All thatnd more, on tonights pbs newshour. Major funding for the pbs newshour has been provided by Consumer Cellular offers nocontract wireless plans that o are designed to help youre of the things you enjoy. Whether youre a talker, texter, browser, photographer, or a bit of everything, our u. S. Based Customer Service team is here to find a plan that fits you. To learn more, go to consumercellular. Tv bnsf railway. Financial Services Firm raymond james. Fidelity investments. The john s. And james l. Knight foundation. Fostering informed and engagedun commities. More at kf. Org. And with the ongoing supportt se institutions possible by the coion for public broadcasting. And by contributions to ur pbs station from viewers like you. Thank you. Woodruff round four of rescue aid is on its way through the u. S. Congrmis tonight, for ions of americans hurt by the pandemic. Meanwhile, infections worldwidei have topped 2. Ion, including well over 800,000 cases and nearly 45,000 deaths here in
Will accept junk, recent fallen angels as collateral. Time now for todays market moving news from brussels in new york. We want to begin in europe, where the pandemic drove the economy to a record slump in april. Pmi Area Services completely decimated, falling to 11. 7. Manufacturing also dropped to 33. 6. Bloombergs maria tadeo joins me from brussels. Maria what you are seeing is that the Coronavirus Crisis is going to do a lot of damage to the european economy. [indiscernible] brussels tell us they do anticipate a contraction for the entire euro area. This is potentially huge. Youre seeing again the European Central bank stepping in to try to shield some of those markets, in particular in countries like. Taly ,he other side of the equation what exactly are european leaders going to do to help the ecb, to put more money on the table and also protect their own economies . There has been a lot of backandforth. Perhaps a 2 trillion euro package. But all of this is still very much in the
Putting pressure on oil markets as well. And marie hoarder me for more. Walk us Annmarie Hordern joins me for more. Walk us through the veracity of the selloff, and does it last . Annmarie the next 24 hours is going to be quite bumpy for this may contract. Basically, it is Financial Derivatives meeting the physical oil market and what we are seeing on the storage side. If you are not out of this position financially and you are a futures trader, you have to accept the physical oil. The problem is, theres really nowhere else to put it. Look at cushing. That storage is quickly filling up, and that is the main hub in the United States, where you have pipelines to canada, the midlands, or the gulf. The may contract now trading at , which3, plus contango means if you look at the june contract, trading at about 23 a barrel, it is about a nine dollar differential, the most on record. If you look down the table of what you see for june, july, august, the prices are certainly higher on the futu
Oil maintains a slow recovery after a wild week. Traders are still concerned about the swelling global glut. New zealand plans to lift its lockdown. We are joined by the finance minister. Lets take a look at how markets are trading at the moment. We are seeing u. S. Futures kicking of trading to the downside. Lowertocks closed mostly after report that a leading antiviral drug by gilead performed poorly in its first clinical test. The dow did gain to tense of 1 . We have 2 10 of 1 . This is how oil prices are looking right now. We are seeing a rebound for wti at the moment, 1. 4 for june futures. Oil already plummeted about 70 so far this year. Haidi a press conference by President Trump happening right now as u. S. Lawmakers are voting on a 484 billion virus rescue plan which would add new funds to help small businesses. The house adopted a proposal to create a special panel to oversee spending on the coronavirus. You are listening to Vice President mike pence as he lays out some of th
Out its terrifying to hear how it is you know this pandemic will be resolved its all a matter of question and resources and patience because i understand that because ive been locked down for a month now and its getting very very tiresome. How is this pandemic going to impact a recovery if there is a recovery and i never thought in my lifetime i would ask about is there going to be a recovery because were seeing such amazing numbers that are just terrifying for the average person frankly go ahead william that we are were dealing primarily with a temporary supply shock right its a pandemic and so the most likely outcome is. Recession that is a recession that has a recovery thats just as quick as the downturn. You know the virus is eventually going to run its course and when it runs its course. Most of us are going to return to the to the Consumption Patterns that we had before will consume the same goods and services and most of us are going to return to the jobs that produce those good