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
Of the Oil Companies hire today. Out, it isto pointed holding onto most of its gains of the last few sessions, trading at 1729. Guy you bring up the fact it is friday. Friday is generally not good for these equity markets. European stocks are lower. We are tracking lower as we speak. We have the trouble another shifter the travel and leisure sector seeing some downside in the european markets today. We are down by 0. 7s present i 0. 7 . We are also seeing a bid today for btp yields. Weve got a rating review from s p coming up, plus the story surrounding where europe goes next in terms of the recovery funding. Pretty and conclusive that front. With got a 1. 90 yield btps coming in, so the periphery looking a little better today. Crude up by 2. 3 . Vonnie lets get some context for all of this economic data. Mckee,joined by Michael Bloomberg International Economics and policy correspondent. What is useful in the data weve got today . Michael well, im not really sure. The confidence number
The show. Oil finding some support from markets as we still get earnings coming out. Fiat chrysler withdrawing its full year 20 guidance. They plan to restart production as conditions allow. About 100djusted ebit million euros. Nonetheless, continuing to see withdrawn guidance. Really hard to make a decision as a Portfolio Manager when you dont know what the outlook is going to be. It is time now for todays market moving news from our brussels and new york teams. We want to begin in europe, where germanys top judges gave the ecb a threemonth ultimatum to fix qe. The court ruled that some aspects of its Asset Purchase Program arent backed by eu treaties. Going to brussels is maria tadeo. What does it actually mean, and have we seen any response from the eu on this . Maria it is a bombshell, really. The judges are basically saying overall, there is no monetary financing, which would be illegal, but some aspects of qe are unjustified, and not backed up by european treaties, which means th
Dollaryen pushing a bit higher. You are also looking at the 10 year going no real place, and oil trying to stabilize as earnings continue to rollout. Honeywell the latest, suspending their fullyear guidance. Time for todays market moving news from new york and washington. Lets start with earnings. We are about halfway through the seasons. Oil giant chevron out this morning, cutting capex for the second time at about five weeks, warning profits will suffer. Bloombergs Annmarie Hordern has more. Annmarie thats right, that capex headline is really the one to take away from chevron. Clearly, they are doing what they can to save cash. The original plan before they cut earlier was for 20 billion. 14 billion is roughly where chevron has been spending over the past three years or so. Dividends has been a big topic for the oil company. Sayingre now they are they are doing everything they can to protect it. In just going to be out under 30 minutes. They said they are going to freeze it. One thin
Putting pressure on oil markets as well. And marie hoarder me for more. Walk us Annmarie Hordern joins me for more. Walk us through the veracity of the selloff, and does it last . Annmarie the next 24 hours is going to be quite bumpy for this may contract. Basically, it is Financial Derivatives meeting the physical oil market and what we are seeing on the storage side. If you are not out of this position financially and you are a futures trader, you have to accept the physical oil. The problem is, theres really nowhere else to put it. Look at cushing. That storage is quickly filling up, and that is the main hub in the United States, where you have pipelines to canada, the midlands, or the gulf. The may contract now trading at , which3, plus contango means if you look at the june contract, trading at about 23 a barrel, it is about a nine dollar differential, the most on record. If you look down the table of what you see for june, july, august, the prices are certainly higher on the futu