Coronavirus cases continue to rise as the fallout cripples the Global Economy. China may be forced to abandon growth targets for the year. We are just getting some news crossing the bloomberg when it comes to expectations for summer earnings out of we are expecting a pretty down quarterly in terms of the impact for the asiapacific. We will be bringing those to you shortly but in the meantime, we have data out of south korea. Shery we are getting the current account numbers for south korea for the month of march. Current account surplus coming in at 6. 2 3,000,000,000 fine 6. 23 billion dollars. The current account surplus narrowing a little bit from the previous month of february. Also, the month of february being revised lower to 6. 4 billion. The goods trade balance coming in at 7 billion. The surplus was a little larger than the previous month. Given that we do have the coronavirus pandemic and april export numbers really taking a hit, the march current account numbers not looking t
Thousand. U. S. Infections rise more than expected. Asia, a second wave is coming. Japans biggest banks are expected to join their global counterparts in bad loan costs. They could see the highest in a decade. Take haidi lets take a look at how we are setting up our final friday session. Positively from wall street after a pretty volatile session. U. S. Stocks faltered early on when President Trump said he was not interested and did not want to speak to xi jinping about the simmering trade tensions. In the beatendown bank stocks as well as energy names gaining on account of this jump we saw in crude prices. We are setting up positivity. Futures, both in australia and hong kong, and also in japan, setting up for a higher open, sophie. Ishie President Trump ratcheting up tensions with china amid the coronavirus and trade war. This is what he said about talks with xi jinping. Pres. Trump i have a very Good Relationship but i just, right now, i do not want to speak to him. There are many t
Last roughly 12 years or so. Relative to today, stocks are sharply higher. We have crude oil, another risk asset recovering at 21 a barrel. There are some folks thinking that the demand picture is improving, sending the Energy Sector to the top of the list, and that is also helping small cap up 3 from outperformance. A lot of the Energy Companies are on the smaller topside. Itfor the bonds and the fed, has been about the news of more issuance from the treasury. We have the yield curve again steepening, i think four out of the last five days, rising by about 11 bits this week. The is healthy, that is yield curve normalizing, something that the fed wants to see. If it continues to steepen, it will put volatility to the markets to the downside or the notways chop way, that is happening today. Keep an eye on the yield curve. We have the long end selling off in the two year call carving out a record low. David extraordinary, thank you. 20. 5 million jobs were eliminated in the United States
Stockpiles. Chargecords its biggest for bad debt. The ceo joins us on the show and we will hear from upss ceo as its loanloss provisions rocket. Manus we will talk to sergio what isshortly, but interesting, loanloss provisions are not necessarily the biggest single item in his numbers. He spoke to us a couple of weeks ago. Hise are the numbers for bank, 1. 6 billion in terms of profitability. That is the best quarter in nearly two years. Better than what they had preannounced, but when it comes to loan losses, he talked about 268 million. He says pressure on income streams, but he says they have exposure of high quality versus hsbc, 3 billion in terms of loan provisions they are making, 25 billion for the u. S. Banks all the way around and santander, a provision of 3. 9 billion euros. Provisions are not the story within Sergio Ermottis graph. It is about what is happening with elevated client activity. They are seeing lowered activity and reduced income. Nejra when it comes to hsbc, cr
Gone red as weve gotten more guidance on Net Interest Income on the conference calls. Yeah. Absolutely the banks are in focus as this first day of earning season in earnest really kicks off one of the names im actually focused on that reported this morning is fastenal, distributors, thats what they make and they provide those distributors to quite a variety of industrial excuse me industries and end markets, early indicator of the state of the industrial economy, youre seeing those shares pop today in part because at a time where so Many Companies are cutting their dividends they actually raised their dividend and they noted that theyre seeing product produced significant shifts in business mix and that march sales of the fastener products declined 10 on a daily basis as industrial activity slowed but their safety business grew 31 as they were sourcing and delivering critical ppe supplies to the marketplace why do i bring this up this is essentially what were seeing and i have a feelin