Matt the coronavirus spreads stateside. New cases across the u. S. Including in new york city. President trump meets with pharma executive today as the global death toll passes 3000. The fed is in play. Policymakers stand ready to cut rates but doubted they can fully offset the virus in fact. Goldman sachs sees a 50 basis point reduction this month. Berlin reports its first case of the coronavirus. Italy seeks a wider deficit to pay for emergency economic measures as cases soar. We are under an hour away from cash trading in europe. You are getting 1 to 2 gains in futures, the ftse futures up. This is after the biggest route we have seen, we saw last week since 2008 for the broader stoxx 600 european index. Getting gains in the preachers in the u. S. Are not as sharp but we are 7. 5 hours away from the start of trading there. The nasdaq, down, many contracts rising this morning. What are you seeing . Money going into risk assets. That is the theme through the Asian Session and markets
I am Francine Lacqua in london. These are your markets, doing a little bit great after the week we had last week. The ftse gaining some 2. 2 . A risk on bit more of move. I would caution everyone that these are on thoughts that the central bank would step in, and it is not because of threats that the coronavirus is getting any better. Lets get to the bloomberg first word news in new york city. Number of deaths of coronavirus around the world is over 3000. New york city has reported its quarantined to her manhattan apartment after contracting the virus and iran. Whennor cuomo says it was not if the virus made its way to new york. Aking a hit in february after spread of the coronavirus. Pmi plunged to a record low of 40. 3. The official reading also reached a record low of 35. 7. Chinas economy is gradually returning to work. 70 of at 60 to capacity last week up from about 50 two weeks ago. In the u. S. , former Vice President joe biden has won the South Carolina primary. It puts him clo
After the storm, global stocks stabilized after the worst selloff since the financial crisis. U. S. Equity futures rise. President trump says he will seek substantial relief for industries. Italy, though, in lockdown. A ban on travel and Assembly Goes nationwide. The who says the threat of a pandemic is very real. Crude gets back some of its losses after the biggest drop in three decades inspires decades. , after theaudi oil kingdom cut prices. Getting in there, looking at the cheap stuff. Do you see there anywhere else in the market . What does the gmm look like . Anna getting in and looking for the cheap stuff, emerging markets, rebounding rescan assets risk assets. Msci asian markets. In fx markets, the big move is around again. Gainrday, we saw the yen coming yesterday, we saw yen selling. The moves into havens yesterday a little overdone. Im seeing some kind of stabilization. How long will that last . We see yields going up a little bit. Some of that move into havens being unwound
In the last 24 hours, combining virus dynamics with oil dynamics. That is a distinction of this crisis. Francine and i am looking two to european lets get to first word news in new york city with viviana hurtado. Viviana we begin with a uturn from President Trump on the need for an economic stimulus he now says he will seek a payroll tax cut and belief are Industries Hit i the new coronavirus. Today the president is promising to unveil what he calls very dramatic action to support the economy. Bloomberg has learned for now the package will not include help for airlines and others in the travel industry. Now to italy it will become the first country in the world to attempt a nationwide lockdown. It is trying to stop the spread of coronavirus in europe. Almost 500 people in italy have died from it. A prime ministry imposing a travel ban. He has told italians, stayathome. Some of the worlds biggest banks predicting the European Central bank will cut Interest Rates thursday. J. P. Morgan a
Through 1. 55 , is back at 1. 56 . The dollar continues to strengthen as well. We are very close to the 100 mark for the dollar index. The your a particular the euro a particular feature of that. Story. Ple the big hsbc also worth focusing on, down by 6 today. The new strategy doesnt seem to be finding favor with investors. It is around 28 points off the ftse 100. Gives you idea of the skate and weight and of the of hsbc. Coronavirus certainly present when it comes to the coronavirus story. 1. 07 handle we had a one dollar zero seven cents level we had a 1. 07 level if you minutes ago. Vonnie apple saying work is starting to resume around china, but experiencing a slower to normal return a slower return to normal condition than expected. For more, we are joined by steven milunovich, Wolfe Research managing director, over the phone. Almost 50 of factory workers are not at work in china, so this statement, even though it came from apple and is providing a drag on stocks today, could almo