To get toay, a lot this week. Trying to understand the impact of the gradual reopening of the economy. What kind of impact it could have on jobs and productivity. We way that with the story on oil, one of the biggest of the last 10 days. Saudi arabia started doing this production cuts a bit sooner than expected. This is what im looking at overall. A lot of earnings coming through though be the big story of the week. You, have a data check for seeing the stocks in europe, the pound orally sterling up and then i quite look quite like looking at what we can expect. Is due to to speak shortly from downing street, we are live with what the Prime Minister has to say. He is back at work with the uks to tackle the coronavirus and ease the lockdown that has brought the economy to a standstill. As soon as he does it come we will bring you every headline on that. We begin this busy news monday morning here in new york state, yesterday the state coronavirus deaths dropping to the lowest of the mos
As being totally disingenuous. The jd of what happidea of whatt week with the minus 37, theres a couple of Financial Instruments that are wrong they are broken. We dont regard things as broken because it seems almost impossible that something could break. But the future that you see and the actual prices are very different, particularly in the out years. And i think whats going to happen is this has to go to zero again, because we dont have more space i heard the ceo of the largest Tanker Company on friday saying theres no room. Why should this number not go to zero it should go to zero faster than it did last time any chance it will go to zero. Yeah. Any chance that it doesnt because we will begin opening u some of these states thats certainly a hope, but there are times in life where people know that theres an instrument that is faulty. And they can shoot against that instrument and bury these people there is this financial problem that people behind the uso, they are financial peopl
About seven basis points. Still an awful long way to go on that story. Vonnie in the u. S. , it is a positive session, slightly risk on. We have some guidelines for when the economy might start to reopen in new york city and in various economies around the country. Markets hanging onto that. Banks are the best performers in the s p 500, which is up 0. 9 right now. They are followed by Consumer Services and real estate. The yen is stronger today as well, off its highs now. 107. 20. T crude down at 12. 40. That continues to darken. The 10 year yield is now up to 65 basis points. Slightly risk on tone today. Talk a bit about what is happening in a little more detail. Italy, france, spain announcing plans to ease lockdown restrictions as the british Prime Minister pours a little cold water on the idea. Giuseppe conte in italy raising concerns about a possible second wave of infections that could trigger irreversible damage to the economy. Lets talk about the risks surrounding reopening and
Decline. Biggest drop since 2009. A real freeze that has hit the manufacturing economy. Thats right. The lowest ism reading this is a kind of this 340 versus last month survey sometimes market moves are inscrutable. Yesterday, markets were up clearly just challenged this idea that the u. S. Economy was resilient enough we are constandly talking about increasing recession fears. Suddenly this data point comes along. The consumer, in 2019, are we dependent on manufacturing to the extent we used to be no. Not even close it is a great swing factor it doesnt go down that much but it also accelerates that much. You take a look at treasury yields yesterday as soon as this number hit 0 years at 2. 089 . We were above 1. 7 on the 10year yesterday. That shows you the market is saying, okay, the fed is likely to give another cut in october not a sure thing probability right now. The october adp report will be released at 8 15 eastern. Reportedly added 120,000 private sector jobs last month johnso
Yesterday. Big seller, big buyer, big seller, big buyer. Really kind of crazy but there we are more or less back to where we were a couple days ago before some of the recent volatility, of course well get to why things have calmed down a bit. Lets get to our road map. It starts with that pause in volatility stocks pointing to a higher open youve seen of course the bond yields are stabilizing a key downgrade this morning shares of kcaterpillar lower wih concerns about the trade war with china and some earnings bright spots lyft and roku both surging ahead of the bell. Well also get to other names as well lets begin with the markets futures, as you saw, pointing to a higher opening on wall street, this following the s ps biggest intraday come back of the year global bond yields are stabilizing. Investors digesting better than expected trade data that came out of china in terms of exports there. An escalation in trade tensions between the u. S. And china has accentuated fears in recent da