S officers says stimulus is on the way. Euro german bailout. A. M. Has just gone 6 00 in london. I am torn between the debate on whether the u. S. Chinahong kong it the backstop of central bank the narrative that drives this . Japan reopening, australia is reopening and normalizing as is the u. K. Good morning. Expectations of expansion of stimulus for june. They seem to be gaining some momentum. The market seems to be putting a side the u. S. And the u. S. China tensions. That simmers in the background. We still see this risk on an markets. And perhaps added to the story a little bit of optimism or less pessimism. Like the bailout and we getcept the news like the bailout of lufthansa. Futures pointing to similar gains that we saw in the euro stoxx 50. The 10 year treasury yields higher. Is above 34 a barrel. Iae saying demand could get back to precoronavirus levels. The number of coronavirus deaths in the u. S. Is nearing 100,000 344 global deaths around thousand. However, u. S. Presi
Yes look, theres no doubt about it, as becky said, things are better after than before. Skeptics will say you cant ramp up this rna. Moderna has been saying they can do 800 million to 600 million to 900 million vaccines, and i think therefore the move in the dow and the move in moderna makes sense. Do i want to chase moderna no do i feel like things are better its hard to believe that anybody could do this this fast, except for moderna i want to caution people, they have never really done anything. This is a very, very big deal. But there are people scientists i talked to this morning who say look, so far so good thats much different from the way i felt on saturday when i learned that the oxford test that everyone was so excited about did nothing. So this is not on prime mateates is on humans if youre negative on the market, you have to rethink. People will say we have to buy value. Autos are pumping. This is good news. You dont think its a sell and stay at home kind of stocks day . I
About how her organization is approaching testing, treatments and vaccines and which countries she says are doing the best right now handling the pandemic. Plus, the interim president of new yorks mta joins us to discuss a path forward for pass transit and whether people will ever feel comfortable riding in a crowded subway car again the biggest subway system in the country. Lets focus on the big stories were watching kayla has the latest on a new 3 trillion relief bill proposal. Mike diving into the Federal Reserves Corporate Bond Purchase Plan which kicked off today. Kayla, lets start with you and washington relief. We are waiting to hear from House Speaker nancy pelosi to discus what they are calling the heroes act this second wave of multitrillion dollar stimulus that now democrats say is needed to jumpstart the american economy. Pelosi has urged her conference to think big, even as many fiscally minded democrats have raised concerns b about the price tag. In this 3 trillion packag
Cramer, david faber coming to you live from separate locations this morning its risk off following those onemonth highs from yesterday empire and retail sales for march were abysmal the worst on record. Below Expectations Oil below 20 earnings from citi, goldman, bank of america showed the major banks are, as expected, bracing for a wave of defaults some more than others when you look at the percentage of the total loan book at jpm and city. Jpm is the one that people decided wasnt that great. When i look at it, i think it had to do with tone. Jpmorgan, the crucial lines were something that were uttered by jamie, which were, look, may is not realistic. It will be june, july. The problem with basing everything on that is that you dont realize these banks are much more much better prepared than we thought you have a citi thats down from its tangible book value, its actual youll have multiples that are incredibly low because people feel the dividends are in question yet you have a tremend
Tom it will be interesting to talk to fatih. We have the price actions and dynamics and future this is and futures that. What are they going to do about it . Derth, a absolutely complete mystery out there right now over what the next step is. There was opec plus, there was all the meeting of the World Leaders and that. And what i hear on a wednesday is just absolute thundering silence. Francine yeah, absolutely, tom. We were speaking to the former n. E. Chief executive and they were saying they would need to cut Something Like 33 Million Barrels for make a difference. It seems difficult for this group alone to do something. Well discuss that and also have to look at the world e. T. F. s place on this but straight to bloomberg first ord news with viviana hurtado. Viviana the Senate Passing a relief package including money for the tapped out program to aid Small Businesses. Theres also money for coronavirus testing and hospitals swamped by patients. The house could take up the measure as