Getting some headlines for the International Energy agency. The focus on what they see oil demand like in the coming years. Oil demand will not fully recover until at least 2022. That may have an impact on the price of oil. New york crude wti pretty much flat. Markets focused on this extra stimulus. We are also expecting to have more data points with damage the economy. Plans with sentiment in the wave of it would also be great to look at treasuries and things like that. Lets get a Bloomberg News here in london. President trump is weighing an infrastructure proposal worth nearly 1 trillion to spur the u. S. Economy according to bloomberg sources. The plan would reserve most of the cash for traditional work such as roads and bridges but they would also go to wireless and broadband pretty broadband. Ae eu and u. K. Seem closer to brexit deal. Russells is confident Boris Johnson is willing to compromise and the Prime Minister said chances of agreement are very good. Injected new momentum
Treasury yields are up as jobless claims drop. And open for business again, but where is everybody . Errie calm after restrictions were lifted. Muted the session seemed after the week where we saw gains in global markets. We have a pause when it comes to the stock rally overnight. Finally starting to address the the data we trickling and showing the impacts of the pandemic on the Global Economy and the evaluations we see when it comes to markets. Japanese features trending a little lower at the moment. Futures trending a little lower at the moment. Futures flat at the moment. David a welldeserved break. Lets get to the top stories. Despite a recent wrapping up of tensions, the u. S. Trade representative says he feels good about a phase one agreement with china. Robert lighthizer says beijing was honoring the pact when he took significant purchases in recent weeks. Selina wang is in beijing. Take us through what Bob Lighthizer had to say. We got some positive rhetoric about the trade de
See the jobs report, francine. I see all sorts of numbers modeled. 6 rate be looking at the u. I do not see any forecast of where that statistic is going, but it harkens back to an american job economy of 1933. Francine we will have a big look on whether we will go back to those depression years. Lets get to first word news in london with leighann gerrans. Francine, andd, tom, as you were saying, todays jobs report expects to see the u. S. Unemployment rate surge to almost 20 last month after reaching the highest level since the Great Depression in april. The may report is likely to show the jobs slump has extended into whitecollar positions. By 7. 5s publicly shrank million positions. The jobs report comes out at 8 30 new york time. In buffalo, new york, two Police Officers have been suspended after a video of them pushing an elderly protester to the ground went viral. The video shows the 75yearold lying motionless with blood pooling around his head. Been hospitalized in serious condi
This for bloomberg on the economy. I am going to lose the introductions this morning and get right to the moment. Weve got great markets. Yields higher, dow futures up 300, etc. No one is focused on anything but an update on this grim labor economy. Jonathan how quickly can this labor market hell is the question we ask every single month now, and we will ask it continually through the morning . Maybe we getting median estimate , maybe it comes outside of that. But the question hasnt changed. It is how quickly we will heal after a big downturn in a very short space of time. Tom a lot of opinions on that, and of course, as i was just mentioning, across the 10 of the american demographic, it will be a different rate of change for the haves and the havenots. And, what is so important, you nailed this a number of weeks ago, is the damage to the broad middle class. We are focused on the elites at bloomberg, and we are focused on maybe the people that service the elites, but it is a broad swa
The markets are clearly telling us that the markets are not pricing in the worstcase scenario when it comes to iran, or at least Portfolio Managers not. Stoxx europe 600 gaining some 0. 6 . On bloomberg surveillance, we will be speaking to the president of euler hermes, Wilfried Verstraete. That discussion is up very shortly. Lets get straight to the blumberg first word news. In new york city, heres Viviana Hurtado. We begin with the first stage of the u. S. China trade deal, set to be signed next week. China says its top negotiator is visiting washington, d. C. It is the latest move towards a detente. Contradictory reports this morning are emerging about what caused the ukrainian boeing 737 to crash and iran. Initially blaming a technical issue, then an engine fire. Ukrainian embassy running out terrorism, but then it amended its statement to offer no comment on the cause. All those aboard the plane were killed in the crash. Hong kong preparing a bold plan to boost its economy, accord