Saudi aramco with a crash as the bite in crude faces its bottom line. Defining a trend in the Energy Sector Boris Johnson facing criticism over his return to work guidance. The country looks to gradual reopening. Well talk about the lockdowns effects on the economy thank you for joining us weve been watching on the market today they have fallen 10 after the steel giant saw its net loss widen to nearly 1 billion euros in the second quarter. The coronavirus hit all of the business lines from steel to car parts. Lets get out to annette for more typically, some companies will try to sell assets, which was exactly the strategy in the last few months yet selling assets in this environment is not an easy one that has been the case. They have been able to sell their crown jewel. The elevator business is going to a private equity consort yum. They are apparently looking for coinvestors it seems with the crisis, the price is quite a burden with them as well but now thyssenkrupp is going ahead sa
Notably russia, and surely it puts a crimp on the future of electric cars. Look at it this way. Why buy electric when a gallon of gas on average now costs 1. 81 and likely to fall much lower. In wisconsin, the average is all the way down to 1. 22. There are some places where its below 1. We will bring them to you. Its a big negative for the stock market. The dow industrials are going to open down 500 points. Thats roughly 2 . The s p down 1 . The nasdaq down 1. 93 . The oil crash really hurts stocks as well. Every energy stock is down. The airlines and the Car Companies, they cant cash in on cheap jet fuel and gas because people arent flying and theyre not driving. Where is the additional help for Small Business now that the first rescue package has run out of money . As of right now, it has not come through. Treasury secretary mnuchin negotiating with democrats over the weekend. Its supposed to be a better than 300 billion plan but its not here yet. Perhaps thats another reason for th
And oil is up to the tune of 25 . The jobless claims rocked the street. We were expecting them to be bad. We were not expecting them to be 6. 6 million bad. Jackie deangelis, jackie. Reporter good afternoon to you, neil. Lets go ahead to start with the tweet from the president that had the dow jones up more than 300 points now. The president said, i spoke to my friend, mbs, crown prince of saudi arabia who spoke with president putin of russia and i expect and hope they will be cutting back approximately 10 Million Barrels and maybe substantially more, which if it happens will be great for the oil and gas industry. The markets are rallying on this, because low oil prices are good for consumers and businesses that use oil. Statement, you dont want the price to be so low that the shale producers go out of business. That the Oil Producers have a hard time, staying, conducting, keeping things going. So prices spiking today, more than 20 is a positive sign that it is all moving in the right
A gut punch for the tech sector. Apple is the latest to pull the inperson events. Its worldwide conference will and a red online only ashless society fear of the virus via the greenback. Well talk to the cofounder of square. Take a eantime, let us look at how wall street ended, this wild week. I have no words. Erased all of the losses that we had on yesterday, look at this, s p having its 20008 and tech really one of the big outperformers here followed by as you can see, 13 basis points. At one point it was above 1 96 basis about points. South of the border with volatility this week, it was all at one point, we had a 75 on the vix, coming down to 57. And crude, a supply and demand in there above 30 a barrel. That means a bloomberg commodity made up of a lot of energy, you are getting the weakest levels you have seen 2016. Since it is all about king dollar, the safe haven bids investors rushed and the bloomberg dollar index now the strongest in almost three years. That we sawet moves th
Political backlash. To rule ea is said himself out of the running for hsbcs top job. Berkley Ceo Jes Staley is expected to leave by the end of 2021. Manus a warm welcome to daybreak europe. The official of unicredit says mustier is staying at the italian banks. That is the headline. You have the jes staley story this morning, a little banking stories. For me it is about the conversation i had with axel weber on the weekend on the sidelines of the g20. Very clear, equity markets are underpricing the gravity, longevity of the potential risk from the coronavirus. That sums it up. And mustier is staying at the italian bank, good news contin. Nejra absolutely. Who would want to take the top row at hsbc with so many challenges . In terms of the coronavirus, seems like investors are trying to find the bottom of this crisis. I think it is pretty fair to now, even ifright some of the rhetoric coming out of the g20 was a little more contained than what markets are reflecting. I think that was do