Be worrisome. Arestors seems that they looking to a lot this great Second Quarter in, david. David the consumer board came out with good numbers on positive consumer confidence. We are going to get fedex after the bell today. What are we looking for . Abigail relative to the earnings, micron put up a Strong Quarter and boosted the outlook carrying the outlook boosted the outlook. That wasto the quarter a stunning quarter, i wonder break it down. 18 this quarter. The best quarter since 1998. Treasuries after a huge quarter in the First Quarter relatively flat, but where we saw huge gains, investment credit, highyield credit, this of course on that fed support buying outright Corporate Bonds and those etfs. Gold having a strong day. Not just today but it was the quarter up 14 . The best quarter since 2009, so it will be interesting to see if this will continue into july, whether the Third Quarter can be a strong as the Second Quarter. Probably unlikely, but right now, there is an optimis
Space. Oil getting a bit of a reprieve. The concern is you have even more oil flow if the opec deal comes to an end. We want to get you todays market moving news from new york as well as washington. We want to start with the latest pmi data. Factories around the world suffering one of their grimmest months on record in march. Fbloombergs Michael Mckee joins me for more. Theres a lot to dig into. Give me some of your takeaways here. Michael mr. Rogers word of the day is contraction. Across the developed world, they are pretty bleak at this point. Some of them not as bad as thought because of a quirk in the data, but lets go through the data right now. Anybodye hardest hit of i the virus, and now the hardest hit in terms of the pmi number. Eurozoneance, germany, u. K. Are also in the 40s, which marks contraction. New orders of production crashed, but there is a quirk in the data where supplier delivery times are linked. However, in this case, there are no supplies to deliver, so it makes
Economy remain strong. The unplanned rate has been near halfcentury lows for more than a year. Job gains solid in wages have been rising. These strong labor Market Conditions have underpinned solid household spending, which has been the key driver of Economic Growth over the past year. Fomc meetingf our in january, prospects for growth remain favorable. Judge that monitoring policy was wellpositioned to support that outlook. Since then, the spread of the coronavirus has brought challenges and risks. The virus has afflicted many communities around the world and our thoughts and prayers go out to those who have been harmed. The art break has disrupted Economic Activity in many countries and has prompted movement in Financial Markets. To virus and measures contain will weigh on Economic Activity, both here and abroad for some time. We are seeing effects on tourism and travel industries and hearing concerns from industries that rely on Global Supply chains. The magnitude and persistence of
Cable. T to highlight you could argue we are not really going anywhere. Poin the 50 basis point cut to be already priced in. We get more coming out today on the 10 year. Yields down by about 10 basis points. Crude continuing to rollover. Time now for global exchange, where we bring you todays market moving news from all around the world. From london to rome, to hong kong and new york, our bloomberg voices are on the ground with this mornings top stories. The bank of england cutting rates to help keep credit flowing amid Economic Uncertainty over the virus. Bank of england governor spoke earlier in england. Carney the bank will take all necessary further steps to support the u. K. Economy and Financial System consistent with its statutory responsibility. Ago, that was a few hours and then we wait for the budget. Absolutely. A fine display of cooperation from monetary and fiscal actors. Weve heard from the monetary side. We wait for this fiscal side this morning, coming around an hour an
10 year. Crude now below 30. And not emphasize enough how much pain that will be causing to producers. To get a sense of where we are in the market, if you switch of the board, you can see some of the heavy hitters within the market, like apple and microsoft, down 10 , 11 . Also seeing bank of america off by 16 . The index which tracks the s p is down by almost 10 . Again, a world of hurt within the next two and half hours. We have some breaking news. The boe is pledging further prompt action when needed. No specifics on that, but they are pledging action as needed. We will bring you anything, any information as they come out. They said the dollar move to combat is there. This is governor bailey. Time now for global exchange, where we bring you todays market moving news from all around the world. From new york to washington, brussels and beijing come our bloomberg voices are on the ground with all of this mornings top stories. The Federal Reserve swept into action yesterday, cutting it