Jerome powell talks of heartbreaking harm from the coronavirus and says the pandemic has brought the u. S. To an abrupt halt. We are seeing optimism with asian stocks really prized to follow the leader when it comes to gains on wall street overnight. The s p 500 gaining 2. 5 percent, touching a sevenweek high as we have the dual optimism over expected track to a vaccine with the socalled operation work speed from the Trump Administration. More encouraging news about efficacy on a Gilead Sciences therapeutic as well. We are taking a look at gains resuming in new zealand. Japanese futures pointed up after yesterdays public holiday. U. S. Futures also showing an extension of those public gains. On seeing futures looking positive as well. Korea closed today and hong kong markets closed for the birthday holiday. Taking a look at oil because we are seeing a second day of gains for wti up, the 22 plus gain in the overnight session. We are seeing opening up here higher by over 6 in asia. This
Delivery of 7 . Look how we are in terms of the major indexes. Asian markets, most in losses tracking to 3 drop on wall street overnight. Opened slightly earlier love earlier. Slightly lower earlier. We are watching petrochina down at this point in time. The hang seng, down about 1 . Kong announced an expansion of its restrictions aimed at curbing the spread of covid19. That would weigh on the economy even more. The sti, down more than 3 . This is a market that returned to bull territory recently and citi said investors are pricing in post recovery. Singapore reports higher cases, more than 1000 for the second day running. I want to dial back to the oil story because we see oil moving to the upside after two days of unprecedented action and a spectacular selloff. Opecplus ministers holding an unscheduled conference to discuss what has been going on. The closing statement signals there are no new measures planned at the moment. Lets bring in mliv asia editor. Oil is on the up. We had tw
Joe, the big story is oil prices once again im ready to move out past june move out where . June is too close if we are not going to open anything up, no reason to think it will be anything different than minus 38 a barrel it is related to the price of gold and the price of a suit, so i should have been buying andrew, you are spending 10 times what you are on a suit with those hugo boss things. Which none of them have belt loops for 4,000, you could get a couple of belt loops no hugo boss. It is ralph. Ralph who oil prices, it is not funny. This is out of the realm of anything weve ever seen brent crude only a 20year low you look at wti or what may was before the contract rolls. It is incredible supply shortage spiked overseas. The u. S. Movement, wtis june contract the price giving up earlier gains. Up 11 see, im ready to move to september. August at some point what does this mean for the saudis youve had your picture taken there on a sand dune youve got a feel. They should have done
Gain in both directions, the market clearly banking on a trade deal. Whether stocks go up or down will depend on the details. Keep an eye on the dollar. The direction will be dictated on whether this is a shortterm deal or whether this is a more broadbased deal that resolves lingering trade issues. Crude oil, demand, supply issues. More information on the supply side out of opec, demand still a concern, 1. 43 . Up for a second day. Optionere is a third which is no deal, which would imply sanctions going up on the 15th and more on the 15th of december. The market risk on assets liking the idea that liu he will meet the president. The euro has been gaining ground despite disappointing data. The dollar is down. I want to mention what is happening with turkish assets, stock market trading down by 2 . Bond market, the yields moving aggressively, and the lira is under pressure. Turkey puts more troops into syria, a tense situation emerging as president erdogan says if europe says it is an in
Would allow the safe return of Syrian Refugees are displaced people. Within one and a halfMillion People in Northern California are without power. Some for a second day. Pg e has cutity power across the region to prevent its equipment from igniting wildfires. 3 Million People may eventually lose power. The company is facing 30 billion in liabilities from wildfires over the last two years. Global news, 24 hours a day, on air and on tictoc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. Im mark crumpton. This is bloomberg. Live from bloomberg world headquarters, im shery ahn. Amanda live in toronto, im amanda lane. We are joined by our bloomberg and rbn amp bloomberg audiences. Here the top stories we are following from around the world. Good luck. Negotiators from u. S. And china are meeting for their for for their 13th round of trade talks in washington today. Turkeys president bristles after europe because his move into syria and invasion, th