Chinese demand levels almost at precrisis level. Time for todays market moving news from our washington and new york teams. We want to start with fed chair jay powells comments on the economy. In an interview with cbs, he expressed confidence in the recovery, but timing is still hard to predict. Chair powell the economy will recover. It may take a while. It could stretch through the end of next year. We really dont know. Michael mckee, International Economics and policy correspondent, has more. Was there anything new on cbs . Michael nothing really new, just summarizing what we already knew from the fed and from economists and disease experts. He suggested that what it is really going to take is a vaccine before people feel really confident and the economy can start to move back in the direction of where it was before all of this started. He said congress and the central bank may need to do more to keep us afloat during that period. Appropriate government policy could buy time for work
To the Drug Companies to even the tech companies. ,rude is above 30 a barrel 32. 22. Yield is at 68 basis points. At 7. 1270. An we have president xi speaking today to the world health organization. Coming up later this hour, we will be speaking with the ceo of moderna, which is reporting some good initial promising results for vaccine tests. Us atne bancel will join 10 30 eastern. Guy looking forward to that conversation. The market certainly responding to that. Mostin europe, the beaten up sectors are rising the most strongly today. You can see the mining stocks up by 6. 9 . Car stocks are up really strongly as well. They are all outperforming the stoxx 600, which is up a healthy 3 . The commodity story absolutely front and center, as a result of which we are seeing Commodity Currencies doing very well. You can see the aussie dollar trading up by 1. 15 . Up by 1. 15 . As you say, we are seeing rising around 0. 71 . Vonnie exactly. Chinese president xi jinping addressing the World Hea
Folks theally shows weekend that we go into, it is midmay. I believe the calendar says its may 15. Part of that debate is the tension about june being upon us and even beginning to consider july. What i notice in my friday reading is that there is, including mr. Macron, there is this huge attention about this pandemic forward. Francine it certainly is and how you distribute all the medication. Lets get straight to the bloomberg first word news. Bless you, tom. Good morning, francine, tom. China denying it try to cover up details of the coronavirus outbreak. Beijing says it did not know until january 19 how infectious the new disease was. China says they release that information the next day. Chinese the federal government is out with new guidance on how to reopen bars, restaurants, and workplaces. Of cdc has outlined a number steps, among them, including social distancing, and how to tect coronavirus cases. Germany has ended a historic recession with its biggest month in over a decade
That was a sea change over what we have seen the last eight weeks. Francine hyde park was definitely packed as well and on saturday. It kind of goes to the challenges the authorities have as you look at the infections in real time to see whether you can go back to full lockdown. This is what markets are trying to figure out as businesses are reopening but you dont exactly know for how long. Tom it is true, nation to nation as well. Brazil having a particularly tough go of it. Statistically there is much more we can talk about about the economics and financing and also how it all folds into this pandemic. German powell front and center on that chairman powell front and center on that. Right now with our first word news. The Federal Reserve chair says the u. S. Recovery could drive through 2021. He told 60 minutes the economy will recover steadily through the second half of this year, but he said a full recovery depends on people being confident and that may not happen until a vaccine is
Bedeviled the world and this could be a sign they had been long waiting for. Hope springs eternal here and you obviously need something beyond just phase two trials that look promise. Well get into that with a top doctor. Meantime look what is going on in wall street here and why everything is looking green thus far. Jackie deangelis on that. Hey, jackie. Reporter good afternoon, neil. Everything is green as you said. Moderna seeing a huge pop on this news today and the dow is up more than 800 points and the point here is weve been talking about therapies, weve been talking about treatments but there is Nothing Better in terms of reopening the American Economy than a vaccine that would prevent people from getting the coronavirus. That is why you have this kind of optimism today. Now this was data from a phase one trial as you mentioned. So it is still very early here but it does mean, that the company can move forward. It is saying the goal to get to phase three in july. If everything