About the golden opportunity traders are spotting in the market, thats ahead we start with another big day for the market nasdaq posting another alltime high as coronavirus cases continue to climb and risks up we got the Economic News on the u. S. Front so guy, have we become enured to the rise in coronavirus. We got really good and really bad data i think the market seems to discount the bad it seems to get geeked up on the good, which weve seen over the years. To me its all about the liqu liquidity thats being presented and put in the market by Central Banks globally im pretty outspoken about that. But we did say on june 26th, if you recall, we were encouraged the market held 3,000 level at s p 500 and gave us something to trade against. Didnt think wed be here today, quite frankly. But the next level, the june 7 high of 3240 is in the cross hairs of the market and has to prove itself there what i would say today that gives a bit of pause is the fax that the vix is sub on today, held
Carrier to ground more than one 3rd of its pilots after an investigation finds their licenses were dubious and a gesture of pace south koreans the 70th anniversary of the war with the north. Australias Largest Airline quantas is cutting 6000. 00 staff to reduce costs as it fights to survive the coronavirus pandemic the airline is grounding 100. 00 planes for at least a year and 15000. 00 workers only 4 months its boss alan joyce says hes hoping to save 10000000000. 00 over 3 years in response to what he says is the biggest crisis the industry has ever faced. This crisis is still hit those ferrety pretty hard and the impact will be felt for a long time particularly im sorry to say the impact on our people it is very clear that International Travel is likely to be stalled for some considerable time on out to the peak body for the Airline Industry says it will take more than tree years for Global Travel to return to 2009 the level. Theyre going to gauge has more from camberwell this reall
Massive local tax increases. Anyone of those alone threatens to make this economic crisis even worse and the combination of all three is almost unthinkable. The bureau of labor statistics just reported that state and local governments laid off nearly one million workers in april. That is almost one million firefighters, police officers, teachers, Emergency Personnel that should be on the front lines of the Public Health crisis but are sidelined instead. Chairman powell, let me start by asking, do you agree that our economy will get worse if state and local governments are forced to lay off even more firefighters, teachers, any and Emergency Personnel . Let me say what we are doing. We have a liquidity facility that is there to address the shortterm liquidity needs that these entities have because of their loss of revenue due to the effects of the pandemic. That is really the tool that we have. I appreciate that. That is not my question. States,ion is if counties, and municipalities con
The show. Oil finding some support from markets as we still get earnings coming out. Fiat chrysler withdrawing its full year 20 guidance. They plan to restart production as conditions allow. About 100djusted ebit million euros. Nonetheless, continuing to see withdrawn guidance. Really hard to make a decision as a Portfolio Manager when you dont know what the outlook is going to be. It is time now for todays market moving news from our brussels and new york teams. We want to begin in europe, where germanys top judges gave the ecb a threemonth ultimatum to fix qe. The court ruled that some aspects of its Asset Purchase Program arent backed by eu treaties. Going to brussels is maria tadeo. What does it actually mean, and have we seen any response from the eu on this . Maria it is a bombshell, really. The judges are basically saying overall, there is no monetary financing, which would be illegal, but some aspects of qe are unjustified, and not backed up by european treaties, which means th
A huge agreement has been reached between the Trump Administration and u. S. Airlines for a bailout package in the billions included in the 2 trillion dollars stimulus package signed on march 27th was about 25000000000 dollars for the Airline Industry but until now the Treasury Department and the airlines had not come to an agreement on exactly how or under what conditions the airlines would receive that money now the greenman which came together late tuesday includes warrants that could lead to the federal government owning equity stakes in the companies and requirements that 30 percent of the assistance would have to be paid back now according to treasury secretary Kerry Stephen minucci and the airlines that will receive the funding include Alaska Airlines Allegiant Airlines American Airlines Delta Airlines Frontier Airlines Hawaiian Airlines jet blue united sky west and Southwest Airlines now conversations continue with airlines regarding their potential participation now thats of c