Handle. We will see where that goes. We get inventories in 30 minutes. The dollar index is under 100 today. We have stronger currencies out , including the euro. A lot of data out in britain and on the continent overnight. Of course, as you can see, the 1. 2 . 00 down pound isnt as strong as it was earlier in the session. We did get Economic Data that was pretty dire. Gdp contracting a most 6 , but it wasnt as bad as forecast, so perhaps a little bit of a silver lining. Germanys 10 year yield at 62 basis points. Takinglor Angela Merkel on the german constitutional courts commode is going to be a fascinating battle. Delighted to say now we are , type or jimmy dunne send her vice chair, to talk everything market really sandler vicepiper chair, to talk everything markets. Jimmy, thanks for joining. We will get to the fund in a few minutes, the first, even more fun, these markets and the federal reserve. Jay powell seemingly put to bed the idea of negative Interest Rates, but the president
We were effectively at the lower bound already, so that is coming in at 25 basis points. The Canadian Dollar was already weaker before this. It is weaker now by 1. 5 versus the u. S. Dollar. Lets take a look at where we stand markets wise. We knew after the retail sales data we would like to down, and we are. Awn 2. 4 for the s p 500, and move for the 10 year yield is well back down to 66 basis points. Crude oil has recovered ever so slightly. We were at the 19 handle for most of the morning. 42. Vix is back up to what is happening in europe, guy . Btp spread is widening out. It seems every nation for themselves. It seems there will be no mutualization of debt. Every sector is a negative territory right now. The banks and the oil stocks are the worst performers. You got a pound on offer, the dollar generally bid today. The market is looking for a little bit of safety today. Vonnie arent we all . Lets get you our first guest. We are delighted to be joined by joseph stiglitz, Columbia Un
Seeing some good things in its earnings. We are also getting a few good out of a study on a gilead drug, sending shares higher today. It looks like this particular duration taking the drug allowing for the same results, which means we will be able to get more testing done to see if it has an impact on covid19. Guy the data are bad, the science is good. That is probably the message coming out today. The gilead news having a positive effect on european stocks. We are near session highs. Today is aial sector prime driver. Volkswagen trading to the upside. Airbus reporting numbers today, trading around 10 higher today. Outve also had a surprise of cycle downgrade for italy. Yields moving up a little bit, not that much. Big volatility continuing in the crude space. Brent trading up by 10. 5 . Vonnie keep an eye is well on the fed decision this afternoon, and the statement, which will be interesting. Jay powell will hold his virtual News Conference in the afternoon. For his thoughts, we are
No doubt do nothing to help. 2. 75 . Daq is down we had the vix at 65. A Stronger Crude Oil index today. Basically, all industries in the s p 500 are lower. Just a couple of stocks higher, things like kroger and netflix once again. Absolutely. Rebalancing is done. President didnt sound very positive last night. In fact, he really didnt sound very positive last night. He delivered a long press conference. I think thats taken the shine off of stocks. , u. K. Banks also not paying dividends. The stoxx 600 is down by 2. 82 . Volume is a little on the light side, but actually ok. The saudis are really pumping it out. You wonder what will happen when storage gets full. Youve got a stronger dollar today. 1. 0928. Ar trading on off a lot of points out of the ftse 100 and the stoxx 600. Vonnie we are joined on the edne by yardeni founder yardeni. What are you looking at for the quarter and for next quarter . Ed it is hard to do point estimates. That was before the virus. These days, all you can
Sentiment data does anything for equities. The 10 year yield is back down to 1. 58 . A little bit of buying overnight after we got some comments on the impact of the coronavirus. Expedia one of those companies that seems to be immune. It has not forecast much impact from the coronavirus on travel plans and is forecasting dole digit growth. Well, datacenter growth in its chips helping that company. A much higherfor performance in the s p 500 than even the other chipmakers. Theres a halo effect on some of those as well. Guy absolutely. In europe, we are down by 0. 1 . Eurodollar bouncing back a little bit today despite some really dismal data out of germany. Copper, this is the one you want to Pay Attention to. This tells you what is happening in terms of what is happening with the coronavirus inch ira coronavirus in china, down another 0. 4 . Vonnie the death toll from the coronavirus continues to rise. Disagreements between the u. S. And china about transparency threaten the fight. Nat