Entered a new wave of cases. Europes twin battles. E. U. Leaders make no progress. Chancellor merkel says finding compromise will be difficult as france and belgium are said to have urged e. U. Leaders to step up contingency plans for a nodeal brexit. Very good morning to you and happy friday. What a week it has been. Witharted the week off optimism and euphoria with markets on a high into vaccine news and we will be ending the week on a much more sobering tone. The news coming out in the United States, california imposing a new curfew, with pressure on officials. We wake up to a public clash between Steven Mnuchin and jay powell on unused lending funds and we saw that hit the futures market. S p 500 futures paring some of those losses. We have nasdaq futures relatively flat this morning. Treasury yields steady. In the pound, north of 132. We do have sources telling bloombergs that Emmanuel Macron is urging his e. U. Counterparts to start drawing up contingency plans for a nodeal brexi
This is boom, bust one business show you cant afford to miss friendship or in washington. Coming up, the g. D. P. Of the United Kingdom has taken a major hit to cope with 1010 demick, leading to a flurry of borrowing not seen since. Or in times of peace. Plus, could the European Union be rolling out a Coronavirus Vaccine before 2021 . Straight ahead when to break down the potential for the move and where we stand amid the outbreak. And the later we do a deep dive into the state of the chinese fight against poverty. In fact, shown today, lets dive right in. And we need the program with the latest in the economic toll brought on by the kobe 1000 pandemic. The british economy is expected to contract by 11. 3 percent in 2020, according to the u. K. s office for budget responsibility. Now the o. B. Are also update its forecast for the next few years, predicting growth of 5. 5 percent in 2021 and 6. 6 percent in 2022. G. D. P. In the nation will not return to preclude, a virus levels until t
Of the United Kingdom has taken a major hit to cope with 1010 demick, leading to a flurry of borrowing not seen since. Or in times of peace, could the European Union be rolling out a Coronavirus Vaccine before 2021 . Straight ahead when to break down the potential for the move and where we stand amid the outbreak. And the later we do a deep dive into the state of the chinese fight against poverty. In fact, shown today, lets dive right in. And we need the program with the latest in the economic toll brought on by the kobe 1000 pandemic. The british economy is expected to contract by 11. 3 percent in 2020, according to the u. K. s office for budget responsibility. Now the o. B. Are also update its forecast for the next few years, predicting growth of 5. 5 percent in 2021 and 6. 6 percent in 2022. G. D. P. In the nation will not return to pretty coronavirus levels until the 4th quarter of, 2022. Now, according to the o. B. , our borrowing is set to reach 526000000000. 00 or roughly 19 per
Kind of takes the relief trade, if you will, out of the treasury market. Have a vaccine but have to deal with the rising case counts. Its difficult for Bond Investors to show no caution to the wind. Think about what actually has the chance to survive. Jeff rosenberg is joining us right now. What a week it has been in the market, tested in several fronts. Lets talk about credit first. We have the fed and the treasury having a little bit of a spat over the emergency programs introduced this year. I have to say this market has responded quite well to it. What was your take . The the most important of support measures are not affected, these were not used very much. They were most effective on announcement date, not much uptake. The market is seeing through that, and its a little bit less of a significant Market Reaction because it is less of a significant issue, if those support measures were to fall away. Pointsn as my colleague out, hasnt harmed the appetite for debt. We have been tryin
A little bit more u. K. What weve got today, Kevin Cirilli, our chief washington correspondent, makes clear when he is on after midnight, we are not going to know many of these outcomes. Jonathan we do better because it is shorter and it is cheaper. We hope wednesday morning we have a result. This market fears this could drag out for a long time. Sea, wem sea to shining are having a vote occur right now. We see a number of institutions already. How about the bank of America Stadium in the carolinas . Carolina playing at kansas city this weekend. This is the first of the disciples in west palm beach, florida. It is a beautiful church, ravaged by hurricanes over the years. Yet today, there is the peace and calm of voting. I want to make clear that within the punditry, there is a question. How big will the turnout be after 98 Million People choose to vote early . Jonathan the pundits everywhere, all the time, it is all about the turnout. Is massive. No one knows what it means. Equities po