Why did u. S. Oil prices hit negative territory an unprecedented fall in American Crude Oil sales has added to the hardships caused by coronavirus so what will that mean for the u. S. And the Global Economy this is inside story. Hello and welcome to the program im Richelle Carey thats one of the worlds most valued commodities but the coronavirus lockdowns to overturn the dominance of oil worth of a barrel of u. S. Oil fell to less than nothing on monday thats the 1st time in history the price has turned negative so this means producers ended up paying buyers more than 30. 00 a barrel to get oil off their hands it rebound a slightly shit disturber 2 dollars the next day that jaw dropping slide this because the world has more crude that it could use and Storage Facilities and even ocean tankers are filling up oil is traded on future contracts and fears of not finding a place to put oil in may means nobody wants crude thats led to a severe drop for west texas intermediate a benchmark for
Time to lessen the economic pain, which we are clearly suffering. Meanwhile, fox news has blown the lid off the china virus story. Reliable sources suggest the virus began at a virology lab in wuhan, china. Patient zero, the first person to get it, was a lab worker who went out into the city and spread the virus from there. Now, the chinese authorities covered it up. They delayed action. They altered data and suppressed doctors and journalists who reported the truth. The story is an indictment of china and the communist authorities. It will dramatically change the u. S. china relationship. Heres how the markets reacting to all of this. We got bad news on manufacturing in the philadelphia and new york area. We got a sharp drop in Housing Starts. And weve got those dreadful jobless numbers. But the dow is going to open on the upside, maybe up 90 points. Thats almost a half percentage point. Same story for the nasdaq and also, look at the nasdaq, actually, thats going to be up more than 1
Biggest gain ever when it comes to wti in terms of percentage. We are losing steam there. We are not seeing a whole lot of movement here today. The offshore is slightly weaker. It does not seem like theres a whole lot of patterns you can actually string together here now that we are excluding japan. Ending the week back to where we started. Tom weve had another downgrade, another cut to forecast growth. Malaysia cutting its 2020 gdp growth estimates to 2 . A contraction of 2 . They are cutting their estimate to 2 on the coronavirus pandemic. Morgan stanley have upgraded malaysian equities. We will speak to Jonathan Gardner later in the show. We can has kim about the applications of that. Another grant outlook for malaysia. Worldwide cases of the coronavirus have reached more than one million infections and counting. Our chief north asia correspondent joins us on the line from hong kong. This is indeed a bleak milestone. Stephen thats right. Total673 is the latest were getting from the
The bloomberg terminal. A grim milestone. One Million People have now tested positive for the coronavirus with more than 50,000 deaths worldwide. The Asian Development bank estimates the cost of the pandemic at 4. 1 trillion. We will get through this, you was Vice President mike pence tells bloomberg that the economy will rebound from mounting unemployment as the government ramps up virus testing. We are testing over 100,000 americans a day. We literally are tracking every single day the number of cases that are coming out, where they are coming out. Pullback, oil markets reassess President Trumps tweet on output cuts with brent and of uti giving up some of yesterdays gains. We will double big into that story. Just under an hour away from the start of cash equity trading here in europe. Lets take a look at futures right now. They are down in terms of european futures. Downed arrows with futures 6 10 of 1 . Euro stoxx, ftse, dax futures also down. Lets take a look at u. S. Futures. We a
Still trying to get the final meetingfrom opec in the that started two hours ago. Those details continue to come through. I want to take a look at the s p 500 on a four day week. It is a shortened holiday week, so the bond markets will be closing in a few hours. It does mean the market is still having some of the best week, going back at one point since 1974. David thank you so much to taylor riggs. As we said, it has been largely a day about the federal reserve. Cioing us is rick rieder, for Global Fixed Income for blackrock and also head of their global Asset Allocation team. Welcome. When i heard this this morning i said my jaw literally dropped. What was your reaction . Rick i am right there with you. This is an incredible amount. It is followed by chair powells presentation afterwards. Not only are they getting into already what they have announced has been incredible. They are going deeper in terms of what they are doing. They are getting at wide swaths of different marketplaces.