On in berlin thanks for joining us a rare bit of good news on the economic front in these troubled times germanys central bank the bundesbank says its expecting strong growth in germany in the summer of this year but its also warning against expecting a return to precrisis Economic Activity too soon. The days when there was not a soul to be seen on german streets are over with the lifting of coronavirus restrictions life is returning to normal since the low point in april things have been on the up. In the 2nd quarter the German Economy slumped by 10 percent the biggest fall since world war 2 the Balance Sheet for the Current Quarter looks set to show a big increase according to the bundesbank. The impact of the coronavirus in the broader economy has been relatively small the engineering industry shed over 30000 jobs in the 1st half of the year with over 1000000 employees in the sector this is bearable. The Services Sector and private consumption also did not completely collapse as the
States, again launching these initiatives right now to really unwind this process. By the end of the week the country as a whole will be 50 freer, if you will, or less locked down when all of this started. So that is a Big Development here. As people get back, a lot of them look forward to the memorial day weekend which they can see themselves going to beaches and the rest. The trend is share friend. Certainly concerner of wall and broad a very big trend at that. Well pick that apart with technology action, retail action, oil action. That has been dancing today. It is interesting to point out right now the dow and the s p and the nasdaq, forget about the nasdaq, already in positive territory on the year, it is not more than 5 from alltime highs, my friends, alltime highs. When you look at the dow and the nasdaq, they are respectfully down 13 , 9 , from where they started, when all of this was careening. Think about that, how much of a comeback the markets have seen. A lot of it built o
They have to take Vacation Time for those 14 days. Let us go through some numbers. The increase continues, we are up to 10,482 cases. 23,000 people were tested, the highest number we have ever done, that is good news, 280,000 total tested. The number of new cases, 10,841. A new high. The total hospitalizations, 15 thousand people currently hospitalized and 4000 icu patients. 10,000 patients discharged, that is the good news. The number of deaths, all time, increase up to 3565. Most impacted states, you see new york at the top again, new jersey has a serious problem. In new jersey, and a growing problem. Then michigan, then california, then massachusetts. Total number of hospitalized, is down a blip, but we believe that is not statistically meaningful. Do you have the number of icu cases, are up. The number of intubations are up, the number of discharges are also up, and this is interesting. Two thirds of the people who have been hospitalized have been discharged. Ok . Two thirds of the
The governor of california recommends the elderly should take shelter in their homes. New york city closes its schools. Many states close bars and restaurants. Hourly workers, in dire straits. The economy is grinding to a halt and we dont know how long this massive disruption will last. All right. Heres the financial reaction. This monday morning, stock futures are limit down and when we open an even bigger drop is expected. That may mean a trading halt. Travel and leisure stocks again beaten down. Airline stocks, decimated. Last night, the fed took emergency action, cutting rates to the lowest level since 2008 and pumping 700 billion into the Financial System. Were waiting for a rescue package from congress. Were waiting to see if the administration will put money directly into the hands of affected workers, helicopter money, for example, and into desperate industries. A kind of modern bailout. So whats next . We will find out in 90 minutes. At 10 30 eastern, Vice President pence hold
Sara eisen great to have you with us lets get straight to the markets. Extraordinary seesaw session yesterday. The dow up 300 points at one stage in the morning, around about midday lunch time, started selling off, such that the dow ended off 58 points or 0. 25 those intraday swings were similar across each of the indices. The s p ending lower the nasdaq ending down 1 . Definitely the same theme throughout the day whether we were at the peaks or troughs thats the selling of things like tech and buying of things that could benefit from a lower Corporate Tax rate like financials this morning you can see a similar theme once again the dow is higher. The s p is fractionally higher but the nasdaq is lower. The dow up 8 4 points. Tenyear treasury note did rise over the weekend to cross above 2. 4 , but slipped a bit yesterday. It is below that level still today, 2. 38 on the tenyear. Look at whats going on arou around the globe ahsia is mixed but mostly lower. The south korean kospi is highe