Something a little askew with the data. Consumer confidence coming in a little shy of expectations at 86. 6, down from 86. 9 in april, and a little lower than economists were looking for at 87. We will get to that data and what it all means for the economy. This is all still coronavirus data, and how much you can read into it is still in question. The first trading day in the united states, the s p up 1. 8 . Doing and leisure stocks well. The dollar index just a little like today a little light today. Crudee strong dollar, and oil is up 3 . Matt i almost want to ask how many years it took you to say leisure rather than leisure, but we will save that for later. Today. Big rally the dax adding another 100 points after a 370 point addition yesterday. To 11,500 as the stoxx 600, the broader european benchmark, get back to levels we havent seen since the very beginning of march. I think both of these indexes are back to levels we last saw march 6. In the pound, big rally against the dollar
Have a 6 pack show today so lets dive right in. And the United States has officially entered a recession in february of this year ending 128 months of economic expansion which was the longest run in more than 150 years according to the National Bureau of Economic Research now the announcement from this organization comes much earlier in a recession than they generally like the any b r wrote about the situation saying the unprecedented magnitude of the decline in employment and production and its broad reach across the entire economy warrants the designation of this episode as a recession even if it turns out to be briefer than earlier contractions now economists generally define a recession as 2 consecutive quarter months of 2 consecutive quarters of Economic Contraction g. D. P. In the us has already fell by 5 percent in the 1st quarter of this year and the economy is expected to climb by a steeper margin in q 2 of 2020 lets get some. Analysis on this and and the state of the economy
Us over time significantly closer to what i have called the pre covid inflation path while allowing us to monitor how some Key Developments unfold. Taking off british carriers hitting the top of the stoxx 600 as signs point to a recovery in the industry. Oil prices rising on the news opec and allies will meet tomorrow in a signal there may be consensus onextending outpu cuts a warm welcome. We are waking up a day after the ecb meeting. Lets look at some of the Market Reaction to the meeting. The euro has climbed to a threemonth high while italian bond yield on the back of the decision to ramp up the stimulus plan the euro trading about 11 basis points higher to 11347. The ecb will double its Bond Purchasing Program to 1. 25 trillion euros the ecb president Christine Lagarde ses they still face a contraction of 7 this year. They dont expect inflation to rise leaving it far below the 2 target she said she hoped the boosted bond buying will steer inflation back to pre covid levels collect
S officers says stimulus is on the way. Euro german bailout. A. M. Has just gone 6 00 in london. I am torn between the debate on whether the u. S. Chinahong kong it the backstop of central bank the narrative that drives this . Japan reopening, australia is reopening and normalizing as is the u. K. Good morning. Expectations of expansion of stimulus for june. They seem to be gaining some momentum. The market seems to be putting a side the u. S. And the u. S. China tensions. That simmers in the background. We still see this risk on an markets. And perhaps added to the story a little bit of optimism or less pessimism. Like the bailout and we getcept the news like the bailout of lufthansa. Futures pointing to similar gains that we saw in the euro stoxx 50. The 10 year treasury yields higher. Is above 34 a barrel. Iae saying demand could get back to precoronavirus levels. The number of coronavirus deaths in the u. S. Is nearing 100,000 344 global deaths around thousand. However, u. S. Presi
Up 2. 5 . T 28. 44, guy basically saying banks need to open get on with lending to firms. You want some of these firms to still be around to be able to start the economy. At the moment, there still seems to be a certain amount of difficulty in getting money out the door to the businesses that actually require it. Andrew bailey also indicating he sees nothing implausible in a drop,st for a 35 q2 gdp a massive economic hit coming for the United Kingdom. Yesterday, it be and confirmed that we will see another three weeks of lockdown in the u. K. Economy. We will talk about the input agents for the pound when it comes to that story in just a few minutes. European stocks are up on the week. Main markets up on the week as well, except for the spanish and italian markets, which are we getting. It is, as somebody put it a little earlier on, a day for dumpster diving, particularly on the ftse 100. Stocks. Ld is one of the we are positive on the day, negative on the week. As you highlighted, i t