number of factors are making the difference, and they include vaccine development, better treatments for covert patients. and an unprecedented level of government and central bank actions to stabilize markets, of course, challenges remain among them a better labor market and difficult bottom lines for corporations and businesses around the world. still, the o.e.c.d. believes that the worst has been avoided and that economies will revive with growing pace. economists, they re predicting global output will reach prepared to make levels by the end of 2021, which rising by over 4 percent of the u.s. and europe will likely see a similar expansion in china. and india, meanwhile, are likely to grow even faster pace in the next 2 years. meanwhile, south africa is likely to see a slower expansion, but with signs still pointing to recovery. now, earlier i spoke to laurence boone,, she s chief economist at the o.e.c.d., and i asked her if the worst was over for the world s economies. so
even though the gains have been so big, up until now it doesn t mean you should bail out and not get in on the game. i do wonder, jon, especially if we don t get a fiscal support package, especially if we do get increased deterioration in the economic data, i do wonder if we ll see a change in sentiment. jonathan: what if we get more restrictions? california, the governor, mr. newsome had this to say yesterday. if these trends continue we ll have to take much more dramatic, arguably drastic action. if he s implying they might have to have a shelter in place order like back in spring or a flavor version of that, how do we get through that if we don t have the fiscal hand down from d.c.? that s the question going into december and 2021? lisa: the markets have shrugged this off completely. the deterioration some of the high frequency data. if you want to look at the v shape recovery check out manufacturing which brings us to what we are looking at today. u.s. manufacturing data,
on. the s&p 500 is still down .9%. the nasdaq has crawled back to unchanged. the dow jones industrial average, the worst performing index today, 1.4% down. click to move in treasuries. 63 basis points on the 10 year. a risk off move today for whatever reason. of the headlines today is wells fargo, planning to cut thousands of jobs this year. the move may set a precedent for the banking industry that has been resisting layoffs. joining us now is hanna. how many layoffs do we see from the likes of wells fargo every year? hanna: thank you for having me. wells fargo s headcount has stayed steady over the past decade, even as peers have trimmed down. around america was 300,000 people in 2010, now around 200,000. wells fargo is steady at about 260,000. people are expensive. wells fargo s expenses has been an issue for a long time. vonnie: primarily where well those cuts come from? hannah: there have not been any plans finalized yet, but the cuts will be broad-based. they are lookin
return to public life, as global past 251,000. in hong kong, they say they will relax restrictions soon. bnp paribas is full-year earnings take a pounding from the coronavirus pandemic. we will bring you our interview with the bank s chief financial officer. recovery mode. goldman sachs and morgan stanley see signs of the world economy is bottoming out. could growth bounceback in the second half of the? we are just not half of the year? where just under an hour away from cash trading in europe and the u.k.. let s take a look at where futures are after the pounding we took yesterday. than 4%fell more yesterday before u.s. stocks rose. we have european futures falling, asian stocks higher. ftse futures up 1.3% and dax futures up a little bit more than that. take a look at u.s. futures. we see gains there as well. s&p 500 many contracts currently percent quarters of a and dow jones futures up 0.9%. these are today s top stories from the bloomberg terminal. an internal u.s. gov
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. euro-dollar 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