Lots of earnings coming out. Ups is the latest. They are withdrawing their 2020 forecast for revenue, as well as eps, as we have seen from Many Companies trying to estimate the impact. Theirre withdrawing forecast. They are suspending the Share Buyback for 2020. We want to get you all of todays top moving news from new york and our london team. We want to begin with the volatility in the u. S. Oil market. Wti at one point falling below 11 a barrel. Bps ceo, after the Company Released firstquarter results which showed a 2 3 drop in profit. We have a situation where we have excess supply, and storage is filling up. Cushing is 70 full. People think we will reach completely full sometime in may. We are very fortunate to have a large trading organization, and they have been able to find a physical home for our crude, but not everyone is that fortunate. What is happening here is a very simple case of supply and demand, and the market really isnt going to find some stability until that comes
Good evening, everyone. This is bloomberg surveillance, im Francine Lacqua. The news flow is pretty terrific today. The coronavirus, the lockdown, the impact of our economy, and our hearts are always with the families that are rather losing loved ones are actually fighting for their life. This is what im looking at the markets. The next couple of weeks may will be rocky because a lot of the focus will be on earnings. So if im looking at stocks, they are up today. Up. Indices, futures also we really dont know what we get from this earnings season after the pandemic upended the global economy. The other story is oil edging up gold, slipping from a sevenyear high. We will get to more Market Analysis shortly. Lets get straight to the bloomberg first word news. In new york city is viviana hurtado. Viviana an extension to the bekdown, it is expected to announced later this week. The pm was discharged from the hospital. The uks chief advisor once the daily rate of deaths will continue to rise
But im good and im back. Tom we are thrilled that you are back, and this illness is something, whether it is the flu or covid or whatever. Betsy grace at Morgan Stanley yesterday, and she said she is focused on the original moment we had in earnings yesterday. We will see that with j. P. Morgan and wells fargo. As you mention in your opening, the major thrust here, country to country come is on lockdown, and if and when anybody can really wish country to country, is on lockdown, and if anybody can relinquish the quarantine on society. Francine we will have a full round down rundown on the possibility of a vaccination, but we are nowhere near that yet. We also have to look at antibody testing. Lets get to the bloomberg first word news in new york city with viviana hurtado. Viviana President Donald Trump hopes to reopen the u. S. Ahead of schedule. The president saying within days the administration will issue guidance for governors who want to relax social distancing practices. The pres
This is bloomberg surveillance. I am Francine Lacqua. A lot of thoughts on the markets. A lot of thoughts is not only on earnings and dividends but what we heard in the first trial of from gilead. People saying lets watch out for that. We could get something more. This is what your markets are doing. There is a left overall. When you look at eurodollar and thinks we have been watching. Gold down today. Gold is less high than it was two days ago. Nymex at 18. Lets get to new york city with bloombergs first word news. Viviana we begin with chinas economy in the First Quarter. For the first time in decades it contracted as the outbreak shut down large parts of the country. Gdp shrinking, 6. 8 from a year ago. This is the worst performance since 1992. Plunging moreo than 60 over that period. Here is the United States President Donald Trump outlining plans to restart the u. S. Economy. Some state employers are being encouraged to abandon restrictions. The white house has been eager to help
In europe. European stocks hitting a 20 bounce up from the bear market in 2020. A little bit of selling on the bond market as growth questions continue and Oil Takes Another leg lower. Lets get right to the bank numbers. Jp morgan shares up by about 2 . They reported blowout fixed income and trading revenue. With us now is Alison Williams is sonali basak. Sonali provisions for loan losses are really skyrocketing here, more than 8 billion expected. A lot of it is coming from the consumer business, where those provisions are more than 5 billion. On the other end of the loan but, we are expecting lower Net Interest Income this year. Also, as one would expect with lower interest rates, that would come into about 55 billion, lower than the 57 billion dollars initially estimated. On the bright side, we saw Net Interest Income for the quarter come in pretty healthy, and fixed income revenue beat by almost 1 billion. Trading was able to hold up. The question is, wasnt able to hold up well in a