Matt stocks and freefall. The s p 500 sees its worst session since 2011 and the fastest stock Market Correction ever. 5 trillion in Global Market cap are erased in a week. Virus fears intensify. Cases and south korea to knock 2000 cases in south korea top 2000. Jp morgan joints citigroup and Goldman Sachs in slashing estimates for u. S. Companies, and crude slumps. Oil set for its worst week since 20 11 as well as opecs secretarygeneral says there is a renewed commitment for joint action. A report says saudi arabia wants producers to agree on additional cuts of one Million Barrels a day. Just under an hour away from what could be a bloody day of trading. Futures that i looked at were the worst since at least 2016 on the stoxx 600. Anna good morning. Is this what fear looks like . Markets down by more than 4 . You will see how much scary looking red there is on that screen. Futures in europe down by more than 4 on the cac, as you can see, and expect them to see significant losses. U. S.
Treasury market. Unbelievable moves. Commodities just keep getting crushed. Crude is at 40 have dollars. Time not is at 45. Tom never global exchange. Our bloomberg voices are on the ground with this mornings top stories. In asia, new cases of the coronavirus continue to appear outside of china. New zealand and lithuania have reported their first infections. And cases anda, south korea have gone to over 2000. Joining me is stephen engle. That is the case outside of china. Theresns that if 83,000 globally, thats more than 4000 outside of china. Chinas rate of new infections has been slowing down. New cases since yesterday, but south korea nearly doubled that in one day. They reported another batch of new numbers on top of the numbers this morning. They added 571 cases from yesterday. That means they have more than 2100 cases and climbing. Japan also climbing towards 1000 confirmed cases, 931 if you 700 from the cruise ship off yokohama. Tokaido has declared a state of emergency the day
The door for shale producers to grab more market share. We are live in vienna. Good morning. Welcome to daybreak europe. It has just gone six clock a. M. In london. Manus cranny is in vienna. A long night for you. Youre looking fantastic. Update us on what is going. What is the mood music . Manus two messages they wanted to convey. Certainty and continuity. Meeting rathons marathon 10 our meeting from opec. Theres a word that the Saudi Oil Minister wants you to focus on. The commitment to a ninemonth extension of unequivocal, very solid, very strong. Not only are we committing rollover, the individual commitments to conformity from all countries word, it is that unequivocal. He is the central banker of oil. That is his commitment, to continuity and certain. The fragility of geopolitics, the frailty of Global Demand, it is counterbalancing that that is the message they really wanted to convey. They also moved the fiveyear target. Nejra you could argue the fact that they really wanted to
Across the curve in the u. S. We also have some powerful services in europe, bunds one of the biggest underperformers, yields higher. We also have jpmorgan and we are getting some headlines that i wanted to highlight, net to 55t income of 54 billion. They are also targeting, if you take a look at the pretax income compared with 40 in the last year. David it looks pretty good. And that return on tangible capital, we are all projecting broad numbers. Alix and we see them benefit from tax reform. David and in the meantime, discover communications came out with their earnings, 636thquarter adjusted is over the projected 612. , so it Beat Estimates looks like they are having it good day. Alix yes, indeed. They are also looking for some doj clearance and are looking for that information. David it is now time for the morning brief. Jpmorgans investor day begins with remarks from the ceo, no doubt about the things we just talked about. Also 8 00, macys will release earnings. And then we will g
Coming up later on the program prepares to mark the 25th anniversary of black wednesday. That is Norman Lamont at 9 30. Lets get straight to your data check. Quite a lot going on in the markets. We are seeing a little bit of risk off. Stocks are mixed in europe. Edging lower and then going higher. What investors are nervous about is north koreas latest Missile Launch, raising geopolitical risks. Gold and yen showing markets are becoming immune to the provocation and diplomatic reaction. There is not much of an impact on yen. We are seeing pound, the 25th anniversary of, of course, what we saw in 1. 34w31. There is a little bit of movement on treasury. Lets get straight to the bloomberg first word news. Sebastian President Trump says he likes and respects janet yellen not made a decision on whether he will re nominate the Federal Reserve chair for another term. Treasury secretary Steven Mnuchin sets janet yellen is among those being considered to run the central bank. In the u. K. That