I also have a great guest for you, michael kolanovic, j. P. Morgan, he thinks the bottom is in and hell be here to explain why and well talk about what hes seeing and why hes studying coronavirus trends around the world to try to understand the stock market, netflix made a new high. Bed, bath and beyond, that stock is up a little bit after hours and its down about 80 over the past year. We got a triple whammy we have to start with the market bad data on retail and oil falling to 20year lows and the banks continue to drop on their earnings concern guy adami, of those three because i would argue and i didnt think data mattered at all, of those three which one matters the most to you . I think the fact that oil cant get out of its own way out of those three the way that banks have traded, we can talk about that, but the way the data we knew would be miserable and maybe its worse than a lot of people thought and the bloviating and the noise, it cant get out of its own way and the rally las
Russell is up 3. 25 . So steve, i turn to you. We have in the last hour, Bernie Sanders out. That gave stocks another leg you have a comment from dr. Fauci today that the virus turnaround is likely after this week and you have the new york city mayor de blasio saying that there are enough ventilators, he thinks, to get through this week all of that seemingly is enough to keep the market where it is but we saw what happened yesterday when everything evaporated later in the day. Does this have staying power i think it does, but within this range that were in, with the downside being where we hit the lows before, im hoping we dont retest that. The focus will turn shortly to how we get back to work once the virus is over. And i do believe thats what took the market down somewhat yesterday afternoon, in addition to it just being up too high, too big a move because when Governor Cuomo said four to eight weeks, tristate area is going to come back, people are thinking, okay, how is that going
At 1 00 p. M. Today. Time now for global exchange. Tom hong kong to beirut, berlin, brussels and washington come our bloomberg voices are on the ground this mornings top stories. We want to begin in china. Chinese vice premier liu he will travel to washington next week to sign the first phase of a u. S. Trade deal. Ranthe current enda cur joins us. In some ways, no surprise. Enda no surprise, but is the first indication that we will find this next week. It will be a pretty heavy delegation with the vice premier. Other trade and commerce related officials. We dont have much more detail be on. The Foreign Ministry didnt give much more detail. That agricultural goods are part of the agreement, but we dont know what else. While this is obviously a positive sign that the trade deal will go ahead, a lot of people will be looking for any final hiccups in the days before the signing, and of course, when the details come out, there will be a lot of scrutiny. Alix thank you very much. In beirut,
Holding this up is primarily the defensives in the utility sector, some consumer staples. Mcdonalds providing a little bit of a drag. Take a look at what is happening in the treasury market. Bond bulls undeterred. A lot of folks said this is going to be a dip buying opportunity, and that is what you are seeing. A lot of uncertainty that had driven the bond rally prior to that selloff, brexit, u. S china trade, those have not been resolved, but you will see the bond bulls remain active in this market. We saw the dollar knocked down a peg. You are going to start to see the price action like this. Take a look at gold. Gold actually had a little bit of a bid earlier today. Now it is flatlining, but holding at that 1500 an ounce level. A lot of analysts say that when you talk about the fair value of gold, they are looking at 1600 allers to 1800 an ounce. Guy lets talk about the brexit thing. Basically, the pound hovering around 1. 29 versus the dollar. We are a little way away from the 1. 3
Trickling out here. We are up by about 1 . Some of the headlines is they aboutstimates coming in . 94. They are going to add two new directors and the ceo will stay through at least 2020. They do plan that revenue was down. It was a tiny bit light versus estimate. They are adding two new directors. The integration is front and center there. The time is now for the global exchange. From london to buenos aires to washington, our voices are on the ground. Lets start in london. The eu agrees to grant a brexit delay until january 31. Lacqua is in westminster. Now what . Francine what we know is Boris Johnson once an election. He wants an election on december 12. Because of the Extension Granted it takes no deal off the table. Whether Boris Johnson gets an election is an unknown. He has various options. He cant just call an election. Either two thirds of parliament is behind the vote. That is unlikely. Thereses a bill that says will be an election december 9. We do have the opposition party,