Ago where i was on 101st street in new york and i counted seven ambulances, two of them working very quickly with very sick patients. Its not new york, washington, or boston. Its across the nation. I use this word very selectively. It is grim this morning in the sunbelt of america. Francine it certainly is when you look at the numbers. We will get to our number. We spent a lot of time looking at the number of people infected by one person. Lets get to the bloomberg first word news. Mentioned, some of the biggest states seeing a jump in Coronavirus Infections and that has thrown reopenings into disarray. Cases surging in texas, florida, and arizona. California broke a record for new cases. County, florida has become the latest jurisdiction to make Wearing Masks mandatory. Borders are open again the European Union may keep americans out. They are discussing lifting the ban on nonessential travel at the beginning of next week. Hispoint being looked at u. S. Citizens not being allowed into
Hong kong and tokyo reporting record tallies. And singapore heads to the polls for an election overshadowed by the pandemic. Voters will be asked to wear disposable gloves at the ballot box. How marketscheck of are trading. U. S. Futures plan at the moment, after a mixed finish in the new york session. The s p 500 and the dow fell. Viruse news of resurgence, not to mention to tensionsnot to mention escalating with china. Financial shares drag to the index. Dragged the index. The Energy Sector was down for a third consecutive session with the worst three days in about a month. Take a look at what oil is doing, because we are seeing it continue to dip slightly and below the 40 a barrel level. Key libyans that a oil field resumed production, threatening more barrels into the oversupplied market. Lets see how things are shaping up for the asian markets. Could beppetite fitting this friday with asian stocks mostly lower. This has we are seeing violence concerns virus concerns you raised in
Arizona, and hospital cases in california all marking new highs. Plus top advisers to President Trump are set to urge the u. S. To undermine the hong kong dollar peg to punish china for its crackdown in the city. Ons get a quick check up how markets are set up for the open. Here is Sophie Kamaruddin in hong kong. Sophie in asia this wednesday, we are seeing a mixed start to the session with focus on china and if mainland stocks can keep up that rally we have seen for six days. Futuresd 14 so we have in the green for the most part. Hang seng futures settling higher after the rally did stall in hong kong on tuesday. Switching out the board, checking in on the hong kong dollar, which continues to have the 7. 75 mine as they continue to defend the peg, we are seeing little reaction in the curb. Jumping into the terminal for a big picture book, low 200 pips after the spike we saw in may but staying elevated on economic and political uncertainties. Tracking any reaction to a bloomberg report
Reported 1500000 more americans filed for unemployment last week this is up from the expected 1300000 well this also marked the 11th straight weekly decline in applications but also the 13 consecutive weeks or week where jobless claims remain above 1000000 well this is a total of more than 45000000 americans have filed for unemployment as a chronic virus continues to slow the u. S. Economy and with many states reopening and some old jobs are turning the total number of people receiving unemployment actually slightly fell well to talk more about the markets we turn to our panel. Last Trading Group cohost chrystia i am lets start with you unemployment data came from came back and its worse than expected but Something Else was also quite unexpected there we were getting it were seeing people getting Unemployment Benefits rather that are than there are actual on employed workers how did this happen. So when the cares abt what was put into effect in march to really loosen the rules on who c
Up there. Want to therefore get more of a take from state street Global Advisors managing , quantitative equity, olivia engel. Where do you said when it comes to some of the more beaten up overall names . Are they more of a risky bet . Should we be looking into the smaller caps . Olivia i think insurance is a good play because it is valuation. The risk emerged during the crisis and now looking a lot less because of the fed action. If the fed is looking to buy and support, that is probably good for them, and brings the risk down substantially. I guess there is a big difference between liquidity and solvency. The fed can create liquidity but cant actually force the economy to generate cash flow. There still is a limit to what the fed can do to Keep Companies solvent. Romaine that is a great point, and something that i think gets lost on a lot of people. I am wondering, specifically with your quantitative hat on, as you try to chart the strategy for your team, do you feel you are getting