Cable. T to highlight you could argue we are not really going anywhere. Poin the 50 basis point cut to be already priced in. We get more coming out today on the 10 year. Yields down by about 10 basis points. Crude continuing to rollover. Time now for global exchange, where we bring you todays market moving news from all around the world. From london to rome, to hong kong and new york, our bloomberg voices are on the ground with this mornings top stories. The bank of england cutting rates to help keep credit flowing amid Economic Uncertainty over the virus. Bank of england governor spoke earlier in england. Carney the bank will take all necessary further steps to support the u. K. Economy and Financial System consistent with its statutory responsibility. Ago, that was a few hours and then we wait for the budget. Absolutely. A fine display of cooperation from monetary and fiscal actors. Weve heard from the monetary side. We wait for this fiscal side this morning, coming around an hour an
Treasury market. Unbelievable moves. Commodities just keep getting crushed. Crude is at 40 have dollars. Time not is at 45. Tom never global exchange. Our bloomberg voices are on the ground with this mornings top stories. In asia, new cases of the coronavirus continue to appear outside of china. New zealand and lithuania have reported their first infections. And cases anda, south korea have gone to over 2000. Joining me is stephen engle. That is the case outside of china. Theresns that if 83,000 globally, thats more than 4000 outside of china. Chinas rate of new infections has been slowing down. New cases since yesterday, but south korea nearly doubled that in one day. They reported another batch of new numbers on top of the numbers this morning. They added 571 cases from yesterday. That means they have more than 2100 cases and climbing. Japan also climbing towards 1000 confirmed cases, 931 if you 700 from the cruise ship off yokohama. Tokaido has declared a state of emergency the day
Federal reserve vice chairman speaking in washington to the National Association for business economics, saying that the fed is close log monitoring the coronavirus. So maybe a slightly different tone than last week. He said it will be a noticeable impact on china in the First Quarter, and that could spill over to the rest of the global economy. Too soon to speculation on the size or persistence of those global effects the probability of rate cuts reaching alltime highs for the individual contracts, april, a first duty now at 63 , it is probability of a second customer, and now over to 50 for a third cut in december for the first time, so the majority of position in the mart right for you, sara, going along with a huge decline in the tenyear to alltime lows and the downdraft in the stock market is now for there to be three rate cuts this year from the federal reserve. I know we parse every word from every fed official. Is the bottom line here that the fed is maybe storming to warm to t
The eu finance minister told an emergency call today. Manus warm welcome. I am in zurich. Its all about the bond market. Andcurve could go negative we run the risk of japan if japanification. Good morning. Did Jerome Powell cut and undercut himself . Is history showing when you have these cuts in meetings, the stock market does not take it well because you get emergency cuts, what it is really saying is the cuts are not effective to solve the underlying problem. Jerome powell did hint at that. Hitequity market took a big as well as the bond market. Inus jp morgan say we are quicksand to negative yielding territory. You saw this collapse in yields. The question is, are treasuries now pricing in an aggressive recession in the United States of america . You have the rate cut from the fed, but was it a bozo in terms of communication . Have a look at gold, have a look at oil. The gold price belies the bigger move. The biggest rally in for years yesterday. We are up 8 this morning. The bigge
Will it make its way back to zero . Seems to be part of the conversation building in markets. Barrelumped above 65 a as supply disruptions in iraq brought concern to geoPolitical Risk. With more is Annmarie Hordern. Detention we are seeing in libya and iraq come very different in nature. What is the impact of these on oil supplies . Annmarie they are both geoPolitical Risks to the oil supply. In libya, the government says we could go to 72,000 barrels a day. This has to do with the eastern military commander. He has a blockade now on the port, so actual supply is not disrupted. The market may be shrugging off a little bit because in days or hours, that blockade could be lifted. Iraq, while it is a minor disruption, which is producing more than 4 Million Barrels a day, it opens up a window of worry. Just last thursday, the iea says iraq remains very vulnerable. It is more about could the supply threatened become much bigger. Anna they are overproducing their opec target. Annmarie this c