Coronavirus cases continue to rise as the fallout cripples the Global Economy. China may be forced to abandon growth targets for the year. We are just getting some news crossing the bloomberg when it comes to expectations for summer earnings out of we are expecting a pretty down quarterly in terms of the impact for the asiapacific. We will be bringing those to you shortly but in the meantime, we have data out of south korea. Shery we are getting the current account numbers for south korea for the month of march. Current account surplus coming in at 6. 2 3,000,000,000 fine 6. 23 billion dollars. The current account surplus narrowing a little bit from the previous month of february. Also, the month of february being revised lower to 6. 4 billion. The goods trade balance coming in at 7 billion. The surplus was a little larger than the previous month. Given that we do have the coronavirus pandemic and april export numbers really taking a hit, the march current account numbers not looking t
Close down 257 points. S p fell, nasdaq lost 1. 87 . I think that rally that took peoples breath away was started with short sellers who were covering or closing out the positions. Theyre getting concerned that the Drug Companies working on the drugs that would lessen the lethality of corona may have had success. Fear is more powerful. But this is driven by a justifiable fear coupled with the fear of catching it yourself its threatening to bring commerce to a full stop. Aside from the pallets of purell passing through the portals of the shaky retail establishments. We got through a roller coaster of a week marked by the emergence of terrifying sector markets. Oil and gas, you know i hate the stocks wow. Justified, travel and leisure, retail, some better than others. Andthe hideous financials, all which are worrisome because the borrowers are numerous in the sectors and are so good they can hurt lenders this market is longp standing gains with breathtaking speed. But those moves pale in
The dow gained 91 points the s p only climbed 1. 9 . Nasdaq barely at all 0. 8 where do i even start . This morning kicked off with an interview we did with the chief Economic Advisor and my former cohost here on cnbc, he explained that the agreement side with china is a lot more farreaching than most people realize. It actually forces china to change the way it runs its economy to create a more level playing field. He said our relationship with china is quite cordial because the Chinese Government recognizes that the United States doesnt want to disengage with them. While this deal was being negotiated, the big fault line was repeating those who dont believe china can ever be redeemed so why not just keep hitting them with tariffs forever so wreck their economy and those that think that china can be a good trading partner if theyre willing to play by the rules. Call it the engage camp versus the disengage camp and the engage camp just won from the stock market perspective, that is fab
1. 13 . Wowza. They jeweled that nasdaq they reacting to a glut of ipos. On the investment publics back. I take no joy in this but i told you so all year i predicted the ipo cycle would end with a whimper and now its here. Busted deals like peloton. On the heels of smile direct and lyft and uber. Boo theyre booing, becoming the norm there is a big reason why it keeps getting hammered especially the turbocharged Growth Stocks. Did you see them today kind of to the point the president i hope follows through to block more chinese iphonipos no, no, aagh i dont chatter about limitations by the president causing the market to get hit because anything thats not flat out suggesting compromise indicates that were much furthe further away from a trade deal than the bull has hoped. As someone who wants the chinese to play fair, i think a ban on chinese ipos would be a blessing its not whats in the cards, i can tell turns out talk is really about limiting American Investment in chinese companies.
But israel says its not there just yet. As those negotiations continue, the bay area university, where propalestinian protesters are engaging in a back and forth of their own using the c slur and then saying that asians are ruining this country. They need to leave. Scary moments on a bus filled with students, a man on an antiasian tirade pulls out a taser the way some parents believe San Francisco is falling short and in tense moments as Severe Weather sweeps across parts of the united states. We know at least one person died and even more tornadoes touched down overnight. The damage coming to light this morning as the sun comes up. This is today in the bay thanks so much for joining us on this tuesday morning. Im kris sanchez and im Ginger Conejero saab. Well chris, you mentioned it. As the sun comes up, i dont know if the sun is going to come up. Its been beautiful still for the past couple of days. So breezy though. And carrie, we were really hoping that that rain would wipe down so