This is boom bust the one business show you cant afford to miss unfair montecito in washington coming up the rate in new unemployment claims may be leveling off but congress and the white house look to be stocked yet again on a stimulus plan to continue to rise across the globe due to the pandemic swine flu and unpredictable weather will tell you what this could mean for those who are already struggling to get enough to eat we have a lot to get to the law that starts. We begin today with jobless claims as u. S. Unemployment fell just slightly for the week ending on october 3rd to a fresh pandemic low the u. S. Labor department reported initial jobless. 840000 worse than expected showing the labor market is still experiencing a slow recovery while the economy is still growing its been a gradual comeback as concerns rise over another wave of layoffs without another federal relief package still some 25500000 americans are collecting some sort of benefits so for more on this and the overal
5, 6, seven major stories, are driving us forward. Simply an open question with all that is going on, what has your eye this morning . Jonathan the italian bond market. I know that feels a bit off the beaten road, but right now rallying aggressively over the less capital weeks. Look at the spread of btps to german debt at the moment. It is about 20 basis point. That was about 280 earlier in the year. That is one to watch in the debt markets. Tom bond price up, yield down. What is the why . Is it a flight to quality . Jonathan reduced redenomination risk, i am not sure we are completely there yet where we can say that this market now trades like a proper sovereign. What that means, we used to question how long some of these countries would play into the euro zone. The risk of redenomination, moving out of the euro and being repriced in a different currency. The fiscal backstop of a couple of months ago, even though it has not been fully implement it, i think that gave people some confid
Thankorgie about you for joining us. Worryingld we start about the amount of debt we are generating and the impact it will have on the economy longerterm . First, thank you for having me. The worries about debt levels going up are not for now. For now, the biggest worry is we do not do enough to support the economy until we have a durable exit from the health crisis. With Interest Rates being record and government can borrow inject hopefully not only a recovery, but a more potent, higher productivity based growth so they can repay the debt they are acquiring now. Case for lowhe Income Countries already in distress. Importanty it is so we make sure they are provided with relief and they are supported with grants and concessional financing, a big theme for our annual meeting spirit for our annual meetings. Francine what is the biggest risk to your outlook . You say the recovery will be uneven, but you have increased your projection . Kristalina the situation today is less dire than it wa
Reportedly uncovering Quality Control concerns at eli lilly plant set to manufacture its covid antibody treatment and apple debuts the new 5g phone line speedier devices, also coming with an even heftier price tag carl, back over to you. All right jim, on the banks this morning, conversation once again about loss provisions. Also about bond trading at goldman. I dont think it is just bond trading. I think goldman did a remarkable job taking some share, which i say remarkable because imagine youre at home, zooming and taking sharefrom others. I do believe that goldmans back to its old ways which is that it is a dry cleaner it doesnt have any risk remember, dry cleaner, what do we do with the dry cleaner give them our clothes and pick them up and they make money. That has been the goldman way until a couple of years where i think it got wayward where it became much more about, hey, lets invest in this, invest in that, no, to me, what theyre investing in, that i really like, theyre invest
Absolutely extraordinary. Thank you for joining us on Bloomberg Radio and Bloomberg Television worldwide. What have we got . Mcdonalds just out with a dividend increase. Ibm with a seismic restructuring. Morgan stanley to take out the venerable eaton vance of boston. On and on we go. Guess what . None of it matters. Someone speaking to maria in two minutes. Jonathan the present will be on fox news. I imagine he will have a reaction to the next debate being virtual. That news out from the commission on president ial debates. Tom i really want to bring up this story, below the fold on the internet sites, but our Jennifer Jacobs reporting that the head of security for the white house is gravely ill with this horrific virus. Really a difficult illness as well. It is amazing how this virus story in the debate last night, commenting ondent this debate. Jonathan the president tweeting, saying that this is not a separable. He is looking forward to doing rallies. He is feeling goods. Those comm