Distribute 300 million doses of the Coronavirus Vaccine in india. Says it is paired with an Indian Company to conduct phase three trials in india. A top Indian Health official calls the partnership a winwin for india and the world. In lebanon politicians have missed a deadline to form a new government. The deadline was set by Emmanuel Macron who has been pushing lebanon to an act urgently needed reforms. Lebanons struggling economy took another hit when an explosion killed nearly 200 people, injured thousands and caused losses worth billions of dollars. Global news 24 hours a day on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. I am Mark Crumpton, this is bloomberg. It is 1 00 in new york and 1 00 a. M. In hong kong. Welcome to bloomberg markets. Here are the top stories. It is fomc decision day. Unveiling a strategy on inflation. Today they have the opportunity to back up their plan with details as they look to accelerate
Signs that the economy is on the mend. You have the manufacturing report that showed us back in positive territory. Manufacturing is no longer contracting and it confirms the positive reading we got in last weeks empire manufacturing. Indicators higher than expected on the other hand, jobless claims coming above one million. A waitandseein mode. We have seen the s p 500 go to the nearest peak and then last thursday happened, a sharp drop with a longoverdue pullback. We briefly dipped below 2000 in the s p 500. Recovery once again is the Federal Reserve gave more details on its plans to buy corporate bonds, not just , but individually, which resulted in a 77 point range in the last three days. We can see the dip come back again as a mantra for the markets. Volume has been lighter than average. Perhaps that plays into it. Maybe we will see volume pick up once again after that but we are after memorial day. David i look forward to this. Thank you for that report on the markets. John bolto
It has been a choppy session. Down. 1 , while the nasdaq is up. 2 . The dollar index is strengthening. 97. 55. We had a drop in the 10year yield, we are back at 70 basis points. Lets get some details on what is moving in the market. Scarlet fu is with us. A mixed trade across Asset Classes. Certainly within equities. The backdrop is the next Economic Data we got. The philly fed numbers were interesting, in that they confirm the empire numbers from last week, back in expansion mode. Manufacturing is no longer contracting in the region. All of that is helping to lift the city index to a record high, spate ofg that recent better than expected Economic Data. Oil approaching 40 a barrel. Iraq says it will begin complying with opec production cuts and is working on a program to compensate for cheating in may. It is curious it is not getting ts and to reits utilities. A couple of movers on earnings. Kroger is the second worst performer in the s p 500, beat on the top and bottom line for next
95000 people ultimately we may be juggling about something more than that. Venezuela charges 2 americans with terrorism and conspiracy to overthrow the government. Accusations of slavery see indonesia demands answers off the deaths of fishermen working on chinese boats. And a new ships remembrance loci commemorations take place to mark the 75th anniversary of the end of the 2nd world war. We begin in the u. S. Where unemployment skyrocketed in april saying the biggest spike in close to 90 years more than 20000000. 00 jobs gone in the month of april alone has coronavirus lockdowns. The economy of the Unemployment Rate has tripled to 14. 7 percent with no sign of slowing down this is already worse than the socalled Great Recession that followed the 2008 financial crisis and its a new post war record which was previously set in 982 when the Unemployment Rate hits nearly 11 percent and is no exaggeration to say this is the worst crisis for the u. S. Economy since the Great Depression when
And election in the time of a pandemic South Koreans carefully head to the ballot box also. A kind of leadership doesnt just belong in our state capitals and Mayors Office belongs in the white house. Former u. S. President barack obama breaks his silence and endorses joe biden. U. S. President donald trump says he will suspend funding to the World Health Organization the u. S. Sends 402500 1000000 dollars a year to the w. H. R. Trump says the organization botched the initial response to the corona Virus Outbreak and spread what he called this information from china which made things worse the u. S. Is the chose biggest fund. We have deep concerns whether americas generosity has been put to the best use possible. The reality is that the w. H. O. Failed to adequately obtain vet and share information in a timely and transparent fashion the world depends on the w. H. O. To work with countries to ensure that Accurate Information about International Health threats is shared in a timely manne