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Territory. We will see how long that lasts. A strengthening dollar today and treasuries at around 63 basis points for the 10 year yield. European markets are returning today. The ftse 100 was the only one open on may 1. The rest were closed. We went lower the first thing this morning. The ftse opened and was trading higher, but all of the others lower. Out of the gate as you say, we got a stronger teller today. A big move coming out of the ecb tomorrow sorry, out of the Constitutional Court regarding the ecb. We had some really poor Economic Data out of the manufacturing front in europe as well. The italian 10 year selling off just a touch. Brent crude up by 1. 21 . Climbing init risk europe unbidden mounting economic concerns over u. S. Suggestions that china hid the severity of the covid19 outbreak. A sickly escalating rhetoric, which is being a little bit aggressive t ....
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 ....
Now, coming off highs of the session. Heres probably why. We have a delegate from opec saying that the outlying deal is just for about 10 Million Barrels of oil a day output cut. About a halfhour ago, we got reports that it could potentially be 20 Million Barrels of oil a day. 10 was the bare minimum that the market was actually expecting. The opec meeting is getting underway now virtually, so we are waiting for more details. Who cuts, how much, when . There were reports you could see 4 Million Barrels from saudi, 2 million from russia. If you get to the total output of 10 million, ok. You could get some kind of floor may. In other areas of the market, the s p on pace for its best week since 1974. We can thank the fed for that. However, take a look at what is winning, utilities and real estate. The dollar is rolling o ....
Back of that data. Refinery utilization was positive by 1. 4 . The market was looking for that to go into the negative by 0. 5 . Crude Oil Inventories rising by 415,000 barrels only last week. Gasoline inventories was a drawdown of nearly 2 million barrels. Lets check u. S. Markets more broadly. The major indices are really unchanged, but we have a few major movers, including viacom cbs, which disappointed in its First Quarter as a combined company. Investors are really punishing that stock. Guy a bit of breaking news, the unicredit boss looks like he is emerging as a potential hsbc ceo to get the job. Remember, noel quinn currently yethe interim ceo at hsbc, the interim ceo putting out a is involvingk that deep changes in the way hsbc runs its business and potentially a retrenchment back to the middle east and into asia in particular. He thousand jobs potentially going even ....