Money away for loan loss reserves. Alison Williams Joins me now. What were some of your takeaways. [no audio] actually, we are still working on her audio, so lets go to Annmarie Hordern first. Part of what we heard was from fatih birol of the iea talking about how bad demand would be, despite any production deal. Annmarie some seriously drastic headlines out of the iea. The other part is what they are talking about what this means for storage. It is testing the logistic capacity to the limit. On the demand side, they see april serious demand destruction, down 29 Million Barrels a day. For the year, what that means is 9. 3 Million Barrels a day, the worst we have ever seen on record in terms of demand. What the opec cuts probably did was maybe pull us back a little bit from the brink, but not doing that much. You can see that with what is talking about in storage. They say that could be exhausted by the middle of the year. All of this putting downward pressure on the future prices. Wti
Moving news from all around the world from frankfurt, to london, taiwan, our bloomberg two iowa, our bloomberg voices are on the ground. Commodities leading the charge for the quarter. Here for more is bloombergs sonali basak. Income net interest coming in above analyst expectations is a great thing for bank of america because it shows the bank is doing what a bank should do. That is loan growing, deposits growing. Investment banking mergers and acquisition fell short than expectations, but we are seeing that across the board. We want to see confidence among corporate clients now that we know consumers are holding steady. Alix what were some of the worries through the quarter . Sonali the expenses were up, but bank of america was a costcutting story. Something we are hearing from all of the banks is the propensity to keep investing because the cycle is getting competitive at this moment. Alix thank you very much. Now i want to go to the latest on trade. President trump is ready to sign
Bit despite news of increased inventories. For the global exchange, where we bring you market moving news from around the world. Are bloomberg voices are on the ground with this mornings top stories. Da tart with e curran. Had positive signs since sunday, when the government said they would push through new oversight of ip protection, and they want to punish those who are guilty of ip theft. That was followed by some details in one of the state newspapers that china is also looking at the oversight of any trade agreement with the u. S. In ways of ensuring that any deal isnt limited. Then we had the news yesterday from the Commerce Ministry talking about reaching consensus on core issues. The moonbeams it is been nothing but positive in recent days, matching what is coming out of washington, though we dont yet have any further details on when or if an agreement might be signed. We have your minder did have a reminder on the economy when profit for industrial firms dropped almost 10 from
Some pessimism over in europe. The bond rally echoing what we saw yesterday in europe. Yields down by about four basis points. Bank earnings are kicking off this morning. Beats onp reporting everything except equities and trading. Sonali they did not be dont Equities Trading, but they did beat on fixed income, so that is good. They want to be the number one Equities Trading shop, so not beating there is not a great sign. Average loan growth a little sluggish. Jamie dimon put some notes of caution in the initial statement, saying that Consumer Sentiment might be strong, but generally a lot of weakening sentiment here. In the initial statement, they dont give the outlook for Net Interest Income. However, if they revise downward once again, they already revised downward last quarter, that could be a big deal as well. Alix Net Interest Income is 14. 23 billion this last quarter. Walk us through what we did now. Billion . Ed it to 57 to 57. 5he revised it they revised it from 57. 5 billion
Thats a nice beat. Alix this looks pretty good. David therefore, the premarket is down. [laughter] alix maybe it is capex . Like you mention, monetize a bull daily active users beat. Bulloks like monetize a daily activele users beat. David theyve been doing a good job getting more money in the door. They still got a ways to go. 2 3 of the rate of they look like good numbers from twitter. Alix joining us now are evan brown, ubs Asset Management head of macro, and bloombergs paul sweeney. One of the big issues for twitter really focuses on ly activea bull dai users, the people that come back every single day. Thats what advertisers want. Twitter cant really compete on t versus the facebooks versus the facebooks of the world. Thats the kind of metric twitter really taps to advertisers. Ared one thing people looking at is geography. They had really favorable numbers in japan last year. It is expected they will be under the number this year in the u. S. Paul they make so much more money off