Hitting stocks. Wall street falls as the virus weakens the recovery. S p slipping, led by energy, financials, and industrials. Lets get started with a check of the markets. We are seeing u. S. Futures flat, after we had a solid risk off session in new york. We had a resurgence in virus cases and news the white house is weighing tariffs on european exports. We have the imf downgrade of the 2020 Global Economic forecast, so the s p 500 saw its largest fall in almost two weeks. All 11 sectors on the s p 500 sank. The nasdaq composite falling for the first time in nine sessions, down more than 2 , halting the longest winning streak of the year. This, as we continue to get more political news on how the coronavirus pandemic could affect the political schedule Going Forward towards the november elections. Democrats, saying state delegations shouldnt attend a convention. Saying they should work remotely. Pressure coming not only from the fragile economic recovery that also u. S. Crude invento
The governor of texas warns of a massive outbreak. The imf adds to the gloom, further lowering its Growth Outlook, saying the pandemic will cause even more damage than first feared. Haidi that lead really playing into the downside we are expecting in the asian market session. Lets get it over to Sophie Kamaruddin in hong kong for a look at what we are expecting. Board, pulling up the asian futures pointing to losses of 1 or more amid the imf. Warnings of a deeper recession with japan and the Growth Outlook taking a hit. 1. 2 in theup by red this morning. A down day with trade disruptions back on the table alongside virus risks. Flipping the board, we are seeing bonds on the advance. Aussie tenure yields off by four basis points. Treasury futures to the upside after the overnight flattening we saw in cash yields as the bond market is signaling a more cautious outlook than we have seen in stocks. Check out the dollar extending gains against g10 peers with increasing u. S. Trade tensions
Global virus infections tops 2. 5 million with more than 175,000 deaths. U. S. Cases climbed 5 . Their biggest increase since april 10. Its get you started when it comes to the state of trading in asia. We are setting up for this wednesdays session. Sophie kamaruddin in hong kong for us. Sophie we are seeing mckay futures edge slightly higher with s p eminis expecting more eruptions in the region after asia was led lower by india on tuesday. Earnings adding to that drag. The yen just Holding Steady in the face of a stronger dollar, which is trading at a twoweek high and gold just resuming gains with spot prices up 11 this year and bank of america is bullish on bullion, raising its cold 18 month target to 3000 an ounce. Moving onto oil now, wti for june back above 13 a barrel after slipping below 10 in the new york session, which was pricing weakness in the front month contract. They are allowing for negative options to be lifted from april 22. We are seeing the Oil Forward Curve shifti
Even socially distancing practices, hes been at least 6 feet of space in between you and others at the beach so. Heres images of the beach this morning you can see. The Service Looking there are lot of people out there enjoying the water but heres what you should do if you are going decide to go out to the beach you want to make sure that youre keeping at 6 feet of space you want to avoid large crowds. So if you arrive at a beach and its too many people getting your car turn around go home now remember Health Officials also say because of those really coastal winds. Its one of the more high risk places that you can be since you just cant control the flow of the wind as youre out so you want to keep that in mind before you leave your house. Now last weekend a police on here pacifica issue hundreds of violations for people. Leaving their homes and be more than 5 miles away from their houses to frequent the beach so again if you are going to come out just people out here are doing a good
Good morning, everyone. Good afternoon if you are watching from asia. This is bloomberg surveillance. I am in italy for the ember city ambrosetti forum. Lot to do with the economy, the trade war, with no end in sight. Although the two sides did decide to meet her we go back to our wall of worry. What im looking at. European stocks were up at the open a touch, now they are down. 1 . A lot will have to with the number we get from u. S. Jobs. Looking at treasuries, they are slowing some of the declines we saw yesterday and we shot a sharp selloff. Im also looking at gold. It is probably the perfect litmus test when comes to risk on or risk off. And wti, there is little change their. There. So we will get back to the markets and great interviews, but first, lets get straight to london and first word news. Hong kongs Credit Rating has that is as months of persistent protests and violence continue. Fitch says it is testing the framework that governs the relationship with china. Carrie lam sa