Remain independent. Economy ts, the global takes precedence over the geopolitical tensions between the u. S. And china. The price of the bailout. Brussels set its criteria for backing the state aid pac package from berlin. We are just under an hour away from the start of cac equity trading in europe. Ets take a look at where the u. K. Markets were closed yesterday. They didnt get that take part in the risk on rally that we saw across the continent. We also see u. S. Equity futures rising. U. S. Cash trade was also closed yesterday to honor the memorial day holiday. As a result we see futures in new york up about 2 on the dow and nasdaq futures as well as s p futures up 1. 8 right now. Lets get your first word news. Here are todays top stories from the bloomberg terminal. Once a virus hot spot in europe, italy reported the fewest cases since february. Below 100 for a second day. The global death toll tops 340,000 with 5. 5 million cases confirmed. In england, Outdoor Markets and car sho
Here as well. Also want to point out some breaking news. Macys says their cfo paula price is going to leave the company. They are looking at an external search currently. Premarket withn the overall market. Exxon mobil also coming out, finally the last of the big majors to cut their capex. They see overall Capital Investments for this year about 23 billion. They saw up to 33 billion. They are also cutting operating expenses by about 15 . They are maintaining their longterm outlook. They say Capital Allocation priorities remain unchanged. The longest chunk of all these cuts are going to be spending in the permian basin. That is interesting. We heard something very similar with chevron, a little easier to shale. Ex within they are dealing with the fallout of the crisis. Watching those stocks as we head into the open. U. S. , as wellthe as the markets, but the collapse of the Small Business optimism i was just talking about. Gauge falling by 8. 18 points in march. Michael mckee joins us w
Any mutualization. Vonnie we are seeing a nice bounce for equities today. The dow in the s p both up 1. 5 to 1. 7 . The nasdaq up 2. 1 . All Industry Groups in the s p 500 higher, even though we are off our highs for the day. The one teetering on the edge is the home wherein transportation index, but they are basically flat to down 0. 1 or so. Some good earnings overnight. Many companies, including kimberlyclark, just getting rid of guidance altogether for the year because it is just impossible to know how the rest of the year is going to pan out. The likes of twoputt lake the likes of chipotle up, and Companies Like halliburton up. Diamondback up 8 , bouncing after getting absolutely hammered the last couple of days. Lets carry on the conversation about what is happening in the crude market, a big focus right now. Following that report on inventories. Weve also got the president s comments on what could happen the gulf when it comes to iranian boats. That is having an effect. Brent bo
Ont that we had crude down the day. A little bit of a disconnect, scarlet. Scarlet that is a good point. Energy stocks up 10 on the day. The next best performing group is financials. If you look at it on a five day basis for the week, energy and financials are among the laggards here. Forget what happened in the first quarter. Forget what they are saying about the Second Quarter. End, i wonder what that really tells us about. Again, i think that what we are dealing with here, and what i was trying to say when the bell rang, we are dealing with the cash flow issue. It comes down to how long the economy is in suspended emanation. If this is a short but deep recession, things will come back online towards the end of the year. Programsus stimulus will help keep consumers and businesses afloat so they can get back up and running relatively quickly. But the risk is that we deal with multiple waves of infections or a downturn that lasts longer than we are expecting. Romaine i want to bring ou
And bogota. We begin in hong kong. Police fired tear gas in the after Central District the shooting of a protester increased tension. Chief executive carrie lam warned of violence leading to a point of no return, and to restore calm. Still anyf there is Wishful Thinking that by escalating violence, the Hong Kong Government will yield to pressure to satisfy the socalled political demands, violence is not going to give us any solution to the problems hong kong is facing. Alix 20 me on the phone from hong kong is joining the on the phone from hong kong is caringly is karen leigh. Walk us through what happened over the last when he four hours. We heard carrie lam warning that violence isnt going to help their goals, signaling that she will not bow to demands after five months. Of the most violent days weve seen one of the most violent days since protests started. There were clashes between protesters and police, a protester shot by a live round. That triggered a day of violence with these