60 billion kiwi dollars. It is projecting a contraction of its gdp in the Second Quarter to 21. 8 . New zealand maintaining its benchmark Interest Rate at 0. 25 , all pretty much as expected. The rbnz has been at the forefront of supporting the 0. 5 already. Ates under a lot of pressure for this fiscal stimulus, as weve been saying, to double to 60 billion kiwi dollars. Facing a lot of scrutiny on whether to take rates to negative. We will see if it does that later on. For now, keeping rates steady. Kathleen bring in hays. It does seem like rbnz did exactly what the markets expected. Absolutely. There was no changing sentiment in the key rate. 75 basis points move in midmarch, that emergency front, the rbnz saying they are prepared to cut the cash rate further, taking it lower, then that door gets opened even wider. They are saying that the balance of economic risk remains to the downside. Forhey are looking contraction in secondquarter big that would be quite a hole to fill. They are
We are continuing to see that sickle cyclical tilt. The financials, industrials leading the way higher that is part of this rate sensitivity narrative. We are seeing yields move higher. The 10 year up about eight basis points. That gives a boon to the financials, which are up by 4 . Stocks whichity are only higher by about 1. 4 . Underperforming. I want to talk about the reopening narrative, how that seems to be the only thing the market is focused on. You are seeing that layout in multiproperty small property stocks. Yes, the data still not looking good. Val 76. 2 ail traffic last week. It is better than the 90 drops we have seen. Notre seeing similar, its great, but its better than it was playing out in restaurants as well. Cheesecake factory given update yesterday. The stock is higher by 20 . Opened about a quarter of its restaurant so far and they are seeing about 75 of their business come back. It is lifting some of its restaurant. Higher today. I want to end on the dollar. I dont
Carriers from entering the country in the mist of the covid19 pandemic. This as protests continue across the country after the death of an unarmed black man, george floyd at the hands of minneapolis police. Additional officers are being charged. The original charge has been upgraded to seconddegree murder for officer derek chauvin. Some cities are planning to relax their curfews tonight with the president suggesting that the military be deployed. It is still sparking. I want to bring in abigail doolittle. Our markets correspondent who has been following the ups and downs, mostly ups. I still dont get it. Record, assing a closing high. What are investors saying that the rest of america is not . It is extraordinary. Psychological level, it is hard to believe that we are seeing stocks climbed day after day. How does that happen when we have this sort of social unrest in the United States . A possible second wave of the virus. U. S. China trade tensions, it does not make sense. It tells yo
Features in the europe in europe and the u. S. Keep rising as the European Commission presents its Recovery Plan today. Jamie dimon places himself among the optimists who see a quick economic bounceback. Plus, stock deluge. More than 4 billion worth of equity offerings were announced just here in europe yesterday within 30 minutes of the closing bell. 2. 8llion dollars billion offering and is eager is the largest sofar this year. We are just under an hour away from the start of cash equity trading in europe and in the u. K. Lets take a look now at futures. We are seeing once again green arrows after the big rallies that we saw the last couple of days. It looks like the risk on mood is set to continue. Dax futures up 0. 4 . The dax index here in frankfurt closed up yesterday more than 100 points. It closed up on monday more than 300 points, bringing it to over 11,500. Take a look at u. S. Futures as well. We are also looking at gains in u. S. Futures right now after the u. S. Equity ind
Pursuing solutions for americas neglected needs. And by contributions to this pbs station from viewers like you. Thank you. This is bbc world news america. Im reporting from new york city. Im laura trevelyan. Jobless and homeless, with 33 million americans unemployed, new york subways, a haunting symbol of the impact of the pandemic. Coronavirus once a day after a white house eight tested positive. Mr. Trump says he does not have covid19. Germany is cautiously reopening its economy amid worries about a second wave of infections. Plus, life under lockdown. The story of a person who lives crammed in new york, but a big change is coming. I just committed to cornell. Well, im probably abouto cry. Laura for all of you watching on pbs and around the globe, welcome to bbc world news america. Every thursday, the staggering impact of the coronavirus outbreak on the American Economy is revealed. 3. 2 million americans filed for Unemployment Benefits in the last week. More than 33 Million People