In demand for oil. Francine it is amazing. F you look at the price he was gloomy and said this was serious. Interesting is that all of his modeling shows there will not be enough Storage Capacity because demand will fall so much. It is based on every country not cheating. If a country needs to balance its books you might open the taps a little bit even if the price of oil is low because you need the export revenue, but that may make things worse. I think thats what he was trying to convey to us. Tom no question about that with oil. Jonathan ferro was talking yesterday about the global contraction in oil. In new york city here is viviana. Report on the impact of coronavirus on the oil market. This year oil demand will plunge by a record of 9 . The executive Director Director on surveillance moments ago. This will for efforts by the opecplus coalition to contain the rush of crude. Shrink byill almost a third. Toald trump halting payments the World Health Organization, he blames them for
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
We will bring you those numbers as soon as they get the hit. They may very well impact markets. We will look ahead to jobs number coming up. Job losses could hit 47 million and Unemployment Rate could surge to 32 . Jim bullard is here later this morning, more on jobs, action by the Federal Reserve and what if any rebound we can expect from the crisis. Interview coming up at 7 00. President Trump Pushes Congress to pass 2 trilliondollar infrastructure bill now to help boost the economy along the road to recovery. The president says the bill willing very big and bold. Meanwhile this, the death toll in new york city has surpassed 1,000, mayor bill de blasio joining the call for help as more makeshift hospitals are created. This as more states go on lockdown this morning, mornings with maria is live right now. We want to check Global Market s. Dax index in germany lower by 277. Factory activity in italy contracting at the fastest rate in 11 years. 40. 3 and french factory activity calling
Up more than 21 points to exit the bear cave is now up 15. But whats going on here . Could it be oil . In the last couple of minutes, oil suddenly, this is the aftermarket, started to tank. Its now down 7. 5 on apparent news that the United States government will start to add Strategic Petroleum reserves with all of the glut there is of oil. So while im looking, i just quickly checked exxonmobil and chevron, they are still up but they are at session lows as well. We are figuring it might have something to do with the oil news. In the meantime, the Small Business stimulus loans continue to flow as the treasury secretary asks for 250 billion in additional funds. We are expecting President Trump any moment now to give us an update on how that Small Business Program Lending situation is going. Its known as the Paycheck Protection Program. But the latest tally shows that the Small Business administration has processed 225,000 loans worth more than 60 billion. Thats just since friday. No wor
Indonesia. They are expected to keep the key policy rate at 5 . Rishaad we got the nifty futures in india with about 43 minutes before the start of the session, off a little bit. Will we get another record high . We found ourselves in this position yesterday. The market up 1. 1 . Currently wise, flat below the 71 rupee level. Tenure yields under some pressure. We have this story from the bank of india suggesting they are comfortable with a bigger budget gap, which would mean there would be less bond issuance. 6. 71 . 10 year, we go to new york and su keenan. The house of representatives have impeached President Trump for abuse of power and obstruction of congress. He pressure ukraine to political rival, joe biden. It is only the third time in u. S. History lawmakers have invoked this constitutional sanction of the president. The impeachment will pass to the senate for a trial. A rate cut in australia are in doubt after a strong jobs report for november. The bond yield gained as inloyer