Covid19 own Macro Economic Development Going forward. I in leary, we should expect lower Going Forward. Ab in bef shares up. Vw slashes its dividend after posting the first half operating loss and renault posts a loss and says it is impossible to give any guidance. Astrazeneca rallies as Second Quarter sales top forecast the ceo says he expects to benefit from the Covid Vaccine this is a business that is redirect examinatio resilient. Weve managed the crisis well. Patients are returning to physicians a very warm welcome to street signs. Now on the gdp front, german adjusted preliminary gdp the calendar adjusted q2 number down 11. 7 slightly worse than the 11. 3 forecast the sharpest decline from 1970 the calendar adjusted level, 11. 7 versus 11. 3 predicted the rebound in that data, the pmis came in growth territory but still q2, a very severe decline. Lets bring in annette who knows more about the German Economy than i do. The 11. 7 drop in gdp. Exactly it is worse than expected but t
Jes staley says lets get back to the office. Morei think the banks are of a pressing concern, absolute critical. If you think about the advantage that sector needs to make, the changes in diversity, in terms of gender and race, Corporate Culture really important in a bank as well when dealing with risk. All of these things, i can understand why he wants to bring people back into the office. I suspect it is going to be a little more flexible bringing everybody back to the 9to5. Tom Credit Suisse flexible as well. Francine lacqua in zurich. We will get her in the hour. With our first word news in new york city, here is ritika gupta. Ritika negotiations resumed saturday on a compromise Coronavirus Relief plan. Areblicans and democrats nowhere close to an agreement, under pressure because of people losing Unemployment Insurance this week. A stopgap measure would extend those benefits. Federal reserve chairman Jerome Powell calls it the most severe economic downturn in our lifetime. Powell
Structure already. Interesting to see if those that dont, end up following. Fit management style. Embraced the model. Challengeent, the these banks are trying to figure out is whether or not trading revenue, so pivotal now, will sustain. At the moment, it is balancing the leisure. That is the challenge. Does it continue . If it does not tom total fixation in america. Derby, a consortium of people at work. Johnson johnson, their heritage in new jersey. Faceeaconess in boston, read covid19 vaccine trial moving forward, september. Clearly good news along one path of the virus. Very detailed note, published in nature this morning. Futures 28 even with that Johnson Johnson list. City. Word news, new york ritika good morning. Negotiations resumed today on a compromised relief plan, the administration and Congressional Democrats nowhere close to agreement. They are under pressure because millions of americans lose Unemployment Insurance this week. For aeadows is looking stopgap measure that w
Infections heading towards 16 million. Hong kong says the situation is increasingly severe. Has extended the Wage Subsidy Program beyond september to protect the economy from fallout from coronavirus. Shery a quick check of how the markets are trading. We are seeing u. S. Futures kicking off unchanged. This after we saw u. S. Stocks rally amid encouraging vaccine news, this time from the university of oxford and astrazeneca. The s p 500 finished at the highest since february, turning positive for the year. Tech and discretionary stocks outperforming. The vaccine optimism sort of faded. We have a very Competitive Landscape that failed to impress. Risk was revived in the afternoon session following improved u. S. Infection numbers. California and arizona reporting a slow down infections. We still have that stayathome defense rate being back with strength. The underperformance from the russell 2000 very pronounced, while the nasdaq also finished at another record high. Take a look at what
Republicans are now diving into each different part of this h. E. A. L. S. Act as leader mcconnell termed this deal. It stands for healthic economy assistance Liability Protection and schools. The trillion dollar package has 105 billion for schools. That is more than was in the democrats heroes act from back in may. It has another round of direct checks and it has an add unemployment benefit of 200 a week. Thats a decrease of what its been for the last several months. But Senate Finance chair Chuck Grassley just noted this is going transition to 70 of a workers pre pandemic wage over the course of the next few weeks. Senate Majority Leader Mitch Mcconnell said that the virus doesnt care how fragile the economy is, but that the u. S. Is not write a blank check. It needs to be tailored for these specific times and crossroads. But democrats are already saying its far too tailored. After mcconnell took the floor, Senate Minority leader Chuck Schumer said there needs to be Food Assistance f