The governor of texas warns of a massive outbreak. The imf adds to the gloom, further lowering its Growth Outlook, saying the pandemic will cause even more damage than first feared. Haidi that lead really playing into the downside we are expecting in the asian market session. Lets get it over to Sophie Kamaruddin in hong kong for a look at what we are expecting. Board, pulling up the asian futures pointing to losses of 1 or more amid the imf. Warnings of a deeper recession with japan and the Growth Outlook taking a hit. 1. 2 in theup by red this morning. A down day with trade disruptions back on the table alongside virus risks. Flipping the board, we are seeing bonds on the advance. Aussie tenure yields off by four basis points. Treasury futures to the upside after the overnight flattening we saw in cash yields as the bond market is signaling a more cautious outlook than we have seen in stocks. Check out the dollar extending gains against g10 peers with increasing u. S. Trade tensions
Market. Shareholdersas top supports a bailout today as bayer agrees to a settlement to put months into related liabilities behind it. Manus it has just gone 6 00 a. M. In london, 7 00 a. M. In paris and berlin. It comes down to this. 2. 5 drawdownll a on the s p 500 . Is that really a readjustment . The camera has just moved. What have they done to me . Nejra we will get you back in a moment. That drawdown that we saw of 500nd 2. 5 in the s p seemed to be a bit of a reality check in markets to the reality of a second wave. Not only that, the possibility of slowdowns. Restrictions happening in the northeast as well, certain parts of the u. S. Particularly at risk. Question the strength of the rebound or recovery, depending on whether you make a distinction. A lot of red on the screen. The Msci Asia Pacific index down. Futures. 28 low open as well but it does look like if we do see losses, they will be more muted than what we saw yesterday. A second day of dollar strength. Our guest this
Americas grim reality, new virus cases hit daily records in florida, california, and texas. The imf sees a deeper global recession than it predicted two months ago. Lufthansa biggest shareholder says he will back a 9 billion euro government bailout, getting the rescue plan a shot of momentum ahead of a crunch about later today. A bid for closure, the chemical giant spent more than 12 billion to settle thousands of roundup cases and other u. S. Losses. A significant number of cancer cases claims remains unresolved. Just enter an hour from cash equity trading in europe, and we have a mixed picture. But the futures are trading 0. 2 . Down dax futures are trading higher in frankfurt. We are looking at Different Directions depending on the regional indexes. What you see on the gmm . Anna i will get to that in a moment. Picture around the spread of the virus in the United States, capturing the markets attention, and sending Risk Appetite lower. Getting numbers at of royal mail, this is inter
Money away for loan loss reserves. Alison Williams Joins me now. What were some of your takeaways. [no audio] actually, we are still working on her audio, so lets go to Annmarie Hordern first. Part of what we heard was from fatih birol of the iea talking about how bad demand would be, despite any production deal. Annmarie some seriously drastic headlines out of the iea. The other part is what they are talking about what this means for storage. It is testing the logistic capacity to the limit. On the demand side, they see april serious demand destruction, down 29 Million Barrels a day. For the year, what that means is 9. 3 Million Barrels a day, the worst we have ever seen on record in terms of demand. What the opec cuts probably did was maybe pull us back a little bit from the brink, but not doing that much. You can see that with what is talking about in storage. They say that could be exhausted by the middle of the year. All of this putting downward pressure on the future prices. Wti
The performance of wells fargo, which is proving to be a drag. The 10 year yield in the u. S. Is down to 1. 82 . Wells fargo down more than 4 , one of the worst performers in the s p 500. Plenty of other stocks we will talk about. Tesla is close to that 1 billion valuation mark. Delta boosted on its earnings and also the 737 max grounding, which it doesnt have. We just saw boeing delivery numbers, and for the first time in its 45 year history, it has seen its worst performance against airbus, fewer than half what airbus managed to deliver last year. Guy it will be interesting to see what the 2020 numbers look like this time next year. In europe, volumes are ok today. European equity markets going nowhere in a hurry, up by just 0. 2 . In terms of where we are with the german tenyear, we are now only down by one basis point, so we are a little bit better bid on the bond market today than we were yesterday. But are we going to continue to track back toward zero . 1. 1122. Ar trading to th