To rise. S continue the u. S. Now topping one million american deaths, now surpassing the total suffered in the vietnam war. President trumps top infection expert says the virus is not truly going to go away. Anthony warns any reopening of the economy must be prudent. Breaking news out of south korea right now. We are getting march Industrial Production numbers. When it comes to the month on month figure, a gain of 4. 6 . This was a much bigger than gain then was expected, reversing two months of declines. When it comes to the year on your number for Industrial Production, it is a gross search of 7. 1 percent again. The expectation was at was for a contraction. We have seen the south korean economy really battling the coronavirus pandemic. We had seen First Quarter gdp sinking seeing the biggest drop since the financial crisis back in 2008. It seems that we have a little bit more optimism when it comes to the Industrial Production side of things. We are going to get samsungs final earn
We will take you to the basic news, and we will begin with , a call to help negate the academic Economic Impact of the coronavirus. Michael mckee joints me now with more. Theres a lot riding on the next 24 hours. Mike a rescue package for European Countries should be based on the european stability mechanism rather than joint bond issuance. And another idea is to set up another European Fund that would guarantee bank loans to Small Business. And finance ministers meet tomorrow to discuss a package and then possibly the leaders would decide on something on thursday. Thehe other of the world, japanese Prime Minister is announcing the largest similars package ever for the country. He says he will declare a state of emergency in tokyo. Is equivalent to of japan. Of the gdp the first phase would be support for households and businesses affected by the virus, shut down. The second would aim to look at trying to stimulate a vshaped recovery in japan. The plan includes cash handouts to househo
Trade in the next year or two. We want to run through the closing numbers here. Looks like we will settle in around 2798 on s p 500. 100 right around 86. 64. It was a pretty broadbased rally. Chipotle,erest pinterest, waiting for more that could give us more guidance on what to expect with regards to the potential gain for equities. Scarlet we are waiting for earnings out of a Railroad Company, but at looking at trading volume, it is a broadbased event. It is interesting on the big updates, we are not getting the level of participation you might expect. There are people waiting if the bottom has put in here. There is a lot of momentum towards figuring out when the economy will reopen, how it will be open by the treasury secretary todd public he about the getting everything reopened by the end of the summer. I think sometime in august . Yeah. We should point now, we are getting news crossing the wire with regards to the covid19 cases in the u. S. They rose to 3. 1 , however, that is bel
Nearly full with no buyers insight. The otherworld benchmark bench crude is down by 62 since new years day and falling. Demand to so will refineries now working at only 69 of capacity a level not seen since the great recession. Oil refinery giants marathon closed three other refineries including the one in concorde across the county. Many producers keep pumping oil because shutting the wells down may seriously damage them. Or decrease their future production. U. S. Producers with their higher production costs will be the 1st to shut down. Causing big losses for their shareholders and bondholders. Very likely many of these committees are going to go bankrupt is the price of oil were to go back up they would start producing oil demand for gasoline down 50 diesel down 30 . Jet fuel down 75 . As of today the aaa fuel gauge ort says the average price of a regular gallon of gas, across the nation a dollar 81. That is 0. 34 per gallon less expensive than a month ago the dollar three a gallon
With the hopes of going ahead. The Federal Reserve move made a turnaround. That led to selloff yesterday. Dow industrials down 582 points, nasdaq down 18 and s p lower by 67. Reports that u. S. Airlines are looking into voluntary shut down of passenger flights across the country this morning. We will take about it. Ceo of boeing David Calhoun joined me later this morning on asking for bailout, suspending dividend and foregoing his own pay and shuts down. Im going to have a report for you jpmorgan says theres a trillion dollars wait to go flow waiting to flow into stocks. President Boris Johnson putting people in lockdown and banning meetings of more than 2 people. Take a look at asian markets here. South korea doubling coronavirus package. Kospi index off 8 and a half percent overnight. More bad news on the chinese economy to report. Latest survey from china warning economy could shrink to 10 to 11 . Thats just the First Quarter for china. Take a look at 10year treasury rise and settin