Second half of 2020, there is an overlay of other stories. The pandemic story, at least in the United States, is truly front and center. I would also note the stunning close to equity markets yesterday. Call it window dressing on june 30, 2020, but we begin this july strong in the markets. Francine we certainly do. If you look at what the markets are looking at, and a lot of the focus is on the number of infections, treasuries slipping, and i am looking at a couple of Technical Glitches in europe affecting trading. We will have a full market roundup, but lets get to first word news in new york city with ritika gupta. Ritika good morning. Infectious diseases chief Anthony Fauci warns the u. S. Is going in the wrong direction. He said the country could see 100,000 new coronavirus cases a day, up from the current level of 40,000. Several southern and western states are seeing increases in infections, prompting some to put reopening plans on hold. A new poll shows 10 lead, joe biden over p
Our bloomberg voices are on the ground with all of this mornings top stories. We begin in japan, with efforts to calm the market jitters over the coronavirus outbreak. The boj says it will provide ample liquidity to ensure stability. Joining us is enda curran. It help to the market for a second. What did we learn . Enda it seems like it is part of a coordinated push by the worlds Central Banks. To be a g said they would provide liquid it the boj said they would provide liquidity and followed up by putting money into the market. It is important to also say what they are not doing. They didnt signal an Interest Rate cut. Interest rates are already in the get of territory in japan. They didnt indicate any outright easing. They already have a huge Balance Sheet from years of quantitative easing. It is in sync with steps being taken by others. It is more designed to ensure confidence than outright easing. Alix lets stay in asia right now. Global coronavirus cases are at 89,000. Indonesia re
Meantime. Of course, now we are a little bit unchanged, fluctuating between gains and losses. David but the nasdaq is holding up. Thisr i think big tech, is there opportunity. Ive spent so much time in san francisco. There was so Much Negative sentiment about big tech, but big tech is increasingly trying to become health care companies. We see that increasingly with the apple, for example. I think this is techs opportunity, if they can partner with healthcare, if they can really start to help out the public, this could perhaps be there moment to really shine and come through. David the violence hasnt just been equities this week. It has also been in bonds. Taylor that has been very volatile. I was making a note earlier that you have to get the liquidity in order in order to see any sort of small rally that we might be trying to get to within the equity market. The fed is trying to help that out, but you have to start to get to a point where we are not selling whatever we can instead of
Holding stronach bank of america reports tomorrow one of the biggest shareholders is getting more bullish. Ber shire seeking permission from the fed to boost stake in the bank beyond the 10 threshold. Did jamie and warren give the okay to ride the rally to new record highs why not those are the two. If knows two say its okay, who am i to argue with those two. Back to you. Back to you, mel. The jp morgan was quarter was fine and well talk about banks but put going in perspective and tangible book in jp morgan stock 120. Even i in my lame man can do the math and tell you tangible book its two times tangible book right now. That is a pretty big premium in this environment, i think. In erms it of mr. Buffett, he is actually sitting on a record amount of cash as well maybe thats why he wants to deploy to more banks but the indicator he mass looked at his entire career, the wilshire 5,000 over gdp in the united states. I mean that is flashing as red as maybe it has ever flashed ive been skep
Virtually all subpoena 500 sectors are down. S p 500 sectors. Thisjackie deangelis is here wat breakdown. Reporter good afternoon, neil. October has gotten off to a rocky start i would say. The fundamentals of the u. S. Economy had been holding up but the data is signaling that there are some cracks there. Today es nonism manufacturing number is important, showing slowing growth in the Services Sector. Reading of 52. 6 is down from 53. 4 in august. Fed cutting Interest Rates, reacting sharply, forecasting another quarterpoint move lower at the fomc meeting at the end of the month. The number is essentially neutral but it indicates sloyer growth here. We earlier saw a slip in manufacturing as well. You combine two of those things there is definitely a red flag. Meantime bed, bath beyond, increasing number of stores it is planning to close. In april it said it would close 40 stores. Now that number bumped up to 60. Retailing in general, 4600 store closures for the year announced by u. S.