Weaker as you have no agreement over finance chiefs on what to do over the crisis. Russia doesnt think a 2 million barrel a day cut is enough to get anyone to the table. In the bond market, 17 billion worth of supply coming online at about 1 00 today. It is time for todays market moving news from our london and new york offices. European Union Finance ministers now failing to reach a deal on a unified strategy combat the economic damage of the coronavirus. Germanys finance minister olaf scholz did give a press conference shortly after talks ended. I think it is absolutely clear that the recovery of great will be a very activity. We have to organize together. As anyone knows, i think it is absolute possible to do this within the framework we already have. Alix bloombergs Michael Mckee joins us now. I couldnt believe it, but i could believe it this morning when i woke up and saw they could not agree, and it was north and south. Michael it seems that way to a lot of people. Talk is cheap.
Tomorrow, but the one that really matters will be an 8 30 in 3. 5 hours time in washington, the jobless claims number to show a labor economy in america that really borders on depression. Lotcine we will talk a about the modeling out there and we will look at modeling in europe. Lets get to first word news in new york city with viviana hurtado. Viviana we begin with china, accusing the u. S. Of trying to shift the blame for its own coronavirus outbreak. Beijing responding today to the bloomberg report, china concealed the extent of the problem. Bloomberg has learned the u. S. To community concluded beijing under reported both total cases and deaths. China calling that moral slander. The pentagon is asked to provide as many as 100,000 body bags for potential civilian use. Bloomberg has used the military as has learned that the military has about has learned that the military has about half of that on hand. And more leverage will allow a absorption of lack of liquidity for treasuries, pl
Quickly after the crisis, as u. S. Jobless claims could hit in even bigger number than last week. And daily fatalities continue to rise in spain and the u. K. , as france proposes an economic rescue fund. Lets get the markets. Sixttle weakness in asia, a percent drop for the s p 500 over the last two days. Futures are positive, though, up over 1 , and european futures pretty much unchanged. Its difficult to look at fundamentals, for where equities go. A lot of people looking at technicals, saying there is a range we could fall into in the next few weeks. Is10 the 10year yield steady, but if we see a renewed selloff in equities could more money move into treasuries . The bloomberg dollar index is steady today with yen weakness. Have we found a floor on oil . We are bouncing back a little above 21 a barrel for wti. Now, a classified u. S. Intelligence report seen by bloomberg says china conceal the extent of the coronavirus outbreak within the country. U. S. Officials suggest beijing int
The overall death toll the coronavirus nears 50,000 globally. [indiscernible] 100,000 military body bags for civilian use. U. S. Officials say china concealed the extent of its outbreak, but futures rise in europe and in the u. S. After the worst drop for the s p 500 in two weeks. And President Trump voices optimism that russia and saudi arabia will end their oil spat soon. Brent and wti each jumped 5 or more. You can see here a 20 jump over the past three days. We are just under an hour away from the start of cash equity trading in europe. We will take a look at where futures are trading now. We have, in terms of european slighterder gains then we had in the u. S. If you look at the dow jones and s p 500, they are each up about 1. 5 in terms of futures, so bigger gains in the u. S. Picture , though further away from the open of cash equity trading. What does it look like on the gmm right now . Just had numbers come through on the u. K. House prices, i will come to that first. House pr
Space. Oil getting a bit of a reprieve. The concern is you have even more oil flow if the opec deal comes to an end. We want to get you todays market moving news from new york as well as washington. We want to start with the latest pmi data. Factories around the world suffering one of their grimmest months on record in march. Fbloombergs Michael Mckee joins me for more. Theres a lot to dig into. Give me some of your takeaways here. Michael mr. Rogers word of the day is contraction. Across the developed world, they are pretty bleak at this point. Some of them not as bad as thought because of a quirk in the data, but lets go through the data right now. Anybodye hardest hit of i the virus, and now the hardest hit in terms of the pmi number. Eurozoneance, germany, u. K. Are also in the 40s, which marks contraction. New orders of production crashed, but there is a quirk in the data where supplier delivery times are linked. However, in this case, there are no supplies to deliver, so it makes