The economy as early as next month. Almost 2 Million People have died worldwide. The imf and world bank prepare to meet amid the most down the worst downturn since the 1930s. The new reality of collapsed trade and mounting unemployment. Oily we are seeing reversing gains as much as a percent at one point in london. 25 , sames now down for wti. We had the reduction coming from opec and its allies are that would have been the sickest single largest in history. Goldman sachs but says it is insufficient. U. S. Futures gained at the open, reversing earlier prices. The nikkei futures also down 1 . We have markets closed on holidays including australia and new zealand. Global cases also affecting sentiment in the markets. Those cases rising towards 2 million with the United States the epicenter of you break after fatalities in the country surpassed italy. There are signs of optimism in the hotspots like new york. Lets bring in Sophie Kamaruddin with the latest. We have seen President Trump. A
President trying focuses on a new target blaming the extent of the pandemic on the World Health Organization and leaving chinas who by province after more than 2 months only to face quarantine in beijing. Hello welcome to the program the u. K. Prime minister Boris Johnson will spend a 2nd night in intensive care as he battles covert 19 foreign secretary dominic robb who has stepped in to lead government has confirmed that johnson is stable and has been given oxygen but is not on a ventilator in the us a medal has surfaced showing that a senior white house advisor warned that senior officials in the Trump Administration about the coronavirus as back as january france as become the 4th country to surpass 10000 corn a virus from a to deaths with 3000 people there have died in care homes since the start of the outbreak and the u. K. And the state of new york in the u. S. Have also both recorded their highest number of deaths in one day 731 people died in new york while the u. K. Has regist
Exception of the new zealand dollar. We see the japanese yen weakening a bit and the renminbi was in focus. To 1714. Nching closer 711 93 for your onshore. Bonds are mixed across the board. Australian 10 we are watching it was the rba announced not a smaller amount than expected. Seeing a little bit of a selloff when it comes to your aussie bones. Up eight basis points. Areomes to brent, we getting a little bit of a breather. Higher. A half percent we are hovering around 21 for wti. There is optimism President Trump is going to be meeting. Ith oil execs that is leading to some of the oil bulls to come back out again. Lets get the first word news. U. S. Intelligence is accusing china of concealing the true extent of the coronavirus outbreak. Underreporting total cases and deaths. We are told the public statements about the infection have been intentionally incomplete and the numbers are fake. Beijing has changed its reporting of people and added hundred 30 extra cases in the first day.
The s p is down 1. 9 . The only sector higher are the retailers, but in the s p, that includes netflix and amazon. Crude oil up . 43 right now, 1. 9 . The retailing index, up 1. 6 . Abigail doolittle is with us now for a deeper dive into the afternoon session. Abigail it is certainly a risk off tone with the across asset class check with stocks lower. A look at the major averages, the dow is down 2 , the s p 500 close. Interesting, the nasdaq is down just pointed percent after that big rally you were mentioning last week. The question is, is this healthy consolidation or the beginning of a swing back down to the sears lows this years lows . The russell 2000 also down 3 . That was the best performer last week. Maybe suggesting consolidation, but it is all about earnings, uncertainty about what the virus will do to earnings. Take a look at oil after the opecplus deal output cuts of about 10 . Oil is up 1. 5 . The energy sector, one of the better sectors. Those are the movers to the upsid
Businesses across the whole economy. Australias pension faces rising outflows as people are allowed to tap Retirement Funds to weather the fallout from the pandemic. Shery happening right now, President Trump speaking at the white house, saying that new infections remain flat across the u. S. Take a listen. Pres. Trump so we have nobody died and i said china, you cannot come in, sorry, because i saw what was going on. It was not so much what i was told, it was that i saw what was going on and i didnt like it. But, i didnt speak to tony about it. I didnt speak to very many people about it. What did i do . Ready . January 31, in the United States, not one person had died because of the, again, the wuhan virus. So, i issue travel restrictions on that date even though nobody died. I got brutalized over it by the press because i was way too early. I should not have done it. Brutalized by the press. I have been brutalized for the past four years. I used to do well before i decided to run for