Let me first say want to thank the chairwoman and ranked member mchenry and my colleagues and Ranking Members of the subcommittee and all my other colleagues for their participation in todays discussion on the update for prudential regulators that this is a timely amid the health care and economic devastation of the covid19 pandemic. In queens and other parts of new york city theyve been very hard hit. Plaintiffs suffered more cases more death than most states in the country. When amid the health care crises millions have lost their jobs and lost income compound in the Economic Impact but thanks to the doddfrank wall street reform and their implementation in the decades that followed the financial crisis the Banking Sector has emerged in a bright spot to buffer the initial impact of the crises and restructured mortgages and loans. I have had serious concerns about the implementation of the program in the road some of the banks in privatizing small distances and minority come into that
Officials tell the Senate Banking committee about the overall state of the financial industry, including the effect of coronavirus made bills passed by congress, and the Federal Reserves Small Business loan program. Please click the mute button. Remind senators that the fiveminute clap still applies. I expect most senators will participate today so we really need to stick to that fiveminute timeframe because we have a vote coming up at noon so i will be tapping the gavel to remind you to wrap it up and to the witnesses i ask you, even though you are asked a question at the end of the five minutes, please Pay Attention to the clock and make those answers after the time has run out prompt and efficient. Seconds i will do a tap on the gavel. The speaking order process, senator brown and i have agreed to go by seniority for this first hybrid hearing. With that, let me start out. Our federale all of predental regulators, the Federal Reserve vice chairman of supervision randal quarles,the co
Putting pressure on oil markets as well. And marie hoarder me for more. Walk us Annmarie Hordern joins me for more. Walk us through the veracity of the selloff, and does it last . Annmarie the next 24 hours is going to be quite bumpy for this may contract. Basically, it is Financial Derivatives meeting the physical oil market and what we are seeing on the storage side. If you are not out of this position financially and you are a futures trader, you have to accept the physical oil. The problem is, theres really nowhere else to put it. Look at cushing. That storage is quickly filling up, and that is the main hub in the United States, where you have pipelines to canada, the midlands, or the gulf. The may contract now trading at , which3, plus contango means if you look at the june contract, trading at about 23 a barrel, it is about a nine dollar differential, the most on record. If you look down the table of what you see for june, july, august, the prices are certainly higher on the futu
Global coronavirus cases top 2 million. Germany is set to start loosening the lockdown for next week, and President Trump will unveil guidelines to reopen today. European futures turned positive despite historic declines in retail and factory gauges, sinking stocks on wall street. Attention turns to todays jobless claims. Plus, wti crude at an 18 year low amid a record collapse in the u. S. Fuel demand. Washington is considering paying drillers to leave oil in the ground. Just under an hour away from the start of cash trading. Nymex crude still under 20 a barrel, but rising today. We see futures doing the same, regardless of where you look. European futures are up half a percent. On dax a percent futures, quarter percent on ftse futures. Dow jones, s p, and nasdaq many contracts all showing a little bit just the slightest 10th of a percent of a game today. Anna . Anna lets talk about the breaking news from european corporates. The travel and leisure sector in focus when it comes to the
At 1. 08. The unstoppable market as investors digest the details of that china trade deal. Stocks ready to open on new records. Southwest is pulling the boeing 737 max until june. Airlines are digging in for more delays. And shares of Morgan Stanley before the bell. They posted record profit and revenue in 2019. Stocks looking to make more history a day after the dow closes above 29k for the first time and the president signs that phase one deal with china the s p on its way to the seventh weekly gain in eighth. Total holiday, exauto and gas up 44. Names like target might have been an execution issue. Yeah, i have to say that. I just dont find any other excuse i do think that Brian Cornell pretty much said, listen, we screwed up other people, other stores kid better that aggregate number is so much stronger than anything you saw from target. I have to believe they went to walmart, best buy or costco but they sure didnt go to target. Were going to get more earnings as we shift from the