[inaudible conversations] this committee will come to order. Without objection the chairs authorized to declare a recess at any time to be entitled Holding Wells Fargo Accountable the bank that broke americas trust i recognize myself for four minutes to give an Opening Statement. Today wells fargo ceo will testify before the committee about how he plans to and wells fargo egregious pattern of consumer abuses. We invited him to testify before this committee the last three and half years. We will note each time a ceo has testified before this committee he has resigned they are soon after. [laughter] you are taking on a massive challenge i certainly wish you luck it is clear to this committee that the bank you inherited is a lawless organization has caused widespread harm to millions of consumers throughout theor nation. Ells fargo has opened three. 5 million fraudulent accounts in their customers names which cause consumers over 6 million charged consumers for automobile insurance polici
U. S. And european stocks are hit by the worst rout since 1987, as the panic takes hold of markets. The today session offer brief relief . 5 trillion, the u. S. Central bank offers a huge liquidity, at least nominally, injection into the treasury market after the ecb stimulus measures fall short of combing investors. And delaying the worst. The u. K. Abandons its containment strategy as efforts to push back the peak of the virus takes precedence. New york city declares a state of emergency. We are just under an hour away from the start of cash trading across europe after we saw yesterday, the biggest drop for the stoxx 600 of all time, doubledigit losses yesterday in terms of the dax, more than 12 . The ftse mid was down 17 . Now we see a mixed picture in terms of futures. Dax futures are still down. Investors are still waiting for some kind of comment out of berlin. In terms of the fiscal help that Christine Lagarde, shirley wants, the market wants to hear about it to, and Angela Merk
Affect business and Consumer Sentiment and Investor Sentiment. A chorus of asian bankers saying theyll take action and the bank of china also places easing china sectors and auto sales plummet. U. S. Futures turn higher after joe biden takes texas. California is still too close to call as the former Vice President gets into the super tuesday spirit it is a good night and seems to be getting even better. They dont call it super tuesday for nothing. We have a very busy show talking about everything from super tuesday from that surprise rate cut for the month of february, we have the final Services Numbers that came in at 52. 6 versus the flash estimate of 52. 8 the final Services Number lower than the estimate. As for the composite number for february, 51. 6 this data is now beginning to look outdated given the extent of the slow down given manufacturing and supply chain and coronavirus. The impact will show up in march. Worth baring in mind that we did fleetingly start to see European D
We are down by about 5, 6, 7 . European stocks off by 5 , 6 . Dollaryen was treading trending towards 100. Moving to treasury has been tremendous. 45 basis points on the 10year, german bun yield german bunds yield down two basis points. Theseonly down 23 , but are historic moves in the markets. To get another read on how the s p might open up, we want to look at the five biggest stocks within the s p, and they are now down between 5 and 6 . We want to update you on the global exchange. We will bring you all of todays market moving news from all over the world from hong kong to london to rome. All bloomberg voices are on the ground with top stories. We will begin with market action, particularly in oil, brent crude plunging 31 , the biggest drop since the gulf war in 1991. Joining us now is Annmarie Hordern. Annmarie we are seeing a massive selloff, unprecedented in the oil market. We have between shots. At the same time we have demand destruction across asia, in europe and the united s
Goldman says the coronavirus will hit prospects for copper, as Chinese Industrial action is in significantly below capacity. Anglo american starts a busy week for commodities earnings today. The curse of monsanto. In the midst of the roundup scandal, bayer faces a potential multibilliondollar lawsuit over a second weedkiller it inherited in the 2018 chemicals megadeal. Just under an hour away from the start of cash Equities Trading across europe. We will take a look at futures this morning. Acrossseeing gains europe and u. S. Futures. We still have a wild to go until the u. S. Opens, but we have decent gains in europe. Dax of more than one third of a percent, ftse futures up. 25 this morning. We also seeing gains in the u. S. , although we have solid a seven a solid seven hours until he open up over there. And dows p, nasdaq, jones futures all gaining this morning. We have breaking news on china. China is delaying its annual npc npcing according to chinas going to review the possibilit