Domestic and geopolitical tensions, everything from what is going on in minneapolis to the president versus twitter. We will obviously be taking you through those stories and a lot more throughout the day. The s p 500 is down 0. 25 . Dollar general is once again the best performer today, but retailers lower in the s p, from gap to nordstrom. Harley davidson down 7 , matt. I know you take a special interest in harley. Yuan something we are at. Ng a close look some pretty broad we getting this last week. Right now offshore, the yuan is 7. 1666. At the dollar has been weaker, but it has also been above 99 this week as well, so plenty of whippy action for the dollar index. Gold futures up 0. 8 . A lot of fed speak as well. We will be discussing what Loretta Mester said to bloomberg a little earlier on in a few moments, and we have Jerome Powell coming up in the next hour. 6 t Harley Davidson down yesterday, so it has lost basically 1 10 of its value over the last couple of trading sessions
Hard to make anything of any positions being taken into the weekend, were something good or bad can end up happening. Time for todays market moving news from brussels, as well as our new york teams. Europe, approving a shortterm deal. Ombergs part two bloomberg spoke to germany z for president to spoke to germanys you for germanys ifo president. If things shut down again because there is a second wave, that is catastrophic for them, so that is something that needs to be avoided. Maria tadeo joins us now. Maria european leaders met yesterday. They came up with a shortterm aid package, but the question is what we are going to do over the long term. Get any clarity yesterday. That is being reflected in the Market Action today. Any specifics on the amounts. Theres suggested that it could be one trillion euro up to 1. 5 trillion euro. Some argue this should be done through transfers. The countries that are on the weakest right now would say they want to see the bulk of it being done in tran
Few smiles and the magic kingdom. Disney suffers a coronavirus hit with seem parks shot, movie theaters closed, and sports on hold. Shery a quick check of the market. This after u. S. Stocks gained ground for a second day in the regular session. We have sentiment being boosted as more economies move towards easing lockdowns. Still, in the last hour of trading, there were some cautionary comments on said officials that cut gains in half. New zealand stock scanning. 8 . This would be a Third Session of gains. Therir rate. Rate. Ir we have the rba leave rates unchanged. We are looking forward to retail Sales Numbers very soon and we will see how all of that toilet paper hoarding that we saw in march is reflected in the numbers. Not Much Movement for the japanese at the moment. Tosident trump continues push the theory that the coronavirus originated and escaped from a lab inside wuhan but sources within the u. S. Intelligence Community Say the intelligence is less than definitive. That as
The actions. Not just high yield indexment many of these outliar assets are showing a little bit of relief i suppose you could say. What does that say to you at ubsf Financial Services . Lisa i think its very important that the fed did what they did. Obviously after easing tremendous amount of of keep Interest Rates low, financial conditions continue to tighten f you dont have access to crede at this time creates a problem. To prevent unnecessary insolvency we think is very important Going Forward. We think the fed action is positive overall, but we dont think this is going to be just a straight shop upward. We do anticipate continued volatility for the less of the year. Lisa if thats the case vonnie if thats the case would you hold your fire or start looking for places to put some of the dry powder to work . Lisa we had come in to this recent fed policy and fiscal stimulus long high heeled. Markets had gotten to the point where they became so bad it quickly, spread quickly and widened
Shrinks, but it doesnt set the u. K. Up for a good spot Going Forward. We are seeing the relationship between fiscal and Monetary Policy really evolve the u. K. We will break that down over the next few hours. You are seeing bond markets bid across the board, as we are koff develop. We want to kick it off with Michael Mckee. Theld central bank mike,entral banks if i say mmt, am i wrong . Anyway. Yeah, [laughter] its confusing, though, what is going on with the economic philosophy called mmt. Yes, it is unlimited cash in unlimited amounts for unlimited periods of time until we get through this. Youre still going to work your tail off today before we get to 4 00 p. M. Lets start in london come over the bank of england is going to finance Government Spending for the time being by lending money directly to the treasury. It is called the ways and means facility, a shortterm credit the last used during great financial crisis. Government and the bank say any borrowing will be repaid by the en