Take a look at the technicals. This is a one year chart of the s p 500. A chubby uptrend. The big question is whether we are looking at a v bottom. It could be something that is called a bear pendant. 3000 is the lines in the sand. Bottom backe a toward the high. If we go back below the 200 Day Moving Average or below 3000, it makes a stronger case for work to be done to the downside. Volatility breeds volatility. More big moves are ahead. Worksuggests there is more to be done on the downside. At the creditg market, which looks to be stabilizing after some steep losses at the end of february with highyield bonds volume for a second day. The spreads narrow. Is the biggest junkbond etf, so the biggest the secondbiggest inflow ever. The spread narrowing can be an indicator for equities. Some of the bulls can take comfort there could be more upside for stocks. Crude oil has come off its highs for the day because russia and saudi arabia cannot seem to agree on whether deeper cuts are needed
I hope that you send him a dozen roses today because he will not be there to receive them. And you have the armani story. Everyone on global wall street must be focused this weekend on the soap opera going on. Banking is think left, right, and center. And i have a chart looking at the swiss franc. What it means for the further negative. But first, lets get straight to the bloomberg first word news with viviana hurtado. Begin with the coronavirus outbreak. It is getting tougher to gauge the true scope of it because china has provided the data that the death toll was lowered to less than 1400. Now there are more than 53,000 reported. U. S. Officials are stepping up criticism of chinas response. A stunning rebuke of President Trump from one of his most trusted cabinet numbers. William barr saying that tweets and remarks about going ongoing cases make his job impossible. Already vowed to veto a resolution to restrict his ability to wage war against iran. To be passed by the u. S. House, it
Largest economy in europe for 2019. There are more concerns about the global trade deals than there was yesterday. You can see european stocks pretty much flat. The dollar pretty much a steady. We are getting some data out of germany shortly. We also speak to the dallas fed president , Robert Kaplan at 3 30 p. M. London time. Lets get straight to the bloomberg first word news. Now, u. S. Story for tariffs on china staying put. The Trump Administration is likely to keep them in place until after the president ial election. Any relief is also contingent on compliance. Steven mnuchin and says tariffs wont be removed until the next stage of a trade deal. These tariffs will stay in place until there is a phase two. If the president gets a phase two quickly, he will consider relieving tariffs as part of a phase two. It has nothing to do with the election or anything else. Today, the u. S. And china are scheduled to sign their phase one trade deal. 1 billion is the figure by which jp morgans
Sterling in just a few minutes. And of course, the u. K. As well, where weve seen quite a volatile quite a lot of volatility. A little more than we expect it for labor turnover, 7. 2 6 7. 26on billiard million. Now for the extrusive interview. Kathleen i want to welcome our bloomberg audience for this interview with Robert Kaplan, president of the Federal Reserve bank of dallas. It is a windy, rainy day. Clyde you could make it over here. Interesting because you made it clear you are a voter next year. Lets put that on the table. Youve made it clear you are one of the 13 fomc members. You must be one of the dots that sees no rate cuts, no rate hikes unless something happens in 2020. What has to happen . Robert there has to be a Material Change in the outlook, either for better or worse. Ive already got baked into my outlook, we are going to have weak manufacturing next year, sluggish growth, pretty sluggish Business Investment, but with a strong consumer. There would have to be some Ma
Qualcomm a downgrade at Morgan Stanley saying basically the underpricing has gone away, that qualcomm is pretty well priced at this point. Walgreens is a interesting one because there may be a bid out there according to people familiar. Walgreens is getting a bit and barons over the weekend mentioned Warren Buffett. Todays story were reporting is k. K. R. Will make a bid for walgreens. Guy alibaba set a single day cord, its a value record of 268. 4 billion yuan hitting the bloomberg terminal the last couple minutes. Showing you what European Markets look like, light volume on the other side of the atlantic due to veterans day, bond market closed and European Market is flat and the london market is down but pound is up. 7 . If you look whats happening with the havens, vonnie, gold trading down by. 6 of 1 . Vonnie protests in hong kong intensifying as Police Fire Tear gas after the shooting of a protester increased tensions. Carrie lam addressed protesters saying violence could leave hon