Absolutely extraordinary. I know lisa is going to touch on this. Can we all focus a moment on 800,000 in claims at 8 30 . What is still involved in our politics and our markets is a labor economy that is, to be polite, fragile. Jonathan secretary mnuchin throwing some cold water over that. We need to talk about the new restrictions across the continent in europe. The economic recovery in europe was already fragile, already stalling. These restrictions will make that worse. Tom ive so glad you bring this up. You and i have been going back and forth on this since you got up at 9 00 a. M. London time. What i really want to focus on is the federal solution and application in europe versus the statebystate solution in america. Is that accurate . Jonathan youve also got the local issues in the United Kingdom that have really brought london into the equation. The north of the country was facing much tougher restrictions , looking down to london and asking, what about them . The answer is lond
Looking for continued strength. City did guide up to the higher end of the range for its credit card charge off portfolio. We are coming off extremely low levels that were unsustainable. Wells fargo is down in trading. Is that just because of the legal charges . Allison legal charges is part of it, also no visibility on operating charges. It is not surprising they are not giving any commitments at this stage. It is also not surprising that you would see a lot of charges as a new ceo comes in and tries to put the past behind them. I think the size of the legal charge was surprising to some. The question is is this it . Is there more to come . I was on and off the call so im not sure we have got a number for the losses beyond reserve or any indication on that front. The question is already getting the worst behind us. David often it comes to a reset with the new ceo. Thanks very much. Now we go to Brooke Sutherland on the boeing story. You have a great piece on the new ceo, calhoun. Broo
Moving news from all around the world. Delhi, newg to new jersey and washington come our bloomberg voices are on the ground todays top stories. In asia, you had the pboc lowering the rate it charges on shorterterm loans to lenders. Index added 150 billion yuan into the banking system. Joining us is tom mackenzie. Is this the start of an easing cycle, or a shortterm term liquidity crunch into the new year . Tom it seems like more of a shortterm liquidity crunch. We are looking ahead to january, what it looks like you will get a withdrawal of cash out of the Financial System here of about 450 billion. They take that liquidity out ahead of the chinese new year, which comes in towards the end of january. It does seem like it is more of a seasonal effect. More broadly in the economy, credit has been tightening. We saw today from the pboc was some gradual measures to try and address this queasy liquidity, and a couple of basis points and a sevenday reverse repo as well. About 28ly, you got b