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Will accept junk, recent fallen angels as collateral. Time now for todays market moving news from brussels in new york. We want to begin in europe, where the pandemic drove the economy to a record slump in april. Pmi Area Services completely decimated, falling to 11. 7. Manufacturing also dropped to 33. 6. Bloombergs maria tadeo joins me from brussels. Maria what you are seeing is that the Coronavirus Crisis is going to do a lot of damage to the european economy. [indiscernible] brussels tell us they do anticipate a contraction for the entire euro area. This is potentially huge. Youre seeing again the European Central bank stepping in to try to shield some of those markets, in particular in countries like. Taly ,he other side of the equation what exactly are european leaders going to do to help the ecb, to put more ....
Jobless claims, though, 4. 4 million, bringing the total to 26 million over the past five weeks. Oil bounces, and the european pmis remain historically low 16 in france no, 10 in france 16 in germany. Jim, though, your tone this morning is relatively hopeful. Look, i am a creature of who reports and what they say. And i can literally i find it hard to remember as Many Companies as saying good things, even as obviously were in nidest of a pandemic, and i dont think theyre all clockeyed optimists. These are large cap companies. These are not the companies that the government is trying to protect. These are arguably the winners the companies that are going to get stronger i listened to lee, and Lee Cooperman was talking about what its going to look like on the other side i look at my desk. I have reports everywhere here these are all companies that are going to come through with ....
Only given consideration to more recently because of the phenomena. Well end up meeting the ceo a couple of months or whatever after we have made an investment it puts greater burden on us for Due Diligence and for the backgrounds of the people who are involved and the experience. Its probably going to end up with some good results actually. Thats interesting. Weve had some discussions on air about the degree to which lack of persontoperson meetings means can you close on a house, can you close on a transaction, but youre saying its not necessarily a deal killer it definitely is not. I think that will be for early stage companies. The Later Stage Companies where theres more substance involved and theyve been around longer is a bigger problem. Were in the early stage, a round, b round, period i think well have less of a concern about that we also obviously are focused a ....
Keeping an eye on the treasury market, the 10year right about 0. 638 for that yield. Right now time for the squawk planner. The American Economy has lost about 8. 8 million jobs in the last three weeks economists are expecting the loss of an additional 5 million. Well get Housing Starts data with a decline of 15 for the month of march we have a big lineup of guests starting at 6 30 eastern with black rocks larry fink. We also have ken fine berg, dr. Emanuel, barry diller and House Majority leader mccarthy coming up and cases to top 2 million u. S. Cases top 640,000 new york cases over 21,000 new york governor now squarequi people to wear a Face Covering when out in public that takes Effect Tomorrow becky. Joe ....
Shutdowns until at least may 15th we have a great lineup today. In just a few moments, well speak with Patrick Harker about what will take to get the economy back on its feet and later, Alexis Ohanian will join us hell talk about his investment in a company thats help iing Small Businesses navigate the loan process, which is one of the issues lets focus in on the stories we are watching in this final hour of trade wilfred of course covering the bank earnings. Morgan stanley the latest. Meg has new details on testing but well begin with breaking news out of washington where President Trump is expected to meet this hour Via Teleconference with governors. What are we expecting here that conerer sags is abou ....