Zero, in an attempt to save the u. S. Economy from coronavirus fallout. But the markets are not impressed. Yields fall off a cliff and futures trade limit down. An historic slump in east asia. The Economic Impact of the virus is laid bare by the latest data from china. Retail sales, fixed investment, and industrial al output all plunge. And europe widens its lockdown. Cases across the continent surge as the government shuts down the borders in europe. One aviation consultant says the new no travel norm threatens to bankrupt most airlines by may. We are getting headlines out now from Fiat Chrysler, saying it is going to halt its facility, shut down factories in syria, italy, and poland. They said those factories will probably close this month. We already had headlines from ferrari saying they would shut down production. And maseratiysler, will suspend all production in europe. This is in response to the spread of the coronavirus. It is important to keep social distancing when you are wo
Moving news from all around the world. Delhi, newg to new jersey and washington come our bloomberg voices are on the ground todays top stories. In asia, you had the pboc lowering the rate it charges on shorterterm loans to lenders. Index added 150 billion yuan into the banking system. Joining us is tom mackenzie. Is this the start of an easing cycle, or a shortterm term liquidity crunch into the new year . Tom it seems like more of a shortterm liquidity crunch. We are looking ahead to january, what it looks like you will get a withdrawal of cash out of the Financial System here of about 450 billion. They take that liquidity out ahead of the chinese new year, which comes in towards the end of january. It does seem like it is more of a seasonal effect. More broadly in the economy, credit has been tightening. We saw today from the pboc was some gradual measures to try and address this queasy liquidity, and a couple of basis points and a sevenday reverse repo as well. About 28ly, you got b
World, from vienna to london, frankfurt to washington come our bloomberg roses are on the ground with all the top stories. In vienna, opec is said to reduce its target as a rock promises to comply. Joining me for more is bloombergs annmarie hordern. But do we know so far . Annmarie good morning. What we know is theyve agreed at the opec allies meeting today to cut by the hundred thousand barrels a day, but the devil is in the details. Brent and wti are both lower. This cut is basically cosmetic. We are still waiting for more details because it just brings the figures on paper to what theyve been producing throughout the year. Some members, including saudi arabia, have been cutting well below their target. That was the message from ben salman thisfrom bin morning, and his first meeting is energy minister. He said further compliance is needed. Everyone in the room knew he was talking about, even though he didnt name and shame. The message was simple. Stop cheating. Alix indeed. Thank you
China allows further tarifffree soybeans aheads. Of highlevel negotiations in washington next week. And we see a united front in europe. Joining the United States in blaming iran for last weeks audi attack. President trump is set to deliver his address to the General Assembly today. Morning. Welcome to the european open. The u. S. 10 screen year yield over the past three days. 1. 7 . It trading at watch out for another selloff in treasuries that would spike the yield higher. Remember, we saw on friday the , friday a up to 1. 9 week ago. Take a look at the futures this morning as well. Have gains across the screen. Even dax futures are up 0. 2 . Are going to get numbers in just about an hour and a half from now. Pmik disappointment in yesterday. Investors may be bracing themselves. Nonetheless, buying futures on the dax index. Mark cudmore, Bloomberg Markets life editor markets a live editor. Germany is heading towards recession. Brings, butisk it it is a major drag on the Global Econom
The economy shrinks in the Second Quarter. In september, china is sticking to trade talks after untildelays some tariffs the christmas period. Airport injunction, Hong Kong Police at the City Transport hub after a chaotic night when protesters were beat and detained suspected infiltrators. Yen,a look at the japanese just to illustrate what happened yesterday when donald trump tweeted that maybe some goods do not need tariffs on september 1. It would help the christmas period. As a result, you see the safe haven bid come off the japanese yen pretty substantially. We were down almost at 1. 05 even, now you can buy more than 106 for your dollar. We have futures turning more positive in europe. U. S. Futures are down for the most part, but nasdaq futures are rising. That support has shown through index futures. That support has shown through dax futures. Hong kong police have posted an injunction notice saying protesters will be leaving the premises or restrained. This followed a night of