With a economist. This economyf this contracted for the First Time Since at least 1990 two. A big contraction, more than was anticipated. What is your instant reaction . Robin let me be clear. The First Quarter contraction is not a surprise considering the lockdown in late january and february. Outputch industrial dimension and trade data suggested the supply side in the chinese economy has been on a recovery path. Are first in, first out amid this covid19 recession. We have seen the worst First Quarter followed by a shallow recovery from the Second Quarter onward. The ip data is better than retail sales or domestic data, means the supply side has been largely mobilized with now 90 of factories in china, 40 are operational. Many are back online. That is why we see activity and improving activity improving on the supply front. Bolstering recovery in the next stage has shifted as lockdown in china has been replaced by softer social distancing measures which means people return to work, b
The various heroic people working at mount sinai hospital, i am tom keene, Francine Lacqua in london. Cavendish,d to baron it is an interesting mix in the United Kingdom of the politics of the government and the fairly grim pandemic statistics. Seenine we also havent from Boris Johnson and a while, so the daily briefings are led by various cabinet ministers, and yesterday we had the further three weeks of lockdown expansion extended. As baroness cavendish was saying, maybe we need more testing. What the markets are looking at, they are looking through the number of cases that are slowly increasing in europe and still increasing in the u. S. , they are looking through the deaths and infected cases, and chinese gdp was horrific, the first contraction in a decade, and they are focusing on the positive. We could have a drug that is working, from gilead, and President Trump has given a timeline and thought on how the economy could reopen. Tom i really want to emphasize, every politician in
Little bit. We are seeing btps with a little but of a bid today. Euro with an offer. It is interesting that stocks are higher and the dollar is higher as well. Crude is also tracking a little bit higher. We are trading on the global 27. 95. K at european markets probably in a bit of a Holding Pattern right now. We are going to carry on the conversation on what is happening with some of these big global banks that are reporting numbers. James gorman of Morgan Stanley was the latest entry into the story today. We will be hearing from mr. Gorman very shortly. This is bloomberg. Welcome to our Bloomberg Television and radio audiences, live from new york city. Im erik schatzker. Morgan stanley reported earnings this morning, and it was mostly a strong performance, given the extraordinary period weve lived through, the volatility in march. With us for an interview is none other than the firms chairman and ceo, james gorman. Thank you for joining us. James thank you for having us. Erik you ha
Top producers consider even deeper output curves. Shinzo abes state of emergency now covers the whole of japan after critics said his initial virus response offered to little, too late too little, too late. Shery breaking news out of south korea. We are getting the jobless rate coming in at 3. 8 . As expected, a rebound from the previous month of february. February was a 3. 3 . In the month of march coming in at 3. 8 . In line with estimates but still a rebound. Of course, we have seen weakness in retail and hospitality, employment, given this coronavirus pandemic. The government has tried to create jobs and that has helped the economy. They of course have already passed a 10 billion extra budget, but we are now seeing the jobless rate climbing to 3. 8 . This as president moon jaein has called for more aggressive measures on job creation. Of course, moons Ruling Democratic Party of korea just won the implementer elections. Take a look at how markets are trading at the moment. We are se
When it comes to the dow jones, boeing is the worst performer, proved to be a drag. The 10year yield, down slightly after the economic data. Back below 20 a barrel on crude oil. Itn the government saying may give producers money not to take oil out of the ground. The next backup about 41. Lets get some details from Abigail Doolittle on the markets. Abigail it is proven to be a choppy, volatile day. Small moves but nonetheless, up and down, as investors do with jobless claims, earnings. Hat last leg lower right around the time Governor Cuomo said that the shotgun for new york state would extend to may 15, a leg lower. Investors trying to figure out what is behind all the information for data, earnings, and the virus. Behind those moves up and down, distinct camps. Amazon up for the second day in a row, investors think that this company will do well in the shutdown. On the other hand, United Airlines plunging 10. 5 . Some viewing the bailout for the airlines as not enough to do anything