Europe struggling economy. Monetary stimulus remains necessary to support the economy create coverage and to safeguard the medium term price stability. No warning from the International Air transport association revealed the delivery of any future product or acting will require some careful planning called it the largest single transport challenge ever we have a lot to get here so lets get started. On thursday the European Central bank announced its plan to keep Interest Rates unchanged e. C. B. President Christine Legarde said they are closely monitoring inflation to reach a level close to but below 2 percent we will keep the key e. C. B. Interest rates unchanged. We expect them to remain at their present in lower levels until we have seen the inflation outlook robustly converge to a level sufficiently close to but below 2 percent weve been a projection. And such convergence has been consistently reflected in underlying inflation dynamics this comes as the euro continues to strengthen last week it hit a 2 year high following the meeting the euro jumped point 8 percent since march its risen about 11 percent against the us dollar well a guard also said the bank will continue its purchase under the pandemic bond buying with. 1350000000000 euros the program is set to continue until june of 2021 well that number is expected to increase before the end of the year. For more on the state of this and the state of the Global Economy we are joined by bill was cohost chrystia and founder and chief Market Strategist of the technical traders dot com chris vermaelen chris lets start with you although the e. C. B. Decided against any major policy action this thursday analysts theyre still expecting like i said the increase in the total amount of the program before the end of the year how is this recovery actually tracking and will there be any further monetary easing by the e. C. B. Given the rise were seeing of the euro. Yeah its really tough to say i mean there are theyre definitely putting a pause there keeping things where they are i think it i think all countries really are trying to get a grasp on where the momentum is with all the fiscal issues going on in Interest Rates so really everythings kind of just being held kind of a standstill i think were just kind of playing the waiting game to see how things are going to unfold and keep lots of gun powder dry i dont think theres a huge i mean theres a crisis going on but i think theyve got time to hold on to things and remain the same until they get something that forced their hand to have to take action right now theyre keeping things the same providing stimulus and theyre just going to let the economy see how it unfolds here looks like there is and there may be some more action coming later this here chrystia lets look at the United States in the Housing Market here now we would have expected it to to have a slowdown or sharp slowdown like the rest of the economy but instead what were seeing are the applications to purchase a home and single digit year over year increases whats going on here. You know this was a little bit of a surprise as the Housing Market typically slows down at the end of august but this has been a really strange year so far as that has defied most trends so instead of slowing down Mortgage Applications to purchase homes actually rose 3 percent last week and were 40 percent higher from a new year ago so the year over Year Comparison is usually just in the Single Digits so this shows that purchase demand is running significantly higher and so we can attribute that to a couple things one to the fact that buyers are still getting significant incentives from low Mortgage Rates so for 15 year fixed the rate declined to a record low of 2. 62 percent on conventional so we also see that the average loan size is also continuing to increase hitting a high of over 368000. 00 highlighting some pretty strong overall demand for buying a home right now so some of this can also be attributed to pent up demand from the busy Spring Season earlier this year that we never had as a pandemic just shut down the entire economy and so as a whole my. The market continues to remain pretty strong thats not the full story when you look at then the whole renting market because a looming wave of the vix sions is just on the horizon as the new c. D. C. Eviction moratorium just simply kicks the can down the road to deal with next year when the evictions are going to come up probably that were going to be seeing until next year even next year through this recovery now chris this is very important here the United States senate just failed to advance on that skinny g. O. P. Bill to provide about 300000000000. 00 in new coven 1900 now thats far from the 3 trillion dollars a democrats originally wanted now this would have been a stopgap measure and likely the final vote on the pandemic relief before the november elections what are the consequences looking like now if no additional aid gets passed because it doesnt look like it well. Yeah this is a i think this is really big i mean not having any aid i mean the market here is not liking ever seen the stock market already start to sell a lot of obviously if there is going to be aid for schools postal system Small Businesses which are really the heart of the country this is going to disappointing fear in the people and that is not a good sign of people who are going to struggle you know this whole recession this whole pandemic has caused a really unique scenario where big large caps are cleaning up and doing exceptionally well holding the stock market up and taking to new highs but really the heart of america all the mom and pop shops restaurants people waiting all those people are suffering and if they cant get support that is when things are really going to crumble and so this is really important they need to get a plan together because i think this is really going to start to affect and this is where the recession could start to kick in where people realize ok there isnt that support thats needed for the people who really need it it doesnt matter about the multinationals these Huge Tech Companies its is the small people that need these plans of Small Businesses and if its not coming its it could be a pretty Bleak Outlook as we go into the elections well chris one thing is the economy in another is the are the markets right and without the stimulus the people need the money where is it going to come from is there as an even going to like you said a lot of mom and pop shops Small Businesses have now closed because of this now christine these these weekly job claims elam they were worse than expected last week as continuing claims that they rose of of the previous week hitting 13380000 now it is the pace of the recovery slowing down and people were pretty optimistic about it a week ago. Yeah the pistol recurring has definitely plateaued of it as the Labor Department reported 884001st time filings for unemployment versus the 850000. 00 expected so the continuing claims as you just mentioned was also an indicator that the strong jobs improvements throughout the summer that we had that might be tailing off entering the fall season so now apparently the line in the sand for a point a good news on initial of job claims has become just the 1000000 mark so despite the fact that the data came in worse than expected the market kind of just shrugged it off a little bit because at least it came in under 1000000. 00 so its digesting it as not bad but theres no doubt that the pace of the rebound that was forecasted to happen in q 3 and q 4 is still a long ways off if you look at the pace of hiring so the jump in unemployment claims its coming mainly from the Pandemic Unemployment Assistance Program which is namely for the selfemployed and gate workers so it implies that many still cant find steady full time work and since april part time employment has really gained a much greater share of employees who are laid off as businesses struggle to forecast cost and cut labor expenses so 4 months into the recovery now part time employment is at 60 point one percent versus 47. 9 percent for full time employment so were still quite a long ways off from normal right now well as you mentioned were were still obviously a far ways off were still looking at jobs that may not be come to full capacity to a 100 percent for another year or that people are waiting until a vaccine possibility but chris were 6 months into the pandemic and looking into this recovery the socalled recovery is it arent jobless claims close to a 1000000 still pretty high. I think its very high i mean people i think got that shock and awe from the much larger numbers earlier and now a 1000000 looks like nothing just like you know back in 2009 youre looking at a 500000000000. 00 bill oh that looks like you know a drop in the bucket for whats happening now so people dont seem to think that these numbers are that big anymore but theyre huge and thats a lot of unemployed lot of jobless claims and its not good but the thing is the stock market masks you know the average person doesnt really get a feel of how bad the economy is because they keep seems stock market move higher and higher and they think that that means things are good but theres a huge disconnect between the stock market and whats really going on with jobs the economy so its definitely got a lot of people kind of thinking in the wrong direction theres a difference between investing money in the market with people who actually have it and those who are struggling to make ends meet with feeding families and you know there are some statistics that are even having saying that more than 50 percent of our moving home moving in with their parents cause they cant even afford to pay around anymore and since are working remotely its its obviously helped them a lot boom bust cohost christine and Chris Brown Whelan founder and chief Market Strategist of the technical traders dot com thank you both for your time today. Facebook could soon be stopped from sending european user data to the u. S. While Irelands Data Protection Commission sent facebook a preliminary order to suspend the Data Transfers however facebook didnt directly respond to the matter in a blog post facebooks Vice President of Global Affairs and Communications Nick Clegg confirmed the inquiry while this approach is subject to further process that followed it could have a far reaching effect on the businesses that rely on c cs and on the Online Services many people and businesses rely on he added id p. C. Argues Data Transfer as well they cannot in practice be used for us Data Transferred this comes after the European Court of justice ruled Data Transfer between the. And the u. S. Doesnt adequately protect the privacy of european citizens well it could face a fine of up to 4 percent of its revenue or 2800000000. 00 if it actually fails to comply. The global race for a crown of our saxon continues even though one major pharmaceutical has already place its covert 1000. 00 trial on hold and while u. S. Government officials claim of axiom could be ready for early fall or even a winter well there are some serious concerns worldwide as to how effectively and safely these new vaccines can be delivered and then administered while turning a job is covering all of this and more from the new york concerns are growing over when a Coronavirus Vaccine will actually be developed and when that does happen how it will safely be delivered globally all this has some companies are facing major setbacks in vaccine trials today the world is anxiously awaiting a coat of i respect seen Health Officials still optimistic a vaccine will be ready this year the International Air transport association now telling governments to plan for the mission of the century to ensure the vaccine when available reaches every part of the global calling it the largest single transport challenge ever the company said in a statement the potential size of the delivery is enormous just providing a single dose to 7800000000 people would fill 8000 boeing 747 cargo aircraft Land Transport will help especially in developed economies with local manufacturing capacity the vaccines cannot be delivered globally without the significant use of air cargo but as several kovan 1000 vaccines are in the late stages of Clinical Trials astra zeneca is trial is facing some major setbacks after one of its participants in britain reportedly got sick with an unexpected illness lots of Clinical Trials could. We dont know how serious it is with to figure out. How the adverse event what the adverse event was was it really related to the vaccine this is why we cant rush now the Serum Institute of india. Company alysa to manufacture a 1000000000 doses of astra zeneca vaccine is pausing its own Clinical Trial after receiving notice the drug controller general of india is investigating the matter meantime concerns are growing that if developing a vaccine takes longer than expected it could create a k. Shaped economy in which circumstances for wealthy people who can afford to isolate are improving and for everyone else it could get worse ian lee engine head of u. S. Rate strategy at b. M. 0 Capital Markets says the case narrative is gaining traction as the tale of 2 recoveries conforms well with the ongoing outperformance of risk assets and real estate while Frontline Service sector jobs risk permanent elimination but so far only russia has approved its own vaccine for use and has started to administer it to moscows medical community 1st as a part of an ongoing trial and sonias but as the Infectious Disease specialist i perfectly understand that the most significant and effective way to fight against any infection is a vaccination and thats whats offered at the moment thats why my decision is. But now a group of scientists are questioning the reliability of the results of early stage Clinical Trials of russias sputnik 5 vaccine in an open letter to the editor of the Lancet Medical Journal 27 Scientists Say that the data published by russias gay malaya Research Institute of epidemiology and microbiology was incomplete and showed some unlikely patterns the scientists were also concerned at the lack of the original numeric data presented in the study saying no conclusions can be definitively drawn on the reliability of the data presented as specially regarding the apparent duplications detected meantime began only a Research Institute about microbiology counters that statement and says that all the results that were published are completely authentic and accurate and were even examined by 5 viewers at the lancet reporting any you are trying to each of us r. T. Time now for a quick break but stay here because when we return a new flare up between the. The u. S. And china as a trump ministration will to provoke more than 1000 student visas to chinese nationals well discuss with our panel next and as we go to break heres a number thought that. The so. Listen. I refuse to be on the side of people who want to take our guns and kill each other i want to stand intellectual should always stand i think all of the sheets there are. No to violence no to bloodshed yes to think. Less. War like. Problem drugs has come from unscrupulous dealers from pharmacies to in every state in the United States we see me very sharp increase in the number of people seeking treatment for addiction to prescription opioids invaded america under the banner of medicine persisted with the pain but instead of trying to wean him off though she just goes at their dose after dose if your dose and really became his drug dealer whos to blame patients doctors manufacturers. Join me every thursday on the alex simon show and ill be speaking to us from the world of politics or business im show business ill see you then. In this president ial election cycle both democrats and republicans claim to be tough on china but does that actually. What does the American Public really know about china. On this edition of the program. To separate this. The back and forth between the United States and china what seems to cross in line almost every day well today there is a new fallout after the trumpet ministration has moved to revoke the visas of about 1000 Chinese Students the state department has set the number of revocations at 1000 while providing a long list of abuses by the students but theyre not providing many details while acting Homeland Security secretary chad wolf says his department is blocking those student visas for certain chinese graduate students and researchers with ties to chinas military fusion stra