Welcome to bloomberg surveillance. I am Francine Lacqua. A lot going on in your markets. Happy monday. Asian stocks are advancing with the u. S. Index futures following a mixed section in asia. Investors move across growth to relax restrictions for coronavirus. I am looking at the dollar drifting higher against most of its major peers. Lets get to bloomberg first word news. In the u. S. Vice president pence is selfisolating after his press secretary tested positive for the coronavirus. He has tested negative everything a day. He has not been in quarantine. He plans to be back in the white house today. Threatening to sue in germany over the countrys constitutional court. Eu final word on ing eu law has infringement proceedings against germany are possible. Speak to the lawmaker later this morning. Saudi arabia has announced austerity measures. It is cutting allowances for government workers. The savings are valued at 27 billion. The coronavirus pandemic continues to hit oil demand. The
Commitment to reviving inflation after yesterdays landmark German Court Ruling. Disney takes a 1. 4 billion hit. Bmw joins Fiat Chrysler and vw on warning for the Second Quarter. Unicredit set aside 900 Million Euros. We break the full forced quarter members. Firstquarter numbers. Have we have manus we those firstquarter numbers, a loss of 2. 71 billion for the First Quarter. The market penciled in a number of 1. 95 billion. You are bang on the money. They were one of the first to come out with 900 million set aside for covid19. Italy will contract by 13 . This is the challenge for they were one of the lead nonperforming loans. Unicredit, the stoxx 600 banks index still underperforming. The exposure is a critical issue for all of the banks. We do not seem to have broken that symbiotic relationship between banks and the sovereign. First quarter loss, 2. 71 billion. Net profit a year ago. This is a bank influx at the moment. In flux at the moment. We are waiting for numbers to come throu
The 10 year yield was up 72 basis points after that refunding announcement and the new twentyyear issuance will be bigger than the primary dealers were thinking. The median estimate was for around 13 billion but thats now 20 billion worth of twentyyear bonds being issued. Demand for them and now we are back to the stock market and we are seeing the s p 1 sondred up 4 10 of its recovered those earlier gains. The nasdaq is running away once again, up 1. 2 with several thats are credited for including the lights of beyond meat and stocks you would not normally associate with a climb. The dollar index is above 100, continuing to strengthen but not a huge amount of movement in the yuan. Crude oil is back at the lows of the session, down 2. 4 after we saw the build coming in lighter than the market had anticipated. Quite a hefty build last week but the markets recovered slightly and we are back down almost 4. 5 . The European Data continues to be grim. The European Commission says they could
Will mean then. A lot of earnings out there. Without question the ecb meeting is front and center today. A change after what chairman powell said yesterday. Absolutely stunning the difference between the u. S. Central bank in the European Central banks. Its could be a radically different press conference from lagarde today than what we saw from powell. Francine many people say its a different economy and cycle. Im excited to be talking about that. First lets get straight to new york city. Trumpbegin with president blaming chinas Coronavirus Response on politics. He says beijing would do anything to see him lose the election. The president did not provide any evidence china would liberally mishandle the outbreak. He says he is considering various ways to punish the chinese government. Chinas response, it has no interest in interfering in u. S. Internal affairs. Chairmanderal reserve jerome powell, he worries about the longterm economic damage of the coronavirus. If the economy starts to
North korea, but that is where the mystery starts, doesnt it . Francine it is a mystery. You have conflicting reports. Doctors are saying he is back to work and some in the u. S. Say he is in Critical Condition. There is no clear succession plans and authorities around the world including the u. S. Are trying to figure out who is next in line or do you have some military coup detat taking over . All eyes are what is going on in the oil market, june wti oil to 11. 17 ang 49 barrel. Crude,e plunge in brent 19 a barrel on the global oil price. Right now, 20 1. 81 on brent de, an extraordinary shift 21. 81 on brent crude, and extraordinary shift. Viviana speculation about the health of north koreas leader kim jongun. Inicials getting word he was Critical Condition after cardiovascular surgery. The white house reportedly was told mr. Kim took a turn for the worst. Recent6 and missed holiday celebrations in pyongyang. Issue anump plans to executive order suspending immigration. He tweeted th