Will accept junk, recent fallen angels as collateral. Time now for todays market moving news from brussels in new york. We want to begin in europe, where the pandemic drove the economy to a record slump in april. Pmi Area Services completely decimated, falling to 11. 7. Manufacturing also dropped to 33. 6. Bloombergs maria tadeo joins me from brussels. Maria what you are seeing is that the Coronavirus Crisis is going to do a lot of damage to the european economy. [indiscernible] brussels tell us they do anticipate a contraction for the entire euro area. This is potentially huge. Youre seeing again the European Central bank stepping in to try to shield some of those markets, in particular in countries like. Taly ,he other side of the equation what exactly are european leaders going to do to help the ecb, to put more money on the table and also protect their own economies . There has been a lot of backandforth. Perhaps a 2 trillion euro package. But all of this is still very much in the
Terrible composite pmis from the region. Oil continuing that recordbreaking rally yesterday. Some delegates a little bit more optimistic about getting deals done. Now i want to update you on our top stories from our new york team. We want to begin with europe. Thentioned the economies in slump of unprecedented scale, pointing to a contraction of about 10 . Bloombergs Michael Mckee joins us with more. Good morning, mike. Michael we are getting to the point where Economic Data are almost irrelevant to investors. Yeah, it is terrible. We know that. Weve traded it. Thats why you are not seeing a huge reaction in equity markets in europe because it was largely expected. It is sort of exactly what you think wouldve happened. Services pmis and composite pmis just falling off a cliff. The story in spain and italy there, but also france and germany. Those economies have basically shut down. Economists try to put a number on what that means, and that is where you get that 10 contraction figure,
Market. In the we want to begin in washington, where the u. S. Passed a record 2. 2 trillion economic rescue package. The house will vote potentially on friday. Going this is kevin cirilli. Walk us through some of the highlights here. Kevin shortly before midnight, the senate, in a resounding 960 trillionsed the 2 economic stimulus bill. That puts pressure on the house of representatives to get this done quickly. Theres been some comments from farleft progressives and far right republicans that they may have some issues with this version of the bill. I do not it is about that being enough to significantly stop this from being passed, based upon my reporting. I can tell you that the likely vote will come friday, and President Trump has said he is going to sign this virtually immediately once it lands on his desk. Alix thanks so much. As i mentioned earlier, europe really stepping up its effort to deal with the fallout from the coronavirus. The latest is the ecb started buying bonds, but
Between 5 and 7 . That kind of sets you up for your morning. Dollaryen, safe haven bid full in play. The yen and this was see the safe haven of choice. The long end of the curve taking more of that safe haven demand. Crude rolling over now. You have the virus, what is happening between opec and russia, and now a travel ban, which is going to destroyed jet fuel demand. Really taking it on the chin. Time now for global exchange. We are going to bring you todays market moving news from all around the world. Our bloomberg voices are on the ground with all of this mornings top stories. We begin in washington, where President Trump suspended travel from europe for the next 30 days, effective friday at midnight. The been excludes the you could the ban excludes the u. K. Pres. Trump to keep new cases from entering our shores, we will be suspending all travel from europe to the United States for the next 30 days. The new rules will go into effect friday at midnight. Alix joining me as kevin cir
Session, not necessarily getting worse. We want to go to global exchange. We are going to bring you todays market moving news from all around the world, from hong kong to riyadh and london, to new delhi, washington and new york. We want to begin with the markets, the overarching story of that russian to safety. Lowestfalling to the since 2016. Joining me is bloombergs dani burger. Walk us through some of the big ones. Dani today is really a day of superlatives. 2016,the lowest since gold jumping to a 2013 hi. 2013 high. As evercore strategists put this, we are in a new phase of the coronavirus outbreak. That is going to give us this kneejerk, gut punch reaction in market. Credit default swaps in europe jumping the most in two years. When you look at both of those see thestoxx 600, you ftse made down, and europe has become the epicenter of the outbreak. That means markets are already very sensitive. These are high beta markets as they stand because of the economic weakness. A lot of wha