Each year. We are thrilled francine could join us on the simulcast because we actually got lucky with what has happened with the scheduling. In france, with some shockingly weak Economic Data. Francine this is pmi. What a delight to be spending four or five hours together. I think they are trying to see who breaks first. My money, i dont know if it is on me are you, actually. We will see after the second hour of the simulcast. France coming out with pmis that were pretty terrible, and that has taken the market by surprise in europe. There was that and germany. Both leaders saying they are hoping not to go into full lockdown again. I know you are also watching the u. S. Postmaster general testifying to the senate. It has really captured the. Magination of europeans tom weve got to postmaster general testifying today, and the huge backstory is do they fold the post Office System challenges into further stimulus. Jeanne zaino made it very clear it is to mr. Trumps benefit to have that dea
You say to yourself, come on, come on, come on. This monday is the come on where new york city reopens. With that, a better jobs report, and accident of course, the president talking it up. I thought the research over the weekend from Goldman Sachs, j. P. Morgan and the others was just outstanding, putting shade and putting nuance on that jobs report of friday. Jonathan lets be clear. For this market, for the Global Financial community, friday never really ended. It went through the weekend into monday. The equity market continues to rally. We continue to look ahead this week to a Federal Reserve i just wanted to have the payrolls report change the feds approach to the News Conference this week, tom. Tom maybe a little bit of nuance to it, but i really dont think it plays in all that much. You ught it was great, come down, and the amount off they calculate it roughly of 15 recovery in the labor economy. I dont think thats enough to have vice chairman turn to chairman sandowl say change
Cheerleading forward as we expect politicians to do. The underlying math on the thursday past was outright graham. Outright graham. Whether it was germany or russia. Increasedew york city 9. 8 yesterday. That is a huge fall back from the end of may story we have been getting. Francine if you look at the pattern, if it is anything like we saw in france, gets better and then gets worse and then get better. Bear with us and good luck to everyone. Lets get to the bloomberg first word news in new york city. There china hasnt had an economic report like this in decades. The coronavirus pushing the countrys economy into a contraction in the First Quarter. Gdp shrinking to 6. 8 from a year ago, the worst performance since at least 1992. Recovery will not be easy. Coronavirus has hammered business around the world. China will have to demand will have to rely on fragile domestic demand. It is a threephase process. The president says some phases could begin literally tomorrow. The guidelines mark
Europe and why debts keep rising so much in spain and in italy and what can be done. Tom we have an important interview in the next hour on the virus. We will go to mount sinai for that. I am next to the outside i manhattan hospital in new york. I will tell you, it is an extra ordinary monday. I know you see in in london, we see it in new york, with quiet streets and politicians really needing to adapt. My major message in this hour is the complete readjustment and struggle that global wall street is having trying to gauge this contraction. I love what bruce kasman said at jp morgan. He looks back and harkens back to the contractions that we saw before world war ii. Francine i think we had an update on friday from goldman sachs, j. P. Morgan on the Second Quarter gbp just gdp in the u. S. , and the numbers are nothing like we have ever seen before. So i know we have a full round of update just on the lockdown, different in new york than it is in london. Boris johnson saying that people
Breaking news we are hours away from another planned power shut off. How long will you be left in the dark this time . Firefighters in Sonoma County racing the wins. What they are doing to get ahead of those claims. Thousands evacuated Sonoma County. Why one san jose professor was heading for the kincaid fire. A couple says i do in the middle of a disaster zone. The story behind this viral photo. Project home. Tenants take on San Francisco biggest landlord. And they win. How are investigation led to a victory. We begin with that breaking news. Pg e planning and of the power shut off getting tomorrow morning because of severe wind. Before this month. Versions of counties could be impacted. Alameda marin napa san Mateo Santa Clara and sonoma. Power could go off in the north bay as early as 7 am. A number of homes and businesses affected will be somewhere between 240 and 605,000. Pg e expects the outage to last until wednesday morning. In the bay area the north bay will be hit the hardest