jose luis de haro jose what else has the i.m.f. had to say on this. many many additional risks on the horizon for the u.s. rob and among those are what defined calls systemic increase in poverty in the world the largest economy in vienna the current crises heating the poor americans and right racial minorities the hardest but i'm not only dad as a scholar spending balloons. he's also getting a very worried about government and corporate debt levels and also 2 recommends biggest door to reverse a trade restrictions and tirades and also warrant against that thinking of undervalued currencies abroad as subsidies so so it seems that there is a still of very tough road ahead for the u.s. in the coming years yeah i mean in america the daily virus cases continue to climb the easing of lockdowns being undone things likely to get better or worse for americans in the coming months. it will depend on several factors rob i would say like the most important aside from of finding a vaccine it's more stimulus from the usa government some of the measures implemented to help us think consumers are set to expire by the end of july or even in the coming months that's when the northerners the preschool clip to top it all gets less a help of from the government they're less help they will have far too hard to feel financial commitments so that means more defaults and credit losses for banks financial correspondent jose luis tahar in new york thanks for joining us now as the e.u. discusses how to get europe through the coronavirus crisis one of the countries saying it's most in need of financial help is italy it was the 1st european nation to take the full force of the virus and businesses there are still feeling the shock. southerner philine restarts her coffee machine once again. it fell silent 3 months ago when her peace throw in the northern italian port city of tranced was shut down by the corona virus pandemic. her business has been hit hard she can no longer pay her employees and although more was promised she was only given 600 euros state aid. yeah but always been a lot of talk but very little action both the regional and federal governments promised grants we would have to pay back but we only received very little money. so i said that a joint account and. the same is true for many restaurant owners entranced the italian government has distributed $500.00 euros credit to low income families

wiped out by the end of the day so let's speak to our financial correspondent in new york jose luis de haro jose what's behind this bumpy ride we're seeing. i would say like a couple things rob we have to to have in mind early optimism and came especially from from the f.d.a. granted and to fast track this week nation to 2 off their debt like scenic candidates from pfizer and a buy in tag also we sold some m.n.a. activity with analog devices offering it to buy into great ed and on top of that we can say that pepsi earnings were bad but not as terrible as where respect and let's see what happens now with the big banks for the rest of the week but the consensus is already bracing for itself or for a 44 percent drop in aran in seeing the s. and p. $500.00 in debt 2nd quarter but then we have to have in mind also that california announced the closing of bars and indoor restaurants because of the increase in cases of covered 19 and tech stocks especially that the usual suspects such as aapl or amazon are we have been basically the main drivers have for their current rally started to fall and. demeani