Uncertainty about the virus itself and what the impact could be. In terms of the stimulus package, that is certainly psychological. The fact that President Trump did not offer this plan he said he what is disappointing for the markets because anything can help. It is hard to know if the stimulus will help. We have little more than a thousand cases in the u. S. If that is the case, the stimulus would be very different than if it balloons to a higher number. The impact is hard to know how much stimulus is actually needed. David we had the bank of england and the u. K. Canceler ship the u. K. Chancellorship come out with a plan. To the markets like that better than what is going on in the United States . Abigail to some degree because you had european stocks slightly higher. The fact you have this coordinated effort from the u. K. , europe, italy now that they are under lockdown, really seets to these officials that there needs to be some sort fightrreaching support to off the possible Ec
Technology. This will only happen if the world hangs together and ofperates to create a sort and in the wake of that, a growing trading system. So, we need whether you call it multilateral is him or not, we need cooperation to maintain that, cooperation on the big global issues of dealing with climate change, someday dealing with what happens with the adoption of new technology that could be disruptive. We need a kind of cooperation that is sustained. We will have to leave it there. David lipton, thank you very much. The First International director of the monetary fund. Getting morell be Imf World Bank interviews over the next two days from francine and tom. A massive old in Oil Inventory through the week of october 11 has wti falling, down half of 1 now per barrel. We have a 9. 3 million build. The market was anticipating a 2. 5 million build. Gasoline inventory saw a drawdown more than anticipated with refinery use down by 2. 6 , of the mediocre gains that we had been making this we
Auction yesterday. Today, iee rising should point out the 30 year u. S. Treasury yield of flirting with the 2 mark. We are at 1. 5 on the 10 year. 1. 43 on the twoyear. Some interesting activity on the bond market. Interesting activity in the fx market. Were seeing some bids in yen and gold as well. Volume is reasonably light. Stocks are trading lower. A bit like the United States were just off the session lows. We currently have 104 stocks up in europe. 489 trading lower. Very negative today when it comes to the european stock market. The pound is certainly training trading lower. Under the current terms it looks like a brexit deal is impossible. Lets pick up on that theme. Chairman ofs the the European Banking Authority. Brexit potentially 24 days away. Our europes banks ready . We just sent out communication today on we think the infrastructure is in place. Thanks should be ready for contingency particularly hard brexit. We think that in terms of actual hard movement, movement of da
Xantac, which is well known in the United States, generic zantac, which is well known in the United States, because of potential carcinogens. It is produced by a division of novartis. As you can see, we are seeing a slight reaction in the european version of novartis. Here in the u. S. , the adrs are down that little bit more. Lets get to the other stocks that are moving. There are stocks lower in the s p 500, which has brought the s p down to below 3000. Around 1. 1 g steady lower. Irane getting news that definitely sponsored the attack. That is what the press conference is saying. The 10 year yield, 1. 75 . Fedex the worst performer right in the u. S. After what analysts are calling a dire forecast. Guy the saudi press conference is still ongoing in riyadh. The Defense Ministry announcing that this weekends attacks were unquestionably sponsored by around. Weekends attacks were unquestionably sponsored by iran. Pointing a finger vaguely in the direction of iran at the moment, but we a
On china stabilizing the yuan. We are being influenced by europe and germany headlines. The s p 500 right now 2915. The nasdaq is up 1. 5 . The 10 year yield is well higher than it was yesterday. A little bit of selling in the treasury market today. A couple of individual stories to look at, kraft heinz a sadly said, we need a plan. The street said yes, you do, and in the meantime we are going to sell your stock. Down 40 . Symantec up on a proposed deal with broadcom. Guy lets talk about what is happening with that german story. The German Finance Ministry says there is no decision to balance its budget for recovery. We will come to that story in a moment with more detail. Look, weve seen a massive gyration in the market over the last few days. How have you dealt with that . What is your view on that . Twodi e have taken a rightwosided approach now. We dont think there is going to be a recession. We are in a manufacturing recession, but services and consumption are relatively strong, s