They call the process excruciating. Good morning, everyone. Happy friday. We have made it to friday. It has been quite a week. Welcome to bloomberg surveillance. I am Francine Lacqua here in london. The markets are focused on brexit, oil because of opec, and focus on u. S. Stimulus in the u. S. Stocks are holding gains, key data of course out of the u. S. , it is the u. S. Labor market. It is going to give us an indication of whether the economy needs support or not, and Oil Extending Gains after ninemonth high after this opecplus deal. I am looking at the dollar, treasuries pretty much nudging higher. A lot ofve a prett volatility because of brexit do we have a deal, do we not have a deal, have they walked out . It has been pretty unclear so far, talking about lastminute ships come up the british saying it is because of eu demands at the last moment, but it seems like it could be up in the air. Now lets get to the bloomberg first word news. Here is leighann gerrans. Hi, leighann. Leig
Vaccines. Virus deaths hit a record in the u. S. And in italy. And finding a compromise, opec agrees to slowly add more oil year after days of tense talks. Saudi arabias Energy Minister called the process of excruciating. Welcome to the program, everybody. Welcome to the European Market open. It has just gone 7 00 here in london. German factory orders rising 2. 9 month on month. The estimate was for an increase of 1. 5 . That was better than anticipated. Factory orders arising year on year, 1. 8 . The estimate was 0. 2. We have seen a continuation of growth coming through. We will see what momentum is like in the further winter months. Another story out of germany, potentially more interesting, perhaps. Germany has agreed to extend a to preventr bankruptcies as the economy is hit by the second wave of the pandemic. Germany is extending its 37 billiondollar backstop for Credit Insurance by another six months in the month of june. The industry will surrender 60 of remittance to the gover
Demand. Ryan, it is always a pleasure to talk to you. It was long in coming. Everyone asking, what are you going to buy . Tell us how you came up with this deal. It is great to be with you again today. We have been talking about the need for consolidation in business for quite some time. We need to put a Value Proposition together that offers investors a different way to think. We have done this with a transformative acquisition with concho resources. This brings in a bunch of lowcost supply resources government 23 billion barrels into the company. It is about a super strong Balance Sheet to manage the volatility we have seen in this business. It is about how you allocate capital for value, not for growth. It is distributions we were going to give back to the shareholder. It is about having a sustainable business. The deal takes an Energy Transition that we know is coming for our planet. Alix can you give us insight into how competitive it was . If you look at the Shell Companies that
Stoxx 600 now down just a touch. That rose quite nicely. The s p down a similar amount. The cable rate is up by 6 10 of 1 . Again, we faded that little move. Are trying to make sense of what is going on and i think it has pretty much given up as i think many people have, as well. As you can see, were seeing a spreadbit of a crisis between bonds and treasuries, continuing to widen out. We are not at levels that we saw before the crisis but nevertheless, we hire again. Just to show you the impact of the outage that we saw in paris a little bit earlier on, as you can see, the bulk of the morning we didnt see any trading on many of the major markets here in europe. That, we traded down toward session lows. Alix the next etf trading is going to resume at 5 15 p. M. , minutes from now. A little bit of action into the close over in europe. Jpmorgan asset manager in Global Market strategist was the front and center yesterday and over the weekend. Doubledip recession in europe, is that your cal
Is the day. So he may not entirely be able woods yet the team and i agree that all are a valuations and most importantly his political status support the president safe return home we all remain cautiously optimistic. And on guard we have worked very closely with the walter reed team to ensure that we are looking very closely at Infection Control Prevention Strategies and the right posture so that the president can safely return to his residence we try to get patients from the hospital. As quickly as is safe and reasonable every day a patient stays in the hospital unnecessarily is a risk to themselves he has never once pushed you can anything that was beyond safe and reasonable practice that we all 1st. Also on the day by Opposition Leader took on a sky out visits germany to meet with chancellor im going to what is she looking for a bird to broker talks with alexander lukashenko. We need. Help in mediation negotiations with authorities and we think that. It is going to be extremely hel