The 3 trillion weve spent plus a trillion dollars more. Thats about 20 of gdp. Thats absolutely historic, and were prepared to put more money on the table softbank returns to profit with a 12 rides se investor shares soared towards the top. Sales grew by 67 in the Second Quarter. Stock markets here in europe have been trading for about an hour so far, and the direction of trade has been very firm. Weve seen a very decent rally play out after initial gains thats now translated to a pop of 1. 7 on the benchmark index, a fair amount of green at a stock level sector level and by industries you can see how the core markets are faring today we did see some early gains in the german stock market, and that is now actually outpaced by italian stocks taking the charge french and german stocks slight underperformance again by the uks stock market, just 1 3 4 of a percent yesterday. It was curious we saw the german stock market, one of the laggards which is typically not the case, but certainly re
Coronavirus cases and political tensions. The Trump Administration rejects beijings claims in the South China Sea, accusing it of bullying. The u. K. Is set to ban huawei from its 5g mobile network. The plan would mean British Companies need to remove huawei infrastructure by 2027. Welcome to the program, everybody. Lets check out the futures. Lots of moving parts in terms of the market action. Lots of geopolitics to talk about as well. We have futures pointing to the downside in europe. We have to play a little bit of catchup with the united states. Lets get to some of the breaking news out of the u. K. That is certainly going to be one of the focuses in our program. The u. K. Economy shrank by 19. 1 in the three months ending in may. Getting a three month figure. Main manufacturing production rising by 8. 4 . Somecoming out manufacturing facilities coming out of the Strict Lockdown measures, working out how to manufacture in the current environment with covid safe practices. Mayecono
Bedeviled the world and this could be a sign they had been long waiting for. Hope springs eternal here and you obviously need something beyond just phase two trials that look promise. Well get into that with a top doctor. Meantime look what is going on in wall street here and why everything is looking green thus far. Jackie deangelis on that. Hey, jackie. Reporter good afternoon, neil. Everything is green as you said. Moderna seeing a huge pop on this news today and the dow is up more than 800 points and the point here is weve been talking about therapies, weve been talking about treatments but there is Nothing Better in terms of reopening the American Economy than a vaccine that would prevent people from getting the coronavirus. That is why you have this kind of optimism today. Now this was data from a phase one trial as you mentioned. So it is still very early here but it does mean, that the company can move forward. It is saying the goal to get to phase three in july. If everything
Expected to move to trial, the phase one china trade deal expected to be signed at the white house this morning top trump economic adviser larry kudlow joins us first cnbc this hour. And financials are in focus, bank of america beats for the quarter, goldman hampered by litigation charges target shares are plunging. Holiday sales miss on estimates on weakness and toys and electronics. The u. S. china phase one trade deal said to be signed this morning this is what secretary mnuchin said about the agreement earlier this morning on squawk. We need to put together very significant laws to change rules and regulations and made strong commitments to our companies there will not be forced Technology Going forward thats a big win for our technology companies, businesses and American Workers we look forward to learning more in the wake of this signing. Jim, mnuchins appearance this morning brought us something new, the notion of phase 2a, phase 2b, phase 2c, so stories evolving rapidly i think
Lisa lee. Lets begin with sonali. Wework, not surprisingly, continues. There is a question of who will finance this company and softbank takes control. Trying to get a loan deal done but there is something unique. Please explain. Sonali softbank said we work as the coborrower here. Softbank had become intertwined since they got into this deal. Softbank has been emerging as somebody that banks want to work with, despite the troubles that have happened, they are seeing portfolio companies, something to look out for next year is doordash. Also a Portfolio Company in the vision fund, working with j. P. Morgan for a Credit Facility here. Lisa softbank is listed as the main borrower. I found this fascinating. They are putting their own money and name on the block here. How much of a liability is this for softbank in a broad sense . And isolated case of them bringing it into their purview . Are they going to bring other portfolios in . Sonali we work is a oneoff given how far it has fallen fr