Most interesting across this nation, the uncertainty of the pandemic. Indeed, around the world as well. I was under struck the and delics of mexico, in india is in a crisis. Jon ferro, the sensor folds right into a fourday work week jon ferro, this intro folds right into a fourday work and a jobs report. Jonathan the low as 500,000. When you see a range that wide, it is safe to say that no one really has a clue. In deutsche bank, they missed the retail vshaped bounce we got as well. You get the feeling that economists are pretty much flying blind right now on each and every data point. Jonathan i would agree with that, but he talked about consumers and businesses selfregulating. Even if the governors, the local officials, statelevel officials dont hold that themselves, companies and consumers will, and we are already seeing signs of that in various states across america. Appraise fore a fourday workweek, it is all about the twoyear yield coming in. 0. 1602 . Wn to there is a ground in
Opens up today. A little bit of good news there. Of course, on Bloomberg Television worldwide. We say good morning. John, i love that opening where we had Christine Lagarde ooking at g. D. P. , and your conversation with laurence cud low looking at a better than good jobs report. They couldnt be farther away, could they . Jonathan hope bfl this ecovery in the administration. A lack of urgency around the next move on fiscal policy. I think thats critical, catching up with the administration, they were telling me theyre going wait until july to see what the data looks like. When they talk about progrowth policies, i think were thinking about tax cuts and not emand side push. That will be the debate over the next 30 days. Tom a big debate about that today. But john, i notice dow up 9,000 points off the bottom. Dow 18,000, and we continue to advance this morning as well. What is it that sticks out to you . Jonathan you point things out just to wind before he up. So im going brush up on tha
How has his week been . Francine it is been a tough week. Lets putain said, the scandal and angle over one of his top advisers driving to his family home in the middle of a lockdown, he is hoping with the gradual reopening of the economy people will be behind him more than they have in. They have been. There is a big figure in terms of euro area inflation close to zero which will put pressure on the ecb to act next week. Tom no question that disinflationary tendency of may with every indication will migrate into june. The jobs report front and center a week from today. Now, our first word news. Ritika in minneapolis, the third night of violent protests over the death of george floyd, a black man who died in police custody. Protesters torched a Police Station and businesses were burned. Moved to other cities. On twitter, President Trump blasted the mayor of minneapolis , called the rioters bugs, gs, and threatened to call in the national guard. The president signed an executive order to
Different tone. The tone to me this morning, jon, is fascinating. The crosscurrents in the market, i can honestly say, in a zillion years, i have never seen how odd it is right now with the pandemic news, and of course some of that, china and beijing, wrapped around the reaffirmation of wall street, for some form of vshaped recovery. I was thunderstruck over the weekend, some of the optimism coming out of wall street houses. Jon we will talk about that later in the program. A fresh outbreak in beijing very much the focus this morning, the disappointing data as well. The data does not validate the exuberance we saw in the market as we saw in the month of june. Lisa that is the problem, that demand is not picking up. Even though we are seeing manufacturing pickup and production online, we will see perhaps production the consumer is not buying it. Junell be getting the u. S. Manufacturing press and we will take a look at what else in the day ahead we are also going to be hearing with from
See the jobs report, francine. I see all sorts of numbers modeled. 6 rate be looking at the u. I do not see any forecast of where that statistic is going, but it harkens back to an american job economy of 1933. Francine we will have a big look on whether we will go back to those depression years. Lets get to first word news in london with leighann gerrans. Francine, andd, tom, as you were saying, todays jobs report expects to see the u. S. Unemployment rate surge to almost 20 last month after reaching the highest level since the Great Depression in april. The may report is likely to show the jobs slump has extended into whitecollar positions. By 7. 5s publicly shrank million positions. The jobs report comes out at 8 30 new york time. In buffalo, new york, two Police Officers have been suspended after a video of them pushing an elderly protester to the ground went viral. The video shows the 75yearold lying motionless with blood pooling around his head. Been hospitalized in serious condi