Fbn power to prosperfbn power to prosperp . Prospern wer to Prosper Network ahead i with georgia doug collins, next hour mornings wit, stay with us. Bu vo at audi, we design cars that exhilarate with versatility, whether on the track or the everyday drive. Ilosophy extends to how we connect at your door. Ether a remote test drive, audi at your door can do this and more at participa audi at your door. Ma go thanks so much f[z im mari june 17. Fbtoeast coast coronavirus cases once again aases. Good news on pandemic this promise inngatients. Federal reserve chairman powell capitays there are sig rebound in the uncertnty remains and ier n pushstimulus. Markets are higher, were at the highs of the futures indicatinge will see of yesterdays big rally. The dow 58, ands p 500 up expected retail sales yesterday fueling a rally for stock and at the close the dow inde 526 points, better thanthe nasdaq was 170 s p was up 58 yesterdayofr olice an executive order pushingor training. Emphasized thepo
Huawei. The s p 500 down 0. 9 . Dire Economic Data followed by confidencey good data, according to the Michigan Consumer sentiment data. But we are checking the innards of those data to see what is going on there. The 10 year yield at 63 basis 28. 53, up crude at a good 3. 5 today. Lets get to europe. Germany plunging into recession, gdp falling 2. 2 in the first quarter. Bloomberg has been speaking with executives of German Companies about the pressures caused by the pandemic. Have a listen. The times are turbulent and they are complicated. The real question everyone is asking, how quick will be recovery come . The uncertainty remains. There is still very much uncertainty, so from that point of view, we remain kind of cautious. I think it is too early to call an end to the globalized world. We assume a ushaped in area into year end. We are presuming recovery on the one side, which is important. We dont know exactly how the restart and the unraveling of the current lockdowns across the
A lot of investors and traders like to see that broadbased movement. We have a nice risk on move. It is not clear this is not simply a bear market rally. It is too early to say. Today the bulls are out once again. David that is reasonably cheerful. Now i have to ask you about oil because it has fallen out of bed. Abigail we have oil down more than 25 . The crude oil crash continues. This is an important point relative to stocks. On the year, stocks are down 10 . Oil is down 80 . Both are considered to be risk asset tells. Oil you can make that case is more closely tied to the economy. Because you have oil solo, some of it has to do with the Technical Training factors. At the end of the day, it reflects a demand shock we are seeing. Unless oil comes back, it is hard to see the economy looking all that strong me time soon. With thetock investors case folks are looking ahead to 2021. If you have oil down that sharply it is hard to know whether that strategy will work. We will have more in
High of the day. Futures were limit up. Westart the session started the session up more than 5 at one point. Only a few days ago, we were wowed when the tenure went through 1 . It is hoping to hold know that it is approaching 1 again. The dollar stronger today. Below 107 on the yen, 106. 94. We will be speaking with john taylor of Stanford University in just a moment. Guy this doesnt even feel like a dead cat. It feels like a dead kitten. The equity markets are bouncing, but not much. Europe is off its session highs. Relative to4 , but the biggest move ever to the downside yesterday, that doesnt feel that impressive. Trading at 307. A lot of action in the german 30 year. You are seeing bid offers tightening up a little bit. Thats good. Liquidity may be starting to come back. That was certainly a focus for the fed yesterday. What is interesting as well, the bdp market is on offer again. We started to see yields coming back down again after yesterdays christine lagardeinduced move. That
Treasury market. Unbelievable moves. Commodities just keep getting crushed. Crude is at 40 have dollars. Time not is at 45. Tom never global exchange. Our bloomberg voices are on the ground with this mornings top stories. In asia, new cases of the coronavirus continue to appear outside of china. New zealand and lithuania have reported their first infections. And cases anda, south korea have gone to over 2000. Joining me is stephen engle. That is the case outside of china. Theresns that if 83,000 globally, thats more than 4000 outside of china. Chinas rate of new infections has been slowing down. New cases since yesterday, but south korea nearly doubled that in one day. They reported another batch of new numbers on top of the numbers this morning. They added 571 cases from yesterday. That means they have more than 2100 cases and climbing. Japan also climbing towards 1000 confirmed cases, 931 if you 700 from the cruise ship off yokohama. Tokaido has declared a state of emergency the day