10 year treasury yield hit a new record low below one and a quarter percent as investors clamor for safety Goldman Sachs is projecting 0 percent growth for the u. S. Companies this year given the severe decline in chinese Economic Activity disruption to the supply chain elevated Business Uncertainty and low demand for u. S. Exporters this is a drastic deviation from previous consensus which is still pricing in a 7 percent growth european equities to 3. 6 percent lower and officially entered correction territory with the cac the dax and the flat the all down but lets take a quick look at asia while the west is swimming in a sea of red the shanghai composite the hang thing and the cent and index are all positive china sports have reached a turning point as crane operators customer operators and other key logistic links begin to slot back into place turnaround times are starting to improve as the ports work to clear up the backlog official numbers continue to show a drop in new cases and
Treasury market. Unbelievable moves. Commodities just keep getting crushed. Crude is at 40 have dollars. Time not is at 45. Tom never global exchange. Our bloomberg voices are on the ground with this mornings top stories. In asia, new cases of the coronavirus continue to appear outside of china. New zealand and lithuania have reported their first infections. And cases anda, south korea have gone to over 2000. Joining me is stephen engle. That is the case outside of china. Theresns that if 83,000 globally, thats more than 4000 outside of china. Chinas rate of new infections has been slowing down. New cases since yesterday, but south korea nearly doubled that in one day. They reported another batch of new numbers on top of the numbers this morning. They added 571 cases from yesterday. That means they have more than 2100 cases and climbing. Japan also climbing towards 1000 confirmed cases, 931 if you 700 from the cruise ship off yokohama. Tokaido has declared a state of emergency the day
The virus mutations we saw have not affected Drug Development or the preparation of antibodies in vaccine so at present all the work is under control so we are actively observing the degree of the virus mutation when we are actively pursuing Scientific Research projects that. Go outside of china south Korea Remains the 2nd worst hit country and as of friday they are reporting the nother jump in infections across europe the containment strategy has been focused on isolating patients in areas where outbreaks have been spotted italy of course remains the site of europes biggest outbreak and the number of infections there have increased from dozens of daily cases to hundreds there are now over 3800 infections in italy 577 in germany and 423 in france a 5th patient has died from the virus in spain as the number of reported cases there has jumped to 102 though all the victims so far in spain are in that high risk category meanwhile in iran the government is warning that it may use force to s
What we are seeing in china move to the Global Supply chain. We will see mixed pmi globally. The pmi will continue falling. It will be a big hit to china, hong kong, maybe all of asia. The bond market is saying something is wrong. You look at where we are in 10 year yields. Fixed income yields keep falling. Yields are incredibly low. Very low yields. They are pricing in structural stagnation, recession, or deflation. Weakness overseas, negative yields overseas and the relative attractiveness of the treasury. Investors trying to find safe havens to ride some of this out. Jonathan joining me around the table in new york, priya misra, vishwanath tirupattur, and from minneapolis, Tony Rodriguez. We will talk about the data and then move into the treasury market. Lets begin with the data. It is really quite messy and difficult to get your hands around. Priya it is, but todays data is the only data point where we can say the u. S. Might be impacted by the coronavirus. I would say you look at
We have the unified deployment of virus we. Developed you know the china the virus mutations we saw have not affected Drug Development or the preparation of antibodies in vaccine so at present all the work is under control so we are actively observing the degree of the virus mutation and we are actively pursuing Scientific Research projects that. Go outside of china south Korea Remains the 2nd worst hit country and as of friday they are reporting the nother jump in infections across europe the containment strategy has been focused on isolating patients in areas where outbreaks have been spotted italy of course remains the site of europes biggest outbreak and the number of infections there have increased from dozens of daily cases to hundreds there are now over 3800 infections in italy 577 in germany and 423 in france a 5th patient has died from the virus in spain as the number of reported cases there has jumped to 102. Do though all the victims so far in spain are in that high risk cat