Big stories here, francine, the idea in america, the spread of the virus, just getting ready of this hour of bloomberg surveillance, you hear the sirens constant in the background here in upper East New York city. In particularne is of focus on louisiana, and the other issue, francine, picking up the debris of all the those factorsof is able market with a vix of 63 a bull market with a vix of 63. Francine yes, we will have a lot more on the market. First, lets get straight to new york city and bloomberg first word news. Here is viviana hurtado. Viviana we begin with a major change in tone overnight between the u. S. And china. President donald trump and xi jinping pledging in a phone call to cooperate, this in the fight against the coronavirus. This comes after weeks of rising tensions between the two nations. President trump tweeting, we are working closely together. Relations between the two sides are on a critical moment. Now the u. S. Press surpassing china now the u. S. Surprising
Drillers to leave oil in the ground. Good morning, this is bloomberg surveillance. I am Francine Lacqua. Lets check in on the markets. We have a lot of news, but we are used to it. Terms of european stocks, u. S. Futures, and everything in between, the big story is oil. We had the iaea report yesterday, production cuts on sunday did not seem to be enough. Stocks rising, u. S. Futures rising. Investors are trying to gauge the damage caused by coronavirus, and awaiting the next corporate earnings. The dollar also extending gains. Lets get the first word news from new york city. Milestone, with a global infections topping 2 million. In the u. K. They will extend the nationwide lockdown as Officials Say there are signs britain may be passed the worst of the pandemic. In theh korea, and election, the Democratic Party in the 300places seat national assembly, that is the largest elementary victory in more than 30 years. The result as a show of support handling of the coronavirus outbreak. Fiv
Point. Scarlett has been talking about selloff we have been seeking in oil. We were down but we are seeing crude dipping about 6 . Scarlet oil prices have been all over the map. Eventshis week, the scheduled to taken place, the Virtual Conference call that is on thursday. Friday, the g20 Energy Ministers meeting, where the u. S. And canada may start to play into the production cuts as well. As you were talking, i just down the up the dow smallest percentage move. It has been a long time since we saw the dow kind of close flat on the day. Pretty telling. Quite an amazing day. We have been talking about this all day, the volatility. No one really knows where anything should be praised. Still with us, we want to bring heinel, state street deputy cio. Lets talk about the earnings season set to kickoff next week, earnings season that people are starting to dismiss already. I am wondering what your expectations are, what you are expecting to hear, and how much stock you will be putting into
Big move. Key under performer is the small caps. Watching . Hat are you we had a small decline for major averages. For the s p 500, three down days. First time since early october. Lets put in context of the technical part we have been looking at for months. All, with the rsi going appropriately from overbought to oversold, then the range everyone was talking about when the range was breaking out, we have this multiweek melt up, but today, we have these three small down days. We may see the s p 500 move down toward its but 50 day moving average. Supporting a pause or consolidation. But there is an area here where it lifts up and down. We may be starting a new higher range. Speaking of higher range, a big day in oil markets. The most active west Texas Intermediate Oil contract, rising 2. 5 . Lateis the highest since september. Futures up 1 or more across the entire oil curve. The brightucers are spot today. Exxon mobil up 2. 5 . Xle, sp, you have , they arerry and mlp among the biggest
To a weaker dollar and higher yields across the globe. Time now for global exchange. We are going to bring you todays market moving news from all around the world. Our bloomberg voices are on the ground with this mornings top stories. We want to start with the breaking news in the u. K. The pound is strengthening against the dollar on brexit optimism. Francine lacqua is live at westminster. Give us the lay of the land as we start trading this morning. Francine i have to say, you are absolutely right. You have to look at the currency. Theres this renewed optimism after a lot of ministers say they will be able to pass this first, we dont know whether Boris Johnson will be eight able to push his deal once again through a vote in parliament. Cow in the past has said no because this is the same deal. We could have various moments forcing the Prime Minister to ask for a referendum or forcing the u. K. To stay in the customs union. If it gets amended, word on the ground is that the Prime Mini