Chinese demand levels almost at precrisis level. Time for todays market moving news from our washington and new york teams. We want to start with fed chair jay powells comments on the economy. In an interview with cbs, he expressed confidence in the recovery, but timing is still hard to predict. Chair powell the economy will recover. It may take a while. It could stretch through the end of next year. We really dont know. Michael mckee, International Economics and policy correspondent, has more. Was there anything new on cbs . Michael nothing really new, just summarizing what we already knew from the fed and from economists and disease experts. He suggested that what it is really going to take is a vaccine before people feel really confident and the economy can start to move back in the direction of where it was before all of this started. He said congress and the central bank may need to do more to keep us afloat during that period. Appropriate government policy could buy time for work
Here as well. Also want to point out some breaking news. Macys says their cfo paula price is going to leave the company. They are looking at an external search currently. Premarket withn the overall market. Exxon mobil also coming out, finally the last of the big majors to cut their capex. They see overall Capital Investments for this year about 23 billion. They saw up to 33 billion. They are also cutting operating expenses by about 15 . They are maintaining their longterm outlook. They say Capital Allocation priorities remain unchanged. The longest chunk of all these cuts are going to be spending in the permian basin. That is interesting. We heard something very similar with chevron, a little easier to shale. Ex within they are dealing with the fallout of the crisis. Watching those stocks as we head into the open. U. S. , as wellthe as the markets, but the collapse of the Small Business optimism i was just talking about. Gauge falling by 8. 18 points in march. Michael mckee joins us w
Going to me on the phone is chuck grom, Gordon Haskett retail analyst. Joining me in new york is Lauren Goodwin, new york life multiasset per folio strategist, and Brooke Sutherland of bloomberg opinion. Give us a rundown of where walmart fell short. Brooke it was not great all the way around. The fourthquarter came in weaker than expected, and they called out unexpected softness in the weeks leading up to christmas, which is not what you want to hear from a major retailer. That is in line with what weve heard from a number of Different Companies that are not named amazon, which raises a lot of interesting questions about what the Competitive Landscape actually looks like. Also weighing on investors is the 2021 fiscal outlook, which was also weaker than expected on sales and profits. Alix the stock rating is heavy here in premarket. The bad news baked in. Is that is why is that why you have a buy rating here . Chuck weve had a buy rating for a while, not just here on the fourthquarter.
Estimates by about 0. 30. Revenue was also better than estimated, and they see revenue up, so that stock jumping in the premarket. Time now for global exchange, where we bring you todays market moving news from around the world. From hong kong to brussels, des moines, iowa and new york, our bloomberg forces are on the ground with the latest top stories. Chinese growth and imports beat expectations. With us from hong kong is in the curran. Is enda walk us through the numbers. Numbers. Ty good a couple of factors behind these good trade numbers, sentiment was much better in the month of december and late last year in advance of the trade agreement that is going to be signed this week. There was an element of front running of the orders because in Chinese New Year falls january. A base effect gives the numbers a bit of a polish, but also importantly, china found new markets even as it suffered from tariffs on its goods going into , and even into europe. Nd Southeast Asia total chinese exp
We are going to bring you todays market moving news from all around the world. Our bloomberg voices are on the ground with this mornings top stories. We are going to start with the latest in asia, where chinese officials concluded the biggest meeting of the year in china. The gathering of the communist Partys Central Committee focused on the economy and hong kong protests. Going me is and occur in joining me is enda curran. What did we learn . ,nda it was a fourday closeddoor meeting. They spoke mostly about rising domestic and international risks, and of course, the backed up domestically being the slowing economy, unrest in hong kong, and internationally, trade war with the u. S. We didnt get any Major Economic initiatives out of it, but we did get some signals that it is doubling down on party control, and ensuring much stricter oversight of hong kong. There was no sense of compromise when it comes to dealing with protesters. Alix thank you so much. Now we went to head to germany, w