Australia expresses to concern over a report china could slip duties on its exports. Lets get you started with a quick check of how markets are trading. U. S. Futures are under pressure, falling. 3 , after the first weekly gain for u. S. Stocks in three. This comes after the abysmal u. S. Economics data, the highest Unemployment Rate since the Great Depression. Next messages when it came to trade mixed messages when it came to trade. They had a constructive phone call with chinese officials on trade, but President Trump casting doubt. We are seeing oil under pressure, down. 8 . Aroundthe moment holding 24 a barrel. This as we saw the back to back weekly gains since february. Lets get to the latest on coronavirus pandemic. Mikeberg is being told pence is selfisolating away 18 he white house after after an aide tested positive for the coronavirus. We have seen several cases where several aides have tested positive. This has rattled by the administration this this has rattled the administ
Putting pressure on oil markets as well. And marie hoarder me for more. Walk us Annmarie Hordern joins me for more. Walk us through the veracity of the selloff, and does it last . Annmarie the next 24 hours is going to be quite bumpy for this may contract. Basically, it is Financial Derivatives meeting the physical oil market and what we are seeing on the storage side. If you are not out of this position financially and you are a futures trader, you have to accept the physical oil. The problem is, theres really nowhere else to put it. Look at cushing. That storage is quickly filling up, and that is the main hub in the United States, where you have pipelines to canada, the midlands, or the gulf. The may contract now trading at , which3, plus contango means if you look at the june contract, trading at about 23 a barrel, it is about a nine dollar differential, the most on record. If you look down the table of what you see for june, july, august, the prices are certainly higher on the futu
Petroleum output by nearly. 1. And the imf and the world bank prepare to meet amid the worst downturn since the 1930s. The new reality of economies, collapsing train and mounting unemployment. Shery lets get you started with the markets. U. S. Futures are higher after u. S. Stocks posted the biggest weekly gains since 1974. Nikkei futures higher half a percent as we had a closeout a twoweek high. Take a look at crude. We have the historic opecplus decision, finalizing record cuts of 9. 7 Million Barrels per day, the single largest in history. Wti is gaining ground. Mexico alsoafter joined the conversation and agreed to cut 100,000 barrels per day. We will have more coming up. That is right. After several days of the virtual talks, global diplomacy finally ended in a Historic Deal to cut oil output by nearly. 1 . Destroyed oil prices. President. Great to have you. Can we breathe a sigh of relief . The cuts that have been announced, if there is adherence to those, and we have additional
Not even a one dollar increase dny. The fed out with its alphabet soup of programs. Index isays highyield barely visible, but has come down quite substantially if you yield to worst settings re. The lets get some insight on the markets. Banks set to kick off earnings season. We are joined by tom lee, Fundstrat Global Advisors managing partner and head of research. You are not one to shy away from a particular point of view. Tell us where you see the markets headed. I think the markets have absorbed an incredible amount of news and seem to move very quickly, but just as quickly as weeks, i3 over six think the vshaped rebound weve 2800. E saw last week that was a 20 retracement of that entire climb. If we look at the major declines of markets, once the market is able to absorb or recover half of those losses, it is often a good sign that the market is shifting in favor of buyers. So i am kind of constructive. I think youve got to be buying this dip, but the focus is going to shift away f
Jack how common carleton english. The dow is down on the week despite a furious 1000point rally. Dow jones market group shared a wonderful statistic, the last time we had a back to back 9 move two days in a row was october 1, 9209. This is a wacky market. Finding comparisons for is almost impossible. When you put together a virus like this, you put the oil crisis we have the Oil Prices Drop like this ship but the facts were in a president ial year this is all just wacky. And it almost feels like a big relief we got this 2000point rally out of the dow on friday. Because coming and said friday was just awful. Some of the worst trading weve seen since 2008 and yesterday, thursday, the drop was the biggest since 1987. These are crazy moves. Jack so clearly the oil is a problem here. But i think its mainly coronavirus. Think theres this old cliche that insert is what the market hates. I think you put a finer point on it does make sense. The market hates known unknowns. We know this a proble