Deal. No let up in germany. Angela merkel ruled out further loosening of measures after europes largest economy records the biggest spike in cases in four months. Asian stocks trade mixed following a fresh record on wall street. European futures point to a positive open. Good morning, everybody. Welcome to the program this wednesday morning. Lets have a look at terms of breaking news. Notes coming through mace maersk. The fullyear numbers, 6,000,000,0007,000,000,000. This is new guidance coming through. That is interesting in itself. The guidance we previously had in the year had been withdrawn by this business which operates 20 of the world container fleet. They are giving us this new guidance here. Looking at the underlying profit numbers for the second quarter. This is the backward looking part of it. The underlying profit data is 359 million dollars. They have done better than the estimates. We will be speaking into the management of maersk later on in programming. We have u. K. Ct
From the bloomberg terminal. A 2 trillion dollar wipeout. U. S. Equities see their worst rout in 12 weeks. Is there more to come . The precipice of disaster. Americas fourthlargest city but it may reimpose Steven Mnuchin says the country cannot close again. Plus, european banks close to Capital Requirements. Just under an hour away from the start of trading. Futureske a look at after the big drop we saw. Saw drops in asian stocks overnight. If you look at yesterdays cash a drop in the dax. 559 points. 559 point drop. In terms of u. S. Futures, we see a little bit of green on the screen. 1. 5 gains in s p and the dow. Can news on the u. K. Economy, lets get straight to that. The u. K. Economy shrank by 20. 4 . That is versus the previous month. Dropstimate had been for a of 18. 7 percent. 19 or so. It does show a stunning drop in output for the u. K. Economy during specifically the month of april. The u. K. Went into lockdown around the month of march. We are getting some other numbers
Handle. We will see where that goes. We get inventories in 30 minutes. The dollar index is under 100 today. We have stronger currencies out , including the euro. A lot of data out in britain and on the continent overnight. Of course, as you can see, the 1. 2 . 00 down pound isnt as strong as it was earlier in the session. We did get Economic Data that was pretty dire. Gdp contracting a most 6 , but it wasnt as bad as forecast, so perhaps a little bit of a silver lining. Germanys 10 year yield at 62 basis points. Takinglor Angela Merkel on the german constitutional courts commode is going to be a fascinating battle. Delighted to say now we are , type or jimmy dunne send her vice chair, to talk everything market really sandler vicepiper chair, to talk everything markets. Jimmy, thanks for joining. We will get to the fund in a few minutes, the first, even more fun, these markets and the federal reserve. Jay powell seemingly put to bed the idea of negative Interest Rates, but the president
He is telling the truth in terms of this is a very difficult situation at best. It will take a long time for the economy to recover and it is tragic for many. He keyed out the 40 of people making less than 40,000 per year losing their jobs in march. A difficult message but a truthful message. Right now the markets appear to be coming to terms with it. In the near term, support is holding. We are still stuck in a range even though it does feel risk off. It is risk off. David tech has given us a break thus far. His tech holding up again . Abigail tech was holding up, you had the faang Index Holding up. Do your point, out of the march lows, tech is up in a big way. The faang index up 20 . To the downside, the financials continue to lag. This year there down 30 . That is 10 of the market. The s p 500, to continue the rally out of the march lows, you will need to see all the sectors get on board, the banks, the industrials, and some of the cyclical sectors are lagging. One reason the banks
Contraction. Oil pushes higher as russia says it is willing to cooperate on the cuts. Brussels watch. Turkey triggers fears of an eu border kiesels crisis amid growing military escalation in the u. K. And eu trade talks begin amid fears of a breakdown. Welcome to daybreak europe. Kuroda has spoken. The central bank puts are alive and effective. Dollaryen, look at the past five days. On friday evening, so the powell put was activated on friday. Likewise from the bank of japan. The firepower within g7, g20 from the monetary and fiscal point of view. Dollaryen was rolling over. Appropriate support, ample liquidity from the boj, appropriate action in terms of qe. Appropriate seems to be the byword central bankers are latching to. And valueon of wealth last week in the s p 500 so i will not get that excited about a. 5 rally, but it has turned around. Injected liquidity, three rate cuts talked about. You have the beginning of a perception of what is the yield on the s p 500 relative to a bon