I also have a great guest for you, michael kolanovic, j. P. Morgan, he thinks the bottom is in and hell be here to explain why and well talk about what hes seeing and why hes studying coronavirus trends around the world to try to understand the stock market, netflix made a new high. Bed, bath and beyond, that stock is up a little bit after hours and its down about 80 over the past year. We got a triple whammy we have to start with the market bad data on retail and oil falling to 20year lows and the banks continue to drop on their earnings concern guy adami, of those three because i would argue and i didnt think data mattered at all, of those three which one matters the most to you . I think the fact that oil cant get out of its own way out of those three the way that banks have traded, we can talk about that, but the way the data we knew would be miserable and maybe its worse than a lot of people thought and the bloviating and the noise, it cant get out of its own way and the rally las
To discuss this and more im joined by my guest Dmitri Bobbitt in moscow hes a political analyst and editor of you know smee media project and glenn beason in oslo hes a professor at the university of southeastern norway as well as author of russias geo Economic Strategy for a greater eurasia original macross up rules in effect that means you can jump any time you want and i was appreciating lets go to oslo 1st glenn we have this pandemic ongoing and we have been in crisis in the Energy Markets and its easy to conflate the 2 and one in the Energy Situation in the markets has gotten worse as a result of this pandemic but they are very separate things and i would say right off the bat that this is the result of disastrous policies particularly by the United States using a series of tax breaks sanctions and really just unprincipled market behaved. Or to try to support American Energy companies and its all blown up in their face and a pandemic is made even worse and i dont think theres any
Very early on if you look at all of the countries to date, the mortality is higher at the beginning because youre diagnosing the sickest. The ones that came in quite ill. I want to remind the American Public that the risk for serious illness and the majority of americans are low. Cantat does not mean you transmit it to a higher risk group. That is why we are asking for all americans to take responsibility. You are seeing mortality or deaths today from infections that occurred 23 weeks ago. The other thing you are seeing is the dramatic and very difficult impact of this virus in nursing homes. On the why very early president and Vice President had just come out and put the strict rules in place. Everybody thought we were being too strict in keeping loved ones away from family. If we are going to solve this with a lower death rate, we have to protect the elderly. If there percent is much higher groups. The other age reporter there is a report that the federal government has a plan that s
Pressure mounts. Shery the volcano in the philippines shots schools and the Stock Exchange, warning of a violent explosion. Australian markets have opened for trade. Lets turn to sophie. Sophie stocks opened to the downside, off. 2 after the best week of the asx 200 since february. We are seeing beach energy under pressure but Australian Oil companies should outperform in 2020, although looking for caution around oil prices in the back half of the year given expectations for additional supply which has taken the wind out of oils rally. The oil rally. Oil had the worst week since july. Lets flip the board to check in on cable. We are seeing cable under pressure. Looking at how it is doing, moving towards the 130 scandal. 130 scandal. Here,g into the terminal want to give you the heads up the Philippines Stock Exchange has been close to their rolling along with schools and the middle miller the Manila Airport in the week. Here is where philippine stocks are. This is asias worst performer
Acting office of management and budget are Russell Vought on trumps 4. 8 million Budget Proposal for 2021 before the house Budget Committee. This runs three hours. I certainly welcome the acting director phoned the Russell Vought. Thank you for being here to testify on the president s 2021 Budget Proposal and i hope todays hearing will provide an open and amistad examination of the party set forth by the Trump Administration so they can get back to passing legislation Appropriations Bills that reflect the needs and priorities of the American People. I will now yield myself five minutes for an Opening Statement just six short months ago the president signed a bipartisan just, can everybody hear me . A just six months ago the president signed it twoyear budget deal into law. It does everything the president s proposal failed to do set rational discretionary lines allowing strong investments in our national and Economic Security and has bipartisan support including the bank member and mys