Florida. It is about the pandemic. The Market Reaction to that, as Jonathan Ferro mentioned earlier , we have seen remarkable stability in the pricing of the Global Financial system in the last three or four days. Mathematically brilliant, in the last 48 hours we have seen yields in. There is no question all of our conversations, including Mohamed Elerian and jim paulsen have to be about what the bond yield signal. Jonathan it is not a huge move, but it is a break. It has been so sticky for the last several weeks, and we break lower by several basis points. Yield, which real have moved aggressively lower. Treasuries on the one hand, on the other, dollaryen. Morning, 1. 06, they are not huge moves but we are starting to break down in a way that is maybe complementing the Risk Appetite elsewhere. Tom totally on the point of real yields yesterday. I do not think people understand there is the visible yield, and then there is the yield after you adjust for inflation. Business has trouble g
Earnings from continuing operations was just 0. 10. Terrible numbers from certain sectors. Iously, retail search obviously, retail front and center. Market, kind of a mixed bag. Terrible data, yet equities tried to stage a rally earlier. Now futures flipping into more negative territory. Definitely the eurodollar and dollaryen are two to watch today. The yen was significantly higher thats butt all dies all eyes really on retail data later. Lets get some more market moving news from our new york and brussels teams. We want to start in the u. S. , where we are expecting more of that dire economic data. Many nonessential stores are closed. We also get Industrial Production. Michael mckee, International Policy and economics correspondent, joins us now. Michael i will give you guidance for the year, dismal. It is only a question of how bad they are going to be. Retail shrank by 8. 7 in march, when things were just getting started. In april, americans spent all of the time at home, not going
Including viacom and cbs. They are proceeding with that deal, but they are down 7 apiece. Retail being dragged down lower by macy, which vastly disappointed investors. Many other brands lower as well. Guy it is a tough market if you are long. It is not tough if you are long bonds, though. U. S. Ections of both the and the u. K. Yield curves invert. Trade euphoria getting steamrolled by another round of disappointing Global Economic data, mainly out of germany and the United States. Grant peterkin of man u life Investment Management of ,anulife Investment Management senior portfolio manager, joins us. Seen the u. S. Curve invert before, and generally there is a portent for some recession sometime after that. Are seeing the Central Banks have economies back. We are keeping longer dated bond yields relatively bid because of the collateral out there in the world. If the risks around the geopolitical tensions, whether in hong kong, argentina, or the potentiallyhey are bigger problems for us
Launs chief economic advisor, Mohamed Elerian told Us Technology is disrupting opecs plans to raise rices. Eddie. T the qatari there was a deadline. Now the deadline has come and gone, and they havent really made a call about are they going to lift the sanctions, accept qatars letter in response to them, or are they going to add to sanctions . They did say they reserve the right to add to sanctions going forward, but it is really unclear about what next. It just seems to be we are going to stick with the sanctions, we are going to keep going the way we are going until qatar gives in. And there is talk that they will be meeting in bahrain. Do we know when they are going to meet . We dont. They just said the next meeting will be in bahrain. We dont know when that is or what will trigger a meeting, if they are waiting for another response from qatar, if there is more mediation going on. We dont really know. What they did say is they did call on the International Community to step in to ma
Mohamed elerian told Us Technology is disrupting opecs plans to raise prices. But first, the qatari isolation. There was a deadline. Now the deadline has come and gone, and they havent really made a call about are they going to lift the sanctions, accept qatars letter in response to them, or are they going to add to sanctions . They did say they reserve the right to add to sanctions going forward, but it is really unclear about what next. It just seems to be we are going to stick with the sanctions, we are going to keep going the way we are going until qatar gives in. And there is talk that they will be meeting in bahrain. Do we know when they are going to meet . We dont. They did not say. They just said the next meeting will be in bahrain. We dont know when that is or what will trigger a meeting, if they are waiting for another response from qatar, if there is more mediation going on. We dont really know. What they did say is they did call on the International Community to step in to