Budget. This is bloomberg surveillance. I am Francine Lacqua. A lot of focus is on earnings, and a lot of focus on the banks. The Credit Suisse story, i am delighted to speak to the chief executive shortly. That will give us good indication of what the clients are doing. This is what the market is doing. A lot of focus on earnings, a lot of focus on the pmi figures. Lets get the board up to get a sense of what the market is doing. April services pmi falling to it was 22. 8, now it is worse than expected. Manufacturing lowerthanexpected, but in mind. The forecast was 38. That has fallen off a cliff. The dollar is the one you do not want to get wrong in the next couple of months. Stocks are fluctuating, oil advancing, and the dollar holding three days of gains. Plentyures, we will have more on earnings. Lets go to new york city for the first word news. We begin with Economic Activity in france and germany shrinking this month more than expected. French composite pmi dropping at a record
Deflationary europe feels than america. Francine this is also because the pandemic hit italy first, so in terms of curves, you are a couple of weeks ahead in europe. It is a different set of numbers. The packages and loans that european governments are giving is different from what the u. S. Is doing, largely because you are at different stages in europe compared to the u. S. We are looking for that leaders summit, more stimulus coming from the commission and probably to give a strong voice to the commission that europe is united and in solidarity with country most affected by the virus. Tom a lot of different opinions. We will talk to Dennis Gartman about how to fold in a weaker euro call with gold. Here is viviana hurtado. Viviana donald trump signed an executive order to curb immigration. Green cards are currently on hold. They allow foreigners to become permanent residents. The governor the president says that will limit competition for jobs. Expected tose is approve today the 484
Lineup of guests coming. Federal reserve vice chairman will join us exclusively in a few minutes for his first interview since last weeks fed meeting. Well also pespeak with the ceoo human there is a and a massive afternoon of earnings headlined by disney, ea, beyond meat and activision and well peek with actvisions ceo ahead of his Earnings Calls after the numbers come out as i said, were at 1. 9 with 59 minutes left lets moex fowlkes on the big stories. Meg has new developments on the treatment and vaccine front but mike, lets kick things off with you in the markets yeah, another day of fairly orderly levation in the indexes. Today its a broader rally even though its been led by the big tech stocks. A chart of the s p going 50 0 going back a year, were back up to the upper end of this crash levels last september, october, sort of going back to early 2018, an area where we gave a little friction to the rallies, but clearly, a market is acting as if big investors feel u underexposed to
A lot of the folks just focus on earnings and what we heard overnight out of the u. S. A lot of banking as well. Later on we will speak to the astrazeneca chief executive asking about vaccines or medicine that will work in treating covid19. If you look at the markets and the pressure we see on the dollar, probably one of the biggest stories out there. 0. 2 ,an stocks gaining eurodollar 1. 08. Lets get straight to the bloomberg first word news in new york city. Italy, the with nation seeing its delivering an out of cycle downgrade, one level above junk. The timing of the move may catch some investors off guard. It wasnt scheduled for review until july the 10th. But the outlook made fears of a future cut to noninvestment grade. Over the u. K. , Boris Johnsons top aide crest scientists for a lockdown. He swayed the discussion towards faster action. Number 10 denied the political advisor influence the committee of experts saying its appropriate for aides to sit in on the meeting and ask qu
The world. The nasdaq up 0. 9 . Gold continues to rally. 1733. 48 an ounce. Plenty of currencies are moving against the dollar. How are we doing in europe, guy . Guy we are up, being driven by the oil and gas sector once again. We are trading near session highs. The stoxx 600 up by around 0. 6 . Relatively muted volume today, and to be honest, the volatility , soting to come down again bear that in mind. We seen a lot of centralbank news over the last few minutes. Christine lagarde has been briefing eu leaders as they kick off their summit, their videoconference. She has been warning them that gdp may fall by 15 within the region as a result of the virus. That is largely backed up by some of the pmi data we saw earlier on, particularly very Weak Services numbers coming through for the eurozone. A littlearting to see bit of tightening in some of the spreads. Btpsbunds coming down a bit, so a little bit of outperformance for peripheral bonds, but other big move upside for brent. To circl