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First time since the lockdown in march. Michael mckee joins me now. What was your biggest take away . Michael if you are going to manage the virus better than the United States and their economies are opening up faster and stronger, which seems to be the case looking at the pmis. We got manufacturing and we got services, and all the Major Economies in europe are in an expansion. The move in italy particularly notable, above 50. Some down from preliminary expert, estimates, what they are the composites tell the story, all above 50 and they have all grown. The highest level in two years for the eurozone composite, there is some strength in the economy. They have not been hit as hard with the second round as the u. S. Has. Has moveds well solidly into expansion territory. Compare that to june, where contraction was the rule but services and the composite above 50, 57, a strong n ....
The data in terms of the jobs 5. 3 million in may, up from four. 99 the previous month. This is very backward looking data. I dont think the market will pay much attention to it, but slightly or positive, slightly more jobs out there then maybe the market was anticipating. Really may data, Rearview Mirror stuff. We will be discussing Global Growth as well as what the countries can do to fix the fiscal stimulus and how to help unemployment coming up and about a halfhour. The stocks are losing the momentum of the last five days, so we are stuck in this range. In an interview in the financials times, a couple of and theere troubling, trajectory of the recovery will be bumpy or. We are watching this closely and trying to understand what is happening. Haefele. Ark mark, how do you understand what we are seeing in asset prices versus every economist morning we are looking at a w sh ....
About 800 points on the dow. Youre still looking at a loss of greater than 5 a huge story today the crude oil crush as the saudis initiate a price war. We should think about it in terms of the speed and velocity of decline the s p the is down about 17 . We hear about the news with are the russians and saudi arabia. The problem i have is you have a very healthy patient being the market now it appears to be in intensive care we dont seem to have any doctors around to treat them in intense iive care negative rates are present in the uk, first time ever. We are battling here in the United States with the potential for negative rates the missing link in all of this which is what we saw in 2008 was a global coordinated effort. There does not seem to be a globally coordinating effort to address that i think thats what the market is riding against. Liz young, what do you see . Lets start with the globally coordinated effort i think theres ....
Major market opens. Vonnie good evening from new york. The top stories this hour u. S. Markets barely move as we await lots of catalysts including the instacart pricing. The chevron ceo said we may reach 100 a barrel in oil. Haidi a rare meeting with foreign banks and companies. Vonnie instacart set to plan ipo pricing of at least 30 a share. Lets get a quick check on wall street and see where futures are trading. Looks like we are moving higher but that is after a lackluster day. A no luster day. Looks like markets are awaiting the fomc meeting and decision on wednesday. Particularly the dot plot for a little more direction perhaps on where the fed things we are going. The fed whisperer wrote today that every hard landing looks at first like a soft landing. So that seemed very ominous to traders and investors who were reading the journal today. The 10 year yield is at the highest now since 2007 at 430 an d change. At one point earlier we had a bond maturing in 27 years, trading below ....