I have to go to the gossip of london. We will get to oil with jim caron in a moment. Why does the sunday times go after the Prime Minister of the United Kingdom when he is just out of the hospital bed . That is a very good question. First of all, lets remember the sunday times and of good the times were huge supporters of mr. Johnson. There is a feeling that the fact the Prime Minister got sick maybe gave him a free pass in how he handled the situation. There are two schools of thought. One thing, we just need to get through the crisis and need to try to work together. And then those who say we need to hold our leaders accountable for what they have done because theres the change of course. Yesterday we found out the critical number of personal Protection Equipment that was data for the nhs will not arrive in time. This after the scathing article that is basically saying Boris Johnson was pretty much thinking of other things instead of dealing with the crisis in february and march. I d
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
The g10 space. All european bonds selling off and oil getting wrapped up into all of that. We want to highlight all the market moving news from our washington dc offices. Washington, where you have President Trump speaking last night at a fox the conference about responsibility of china with the pandemic. Pres. Trump we have a pretty good roadmap right now. , we have to 60 protect his people. Maybe they stay back longer. But i think you can have it both ways. I think a lot of people want to go back. They just want to go back. Alix Kevin Cirilli joins me now with more. What else did we learn from the president . Walk this forward now that the senate is coming back to d. C. Today. Kevin good morning. The president in that fox news town hall making a declared a statement as it relates to negotiations with lawmakers, saying he would not support any economic stimulus lesson it includes a payroll tax cut. Drawing aent clearly line when it comes to a payroll tax cut. Predictionssed the for th
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