To the Drug Companies to even the tech companies. ,rude is above 30 a barrel 32. 22. Yield is at 68 basis points. At 7. 1270. An we have president xi speaking today to the world health organization. Coming up later this hour, we will be speaking with the ceo of moderna, which is reporting some good initial promising results for vaccine tests. Us atne bancel will join 10 30 eastern. Guy looking forward to that conversation. The market certainly responding to that. Mostin europe, the beaten up sectors are rising the most strongly today. You can see the mining stocks up by 6. 9 . Car stocks are up really strongly as well. They are all outperforming the stoxx 600, which is up a healthy 3 . The commodity story absolutely front and center, as a result of which we are seeing Commodity Currencies doing very well. You can see the aussie dollar trading up by 1. 15 . Up by 1. 15 . As you say, we are seeing rising around 0. 71 . Vonnie exactly. Chinese president xi jinping addressing the World Hea
The Commodity Currencies are doing well. The aussie is outperforming the u. S. Dollar. Brent crude now more than 35 a barrel, up by 8. 5 . Vonnie in the u. S. , a nice bounce this monday even as we head into the last half of may. It seemed like maybe there is some coming on, plenty of optimism. Including this new Moderna Vaccine going to trial phase. The nasdaq is up 2. 4 in the s p up 3 . All groups in the s p are higher. The biofarma index is the laggard, but still up 0. 8 . Below 29 right now, and one other asset to mention would be the offshore yuan much trading at 7. 123 five. A very distinct weakening as the rhetoric grants up again against china. Letst will be interest talk about what is happening in the european economy. We are awaiting a live feed from the german chancellor Angela Merkel and french president Emmanuel Macron, scheduled to speak to reporters this hour. This follows a videoconference between the two leaders. They are said to be discussing a coronaviruseuro recove
What is so important is a massive shift and the quality of the riskuncle relations this morning. I dont want to over of the riskon relations this morning. I dont want to oversell it, but it is that type of monday. Francine we will ask how some of these countries are doing with lockdowns in a second, but first lets get to first word news in new york city with viviana hurtado. Viviana as soon as may 15, that is the date could begin reopening. Governor cuomo laying out a phased plan that starts with construction and many factories. He said he would probably begin upstate before moving to the new york city area. Yesterday the state reported 367 deaths, the lowest in almost a month. To the u. K. , where Horace Johnson is back at work. The last cup where Boris Johnson is back at work. The last couple of weeks he recovered from coronavirus. In his first public statement, he urged people not to give up on social distancing measures. He said ending the lockdown now would risk a second spike of
The white house and the house of representatives seem to be in negotiation with the senate, a Republican Senate really stepping aside, and mr. Kudlow moving that forward. The oil story is absolutely remarkable, and perch yearly the confusion of the end of may futures, and over into the june futures as well. We are about ready on the spot market to get a 13 handle on west texas intermediate. Francine you are right, because of the change in futures contract, we could see heightened volatility in the next couple of days, starting from today. Lets get to first word news in new york city with viviana hurtado. Viviana the white house and Democratic Leaders are close to agreeing on the next coronavirus eight. This measure would be up to 500 this next coronavirus aid bill. Formeasure would be hospitals and testing. Trying to free up cash for businesses, it will allow importers and manufacturers to delay payment for 90 days, this on many overseas products. But the move does not stop ongoing pun
Putting pressure on oil markets as well. And marie hoarder me for more. Walk us Annmarie Hordern joins me for more. Walk us through the veracity of the selloff, and does it last . Annmarie the next 24 hours is going to be quite bumpy for this may contract. Basically, it is Financial Derivatives meeting the physical oil market and what we are seeing on the storage side. If you are not out of this position financially and you are a futures trader, you have to accept the physical oil. The problem is, theres really nowhere else to put it. Look at cushing. That storage is quickly filling up, and that is the main hub in the United States, where you have pipelines to canada, the midlands, or the gulf. The may contract now trading at , which3, plus contango means if you look at the june contract, trading at about 23 a barrel, it is about a nine dollar differential, the most on record. If you look down the table of what you see for june, july, august, the prices are certainly higher on the futu