jonathan ferro, lisa abramowicz, and tom keene. we welcome all of you to our simulcast on television and radio worldwide. thrilled you are with us today. coming up, a really important conversation on the global markets. the new slow today absolutely asked ordinary. we have been absolutely extraordinary. we have really been focused on hong kong, but right now we ve got to turn to the american claims, which is surveyed again to be over 2 million. near 40: a lot of pain, million over the last two months or so, so clearly the labor market is in an absolute mess. it is really painful. i think it would be a mistake to think the policy effort was done. it is not. there is certainly debate in washington on what to do next on the fiscal side. let s not forget the monetary side either. the ecb has been flirting with doing more. think we have to move to forward guidance. what does future policy look like? that is where the effort transitions in the next several weeks. tom: i agree on
money away for loan loss reserves. alison williams joins me now. what were some of your takeaways. [no audio] actually, we are still working on her audio, so let s go to annmarie hordern first. part of what we heard was from fatih birol of the iea talking about how bad demand would be, despite any production deal. annmarie: some seriously drastic headlines out of the iea. the other part is what they are talking about what this means for storage. it is testing the logistic capacity to the limit. on the demand side, they see april serious demand destruction, down 29 million barrels a day. for the year, what that means is 9.3 million barrels a day, the worst we have ever seen on record in terms of demand. what the opec+ cuts probably did was maybe pull us back a little bit from the brink, but not doing that much. you can see that with what is talking about in storage. they say that could be exhausted by the middle of the year. all of this putting downward pressure on the future
in europe. european stocks hitting a 20% bounce up from the bear market in 2020. a little bit of selling on the bond market as growth questions continue and oil takes another leg lower. let s get right to the bank numbers. jp morgan shares up by about 2%. they reported blowout fixed income and trading revenue. with us now is alison williams is sonali basak. sonali: provisions for loan losses are really skyrocketing here, more than $8 billion expected. a lot of it is coming from the consumer business, where those provisions are more than $5 billion. on the other end of the loan but, we are expecting lower net interest income this year. also, as one would expect with lower interest rates, that would come into about $55 billion, lower than the 57 billion dollars initially estimated. on the bright side, we saw net interest income for the quarter come in pretty healthy, and fixed income revenue beat by almost $1 billion. trading was able to hold up. the question is, wasn t able
the various heroic people working at mount sinai hospital, i am tom keene, francine lacqua in london. cavendish,d to baron it is an interesting mix in the united kingdom of the politics of the government and the fairly grim pandemic statistics. seenine: we also haven t from boris johnson and a while, so the daily briefings are led by various cabinet ministers, and yesterday we had the further three weeks of lockdown expansion extended. as baroness cavendish was saying, maybe we need more testing. what the markets are looking at, they are looking through the number of cases that are slowly increasing in europe and still increasing in the u.s., they are looking through the deaths and infected cases, and chinese gdp was horrific, the first contraction in a decade, and they are focusing on the positive. we could have a drug that is working, from gilead, and president trump has given a timeline and thought on how the economy could reopen. tom: i really want to emphasize, every p
as previous days when it comes to losses. romaine: it is all relative. scarlet: let s check in with our reporters for more on the market action. of the day,the end some of these mega cap tech names. the new york stock exchange faang index getting a big boost. apple, the best day since 2011. overall, the new york faang index getting its best day since the beginning of january. we had this huge move down yesterday, the big bounceback today. this index may suggest or downside is ahead. the new york faang index still above the 200 day moving average. at the highs, more than 40% above the 200 day moving average. bearish divergence, falling rsi. now we are still above that 200 day moving average. these you see some of mega cap names come down to earth, it is hard to believe a true bottom is in place. as the prices get set to hammer the oil companies, one corner of the industry is set to see some gains. those tanker companies up about 15%. the lower oil price makes it more profita