Any information on the throne of virus or any other science topic you should really check out our podcast so you can get it wherever you get your podcast you can also find us and dot com the one slash science. Coils collapse in the u. S. Has Global Markets worried deflation is the big fear as producers rein in production the question on everyones mind when will demands pick back up. Beijing gets back to business well see how chinese firms are changing to cope with the coronavirus. And pandemic measures claim a victim down under as Virgin Australia Airlines Files for bankruptcy. This is your Business Report im steve. Its good to have you with us now the crash in u. S. Oil prices is reverberating around the globe pushing stocks toward losses and driving Commodity Prices down major Oil Producing nations could be hit hardest with lower prices carving chunks out of their budgets theyre now hoping that demand rebounds in the months ahead. Demand for oil has plunged amid the worldwide lockdow
Tom it will be interesting to talk to fatih. We have the price actions and dynamics and future this is and futures that. What are they going to do about it . Derth, a absolutely complete mystery out there right now over what the next step is. There was opec plus, there was all the meeting of the World Leaders and that. And what i hear on a wednesday is just absolute thundering silence. Francine yeah, absolutely, tom. We were speaking to the former n. E. Chief executive and they were saying they would need to cut Something Like 33 Million Barrels for make a difference. It seems difficult for this group alone to do something. Well discuss that and also have to look at the world e. T. F. s place on this but straight to bloomberg first ord news with viviana hurtado. Viviana the Senate Passing a relief package including money for the tapped out program to aid Small Businesses. Theres also money for coronavirus testing and hospitals swamped by patients. The house could take up the measure as
We will take you to the basic news, and we will begin with , a call to help negate the academic Economic Impact of the coronavirus. Michael mckee joints me now with more. Theres a lot riding on the next 24 hours. Mike a rescue package for European Countries should be based on the european stability mechanism rather than joint bond issuance. And another idea is to set up another European Fund that would guarantee bank loans to Small Business. And finance ministers meet tomorrow to discuss a package and then possibly the leaders would decide on something on thursday. Thehe other of the world, japanese Prime Minister is announcing the largest similars package ever for the country. He says he will declare a state of emergency in tokyo. Is equivalent to of japan. Of the gdp the first phase would be support for households and businesses affected by the virus, shut down. The second would aim to look at trying to stimulate a vshaped recovery in japan. The plan includes cash handouts to househo
Enough, it sets up another round for congressional shenanigans that already hurt Small Businesses. Well get reaction from republican congressman french hill from arkansas. Attorney general bill barr is ready to throw the constitution at states. Jenna ellis joins me in a few minutes. Huge breakthrough in coronavirus testing. All that and much more on making money. Charles so the market rebounding after two days of selling off. You know what . It was a big selloff, nowhere near what weve become accustomed to. Crude oil prices which stablized. Earnings season is ramp up and some hits and misses have been reported, mostly beats but the lack of guidance has been hurting the market. The Market Holding on to gains after a real shaky start to the week. There is a lot of moving parts to the market. I want to get to all of them. Joining me two of the best, kaltbaum Capital Management Gary Kaltbaum and Money Map Press chief investment officer, keith fitzgerald. Lets start about earnings. I dont a
Thinnest of reeds which is why the averages were able to war today. The dow which gained 470 points, s p advancing 2. 28 . Its hard to find a positive button house of pleasure the nasdaq gaining 1. 72 . All right, what happened okay, this morning President Trump told us hes brokering a deal between russia and saudi arabia so theyll stop flooding the world with oil that will help the price of crude to rebound back to the 20s and trigger a short rally in the stock market. One that couldnt be taken down by the shroud of gloom even as the shroud kept trying to take it down. Intermittently until being ripped from the markets rarely bullish face buy, buy, buy yep, we live in a bizarre world where wall street can momentarily overlook the fact that 6. 6 million americans filed for Unemployment Insurance last week a mindblowingly horrible record breaking number. Instead, we briefly able to accentuate the positive. It might not collapse, saving billions of bad loans and preserving Energy Indepen