Shaped across the uk economic recovery im joined by my guest Benjamin Cohen he is the director of the Free Market Institute professor of economics at Texas Tech University as well as a senior fellow with the independent institute and in los angeles we cross to he is an independent economic and geopolitical analyst as well as a former commodities trader all right gentlemen crossed up rules in effect that means you can jump in anytime you want and i was appreciating lets go to los angeles 1st here i said in my introduction i guess probably the most important question there is as we come out of this pandemic and its all going to be about the economy and its everything were going to think about for the next few months if not years is about recovery so infer a very simple question will it be a v. A you or an l go ahead well weve been hit. L. Shaped depression since the 2008 financial crisis i mean only the true Economic Data on unemployment inflation g. D. P. And the like have been warped o
Budget. This is bloomberg surveillance. I am Francine Lacqua. A lot of focus is on earnings, and a lot of focus on the banks. The Credit Suisse story, i am delighted to speak to the chief executive shortly. That will give us good indication of what the clients are doing. This is what the market is doing. A lot of focus on earnings, a lot of focus on the pmi figures. Lets get the board up to get a sense of what the market is doing. April services pmi falling to it was 22. 8, now it is worse than expected. Manufacturing lowerthanexpected, but in mind. The forecast was 38. That has fallen off a cliff. The dollar is the one you do not want to get wrong in the next couple of months. Stocks are fluctuating, oil advancing, and the dollar holding three days of gains. Plentyures, we will have more on earnings. Lets go to new york city for the first word news. We begin with Economic Activity in france and germany shrinking this month more than expected. French composite pmi dropping at a record
The minority leader. Mr. Schumer thank you. Madam president , over the past few months, both parties have worked together to provide historic levels of funding to help Small Businesses retain employees, meet payroll, and stay afloat during the covid19 pandemic. The Paycheck Protection Program, the main instrument to help Small Business, received 349 billion under the cares act and another 310 billion in supplemental legislation. The public has know how this money is being spent. Oversight, transparency, and accountability are crucial because from the moment the administration began implementing these funds, it became clear much of it wasnt going to those who needed it most. So today we are not taking any other action on the floor dealing with covid, so we thought we would take this opportunity to ask unanimous consent to get Something Real done that should have bipartisan support on both sides of the aisle. Who can be against transparency . Who can be against accountability . Who can n
Going to those who needed it most. So today, we are not taking any other action on the floor dealing with covid19 so weak that we would take this opportunity to ask unanimousne consent, to get Something Real done should have bipartisan support on both sidesot of the aisle. Who can be against transparency. Who can be against accountability. Know where close to 700 billion that taxpayers money is going, to the right places. And impartially today at least 200 publicly traded companies have managed to secure pp e and most of those are not very small. Including some companies, as owners are large contributors to present trump rating truly Small Businesses however, hundreds and thousands of momandpop shops with less than 20 in place, the bproverbial restaurant owner, e butcher the baker and candlestick maker, have been mostly shut out because he did not have a standing relationship with the big banks. There have been great disparities when it comes to minority businesses. According to the se
Of a job since mid march and Business Activity grinding to a halt around the world and finally, Energy Stocks are jumping on a rebound in oil prices by far the best performing on the s p 500, which is higher, wilfred, by about. 6 though off the highs of the day. Went briefly flat as well so improving for the last hour or so the dows up 0. 9 or 200 points. Coming up, well speak with former bp ceo, lord browne about the oil markets this week as crude sees another double digit move today plus Tiger Management president , Alex Robertson, will join us to talk about investing and how his company is helping to support new yorks front line workers. Zblncht mike is tracking the Market Action for us as always meg has the details on the possible setback for gileads coronavirus trials, which sent the market off its highs during the session as we mentioned along the hannah, from the ft, who cowrote the story that broke that news and kayla is covering the house vote on the next round o the stimulus,