Julie not good. We are seen a steep selloff is Global Growth concerns of come. Ack into the market yesterday we had that snap back from last week. That has been shortlived as you can see. All major averages are down about 1 . Piling onto the negative sentiment is jpmorgan saying to underrate equities for this year , thats the first underweight equity allocation since 2007. That is from their strategy tape. Its global. That Central Banks are a risk in this environment. Its a red herring here. Also, take a look at this market. Every group is in the red except a tiny portion of consumer staples. Thats all the groups that are down around 1 . We have steep declines across the board. Just to give you some examples of earnings movers, there are some in the green. Pfizer is coming out with earnings that the estimates. The company was beating estimates. The truck engine maker is beating estimates. When there are winners, there are always losers. Aig was the big one. The company came in below an
Markets. Futures a little bit softer. 500 futures 16. In europe it was all about the banks. Syncing over 60 in the First Quarter. Switch up the board very quickly. The aussie dollar thats the headline thinking by 1. 4 . The rba surprises with a rate cut. Renewed dollar weakness. Bit. Me back just a little in a commodity market, very much risk down by 1. 2 1 . Some crude related earnings as well. Matt just going through halliburton, seeing the loss widen. Four cents. S was it reported firstquarter revenue of 4. 2 billion. Unchanged in the premarket. To 2. 4s really widened billion dollars from a loss of 643 million in the same quarter last year. Pfizer reported firstquarter earnings that blew away analyst expectations on stronger sales on products such as a Breast Cancer drug. Earnings of . 67 and we were looking for . 55. Raising its fullyear outlook. Earningssee aig mr. Expectations missed earnings expectations. Mylan up on generic drugs. Starwood also beating estimates in the premark
Area. He Inflation Forecasts are the real key. The australian bombshell. There is a time to her three times every year where the wind shifts. This morning feels like that. With the australian shock of new low rates. Of deflationregime and disinflation fighting going on as we speak. Francine its something we have been trying to fight. I guess this is a shift in the wind. Realization that Central Banks seem powerless when it comes to fighting inflation. Lets go straight to bloomberg first word news. Republican president ial front runner donald trump may be on the verge of delivering a knock out blow. Poll shows trump with a 15 point lead over ted cruz. Cruz says he will keep campaigning in a longshot bid. For the democrats, Hillary Clinton and Bernie Sanders are in a tell you race in indiana. 90 of the delegates she needs to become the nominee. European companies are rushing now that International Sanctions have been lifted, but they are doing it without their favorite banks. Many of eur