Lots of earnings coming out. Ups is the latest. They are withdrawing their 2020 forecast for revenue, as well as eps, as we have seen from Many Companies trying to estimate the impact. Theirre withdrawing forecast. They are suspending the Share Buyback for 2020. We want to get you all of todays top moving news from new york and our london team. We want to begin with the volatility in the u. S. Oil market. Wti at one point falling below 11 a barrel. Bps ceo, after the Company Released firstquarter results which showed a 2 3 drop in profit. We have a situation where we have excess supply, and storage is filling up. Cushing is 70 full. People think we will reach completely full sometime in may. We are very fortunate to have a large trading organization, and they have been able to find a physical home for our crude, but not everyone is that fortunate. What is happening here is a very simple case of supply and demand, and the market really isnt going to find some stability until that comes
In europe. European stocks hitting a 20 bounce up from the bear market in 2020. A little bit of selling on the bond market as growth questions continue and Oil Takes Another leg lower. Lets get right to the bank numbers. Jp morgan shares up by about 2 . They reported blowout fixed income and trading revenue. With us now is Alison Williams is sonali basak. Sonali provisions for loan losses are really skyrocketing here, more than 8 billion expected. A lot of it is coming from the consumer business, where those provisions are more than 5 billion. On the other end of the loan but, we are expecting lower Net Interest Income this year. Also, as one would expect with lower interest rates, that would come into about 55 billion, lower than the 57 billion dollars initially estimated. On the bright side, we saw Net Interest Income for the quarter come in pretty healthy, and fixed income revenue beat by almost 1 billion. Trading was able to hold up. The question is, wasnt able to hold up well in a
The dollar still strong against currencies like the euro, but the commodityrelated currencies are performing really well in the em, as well as the g10 space. Time now for todays market moving news from our london and new york teams. We want to start with the markets after we have u. S. Futures rebounding. Joining me on the phone is bloombergs dani burger. The question i feel like, last week we saw the bottom, now feels off the table. Every day people are saying it is the bottom, it is not the bottom, but the picture continues to change. There is so much uncertainty. A bit of a lift in markets today. It is really the Energy Complex helping lead the way today, getting a boost from china beginning to buy oil for their state reserves. But any upside today is likely to lack conviction. Stocks in u. S. H fields are really starting to march higher. A slight backandforth in terms of u. S. 10 year yields, no moving lower after being just slightly higher today. Then you have to keep in mind that
Stimulus plan to really help countries in the eu. You do wind up having larry fink say if you are a longterm investor, you want to buy risk. You have the dollar seeing its worst week since 2009. May be some of the liquidity funding pressure is taking a backseat. Today we are going to take a look at the market moving news from around the world, focusing on washington, as well as new york. The house is expected to approve that 2 trillion rescue package. House Speaker Nancy Pelosi told bloomberg tv they will move quickly to get that. Rep. Pelosi will have a strong bipartisan vote that, hopefully by noon will be finished. That depends on how we have to come into small numbers to vote have we have to come in to the chambers in small nubbers to vote. In small numbers to vote. Now is kevin cirilli. What comes after that . Kevin all of the house members will vote on this to trillion dollar stimulus package. From there, the president will sign it virtually immediately into law. After that comes
Little bit. We are seeing btps with a little but of a bid today. Euro with an offer. It is interesting that stocks are higher and the dollar is higher as well. Crude is also tracking a little bit higher. We are trading on the global 27. 95. K at european markets probably in a bit of a Holding Pattern right now. We are going to carry on the conversation on what is happening with some of these big global banks that are reporting numbers. James gorman of Morgan Stanley was the latest entry into the story today. We will be hearing from mr. Gorman very shortly. This is bloomberg. Welcome to our Bloomberg Television and radio audiences, live from new york city. Im erik schatzker. Morgan stanley reported earnings this morning, and it was mostly a strong performance, given the extraordinary period weve lived through, the volatility in march. With us for an interview is none other than the firms chairman and ceo, james gorman. Thank you for joining us. James thank you for having us. Erik you ha