We will bring you those numbers as soon as they get the hit. They may very well impact markets. We will look ahead to jobs number coming up. Job losses could hit 47 million and Unemployment Rate could surge to 32 . Jim bullard is here later this morning, more on jobs, action by the Federal Reserve and what if any rebound we can expect from the crisis. Interview coming up at 7 00. President Trump Pushes Congress to pass 2 trilliondollar infrastructure bill now to help boost the economy along the road to recovery. The president says the bill willing very big and bold. Meanwhile this, the death toll in new york city has surpassed 1,000, mayor bill de blasio joining the call for help as more makeshift hospitals are created. This as more states go on lockdown this morning, mornings with maria is live right now. We want to check Global Market s. Dax index in germany lower by 277. Factory activity in italy contracting at the fastest rate in 11 years. 40. 3 and french factory activity calling
About the impact later on in the show. Time now for bloomberg time now to dig a look at all the news you need to know, from d. C. To new york. We are joined by bloombergs michael mckee, taking a look at all of the Market Action and economic action out of europe. It was a tough day for services pmis. Michael absolutely, and the charts tell the stories. These were the worst numbers ever for france, germany, and the eurozone, showing the Service Industries worsen manufacturing, and in part due to a quirk in the data. The market, we get pmis at 9 45 this morning. The same sort of data are expected. We also get the Bloomberg Consumer comfort index, the most highfrequency Consumer Confidence data. That has been moved up two days. The crashing of the european economies has revived talk, or pushed, shall we say, talk of stimulus higher up the agenda. German chancellor Angela Merkel has already decided that she is going to establish a Stimulus Program to help revive the economy, and she has put
Discussing just that, an early return to work. 9 40 eastern time today on this program. There is outrage at Speaker Pelosi loading up the stimulus package with a host of items unrelated to supporting workers and industries. For example, canceling post office debt, the return of obama phones, same day voter registration, 35 million for the Kennedy Center for performing arts. What has all that got to do with getting money to people who have just lost their jobs, millions of workers thrown out of a job. However, treasury secretary mnuchin and senator schumer did meet last night, and they suggested that a 2 trillion rescue package, stimulus package, is close. Well see. All this has given the market a shot in the arm. For much of the morning, we have been limit up for the dow jones average and at the opening bell, the dow will be up, what, 900 points, maybe more when the restrictions of the limits on trading are off. S p, nasdaq also up 4 , 5 . Clearly, investors like the 2 trillion rescue
Go higher. The crash stride an hour away. Lets get your top headlines off the bloomberg terminal. China p. M. I. Data Beat Estimates but it is a mixed picture for asian stocks and u. S. Futures turned in the case negative. The w. H. O. Said the coronavirus outbreak in europe may be approaching its peak but across the atlantic new york city reports a 16 increase in deaths in just six hours. Plus lenders from howards bank to unicredit halts dividends at the request of the b. B. C. Well speak with the chair to have Advisory Board in just over an hour. We do see futures positive here. Certainly in germany. 3 4 of a percent. Up on the dax futures. U. S. Futures we pointed out are down right now. Of course that can change. Volatility is the name of the game these days but we see a little bit of a split in terms over the risk indicators. Anna, what do you see from your g. M. M. . Anna before get to that, lets get to breaking news. We have numbers coming through from shell. They are talking oo
Points. Brent really rolling over by about 5 , much worse than wti. It is now a pure demand issue. You see equities taking it on the chin, as well as commodities. Time for todays top market moving news from new york and our london team. We want to begin in the u. S. Come over Senate Democrats blocked Mitch Mcconnells attempt to advance the coronavirus economic rescue package. Minneapolis fed president neel bloomberg the fed can do more to support the economy. We are being more aggressive. Is there more we can do . Yes. Is there more we may end up doing . Yes, but i feel we are being very aggressive. Alix joining me for more is Michael Mckee. Walk us through what he said, what more they can do, and what is going on in d. C. Michael jim bullard is the one who really scared the markets by saying a 30 Unemployment Rate and perhaps a 50 annualized decline in gdp during the Second Quarter. Morgan stanleys is the closest to that 30 , so he thinks things can be much worse. They still say the f