We will begin, though, this morning with of course stocks, futures indicate an additional testing of that 3220 level on the s p. Were also talking about the possibility, however remote it might seem, of a relief package coming out of congress,given some conversation, jim, between secretary mnuchin and Speaker Pelosi do you think there is a chance i know that they both care passionately about Small Business if you look at the testimony yesterday by secretary mnuchin, he mentioned restaurants a couple of times. Thats where the yelp numbers that we get, yelp yikes is our vc, where the real damage s youre starting to talk about 50 of the bars and nightlife being closed in this country, thats way too big and i think that the secretary is really alluding to that david, do i think there will be a deal i think there is a sense that both sides feel a deal is bad for them, in other words, if they give if theres a stalemate, they will somehow do better at the election i dont think thats true, but
Terrible composite pmis from the region. Oil continuing that recordbreaking rally yesterday. Some delegates a little bit more optimistic about getting deals done. Now i want to update you on our top stories from our new york team. We want to begin with europe. Thentioned the economies in slump of unprecedented scale, pointing to a contraction of about 10 . Bloombergs Michael Mckee joins us with more. Good morning, mike. Michael we are getting to the point where Economic Data are almost irrelevant to investors. Yeah, it is terrible. We know that. Weve traded it. Thats why you are not seeing a huge reaction in equity markets in europe because it was largely expected. It is sort of exactly what you think wouldve happened. Services pmis and composite pmis just falling off a cliff. The story in spain and italy there, but also france and germany. Those economies have basically shut down. Economists try to put a number on what that means, and that is where you get that 10 contraction figure,
Thats important to all of us that are here and so many of our colleagues. Information is power today, and we see it all over the globe when its used improperly it is used as a weapon. Democracy requires wellinformed electorate to function properly but to undermine the principle through socalled Disinformation Campaigns designed to mislead voters and in doing so delegitimize the democratic elections. Actors like russia systematically exploit the media and to distort the truth to an unsuspecting populace with regards to the coronavirus and this information is being spread is a high degree and anonymous and again if left unchecked it could be devastatingly effective. I established this organization it could help lead to the global disinformation effort and work with International Partners. The Bipartisan Legislation within the state department is now the law and to get it up and going we will hear more about that today but we are pleased that we are making progress. They lead, synchronize
Its just gone now i am here in moscow this friday the 13th of march going to keep me company as we talk through the biggest stories of the day so far. Starting with this one u. S. Stocks plunged on thursday to the lowest in decades the Federal Reserve moved to pump in emergency loans to ease the strain as investors fled over the impact of the coronavirus demick the benchmark Dow Jones Industrial average fell 10 percent in a single day marking the biggest decline since black monday with a way back in 1907 other major american in dixies also closed significantly lower donald trump gave a wrong Oval Office Address to the nation but failed to calm investors nubs about the economic damage kovac 19 is causing. This is not a financial crisis this is just a temporary moment of time that we will overcome together as a nation and as a world todays boom bust gathers expert analysis to try and map out why the stock market rollercoaster is heading as well as covert 19 another factor of course up pl
[inaudible conversations] thank you very much for being here and i particularly want to thank chairman barrasso because he allowed us to have the subcommittee hearing and for me to chai chair if this is a discn thats important to all of us that are here and so many of our colleagues. Information is power today, and we see it all over the globe when its used improperly it is used as a weapon. Democracy requires wellinformed electorate to function properly but to undermine the principle through socalled Disinformation Campaigns designed to mislead voters and in doing so delegitimize the democratic elections. Actors like russia systematically exploit the media and to distort the truth to an unsuspecting populace with regards to the coronavirus and this information is being spread is a high degree and anonymous and again if left unchecked it could be devastatingly effective. I established this organization it could help lead to the global disinformation effort and work with International P