Good morning, everyone, and welcome to bloomberg surveillance. This is what the markets are focusing on. Partly, the number of infections rising in the u. S. But partly also what we are hearing from economies in europe reopening. European stocks sliding for a second day. We did lose a bit of momentum in this equity rally in the wake of damage caused by the pandemic. Hsbc slumping after Donald Trumps advisor proposed a move to punish banks in hong kong and destabilize the currency peg to the dollar. And goldng below 41 trading near its highest level since 2011. Lets get straight to the bloomberg first word news. Good morning. The white house has made good on its threat to leave the world health organization. The Trump Administration has sent a letter to the agency giving it a one year notice it plans to quit. President donald trump says the International Body has been too deferential to china in its handling of the pandemic. The move comes as virus cases in the u. S. Near 3 million. Som
The markets are focusing on what jay powell said yesterday. The market is also focusing on what we are seeing across the globe. The number of infections being weighed compared to the extra Monetary Policy being put out there. Investors weighing better economic figures against the continued increase in virus cases. In other news, metals advance with copper climbing for the fourth day. Manufacturing and services in china. That adds to a bit of optimism. Lets get straight to the bloomberg first word news with leighann gerrans. China has approved Landmark National security legislation for hong kong at the end of a threeday meeting in beijing for the nations top legislative body. Representativee confirmed the vote. The u. S. Said it is suspending hong kongs special status, making it harder to export sensitive American Technology to the city. German chancellor Angela Merkel is throwing her support behind a radical Recovery Plan for europe. Packages include 750 billion euros of joint debt. Wh
Equity markets are up and bonds are down. The market is functioning from that point of view. Vonnie we have not much concrete to go on for equities expect except the promise we will get a stimulus built in the next few hours. Everything that has been dropping his rallying and everything that has been rallying seems to be dropping. By that i mean the grocers. The s p 500 is up a whopping 8 . We will see if we get a successful vote in that few hours, if there is even more room for u. S. Equities. Again, we have a search for the u. S. 10 year yield, although that has been trading in a range, if you could call 15 basis points a range. The vix is slightly higher in the session, down three points itself. The dollar index is seeing a little bit of relief after sessions and sessions of strength with a voracious appetite for the u. S. Dollars finally abating or maybe some people taking advantage to take a little bit of profit. Insight asget more to where these markets are and potentially where
I am Francine Lacqua in london. These are your markets, doing a little bit great after the week we had last week. The ftse gaining some 2. 2 . A risk on bit more of move. I would caution everyone that these are on thoughts that the central bank would step in, and it is not because of threats that the coronavirus is getting any better. Lets get to the bloomberg first word news in new york city. Number of deaths of coronavirus around the world is over 3000. New york city has reported its quarantined to her manhattan apartment after contracting the virus and iran. Whennor cuomo says it was not if the virus made its way to new york. Aking a hit in february after spread of the coronavirus. Pmi plunged to a record low of 40. 3. The official reading also reached a record low of 35. 7. Chinas economy is gradually returning to work. 70 of at 60 to capacity last week up from about 50 two weeks ago. In the u. S. , former Vice President joe biden has won the South Carolina primary. It puts him clo