Could break 113 straight months of gains. Oil leads on both sides of the atlantic after President Trump says he has a key to resolving the standoff between saudi arabia and russia. Taylor i want to check on how the markets closed thursday. Todayseeing gains on trading session, reversing some of the losses we had previously. There is optimism. You had horrible initial jobless claims, 6 million which is double last weeks 3 million. Million the total to 10. The market is getting some certainty where they can start to quantify the magnitude and speed of the damage. The markets hate uncertainty. At least this data is starting to give us an indication of the economy. The market is using that as a point to rally off of. Within the futures market some of that is turning around. Futures markets have opened up in the last few minutes. We are talking a lot about oil in the introduction. We had an incredible tweet from the president which put oil up 22 and then today we opened up, erasing some of
Germany sees the economy shrinking at least 5 . This, as fears of a virus followup could last for years. We hit our we will hear from ceo bill winters this hour. Haidi lets look at trading when it comes to australia. Asia looking softer, potentially modest bump up after u. S. Stocks saw the first gain in three days of losses. In new zealand, trading is dataway, retail sales is a point we will be looking at later to give us an indication, not super forwardlooking, but at least how things stand in terms of the fed rate period, asia excluding japan looks like it has had a flat week so far. That is u. S. Future. Waitinghe bond market, for the ava bond purchase, the aussie yield curve steepening ahead of the government announcing option plans for the coming week. We could see a bump up in primary activity, looking at the threeyear yield to and the week below target after the central bank boosted liquidity and calmed down money markets. We are watching banking stocks after they cut fees, one
The oil news really make up for that . As you can see, crude is up about 25 or so, but the rest of the market trying to hang in there as well. Every economist was very surprised here that the jobless claims were double what they were last weekend, more so than a lot of economist had been expecting. Indeed, 10 million jobs claims in two weeks, that really gets your attention. What is going on with bonds . I want to take a look at the bond market, i do think we have the board there, david. I dont know, we are going to have to leave it there, sorry. David ok, thats all right. Any sense of exactly what went on between President Trump and mohammad bin salman . The only headlines that we were getting is that he came out with a tweet saying that he expects saudi arabia and russia to cover the option by about 10 million 10 Million Barrels per day or so. Not sure if this is 10 Million Barrels per day or not, if that was barrels per day, that would be 10 of the Global Demand we had seen. For the
Biggest gain ever when it comes to wti in terms of percentage. We are losing steam there. We are not seeing a whole lot of movement here today. The offshore is slightly weaker. It does not seem like theres a whole lot of patterns you can actually string together here now that we are excluding japan. Ending the week back to where we started. Tom weve had another downgrade, another cut to forecast growth. Malaysia cutting its 2020 gdp growth estimates to 2 . A contraction of 2 . They are cutting their estimate to 2 on the coronavirus pandemic. Morgan stanley have upgraded malaysian equities. We will speak to Jonathan Gardner later in the show. We can has kim about the applications of that. Another grant outlook for malaysia. Worldwide cases of the coronavirus have reached more than one million infections and counting. Our chief north asia correspondent joins us on the line from hong kong. This is indeed a bleak milestone. Stephen thats right. Total673 is the latest were getting from the
Surveillance. Quite a lot going on with your markets. Lets have a look at what they are doing and some data out of the euro area. Services pmi are coming in short of the expectations. Preliminary figures were 28. 4. Services pmi are at 26. 4. Important jobs data will give us a clue as to the scale of damage to the worlds biggest economy as the damage spreads arid the dollar is actually edging higher. Fluctuating following the jump yesterday. Investors are weighing the assertion that saudi arabia would cut production. Lets get straight to bloomberg news. Coronavirus infections have topped one million, reaching a milestone just four months after it surfaced in china. Deaths are accelerating in europe but new infections are starting to slow in both spain and france arid france. Officials say it is too early to relax restrictions. In the United States, the Unemployment Rate could rise 15 these comments come after 10 million americans lost their jobs over the past two weeks. Yesterdays jobl