Coming up. Pay day for elon musk days after he stated his opinion. Tuesday may 5, you are watching Worldwide Exchange. Good morning, good afternoon, good evening and welcome i am Brian Sullivan. Thank you for joining us on this tuesday, may 5 down one, up the next. Maybe down the next. The market weve been living in looks to continue today as well. When we came in or started since many of us are still at home, futures are posting a solid gain of about 350point jump at the open as you know, it is a very volatile market at this hour big moves tend to happen quickly. Dow futures are still up only about 40 points. No real reason for wild swings more u. S. States continue to try to reopen their economies in the days and weeks ahead new york state is the latest to say its lockdown measures could begin to lift as early as may 15, albeit in certain parts of the state. Not new york city most likely and with very heavy restrictions getting back to business some what and trying to help crude oil
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
On in the session. And italy. Greece you can see that at the bottom of the screen. 54 basis points for the ecb. Significantly as well today, we have seen the fed extending the swap lines. I think this is really important because this dollar squeeze is right at the center of the market turmoil we are seeing at the moment, so we see had extended to countries like norway. Maybe not much of a movement today, but that is still up or down by 1. 7 versus the u. S. Dollar. Fall, buttinue to 0. 5 given the scale of some of the moves we have seen recently, i think we will call that well within the margin of error. Alix lets stay focused on Central Banks. They are taking dramatic action to stem the fallout from the coronavirus. The fed launched a program to support money market funds, and in europe, the ecb launched an emergency buying program with 820 billion. This morning we have new swap facilities for Central Banks in australia, brazil, south korea, mexico, etc. Paul donovan, ubs global chief
Nejra welcome. If you are a little bloated after all the christmas cheer, it is a little quiet in the moment. Under the surface you are seeing strength and china, weakness in japan. S p futures not giving us much of a direction. It has been a good month for equities. 3 . S p 500 gaining both benchmarks with double digit gains for 2019. Index onberg dollar its third day of decline. The pound is one of the best performers. Oil holding there a three month high. Lets turn to china. A senior chinese diplomat has suggested the u. S. Should honor its commitment to the one china policy as part of a phase i deal. Always the nation will implement what has been promised. The comments come as beijing and washington are working on the final details of the deal. China central bank is shifting to a march it marketbased system. Great to have you with us, christopher. I hope you had a good christmas. Turning to the low crime rate that is china now implementing. It is a sign of a liberalization of a sys
Of ubs investment banking. Kaiser of ubs investment bank. Anything stood out to you so far . This is pretty much as expected. The key is to emphasize there is uncertainty, even though we have the emphatic conservative victory in the election, and we know that brexit is going to happen. Theres still uncertainty about what kind of brexit, and short for the bank of england, we dont know what the fiscal policies of this government will be. There is a little bit of stimulus built into their servitors manifesto which was not taken into account in the current bank of england forecast , but they have room to do a great deal more. If you have a budget in the next months from the conservatives which primes the me, has a lot of stem it economy, that has changes the outlook. Those seven who voted against change probably had that in mind. Alix are you trading cable at all . Stuart todays decision is pretty much in line with expectations. I think the view is the first half of the year you get the or