Space. Oil getting a bit of a reprieve. The concern is you have even more oil flow if the opec deal comes to an end. We want to get you todays market moving news from new york as well as washington. We want to start with the latest pmi data. Factories around the world suffering one of their grimmest months on record in march. Fbloombergs Michael Mckee joins me for more. Theres a lot to dig into. Give me some of your takeaways here. Michael mr. Rogers word of the day is contraction. Across the developed world, they are pretty bleak at this point. Some of them not as bad as thought because of a quirk in the data, but lets go through the data right now. Anybodye hardest hit of i the virus, and now the hardest hit in terms of the pmi number. Eurozoneance, germany, u. K. Are also in the 40s, which marks contraction. New orders of production crashed, but there is a quirk in the data where supplier delivery times are linked. However, in this case, there are no supplies to deliver, so it makes
They have been choppy for the dow over the last few minutes. Theres your picture now nasdaq outperforming yet again up for the fifth time in six days all of it factoring into the debate liz young, bny melon director. We want to begin with stock. We have been all around a little bit. We are green aacross the board the dow is towing the line what is this action telling us about where you think we are and where we might be going on day with we got another tom lee who said not only is the bottom in, were in a bull Market Recovery reflect whing what he told us on this program the other day i like tom, i respect his research i dont disagree the bottom is in it doesnt mean were not going to see it again. I think the rally is pretty fragile. There hasnt been a good reason to rally up to this level. I dont think its unreasonable to see well see another 10 to 15 pull back before we get a decisive and durable move upward the list of things that could surprise the market is much longer than the li
Jub is still with us. Turn to the release of january fed minutes. Were seeing resilience in equities because of what we heard from apple yesterday, but already today we are bouncing back. Then you look at corporate yield nejra welcome to daybreak spreads, those have been tumbling toward alltime lows david is this complacency . Europe. Headlineou look at the weve got numbers taking the tape from Deutsche Telekom. Adjusted ebitda is index levels, it looks like there hasnt been much of an impact at all from the virus. Some of the subcomponents rising, thats what were getting from Deutsche Telekom between health care and autos, looking through some of the there has been a meaningful details for you. Divergence of performance, so i we might come back to these later as they come through on the tape but at the moment we would say that the market is not just got a couple of lines coming through, the mainland panicking over the virus impact, that it sees 2020 adjusted but it is trying to be qui
Season jpmorgan crushes estimates, citi and wells are mixed ahead of the open. Plus sustainability is becoming the new standard, blackrock ceo saying the Climate Crisis is about to trigger fundamental reshaping of finance. And the tesla rally rolls on shares now up more than 100 in the past three months alone. Well start with bank earning, jpm, chase, citi, each posting better than expected results. Wells fargo shares moving lower on its miss. New ceo charlie sharp our cost structure is too high and i believe there are many areas where we will be able to increase our rate of growth. Efficiency really the story on wells, jim well, i got to tell you, im a total believer in Charlie Scharf and what he did at visa hes the most technologically inclined ceo in the bank group it has the most opportunity after this washout it is a washout. I dont think charlie will waste any more time. He has to address these things and he will. In the meantime, jamie diamond, what can i say about jpmorgan . It
Particularly in terms of the health of the commercial corridor toward, the fact that retail is changing and that 340 square foot, that is tiny, but we want that. We want to be able to use that. This would be a legally approved project and along with the sign approval so we would use whatever permits would be associated with it and we would be signing it off. We have opportunities for the Building Permit and this decision by our commission. Either way. Did you have further . No. I sure commissioner melgars concerns and i things we should be doing whatever we can to support retail. I would second the motion but would also make a comment it feels like some additional legislation is necessary to get staff a little bit more discussion in this area under circumstances like this so it is not a oneoff going forward, but the size of of the cost the retailer seems out of whack with what the benefit from what the city would get from a smaller sight. I second the motion. The motion is to approve t