Executive later. Another busy day. A lot of people were talking about in the virtual newsroom that we have created around the world that we cant quite remember whether it is tuesday, wednesday, or thursday. A lot of the focus is on what your markets are doing. This is your data, euro area, april services pmi coming up at 12. The preliminary figure was a touch below that. That Services Data coming in at 12 instead of the preliminary 11. 7. That is a little bit better than expected. I am looking forward to the ofexecutive of com campari. Look at renminbi. President trump continuing to push the reopening of the economy and oil pretty much stalling. Treasury yields edging higher. We will have plenty more on that shortly. We will be speaking to the campari chief executive. Trump isent donald pushing to get the u. S. Economy to reopen. He says americans should begin returning to their everyday lives but he is also acknowledging it could lead to more suffering, including more deaths. Pres. Tr
The bloomberg terminal. Reopening in america, President Trump urges the u. S. To get going again, even if it leads to more death. Chinas ambassador to washington calls for an end to the blame game over the coronavirus origin. More pain for europes banks. Lenders try to estimate the damage to their Balance Sheets from the coronavirus shutdown, and the ecb stands by its inflation mandate after a German Court Ruling on its qe program. Bond investors expressed concern about the Central Banks latest ofonavirus stimulus in light that decision. We are under an hour away to the start of cash trading across the continent, and in Great Britain, lets look at futures this morning, pointing slightly lower after a decent rally yesterday, although it was a rough start to the week for European Equity indexes. We are looking at drops of about. 1 right now on the dax futures in frankfurt. Higher in thedge cash trade yesterday. We are seeing futures edge higher once again today, so. 6 gain across the s p
Every direction. The s p saw an even bigger gain. The nasdaq up by almost 3. 6 the dow futures also up. Keeping an eye on the Treasury Department seeing how the fed news will play out there the fed news is back about 0. 6 . Sitting at 0. 612 . If you watch oil prices, which has been a big indicator of demand around the globe and what is happening, this morning, wti is up about 16 . All the way back up to 17. 49. Wow, all the way back up. 17 unbelievable lets get an update on the pandemic the number of global cases that we talk about nearing 3. 2 million. I dont know how good that enough is for anything we have more than a million in the United States. New york state cases near 300,000. I dont know of the reliability that state prisons near 7 testing positive breaking overnight, california governor plans to order all beaches and state parks to close tomorrow to avoid repeating last weekends violations hot weather, the police memo leaked to several Media Outlets yesterday. Andrew to put
Reports out of earnings. Some ceos talking about china being slow to recover, for example. Seeing the pace picked up at a very slow rate. We also have the Economic Data this morning, personal spending down 7. 5 in the united states. Compoundingdp data yesterday. That said, the 10 year yield us to let 60 basis points the fed and the ecb are doing all they could possibly do to keep the Financial Markets working. To point out. Ocks tesla up 4. 3 , just one exhibit 11 Earnings Report investors were cheered by, even though there are plenty of challenges facing tesla ahead. Twitter reported advertising revenue down about 1 4, and even though monthly and daily subscribers are up, the advertising revenue is very concerning to investors. That stock down more than 5 . Lets talk more about the ecb. The central bank is absently front and center. The data out of the euro zone today, 3. 8 in the First Quarter, the fastest contraction we have ever seen. The ecb now seeing a series of longterm loans f
Court in germany. I really fascinating spiders web that has been woven. Here in the u. S. Come of the s p 500 up 1. 5 at 2886. A risk on tone in the market as you hear about tariff exclusions extended for up to 12 months on some chinese goods. Also oil rallying. It got up to 30 a barrel earlier. Yesterday, we spoke with one of the Texas Railroad commissioners. Wasaid that prorationing dead on arrival, but that permian producers could ration themselves. That is what we are seeing today. They have cut production today, and we are hearing that others will cut production in the next few months. We are also just getting a headline from that regulator meeting right now. Texas Oil Regulator asks producers for ways to reduce flaring. As we all know, following the story, flaring was one of the ways that Oil Producers got rid of the excess oil coming out of the ground, but it was not going anywhere. Of the regulators is asking producers for ways to reduce flaring. Crude is now trading at 23. 50