Thats something to behold. Its hadding the lowest level since march of 1999. Right now well take a quick look at my board, which is current. I can see it down 4. 13 i say that because ive been practicing waiting 12 seconds to get a quote on something that im trying to give you instantaneously. Now im back on the nasdaq and i can actually see it. The coronavirus pandemic has sapped demand for oil and global storage is rapidly proefing capacity the world is running out of room on ships anchored at sea the may futures contract for wti expires tomorrow looking out to june, the situation isnt quite as dire. Its back to more of what were used to, kind of, at least in the last couple of weeks as you can see there, june delivery under 23 a share meantime, an update now on the pandemic as we bring you the numbers as we do every single morning. Here are the latest numbers. Global cases topping 2. 4 million now with 165,000 deaths. Now, the u. S. Cases nearing 760,000 with more than 40,000 deaths
I recommend every one have a look at it over the next couple of weeks. Among other things, a distinguished economic historian who put this horrible event that we are experiencing right now to give us a sense today about what will determine how deep this recession will be, perhaps how long it will last and perhaps what is likely to come and whether the covid19 recession will leave longlasting scars in the global economy. I will turn this right over for penns remarks after which david will pose some questions and then there will be instructions on how the audience members can ask their own questions. Over to you and thank you for doing this. Thank you everyone for joining us this afternoon. In january and february we had a Strong Economy that has happened is the world has been hit by the covid19 virus and exalted is doing great damage but from the economic perspective, the fact that on the essential businesses are being shut down its having an enormous effect on economic activity. People
Right. The big revelation and the red flags raised tonight. Plus being stuck at home every day is stressing me out. Its kind of a bummer. Stressed and struggling. The emotional challenges so many people are facing after nearly two months on lockdown. Good evening. And thanks for being with us. Im raj mathai. No definitive dates. Instead general timelines. At stake our health and our jobs. Today the governor said he will reopen the state in four phases. Were already in phase one. In a matter of weeks, well be moving into phase two when some industries will be back in business. Others, though, will have to wait it out for several months. We begin with nbc bay areas ian cull in the south bay. Reporter wehile some countries and stores will be able to open in stage two with social distancing, others have been pushed back to phase three meaning theres no set date on when those workers will get the desperately needed paycheck. Danielle is a selfemployed stylist. She has a small studio here in
Credit suisse posts 75 increase Standard Charter ceo tell cnbc the pandemic could still negatively impact the sector despite the early resilience the shock we are experiencing in the first place is as severe. As this pandemic unfolds and we wont know exactly or generally how this will progress, we have to suspect that impact is very, very material. The pope extends a prayer for european unity but divisions are expected to still dominate eu leaders go on line in a Video Conference meant to talk about further assistance to fight the pandemic a crude comeback buyers rush back sending u. S. Oil prices up almost 40 in overnight trade. Surprising tensions between u. S. And iran also supporting the price. Welcome to street signs. Lets kick off the hour with fresh eurozone pmi numbers we have heard of the french and german numbers now for the eurozone as a whole. The april composite pmi flash number has come in at 13. 5 that is much worse than the market was expecting we were looking for a num
Largescale repos, as it has been doing it goes on to describe the impact of the coronavirus on the economy the way it sees it, causing tremendous human and economic hardship, the statement says and measures to protect health have been causing the sharp economic declines and the losses in unemployment and jobs on the inflation front, the Federal Reserve notes, muted inflation, says weak demand and Lower Oil Prices are holding down inflation disruptions to Economic Activity, it says, have impaired the flow of credit the Public Health crisis will weigh heavily, it says, on Economic Activity and unemployment and just a bit of analysis picking on something that was just said there, there is no forwardlooking aspect to this statement here generally, the Federal Reserve says, this policy will lead to x, continued, sustained expansion. Things like that there is nothing here where the fed says the policies we have now will lead to x in the future its all about the fed chronicling the damage to