data and overnight we got some fresh stimulus from china from the pboc that providing some support as well as investors look to the opec plus meeting now due to take place on thursday to see if saudi arabia and russia can come together with other energy leaders and agree a cut to oil production let's take a look at the different regions and what the split looks like that way. we have the dax up northemore t% ftse 100 up 2.4% the sad news we brought you, prime minister boris johnson has been admitted to the hospital. he's had persistent coronavirus symptoms for ten days. he's taking some precautionary measures by going to the hospital now cac 40 up 3.5% in italy, the ftse mib is trading 2.3% higher. let's take a look at autos you can see daimler shares up 6.3%

volkswagen up 7% porsche up 8.1%. we've heard from automakers taking steps to shore up their balance sheets to shore the crisis investors responding as well renault up 12% some major moves the china angle, one of the more cyclical move, china let's take a look at european banks. a lot of debate around dividends with the ubs coming out defending its dividend you've got a stronger moving uni credit up 6.4% and over in germany commerce bank and deutsche bank both trading more than 4% higher. let's take a look at airlines as well as the aerospace defense

sector this part of themarket very much in focus. rolls-royce, shares up 15.5% they have come out they have scrapped their guidance for the year. they've also suspended their dividend and they have announced new measures to shore up their balance sheet. investors like what they see there. this was widely expected by the market that is providing a bit of a boost to the aerospace and airline stocks >> fascinating example of how investors at the moment are just trying to discount the bad news and look for the positive at the moment here we have a little data out of the uk around new car registrations. down 44.4% year-on-year in march according to ssmt who compiled the data

they have downgraded the outlook. the car industry ceo saying we should not draw long-term conclusions from the march registration that number is dire, 44.4% lower in march compared to where they would have been year-on-year dire statement from the united states, 701,000 out of the nonfarm payroll numbers. there seems to be a view we can ignore the negative print on the data and focus, instead, on the new infection rates. that's the only reason i can imagine beyond the fact we may be perceived as oversold technically by some investors. the only reason we have a strong bounce here and in the futures is we had a lot of selloff at the end of last week we've come into this monday with some of the numbers appearing to plateau in europe around new

coronavirus cases. it feels way too early to talk about a proper market but the market is grabbing whatever crumb it can grab at the moment. >> your point about the virus numbers being all that really matters if we judge -- judging by today's share price moves, i've been reading about what numbers actually matter to investors and given the differences in testing, the infection rates themselves at first very, very useful but now investors, in europe anyway, very focused on the death rate and death numbers because it's the only true, accurate reflection of reality. from there you can backtrack and fill in the blank around the affected individuals as far as we're seeing encouraging numbers to death rates in some countries, that's

what investors are latching onto. let's updaylight you on some numbers italy's daily covid-19 death toll has risen by 525. that's the lowest number in over two weeks. the number of new cases has flattened with saturday seeing lower increase than the day before government officials have told public not to lower their guard after a month-long lockdown as they look to launch a second phase in containing the spread of the disease speaking in an exclusive interview on "meet the press," giuseppe thanked the public for international clb rags to not give up the gains. >> at this moment i cannot say when the lockdown will stop because we are following the suggestions of our -- in the

scientific and technical community, but italy has been the first country in europe, of course, that faced this pandemic our response has not been perfect maybe but we have acted to the best of our knowledge today i see our model is implemented by countries and we've been acknowledged by the w.h.o. the most important message to give to citizens is stay home as much as possible do not go out. if you must leave your home, for example, to go to work or buy food, always protect yourself. we are asking people great sacrifice, but it is the only

way to defeat the pandemic together the more we respect the rules, the sooner we will get out >> it sounds like -- there was a story in "the new york times" today, with testing, you're hoping in your country that in order to reopen parts of the empty and reopening parts of the country, that if you -- you might be able to have, okay, if you have the antibody to the virus, you can work, if you don't, you have to stay home do you think that's in italy's future >> we will work for that, but in the -- in this moment we're all in the same battle, we are fighting the same and invisible enemy. the virus will spread again and our efforts to sacrifice will be

invade this is crucial, the cooperation of our democracies and strategic international collaboration. >> spain's coronavirus death and infection rate slowed for the third consecutive day. the prime minister says the country is, quote, close to passing the peak of infections spanish authorities have been the plateauing of new cases as proof the national lockdown is working. the government announced the measures will be extended until april 25th charlotte, we're just trying to square that circle if we are seeing a plateauing here, why do we need to extend the lockdown period. >> well, because they see the lockdown started three weeks and because they can't just release the measures just yet, they want to carry on, see that plateau continue, slowing down of the number of cases. they don't want to see just the number of cases go down

completely they have to see the results what we see today is impacted of the measures they put in place three weeks ago. hence, they want to extend it. that's one of the latest measures we saw from spain, extending the lockdown from spain. when we saw numbers go to 12,400 in the case. we saw spain's sanchez very active in the u.s., fighting the disease and calling for economic impact and martial laws and coronavirus bonds. that's very strong from a spanish prime minister spain being very pro-eu country. this message has a warning sign from the spanish prime minister

saying this is the worst crisis for the union, since world war ii, we need proof of commitment from other eu members. saying if the virus does not respect borders, nor should financing mechanisms that's a warning shot to northern countries, including the netherlands and germany ahead of these eurozone finance ministers virtual meeting where coronavirus bonds will be explained. france and italy very much in fare of coronabonds to try to do elwith impacts on their economy. so far 900,000 jobs lost in spain. the consequence could be very dire for european economies. the spanish pm saying coronabonds could be an instrument to deal with that. we'll keep an eye on that tomorrow thank you for keeping us up to speed. let's talk about what's going on in germany.

we got fresh data. german factory output fell in february in what's likely to be an early signal of the coronavirus on europe's economy. orders fell 1.4% in february as italy and germany's economy felt the coronavirus. we're joined with more on these numbers from frankfurt these numbers give a little insight into how the german economy is faring amid the coronavirus pandemic what are the more forward-looking indicators tell us about how germany is holding up >> well, actually, the data for the factory numbers for the month of february are telling us only how the german economy fared where the coronavirus was a german problem and how they fared despite parts of the

chinese economy. that, i have to say, that's the economist's take, that was surprisingly strong. that number is on the rise in february that is like the past and that's a completely different reality because clearly if we look to the month of march and most likely also april, we're going to see severe drops in factory oral, in industrial activity in germany. look at the pmei data for the month of march it had the steepest decline in 11 years so, since the financial crisis some are even arguing that is not even the full negative picture because all the survey, period, was just between march 12th and march 24th. some production sites only closed afterwards and also the visibility was less pronounced

than we are now. now we are not expecting that production for major parts of the german economy will resume before the end of april. that's probably why we'll see very severe drops in manufacturing, which makes up a fourth of the german economy so, it is a huge issue here. if we'll see inso will vency in that part of the economy very much depends on how long we're going to see that shutdown of that part of the economy, the whole society in germany back to you. >> thank you british prime minister boris johnson has been taken to hospital ten days after being diagnosed with coronavirus downing street says the move follows advice from his doctor

steve, what more do we know about his condition and the seriousness of it at this stage? >>. >> reporter: it seems to be, this is what i'm reading, he has had persistent conditions. he was diagnosed on the 27th of march. he went straight into self-isolation his partner who is pregnant also exhibited some symptoms as well. in terms of the problem, it seems those cautionary measures that have been taken the last 24 hours, getting him into, we believe, potentially st. thomas', certainly a central london hospital because the persistent symptoms include a high temperature one report said he's not getting worse, it's just that he's not getting better as people had hoped he would he's gone into a central hospital, possibly st. thomas' as a precautionary measure that is the word that keeps coming over, the number 10

statement was on the advice of his doctor that the pm was admitted for tests looking at the bcb's resident doctor is that could include a chest x-ray, lung scan and electro cardio gram. there is a key meeting this morning, a coronavirus cabinet meeting. dominic raab, the first secretary of state, we understand, will be chairing that he is, i understand, the designated successor that's taking place as we speak, 9:15 the understanding is last night around 8:00 p.m., according to "the times," the prime minister was driven across the thames 1.4 miles from downing street to st. thomas he did not have an ambulance or emergency services and was given oxygen, according to the "times." this comes when the death toll

is up 621 in the last 24 hours let me hand it back to you both. >> terrific, steve thanks very much we'll see you later on. coming up on the program, the head of russia's sovereign wealth fund hopes a deal between russia and saudi arabia. more on that when we come pack i know that every single time that i suit up, there is a chance that that's the last time. 300 miles an hour, thats where i feel normal. i might be crazy but i'm not stupid. having an annuity tells me that i'm protected. during turbulent times, consider protected lifetime income from an annuity as part of your retirement plan. this can help you cover your essential monthly expenses. learn more at protectedincome.org .

. 20 minutes past the hour an opec plus meeting on cutting oil output has been postponed until thursday after words between russia and saudi arabia. both sides have blamed each other for failing to strike a deal on production levels back in march since then, riyadh has cut priceses and flooded the market despite a demand collapse due to the pandemic effect. crude prices have won back some ground from an initial selloff after the head of russia's sovereign wealth fund told cnbc,

moscow and riyadh are, quote, very, very close to a deal he added, russia is working to have u.s. producers agree to an output cut >> we need to work together with the u.s. to stabilize the world economy and stabilizing oil prices is one part of it u.s. could lose 10 million jobs if the market is not stabilized. we're working very close with u.s., with texas regularity, with minister of the u.s. to have u.s. participate in the upcoming cut in the oil markets as well. i think russia, saudi arabia, u.s., other countries that need to step in to stabilize the markets and to bring stability in the world that is about to see probably the greatest recession ever >> president trump says he could slap substantial tariffs on crude oil coming into the u.s. in order to protect american oil companies amid a supply glut it comes as the financial times reports canadian and u.s. officials have held talks on the impossibility of imposing levies

on saudi arabia and russian crude imports. president trump said he would use tariffs iffed necessary but stressed he didn't think he needed to. let's bring in alan gelder from wood mackenzie and steve will join as well alan, when you think about the pressures facing the saudi and russian economies at this is stage, they're both under a huge amount of pressure, not only from lower oil but also from coronavirus and the economic impact of the shutdowns. with that in mind, what are the odds we see an agreement at this week's meeting >> it's very hard to call actually the tone of the conversations have been changing from our perspective this agreement faces a lot of hurd s hurdles. both russia and saudi arabia are indicating wanting to make an

agreement but they have tag-alongs that are making sure they don't take the cuts as for others, such as the u.s., we think implementing material cuts in production will be quite difficult to do. >> alan, very good morning a lot of people focusing on the here and now and the opec plus meeting. i want to focus on the medium term for investors as well as traders. how much investment destruction is there at these kind of price levels they have talked about the trillion dollar investment to keep production at current levels, let alone seeing it grow are we seeing a massive amount of production that sow the seeds down the line? >> oh, very significantly. wood mackenzie has used day-to-day, if we look at where the prices are ought, let's say

brent, currently brent is at 30, but if it's 35 there's 4 million production cash negative on a short-run marginal cost basis, so getting it out of the ground is higher than what they're selling it for as you go to prices of $25 that goes up to 10 million barrels a day. the investment decision is even further beyond the horizon as a result how much of the industry is cash negative of these prices and we've got no u.s. title making money under $35. future investment is going to be massively delayed and. >> industry insiders have told

you and i for a long time, i'm sure, they have grave concerns about the spending of shale in the u.s. in 2021-22 way before the coronavirus pandemic is it the u.s. production that will get the biggest problem going forward rather than the russians, rather than the saudis, rather than opec >> yes because for those countries, if you look at it on a simplistic way, production is low russia and saudi arabia, you get the contribution their governments make then you look at fiscal break-evens which are much higher russia has some insulation from the ruble and sovereign wealth fund what they've been clear about is

they can sustain these numbers for many -- well, a number of months, which we believe to be true it's not comfortable for them. but they've gone very hard in making a statement around u.s. energy dominance and the prices needed and the complications that comes with that >> alan, just to get your insight on the russians will be interesting at this point. we've had a couple of leading players in the russian business community on the channel this morning who have been telling us the kremlin is keen on a deal and close to a deal, but we didn't get that meeting everyone is keen for. what do you think the russians are holding out for? there are many who didn't like the opec plus agreement for anyway. >> i think what they're holding out for is some contribution or commitment in the u.s. to not

fill the gap that would appear if the other producers cut decline. >>al lan, we're going to wrap up with you thank you for joining us this morning. alan gelder, vice president, refining chemicals and oil markets at wood mackenzie. for the latest on the tumultuous oil markets and negotiations among producers, go to cnbc.com. there's a story about what's going on in the energy markets now. we'll look at the race to produce more coronavirus testing kits and discuss how far away we are with a vaccine ♪

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a dell emc unity xt all-flash unified storage platform. it delivers speed and efficiency, while providing simplicity and flexibility. for unified storage platforms, you need dell technologies, and it orchestration by cdw. very good morning, everybody. welcome to "street signs." i'm geoff cutmore. >> i'm julianna tatelbaum. these are your headlines

stocks around the world trading sharply higher, amid signs the coronavirus is mplateauing as a number of countries see decline in deaths. from the likes of german carmaker bmw and german engine maker rolls-royce. make or break oil talks are delayed while president trump threatens to impose tariffs on crude imports but prices win back some ground after the head of russia's sovereign wealth fund tells cnbc moscow and riyadh are close to a deal and british prime minister boris johnson is hospitalized. downing street calls the decision a precautionary step as the uk leader continues to suffer persistent symptoms ten days after contracting the virus.

welcome back let's just give you some march construction pmi data from the uk the number coming in at 39.3 as against february's 52.6. the poll expectation was 44 on this data, so 39.3 is obviously a more significant contraction and the number falling at the fastest rate in march since 2009 as i say, just another data point that reinforces the idea that the coronavirus lockdown is having a significant impact on all parts of the economy, both in the uk and elsewhere. in terms of the measures to cushion the blow to the uk economy, we've got some news here from the european commission the commission has said it has approved a 50 billion pound, quote, umbrella scheme to support companies affected by the coronavirus outbreak this approval is in line

here's some commentary just coming through from reuters. is in line with modified eu rules avoiding -- allowing a temporary and limited amount of aid to businesses facing a sudden shortage of liquidity in terms of the form, this 50 billion umbrella form will take, it will combination of tax advantages and loans this is aimed at supporting those companies affected by the coronavirus outbreak some more measures agreed by the european commission. >> it's interesting looking at the sterling spike here, and i suspect that has not so much to do with the data points we're getting at the moment but possibly the op-ed over the weekend from andrew bailey who basically shot down the idea of monetary financing of government debt over the long term and said, we are not in the business of effectively bailing out indebted governments there will not be a bank of

england that steps in and says, okay, fine, we will monetize debt here. perhaps that encouraging one or two back into sterling at this point. obviously, there are concerns about all this debt now that's being raised to deal with fiscal stimulus for the coronavirus effect. >> of course, this whole -- this whole crisis has brought back into question or brought a spotlight onto the fact that the uk managing its own currency, unlike its european peers, has the advantage of being able to make decisions like this so, yeah, there you have sterling trading around 122.87 versus the dollar. let's get a check on european markets. decent gains across the board. dax trading 3.6% higher. a little off the peak of the morning. ftse 100 up, so we're seeing gains in both the equities and currency

ftse mib up 2.8% let's get a look at u.s. futures also pointing to a stronger start but similarly off the highs of the morning the dow looking to open 775 points higher now. we were looking at closer to 900 points worth of gains earlier on worth noting we have seen a pullback in the oil price in the last hour or so. so, perhaps, that feeding through to broader equity markets and investor thinking as well. >> let's tack back to the disease itself apple ames to produce more than a million face shields ceo tim cook which says the product that can be assembled in two minutes will combat the shortage in personal protective equipment for front-line staff the tech giant has already donated 25 million masks to health organizations in need. uk health secretary matt hancock has admitted coronavirus antibody home test kits are not yet good enough at detecting who's already had the virus.

t the uk government has ordered the tests. let's bring in our next guest, president of the vaccine business unit at takeda pharmaceuticals. steve is standing by outside st. thomas' hospital in london thank you for being with us. you're head of the global vaccine business at takeda first and foremost, when do you think we'll have a savaccine red to fight coronavirus >> what you're hearing about the timelines, like tony fauci, 12 to 18 months to have a vaccine in substantial quantities is a very, very aggressive timeline and one we're working -- companies are working to meet. of course, if there's any way to do it faster, with he will

it's very important to understand that we don't want to make any compromises on safety or understanding of efficacy before we give it to large numbers of people. >> it's not just about creating a vaccine. obviously, that's the goal right now, the most important thing. it's also important where the vaccine is created we've seen a lot of headlines around the u.s. trying to get involved and shore up supplies, access to potential vaccines how is that factoring into the whole vaccine debate obviously, you're right at the center of it yourself, heading up a vaccine unit. are you getting approached by governments? how is this all working? >> what i would say is that this is a global public health emergency and whatever we're developing as a community, whether it be vaccines or drugs or diagnostic tests need to be made widely available to everyone that needs them in whatever country they may be. i've seen extraordinary collaboration around the industry and what the scientific

community to accomplish that objective. when you look at organizations like the coalition for preparedness innovation. they have a primary job of developing vaccines just like this, number one, and number two, making sure everyone who needs that vaccine has access to it i would say access is a very, very high priority for everyone that's working on vaccines and drugs. >> good morning to you how dangerous is it, politicians talking about alternative treatments such as hydroxy chloroquine. we know the president of the united states has talked about this a couple of times in your opinion, what do you think the ramifications of such promotion are? >> look, everybody wants to have safe and effective treatments. we have a lot of people who are critically ill in hospitals around the world we're using all the tools at our disposal, including medications that have been used for other diseases in the event they might

work in this case. what i would say is that it's very, very important for us to get good, what we call controlled data to help us understand the actual efficacy and effectiveness. this is something that's being done for many, many drugs at this point until we have that data, we should treat these drugs as investigational for the purposes of this kind of treatment. but hopefully we'll gather that data very, very soon and know definitively one way or another whether physicians and other practitioners should add these too their tool kit. >> while waiting for that 12 to 18-month timeline to come through for vaccine in substantial quantities, everyone is looking at social distance experiments. here in europe, the swedish approach and the rest of mainland europe. what do you think of sweden's approach compared to other countries? >> i was actually at the white house when we developed the

strategy that is now called flattening the curve, the strategy of flattening the curve through social distancing. and i would say that there are a lot of experiments going on around the world right now, including the places that you've mentioned. we're gathering a lot of data about what works and what doesn't. it's too soon to say how effective it will be to have limited interventions on person-to-person interaction to see if you can control the amount of transmission and keep it in check, if you will, so that you can manage to keep communities going while at the same time limiting the burden on hospitals. i would say it's a huge challenge because in many cases we can't get real-time feedback on the effect i haveness of these measures but the reality is if somethin isn't working, we can impose greater restrictions immediately in an effort to stop the transmission the problem, of course, is one you impose the restriction, it

takes you a few weeks to know if it's actually worked >> there are these parallels, we're building the plane assist we reply it used to reference how we're going to the response of coronavirus as your own background shows in the twhous and then with the bill and melinda gates foundation, there have been those who have foreseen an eventuality like this for years. can i ask you maybe to address then how you think we need to change the system when we've dealt with this crisis to make sure there's a higher level of preparedness when the next crisis comes around? >> the first thing we need to understand is what's happening in the animal and human health population with viruses like this that we haven't really been paying attention to but are out there and have the potential to jump over from animals into the

human population we call that surveillance. we have some surveillance activities going on around the world. we need to make those much better the other is around the response plan we know whenever you have something like this, a lot of people are going to get sick very, very quickly as we're seeing in different parts of the world, the illnesses can come in waves. you've seen in the graphs there are peaks in the demand on health care capacity that in many cases overstretch or even break the health care system we need to do a very effective job of not just flattening the cush, to lower the peak demand and supply available we also need to increase the supply that involves very smart planning for large numbers of sick people in a community where you incorporate into your plans the desire to use gymnasiums and hotels but facilities aren't

enough, you need people. as we are bringing in retired medical physicians and they are graduating early to expand the army of health care workers that are, unfortunately, putting themselves at risk, putting themselves in harm's way and need adequate protection i would say that preparedness for large numbers of people who are ill is critically important. the last thing is we need to approach this as a global community. there are places in the world that are really suffering in terms of their access to the medical resources they need, whereas in other parts of the world the wave hasn't hit them yet or it's already passed through those communities and we need the free flow, the sharing of people and resources and technologies, tools for the communities that are hardest hit to address the problem in that moment >> sir, we're going to wrap with you there. thank you so much for joining us and giving us your time. the managing director and president of the vaccine business unit for takeda

pharmaceuticals. some businesses that have been impacted by coronavirus have been updating us on trade rolls-royce has withdrawn its annual profit guidance and suspended its dividend for the first time since 1987 due to the impact of the virus outbreak on global airlines. the engine maker said it's also secured a new revolving credit facility worth 1.5 billion pounds in an effort to shore up liquidi liquidity. bmw nose dives in the first quarter as demand was hit by the virus outbreak the german carmaker said the impact of the pandemic is clear to see in china and was clear to see by february and in europe and the united states. the following month almost all of bmw's european and american retail outlets remain temporarily closed. elsewhere in the auto space, volkswagen ceo says he cannot --

he did not think the company would need state funds to weather the crisis but he said a prolong the shutdown would be difficult for the business coming up on "street signs," the u.s. stimulus bill is the largest bailout in history however, nyu economist roman frydman doesn't believe it's enough to get the economy back on track. she was the fed chief who focused on labor trends and employment u.s. colleagues will be spoking with former fed chair janet yellen later today that exclusive interview at 16:00 cet. let's see what she makes of the latest numbers i know that every single time that i suit up, there is a chance that that's the last time. 300 miles an hour, thats where i feel normal. i might be crazy but i'm not stupid. having an annuity tells me that i'm protected.

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welcome back to "street signs. new york has reported a slowdown in new coronavirus deaths over the weekend. governor andrew cuomo said 594 new fattal tis were reported on sunday compared to 630 the day before but he added it is too soon to draw conclusions more than 4,000 people have died from the virus in the state so

far. the u.s. labor market contracted for the first time in nearly a decade in march as shutdowns took their tolls on the world's large economy. nonfarm payroll fell by 710,000, which was higher than the estimates. the decline brings an end to 130 months of consecutive job growth the unemployment rose to 4.4%, its biggest increase since 1975. however, the data does not fully include the nearly 10 million jobless claims filed in the final two weeks of march, which could lead to a further rise in unemployment st. louis fed president james bullard says the u.s. economy is not in freefall despite concerns over the impact of the virus and the rise in unemployment in a television interview on sunday, he added, there is, quote, nothing wrong with the

economy itself, stating it could recover once the spread of the virus eases. our next guest believes the u.s. stimulus package misses the market on what the u.s. economy needs in order to cope with the virus impact roman frydman joins us, professor of economics at nyu. good to have you with us, professor. let me ask you very briefly to explain to us why the stimulus that is being lined up at the moment doesn't do the job necessary. >> it's good to be with you. the stimulus doesn't do the job necessarily, and necessarily is a very kind word because the seriousness is fighting the last war, fighting the great war and great depression neither of those wars are we against the covid-19 let me explain super briefly

the covid-19 crisis is not a crisis you can bunker. it's a crisis in which the workers cannot go to work because we have to overcome the crisis so they don't die given that, we have to have measures that maintain throughout the crisis so, indeed, the economy can come back when the crisis is over and at the same time redirect effort of the private sector not just military production act to fight against the war. and $2 trillion package, only a part of it, mainly the part for small business, does some of it, namely incentivize small business to retain labor the rest of it is basically a giveaway to the corporate sector without doing anything

basically what happens is the corporate sector receives the guaranteed loan and what it does, it releases labor to the unemployment then the government picks up the bill so the government pays $500 billion to the corporate sector and then spends $260 billion for the unemployment benefits with enumerable costs, including industrial sector, which is very difficult to restart and was paramount effort this does not foster that's the long and short of it. i can elaborate but i'm sure you don't want me to. >> professor, we definitely want to hear from you appreciate your thoughts i guess very simply, should the companies that are borrowing on the back of these stimulus measures be forced to repurpose their facilities and contribute in some way to the pandemic efforts the same way they would

be in a wartime situation? >> absolutely. and they should absolutely do that and this is not impossible the country called denmark that you all know extremely well has done exactly that. the difference in denmark and the united states, that in denmark it has been done by many companies voluntarily. let me give you an example both large and small, famous vehicle has donated 18,000 liters to the production of hand sanitizers, therefore, eliminating shortage max air, another giant, is using its airplanes to transfer equipment from china, medical equipment. one could ask why shouldn't delta air lines in exchange for the package not have to transfer medical equipment from wyoming where the equipment is in

surplus to bring it to new york and then bring it back this is not understandable why that's going on. really not >> professor, on infrastructure spending, it can work as a stimulus for economies, it's been proven historically but it takes a mighty long time as well, doesn't it just explain to us how long you think it will take to get the economic benefits if there's trillions of dollars of infrastructure spending in the u.s. and beyond? >> the infrastructure poses a little bit of a problem that the people are in lockdown cannot build drugs and build overnight. infrastructure is a longer program after this sort of ebbing at least, but it's certainly not where we are in the united states. it's a very strange program. that's what i meant by our wonderful leaders fighting the last war they think they're in a great depression except that the firms

are only going bankrupt because they are not supporting the feds properly they basically made no conditions on the companies to receive the loan guarantees and the taxpayers get the short end of the stick and the rest of the world gets the implosion of the u.s. economy that's what we get for $2 trillion that's a grail bill for $2 trillion. >> all right, professor, we have to leave it there. thank you so much for weighing in, professor of economics at nyu, roman frydman we are in for a positive start to trade for wall street that's it for today's show that's it from me and geoff. thanks very much for watching.

breaking news -- wall street in rally mode as president trump voices some hope over a, quote, leveling off of coronavirus cases in key united states hot spots. oil coming off its best week on record as one russian insider tells cnbc, saudi arabia and russia are very, very close to a deal we'll speak with rbc about that. and uk prime minister boris johnson checking himself into the hospital as a, quote, precautionary step ten days after testing positive for the covid-19 virus it is moay