Is scheduled for next week. Good morning, everyone. This is bloomberg surveillance. Good afternoon, good evening depending on where you are watching the world. Gdp is a good sign of things to come. It is a little bit backward looking, which is why we tend to look at other indicators. Certainly when you look at eurodollar, it is probably moving on the back of it. German economy shrinking some 2. 2 in the First Quarter. Now to your bigger asset classes. European stocks are actually jumping. U. S. Equity futures pretty much unchanged. The one thing that we need to watch out for is basically the second wave of infections, but also the simmering tension between america and china. Oil climbed, treasuries edging higher lets get to the bloomberg first word news in new there is in the u. S. , no guidance from the centers for Disease Control and prevention on how to reopen bars, restaurants, and workplaces. It includes social distancing, limiting group sizes, and encouraging drivethrough and del
The u. S. Enters a new week with the highest number of coronavirus doubts in the world. Administration is still trying to ease lockdown restrictions by may. The Top White House virus eight says infection levels are stabilizing. Some of the u. S. Could be open in the next month. The imf and world bank held meetings this week using digital remote software. The global lenders will facing new reality of mounting unemployment. Thecials have already said Global Economy is suffering its worst recession since the 1930s. India is set to extend its current 21 date lockdown to the end of the months to allow more time to evaluate the spread of the infection. The Prime Minister said the government has adequate supplies of medicine and protective gear for frontline workers, adding that the next four weeks will be critical. The virus is ad social emergency. In hong kongals are facing a pay cut. Announced new stimulus. The additional spending accounts for double the projected government budget. The ph
The overall death toll the coronavirus nears 50,000 globally. [indiscernible] 100,000 military body bags for civilian use. U. S. Officials say china concealed the extent of its outbreak, but futures rise in europe and in the u. S. After the worst drop for the s p 500 in two weeks. And President Trump voices optimism that russia and saudi arabia will end their oil spat soon. Brent and wti each jumped 5 or more. You can see here a 20 jump over the past three days. We are just under an hour away from the start of cash equity trading in europe. We will take a look at where futures are trading now. We have, in terms of european slighterder gains then we had in the u. S. If you look at the dow jones and s p 500, they are each up about 1. 5 in terms of futures, so bigger gains in the u. S. Picture , though further away from the open of cash equity trading. What does it look like on the gmm right now . Just had numbers come through on the u. K. House prices, i will come to that first. House pr
Guys, that interview with barry right now makes you feel better. Gives you hope i think its important to he hear, are stocks cheap yes. Is the system working . Yes. Is the opportunity going to be great if the countrys locked down no so whats important is to find out where the country is fiscally thats why its important to speak to the treasury secretary. Yeah. The concerns that we had yesterday continue to be the concerns we have today, which is about businesses forced to potentially suffer significant financial damage as a result of being closed or having no customers. And what that will mean. Liquidity is always an issue it does seem to be not in the treasuries where we have seen illliquidity that scared people moving into credit, which we need to focus on huge repricings. The cost of capital has gone up for corporate america. You can provide people money, but those people dont want to go out we are a service economy, twothirds of our country is service. What do we do when you get mo
Prices are. It does not mean that the market will down tomorrow but it does mean that the odds are not, in my opinion, in the investors behavior. Jp morgan hoping that revenue will benefit. Hit today. S also manus it is daybreak europe. The theme is rip it up and start again. They say growth will be 1 . 2. 3 this year. Against the going consensus of the march of the market. I quite like what they say, between bond traders and equity traders, apparently they say that bond traders might be more right but of course they are not infallible. It is a really interesting bearish call. What i would say about the equity market, both of us have observed the fact that that rally has been led by the mega caps, so you can question whether you look low the surface, if the equity market has that much conviction in growth. Caps did, maybe the small would not be lagging as much. Manus one sentiment, that it is no longer a currency manipulator, that moniker is gone. Break 6. 8 . , willie will it break 6.