Damage assessment economists expected payroll reports to show 22 million job losses, taking unemployment levels to their highest since the 1940s. Neel kashkari says the impact will be devastating. And customer orders slump. We speak to the ceo. Lots still ahead in the trading day. We will talk about siemens numbers and the lack of visibility. We also get plenty of analysis for the jobs report which we expect to see later today. With that in mind, lets take a look at futures. It seems we have found plenty of reason to be cheerful this friday. We will not have any trading in london because it is a Public Holiday, but we have plenty of positive trading coming in from the Asian Session and indeed, in the futures, we see that reflected. Futures point higher by around 1. 3 while european futures, where we see moves to the upside. Euro stocks futures up by a similar amount. Of focus on reopening, which seems to be taking place or being planned for in various parts of europe and in some cases
Data on industrial output offers signs of encouragement. Shares in gilead jumped in late trade on positive reports on a coronavirus drug. Openg source on plans to factories in seattle. We hear from the ceo of rival airbus. We are seeing a lot of positive sentiment across the markets today. Investors seeming to be looking to the data we got out of china. Not really a surprise we got that drop in firstquarter gdp. The big question remains if Consumer Confidence can come back as the lockdown starts to ease. Speaking of that, it is u. S. Esting, you will see futures. The question remains well investors start to see that as a move to early that could reawaken the risk of a new wave of infections. The market fairly positive. The european futures on the front foot as well. 10year treasury yields moving higher by four basis points. You are seeing dollar weakness across all g10. Some of those Commodity Currencies weaker. Oil anguish and, just before 24 a barrel. President trump has unveiled gui
Stockpiles. Chargecords its biggest for bad debt. The ceo joins us on the show and we will hear from upss ceo as its loanloss provisions rocket. Manus we will talk to sergio what isshortly, but interesting, loanloss provisions are not necessarily the biggest single item in his numbers. He spoke to us a couple of weeks ago. Hise are the numbers for bank, 1. 6 billion in terms of profitability. That is the best quarter in nearly two years. Better than what they had preannounced, but when it comes to loan losses, he talked about 268 million. He says pressure on income streams, but he says they have exposure of high quality versus hsbc, 3 billion in terms of loan provisions they are making, 25 billion for the u. S. Banks all the way around and santander, a provision of 3. 9 billion euros. Provisions are not the story within Sergio Ermottis graph. It is about what is happening with elevated client activity. They are seeing lowered activity and reduced income. Nejra when it comes to hsbc, cr
Here its a similar story in the u. S. , our high after going to the past 10 00, but within the s p, you still have the down names doing the best. Is the second best, it remains to be seen if there is any sort of substantial rally or just a rally within a bear market. You can see that reflected in other asset classes, 25 billion worth of supply coming online in just about two hours. Of the threeyear, it is doing continues to roll over today after yesterday. At the bestlding on performing within the s p as well. We will see as we head into the next few hours if we are able to hold on. Guy absolutely. The correlation between what were seeing around the market performance, people are certainly nervous about that relationship. U. K. , Boris Johnsons government is facing a serious challenge at the worst possible time in the virus outbreak. The Prime Minister hospitalized and the foreign minister under pressure to Solta Medical equipment shortages which are making headlines on a daily basis.
Moves higher on reports that saudi arabia and russia could cut global output by 10 Million Barrels a day. This comes as the u. S. Cuts its Production Forecast ahead of tomorrows opecplus meeting. Welcome to bloomberg daybreak europe. After the rally and equities yesterday that took them above the march low, the cac 40 and the ftse in europe also into bull market territory. You have to ask yourself whether this is the biggest bull market trapped in history or the shortest bear market on record. When it comes to credit, you have howard marks saying maybe now is time to move from defense into offense. Cautions saying cautious positioning has served its purpose. Waiting for a market bottom. You look at bernanke and he talks about a gradual restart to the economy. Maybe we are all running before we can walk in that regard but it is not going to be the Great Depression according to ben bernanke area good morning. Nejra we were seeing futures negative in the asia session. Seeing some green on