Talking more stimulus. Then you have the cable rate. A lot of extension for benefits and the u. K. The cable rate does not move. It is a consistently stronger dollar. Same thing for the gilt market in the u. K. As well. Crude also going nowhere. The real action is in the equity market. Lets dig into that top story in europe. U. K. Chancellor of the exchequer rishi sunak planning to rescue millions of jobs at the coronavirus threatens to derail the u. K. Economy. I know people are anxious and afraid and exhausted at the prospect of further restrictions on our economic and social freedom. For at least the next six months, the virus and restrictions are going to be a fact of our lives. I cannot save every business. I cannot save every job. No chancellor could. The government will directly support the wages of people in businesses to face depressed demand the option of keeping employees in a job on shorter hours rather than making them redundant these are radical interventions in the u. K.
Discussing the draft law on sunday. It is scheduled to end on tuesday. It is aimed at cracking down on antigovernment activities in hong kong and lays out four criminal acts that beijing says threaten the country. They are advocating secession, subversion, terrorism, and collusion with foreign or external forces. It also stipulates the Chinese Government will set up a National Security agency in hong kong that may exercise jurisdiction in certain circumstances. Provisions of the proposed law have yet to be disclosed. Hong kong media reported it could carry a maximum penalty of life imprisonment. After being approved the legislation is expected to be promulgated by the hong kong government. Concerns are growing among hong kong residents and the International Community that the one country two systems principle that guarantees a high degree of autonomy for the territory could be destroyed. The Chinese Government announced a countermeasure against the united states, saying it will impose
Public to make Public Comment. Members of the public may comment on the meeting during Public Comment meetings inperson or remotely. The common line is provided a a courtesy. Inperson Public Comment will be taken first. Comment line, pardon me, is printed on the agenda and the information should be scrolling on the screen w. That, are there any communications. I do have one, if there is i just want to say thank you for your service. This is your last meeting with us, before you take on your new assignment in tc. Thank you. Thank you for all that youve done and best wishes on your next chapter. Thank you, chair g and thank you to all the directors for being so patient while i was in training, apparently the training went well. And thank you for your laider ship. Its been great. So in exchange, can we have have another thousand. All right. All right, if there are no other communication, i will check the room for Public Comment. Seeing no Public Comment in the room, i will check online. A
Bloomberg daybreak europe. From hearing the city of london. Im anna edwards. Lets start by talking about oil. Its been very topical in the last 24 hours. Brent dropping below 45 of arrow, now in bear market territory. What does it do to all the Central Banks . Oilstocks are reliant on revenue. Lets talk about where we been on the inventory story. Too much oil seems to be the basic headline. We are stuck in his air market. Crude inventories slid last week , and thats what you see in the blue at the far side of this chart. But inventories remain above their fiveyear average. 100 Million Barrels above the fiveyear average and u. S. Production is at its highest level since 2015. Opec is aware of this, according to our grant. Consensus is difficult. Radar and at the risk you will see that it looks a little strange if youre expecting the oil story to be rid large across markets right now. Were expecting u. S. Markets to open pretty flat. If you look at the s p 500 energy index, the top perfo
Recession because in case you didnt hear in the First Quarter, the economy contracted. 7 . I think you know the drill. You have two quarters like that you are looking at a recession. Most economists dont think were going to look at another quarter like that the present quarter will be stronger than that. Not everyone is sure. Gary says americans should be weary. Ty young says no reason to be so panicked. You know how we started off, well telegraphed, gary you say this could be a trend explain . Look the big worry is simple. Weve had seven years of 0 Interest Rates and the printing of 15 trillions of dollars to bring them down and this is all were getting . And keep in mind this number included a big inventory bill, would have been a lot worse, and you combine that with the fact that oil prices have dropped in half. If this is the best number we can get, i think theres a big worry Going Forward and i have to add one thing im watching the transports here theyre underperforming badly and