The 10 year yield was up 72 basis points after that refunding announcement and the new twentyyear issuance will be bigger than the primary dealers were thinking. The median estimate was for around 13 billion but thats now 20 billion worth of twentyyear bonds being issued. Demand for them and now we are back to the stock market and we are seeing the s p 1 sondred up 4 10 of its recovered those earlier gains. The nasdaq is running away once again, up 1. 2 with several thats are credited for including the lights of beyond meat and stocks you would not normally associate with a climb. The dollar index is above 100, continuing to strengthen but not a huge amount of movement in the yuan. Crude oil is back at the lows of the session, down 2. 4 after we saw the build coming in lighter than the market had anticipated. Quite a hefty build last week but the markets recovered slightly and we are back down almost 4. 5 . The European Data continues to be grim. The European Commission says they could
20. 5 in a data set thats never been more than 2 million in a single month, numbers we never expected to talk about no. The numbers are just completely and totally shocking not unexpected however given the carnage thats taken place in the economy over the last month as we locked everything down those lockdowns ending around the country. Things starting to at least normalize in some states the question will be of the 18 million workers who describe themselves as a temporary layoff of that 20 million, how many really will get their jobs back is a key given the markets reaction today, there seems to be an expectation that most of them will that will remain a question over the next many months as we hope that the economy does start to return to some semblance of normalcy mike, lots of internals to dig through here average Hourly Earnings show a chasm between lowerpaid employees in the country and those with higher wages who, judging from the data, lost their jobs at a slower pace. Yeah, no
Indices as you can see up 2 and a half percent on the dow, 6 higher on the nasdaq and 3 higher on s p 500 for the week. The dow, nasdaq and s p 500 up better than 30 from the lows hit in late march. Well, a judge could officially toss the case against Michael Flynn out today according to his lawyer. Meanwhile attorney planning me that flynn go all the way to the top, meaning then president obama. The very latest fallout this morning. Elon musk going on after another twitter rant. Hes suing over restrictions that kept tesla from restarting production in california and remove the automaker from golden state. Disneyland opening to sellout crowd. Enters a whole new world and laying out a blueprint of what parks can be here. My sitdown with President Trump, the very latest on getting america back to work. Thursday morning right here beginning at 6 00 a. M. On mornings with maria, mornings with maria is live right now. Global markets this morning look like this. Ftse 100 down 21 points, cac
Week yeah. This is the expiration day so what happens is you actually its tomorrow, but people are trying to prep it what happens is rusty braziel explains to me, the rollover from the may contract to june occurs tomorrow. The reason that happens is because the may futures price converges with cash and expiration so in other words, youre looking at what the real price is its not the futures price so what happens is that imagine if youre producing at 32 a barrel, 33 a barrel like occidental, thats just youre hurting nobody can make any money at these prices rusty points out that after seeing this, the next month, it might go to zero and thats i think a lot of it is because where will you put it maybe keep it in the ground. It is extraordinary and jarring. And i think its causing the decline. Carl, whats so amazing, it was completely predictable thats why maybe the decline isis really overdone if its based on oil if its based on other factors, i dont know it looks like oil is bringing th
Which most ceos sounded positive in some aspect of the business. Is where we are on the s p 500. Some Tech Companies leading that higher. We had alphabet coming out, very positive for the markets today. Some conflicting headlines on gilead right now, though i will say, different tests for different things. Some tests prove some things, other tests fail. That doesnt mean it wont be a tool in the fight against covid19. Thats for sure. The 10 year yield at 59 basis points. We saw a little bit of buying after the gdp data. We were obviously expecting a terrible number. Crude is trading a bit higher, but at 15. 46, nothing to write home about. A slightly comber vix today. A slightly comber vix today. Guy guy the Banking Sector one of the bestperforming here in europe today as we continue with the European Bank reporting season. Deutsche, standard chartered, butlays all trading higher, still bracing for the full impact of the virus pandemic. Heres what some of the executives at some of those