In terms of pmis. May look ata data august manufacturing pmi, 51. 7, in line with expectations. Economists were expecting 51. 7. The dollar dropping to a two year low. U. S. Features climbing after chinese manufacturing data that indicated exports are underpinning a recovery, and the euro leading the charge against the dollar. The weaker dollar fueled commodities with copper climbing. Lets get to the bloomberg first word news in london, this is laura wright. Expectgermany does not economic fallout from the coronavirus to be as bad as previously thought. The updated forecasts are officially released today. Europes biggest economy has staged a rebound after collapsing in the Second Quarter. Global trade is on course to recover more quickly than the 2008 financial crisis, according to germanys institute for the world economy. It said shipping volumes are back at levels faster than it took after the lehman collapse. Argentina has received support to restructure its overseas debt , that pav
Field . On a number of occasions we have issued public statements and communications to our supervisory group. We dont want to be on a hair trigger to classify loans or call them loans or anything like that. We want to look at this as an unusual situation and be flexible and thoughtful about the way we do our jobs. Of course we havent been really supervising. Were only starting to supervise again. At the fed were going to do it remotely. Were not going to be visiting yet but that time will come i think fairly soon. But were doing training for our supervisors and things like that so we want to be we have also by the way, we have encouraged banks to use their buffers. And in a similar way that Mortgage Backed securities can. Do you think that the threat of clo is properly accounted for and can you discuss how the fed has been monitoring this risk . And thats not the case. We have really good information. We include them to the extent and we include them in our stress tests and we stress
Now, testimony from Federal Reserve chair Jerome Powell on Monetary Policy and the state of the u. S. Economy amid coronavirus. He spoke about low Interest Rates, unemployment numbers and what future Economic Growth and recovery could look like. Help in front of the House Financial Services committee, this is three hours. So the committee will come to order. Thank you. Without objection, the chair is authorized to declare a recess of the committee at any time. Members are reminded to keep their video function on at all times, even when theyre not recognized by the chair. Members are also reminded that they are responsible for muting and unmuting themselves and to mute themselves after they are finished speaking. Consistent with the regulations accompanying h res 965, staff will only mute members and our witness as appropriate when not recognized to avoid inadvertent background noise. Members are reminded that all house rules relating to order and decorum apply to this remote hearing. T
Good evening everyone. I am julie haener. And i am frank somerville. There are more developments on several fronts. In washington, President Trump signed a funding bill that would help provide relief to businesses and people impacted. It offers more than 100 billion in Food Assistance aid and guaranteed sick leave for workers and it will make testing free of cost. On wall streets talks down again. The dow dropped more than 1300 points to 6. 3 . All the market gains of the prump presidency have been wiped out. The Stork Stock Exchange is clearing all people in manhattan and San Francisco on monday. Four more counties joined the shelterinplace order. It prohibits nonessential travel to the bay area. Orders in stanislaustake effect tomorrow. Officials in napa county say the 24 hours is to give people time to prepare. Ktvus debora villalon, napa is notable because it is the only county with zero cases of covid 19. Reporter thats right. No local patient. Just one person from a cruise ship b
What will you do after 2021 im going to use my imagination. Im going to go to disneyland. It is wednesday, february 26, 2020 Worldwide Exchange begins right now. Good morning and welcome to the show, im dominic chu in for Brian Sullivan today wall street is waking up with a black eye after another down day for major averages, the dow is down over 6. 5 the worst performance since february 2018. You can see there a huge move. A much worse picture on a points basis. The dow has come off a twoday point loss the dow futures this morning were positive. A lot of green throughout the course of the session. Within the last hour, we took a huge leg lower to the down side. To point out, at the highs of the session and the lows, we have traversed 641 points. To give you an idea of that big swing weve seen the bond market a key focus. Record low levels now for the 30year long bond. The twoyear note 1. 175 10year at 1. 34 1. 82 for the 30year long treasury bond. Lets look at markets around the world