Commitment to reviving inflation after yesterdays landmark German Court Ruling. Disney takes a 1. 4 billion hit. Bmw joins Fiat Chrysler and vw on warning for the Second Quarter. Unicredit set aside 900 Million Euros. We break the full forced quarter members. Firstquarter numbers. Have we have manus we those firstquarter numbers, a loss of 2. 71 billion for the First Quarter. The market penciled in a number of 1. 95 billion. You are bang on the money. They were one of the first to come out with 900 million set aside for covid19. Italy will contract by 13 . This is the challenge for they were one of the lead nonperforming loans. Unicredit, the stoxx 600 banks index still underperforming. The exposure is a critical issue for all of the banks. We do not seem to have broken that symbiotic relationship between banks and the sovereign. First quarter loss, 2. 71 billion. Net profit a year ago. This is a bank influx at the moment. In flux at the moment. We are waiting for numbers to come throu
Executive later. Another busy day. A lot of people were talking about in the virtual newsroom that we have created around the world that we cant quite remember whether it is tuesday, wednesday, or thursday. A lot of the focus is on what your markets are doing. This is your data, euro area, april services pmi coming up at 12. The preliminary figure was a touch below that. That Services Data coming in at 12 instead of the preliminary 11. 7. That is a little bit better than expected. I am looking forward to the ofexecutive of com campari. Look at renminbi. President trump continuing to push the reopening of the economy and oil pretty much stalling. Treasury yields edging higher. We will have plenty more on that shortly. We will be speaking to the campari chief executive. Trump isent donald pushing to get the u. S. Economy to reopen. He says americans should begin returning to their everyday lives but he is also acknowledging it could lead to more suffering, including more deaths. Pres. Tr
The bloomberg terminal. Reopening in america, President Trump urges the u. S. To get going again, even if it leads to more death. Chinas ambassador to washington calls for an end to the blame game over the coronavirus origin. More pain for europes banks. Lenders try to estimate the damage to their Balance Sheets from the coronavirus shutdown, and the ecb stands by its inflation mandate after a German Court Ruling on its qe program. Bond investors expressed concern about the Central Banks latest ofonavirus stimulus in light that decision. We are under an hour away to the start of cash trading across the continent, and in Great Britain, lets look at futures this morning, pointing slightly lower after a decent rally yesterday, although it was a rough start to the week for European Equity indexes. We are looking at drops of about. 1 right now on the dax futures in frankfurt. Higher in thedge cash trade yesterday. We are seeing futures edge higher once again today, so. 6 gain across the s p
We were seeing a bounce. A few trade and tariff exclusions will now apply on chinese goods. We are closer to reopening, and oil rallying. Some permian drillers are cutting output even as the Texas Railroad commissioner ryan sitton told us yesterday that quotas were down on arrival. We are seeing diamondback,s diamondback,seeing centennial, and others cutting output today. Guy that is feeding through into the china story, and also into what is happening here in europe. Oil and gas the best performing sector. Brent is up 11 . Higher the00 gapped first thing this morning. Eurodollar taking a knock earlier on, that big hit coming through from the German Constitutional Court calling into question the ecb qe program. That also had a fairly significant effect on btp yields. Currentlying higher in italy. The combination of the positive and the negative coming together here in europe today. Stocks higher, but we are seeing the currency coming under a little bit of pressure. Coming up, we are go
Now. Against the possibility this will cause a growth slowdown in the u. S. Nejra division in vienna. Disagreement over cuts. Delegates look to counter the impact of the coronavirus. We are live on the ground at a crucial meeting. Welcome to bloomberg daybreak europe. Lets kick it off with opec ministers in vienna. The first meeting saw saudi arabia and russia split over the prospect of deeper cuts as the coronavirus weakened daily demand. Manus, great to see you. Can they come to an agreement . Nus my next guest says it is kabuki theater. Its painted faces. Its about shock and. Shock and awe. Where will they meet, which road will they travel . Will it be one million of cuts . Three months ago, i was here and they agreed a 2 million barrel a day cut. So what does it take to put a floor under this market . Highness left last night, promising a wonderful recommendation and he wanted to keep us in suspense. They can take us out of the building because of the virus, but they cant stop us f