And lisa abramowicz, im jonathan ferro. Is one of the worst charts in the world. With the Stoxx Bank Index hitting a record low, you wonder where that folds into the system. Jonathan theres a line i remember from the former ecb president mario draghi, when he turned around and said rates have to be lower and out to be higher in the future. It was 2014. They just went negative. They are still there. Will we generate an economic recovery on the continent that leads to higher Interest Rates . The answer right now is not any soon. Tom bring up that chart. It is really an elegant chart. This is the thing that we were talking about. It is the xaxis of all of this. Whether it is the european back malaise pushing back 12 years, even 14 years, it is the duration of these agonies we have to focus on. Jonathan weve just never recovered. This week, the equity benchmark , the daxurt, germany since then, we are down, we are down almost 6 . Tom how do you measure the mystery of what is going on and w
Back to the office. Jonathan ferro, Lisa Abramowicz and tom keene. Justews flow this morning in this hour is extraordinary. We are going to take time with david coston on the equity markets. Just importantly, lagarde at the bottom of the hour. Ecbthan we will hear from president Christine Lagarde. The struggle continues to get a clean read on the u. S. Economy. Tom it is two worlds. Its about finance and Morgan Stanley and great. What its really about is we really lose perspective on the tangible hardship thats out there. Lisa we are going to get a sense of that with the churn in the unemployment numbers. We are expecting a decline in total filings. Are we seeing a significant number of increases in areas hit harder by the virus . Futures 22. 28. 82 the center tendency. Yesterday we spoke with Michael Holland with decades of experience. Is with Goldman Sachs. Just as importantly, what not to own. What do i not want to own right now . You want to avoid are companies that have a shorter
A lot to get to and discuss, everybody. Right now, though, a quick check on the markets because theyre higher across the board. The bottom right of the screen and come off the highs, the dow above 27,000 for the First Time Since june 10th on an intraday basis. S p 500 less than 5 from its alltime highs up nearly 50 from the march lows. 28 members of that index hitting a new 52week or alltime high and a cramer favorite stock, mccormick. The nasdaq is negative again there is a lot to discuss. Joe, we are off the highs. You can address that but also this the vaccines plural getting all the attention as they should. It only concerns, you know, all of humanity. But did Goldman Sachs numbers have anything to do with the earlier market strength . I think most of the early gains that we witnessed this morning you can credit to the vaccine optimism i do think, brian, that the Strong Performance from financials in the last couple of days, whether it be jpmorgan or a Goldman Sachs this morning, t
All of that leading to a stronger dollar and weaker commodities like oil. Under armour out with earnings as well. Lets get right to it. Their adjusted loss coming in 0. 34 a share, almost double what we had been expected. Net revenue for the First Quarter coming in at 930 million. That also came in light. They see a significant decline in revenue since midmarch, so no surprise there. Marriott coming out with their numbers as well. As you can tell, it is going to be bad. Marriott international looks at first court or revenue coming in of 4. 68 billion, a decline 6. 6 year on year. A really ugly number. They say they had liquidity about 4. 3 billion as of may 8, so obviously sustainability and solvency these kind of companies , especially hospitality, as well as airlines, really front and center. All of this really winds up depending on when the world can reopen. Lets get to all of our market movie news from new york. In london, u. K. Promised her Boris Johnson announced the first carefu
Seriously when you have such weakened trading volumes. In oil, a choppy session overnight after a big gap down sunday. The direction now depends on when the Global Economy will be able to open up, and that will be the indicator for all of the economic data, as well as risk appetite. Time for todays market moving news from our new york team. We begin with a historic price deal. Plus coming to an agreement to to cut minutes output. ,inutes after the deal was done the Saudi Oil Minister saying that opec is up and alive. With more is in reordering. What do we with more is annmarie hordern. What do we know now . Annmarie they were able to finally clinch this deal, 9. 7 Million Barrels a day. I would say that the main takeaway, goldman put it as historic, but insufficient, given how bad the demand loss is and how bad the supply glut is. These cuts of 9. 7 Million Barrels a day. We should also say that goldman puts it at 4. 3 Million Barrels a day, when you take from First Quarter levels, ass