Welcome to bloomberg surveillance. I am Francine Lacqua in london. We are also getting a cut of an Oil Demand Forecast amid the darkening of the travel situation. If we go straight to the markets and have a look at those, the story really is with these stocks, so yesterday, the stocks had quite a big move, and we are trying to figure out exactly what that means for the earnings forecast for the future. What else i am looking at is crude oil, as you see, 42. 56, after the iaea report, and the litmus test, in terms of risk appetite, gold at 1930. Are signs of faltering after stimulus talks in washington remain at deadlock. Now, lets get straight to the bloomberg first word news. Reporter hi, francine. A warning that a failure to control the pandemic is undermining the economic recovery. The boston fed president says americas over eagerness to reopen has backfired. He is concerned many temporary layoffs may become permanent job losses. Rosengren my thought is some kind of stimulus is goin
I am Francine Lacqua in london. This is what markets are doing. These are the headlines from the International Energy agency. The oil markets are improving, they say, and we had hints of that from the biggest reducers in the world. Saudi arabia claimed they could put a price increase on asian markets. They say the oil market improving is continuing. We will have a look at wti futures to see what they indicate. The markets give us a good idea of what is to come. U. S. Futures are fluctuating. Investors are waiting for the jobless data. Treasuries gaining, the dollar is up as well. Lets get the bloomberg first word news from new york city. Spending more money to tackle the economic turmoil caused by the coronavirus pandemic will be rapid, that is the message of jerome powell. He calls on increasing stimulus, and he is backing down suggestions that the central bank should adopt negative rates. 130pandemic could push Million People into poverty in the next decade, according to the United N
Doing. The one thing that has not rallied in this everything rally are long dated bond prices. Investors have been positioning for continued divergence in that correlation. We have had some better data recently. Inflation data did see a reversal of some of the weakness. A pretty positive environment for yields. We have seen an astronomical amount of data in this year. It is not in short dated treasuries, it is an longer dated. One of the most crowded markets is duration. You may be better off at the short end of the curve. If you get yields higher and equities higher, that is the pain trade. Jonathan joining me around the table to discuss is mike schumacher, kathy jones, and matthew hornbach. Kathy, lets begin with you. Maybe the biggest risk is the one in duration, not in credit. Thoughts . Kathy every once in a while they do ring the bell. I think with all of the easing, if we look back at previous quantitative easing cycles we have seen, we have seen the curve steepen and long rates
All right. I dont consider myself a journalist. Nobody else would consider myself a journalist. I begin to take on the life of an interviewer, even though i have a day job running a private equity firm. How do you define leadership . What is it that makes somebody tick . You have been the ceo of uber for how long now . Dara two years. David do you enjoy it . Dara i love it. David the company was not a public company. You have taken it public. You received a lot of publicity about the ipo. You know that. The company has a higher market capitalization, roughly 72 billion. Higher market capitalization than any company in american capitalism history except for facebook, this short a time after the ipo. Why are so many people criticizing you for having a 72 billion market cap . Dara i think there are many critics for a large company. That is a fact of life. What is different about some of the companies of our generation that are coming public, the socalled unicorns, we have stayed private f
Nobody else would consider myself a journalist. I begin to take on the life of an interviewer, even though i have a day job running a private equity firm. How do you define leadership . What is it that makes somebody tick . You have been the ceo of uber for how long now . Dara two years. David do you enjoy it . Dara i love it. David the company was not a public company. You have taken it public. You received a lot of publicity about the ipo. The company has a higher market capitalization, roughly 72 billion. Higher market capitalization than any company in american capitalism history except for facebook, this short a time after the ipo. Why are so many people criticizing you for having a 72 billion market cap . Dara i think there are many critics for a large company. That is a fact of life. What is different about some of the companies of our generation that are coming public, the socalled unicorns, we have stayed private for longer. We have raised more money over a longer time. When w