Time for todays market moving news from our washington and new york bureaus. President trump is pushing to reopen the economy, even if it leads to more deaths. Speaking in arizona in his first trip outside washington more than a month, the president is preparing for phase two of the u. S. Response to the coronavirus. Pres. Trump the people arent going to accept it. They wont accept it, and we shouldnt accept it. We have a great country. We cant keep it closed. Ive had doctors say, why dont we close it for a couple of years . This is the United States of america. Will some people be affected badly . Yes, but we have to get our country open, and we have to get it open soon. Alix Kevin Cirilli joins us with more. Good morning, kevin. Kevin good morning. The president returns from that trip to arizona, really signaling that he is going to be taking his message of reopening the economy back on the campaign trail in arizona, where polls have him trailing joe biden anywhere from 4 to 6 . Clea
Road, maybe that is actually not the case. Rolling overs as well. Maybe that is oil. It could just be a sentiment feeling, as well as any sort of Political Risk because of kim jonguns health uncertainty. Lets get to todays market moving news from our team in new york, as well as washington. We want to begin with this meltdown in the oil market. Wti futures plunging below zero for the first time in history yesterday as many storage tanks reached capacity. Brent for delivery in june pushing to the lowest levels since 2002. Annmarie hordern has more. Annmarie what we are really watching today is the number of contracts for wti and brent. Yesterday, the big question was is this just a big technical anomaly. I think what you are seeing today is that this is more widespread. What is showing is what traders have been saying for quite some time. Thething i want to bring up point is the june contract, trading at 16. 69. That is a contract that is not expiring. In 18dropping the most years. You
Twoyear is now trading, but that doesnt seem to matter. The majority of debt in europe all undergoing this powerful rally, despite the fact that we are going to see horrific unemployment number in about an hour and a half. Lets get you out of the market moving news from our new york team. We want to start with the much awaited u. S. Jobs data out of april for the next hour. Economists now estimating 22 million jobs wiped out in the past month. Joining me now is carl riccadonna, bloomberg chief economist. It is hard to put these into perspective. Help me out. Morning. D these numbers point to immense disruption in the u. S. Economy, on a scale we really have not whichn recorded history, goes back to either world war ii or the great depression. ,o put some context around this this is far more than all of the job losses we saw during the Great Recession concentrated into a single month. If we take the job losses of the last nine recessions, lump them all together going back to the late 19
The show. Oil finding some support from markets as we still get earnings coming out. Fiat chrysler withdrawing its full year 20 guidance. They plan to restart production as conditions allow. About 100djusted ebit million euros. Nonetheless, continuing to see withdrawn guidance. Really hard to make a decision as a Portfolio Manager when you dont know what the outlook is going to be. It is time now for todays market moving news from our brussels and new york teams. We want to begin in europe, where germanys top judges gave the ecb a threemonth ultimatum to fix qe. The court ruled that some aspects of its Asset Purchase Program arent backed by eu treaties. Going to brussels is maria tadeo. What does it actually mean, and have we seen any response from the eu on this . Maria it is a bombshell, really. The judges are basically saying overall, there is no monetary financing, which would be illegal, but some aspects of qe are unjustified, and not backed up by european treaties, which means th
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