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Democratic candidate for President Joe Biden will make the speech intentionally of his lifetime. The day started down pete with a rise in jobless claims. Yesterday, we saw a surprise bearish reversal. Today, a surprise bullish reversal, all leading into joe bidens speech. Morning,earlier in the we had stocks down a little bit as the initial jobless claims came back in above a million. But we had a turnaround. Thanasdaq closing up more 1 , so perhaps some folks hoping that those unfortunate job numbers could force congress to approve a stimulus package sooner rather than later. Nasdaq up 1. 4 . , the newa cap index York Stock Exchange faang index, up about 2 . Facebook,habet, amazon climbing higher. The stayathome trade back in the lead. Russell down half a percent. Interesting way for the gains to happen. Perhaps not the healthiest. Financials, industrials. All abou ....
After months of no magic, Shanghai Disney throws open its doors today. We will assess theme parks in the coronavirus era. Mixed we are looking at a , possibly positive start for asia. Lets go over to sophie looking at the markets. Sophie asian stocks setting up for a week delivering more Corporate Updates with about 500 companies on the msci aipac to respond this week. And the impact of lockdowns certainly how look growth will be impacted is going to be in focus. We will look at korean trade for may area so this one is edging lower, may. This one is edging lower. Chicago nikkei futures edging higher. The 10year yield adding seven basis points. Tracking the move we have seen of supplyelds pressures prelooking at the offshore yuan over 7. 09. It will bring us Monthly Economic activity data from china this week. Look ....
Damage assessment economists expected payroll reports to show 22 million job losses, taking unemployment levels to their highest since the 1940s. Neel kashkari says the impact will be devastating. And customer orders slump. We speak to the ceo. Lots still ahead in the trading day. We will talk about siemens numbers and the lack of visibility. We also get plenty of analysis for the jobs report which we expect to see later today. With that in mind, lets take a look at futures. It seems we have found plenty of reason to be cheerful this friday. We will not have any trading in london because it is a Public Holiday, but we have plenty of positive trading coming in from the Asian Session and indeed, in the futures, we see that reflected. Futures point higher by around 1. 3 while european futures, where we see moves to the upside. Euro stocks futures up by a similar amount. Of focus ....
When we reopen, that is the time to stimulate. How do you see the policy effort changing in the months to come, adapting, larry . Larry i am not here to negotiate, but i will simply say this. Had a set ofmp has policies that worked very well before this pandemic. The first three years plus. Indeed, in january and february the economy was growing at 3 or better. I think that he wants to extend a lot of the ideas. He wants to be a Free Enterprise economy. He wants to reward people for their success and their initiative and their efforts. He has talked about from time to time, talked and tweeted about payroll tax holidays, he has talked about Capital Gains taxes. He has talked about tourism, restaurants, traveling deductions that might work. We have talked about capital and business expensing. There have been covid related adjustments, whether you are a large factory in detroit ....
Last roughly 12 years or so. Relative to today, stocks are sharply higher. We have crude oil, another risk asset recovering at 21 a barrel. There are some folks thinking that the demand picture is improving, sending the Energy Sector to the top of the list, and that is also helping small cap up 3 from outperformance. A lot of the Energy Companies are on the smaller topside. Itfor the bonds and the fed, has been about the news of more issuance from the treasury. We have the yield curve again steepening, i think four out of the last five days, rising by about 11 bits this week. The is healthy, that is yield curve normalizing, something that the fed wants to see. If it continues to steepen, it will put volatility to the markets to the downside or the notways chop way, that is happening today. Keep an eye on the yield curve. We have the long end selling off in the two year call ....