Good morning, everyone. This is bloomberg surveillance. I am francine la am francine lan london. We have to get to the news for not only eg markets but corporate rates announcing changes, also something that may help with the sickness when it comes to covid19. U. S. Equity futures also higher. Are looking ats coronavirus cases and focusing on monetary stimulus as well. One thing i want to show you is thatorth korean yuan, currency is no longer trading, but we did see a lot of withility this morning, crude oil mapping gains. We will have look at the markets, but first, lets get to the bloomberg first word news in london with dani burger. Hi, danani burger. Hi, dani. Dani good morning, francine. The u. S. Economy has a way to go, according to chairman jay powell. The economy is likely to see a period of significant improvement, but it will probably leave the labor market well short of levels seen before the pandemic. Chair powell the first days of the shutdown, and we have seen what that
Everything is in green across the screen right now joe, were talking this is basically the growth value trade conversation but it takes on a little bit of a different face because were talking about this recovery trade i want to go through some stocks with you i want you to decide whether these things have come too far, too fast whether its the airlines, american, delta, united delta, southwest. You know what the gains are over the last two weeks alone thats just a representation of what were talking about here. Clearly skots, what we have witnessed is we had what i would call the v recovery stocks. Those stocks are the Growth Stocks those are the quality momentum stocks and you have more recently the stocks that are the u stocks the l stocks the dash for trash stocks. Im going to stay positioned with my growth name, my nasdaq names. Theres clear exuberance and when we look back upon this, well realize it was a rational kp exuberan exuberance im not going to bite. Im going to stay with
Our focus of america on Christine Lagarde yesterday, really stepping up and really confirming the independence of the European Central bank. Francine i think you are right. The markets are focusing on more focusing more on what is happening in in europe with the ecb turning more than markets expected at this economic response with extra stimulus from germany and austria today. 750es optimism this policy from europe they are focusing more on this stimulus and social unrest we saw in the u. S. The other thing i would point to is the fact that u. S. china trade relations, theres a lot going on with china stepping up 33 of then against chinese company. Companies. Rick hsbc tom hsbc and charter extending into the weekend. Here is first word news in new york. Todays jobs report is expected to show the u. S. Unemployment rate surged almost 20 last month, after reaching the highest level since the Great Depression in april. The may report is likely to show the jobs slump has extended into whit
Provisions in a decade and a vote on the virus. South korea heads to the polls in an election seen as a referendum on president moons pandemic performance. Shery we are seeing qe stocks gaining ground again, now at the highest level in over a month. And this after the u. S. Really finished at a one month high for the s p 500 jumping. We had gains in tech giants. U. S. Futures at the moment under pressure, down 1 . Nikkei futures not doing much right now. We have the japanese yen Holding Steady but this after four sessions of gains. We had safe haven demand as we continue to see concerns of the coronavirus outbreak. Wti at the moment rebounding after plunging more than 10 in the u. S. Session to the lowest level in two weeks. This despite that historic opecplus agreement. Closedave south korea today for parliamentary elections. Happening right now, President Trump having his daily coronavirus presser. He said that he hoped u. S. Funding to the World Health Organization failed in its bas
Its not difficult to be crabby when you are basically living hand to mouth with government stimulus. I thought that encompassed the markets perfectly for a day like today. A lot of earnings coming out. Delta looking at a 50 cut in daily cash burn by the end of june. In terms of their First Quarter loss, they had about a . 51 loss , and revenue was down 18 year on year. As we expected, pretty brutal when it comes to delta. Baker hughes, oil services company, saying the outlook for oil and gas is certain. No kidding. The revenue down by about 4 year on year. 0. 11, acoming in at little bit light. Lets get you some of the headlines here. All of todays market moving news from new york, as will is washington. Brent crude getting sucked into the lowest level since 1999. Bloombergs part two thought to be role bloomberg spoke to thought he be role spoke to fatih birol. Some of the countries are cutting their production earlier than announced. Others joined them. If others do not follow the ste