Discussing enough what the Standard Chartered bank and hsbc is doing where they are saying they are going to agree to whatever with new security rules of hong kong. How big a deal of this in your london . Francine well, it was quite a big deal when they announced it. I think you and i spoke to stephen engle. He reminded us, it goes to show may be the influence that beijing has on some of these companies if they want to have licenses in mainland china. This is actually quite difficult to dig into the deep root of it. Now, we understand that there is a backlash from investors. Just yesterday, we had o aviva, one of the biggest investors in a lot of these banks, saying it is decisionable with the of hsbc and Standard Chartered, it is uncomfortable about the banks decisions. Tom absolutely fascinating what we see their. We have got lots of coverage through this hour and on through bloomberg surveillance. Theill be joined from school of chicago, the former leader of the central bank of indi
Handle. We will see where that goes. We get inventories in 30 minutes. The dollar index is under 100 today. We have stronger currencies out , including the euro. A lot of data out in britain and on the continent overnight. Of course, as you can see, the 1. 2 . 00 down pound isnt as strong as it was earlier in the session. We did get Economic Data that was pretty dire. Gdp contracting a most 6 , but it wasnt as bad as forecast, so perhaps a little bit of a silver lining. Germanys 10 year yield at 62 basis points. Takinglor Angela Merkel on the german constitutional courts commode is going to be a fascinating battle. Delighted to say now we are , type or jimmy dunne send her vice chair, to talk everything market really sandler vicepiper chair, to talk everything markets. Jimmy, thanks for joining. We will get to the fund in a few minutes, the first, even more fun, these markets and the federal reserve. Jay powell seemingly put to bed the idea of negative Interest Rates, but the president
With you great to see at least your picture here and hear your voice. I want to start with the markets in general and warren buffets comments his comments appeared to go against popular wisdom i think in how to manage investments he sold airlines low, didnt buy anything during the historic selloff i wonder what you think from a Research Perspective how investors playing at home should what they should take away from that after having one of the worst months ever in march april has ended with one of the strongest rallies in about 30 years across a number of benchmarks the s p 500, the nasdaq, and u. S. High grade. So i think that you should expect some consolidation this month. Now there is just so much liquidity in the system. We estimate the Central Bank Balance sheets will expand 17 this year. You dont bet against that we still think you should be, you know, constructive, but consolidation is in order. The markets responded the fastest, the virus and the economy last and the data pri
Higher. The nasdaq is up. 7 . Quite a turnaround from earlier this morning. 33. S p 500 at 29 the 10 year backup of 70 basis points. 24. 44. L trading at lets get a deeper dive into the Market Action with taylor riggs. Taylor mostly and improving picture across the screen. We were in much worse territory at least on the russell 2000, nasdaq, so we are starting to improve, go into positive territory. 2000 and raising a lot of those gains but still off. 1 . Take a look at the nasdaq biotech sector. Big outperforming today, up 3. 5 . Biotech is leading the way in thisbiotech is leading the way n this pandemic, in terms of finding a treatment and vaccine, so you are seeing that outperform. Gilead, their remdesivir product is hitting hospitals to treat covid patients. The u. S. Will get about less than half of the 1. 5 million vials being given out in the next week or so. Taking a look at the yield picture, you have a lot of treasury supplies coming online. Treasuries rising and you are get
Dollars, but hes in luck and our traders are here to help him fix his portfolio and we start with the major news on gilead that weighed on the major averages gilead dropping on reports that the companys coronavirus des v remdesivir it is difficult to part through because it was halted from china that didnt have enough to finish the synopsis on these partial results were posted by the World Health Organization on its website immediately taken down, but not before the Financial Times and stat news got a hold of it. What that showed was that 237 patient were enrolled in this trial and 158 of them were on remdesivir and they had planned to enroll 453. One of the gauges they looked for for success was mortality and how many patient surs viefed at 28 days they found 14 of the patients on the drug passed away versus 12 in the control group. In a summary of the screen shot here they said that remdesivir was not associated with clinical or virological benefits. We regret that the w. H. O. Prema