Germany sees the economy shrinking at least 5 . This, as fears of a virus followup could last for years. We hit our we will hear from ceo bill winters this hour. Haidi lets look at trading when it comes to australia. Asia looking softer, potentially modest bump up after u. S. Stocks saw the first gain in three days of losses. In new zealand, trading is dataway, retail sales is a point we will be looking at later to give us an indication, not super forwardlooking, but at least how things stand in terms of the fed rate period, asia excluding japan looks like it has had a flat week so far. That is u. S. Future. Waitinghe bond market, for the ava bond purchase, the aussie yield curve steepening ahead of the government announcing option plans for the coming week. We could see a bump up in primary activity, looking at the threeyear yield to and the week below target after the central bank boosted liquidity and calmed down money markets. We are watching banking stocks after they cut fees, one
Surveillance. Quite a lot going on with your markets. Lets have a look at what they are doing and some data out of the euro area. Services pmi are coming in short of the expectations. Preliminary figures were 28. 4. Services pmi are at 26. 4. Important jobs data will give us a clue as to the scale of damage to the worlds biggest economy as the damage spreads arid the dollar is actually edging higher. Fluctuating following the jump yesterday. Investors are weighing the assertion that saudi arabia would cut production. Lets get straight to bloomberg news. Coronavirus infections have topped one million, reaching a milestone just four months after it surfaced in china. Deaths are accelerating in europe but new infections are starting to slow in both spain and france arid france. Officials say it is too early to relax restrictions. In the United States, the Unemployment Rate could rise 15 these comments come after 10 million americans lost their jobs over the past two weeks. Yesterdays jobl
Tom i would really suggest oil is important, but complete we secondary to the implosion that we saw yesterday and american jobs data. And the french data not much better. Right now, for global wall street, it is about calibrating the slow down and the nonrecovery out in the third quarter. And also, its the follow on from the rents that werent paid. There were massive upsets this morning. Francine i dont disagree. But oil can make things worse. Lets get straight to uber first word news in new york city with viviana hurtado. Viviana we do begin with oil. Opec putting together a Virtual Meeting of its members as President Donald Trump calls for a court need cut to end the historic crash in crude prices. Two delegates telling bloomberg the meeting will be held on monday. Saudi arabia insists it will only cut if others do. This includes the u. S. Of thetoric streak economy adding jobs for one under 13 months is probably ending as tom was mentioning. The march jobs report coming out at 8 30
President trump said he personally would probably get tested for the virus soon. There are reports that a second person who visited with President Trump last weekend at his maralago present in florida has tested positive for the coronavirus. The National Emergency declaration comes as nancy pelosi says the white house has now reached a deal with the white house on a coronavirus package. That move helps the dow see its biggest oneday point gain ever. The state reported its fifth death related to covid19. School districts across the bay area announce closures. Both San Francisco and santa clara counties tighten their restrictions. The number of cases in Santa Clara County is up to 76. And officials there say they have to do more to stop spread. 43 of those cases were contracted by Community Transmission and not travel. The county is now banning gatherings of more than 100 people. Reporter object at some Santa Clara County restaurants could slow to a trickle following fridays eticket from
Street ceos are heading there this afternoon to discuss solutions in the next hours, as investors await some relief. Kelly . All right, tyler, thank you very much. We are all over this major moment for the markets today meg terrell has all the latest numbers on the coronavirus, which is now being called a pandemic bob pisani is watching another thousandplus point drop for the dow. Rick santelli is out in chicago watching the bond markets. Eamon javers is at the white house where a lack of details on the stimulus plan is adding to this selloff. We begin with bob at the New York Stock Exchange. Robert in the absence of nif positive news out there, the markets keep drifting lower. Heres the dow we had a little mini rally going here, not dramatic, but a mini rally. And around 12 30 right here, we had the word from w. H. O declaring it a pandemic here i think that took a little bit of steam out of the market as you can see, were sitting near the lows for the day. Whats moving . Three things