Little ahead of expectation. The employment number has picked up a little bit as well. But you need some real analysis on what is happening here. Theres one man to ask, mike mckee, bloombergs International Economics and policy correspondent. Michael read into it what you want. The numbers for ism do come in at a headline level lower than the last month. 56 last month, 55. 4 this month. It would suggest a be a little slowing, but that is the statistical anomaly probably. It isnt a major change. We see drops in new orders and production, but those were very healthy. For for new orders, 61 production. It is not positive. There is still some contraction, but it is up to 49. 6 from 46. 4 . It does suggest some progress in adding back some of the jobs that were lost. Customer inventories is an interesting category a lot of people has been what a lot of people have been watching. Do you need to increase manufacturing to replenish those inventories . That would suggest that you do. New export
Installed within a whisker of februarys alltime high. The cash trade is less than one hour away. Your are your headlines. Germany extends its Job Support Team until the end of next year, spains or rules out another National Lockdown as cases rise. Britains vaccine bet, the u. K. Backs a plan for a dnabased maxine. We look at a 50 million rates for a solution. And caveat emptor, u. S. Consumer confidence drops to the lowest level in six years. We will get the latest french figures out this hour. Just under one hour away from the start of cash equity trading in europe. Lets look at how futures are trading. Right now across europe, we are seeing slight green arrows. And i mean slight. You can call dax futures and euro stoxx 50 futures unchanged. In the u. S. , we see most futures contracts falling this morning, although also very slight drops. S p futures are unchanged after another record high yesterday. Nasdaq futures gained about 1 10 of 1 . Anna, what do you see on the gmm . Anna feel
Its 46 waiting to apple, amazon, microsoft, facebook, and google. We are seeing the worst case fear on the part of investors that if those names go down it will take the market. We are seeing that split between the s p 500 and the nasdaq. Small caps getting a bid, which did not happen yesterday. David speculate with me. How much of this is the real world . We have the big european fiscal bailout approved yesterday. We are talking today about one in the United States. Is it possible this is reacting and stocks would do well if there was a recovery . Abigail i think this has more to do with trading and technicals. When you look at the rotations, there are many rotations going on week after week between the different sectors. It does not fit into one bucket , and lestlogy investors think one week unless investors think one week recovery. Where we have real euphoria is silver, up 60 . Gold lagging behind on the year. Gold is leading. It is not stocks that are getting a huge big rally out o
Michele. This is one of the most difficult things to accept, that this market does not have to reflect what is going on in this economy. Can you speak to that . Bob i can speak to that because im in the bond market and it is reflecting perfectly what is going on. We just printed 33 gdp. There is a giant hole that we think will take 10 years to fill the output gap that has been created. The fed is telling us for a long period of time they will keep rates at zero because they have to bring the cost of funding down across the system so that any kind of recovery takes hold. Slowly, Bond Investors are recognizing that, and that has emboldened them to move further up the curve both in terms of duration and lower in credit quality. Jonathan we have had conversations about market distortions. The equity market, Big Tech Companies dominating the benchmarks in the u. S. What is the cleanest trade in fixed income to play an economy that would take 10 years to fully recover . Bob there are two cle
Ins a draw as they say soccer right now. Jonathan im not sure anyone calls Bank Earnings season the great derby. Darby. Y the fixed trading revenue number. Equity sales and trading revenue. Message fromng the the city ceo. Balance sheet a has plenty of capacity to serve clients. This is the continued message that the Balance Sheet is not an issue, this is an earnings issue. The Balance Sheet is still strong. Tom every bank has different language. 20 some billion dollars of cost of credit. Citigroup and jp morgan lifting a little bit. Wells fargo is its own story. Sonali basak joins us now. We have citigroup out here now i want to go back to wells fargo. How broken is wells fargo . A 2. 4 just posted billion loss. Down to is being cut . 10 compared to . 20 expectations and . 51 where it was before. They are putting up a fraction of what they had before. They are jp morgan with relatively solid results in the face of a tough time. Jonathan is there a broad take away yet for all three . A