It is the new epicenter. It is spreading like wild fire. The Oil Price Wars raging on this morning. Saudi arabia says it will boost production to the max, 13barrels a day as russia is increasing production as well. Mornings with maria is live right now. All right, we want to start with Global Markets this morning. Ftse 100 up 50 points. Cac quarante up 83 82. The bank of england announcing an emergency rate cut this morning, 50 basis points, bringing that rate down to a quarter of a percent, thats from the bank of england. In ash overnight red across the board. Take a look at the story. Worst performer here was korea as well as japan down better than 2 a piece. Back here at home 10year yield falling, down another 10 basis points this morning at. 711. The countrys lockdown moving toward shutdown in italy. Signs more severe restrictions could be impose today stop the spread of coronavirus throughout italy and europe. New york is taking drastic measures as well. Creating a socalled contai
Systematic issue a major change in the system for manufacturing and delivering pharmaceuticals. The implications of one country controlling the supply of medicine are astounding. No matter what country we may be talking about. Think about it, what if there is a Global Pandemic and its hard to move product across the world because of that . What if there are heightened tensions within the South China Sea, everyone can be vulnerable, everyone could be put at risk. The role of the fda in the situation cannot be overstated because the fda cannot be as effective in assuring the safety of our medicines and force long areas of the world as it can at home. Many of us are not aware of the facetoface contact that the fda has for those manufacturing our drugs. The inspections they conduct. The very handson work involved in making sure the manufacture of drugs is safe. They certainly set up offices all over the world to do that but that is not the same as having offices carrying manufacturing in y
Industrial average is up more than 760 points. Steve weiss, i go to you first is this how a bottom, at least a near term bottom, is made . Does it feel like we are trying to do that today right friday we started trying to do it, towards the last hour of trading powell came out and talked i dont think there is any surprise to what he said i put some exposure on then. Put more on this morning feeling good about the market. But i think it is going to be shortterm heres why the u. S. , as of friday, performed 500 covid19 tests right . Putting that in perspective, the uk performed 8,000, south korea performed 65,000 the point is that once we start ramping up those tests and pence said we would have 5,000, you are going to see in my view more major outbreak in the u. S. You think the numbers are going to go way up. Dramatic and that will put pressure on the market last week alone i spoke to five Tech Companies you hear them saying 50, 60 are back to work when you ask them to break down the n
Steve leishman alongside us helping us make sense of everything going on what the fed is thinking about all of this. The worst week for stocks since the financial crisis the vix surging, bond yields falling the even new lows. Stephanie link, a minute ago the nasdaq was positive. It went from positive to down 1. 5 in about ten minutes, if that. I know. What does that tell you about sort of where we are is that how a bottoming process happens . Doong we are close i hope so i think people are very confused obviously. Right . It is not surprising that the market went down because of this, because the virus has gotten so expanded the surprise has been the speed of the decline to lose 6 trillion in Market Company in six days, thats remarkable i dont know when we are going to bottom. But i am looking at an rsi on the s p at 20. And vix, jon you can talk more about that but a vix at 47, to me it seems a bit extreme. Then i look at what happened in the shanghai index it fell 14 the beginning of
For hedge funds. The Investment Committee is ready to go. Halftime report starts right now. Welcome. Good to have you back with us on this friday. We have a super sized Investment Committee, josh brown, jon fortt, steve wise, meghan shoe is here, kate moore, also with us today, deproveco lake owes. Lets win with the market stocks as we know by now are lower. It is the move in key areas like bonds that we are watching very closely today. Kate moore, ten year hits 145. The ten i dont remember keeled down 30 to date 30 year yield record low is this a sign that a Tipping Point for stocks is in fact closer i dont think so many things have been affecting the bond market. The liquidity push from Central Banks into the bond market i dont think we should take too much signal from yields today and say at this point we are at an inflection and that equity markets have tosell off as a result everyone is looking for an excuse there is a lot of uncertainty, a lot of anxiety about the move we have ha