Not a pretty chart. How concerned is the governor of the bank of england . Governor is extremely concerned. We also had forecast this morning from the ob are, the fiscal watchdog, suggesting unemployment is going to remain extremely elevated and is likely to rise into next year. That will make the governors job in the chancellors job very difficult. The real question is, where does the stimulus come from . Does it come from the treasury in westminster, or does it come from the bank of england . I suspect it will be the bank that does the heavy lifting, not the treasury. Both will have to do some, but the onus is going to fall on the governor. Tom this is the theme of surveillance today. Now that we drift to the end of july, the middle of july, we begin to see gdp data from may and june, the change to Political Economic dialogue. In new york city without first word news come here is ritika gupta. Ritika good morning. Vice president mike pence told u. S. Governors to protect their citize
In the last 10 days. The u. S. And china trade new barbs. Washington rejects chinas claim to the South China Sea. Top u. S. Senators are facing mainland sanctions. Haidi u. S. China sentiments dominating again with the grim overlay of rolling back restrictions around the world. This is how we are shaping up when it comes to u. S. Futures contracts, up by. 2 after what was a truly volatile session. We had the s p 500 touching levels prepandemic and we also have the nasdaq hitting a fresh record before finishing in the red and we spoke about tesla being a huge part of that tech eventual close lower. Nikkei futures up by. 2 percent. Sydney futures escalating in the red, point 8 lower, looking like a set up of. 5 lower, this as we are expecting an announcement today that the fed of New South Wales will ease back those restrictions when it comes to indoor gatherings at pubs after cases coming from the pubs. It is now over 20. New zealand trading modestly higher, about. 25 . Some significant
The s p 500 has climbed all the way back from down 2. 5 to flat. A little bit of strengthening from last week in the dollar index, but weaker on the day. The 10 year yield at 69 basis points. And a little return to climbing higher for crude, but it is lower on the equity downdraft. Halfway into the trading day, lets go to scarlet fu for more details. Scarlet you mentioned the paring of losses. Futures, the s p 500 futures have almost wiped out its early decline. And we are looking at that in the cash market as well. Of what is in leading things higher, Consumer Staples are doing the best in the s p 500. Names like kellogg and campbells, a clear sign of the risk off safety trade, even as we see the Overall Index make a comeback. And the tech heavy nasdaq 100 extends its top performance, 5 shy of a record high. Last week, we saw it the s p 500 by the most in nine months. Small caps are holding up better than the big caps, thanks to health care names like bbi vaccines, working on a covid
Or was it the real economy rearing its increasingly ugly head every day that the average goes down, the dow slipped 102 points, s p shed 7 p. 8 , are we having Great Depression style unemployment 38 million jobless claims or another garden variety sell off in the wake of another major rally . Ill give you a hint its not the economy driving the bus. I know the markets incredible rebound the last two months seems totally out of sync with whats happening in the rest of the country. Wall streets become divorced from main street and were told thats unsustainable the thing is im not so sure this morning on squawk on the street, i kicked this idea around with david faber and carl quintanilla. David was incredulous i thought we were seeing a garden variety selloff, not some reckoning mass sell off in unemployment. Another 2. 4 Million People filing for jobless benefits this very week. Remember we get those claims thursday morning lets start with the positives that help stem the bleeding today
World Health Organization wants a pandemic is getting worse but says there is still hope to change its trajectory. Also the u. S. Secretary of state makes a brief visit to afghanistan seeking to salvage a deal between washington and the taliban. Mozambiques army battles fighters in a northern town close to a 1000000000. 00 energy project. To italy has reached another grim milestone in the corona virus pandemic the number of dead now exceeds 6000 and that is almost double the number of deaths recorded in china where the virus originated another 602 people died in italy in the last 24 hours compared to 650 from the previous day the country has been reporting a smaller day to day increase for 2 days in a row nearly 64000 people there are now in. Acted hundreds more people have also died in spain or thora to report 460 new fatalities pushing the death toll to more than 2000 the state of emergency has been extended and foreigners are being banned from entry in the United States the number o