Will accept junk, recent fallen angels as collateral. Time now for todays market moving news from brussels in new york. We want to begin in europe, where the pandemic drove the economy to a record slump in april. Pmi Area Services completely decimated, falling to 11. 7. Manufacturing also dropped to 33. 6. Bloombergs maria tadeo joins me from brussels. Maria what you are seeing is that the Coronavirus Crisis is going to do a lot of damage to the european economy. [indiscernible] brussels tell us they do anticipate a contraction for the entire euro area. This is potentially huge. Youre seeing again the European Central bank stepping in to try to shield some of those markets, in particular in countries like. Taly ,he other side of the equation what exactly are european leaders going to do to help the ecb, to put more money on the table and also protect their own economies . There has been a lot of backandforth. Perhaps a 2 trillion euro package. But all of this is still very much in the
Debt as collateral for loans as eu leaders meet today to discuss a 2. 2 trillion revival plan. Loan provisions jump at Credit Suisse as the lender builds reserves to withstand the coronavirus pandemic. We will speak exclusively with the banks new ceo just after 9 00 a. M. Hopes forrs crafted higher profit in 2020. And the earnings deluge continues. Revenueetting hermes out, down 6. 5 percent, which does not seem quite so bad all things considered. Anna we are getting numbers out of unilever as well, so the earnings daily continues. Things not looking great for unilever. Delucia the earnings deluge continues. Growth of zero, so 0 . The estimate was of an increase and itr just over 2 , seems on pricing and on volume they missed estimates. Pricing looks to be lower than estimates and volume looks to be lower than estimates. That seems to be where we are on the top line. They are also saying they are withdrawing their previous 2020. Uidance First Quarter underlying sales slack, as i mentio
basis points in the u.s.. 1.59% is how we print on the 10 year. time now for global exchange. we will bring you today s market moving news from around the world. our bloomberg voices are on the ground with this morning s top stories. in china, cases of coronavirus are soaring overnight, jumping by almost 15,000 after the epicenter of the outbreak revised its method for counting infections. joining us from hong kong is rishaad salamat. walk through what we learned. rishaad: we ve got 60,000 cases the 254 person death count extra now. what we have is a situation where we had this huge revision taking place, and then a few hours later, the top bosses in hubei province were replaced. the party secretary replaced by the mayor of shanghai. not just that, but also here in hong kong, we have the macau and hong kong affairs department boss also replaced. it is being seen by some as a bit of a reset. people look to what is going on, and are questioning whether the veracity of the data
nejra: welcome to bloomberg daybreak: europe. we get straight to a redhead line crossing the bloomberg. exit accepted the resignation of tidjane thiam. will the covering that battle later on. they are appointing thomas as ceo. top as thethe program has been moving forward. , unanimously accepting the resignation. we are seeing red on the screen seeing red on the screen. pullback. 10 year yields are flipping as well. yield is on a 1.6 to handle. markets are out with a note saying the bid for the yen is not as strong as previously. yield, at the 10 year ken griffin is calling out the markets, saying the risk is grossly underpriced. we are filing deeper. an additional 41 coronavirus cases on a quarantine cruise ship. beijing has ramped up efforts to contain the virus that has claimed over 630 lives in the country. we spoke lucidly to china s ambassador to the eu. epidemic will affect the economy in china and the world. the effects will be limited and short-term. nejra: joi
resigns. the board backs the board in the power struggle as chaos continues. global stocks stall after the s&p follows to fresh record highs. has 41 moren coronavirus cases. softbank searches as activist investors build a stake. plus, uber forecasts profits by years and. another potential boon to masayoshi son. get back to our top story. is suisse s ceo will step down following a power struggle between him and the chairman ernst wrona. joining us with analysis is our finance editor. this resolves what has been a tense time for credit suisse trying to put the spying scandal behind them. that s the big question. does this resolve the scandal or just stretch out? that he was more involved in this than the bank has said before. him twice, buted swiss regulars are looking into themselves. matt: when you are the ceo, the buck stops here. human if not behind it, you need to take responsibility for the people you put in charge of these kind of things do. what do we know about tho