Yesterdays market turmoil. Certainly, futures are doing better than the carnage of yesterday. Mohamed elerian will be joining us. We will get to dr. Elerian soon. What did you see in the literature overnight about able or a bear market reversal . Bearbowl a bull or market reversal . Jonathan the driver the last few weeks has been the sequential movement we have seen. The limits of normalization, the limits of recovery. Iec think several states in america this week, that is what to keep in mind in this market. What i found fascinating was the separation of Ig Investment grade from real, tangible carnage in high yield. First of all, oil prices are tumbling the most since april. That was the main driver of what we saw in the highyield space. All through the market, you saw this grab for cash. A return to what we saw in march. We saw the dollar surge and goal declining. People looking for cash to offset risk positions. ,t raises the question again what does this say about the feds ability
Weve seen for the dow in a row, the first time thats happened since february this is all happening despite crude oil prices the treasury shows you the tenyear is yielding 0. 627 . There are crude oil prices, generally when weve seen pressure on crude oil, thats put pressure on equities as well thats not the case this morning. Wti is indicated down by over 15 . Thats a decline of 2. 66 to 14. 28 a barrel. Brent crude down by just 3. 3 . Its now trading at 20. 73 andrew meantime, an update on the pandemic and the numbers we bring you every morning about where we stand heres where we do stand global cases now are at 2. 9 million. In perspective, cases in the United States are at 965,000, closing in on 1 million. 288,000 of those cases are from new york state with another 109,000 of them in the neighboring new jersey yesterday new York Governor Andrew Cuomo outlined the states plans to reopen the economy in phases beginning on may 15th now, the first phase involves construction and manufac
Im sorry so misconduct its good to have you with us the southern german state of bavaria has canceled the october fest beer festival because of the coronavirus the event attracts more than 6000000. 00 visitors every year and authorities fear that allowing it to go ahead would lead to a spike in infections as we report the move is likely to take both the financial and emotional toll. No crowded party tents giant mugs of beer or packed out parades. Germanys biggest festival has been cancelled for the 1st time since world war 2. Large events are currently banned in germany until the end of august october 1st was supposed to start on september 19th but Officials Say the risk of infection during the coronavirus pandemic is just too high 2. Which is painful for us its a great pity because with many things this is not a normal year and this is sadly going to be a year without the 1st. About 6000000. 00 visitors flock to the october fest every year crowding the Festival Grounds but also the ho
Measured by the pboc. Rate cut by 10. All helping to cushion the Economic Impact of the virus. Down almost 1 . Bucking the trend. But stake a look at where we are in terms of asian stocks. They say this is not a reflection. Rishaad 15 down for new york crude. Nevertheless, we have seen that severe weakness. Gold not much of a haven. Lets have a look at what we can expect from indian markets. The rupee strengthening by 6 10 of 1 . Haslinda the r. B. I. Laying the ground for more rate cuts. President trump has suggested china may have deliberately caused the pandemic. China hit back, accusing washington of trying to shirk responsibility of its own failures. Another ratcheting up of tension over the handling of the virus. That is right. To accuse china of deliberately starting the coronavirus is remarkable. Many would describe as a borderline conspiracy theory. The in the views of minority of people. Now he is saying that maybe china started it. Being knowingly responsible. He said there
By about 414 points. Things have bounced around rapidly. Weve seen the volatility. Part of that was the big selling that happened. Nasdaq off another 140 poijnts. Looking at the 10year trading down talking historic lows every day when the 10yearwas above 1. 2 on the ticker, i was looking for it this is an important time to watch that, didnt you think it is crazy its a new time line to look at global rates we never thought these type of rates would get to us. They are still higher than the rest of the world is at. It is still staggering it is unbelievable and shocking on the daily basis. Providing the context. It does not happen often they are usually tied to an event. 1998, it was the collapse of the he hedge fund in 2010, resulting in a drop 2008, the financial crisis led to a fourday decline of more than 1,500 points. And now the coronavirus with a loss of 3,200. The big one was 1987 that wasnt really precipitated by any other event other than insurance. 22 in a day i want to make a