17 Burst results for "Anna Marie Hordern"

"annmarie hordern" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

01:35 min | 2 years ago

"annmarie hordern" Discussed on Bloomberg Radio New York

"To agenda for its current three day meeting at Baxter is covering global news for that yeah racial lot of movement China responded to criticism specifically from G. seven today to the national security legislation through an interpreter that you a basket of the E. U. is charming is it exclusive interview with Bloomberg's annmarie Hordern says it is not intended to change Hong Kong's autonomy it will not change Hong Kong a capital lease data system is high a degree of autonomy under the basic law all the lifestyle of Hong Kong is that residents of the SCMP says is not for will pass on this session but it very well could in the next three days meanwhile president Donald Trump is tweeting the U. S. could pursue a complete decoupling from China this response to what he termed on specific conditions it is a Morse most forceful statement yet on the souring ties with Beijing and this comes as his secretary of state Mike Pompeii today says that yesterday's meeting with his counterpart in Hawaii was very successful and that China is determined to go ahead and the U. S. go ahead with the trade ties us also comes on a day when China's responded the signing of the human rights legislation that US should not interfere in its and fears affairs and John Bolton books saying that Mr trump endorsed the Uighur detention camps and the trumpet ask for China's help in his re election a spokesperson at the Chinese foreign ministry coming out and saying.

Mike Pompeii John Bolton president annmarie Hordern Chinese foreign ministry US Hawaii Baxter Beijing Donald Trump SCMP Hong Kong Bloomberg E. U. China
"annmarie hordern" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

04:55 min | 2 years ago

"annmarie hordern" Discussed on Bloomberg Radio New York

"The fed and the White House sources tell us the trump administration is preparing a nearly one trillion dollars infrastructure proposal as the president looks to shift the next round of stimulus to growth initiatives here with details as Bloomberg's annmarie Hordern there's this existing infrastructure law up for renewal by the end of September so this proposal might be a way in which to that vehicle they could push through a broader package most of the money would go to traditional infrastructure work think of roads and bridges but they also would set aside funds for five G. wireless the big question is how do you afford this how do you pay for this of course the devil's gonna be the details president trump has previously said he would support a gas tax to pay for infrastructure though he's never publicly endorsed the move the White House is declined to comment specifically on the plans the federal reserve gave a boost to U. S. futures overnight with word that it'll start buying a broad portfolio of corporate bonds as Bloomberg's Charlie Pellett reports that purchases will be part of the fed secondary market corporate credit facility that's an emergency lending program that to date has purchased only exchange traded funds the central bank also added a twist to its buying strategy saying it will follow a diversified market index of U. S. corporate bonds created expressly for the facility the fed built that index internally the S. M. C. C. F. is one of nine emergency lending programs announced by the fed since mid March aimed at limiting damage to the U. S. economy by the corona virus pandemic Charlie pilot Bloomberg daybreak thanks Charlie we get more news from the fed at ten AM Wall Street time that's when chairman Jerome Powell delivers the semi annual monetary policy report to the Senate banking committee hearing details as Bloomberg economics correspondent Michael McKee the venture is widely expected to echo the mostly downbeat assessment he gave after last week's policy meeting Powell emphasized how many Americans are out of work and how long it may take to heal the labor market especially for minorities hit hardest by layoffs he's likely to gently push Congress again to offer additional fiscal stimulus and lawmakers will no doubt pressed him to make specific recommendations although he's tried to avoid prescriptions economists don't expect anything new in the testimony via video conference to the Senate banking committee and Wednesday for the house financial services committee Michael McKee Bloomberg daybreak thank you Michael we also get insight on the employment picture today from the U. S. labor secretary tune in for an exclusive interview with Eugene Scalia at eight AM Wall Street time on Bloomberg radio and television consumer spending is also in focus with the latest data on retail sales due in a little over two hours it kind of is forecast at eight point four percent gain for may numbers many dodgy does has more in April retail sales dropped a record sixteen point four percent as unemployment rose to the highest since the Great Depression with business shutdowns and stay at home orders in place only one major sector posted a gain online sales the wobbly labor market means sustained improvement could be elusive any doubt you guys will birthday break hi many thanks geo politics is also front and center as tensions flare on the rien peninsula shortly after threatening military action North Korea followed through by blowing up a south Korean liaison office near the border we get the very latest from Bloomberg's G. A. Lee in Seoul on the morning of the wire days and days of hateful rhetoric towards South Korea including Kim Jong UN's sister who's leading the affair with South Korea and she's recently called South Korea the quote unquote enemy and this morning and goes to diplomatic efforts when Kim jong-un's that with Donald Trump and came down and sat with the south Korean president moon jae in I'm so basically today's action I'm doing all diplomatic efforts that have been made since twenty eighteen the liaison office was originally used for the north and south to communicate but North Korea abandoned its operations at the facility roughly a week ago that here in the U. S. concerns continue over a second wave of coronavirus infections bloomer Sean Tucker joins us live with the very latest good morning John good morning Karen is just one day of data about the increase in U. S. infections fell below the one week average still the concern about a new wave remains daily cases in Arizona rose two point eight percent Florida infections were up two point three percent Texas at its fourth consecutive record for hospitalizations and local officials there have been trying to slow the re opening schedule pushed by governor Greg Abbott confirmed infections continue to climb in California but the hospitalization I see you and positive test rates remain stable governor Gavin Newsom says re openings can proceed in that state meantime in China the government is ramping up testing to determine whether a new outbreak in Beijing warrants another strict locked down in New York on John Tucker Bloomberg daybreak Karen sorry John thank you S. and P. futures are up thirty two points this morning Dow futures at four hundred eighteen nasdaq futures of one hundred six the ten year treasury down.

fed White House
"annmarie hordern" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

03:15 min | 2 years ago

"annmarie hordern" Discussed on Bloomberg Radio New York

"To yesterday's gains it is five oh one on Wall Street and we check the markets every fifteen minutes throughout the trading day on Bloomberg S. and P. futures up thirty five points this morning down features of four hundred twenty one nasdaq futures up one hundred twelve the dax in Germany sep two point six percent CAC embarrassed up two point two percent in the footsie one hundred of two point four percent Nikkei two twenty five in Japan jumped four point nine percent of the hang Seng in Hong Kong up two point four percent ten year treasury down six thirty seconds zero point seven four percent the yield on the two year point one nine percent nynex crude oil up one point seven percent or sixty one cents at thirty seven seventy three a barrel comex gold up six tenths percent or nine dollars ninety cents at seventeen thirty seven announce the euro one point one three three eight against the dollar the yen when I was seven point four five Nathan Karen sentiment this morning is getting a boost from the fed and the White House sources tell us the trump administration is preparing a nearly one trillion dollar infrastructure proposal as the president looks to shift the next round of stimulus to growth initiatives here with details as Bloomberg's annmarie Hordern there's this existing infrastructure law up for renewal by the end of September should this proposal might be a way in which to that vehicle they could push through a broader package most of the money would go to traditional infrastructure work think of roads and bridges but they also would set aside funds for five G. wireless the big question is how do you afford this how do you pay for this so of course the devil's gonna be the details president trump has previously said he would support a gas tax to pay for infrastructure though he's never publicly endorsed the mayor of the White House is declining to comment specifically on the plans the federal reserve gave a boost to U. S. futures overnight with word that it'll start buying a broad portfolio of corporate bonds as Bloomberg Charlie Pellett reports that purchases will be part of the fed secondary market corporate credit facility plants in a merging sea lending program that to date has purchased only exchange traded funds the central bank also added twist to its buying strategy saying it will follow a diversified market index of U. S. corporate bonds created expressly for the facility the fed built that index internally the SMC C. F. is one of nine emergency lending programs announced by the fed since mid March aimed at limiting damage to the U. S. economy by the corona virus pandemic Charlie pilot Bloomberg daybreak right Charlie thank you we get more news for the fed at ten AM Wall Street time that's when chairman Jerome Powell delivers his semiannual monetary policy report to the Senate banking committee here with details as Bloomberg economics correspondent Michael McKee the venture is widely expected to echo the mostly downbeat assessment he gave after last week's policy meeting Powell emphasized how many Americans are out of work and how long it may take to heal the labor market especially for minorities hit hardest by layoffs he's likely to gently push Congress again to offer additional fiscal stimulus and lawmakers will no doubt pressed him to make specific recommendations although he's tried to avoid prescriptions economists don't expect anything new in the testimony via video conference to the Senate banking committee and Wednesday to the house financial services committee Michael McKee Bloomberg daybreak hi Michael thank you we also get insight on the employment picture today from.

"annmarie hordern" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

02:57 min | 2 years ago

"annmarie hordern" Discussed on Bloomberg Radio New York

"Hager and I'm Karen mas yeah we're just about three hours away from the opening of U. S. trading let's get you up to date on the news you need to know at this hour US futures are lower as tensions between the U. S. and China kick up a notch president trump is escalating his fight with Beijing over the virus by the Senate pushes to do list Chinese stocks from U. S. exchanges we get the details in this live report from Bloomberg John Tucker John and good morning Karen the president unleashed a series of tweets suggesting Chinese president xi Ching paying is behind a disinformation and propaganda attack on the United States he says China is desperate to have Joe Biden with November's election meantime the Senate overwhelmingly approved legislation that could stop some Chinese companies from listing on US stock exchanges the bipartisan measure would require firms to certify they are not under control of a foreign government in New York I'm John Tucker Bloomberg daybreak thank you John the push to reopen the economy is gathering steam with Disney world Universal Studios and sea world taking a step to restart theme parks here with the story as Bloomberg's Charlie palette the operators begin submitting their plans to a re opening task force today universal scheduled to make its presentation with the others coming at a later date Florida governor Ron DeSantis said last week that theme park operators could begin re opening once they submit plans to win approval from local authorities and Jerry Demings America Marin county later said it will still likely be June or after would be for the resorts completely re open Charlie pilot Bloomberg daybreak hi Charlie thank you wall street is also making plans to reopen we're starting to see how office life might be at some of the world's biggest banks we get details from Bloomberg's annmarie Hordern in New York City city group is looking at possibly leasing some real estate in New Jersey or Long Island or in Westchester so if you live in the suburbs you can stay there not commute in goal man in Europe is re opening the Paris office really twenty percent capacity doing something a little bit similar with teams in Frankfort and in J. P. Morgan they expect to keep its offices half full at the most for the foreseeable future some staff at JP Morgan will be sitting at different tasks they may have to clear their work space of personal belongings it's part of a plan to shift to flexible seating arrangements and futures are lower let's get you up to date on how stocks are faring we check the markets every fifteen minutes throughout the trading day on Bloomberg S. and P. futures down seventeen points this morning Dow futures down one hundred thirty seven nasdaq futures are down to fifty the dax in Germany's down one point three percent ten year treasury up three thirty seconds zero point six six percent yield on the two year point one six percent and I make sure to oil is up one point nine percent to thirty four dollars twelve cents a barrel straight ahead we have the latest world and national news and this is Bloomberg all right Karen thank you it is six thirty three on Wall Street and Michael Barr has the latest on the local response to the corona virus outbreak good.

Hager Karen mas
"annmarie hordern" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

02:50 min | 2 years ago

"annmarie hordern" Discussed on Bloomberg Radio New York

"Five thirty on Wall Street good morning I'm David Hager and I'm Karen Moscow where just about four hours away from the opening of U. S. trading let's get you up to date on the news you need to know at this hour U. S. futures are lower as tensions between the U. S. and China kick up a notch president trump is escalating his fight with Beijing over the virus mother Senate pushes to do a to do list them trying to de list rather Chinese stocks on US exchanges we get details of this live report from Bloomberg John Tucker John good morning good morning Kerr the president unleashed a series of tweets suggesting Chinese president xi Ching paying is behind a disinformation and propaganda attack of the United States he says China is desperate to have Joe Biden win November's election meantime the Senate overwhelmingly approved legislation that could stop some Chinese companies from listing of U. S. stock exchanges the bipartisan measure would require firms to certify they are not under the control of a foreign government you know your time John Tucker Bloomberg daybreak all right John thanks the push to re open the economy is gathering steam with Disney world Universal Studios and sea world taking steps to restart theme parks here with the stories Bloomberg's Charley Pell the operators begin submitting their plans to a re opening task force today universal scheduled to make its presentation with the others coming at a later date Florida governor Ron DeSantis said last week that theme park operators could begin re opening once they submit plans to win approval from local authorities and Jerry Demings America Orange County later said it will still likely be June or after would be for the resorts completely re open Charlie pilot Bloomberg daybreak thank you wall street is also making plans to reopen and we're starting to see how office life might be at some of the world's biggest banks to get details from Bloomberg's annmarie Hordern in New York to city group is looking at possibly leasing some real estate in New Jersey or Long Island or in Westchester so if you live in the suburbs you can stay there not commute in goal man in Europe is re opening the Paris office really twenty percent capacity doing something a little bit similar with teams in Frankfort and in J. P. Morgan they expect to keep its offices half full at the most for the foreseeable future some staff at JP Morgan will be sitting at different desks and may have to clear their work space of personal belongings as part of a planned shift to flexible seating arrangements futures this morning are moving lower and we check the markets every fifteen minutes throughout the trading day on Bloomberg right now S. and P. futures are down eighteen points Dow futures down one hundred forty one nasdaq futures down forty seven the ten year treasury up three thirty seconds he'll point six six percent and the yield on the two years at point one six percent NYMEX crude oil is up two point two seven percent Hey is straight ahead we have the latest world and national news and this is Bloomberg.

David
"annmarie hordern" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

02:22 min | 2 years ago

"annmarie hordern" Discussed on Bloomberg Radio New York

"Good morning I'm David Hager and I'm here in Moscow we are just about three hours away from the opening of U. S. trading let's get you up to date on the news you need to know at this hour Congress has said the latest coronavirus aid package to the White House lawmakers overwhelmingly passed the four hundred eighty billion dollar bill now they face off over the next rescue measure where funds for state and local government takes center stage here are the latest is Bloomberg's Emily Wilkins in Washington today over how much should be given to states and localities the size of the Republicans coming out and saying that if they aren't able to continue funding the you might need to declare bankruptcy that's something that a number of governors have pushed back again saying that they need help from the federal government at this point as well so that is definitely a debate keeper I'm going forward president trump is expected to sign the current measure today which will replenish the paycheck protection program for small businesses and provide funds for hospitals and virus testing the White House is also weighing aid for the oil industry treasury secretary Steven Mnuchin is considering a lending program for U. S. companies reeling from the plunge in oil prices here with Morris Bloomberg's annmarie Hordern they're considering taking financial stakes in exchange for some loans and some firms might be asked to reduce production we have seen president trump really want to lend a helping hand to the U. S. oil industry because they are in dire need for the White House has found the stem job losses in the industry as a plunge in prices hits the shale patch after historic week oil is stabilizing now West Texas intermediate is lower by a quarter percent or four cents sixteen dollars forty eight cents a barrel Brent is higher by almost two percent at twenty one dollars seventy five cents US deaths from Kobe nineteen are now approaching fifty thousand the outbreak is easing and some of the hardest hit spots while gaining steam and others for the latest we're joined live by Bloomberg's John Tucker good morning John good morning Karen we're seeing daily infections in the U. S. increased at the slowest pace in three weeks cases rose just two and a half percent overall the spread of peers to be slowing in New York New Jersey and Florida well picking up in Massachusetts and Texas nationwide infections are nearing nine hundred thousand live in New York I'm John Tucker Bloomberg daybreak hi John thank you S. and P. futures are higher up about fifteen points Dow futures of ninety seven nasdaq futures up twenty six that ten year.

West Texas Texas New York John Tucker U. S. White House Massachusetts Florida New Jersey Karen Kobe Brent David Hager president annmarie Hordern Morris Bloomberg
"annmarie hordern" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

05:19 min | 2 years ago

"annmarie hordern" Discussed on Bloomberg Radio New York

"The dollar the yen one of seven point seven one Nate that Medicare we begin on Capitol Hill where the house has sent the latest coronavirus aid package to president trump's desk here with the latest is Bloomberg's Emily Wilkins in Washington the house passed a four hundred eighty four billion dollar coronavirus aid package a lot of that includes funding to help out small businesses it also includes funding for hospitals back seeing the Congress is already starting to work on yet another bill knowing that there is still a lot of pain going on the economy in seeking to address that president trump is expected to sign the measure today will replenish the paycheck protection program for small businesses and provide funds for hospitals and virus testing UP next Democrats one aide for state and local governments there's been pushback from Republicans on that front with Senate leader Mitch McConnell preferring bankruptcy for states over a bailout now president trump's former top economic adviser is weighing in Gary Cohn tells us the federal government needs to step in life we are providing liquidity to small businesses now medium sized businesses and large businesses I think we also need to provide liquidity for states who've been asked to step in and provide liquidity for their citizens and their businesses within their state states are struggling with soaring health care costs and plummeting tax revenue the national governors association estimates that states and municipalities will need at least five hundred billion dollars in aid meantime the treasury department is weighing aid for the oil industry secretary Steven Mnuchin is considering loans for U. S. companies reeling from the plunge in oil prices here with Morris Bloomberg's annmarie Hordern what they're looking at is a lending program for U. S. oil companies and one person familiar with the matter said it could be run out of the federal reserve they're considering taking financial stakes in exchange for some loans and some firms might be asked to reduce production we have seen president trump really want to lend a helping hand to the U. S. oil industry because they are in dire need president trump has asked his treasury and energy secretaries to make sure oil companies have access to lending programs in the latest coronavirus rescue plans the White House has vowed to stem job losses in the industry as a plunging prices hits the shale patch after historic week oil is stabilizing with West Texas intermediate crude down about one and a half percent right now down twenty five cents sixteen dollars twenty five cents a barrel Brent is lower by two percent to twenty dollars ninety one cents US deaths from Kobe nineteen are now approaching fifty thousand the outbreak is easing and some of the hardest hit spots while gaining steam in others the latest we're joined live by Bloomberg's John Tucker good morning John good morning Karen worsen daily inventions of the U. S. increased at the slowest pace in three weeks cases rose two and a half percent overall this spread appears to be slowing in New York New Jersey and Florida well picking up in Massachusetts and Texas New Jersey is speeding up corona virus testing but governor Phil Murphy says capacity needs to double before he considers re opening the state I want to open up as much as the next guy by the way we're not there yet we're just not there yet test results in New Jersey are now available in as little as five days compared to fourteen cases in the state have now surpassed one hundred thousand live in New York I'm John Tucker Bloomberg daybreak all right John thanks me time in California corona virus fatalities continue to climb with the state reporting its deadliest day yet here with more is said Baxter from our Bloomberg nine sixty news room in San Francisco good morning Karen in Japan the Nikkei two to five was down nine tenths of one percent is governor Gavin Newsom says it is not time to open up I know there's the desire people making calls an hourly basis and it's time to open back up consider the deadliest day in the state of California the last twenty four hours eight point five percent increase in the total number of deaths we saw five point six percent increase in the total number of people tested positive but he says decreases and hospitalizations and I see you admissions in San Francisco I'm at Baxter Bloomberg daybreak all right and thank you and we're sorry for that error return now to Julie at Sally though because returning to the markets and it looks like another down day FOR stocks equities in Japan and Korea led declines in Asia overnight and Juliet joins us from Singapore with the details good morning Julia good morning Karen in Japan the Nikkei two to five was down nine tenths of one percent is consumer prices slowed again in March due to plummeting oil prices and slumping consumer demand amid the corona virus pandemic China's CSI three hundred also retreated with the PBOC's latest move to add for the stimulus widely factored in investors shied away from risky assets in India ahead of the weekend and made an extended domestic lockdown while stocks in Australia rose the A. S. X. two hundred up half of one percent in Sydney driven by a rebound in energy shares in Singapore Juliet's Ali Bloomberg daybreak hi Julie I thanks for the U. S. shares of Intel are down more than four percent in early trading company reported profit that topped estimates but withdrew its for your sales forecast citing significant economic uncertainty due to culvert nineteen Intel sees weaker enterprise government demand for chips in the second half this is Bloomberg and it is now five oh seven on Wall Street Michael Barr joins us on this Friday morning with a look at the latest world and national news headlines.

Nate
"annmarie hordern" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

04:13 min | 2 years ago

"annmarie hordern" Discussed on Bloomberg Radio New York

"Morning live in the studio here with Bloomberg's annmarie Hordern are we on a trajectory to some degree of normalcy in the crude market yeah you're seeing a little bit of stabilization today especially with WTI around sixteen dollars a barrel branch twenty two dollars a barrel they're up but I would I would say is we are still seeing serious imbalances in the supply and demand Jeff curry talking now boomer TV saying the worst of all demand loss may be behind us but he's also saying that we could potentially see negative price again which was on Monday I am which that would be for some in the oil market chaos a lot of people specially retail investors lost a lot of money when Debbie tighter to below zero that was the the may contract right now we're into the for futures the June contract and I should point out that the volume you pointed this out of the you can follow at home C. T. going to pull over turn the volumes are much greater in June than they were for may so I'm just wondering it was their price exaggeration in that may contract with it fell below zero yes some of it is that people want to close out these positions and with the thing with the WTI contract is if you're holding it in the contract expires you have to physically you're obligated to accept that speculators never take actual delivery you have to actually take that delivery and I would think of it is it's partially it's you're paying to make sure you don't take that delivery or you could think of it as you you're paying up because you don't have the storage capacity I mean if you look at the storage around the world it is really exhausted it's not just Cushing Oklahoma people are getting creative to ships around the world are now becoming storage tanks and you could see that even off the coast of California there's more than three dozen of the ships Kepler saying it's the most the volume they have it's the most on record more than two any million barrels a day pre pandemic twenty million barrels a day is twenty percent of daily oil consumption and it's just sitting there idle because this oil's going unused another thing that's interesting which actually you pointed out to me we had a good laugh of house so how you want to know how bad the store to tuition is posh go it's on the Bloomberg terminal is this via the form where you can succumb to sell real estate cars you can rent a flat I've actually found a flag here in this you can buy an old Rolex you can also now get storage available in Houston that is what you're saying posco but this is how dramatic it is right now to find storage I would think it those prices going negative I would say with that said to me was storage you may was more valuable than taking on a barrel of crude okay now we have to boil supplied markets the West Texas intermediate WTI which we quote here every day and also the international benchmark which is bright now to what degree are we seeing move with the the price correlation between WTI and Brent how closely is that coordinated and also have to add what the of the impact of Donald trump's tweet yesterday about Iran and a shooting up the what of the boats that harass US ships in the straits report moves yes so first on the correlation part the reason why we saw WTI under immense pressure I think a lot of that had to do with Cushing the hub if you don't accept that obligation and needs to go get stored there brand around the world a little bit easier to have a defined storage but as Goldman Sachs did say if storage capacity continues to be a serious weakness and it's hard to find you're going to find brand follow WTI lower turning to Donald Trump this is a real treat many say add added to support the prices I would have to say one thing to note is earlier this year we had serious price support today Donald Trump we had this airstrike don't drone strike near Baghdad International Airport to shoot down the Iranian general what's it what a difference just a few months yeah exactly you must make sure let's wrap it up there with the the oil price Brent of a dollar eighty eight nynex today of a dollar eighty eight Emory Hordern covering all things royal thanks so much appreciate it Karen all right John thank you it is five fifty three on Wall Street.

Bloomberg annmarie Hordern
"annmarie hordern" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

05:08 min | 2 years ago

"annmarie hordern" Discussed on Bloomberg Radio New York

"The oil market suffering its worst crisis in a generation at one point traders willing to pay forty dollars a barrel pay just to get somebody to take the crude off their hands we are joined live now in the studios by Bloomberg's annmarie Hordern WTI futures Emory have rebounded a bit this morning the maid delivery contract negative a dollar eighty six that the may contract we should point out is typically thinly traded so I'm gonna say that price actions are somewhat exaggerated tell us how much of this is technical in nature how much of this truly reflects the the fundamentals in the market yet technical factors certainly at play when you have that rollover of a contract but of course we've never seen anything like yesterday apply and your below zero retail traders a lot of them likely sitting on these long positions coming into the week forced to liquidate but this morning when I think you really need to look at is this June contract sixteen dollars fifty cents that's for the June contract and this evening we'll have the may expire so that's when the this is in the front Mondays June contract and we're ready trading well below twenty dollars a barrel the range right now trading below twenty dollars a barrel that's the most in eighteen years and that's the question how much of the the action of the may contract that expires tonight right now actually down three dollars forty three cents how much does that spill over into future contracts and also the international benchmark for oil British mention yes a lot of people writing yesterday off as this is just a financial thing actually to present on trump said quote it's a financial thing it doesn't reflect the oil market it does what traders are saying to me that this is been the sentiment in the physical market for weeks and now you're seeing it on the screen and I think the June contract shows that for branch Citigroup veteran oil in US and Morse this morning that's something really interesting to say in his note he says of global storage worsens more quickly branch could chase W. chai down to the bottom so right now this is very much a WTI situation but with Brenda below twenty what you're hearing from store or from some people in the storage world this is potentially could as well be exacerbated indifferent as well will explain the difference right now how much is this really is unique to the United States being land locked we we keep mentioning Cushing Cushing is the place where you store it all and the United States has networks of pipelines all over the place so the U. S. is more landlocked white we're not using as much at sea to store all this oil so if you have to accept those barrels is going to go to Cushing and then as you say all these pipelines you can go to Goldman is saying the Cushing store took the full by the first week of may Hey that's next week so if you have to accept the physical barrels what the market is reflecting is there's no where to put them and that is the worry that this could potentially happen as wealth with Brent interesting the world's biggest independent oil storage company Vopak they said this morning to our colleagues in Bloomberg news almost all space is sold out and they don't really deal with United States they're really an international view on what it means so yes similar to what city says if this becomes worse we could see Brent following W. ties with steps what are you watching it right now as indicators of what we can expect I definitely watching the curve on WTI so what June July and August tell us we know we weren't contained but I mean these prices are suffering and what I said yesterday was is this time next month we gonna be in the same situation we give the same situation with a contract rollover we contentiously prices go negative the other thing is of course what do the big three producers do Saudi Arabia Russia and United States were as Citi group because then the eagle the bear and the camel what do they do what is their response any present on trump said yesterday you want to go for the S. P. R. or at least producer store some crude there Congress especially Democrats weren't keen on giving money to Phillip as PR he said maybe we there the tariffs on Saudi Arabia imports they come for like six percent of two thousand nineteen of those imports of interesting what the responses from all these producers because obviously this OPEC plus cuts which which come into effect may first they're really just a bandaid something this is gonna be a you know a volatile shift in the oil market just a minute left but one of the things I haven't seen mentioned is the the reliance on oil by the so called Petro states and what this implication has for civil unrest in these places when I say Petro state I do mean that as a pejorative till well it's a very good point when you specially when you look at the budgets for these countries and everything comes from these budgets this is their military spending their social spending Saudi Arabian particular eighty dollars a barrel with the IMF has then and when you see Brent trading below twenty dollars a barrel you have to think the crown prince Mohammed bin Salman quite worried about his vision twenty thirties they have not diversified yet not to mention the jobs that depend on oil right here in the United States Emery always a pleasure Bloomberg's annmarie Horton just to recap the may contract for WTI down negative three dollars forty three cents in the June contract.

"annmarie hordern" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

04:30 min | 2 years ago

"annmarie hordern" Discussed on Bloomberg Radio New York

"In more than two decades joining us now with more Bloomberg's annmarie Hordern of the world is rapidly running out of places to story so what's the what's the story yeah I think that's what you're seeing this morning in the market this is financial derivatives meeting that exact stories you say the world running out of places to actually put the oil the pipelines the storage tanks so this is the may contract and trading fourteen dollars sixteen cents but if you look down June July August they are much higher June is twenty three dollars July twenty dollars August thirty dollars so basically what's happening is if you don't close out your financial position by tomorrow and this may contract expires you have to actually accept that physical crude okay ever listing where they never take physical delivery of crude financial traders rarely deal in the physical world which is why you're seeing either some people just decide to capitulate on the price get rid of it right now or others if they're willing to take on the physical oil they're going to ask for seriously steep discounts because you can see how cheap it's going how many people want to get out of this trade because why Cushing Oklahoma the store just filling up very fast and that's where the U. S. you have a number of pipelines coming from there to Canada to mid Texas X. cetera so that's what you're seeing play out in the financial markets it's very different for June or July because the hope is your kind of betting on demand possibly picking up people flying again okay surprising more that's my next questions like well how much of this fourteen dollars one as of right now fourteen eighteen a barrel for West Texas with this contract expires how much is this really reflecting the true reality it's the true reality of I would say that one of the more physical market yes but the thing is until you see demand picked up lockdowns lifted people start flying what was last week the the number for the fight traffic ninety six percent tumbled last week that's how much air traffic tumbled into you start to see demand being needed I believe that this time next month we're gonna be the same exact position to the June contract over the June contract right now tells me that there is some optimism on the part of traders that demand is going to pick up maybe things start to normalize yeah as you go out on the calendar you see prices start to pick up I'm looking at December of twenty twenty thirty three dollars and thirty cents right now we are deep contango which means the stock prices to rise now were much cheaper and much cheaper than they are further out on the calendar but it makes sense okay near term oversupply contango okay as opposed to backwardation what is he looking at the whole you know the spread between a West Texas and branch which is the international price that that's a better spread reflects the year's supply problems that we have in the United States is like her and and it's widening you can imagine why for trading at fourteen dollars and WTI Brent is at twenty seven that's really quite wide also I know you don't love contango lingo but one thing to say that cost the Bloomberg earlier this morning quite a sticky prompt contango which is mean this month next month surpassed that nine dollars that is a record to how much we've been tracking this data since two thousand eight but really just the simplest answer for contango is the world is awash with too much cheap crude and there's nowhere to put it another thing I'm looking at is the fact that may first is when these OPEC plus comes in now ready everyone said to her store but insufficient but they haven't taken place yet that could potentially ease some of the market we're not going to see that really be effective I think in may that will Starley maybe start to come into play more June and July another thing to think about though is is looking at Saudi Arabia's production numbers for April they were pretty much the same same for Russia so maybe the price war has ended in the sense that they're not gonna continue it but they are certainly still going after market share especially in Asia okay Emery we'll leave it there thank you very much for some highly appreciated Bloomberg's annmarie Hordern and again let's take a look at these prices NYMEX crude right now fourteen dollars eight cents again this is the contract that is expiring tomorrow it is down twenty three percent it's a day's trading and Brent crude the international benchmark as we mentioned that is a twenty seven fourteen a barrel down ninety four cents that's a decline of three point four percent Karen back to you sorry John thank you it is five a fifty three on Wall Street it's time.

Bloomberg annmarie Hordern
"annmarie hordern" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

04:02 min | 2 years ago

"annmarie hordern" Discussed on Bloomberg Radio New York

"S. trading let's get you up to date on the news you need to know at this hour U. S. futures in European equities are on the rise but training in their gains this is rising for the fifth time in six sessions at spring debate on whether the stock meltdown has finally ended the bias left give H. as chief U. S. equity strategist at Citi group I do think some of those bounce back is a little bit over down in the very near term clearly there's been some good news in the form of getting fiscal stimulus spending and monetary stimulus we've come back very far away but there's still unfortunately for me the bad news are gonna have to tolerate today that bad news comes from New York City the epicenter of the U. S. outbreak for the very latest we bring in blooms of Bloomberg's John Tucker live in New York John will meet in the city is reporting a sixteen percent increase in fatalities over just six hours the city is nearly sixty percent of New York state sixty six thousand infections still there is a glimmer of hope governor Cuomo says the rise in infections is slowing at a hospital discharge rate is rising researchers at the university of Washington predict the U. S. outbreak won't compete for another two weeks so far deaths across the U. S. number almost three thousand in New York I'm John Tucker Bloomberg daybreak hi John thank you as the virus spreads the White House and Democrats in Congress are getting to work on a fourth the stimulus bill to stem the fallout house speaker Nancy Pelosi said the measure will include funds for cash strapped states and more direct payments to individuals here with more is Bloomberg's annmarie Hordern the total be about six hundred billion dollars this will be for state aid financial instruments for the mortgage market as well as potentially another injection of direct taxes to Americans speaker Pelosi aims to have a bipartisan bill ready to go when the house returns from recess April twentieth your time in China we're getting economic data showing the worst may be over for the outbreak there as manufacturing shows a strong rebound China's official PMI rose to fifty two this month up from a record low of thirty five point seven in February still Beijing warns the single month data don't necessarily mean the economy has returned to normal level now is he up to date on how stocks are faring we check the markets every fifteen minutes throughout the trading day on Bloomberg at S. and P. futures they are still higher up two and a half points right now but they are trimming their gains Dow futures up thirty one nasdaq futures up thirty one as well the dax in Germany's up seven tenths percent ten year treasury of twelve thirty seconds he'll point six eight percent the yield on the two year point two two percent NYMEX crude oil is up six and a quarter percent of a dollar twenty five to twenty one thirty four a barrel and comex gold is down one point nine percent or thirty one dollars forty cents at sixteen eleven and ninety announce straight ahead we have the latest world and national news and this is Bloomberg I think it's six thirty three on Wall Street and Michael Barr has more on what's going on around the world good morning Michael good morning Nathan New York state remains at the epicenter of the covert nineteen pandemic in the US New York governor Andrew Cuomo says the handwriting is on the wall saying the state's healthcare workers will not get through this crisis without help from their colleagues across the nation Cuomo says other states can expect outbreaks as bad as New York's I'm asking other healthcare professionals from across the country come help New York and by the way we will reciprocate and will be there to help you when you need help and they will need help the number of dead in New York state climbed past twelve hundred with more than nine hundred ten in the city in New Jersey health officials there say they are working to get more beds ventilators and personal protective equipment for when the worst of the pandemic hits the state New Jersey health commissioner Judith purses chilling do we have enough fifty eight theaters now there we know that we haven't had enough PP of for a long time and I know that the I think from the workforce perspective that's the thing that is concerning them the most do I think we'll have enough ventilators I do coronavirus cases in New Jersey jumped more.

"annmarie hordern" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

02:26 min | 2 years ago

"annmarie hordern" Discussed on Bloomberg Radio New York

"Thirty on Wall Street good morning I'm Nathan Hager and I'm Karen Moscow where just about four hours away from the opening of U. S. trading let's get you up to date on the news you need to know at this hour U. S. futures in European equities are climbing for the fifth time in six sessions that's spurring debate over whether the stock meltdown has finally ended the bias left ventures chief US equity strategist at Citi group I do think some of those bounce back is a little bit over down in the very near term clearly there's been some good news in the form of getting fiscal stimulus spending and monetary stimulus we've come back very far away but there's still unfortunately for me the bad news are gonna have to tolerate today that bad news comes from New York City the epicenter of the U. S. sound breaks for the very latest we bring in Bloomberg's John Tucker live in New York John in may for the city's reporting a sixteen percent increase in fatalities over just six hours the city is nearly sixty percent of New York state sixty six thousand infections still there's a glimmer of hope governor Andrew Cuomo says a rise in infections is slowing about hospital discharge rate is rising researchers at the university of Washington predict the U. S. operate won't peak for another two weeks so far deaths across the U. S. number almost three thousand in New York I'm John Tucker Bloomberg daybreak I thank you as the virus spreads the White House and Democrats in Congress are getting to work on a fourth stimulus bill to stem the fallout house speaker Nancy Pelosi said the measure will include funds for cash strapped states and more direct payments to individuals here with more is Bloomberg's annmarie Hordern the total be about six hundred billion dollars this will be for state aid financial instruments for the mortgage market as well as potentially another injection of direct taxes to Americans speaker Pelosi aim to have a bipartisan bill ready to go when the house returns from a recess April twentieth meantime in China we're getting economic data showing the worst may be over for the outbreak there is manufacturing shows a strong rebound China's official PMI rose to fifty two this month up from a record low of thirty five point seven in February still Beijing warns the single month day that don't necessarily mean the economy has returned to normal level and an S. and P. futures are moving higher this morning up twenty one points Dow futures up one hundred eighty five and nasdaq futures of ninety four the dax in Germany sep two point six percent the CAC in Paris up one point four percent and the footsie one hundred is up one point nine percent ten year treasury of eight thirty seconds he'll point.

Germany official annmarie Hordern John Tucker Bloomberg university of Washington New York Citi Paris Beijing China Nathan Hager Bloomberg Nancy Pelosi Congress White House Andrew Cuomo John Tucker
"annmarie hordern" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

06:10 min | 2 years ago

"annmarie hordern" Discussed on Bloomberg Radio New York

"Six sessions were coming up to five oh one on Wall Street and we check the markets every fifteen minutes throughout the trading day on Bloomberg right now S. and P. futures are up eighteen points Dow futures up one hundred fifty eight and nasdaq futures at eighty one the dax in Germany is up two and a third percent CAC in Paris of one and a half percent of the footsie one hundred up two point one percent Nikkei two twenty five in Japan was down nine tenths percent and the hang Seng in Hong Kong gained one point nine percent ten year treasury up six thirty seconds he'll point seven zero percent yield on the two year point two three percent NYMEX crude oil up five point seven percent of the dollar sixteen at twenty one twenty five a barrel comex gold down to one point one percent or eighteen dollars forty cents at sixteen twenty four eighty an ounce the euro one point oh nine eight zero against the dollar and the yen is at one OO eight point four six Nathan McCarron we begin this morning with the latest on the spread of covert nineteen and corresponding lockdowns in states across the country Maryland Virginia and Washington DC or the latest issue stay at home orders as U. S. coronavirus cases pass one hundred sixty thousand the next month will be key for stemming the outbreak according to president trump challenging times are ahead for the next thirty days and this is a very vital thirty days and now we're learning the White House is considered issuing a nationwide stay at home order the matter has been discussed but the president says there are no plans to go through with it at the moment if we do that we will let you know but it's it's pretty unlikely I would think at this time stay at home orders allow people to leave home only for limited reasons like buying groceries or medicine meantime the White House and Democrats in Congress are getting to work on a fourth stimulus bill to send the fallout from the outbreak here with details as Bloomberg's annmarie Hordern the White House says Alcorn people familiar that they've been discussing with agencies and the total be about six hundred billion dollars this will be for state aid financial instruments for the mortgage market as well as potentially another injection of direct taxes to Americans into closes into collecting information and taking inventory a possible move would be getting rid of the limit on state and local tax deductions but already a Republican said that idea is a nonstarter many priorities outlined by house speaker Pelosi were part of an alternative stimulus bill proposed last week those measures however were rejected by Senate leaders and negotiations with the White House confirmed killed in nineteen cases worldwide now number seven hundred eighty thousand as the virus continues to spread through Europe and the US we have Bloomberg radio team coverage on the latest beginning with Bloomberg's John Tucker live in New York at morning John and good morning basin bigger city continues to be the epicenter of this outbreak reporting a sixteen percent increase in fatalities over just six hours statewide there is sixty six thousand infections that's accounting for forty percent of nationwide cases still there's a glimmer of hope governor Andrew Cuomo says the rise of infections is showing on the hospital discharge rate is rising we have a range of anywhere from about one week for the apex some people saying another twenty one days some people say the apex is about half of what the others say that's one of the things that so but definitely about this researchers at the university of Washington predict the U. S. outbreak won't peak for another two weeks so far dance across the U. S. number almost three thousand I'm John Tucker in New York and now for the latest on the outbreak in Europe here's Caroline Hecker live in London John thank you Hey in the U. K. we have to NT two thousand infections so that all concerns over the amount of testing that is actually taking place its leader remains the epicenter in Europe with cases eclipsing a hundred thousand the country is considering extending lockdown measures as fatalities pulse eleven thousand falls is reporting is most deaths in a day its third in the region for fatalities with three thousand victims Spain is a bit too close again on eight thousand deaths the world health organisation expects infections in Europe to stabilize soon saying that outbreaks in a city in Spain could be nearing that peak that's the latest from Europe in the meantime in China we getting economic data showing that the worst may be over for the outbreak that has Chinese money factoring shows a strong rebound for the latest on that we tend to be banks broadcast is it home called the PMI surged to fifty two crushing an estimate of forty four point eight and well above last month's thirty five point seven but that comes just as orders tank from the United States and Europe and even China says companies are facing a lot of pressure that was borne out by new export orders staying in contraction mode still a win is a win and the outlook is improving at home the services PMI fifty two point three up from just twenty nine point six in February in on Kong brain Curtis Bloomberg daybreak hi Brian thanks upbeat data for sure but it did little to boost stocks in Asia overnight equities in the region finished the session mixed in here with details as Bloomberg's Juliette Sally in Singapore good morning Julia good morning Nathan and Karen Japanese equities and the yen fell as end of financial year positioning in Japan so dollars into Montana K. two to five close lower by nine tenths of one percent financials with the laggards sentiment in China was boosted by better than expected PMI dot of a modular analysts were quick to point out it is too early to read too much into the jump the CSI three hundred closed higher by a third of one percent for the quarter the embassy I Asia Pacific index was down more than twenty percent the biggest drop since the third quarter of two thousand and eight to hold at December twenty sixteen laws in Singapore on Juliet's Ali Bloomberg daybreak originally I thank you as we enter the last day of the month U. S. stocks are set for their worst quarter since two thousand eight the Dow is down twenty one percent the S. and P. five hundred lower by eighteen percent the worst performer on the Dow is bowing while only one member of the index in the green Microsoft is higher by one point six percent on the year straight ahead the latest world and national news and this is Bloomberg all right Karen thank you it is five oh seven on Wall Street now let's bring in.

"annmarie hordern" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

06:20 min | 2 years ago

"annmarie hordern" Discussed on Bloomberg Radio New York

"November of two thousand seven following a sixteen year career at Morgan Stanley in March one of the first reported deaths among senior Wall Street figures for more we go live to New York Bloomberg's annmarie Hordern is standing by so Ameri how has this news been received good morning Matt well it's devastating news and really the finance world is is mourning this death of pay broadband as you said he's been the CFO since two thousand seven he was fifty six years old and the news as you say strict striking this court in the industry the first death among senior Wall Street executives but also we still have a lot of traders coming into work every single day there some of them are deemed essential workers as this pandemic really just ravages New York City so obviously that's a lot of concern it also brings forward some concerns for other companies top executives at outreach a group B. T. group NBC universal they as well have been sickened by the virus so this of course you know just sparks a lot of concerns yeah you got a guest of the outreach CEOs a smoker what does it mean for C. suite C. suite planning for succession planning yeah this is been one of the big topics and Jeff green has a really good piece on this about how some of these professionals or consulting groups that help companies ensure leadership continuity what they're doing right now so some say clients are weighing whether or not to further isolate key executives others are bringing in more so private jets to top leaders like individually so they can have to travel they still need to travel some of them are scattering their top lieutenants across the entire world others are using video conference a lot more one of them is said to have higher a big firm is set to hire new CEO largely by video interviews and one consultant Matt was saying that companies yes they have emergency succession plans a stop gap solution someone is already identified but now the board is going to have to do that to fold so they need to consider an emergency cabinet for an emergency cabinet so we're seeing a lot of pressure on the C. suite to really get plans in place and it's not just about making sure the leadership is intact but also there aren't a lot of pressure to insure their employees are safe let me because you cover oil for us a full time and so everyone ask you quick question about crude it it does this look like it could go further me could we see oil prices falling further water water people on Wall Street saying I would say a hundred percent people think this has more to go I mean the veto CEO said that to us last week he said losing some twenty million that barrels a day in demand the world usually use about a hundred Goldman Sachs out the note this morning saying they're seen twenty five million barrels a day being lost and Matt some parts of the world the physical market is already trading under ten dollars a barrel and you look at the gasoline prices in America there are some cities that about a gallon of gasoline is under a dollar the tanks are being filled up to capacity rates are going to and refineries are having to shut down there is just too much oil and there's becoming no place to actually put it and worse getting into April first when the Saudis and the Russians are just ramping up their supply night fascinating really fascinating price action there and okay it's it's sort of the perfect storm writing the worst timing to get into a price war when global demand just falls Ameri thanks very much for joining is Emory Hordern there with you probably the biggest Wall Street story and yeah sad sad news and of course a wrap of what's going on in oil as well as get overly and Gerrans now with your world national news headlines in Matt good morning plus which films in Italy and Spain for once my coronavirus cases as a global number of deaths exceeds thirty four thousand due to this European officials are warning against easing lockdowns that's after the corona virus outbreak came to more than three thousand lives in Spain and Italy over the weekend the total number of dead for the two countries is now over seventeen thousand the pace of fatalities on infections is showing signs of leveling off but officials are warning against complacency saying in Europe in Germany the finance minister Olaf Scholz has rejected calls for an exit strategy from virus restrictions saying they'll stay in place until at least April the twentieth member expected him has the details he said restrictions designed to contain the spread of coronavirus will not be lifted because of economic reasons before restrictions could base the number of new infections would have to decrease significantly in Billund bigoted on Bloomberg daybreak Europe now in Australia century old TB vaccine is being used in a trial to test if it is capable of preventing severe COPD with nineteen and health care workers in Bucks Jason gale explains stuff for the role children's hospital in Melbourne receive the distillers comment Garin vaccine today it's part of a randomized controlled trial that will enroll four thousand healthcare workers it's thought the inexpensive immunization can boost their early in a part of the immune system that fights infection in the days before specific antibodies are produced in Melbourne Jason gale Bloomberg daybreak Europe and passengers on the Holland American line cruise ship off Panama say they'll freight the corona virus might spread quickly through the ship Bloomberg's own ha says more than one hundred thirty five guests and crew all ill with flu like symptoms and the numbers are indeed growing that's after four travelers died and two others were infected with the virus Panama's government said it will now allow those in damp to sail through the canal but it won't let anyone get off there some passengers have been transferred to another Holland America line vessel over the weekend both ships will now head toward the U. S. where one will attempt to disembark in fort Lauderdale in Hong Kong one huh Bloomberg daybreak Europe cable needs twenty four hours a day on a day and a quick take on Bloomberg poets playing more than twenty seven hundred journalists and analysts symbol them one hundred and twenty countries I'm Dan Garand this is Bloomberg mats Lee and thanks very much for that Liang Gerrans with your national news get the European sports support now from George alderman George he got messages from.

Morgan Stanley
"annmarie hordern" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

01:46 min | 2 years ago

"annmarie hordern" Discussed on Bloomberg Radio New York

"Broadcasting live from the Bloomberg interactive brokers studio in New York one three oh two Washington DC November ninety nine one two Boston Bloomberg one of six one two San Francisco uber nine sixty two the country serious XM channel one nineteen and around the globe the Bloomberg business I am moving mercredi au dot com this is Bloomberg daybreak and at six thirty on Wall Street good morning I'm Nathan Hagar and I'm here in Moscow we're just about three hours away from the opening of U. S. trading let's get you up to date on the news you need to know at this hour the U. S. Senate has approved a two trillion dollar plan to stem the economic fallout from Kobe in nineteen the legislation passed unanimously just before midnight and now heads to the house here are the details of the package as Bloomberg's annmarie Hordern first for the big business five hundred billion dollars for these big corporations including airlines but you have to ban buybacks limit executive bonuses that we going to the small businesses they got three hundred fifty billion dollars in loans this is a sector that desperately needs it but originally they wanted cash injection so didn't get exactly everything that one and then of course we're seeing direct checks to Americans but this is for lower and middle income so if you make over ninety nine thousand dollars you're not going to get it small business is in dire need of this stimulus package but there's concern the help could get there too late here with details as Bloomberg's John Tucker who joins us live good morning John good morning to the three hundred fifty billion dollars of loans will be administered by the small business administration which isn't exactly known for speed the SBA's disaster loan assistance portal this morning reads the following the portal is undergoing maintenance and will not be available during this maintenance period you're receiving up to thirty thousand phone calls a day a number that's expected to surge to sixty thousand I'm John Tucker Bloomberg daybreak hi John thank you global investors appear to.

"annmarie hordern" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

02:09 min | 2 years ago

"annmarie hordern" Discussed on Bloomberg Radio New York

"The others are he is he doing a good job you think loomer markets weekday mornings at ten eastern on Bloomberg radio Bloomberg the world is listening broadcasting live from the Bloomberg interactive brokers studio in New York to Washington DC over ninety nine one two Boston Bloomberg one of six one two San Francisco uber nine sixty two the country serious exam general one nineteen and around the globe the Bloomberg business and Bloomberg radio dot com this is Bloomberg daybreak and it's five thirty on Wall Street good morning I'm here in Moscow I'm Nathan Hager Bloomberg daybreak brought to you by BNY Mellon's Pershing learned by the world's most sophisticated advisory firms and broker dealers rely on Pershing to help them improve profitability create efficiency attract talent and manage risk at Pershing dot com just about four hours away from the opening of U. S. trading let's get you up to date on the news you need to know at this hour the U. S. Senate has approved a two trillion dollar plan to stem the economic fallout from coal that nineteen the legislation passed unanimously just before midnight and now heads to the house here with details on the packages Bloomberg's annmarie Hordern first for the big business five hundred billion dollars for these big corporations including airlines but you have to ban buybacks limit executive bonuses then we going to the small businesses they got three hundred fifty billion dollars in loans this is a sector that desperately needs it but originally they wanted cash injection so didn't get exactly everything that one and then of course we're seeing direct checks to Americans but this is for lower and middle income so if you make over ninety nine thousand dollars you're not going to get it the small business is in dire need of this stimulus package but there's concern the help could get there too late your details as Bloomberg's John Tucker who joins us live good morning John your name to the three hundred fifty billion dollars in laws will be administered by the small business administration which isn't known for its speed yes BA's disaster loan assistance portal this morning reads the following the portals undergoing maintenance of will not be available during this maintenance period it's receiving up to thirty thousand phone calls a day a number that's expected to surge to sixty thousand I'm John Tucker Bloomberg daybreak hi John thank you global investors appear to.

"annmarie hordern" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

05:20 min | 2 years ago

"annmarie hordern" Discussed on Bloomberg Radio New York

"The bluebird insurance brokers studios we're in areas five forty nine of Wall Street good morning I'm John talk the spread of coronavirus denting demand for oil in the OPEC cartel trying to fight back joining us live this morning in the studio Bloomberg's annmarie Hordern with more well first of all let's gauge just how desperate the oil producers are right now I think it depends who you ask so I was in Riyadh a few weeks ago and we've just been hearing constantly from Saudi Arabia that they wanted to even bring this meeting forward they wanted to act urgently in the wake of the corona virus and behind closed doors as well Highness prince Abdulaziz as the vendors at Riyadh compared the impact to house on fire he said you can use a garden hose or you can call the fire brigade maybe you'll mess up some furniture but you still have your house they want to make a big move in March now we're hearing was acquired holes exam to in terms of production cuts earlier in February the technical committee said about six hundred thousand barrels a day without the need to cut that Saudi Arabia is saying that they would like to go from eighty one point five million barrels a day on the other side Moscow is more willing to just roll over the current production cuts they're already doing they're not as desperate even taking his wait and see approach and that's the split we're seeing right now in Vienna between the two to Moscow and Riyadh but I would like to say I've covered pack a number of times this is a dance they do a lot we always see this Russia you know pulls back wait and see and then at the end of the day sat is able to bring them on board so the question is is just smoke and mirrors the actors for the market to first apprised or their real rest right now okay is Saudi Arabia number one produce it went to we're very first Russia with the third number two at this point so it burned breakeven terms of prices Saudi Arabia needs the IMF has eighty four dollars about to the budget and all this you hear about vision twenty thirty with the crown prince and they're diversifying their still heavily reliant on oil which is why they want to production cuts they need to prop up prices Russia though Putin can balance his books by forty dollars a barrel huge price differential between these two partners OPEC plus and OPEC OPEC meeting today OPEC plus which includes Russia that's tomorrow is that well tomorrow today they need to get all of OPEC on board and then they need to go to Russia and say are you willing to get on board with this agreement now again there is this rift developing pride president Putin is Alexander Novak took a very much wait and see approach how they're going to respond we hear that they're willing to just roll over but it is in Russia's benefit politically to maintain part of the script everyone was asking to think this group will collapse but it's given president Putin a lot of clout in the Middle East it's given them a lot of leverage and they are the winners of this agreement they don't cut nearly as much as Saudi Arabia Saudi Arabia bears the burden of all these cuts and they still get the cook political capacity to be a part of this group and it's very good for president Clinton okay even if they do agree to a cat there's always the question of cheating by other members how does it go yeah we've seen a lot of cheating last year on his road Highness prince on disease was really starting to clamp down I've never been in a meeting until last year when he started to name names out loud down the house what one thing was a little bit embarrassing he brought all the cheaters out to the press conference they've never done that before so they are naming names the biggest cheaters would be the likes of Nigeria and Iraq and to a lesser extent as well Russia and don't count out the non member the United States of America right exactly so the big question is one of the questions is OPEC even continue doing this they're losing market share just to give it up to the U. S. and yesterday we had that data as showing that American shale producers production surged to a record so package is losing market share to U. S. shale U. S. shale the more they cut they just open up the other doors such as U. S. shale as well Guyana's producing Norway Brazil there are other producers outside of the group that are just gaining market shares OPEC continues to deteriorate their share of the market okay as with prices decline though specific to U. S. shale producers we're seeing some cracks that develop because they needed is there a certain break even price right yes the U. S. shale producers definitely need a higher price than you would need in the Middle East if the last barrel oil ever gets produced in the world it will come from the sap from Saudi Arabia but the thing is if OPEC cuts we're gonna all likely see a price bump it obviously depends how big the cut is the markets pricing in already at least six hundred thousand probably a million already but that would certainly help you I shall thanks for stopping by Bloomberg's annmarie Hordern and as we checked prices right now Brent is at fifty eighty seven down twenty six nine X. down twenty eight of forty six fifty one I'm John Tucker Karen back to you soon thank you it is five fifty three on Wall Street it's time for the Bloomberg law reports let's get to the legal stories were watching this morning from Bloomberg's Jeff Ballenger I'm counting firms are urging staffers to limit travel as a precaution accountants want to be sure they can continue working with clients during the corona virus crisis a federal judge ruled that international paper did not violate the law when it fired a machine operator in New Jersey for taking medical leave to travel to Texas to attend a professional football game and a lawsuit filed in Nevada federal court accuses aria casino and resort of.

John OPEC