The British Government told businesses today to be ready for big changes when the u. K. Makes its final break from the eu in one month. Opec and its allies need more time to reach a deal on Oil Production policy. A meeting today broke down today without any agreement. Again ministers will try thursday to allow more time to figure out whether to delay a planned increase in output starting in january. Supporters say the market is too fragile to absorb more oil. Global news 24 hours a day, onair, and on bloomberg quicktake, powered by more than 2700 journalists and analysts in over 120 countries. Im mark crumpton. This is bloomberg. Vonnie it is 1 00 p. M. In new york, 6 00 p. M. In london, and 2 00 a. M. In hong kong. Im vonnie quinn. Welcome to bloomberg markets. Here are the top stories we are following on the bloomberg and from around the world. Treasury secretary Steve Mnuchin and jay powell testifying earlier before congress on the cares act. Itsla says the fed will use tools until
Winning streak falling by 300 points yesterday take a look at whats happening. Yesterdays session, the dow was down s p dipped back in for the year inching its way in the day before the nasdaq did power to a new record close and briefly broke above 10,000 for the first time. Lifted by amazon, apple, facebook and microsoft which all closed at record highs adding about 5 trillion. About the amount well spend in federal spending this year also take a look at whats been happening with u. S. Equity this hour both the dow and s p are under a little pressure. Dow indicated down by about 60 points s p down by 3. The nasdaq, even after all these gains is indicated up by about 17 points this morning taking a look at whats happening in the treasury market the 10year seems to be yielding 0. 797 crude oil prices are in the red. Crude oil prices, talking about the recovery theyve made. Talking about wti. Down about 2. 3 . What an improvement or a gain in crude oil prices now above 38 thank you it is
Country seems to be fueling some kind of negative sentiment worldwide. Tom i agreed to start there for the western world. Its not just about china. There disinflation, we dont need a bunch of charts this early in the morning but the vector of deflation and disinflation in china from the beginning of covid and they did covid differently than we did but im sorry, its disinflationary and get you down to a run rate of a positive 1 even with the present deflation and thats not good enough. Jonathan at the same time, the western developed markets are finding inflation and we had deflation in china and people are asking, we are in it now so how long will it last . Lisa and is this the bottom . It could have a more inflationary time later on. How much does china matter as a disinflationary force for the rest of the world at a time were places like the u. S. Are moving away from importing some of their goods and the eu is trying to be more aggressive with lyft service. And we have budget defici
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