Today toe all of you extorting there news flow. An to an extraordinary news flow. An election in five days. Markets, there they are, and reversal. You see it in the futures of the s p 500. Jonathan we are down five on the s p 500, 0. 2 . The bounce in europe was never convincing, and the bounce in the United States has not held up. Eurodollar clinging to a 1. 17 handle. The ecb is getting what it once for all the wrong reasons. A weaker euro for a fourth straight session off the back of more restrictions in germany and france in the past day. A 1. 16 handle, that will be symbolic. Of course, distracted by the death in nice. Lisa abramowicz, what was so clear yesterday was that the bond market did not move, and that it did. Lisa to me, this is the story of the week. Weve got very hardcore risk off in response to very real threats of a widening pandemic. Treasuries are not the hedge they used to be. Yields rose yesterday, which is exactly the opposite of what they traditionally do when s
As they transition. Why not just pass these few targeted essentials to keep america going and get through this difficult pandemic period . Why not . Jon do you have a deadline for these negotiations in mind . Larry no, i do not have a deadline in mind. I am not speaking for the Senate Republican conference, but i do not think mr. Mnuchin or mr. Meadows or President Trump has a deadline in mind. President trump has said numerous times he will go further than some people in the senate. I think that has always been a slightly encouraging position. We are willing to do business. You larry, can i say thank and i apologize for my persistence but i think these are important issues. Larry as a former broadcast anchor, i understand the business and a professional is a professional. I salute you. Jon larry kudlow, thank you so much. Send our best to the white house, the president and the first lady. David from bloomberg World Headquarters in new york, i am david westin, welcome to balance of pow
Really settle this morning. Ive got to go right to the deepest market exchange. The Dollar Strength is really resilient. Jonathan the treasury marketjonathan not doing what the treasury market would typically do in an equity downdraft. So many people have come on this show talking about it. There it is, the 10 year yield doing nothing. Your yield, 0. 67 . You could clip that, repeat it, and it would have been true for the last five days. Tom when you intrude into market spaces, markets dont give you signals. Ive been surprised by it. The completeness of the bond market and this lethargy has been extraordinary. It is where the bond market gives up giving signals. Jonathan the data 90 minutes away in america. Lisa we get a sense of how much momentum is flowing down in the u. S. We get the latest reading on initial jobless claims in the United States, and continuing claims as well. More discussion from jay powell and steven mnuchin, asking for more fiscal support from washington. The mark
Each year. We are thrilled francine could join us on the simulcast because we actually got lucky with what has happened with the scheduling. In france, with some shockingly weak Economic Data. Francine this is pmi. What a delight to be spending four or five hours together. I think they are trying to see who breaks first. My money, i dont know if it is on me are you, actually. We will see after the second hour of the simulcast. France coming out with pmis that were pretty terrible, and that has taken the market by surprise in europe. There was that and germany. Both leaders saying they are hoping not to go into full lockdown again. I know you are also watching the u. S. Postmaster general testifying to the senate. It has really captured the. Magination of europeans tom weve got to postmaster general testifying today, and the huge backstory is do they fold the post Office System challenges into further stimulus. Jeanne zaino made it very clear it is to mr. Trumps benefit to have that dea
Tuscany. Off, somewhere outside toledo. So Francine Lacqua joins us. That is not toledo, spain. Outside toledo, ohio somewhere. I want to get to the data in a moment, with markets moving. Futures 21. I would say this has really this is really jump circuit by the french pmi numbers. Why was this a surprise . Francine i was reading the breakdown. The sharp slowdown is basically driven by services. It shows that the escape from recession wont be flailing like some economists thought. Guess it is partly seasonal i would also point to the fact that infections are rising quite significantly, especially in france, germany, and other countries. Leaders are saying they dont want to go back into lockdown, especially when you look at these pretty terrible numbers in terms of many factoring pmi, but also services pmi. It might also be difficult not to preimpose measures if the number of people getting infected does rise. So it will be a complicated quarter going into the winter months. Tom a massi