With the dividend although it will be far lower than last years. Hong kong media tycoon released on bail. His broken National Security laws beijing has branded him guilty. Breaking news out of south korea. We are getting Unemployment Rate numbers, and again, surprising to the upside. They fell to 4. 2 in the month of july, this after surprising to the upside the previous month, falling to 4. 3 in june. Of course, we have seen more job creation efforts. In fact, we just heard from south koreas Ruling Party Leader saying south korea will actively consider a fourth extra budget if needed. South korea has already pledged more than 225 billion in stimulus measures or roughly 14 of gdp to help put a floor on the jobs market, and right now, the july Unemployment Rate falling to 4. 2 . Lets turn to the markets and bring in Sophie Kamaruddin in hong kong. What are you watching . Korean alongside the jobless numbers, we are waiting on Australian Consumer confidence, due out later this morning, a
Toolbox, but there are no plans to use them. Since the decision, we did see the market pare back a little bit, pricing around negative rates. Bailey also saying the bank of england forecast has an unusually large downside skew. The reaction, the pound suggests the market took the boe forecast as pretty robust. 1. 3172. Dailey also says it is hard to draw a conclusion from the bank of vacant forecast and we must be careful not to over interpret faster indicators. Hes speaking in a briefing to journalists right now, saying the boe could use like forward guidance, negative rates of the toolbox. Tom it looks like it is moving the market with lower Interest Rates seen across the u. S. Sterling on a tear, 1. 31 69. Look for our conversation with the governor of the bank of england. Francine lacqua and the governor, 8 00 a. M. New york time, 1 00 p. M. In london. She has some very in pointed she has a very pointed questions from our economics team. From news in new york said he, ritika gupta.
Platform, facebook shares are plunges as the cash cow of an advertising machine takes a public hit dow is down 750 coming up on todays show, a recession unlike any weve seen before the imf shocking the Investment Community with a huge negative revision to the forecast we have an exclusive interview with the managing director of the imf. You do not want to miss that lets focus in on the big stories with 59 minutes left of trading. Mike santoli following the plunge phil lebeau tracking the fall in Airline Stocks the ceos meet at the white house today. And meg terrell has the surge in coronavirus cases and rethinking of the reopenings happening across the country lets start with you, mike, on the selloff. What are you seeing . Well, sarah remember back in february, march, almost every friday it seems like the market backed off. A little nervous what might come over the weekend it feels familiar with that today. In the context of what june is, a corrective phase its been training in a rang
Fed set 2022 and what the chairman will say and what i assume will be a Virtual Press conference today. Ofncine we will have plenty market action. We will look at the markets every 15 minutes, including what is happening in treasuries. We had the oecd coming out with their economic outlook. That was released about an hour ago, and the oecd, it is a smarter way of doing it, tom. Forecasting the pandemic would cause a Global Economic slump of 6 here, but if there is a second wave, that becomes a seven point 6 slump. It is a good way of visualizing percent comes a 7. 6 slump. By thewas taken aback differentials between the bar charts of europe and the United States. I did not have in my head how much worse the guesstimate is for gdp decline in the europe verses in the u. S. It is a very good report. Francine it is also because of where europe was in the economic cycle. Lets get straight to first word news in new york city with ritika gupta. Ritika good morning. A warning from jeffrey gund
Euro bailout investors price in the prospect of negative interest rat rates after opening the door to the policy of course we are keeping it to where the access would be a very warm welcome to street signs. Weve got some fresh data coming through. This is flash pmis as a whoeld. The flash manufacturing pmi for may has come in at 39. 5 up from 33. 4 in april in terms of the composite number for the eurozone, that has come in at 30. 5 up from 30. 6 in april the services pmi which has been the hardest hit sector as a result of the lockdowns. That has come in at 28. 7 up from 12 in april, we already had france and germany come through and we have the overall eurozone number. One other thing, one of the key kpoen nants here, the new business pmi has come in at 28. 4 in april an uptick there. Contraction did ease in may but still very sharp we have the euro trading slightly weaker versus the dollar this morning. Lets bring in our first guest Chris Williamson geoff and steve also with us chri