This is march data, so it doesnt take account the real slow down. Just the very beginnings of it. We are not seeing much of an impact on equity indices, but we were already lower. Tons hit by pause but amazon and apple. We also had oil Company Earnings that were week. Then we have President Trump ratcheting up tensions with china once again. Crude oil was above 20 a barrel a few minutes ago, down to 19. 30 there. Is definitelyuan we getting on those comments from President Trump. The dollar trading at 7. 13 right now. Down nearly 6 . Vincent there are all kinds of guy there are all kinds of quirks in the ism number and how it is calculated. It is may 1. That means most of europe is closed today. Most major markets are shut for the day. The ftse 100 has its own calendar, and it is open. It is down by around 2 . Down 5 , 6 over the last couple of sessions. Highlighted a couple of the big stories driving that. The pound is softer by 0. 6 . The aussie market overnight taking comments from
With the hopes of going ahead. The Federal Reserve move made a turnaround. That led to selloff yesterday. Dow industrials down 582 points, nasdaq down 18 and s p lower by 67. Reports that u. S. Airlines are looking into voluntary shut down of passenger flights across the country this morning. We will take about it. Ceo of boeing David Calhoun joined me later this morning on asking for bailout, suspending dividend and foregoing his own pay and shuts down. Im going to have a report for you jpmorgan says theres a trillion dollars wait to go flow waiting to flow into stocks. President Boris Johnson putting people in lockdown and banning meetings of more than 2 people. Take a look at asian markets here. South korea doubling coronavirus package. Kospi index off 8 and a half percent overnight. More bad news on the chinese economy to report. Latest survey from china warning economy could shrink to 10 to 11 . Thats just the First Quarter for china. Take a look at 10year treasury rise and settin
About the impact later on in the show. Time now for bloomberg time now to dig a look at all the news you need to know, from d. C. To new york. We are joined by bloombergs michael mckee, taking a look at all of the Market Action and economic action out of europe. It was a tough day for services pmis. Michael absolutely, and the charts tell the stories. These were the worst numbers ever for france, germany, and the eurozone, showing the Service Industries worsen manufacturing, and in part due to a quirk in the data. The market, we get pmis at 9 45 this morning. The same sort of data are expected. We also get the Bloomberg Consumer comfort index, the most highfrequency Consumer Confidence data. That has been moved up two days. The crashing of the european economies has revived talk, or pushed, shall we say, talk of stimulus higher up the agenda. German chancellor Angela Merkel has already decided that she is going to establish a Stimulus Program to help revive the economy, and she has put
Big stimulus deal coming, and in the words of may 2 pelosi, that could be within hours the words of nancy pelosi, that could be within hours. Bloomberg u. S. Dollar index is down by 0. 9 . London in the in u. K. As well. Guy a lot going on in europe. Pmi data out a little earlier on that were absolutely bad. We have never seen numbers this bad. Despite this, we are seeing sterling rising today. We are seeing the euro catching a bid. But the pmi numbers really are portending to a very grim economic gdp data coming down the pike towards us. We have the stoxx 600 up by about 5. 6 . Bond yields selling off, so at least that seesaw is working. We are also seeing a pickup in the price of brent crude. Statement, the g7 calling on opec and opec to try to provide some stability and it comes to the crude markets as well because that has been a major catalyst for this downturn as well, the oil shock we are currently experiencing. A you say, the big news from european point of view is likely to co
Overnight, though they lost some ground this morning. A lot to watch, china pmi backing expansion, the fed launches a new dollar repo operation. Jim, sounds like youre focused on testing, having talked to abbott last night. Right i think that myles white and now the new ceo recognize this, as they did during the aids epidemic, when you find out who has it, everything changes in this country, we can find out who has it, and doing a serilogical test, finding out from blood of people who have had it maybe a lot more people have had it than we knew. Maybe we can find who has got it, they can be quarantined. Already the carpers people are saying its only going to be med techs and hospitals. Myles and robert told me absolutely, this will devolve into a pregnancy test at home. How quickly, i dont know. Abbott labs is one of them dr. Gottlieb is going you know what ive seen science this is working in forgave earl avor ofd guys megs work with alex gorsky made me feel maybe next year we can go t