Hard to make anything of any positions being taken into the weekend, were something good or bad can end up happening. Time for todays market moving news from brussels, as well as our new york teams. Europe, approving a shortterm deal. Ombergs part two bloomberg spoke to germany z for president to spoke to germanys you for germanys ifo president. If things shut down again because there is a second wave, that is catastrophic for them, so that is something that needs to be avoided. Maria tadeo joins us now. Maria european leaders met yesterday. They came up with a shortterm aid package, but the question is what we are going to do over the long term. Get any clarity yesterday. That is being reflected in the Market Action today. Any specifics on the amounts. Theres suggested that it could be one trillion euro up to 1. 5 trillion euro. Some argue this should be done through transfers. The countries that are on the weakest right now would say they want to see the bulk of it being done in tran
The dollar index is above 100. Crude is trading at 1. 30 right now. Europe, guy. Vincent lets take a look at what is happening here guy lets take a look at what is happening here. As you can see, it is down heavily on the day, but still trading at 20 a barrel. Down by 20 on the session. We are hearing the currency effect coming through. One of those is the norwegian krone. The dollar benefiting as a result. Copper trading sharply down as well. We are seeing this bleed into other parts of the commodity space, as a result of which the lead sectors down are the oil and gas sector and the mining sector. European equities down by 2. 37 at the moment. Every single sector in negative territory. Vonnie a rough day, for sure. For more on the ripple effects of the oil selloff, we are cibcd by rebecca babin, private wealth senior trader. Anticipating that it would run out of shares, waiting for the sec to issue more. What do you read from this . Should we think of it as having wider implications
Reports out of earnings. Some ceos talking about china being slow to recover, for example. Seeing the pace picked up at a very slow rate. We also have the Economic Data this morning, personal spending down 7. 5 in the united states. Compoundingdp data yesterday. That said, the 10 year yield us to let 60 basis points the fed and the ecb are doing all they could possibly do to keep the Financial Markets working. To point out. Ocks tesla up 4. 3 , just one exhibit 11 Earnings Report investors were cheered by, even though there are plenty of challenges facing tesla ahead. Twitter reported advertising revenue down about 1 4, and even though monthly and daily subscribers are up, the advertising revenue is very concerning to investors. That stock down more than 5 . Lets talk more about the ecb. The central bank is absently front and center. The data out of the euro zone today, 3. 8 in the First Quarter, the fastest contraction we have ever seen. The ecb now seeing a series of longterm loans f
Of people. Much like us, advantage with jobs, but the United Kingdom request of aid is extraordinary, the size of people struggling. Francine that figure which you say is very much like we are seeing in the u. S. , was quite shocking. We know this is big and millions of people are losing their job, but the government saying 66 of businesses have asked for Government Support to pay wages. When you look at what Central Banks can do and this was clear from jay powell yesterday if you look at the stimulus they are putting in place for the recession are when the pandemic is here, now, and the second phase when a recovery takes place, three months, six months, even longer, what kind of tools and stimulus support will need then. Tom it is absolutely fascinating. ,or those waking up in america i cannot convey that rotation of earth and data coming out of asia. Data hasy of european been absolutely shocking this morning, and we will give you a brief on that. Us Nouriel Roubini will join and we
Economies trying to rio, maybe not reopen, maybe not straightaway, but starting with france in phase two and starting phase two on may 11. There is hope we have bottomed out when it comes to the economic crisis. I am seeing euro movement. Here is viviana hurtado. Viviana the white house is backing away from a projection that shows the coronavirus out rate getting much worse in the u. S. And says by june there could be 200,000 new cases and 2500 deaths per day. The white house says that is a cdc document that has not and presented to the president. Neither allies nor opponents are happy with Boris Johnsons coronavirus plans. Lawmakers from his party want him to ease the nationwide lockdowns. Propernions demand protection for employees. Three months to fix it 3 trillion wanted tate of easing Program Quantitative easing program, this from the German Constitutional Court to the ecb. Claim the bank overstepped its bounds. Oil on its longest winning streak and nine months. For the fifth day