Pandemic. Some of the pandemic statistics. N case dynamics jonathan this has been remarkable in the case of talks down ndc totally stolen down in d. C. Totally stalling. Lisa totally agree. Going forward today, we get a read on the economy in the United States. 8 30 a. M. , Producer Price index data. Very interesting to see the divergence between Inflation Expectations among futures traders versus the absolute bond yields, which keep falling. Secretary mike pompeo speaking at an event in the czech republic. We are interested in anything he has to say about china. Three year treasuries are going to be auctioned off. The actual deficit is so unclear because that fiscal support package is missing in action right now. Jonathan lets get to the price action. Equities futures are higher. In foreign exchange, the euro stronger. 1. 1787, up 0. 4 . We break 60 basis points on the 10 year to 0. 6 . I will be the one to ask the first stupid question of the morning. Do supply matter does supply mat
Discussing enough what the Standard Chartered bank and hsbc is doing where they are saying they are going to agree to whatever with new security rules of hong kong. How big a deal of this in your london . Francine well, it was quite a big deal when they announced it. I think you and i spoke to stephen engle. He reminded us, it goes to show may be the influence that beijing has on some of these companies if they want to have licenses in mainland china. This is actually quite difficult to dig into the deep root of it. Now, we understand that there is a backlash from investors. Just yesterday, we had o aviva, one of the biggest investors in a lot of these banks, saying it is decisionable with the of hsbc and Standard Chartered, it is uncomfortable about the banks decisions. Tom absolutely fascinating what we see their. We have got lots of coverage through this hour and on through bloomberg surveillance. Theill be joined from school of chicago, the former leader of the central bank of indi
White hou on remdesivir and looking past chinas first gdp contraction in 40 years oil below 18 is something to watch. That report out of stat news reflects how much hope there is, whether its remdesivir or Something Else for an effective treatment going into the fall. It does it may also reflect thin trading having spoken to a number of people this morning who are wondering whether or not you can have big moves in the market with just a billion dollars of futures being bought, which may seem like a lot, but is not. Because, you know, you have a lot of Fund Managers who tighten risk, they took down their net exposure, perhaps they didnt kel quite a sell quite as much its unclear how much buying power is needed to move the market in a significant way. Remdesivir itself is important were all hopeful that it is going to actually have an impact on the outcome of the disease for those who get very sick and end up in the hospital but it is not going to be what we call a chain terminator it is
And the estimated number of deaths we will get ism today. Adp is out several european banks are spending dividends jim, how much of this mornings action does reflect the grim picture that the white house set forth yesterday . Its difficult to imagine how, lets say, optimistic people were versus what the president said last night. I think many people in the stock market understood that the numbers were completely understated. You did leave the office saying, wow, that could be just terrible because they didnt caveat it as much as you might have thought they didnt say, all right, but were doing great in this state, this state, this state they said look, this is the reality. I think the reality rolls back some of the 19. 9 gain we had last week in the s p then whats going to roll back the rest is if we have credit problems ill defer to david. David knows behind the scene what day it is today today is the day youre supposed to pay your rent david, a lot of people wont make those payments,
The magnitude of that payroll number, equity markets are performing reasonably well. We are going into a weekend. Generally that means derisking as well. Let me deal with the middle to. 33. Crude at we have the stoxx 600 reasonably flat right now. We are seeing a bid on the dollar. Going back to your board, so why dont we handed back to you . Vonnie lets get straight to diane swonk, Grant Thornton economist. We saw a massive loss, 7001000 massive loss, 7001000 massive loss, 701,000 people. Diane many of them werent counted yet or able to be included in unemployment actrance until the cares was passed on march 26. That is really important to remember as well. Im choked up about these numbers in a way that i just, knowing how bad they are going to get is really tough. 1. 3 million workers had to accept parttime. , they have those already been laid off. Also important in the number was the survey response, where it went down because they couldnt get the people out there and staff the phon