Billionaire tilman will tell us how he is preparing. What hes telling his teams for what could be a cold winter for the economy. Power lunch starts right now day after the huge sell off, stocks have turned higher this afternoon as they try to avoid a fifth straight day of losses the s p and nasdaq are at session highs right now. Lets go to bob for more on these markets. Bob. Chop it around a little bit i listened to the powellmnuchin testimony. I didnt see any narrative around fiscal or Monetary Policy stay at home stocks are back theres this narrative if we get more break outs in the u. S. Like we got if europe, they will be ben faeficiarie beneficiaries. All these stay at home names are doing well amazon is having great day not so the banks second day in a row they are getting clobbered. Some of the banks are down 7, 8, 9 in two days this is another serious down trend in the banks the big thing im worried about is valuations. We cant figure out what tech stocks are worth look at appl
I hope my colleagues, witnesses, and viewers are staying healthy and safe. I want to thank chairman pain and Ranking Member kane at the Emergency Preparedness respond and Recovery Committee for coming together with the Ranking Member and me to hold this hearing. We are here to discuss federal and state efforts to procure critical supplies in response to the coronavirus pandemic. I want to acknowledge the federal Emergency Management agency, which was put in charge of the federal governments response, was asked to testify today. Fema is not here today, but i understand there is an administrator to appear before the full Committee Later this month. Im pleased to hear this, because its vital we Work Together to address this challenge. I look forward to meeting with administrator gaynor soon and hearing what administrators have to say to form the discussion. Theres no denying the coronavirus pandemic has presented unparalleled challenges. One of the greatest challenges has been procuring a
The june edition of the World Bank Global economic prospects which relates this conversation, 5 global contraction on global gdp in 2020. It is the deepest global recession since world war ii, and the biggest collapse in income since 1870. Its informed by an assessment fundamental drivers of a long time growth, which will slow capital formation. The dislocation of trade among others. Beyond the headline Economic Growth number, the pandemic is having a disproportionate effect and lower income countries, the large. Dominated by are the sector with limited ability to adjust for covid related measures like confinement. The most vulnerable population in the economy is more exposed. The pandemic is likely to leave a legacy of even wider inequality between and within countries and less the dimension is integrated. It was refreshing to see the report about covid and inequality. As disruptive as the pandemic has been around the world, there is still great uncertainty as to whether we have seen
Symptotoms causese by the coronaviruss including a a temperature and a cough. On monday evening the Prime Ministers Office announced that on the advice of his medical team he had been moved to the hospitals intensive c care uni. Johnson has asked foreign secretary to deputize for him when necessary. The department of m ministrys in safe hands and the focus of the g government will continue be on making sure the Prime Ministers direction. Johnson tested positive for the virus on march 27th. Earlier on monday he wrote on twitter that he was in good spirits and keeping in touch with his team. He also thanked the National Health service for taking care of him and other patients adding you are the best of britain. New York Governor Andrew Cuomo said hes hiking penalties for anyone failing to comply with social distancing rules in the state, which has become the epicenter of the coronavirus pan demmi neyork h has more than 1 130,0 caseshihich aountntsor nrlyy 40 of the counyys totals. So far
Neighboring Mendocino County reports at least four confirmed cases. Lake county still unchanged. No one testing positive there so far. And we are plotting the case numbers on to a graph so we really can see the trend here. This trend includes data for 14 counties, the bay area and surrounding areas. As you can see, we are still on an upward curve. And this is our first day with a new extended shelter in place order. It took effect for much of the bay area at midnight and includes new restrictions like the closure of Tennis Courts. There was no one to be seen at these courts in berkeley. Droneview7 gives awes glimpse there. Many courts around town have been closed by the city following the new restrictions. But its more than just Tennis Courts that are now off limits. New at 6 00, abc7 News Reporter Lauren Martinez is live in berkeley to explain. Lauren . Liz, the playground behind me is completely taped up to stop o t equi a lot of these new rules now in place are to prevent you from t