Biden has secured his place is the democratic nominee but can still trump joining us for continuing coverage of the u. S. Election 2020 on aljazeera. Hello im daryn jordan this is counting the cost on aljazeera you look at the world of business and economics this week the coronavirus pandemic wreaks havoc across Subsaharan Africa nations turn to the i. M. F. And world bank to see them through the crisis the biggest Oil Production cuts in history but album on a case of the persian gulf about to blow their wealth and just how low oil prices. A union divided on sharing the Economic Cost of the pandemic why france and italy are lining up against germany and the netherlands on polling day. Now Subsaharan Africa could be plunged into its 1st recession in 25 years as the Global Health crisis brought about by the coronavirus wreaks havoc many nations like nigeria south africa are dependent on commodities for a large chunk of trade and revenues all have been decimated as economies of ground to
A moment. Where retreat from the world. Every generation has its moment. Is ours. Hello im Darren Jordan this is counting the cost on aljazeera you look at the world of business and economics this week the coronavirus pandemic wreaks havoc across Subsaharan Africa nations turn to the i. M. F. And world bank to see them through the crisis the biggest Oil Production cuts in history but album on a case of the persian gulf about to blow their wealth and just how low will oil prices go. A union divided on sharing the Economic Cost of the pandemic why france and italy are lining up against germany and the netherlands debt. Now Subsaharan Africa could be plunged into its 1st recession in 25 years as the Global Health crisis brought about by the corona virus wreaks havoc many nations like nigeria south africa are dependent on commodities for a large chunk of trade and revenues all have been decimated as economies have ground to a halt well the World Bank Estimates growth could tumble to minus
Fafr path forward as the company sets its sights on reopening. The groups president josh bolton will join us in a minute. Kelly. All right. Thanks very much we have all of these market angles covered bob is covering stocks for us. Steve digging into the jobless numbers and kayla on the latest from the white houses plan to reopen the economy lets start with bob on this choppy market session. Bob. Choppy. If you look at the s p, very narrow trading range look underneath the hood and youll see some sectors really doing very, very well and others getting beaten up pretty badly today. In fact, all throughout the week tech stocks are holding up well. Semiconductors have doing well nvidia is doing well microsoft has regained not quite but almost all of the losses it started with in february amazon and netflix all sitting 52 weeks high. Elsewhe elsewhere, look underneath the hood here. Energys horrible week industrials are having a tough week bang stocks are getting clobbered. We have earnings
Testing kits that could be coming to the u. S. And potentially could stop the spread of the virus. China pmi is driving the charge here today in asia, that beat on manufacturing and nonmanufacturing. We will see if the vshaped recovery can actually sustain itself. Money coming out of the yen, the british pound and the euro as well. Wti brent as well taking a breather here today after falling to an 18 year low. Chinas Manufacturing Activity rebounded strongly in march, signaling the economy is demand. Ng amid external tom, what are the Key Takeaways . Of readings much higher than estimates, and smashing the numbers we got in february. Record lows for manufacturing back in february. Compared tombers when it comes to manufacturing pmi, one of the major components has rebounded. That is something to bear in mind. When it comes to the export oriented components, contractions in terms of things like new export orders. We can talk about the additional pressures more in terms of Global Economy
Markets i treasuries as well. The aussie 10 year yield down 16 basis points and money rush into the end. Oil in a bit of a freefall once again. Brent crude down more than 6. 5 . We areke below 20 and watching indonesia here in particular just coming online. The stock index drops re. 5 . Once again, we are seeing a lot of these em volatilities, back once again. We are watching the pboc after that interesting move to cut the seven day repo rate by 20 basis points so they are joining in on the stimulus ways. Lets get more on this with david ingles coming forward. We are watching u. S. Futures in particular continue to head lower. Lets start with the 7 billion injection into the system. I mean, quite a bit. David yes. A couple of things i guess to get out there. You dont normally see a reduction of this magnitude from the pboc. You also have to consider the fact that we know the economy is not doing well and in fact, the latest forecasts now suggest quarter on quarter, you take the median.