Chinese demand levels almost at precrisis level. Time for todays market moving news from our washington and new york teams. We want to start with fed chair jay powells comments on the economy. In an interview with cbs, he expressed confidence in the recovery, but timing is still hard to predict. Chair powell the economy will recover. It may take a while. It could stretch through the end of next year. We really dont know. Michael mckee, International Economics and policy correspondent, has more. Was there anything new on cbs . Michael nothing really new, just summarizing what we already knew from the fed and from economists and disease experts. He suggested that what it is really going to take is a vaccine before people feel really confident and the economy can start to move back in the direction of where it was before all of this started. He said congress and the central bank may need to do more to keep us afloat during that period. Appropriate government policy could buy time for work
Suffering. The fed will use the full range of tools. Powell also saying that the actions are only part of a broader response. Powell also saying that the scope and speed of the downturn is without precedent. Andill hear from jay powell treasury secretary steven mnuchin, two people who right now appear to be working relatively handinhand. It is a big part of the reason why you are seeing risk assets rise as much as they have on a day like today. Moderna that a vaccine might be in the cards. Taylor i think the key takeaway is, yes, the market could be trading on economic data. There, but for the majority, this has been a health crisis. The markets were really hoping for a vaccine. It could be sooner than expected. We know that it also has the potential to not go through. All of the vaccines, the testing, that is really what has been driving these markets. When you see Something Like 900 points off of one study about potential vaccines, certainly ,omething that catches our eye a very big
Good evening, everyone. This is bloomberg surveillance. I am Francine Lacqua working from home. The focus on the World Health Organization, also on the easing of lockdown and oil. After that historic agreement on sunday between opecplus, now also involving europe, we have report. They say the oil storage filling up demand is dropping. That exceeds opec cuts. They are expecting oil demand to fall by a record 9. 3 billion Barrels Per Day year on year in 2020. Brent extending declines. The concern that a lot of markets are pursue Market Participants had is that if opec is cutting production, it also has to match demand. This is what the iea is saying. That demanded drop is exceeding opecplus cuts. It seems that despite the cuts, the iea is still expecting a glut or surplus. Lets get straight to the bloomberg first word news. Here is viviana hurtado. We begin with president donald trump. He is suspending u. S. Funding for the World Health Organization and reviewing its response to the coro
Frances lockdown to may 11. U. K. Is planning its own extension this week. The daily rate of death in britain is expected to keep rising. Welcome to daybreak europe. After the best week for equity , we do start on the front foot. Exports in china dropping a little less than expected. U. S. Futures in positive territory. As we head into one of the most uncertain Earnings Seasons on record. A great quote i saw from one of our own analysts talked about the First Quarter being history, the Second Quarter being a mystery. That is how we are set up ahead of the earnings season in terms of equities. The 10year treasury yield is steady. Strongly asng london reopens today. We take a little bit of dollar weakness. You have the Commodity Currencies outperforming. Oil slightly on the front foot after the market seemed a little bit underwhelmed yesterday by the opecplus deal. Coronavirus,to global confirmed cases have reached 2 million and countries across the globe are weighing the timing for easi
Earnings season even as Goldman Sachs warns of a 35 g. D. P. Slump. And jpmorgan is the first u. S. Bank to report. Wells fargo comes next. Dont miss our interview with the c. F. O. Later on today. Those earnings come out before the u. S. Bell this morning. And global coronavirus cases approach the 2 million mark with 119,000 people dead. France extends its lockdown. The u. K. Is expected to follow suit this week. Were just under an hour away from the start of cash equity trading in europe. Lets take a look at futures this morning. We had the u. S. Trade down yesterday. India is doing quite well or did quite well overnight. European futures up more than 1 across the board. Ftse and euro stocks, dak futures this morning. Dax futures this morning. Here h your top stories this morning. President trump says he has total authority to order states to relax social distancing and reopening their economies. A number of u. S. State governors say they will form regional alliances to coordinate th