Straight weekly gains of more than 3 . The stocks index heading lower given their exposure to china and some of the heightened tensions you have between the u. S. And china. The only one of the major averages in the red. The risk off tone means you are getting a lift up on the long end of the curve, up five basis points. To give us a risk off tone. I want to talk about some of the Economic Data that we saw. To. Manufacturing pmi rose aprilsmay from alltime low. Manufacturing picked up a bit but stayed below 50. For more, i want to bring in our International Correspondent michael mckee. What is some of the manufacturing data this morning telling us about where we are . The basic message is me will not see a recovery. Shaped recovery. The chinese numbers, which came out over the weekend were down a touch. They reopened earlier, so their numbers are higher. Europe is next. Germany is up, italy is down. Here in the united states, some improvement but still below 50. These are basically psy
Meeting with governors that he believes that the fed chair is doing a good job. Also saying dr. Anthony fauci wants to play all sides of the equation. Nowas been pushing back on is the time for the economy to reopen we could backtrack on the progress we have made in the midst of the pandemic. To talk more about the market slide today, i want to bring in taylor riggs. Turned negative for the year. We saw the nasdaq boosted by tech considerably over the last several days. What has happened to start this turn . Taylor we have had some poor economic data. I want to talk about some of the cpi data to reinforce what we already knew. We are in a deflationary environment. You also mentioned jay powell. He said the economy faces unprecedented risks and could lead to economic damage. What that means for the nasdaq we have erased the gains we have had for the year. Year bynegative on the about 1. 2 . As you mentioned, big tex has been big tech has been in outperform or. Outperformer. The rest of
Global deaths from the coronavirus reach 300,000. While cases continue to fall in europe and the u. S. , alarm is growing in asia over a potential second wave of infection. Stocks and futures gain even as data from china shows a slower return to normal than hoped. Focus turns to german gdp numbers. In just two hours. Looking for a drop of 3 in the first quarter. Sanofil macrons berates for suggesting the u. S. May have hurt access to a vaccine. The frenchetween president and the drugmakers ceo is scheduled for next week. Just under an hour away from the start of cash equity trading in europe, lets take a look at futures. Gains of 1 acrosstheboard. A rough dayhave yesterday in european stocks. Closing down 2 . Then a turnaround in u. S. Stocks. That has now rolled around in asia and that market optimism is prevalent in european futures. Not been u. S. Futures. Little change. Anna . Anna a little bit of breaking news. In london, this would be of some relevance. System, aand transit fundi
Time now for our top market moving news from our new york team. Joining me Bloomberg Opinion columnist brooke sutherland. What were some of your Key Takeaways . Brooke i think what is interesting is target talks about First Quarter comparable sales being up, but nearly all of that was from digital. Digital comparable sales were 141 in the quarter. Those sales come at a cost. They are more expensive. The natural supply chain dynamics of delivering products to homes rather than having them purchased instore is more expensive for target, so you are seeing that market squeeze. Clothes,rent buying where target gets more of a higher profit margin. They were buying food any essentials. Is this a structural shift . Are people getting so used to ordering online that they will continue to order these items . They did also callout market share gains, which is key. Given Amazon Logistics troubles, are you going to be seeing customers rediscovering target and walmart, some of these longerlasting st
Lets get a quick check on the markets now. The s p 500 is not doing much, down just a point. Data,ing the disinflation the 10year yield at 70 basis points. Not much movement. Grubhub,ng a bid for according to people familiar with the metal. Restaurant brands international, the ceo just on tv making a bid for resuming business in china. Lets get a deeper dive into todays market action. Taylor take a look at the vix. You are seeing an extraordinary come down, down 17 points in the last month or so, now allow 827 handle, the lowest since february 24. We know that the fed will be buying etfs. With that, fear is leaving the market. I want to take a look at the balanced budget, or the lack of balance, that we will get around 2 00. We are looking at what could be the first april deficit since 2011. The tax deadline was extended to july 15, and all of the massive stimulus put in place will make what could be the first budget deficit that we will have in april, going back to 2011. You mentioned