Rates on hold at one quarter of 1 . The rbnz saying they are going to be they are committed to reviewing their quantitative easing program. The policy committee reached consensus on this decision. They are saying they are prepared to provide additional stimulus as is necessary. All the economists we talked to the benchmark Interest Rate in new zealand staying on one quarter of 1 . Little to no reaction on the new zealand daughter new Zealand Dollar. 64 u. S. Cents. Tom lets get some of the views from our guests at the bloomberg summit. Sharing their views on the prospects of a recovery from the pandemic. I do not think anybody can be confident with the kind of uncertainties that prevail. I would put say is my odds on a v shaped recovery. How we are going to share the burden in a credible way. It is not just financial and fiscal support. It is also regulatory charges we have undertaken to support the economy. As recently as early april, i saw china could only i thought china could only
We are looking at a contraction for the year between 1 and 4 . Looking at where china is, reality starting to bite, trading lower right now. Pmi front and center. Chinas economy has been damaged. A lot of the world still is shutting down. The downward revision in expectations may only be just beginning. Nikkei, lower by 4 . Jitters also there in the market. For globalmism governments to cushion the blow from the coronavirus outbreak. Lets flip the page, take a look at where we are in terms of the dollar. Easing a little. Theaussie below 60 to dollar. Is,ng a look at where crude down by 1. 5 there. Traders weighing the extent of against the 2 trillion stimulus package. The oil glut meaning we are running out of space to store. Yvonne things turning south now. It was after we saw global stocks register a rare back to back again on wednesday. Asia looking mixed. Japan seeing substantial pressure now. Lets get more context with david ingalls. Things are starting to turn a little to the dow
And their currency is under siege. Our problem is a Federal Reserve too proud to admit their mistake of acting too fast and tightening too much and that i was right. They must cut rates bigger and faster and stop the ridiculous quantitative tightening now. Which gets us to the markets this morning, jim. We have been talking about negative rates, they only continued to worsen. It is a strange phenomenon to be sure but it is also a worrisome cycle people believe because you have negative rates that auger for weaker Economic Growth or a lack of growth you have what are it becomes selfreinforcing you have the global coordinated monetary easing going on right now. And you have the first time people talk you about the possibility of rates here falling dramatically from where they are now have you ever seen a ten year whipsawed as much in yield in the half hour period as we did this morning almost as if someone wants to get ahead of even lower yields there is a big short position in bonds. Th
Referendums on leaving the European Union never get to leave the European Union is that what the florence speech is very much i mean look today is a great day for westminster its a great day for the Political Class great day for Goldman Sachs great day for multinational business because effectively what the Prime Minister is saying is were going to stay a full member effectively of the European Union for a further two years and its a two fingers up to the seventeen point four million poorly educated unwashed voters that voted. To go to poorly educated but thats what theyve told us thats what theyve told us all the way through weve been told but as voters with stupid with pig ignorant we dont understand the real world and this is the establishment trying to regain control ironic that it wont even be enough as regards your european bureaucrats in the negotiations anyway well thats the point isnt it but if. By saying well pay twenty billion pounds over the course of the next two years tha
They can delay this is long as they want we are going to leave at some point in time the will of the british people is strong and we are going to leave what i dont want is this for this to drag out for year after year after year and it looks now little be at least five years. Before anything fundamental changes the same old german chancellor arguably so it may not happen it look if theres if there is no hope if there is no hope of getting any reasonable position coming from brussels then the time comes for us to say you know what this is a farce theres a great big world out there theres america australia india heard those things but it didnt even shock you that there were proposals for a single European Military and compulsory your joining in the past few weeks i thought your speech was pretty extraordinary last week i mean i mean this is a full state run from the. Taking even you thought. Oh even i said i did say to mr gore afterwards had actually done us a huge favor because now ever