It feels like a long week but second week of september. European stocks are prep flat. We had a mixed week overall. There have been concerns over evaluations in some pockets of the market, global and technology stuff and then the other big question is what happens to euro . Christine lagarde delivered relatively mild comments on the currency surge. And headed for the biggest weekly drop since march. Lets get to bloomberg first word. Europe has overtaken the u. S. In terms of coronavirus infections. The e. U. , norway, iceland and lichtenstein reported more than 27,000 cases on wednesday compared to 26,000 in the u. S. The region has remerged as a global hot spot after bringing the pandemic under control earlier in the year. The odds of another round of u. S. Fiscal stimulus has dropped. Senators dropped a republican proposal for slimmed down support in the region of 500 billion to 700 billion dollars. Temperatures are looking for temperatures are looking or 2. 2 trillion. The u. K. Eco
Asiapacific benchmark. Jakarta coming online. Of 1 . F 6 10 u. S. Futures are flat and so are nifty futures. At thatbe looking downgrade of indias outlook to negative. The country at risk of falling into junk status. When it comes to some of these markets, singapore reopening phase two today. The peak p, is the biggest loser on the board. Elevated. Ocks are we are expecting that we could see some action from the pboc in the next coming days. Could we see it in the form of a triple are cut . The chinese bond market has stalled a bit. We are still seeing yields go lower today. Take a look at currencies first. The dollar set for a second week of gains right now. We are watching the pound really closely. The bank of england expanded by qe program. Renminbi is steady around 708. The rupiah, we are focusing on that. B. I. Cut rates yesterday. More easing to come. Trend is steepening getting tired right now. Businesses have fears of a second wave. U. S. 10 year is down to 70 basis points righ
Balance of opening our business, but they will only be as successful as the Customer Confidence that is there to patronize those businesses. That is not just for the hospitality. That is true for all business. Retail has been the hardest hit. My understanding is over 2 of businesses have closed permanently already. How are we to address this Consumer Health issue . I know this is something you have talked about. What should we be doing . Chairman powell it affects different sectors of the economy differently. The ones we talked about are the ones we are exposed to. Other sectors of the economy may be able to recover much more quickly, and we certainly hope so. Thing is people believing it is safe to go back to work. That is about having a sensible, thoughtful reopening of the country, something we all want. Something we are in the early stages of. That is what it will take for people regain confidence and resume their activities. At a different pace depending on the nature of the busin
Take some time for public to regain confidence and adapt to the new world and start traveling, taking vacation, going to restaurants and things like that. Im glad you brought that up. Thats one thing we havent talked about was this notion that when we looked to open our businesses and i think we all in a bipartisan way, thats what we want. We have to find this balance, opening our businesses in general. Theres only going to be as successful as the Customer Confidence that is there to patronize those businesses thats not just true for the Hospitality Industry thats true for all businesses i do know that the service and retail has been hardest hit business and my understanding that some of the data ive seen over 2 of those businesses have closed permanently already how are we to address this Consumer Confidence issue . I know thats something you thought about and talked about publicly what should we be doing . One thing ill say is it affects different sectors of the economy. The one we t
Massive local tax increases. Anyone of those alone threatens to make this economic crisis even worse and the combination of all three is almost unthinkable. The bureau of labor statistics just reported that state and local governments laid off nearly one million workers in april. That is almost one million firefighters, police officers, teachers, Emergency Personnel that should be on the front lines of the Public Health crisis but are sidelined instead. Chairman powell, let me start by asking, do you agree that our economy will get worse if state and local governments are forced to lay off even more firefighters, teachers, any and Emergency Personnel . Let me say what we are doing. We have a liquidity facility that is there to address the shortterm liquidity needs that these entities have because of their loss of revenue due to the effects of the pandemic. That is really the tool that we have. I appreciate that. That is not my question. States,ion is if counties, and municipalities con