Terrible composite pmis from the region. Oil continuing that recordbreaking rally yesterday. Some delegates a little bit more optimistic about getting deals done. Now i want to update you on our top stories from our new york team. We want to begin with europe. Thentioned the economies in slump of unprecedented scale, pointing to a contraction of about 10 . Bloombergs Michael Mckee joins us with more. Good morning, mike. Michael we are getting to the point where Economic Data are almost irrelevant to investors. Yeah, it is terrible. We know that. Weve traded it. Thats why you are not seeing a huge reaction in equity markets in europe because it was largely expected. It is sort of exactly what you think wouldve happened. Services pmis and composite pmis just falling off a cliff. The story in spain and italy there, but also france and germany. Those economies have basically shut down. Economists try to put a number on what that means, and that is where you get that 10 contraction figure,
Plus as the virus continues its spread across the globe so as misinformation about the outbreak and tech giants are teaming up to take it on and later the global Aviation Industry has been battered by the virus could help for the sector be just over the horizon we have a packed show today so lets dive right in. And after the worst day for the u. S. Market since 1987 were seeing a bit of a rebound following an early rate cut from the u. S. Federal reserve as the central bank tries to mitigate the Economic Impact of the coronavirus markets tumbled to yearly lows losing more than 10 percent and on tuesday things are back in the green but the question is for how long were going to get to that shortly with some expert analysis but thats whats going on on wall street what about whats happening on main street please pardon the political cliche there an increasing number of businesses have been forced to close in major cities throughout the United States as of tuesday the United Auto Workers h
How low can or oil prices go crude oil drops below 30. 00 a barrel as a price war between 2. 00 of the worlds biggest producers worsens how badly will that hurt the Global Economy already suffering from a coronavirus pandemic this is inside story. Hello and welcome to the program im norrin taylor the coronavirus pandemic is triggering fears of a global recession businesses around the world the shot stock markets are suffering massive losses on top of all that an Oil Price War between 2 of the worlds biggest producers the dispute between saudi arabia and russia has already pushed the price to its lowest in 4 years brant crude dropped below 30 us dollars a barrel on monday Global Demand for oil was already low since governments imposed widespread lock downs and airlines grounded flights because of a disease you know a cartel opec and the International Energy agency both warn that developing countries such as algeria angola and venezuela could suffer the most losing up to 85 percent of th
To pressure to satisfy Capital Requirements can European Finance ministers agree. Saying common debt is a necessary to fight the impact of the pandemic lockdowns across europe is set to be extended as they say the peak has not passed. A meeting today will review the restrictions. Lets not tempt fate here we are higher. Up 1. 7 at this point. That was pretty much in line with expectations on the futures about an hour ago or so. The issue is how willing will investors be on holding the position when many of these markets will be on a fourday holiday. There will be a lot of things floating around. Do we get a euro group agreement. Do we get an oil market agreementout put at this point do we get some progress on the virus plateauing at this stage lets show you the European Exchange and what is happening in individual markets. There are some individual reasons why these markets are doing what they are doing. Some relief in the housing sector for red wood. We also saw the bank of england tal
Over the horizon we have a packed show today so lets dive right in. And after the worst day for the u. S. Market since 1987 were seeing a bit of a rebound following an early rate cut from the u. S. Federal reserve as the central bank tries to mitigate the Economic Impact of the coronavirus markets tumbled to yearly lows losing more than 10 percent and on tuesday things are back in the green but the question is for how long were going to get to that shortly with some expert analysis but thats whats going on on wall street what about whats happening on main street please pardon the political cliche there an increasing number of businesses have been forced to close in major cities throughout the United States as of tuesday the United Auto Workers have called for a 2 week shutdown of plants operated by ford General Motors and chrysler to safeguard their members from across the Virus Outbreak Movie Theaters Movie Theater operators amc and regal will close for up to 12 weeks Department Store