Steps. Morgan stanley and wells fargo join european lenders in pledging to preserve jobs during the crisis. Deutsche bank says it will pause future cuts amid its restructuring. Welcome to bloomberg daybreak europe. U. S. Futures on the back foot today after the best threeday gain in mere nine decades for the s p 500. The dow is technically in a bull market but it is 25 below the february 12 record. In terms of asia, a mixed picture. Following that emergency 75 basis point cut by the bank of india. A big drop in industrial profits in china. That is the news overnight out of asia. The 10year treasury yeild slipped five basis points. Risk off coming back into these markets after the powerful risk rally. We ask the question whether it is a bear market after the devastating rest jobless claims numbers, so weakness in the dollar. The dollar is hedging for its biggest retreat since 2009. Gold has its biggest weekly advance since 2008 after the effects of the funding squeeze and oil heading fo
San franciscos biggest private employer, salesforce, announced its barring most employees from flying for business within the united states. Only critical Domestic Travel will be allowed. The move could have a wider impact on domestic air travel. Twitter and amazon have taken similar steps. Vice president pence meeting with the countrys biggest drug makers. That includes Silicon Valley biofek companies. In an unusual move, theyre banding together instead of competing with each other. Scott budman is inside a lab in one of the companies. The conditions have done this before with other outbreaks, like ebola, where they team up together to find a vaccine. Reporter thats right, jessica. They are teaming up. We are here in the lab at adam bio. While people are working into the night in newark on a possible virus, theyre working with companies all over the world as the cases of coronavirus continue to mount. Employees in the lab at adam bioare pulling extra shifts as they try to find a coron
What that forecast is suggesting if not worse. We certainly know were going to have very high winds. We know well have low visibility. We know well have lots of conditions that make travel unsafe. We will give you constant updates as we get information. But everything we know so far makes clear you cant underestimate this storm. This is not a typical storm. Its going to pack a real punch and we have to expect heavy accumulation in a very short period of time. Will is another crucial point. Some storms come in in a measured manner. This is going to come in in a sudden spurt of activity. We saw some flurries this morning and that has largely dissipated. But what youre going to see in a few hours is something that hits very hard and very fast and people cannot be caught off guard. Best thing to do stay indoors. Stay off the roads. Stay off the sidewalks. And this is something i want people to start acting on as quickly as possible. In the next hours, we want people who can get home to get
12 June: Market Remains Hopeful For Rate Cut Later This Year
The US Federal Reserve has held interest rates in a target range between 5.25% and 5.5%, a