenty market action. We will look at the markets every 15 minutes, including what is happening in treasuries. We had the oecd coming out with their economic outlook. That was released about an hour ago, and the oecd, it is a smarter way of doing it, tom. Forecasting the pandemic would cause a Global Economic slump of 6 here, but if there is a second wave, that becomes a seven point 6 slump. It is a good way of visualizing percent comes a 7. 6 slump. By thewas taken aback differentials between the bar charts of europe and the United States. I did not have in my head how much worse the guesstimate is for gdp decline in the europe verses in the u. S. It is a very good report. Francine it is also because of where europe was in the economic cycle. Lets get straight to first word news in new york city with ritika gupta. Ritika good morning. A warning from jeffrey gund
Maria and we kick it off with Global Markets lets taken a look at european indices a selloff there as well. S p 200 down 250 points right now and paris down 165 and dax index in germany lower by 362. The European Union announcing the closing of its borders for 30 days to slow spread of coronavirus. In asia is overnight markets started with early rally on heels of wall street rally but then reverse course to finish in the red. Take a look at these numbers you have all of the major down better than 4 as you can see, the nikkei and japan and shanghai and composite 1. 8 and then theres oil. Oil prices tumbling touches levels not seen since 2003. As price of oil between russia and saudi arabia wages on demand is dropping oil prices right now at 25. 40 a barrel havent seen those numbs in quite some time. Check treasuries and yields right now on tenure treasury rising this morning once again, it is back above 1 . Tenure now sitting at 1. 8 that is up ten and a half basis points. The coronavir