this is bloomberg. anies. this is bloomberg. ♪ this is "bloomberg surveilence." there's a bit of renewed optimism on a deal with the eu after a video call, brenda joe discussed the chances of an agreement -- prime minister boris johnson discussed the chances of an agreement. the tone,call changed but what concessions is each side ready to given -- give? >> that is unclear. there are gaps in three big areas, one is whether the u.k. has to follow the rules going forward, have the overarching framework will be organized, and withhappens on this stage the eu is seeking and effectively status quo type relationship. it is hard to see what the compromise on those areas will be. the biggest is going to be the -- [indiscernible] boris johnson also suggested -- by the end of july. i think this is probably going to run down to the wire. remember that boris is trying to issue a trade agreement in one of the largest markets in the world. are skeptical a deal can be -- francine: i don't know whether covid it changes anything for boris johnson, he is pretty unpopular. he has lo

this is bloomberg. ♪ francine: this is bloomberg surveillance. let's get straight to the bloomberg business flash. return more will staff to its manhattan trading floors next week as it begins formally opening offices post lockdown for they will bring volunteers back in waves monday. they will start with about 20% and then builds to 50% by mid july. other parts of the business are formally just formalizing their plans to bring business employees back. assets sell billion of the end of april. the clients of the hedge fund giant mostly reflect returns. in march come dalio said they got hit at the worst possible moment. united airlines plans to raise $5 billion to help offset the coronavirus by borrowing against its frequent flyer program. it's as goldman sachs, morgan stanley and barclays will provide the financing. american airlines is in talks working with citigroup on a potential jump and offering that may be securing the collateral. that is the bloomberg business flash. francine. francine: let's focus on diversity in the workplace. the u.s. up

we are live on bloomberg tv and bloomberg radio. alongside tom keene, i'm jonathan ferro, together with lisa abramovitz. this is "bloomberg surveillance ." i struggle to think of a time when this equity market was more detached from the mood of this country. question about that, and i guess it is no surprise. we have seen it many times before. a little bit of dollar churn today, but you are absolutely correct. we have ebbed away in the last few hours or so. the events over the weekend are absolutely extraordinary, and they are original and unique versus other times of unrest in this nation. gatesan: and the of the -- and the events of the weeks to come will be remarkable as well. the equity market is totally unchanged at 7:00 a.m. eastern. as we count people down to that payrolls report this coming friday, we are approaching 20% unemployment. tom: my calculation over the weekend from research 18%s is 70% to unemployment, and the model above that other people who get 2% -- 21% to to 22% unemployment. americans, unemployment could be

this is bloomberg. ♪ francine: this is "bloomberg surveillance." i am francine lacqua here in london. still with us, maya bhandari from columbia threadneedle. maya, we talked extensively about the markets, what was priced in, and what would happen to them. at the world, at least at the g-7 countries, what do you do with the euro? about european equities being something of a cyclical market, of which we are, at best, a neutral. i think some increasingly favor the euro, the announcement of the unified fiscal plan and the perspective flows attached to it is really quite important. achillesses europe's heel, if you like. although it is small so far, it for the countries for which it will be allocated. of course, it is open to increases further along the way. i think it adds to what has been remarkably and perhaps surprisingly constructed fed policy in recent weeks, interesting extension in the past, more supportive german fiscal policy, for example. two other facets i think support the euro here -- one is relative monetary policy, and the second, albei

this is bloomberg. ♪ tom: "bloomberg surveillance", good morning everyone. from my home on the upper east in london,ine lacqua as well. london figuring out how to reopen. in times square, they will truly experiment with the reopening of this great city. i cannot say enough about it. i will be at lunch on a street chef. hosted by a french all of us will be out trying to figure out how to reopen in new york. let me reopen with a data check. futures are up nicely. it is an abbreviated data check because clearly what we have is gold elevated, as well. the important thing i have seen today was the essay by governor bailey at the bank of england. that was not a normal essay, was it? francine: it was not. the bank of england governor wrote an opinion piece for bloomberg news. fundsvery clear that might need to be examined. what the governor said is he signaled a major shift in the central bank strategy for moving emergency stimulus, stressing the need to reduce a balance sheet for interest rates. that will have a big impact in central bank thinking. i wanted to sho

this is bloomberg. ♪ nejra: this is "bloomberg daybreak: europe." i'm nejra cehic in london with manus cranny in dubai. looking toon is reclaim the agenda over criticism -- after criticism of his handling of the pandemic. he's announced 1.8 billion pounds to schools in england. the move comes as johnson is due to give a key speech tomorrow where he is set to spend -- set out his goals beyond the emergency. please ruled out austerity and paul brain, newton investment management head of fixed-income is still with us. we understand the u.k. will spend large sums on hospitals, schools, and roads. big infrastructure building spend here. potentially a lot of government debt issuance. would you be wanting to buy those gilts? paul: the gilt market is a market we are short because we are concerned we get more positive curves coming through in the u.k. as a result of the extra spending as a result of the issuances that go with it. the support for the economy, at the same time, they are talking about recovery funds or investment in the economy. we are nervous

onm new york city, heard bloomberg radio, seen on bloomberg tv, this is "bloomberg surveillance." ritika: with the first word news, i'm ritika gupta. the coronavirus pandemic is racing through the u.s. heartland, setting records for hospitalization and forcing businesses to rethink their plans to reopen. florida and texas each hit records for new daily cases yesterday. a new model predicts the virus will kill 180,000 americans by october. the pentagon has unveiled a list of 20 chinese companies it says are owned or controlled by the military. symbolic,s largely since it doesn't give president any new authority. he already has the ability to impose financial sanctions against those chinese companies. in california, voters will decide in november whether to reverse a ban on race and gender based preferences in college admissions, state employment, and public contracting. california is one of eight states to outlaw formative action. and lebron james has put together his most ambitious deal yet. he and business partner maverick anter have launched investment company. he spoke to bloom

this is bloomberg. ♪ tom: bloomberg surveillance this morning. futures up is a nice feel to the market. last nightwas calmer then what we saw the evening before. we are in conversation with paul romer of new york university. ofther it is the robustness thomas or michael's wonderful work. all of you seem to be studying uncertainty. we have immense uncertainty right now. how does that impinge our chance to get to a better america? paul: everything that will make things better requires investment. somebody has to put resources up and invest them for a plan to .ire more people, reopen all of those investments are postponed when people feel there is too much uncertainty. an investmentking now, the natural temptation is to say i will wait once the uncertainties resolved. everybodyy can hold back from making investments. that uncertainty can start to feed on itself because if everybody is uncertain, everybody holds that -- holds back, that creates more uncertainty about will there be a recovery and we need to cut through that and this is where governmen

this is bloomberg. ♪ francine: this is bloomberg surveillance. bloomberg has developed a unique partnership with the leading authority on covid-19. johns hopkins has been at the forefront of the international response. retail we bring you experts from public health, infectious disease and emergency paired news. knowing us is johns hopkins university professor of nursing. jason farley. great to have you on the program. we see really worrying and huge numbers of infections rising in the u.s., why is that? economies opened to quickly? opened in a way that certain people at risk? >> i think if we look at the s that are experiencing large increasing in cases, there were some nonpharmaceutical interventions that were rolled back quickly. cases inre seeing is states that remained closed for longer have continued to decline and cases in places that opened earlier are really seeing these increases day after day. francine: what are the risk mitigating strategies we should be thinking about? >> everyone needs to understand -- there is note absolute no risk

this is "bloomberg surveillance" on this payrolls friday come alive on bloomberg tv and bloomberg radio. we could see an unemployment drift towards 20%. we will get a view of the expectation from tom porcelli of rbc, next on the program. from new york, this is bloomberg. ♪ >> i would find it very difficult to argue we are going to have a v-shaped recovery. the closest anyone has come as china, and it doesn't look like a v to me. >> you may want to reduce the suffering because there's a risk the whole system could come crashing down. >> now is the time for fiscal policy to get a case of fiscal rectitude. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. tom: good morning, everyone. on this historic friday, without question, the most challenging jobs report in my years of doing

i stream bloomberg radio live from my bloomberg app. coming up, german chemicals giant basf is named the biggest recipient of virus aid funding from the ok -- from the u.k. talk more about that next. this is bloomberg. ♪ anna: welcome back to the european market open. in european markets are in fine form this morning. u.s. futures also pointing to the upside. the hong kong financial secretary said he is ready to defend the currency link to the u.s. dollar with help from the mainland. these comments were made in an interview to bloomberg. >> the banks themselves and their clients see the merit of this national security legislation. people are waiting with interest for the details. for the scope of the legislation and implementation details. i do not believe that the positive reaction to this legislation is quite widely held among the business community. >> what do you think will be the immediate and then the long-term impact to what we could maybe call the decoupling? >> i would not say this is a decoupling but an adjustment in the --

this is bloomberg. ♪ francine: this is bloomberg surveillance. >> let's get to bloomberg first word news. senate republicans are dropping their own proposal for reforming police practice, including racial bias training, increased use of body cameras and enacting the first antilynching law. house democrats have come out with your proposal and would like to make it easier to sue and prosecute police accused of wrongdoing. this is in response to the killing of george floyd in minneapolis. u.s. authorities are investigating an attack at the highest scheme traced to india, in an attempt to seal confidential information from investigative journalists and advocacy groups fighting climate change. it is unclear who founded the hacking operation. one of the beneficiaries apparently was the embattled german tech firm that says they have not been in touch with any hacker groups. the u.k. has not seen a time like this since the industrial revolution. they have gone two months without burning coal. the power generation has mixed from 40% seven years ago to 2.5% in 2019. one of the big reasons?cheaper

this is bloomberg. ♪ kevin: i am kevin cirilli in washington. taylor: and i am taylor riggs in new york. let's get a check on the markets. joining us is kailey leinz. earlier it seemed a risk on yet the tech sector showing some resilience midday. kailey: if we look broadly at the equity market, the s&p 500 is lower .8%. it is no surprise we are taking a breather considering how far away from the course. yesterday all of the gains were raised taking a leg lower trying to evaluate the fundamentals and happily run too too far, too fast rate you mentioned tech outperformance. the nasdaq is higher. apple is higher nearly 3% on reports the company is said to announce it is replacing intel chips with its own processors. that could happen as early as the next few weeks. amazon and facebook all leading the tech sector higher. we are seeing a total reversal of the cyclical red trait we have been seeing in recent weeks. it is tech underperforming while energy and financials are lagging on the day. taylor: this i

"bloomberg surveillance this is"bloomberg surveillance," live on bloomberg -- this is "bloomberg surveillance," live on bloomberg tv and bloomberg radio. just ahead of economic data in the united states, still negative on the s&p 500. a bid came into the bond market in the last hour as well, down to 0.7%. your 30 year right now sub five basis points on the session. 1.48% is your yield. tom: 12 minutes away from the claims number, and we will give you that discuss further in our next half-hour. right now, you just heard from george magnus and his wonderful book on president xi. who does george magnus listen to? he listens to leland miller. miller has come out of washington and lee university and carved out a career as the absolute definitive micro analyst of china. no one, and i mean no one, does it better than leland miller at trying to figure out what real traffic or what electric utility rates are doing to china, and what it signals. let me get right to it in your china beige book. what do you see of interior demand dynamics across great china? lelan: one of the major problems -- leland: on

this is bloomberg. ♪ this is bloomberg. ♪ francine: this is "bloomberg surveillance." the first word news, what everyone is talking about, and trump administration considering new tariffs on experts from france, germany, spain and the u.k.. it could spiral into a wider transatlantic trade fight later this summer. the you and wants to impose tariffs on beer, june, drugs, other products. there is a jump in coronavirus infections in the u.s. and that has grown reopenings into disarray. cases are surging in texas, florida, arizona. meanwhile, palm beach county, florida, has become the latest jurisdiction to make wearing masks mandatory. when borders open again, the european union may keep americans out. e.u. officials are discussing lifting the curb on nonessential travel to the bloc within the next week. one of the big issues being looked at is reciprocity, whether it would mean u.s. citizens are not allowed into the e.u. the cause of health reasons. here in the u k, burress johnson in the biggest -- boris johnson in the biggest scandal. he is urging the public to go out

this is bloomberg. ♪ francine: this is "bloomberg surveillance." let's get straight to the bloomberg business flash in new york city ish her ritika: renault looking to diffuse the strike at its factory in northern france. the carmaker says it has no plans to shut the site. the company announced a sweeping cost-cutting plan including a reduction of around 14,600 jobs around the world. union are set to get underway tomorrow. amazon and apple -- the e-commerce giants have scaled-back deliveries in areas including chicago and los angeles. apple has reopened about half of its 200 70 stores following the coronavirus pandemic. most of them were closed on sunday. the protests sparked by george floyd's death in police custody. and according to analysis by a think tech, iq, that's a think lost iq, the company has jobs. the only reason for the cuts, it has caused a domino effect from everything from rent to mortgage payment. that is the bloomberg business flash. francine? francine: thank you so much. let's have a conversation as the u.s. relations between the

this is bloomberg. ♪ ♪ matt: welcome back to "bloomberg daybreak: europe." --"bloomberg markets: european open." we are over 45 minutes away from the start of cash equity trading across european indexes and it looks like we could see gains at least at the open this morning. efforts are being made to support economies still struggling as the results of the pandemic.midst the in the u.k., amid forecasts of the worst recession in 300 years, the prime minister, boris johnson, is planning to reset the government's agenda with a major speech and financial statement later this month. the chancellor is said to be drying up options to bolster the economy after the government withdraws its package of financial support. here in germany, chancellor angela merkel is seeking to broker a compromise on a second stimulus package and will host officials from her ruling coalition, the cdu and the spd. here in berlin later today, and she is said to be working on a deal worth between 50 billion euros and 100 billion euros. we are joined by the european equity portfolio manager a

this is bloomberg. ♪ economics, finance, politics. this is "bloomberg surveillance ." let's get to bloomberg first word news with dani burger. the worlddowns across may have prevented about half a billion coronavirus infections, according to the first peer-reviewed analysis of the impact of health policies. it comes as the world health organization says people without symptoms passing on the virus is very rare. it contradicts speculation about the prevalence of so-called asymptomatic transmission. in the u.k., oris johnson will talk's cabinet through -- boris johnson will talk his plans of easing restrictions. with london reporting no new fatalities, the u.k. is still on schedule to reopen non-essential retailers on june 15. north korea is cutting communications with the south over what it calls hostile acts. the statement appears to refer to leaflets critical of kim jong-un being sent across the border by anti-pyongyang activists. the nations are about to mark the 20th anniversary of the first summit between their leaders. there were hopes this could be a moment of re

this is bloomberg. next. this is bloomberg. in berlin. this is bloomberg. in berlin.n. this is bloomberg. >> a minute to go until the start of thursday's equity trading day in europe. let's get to your headlines. ermany goes big on stimulus. merkel hands out a boost for he economy including an infrastructure investment and rebates for electric cars. only one option for the boosting its rogram by 500 billion euros. anything less would cause a short-off. when it eijing comes to the proposed acute law in hong kong. will maintain stability region. matt: we're seeing futures lower. we could see some profit today after, we've had the d.a.x. at one point over the last few trading sessions. it's risen, every single one this week. looks like it could sell off today. he ftse will open down as well. let's take a look at the paining. left-hand column under equity indexes which is currently all black the fo out to see come e open -- let's back to that because i'm pretty sure that we're tarting to see equity andxes open up already, footsie is lower. of 1% right now, and the ibex down

this is bloomberg. ♪ >> i don't think that the fed is yet ready to move to yield curve control. generally they don't want to be seen as playing in that political debate. jonathan: adam posen of the peterson institute ahead of the federal reserve decision coming up tomorrow. tvl coverage on bloomberg and radio, led by scarlet fu and tom keene. this is "bloomberg surveillance ," getting you in shape for the price action of the morning in the opening bell. equity futures down 24, off by 0.75% in the s&p 500. yields are lower on the session this morning. your 10 year yield coming in at 0.83%. all quite intuitive this morning. risk appetite taking a little but of a punch. the swissie stronger, japanese yen stronger as well. tom: no question about that. i like how you picked out the adam posen thought on yield curve control. that is in the fixed income market, how far out the yield curve can the fed actually affect the market. we will speak with olivier blanchard about that in a bit. but right now on price-

this is bloomberg. ♪ matt: welcome back to "bloomberg markets: european open." we are still 47 minutes away from the start of cash trading. looking at futures that are up thans the board here, more three quarters of a percent in germany, more than two thirds in paris. ftse futures gaining .5% right now. let's get the bloomberg business flash news, the top corporate stories from the bloomberg terminal. softbank is selling part of its the $21 t-mobile in billion deal. the sale is part of a broader push by the conglomerate to unload assets in order to finance buybacks and pay back debt. the company is dealing with steep losses in its vision fund after writing down the value of investments including we work and uber. accounting scandal, wirecard explored a deal to enter the financial elite. sources tell us the payments company considered a tie up with deutsche bank and even approach to the lender with the idea. deutsche bank ended the preliminary talks while the bank had more than $1 trillion in assets. its market value was less than that of wirecard as recently as

this is bloomberg. ♪ francine: this is "bloomberg surveillance." tom, we are talking about the economy and the markets. let's get to andrew sheets, morgan stanley chief of cross asset strategist. at the forecast by the a both being downgraded, almost every -- by the imf being downgraded almost every couple weeks, how difficult is it, given the number of infections rising? andrew: i certainly think that this rise in u.s. infections is a serious risk. the u.s. is clearly still in its first wave of infections and trailing a lot of other developed economies in dealing with the disease, but i also think it is important to step back and realize that i think a lot of what we are seeing in this recession and this cycle is also actually following some quite surprisingly normal patterns that a lot of the developments we saw prior to the recession were very consistent with other late cycle prerecession dynamics like we consumer confidence for the yield curve, the way the markets bottom in march relative washe lows in april expected. economists think the globa

this is bloomberg. ♪ g. ♪ francine: this is "bloomberg surveillance." i'm francine lacqua in london. one european country that has kept their coronavirus death toll low is greece. they have seen 185 deaths. i spoke exclusively with the country's prime minister, kyriakos mitsotakis. p.m. mitsotakis: if things go according to plan and by the fall or winter we have a vaccine or drug and that removes the uncertainty regarding consumer spending, because a lot of people right now are hesitant, they don't know what is going to happen -- i do think we do see an abrupt recovery. increase in particular because we've laid the foundations for rapid growth, i do think the recovery is going to be very strong. we do have the potential of making 2021, which is an important year for greece because we are celebrating our bicentennial from the beginning of the greek war of independence in 1821 -- it could be a bumper year for greece. so far, if i look at the market reaction, people feel comfortable with greece in the sense that we spend enough money to soften the blow, bu

this is "bloomberg surveillance ." we are live on bloomberg tv and bloomberg radio. alongside tom keene, together with lisa abramowicz, i'm jonathan ferro. tom keene, on this friday morning, it feels like in this market, any other friday. in this economy, it is anything but. tom: not only in the economy, but within our society and culture as well. you're absolutely right. it really

this is bloomberg. ♪ francine: "bloomberg surveillance thi." an company says it has filed application for the opening of insolvency precedents. let's get more with dani burger. dani: to bring you the date is -- the latest details, that is why they would be implied -- applying for insolvency why liabilities are exceeding what they have in outstanding loans in terms of cash flow. it is not surprising where we are seeing more people jumping ship from softbank. this comes after 2 billion euros was deemed missing from wirecard's balance sheet or should have been on the balance sheet, was unable to locate last week. this week the company says it is likely it never existed as all -- at all, and the former ceo being arrested on charges of suspected manipulation of sales. one of the things wirecard had been dealing with with negotiating with its lenders in order to get an extension of its loans that were due -- by missing filing their earnings last week, it meant that they were breaching the terms of their loans. so it is not just this regulatory issue,

this is bloomberg. ♪ ♪ vonnie: this is bloomberg markets. superstaris year nba brian james and his childhood friend launched a media company to distribute content. giving a voice to underserved creators and consumers. jason kelly spoke with the pair and a range of topics, including nfl back colin kaepernick and google of high profile figures amid the protest for racial equality. have a listen. lebron: if you want to be a leader, you call yourself a leader, every single day you bed up you jump out of your and people are going to follow you. people are going to understand one perfect, that you know -- they know you are true to them. my mission has always been that and it will not change. i will continue to point out things i know is wrong. withnly socially but also cameras in my face and i will also continue to lead the example is a model citizen, as a black man growing up in america. my mission stays the same. jason: i do wonder, i think back to 2014 and eric varner and the t-shirt. the nba has consistently stood behind you and its players in

this is bloomberg. ♪ tom: good morning. bloomberg surveillance. francine lacqua in london, i am tom keene in new york. the adp report yesterday, what some people really lean on and others don't, went from grim grim grim to just grim and everybody cheered. stephen stanley is working from home. a mantle in his living room holds up all of the trophies he has won for forecasting the economy. good morning. andms today will be grim, that leads to the unemployment report. with the better adp report yesterday, did you tweet -- tweak and adjust to a better jobs report tomorrow? stephen: i did not. those who is not a big believer in adp. i would be happy if the number comes in in line with adp but i am still looking for a 7 million drop in payrolls in may. tom: one of the things floating that is different now, we got rid of a lot of low-wage people in restaurants and bars and now we are starting to get rid of a different kind of american employee, salaried fully benefited employee. is that true? there iscertainly going to be some of that along the way. ther

in london, and this is bloomberg. ♪ ritika: this is "bloomberg surveillance." let's get the bloomberg business flash. several british firms with ties to slavery have apologized and planned to pay reparations. they will make payments to projects supporting black and ethnic minorities, according to the telegraph. royal bank of scotland it will make a similar payment. promising to hire more black workers at senior levels, setting a goal of 30% of at google. less than 4% of google workers are black. shares of wire card are plunging today after allegations about its accounting. it has delayed its 2019 report again, after finding indications of serious balance applications. that is the bloomberg business flash. tom: thanks so much. "bloomberg surveillance" from london and new york. we are going to take a break here and come back with john normand of jp morgan and get a summation of where we are. the markets are roiling right now. we will get a view from mr. normand. we will do that in a bit. again from london, again from new york, this is bloomberg. ♪ francine: thi

this is bloomberg. ♪ anna: welcome back to "bloomberg markets: european open." down 2.5% on european stocks. this company has a revised operating model and ruled move three management layer's and is cutting 5000 jobs. one of the world's biggest sovereign wealth funds says it is ready to use its growing cash pile to buy more asset. they have $230 billion under management and is looking into investments across the globe with the u.s. as a target area. manus cranny spoke to the deputy cfo. saeed: equity markets play a major role, and we have seen a great recovery in 2019 for equity markets. and at the ended of 2018 with the volatility and equity markets, the markets have recovered since then. overall we have seen great performance in different parts of our portfolio. manus: when you look at the cash pile,, sizable how much cash are you sitting on , and can you use that for deployment? saeed: we need to look at the we havethe investment today. we need to understand there is an investment strategy and it has an asset allocation allocated for the different asset class

this is bloomberg. ♪ francine: this is "bloomberg surveillance." let's get to the bloomberg business flash with dani burger. dani: hi, francine. bp sees the coronavirus pandemic is having a long-term impact on energy demand. the oil maker will make billions of dollars of write-offs and permits for esther reducing its assumptions for the price of oil. it is also reviewing plans to --uce exploration process prospects. the sales decline has eased that h&m, which reopened the bulk of its stores after lockdowns. the first 13% in days of june after tumbling in may. e-commerce eased some of that pain, online sales rising 32% in the second quarter. carlos ghosn has always said he was fed up. she was set up. now there is evidence -- he was set up. now there is evidence to support the claim. him fromign to remove the sun started almost a year ago with his arrest for alleged misconduct. we are told the plan was motivated by his plan to remove -- to move closer to renault a business alliance. francine: let's get more on the u.k.'s reopening. a major milestone

this is bloomberg. ♪ ♪ welcome back to "bloomberg ."rkets: european open still 20 minutes or so to go into the start of the european equity trading day. u.s. futures have been volatile for u.s. futures. they point downward. european futures point to the upside. england's hospitality sector will be the next to open as the country eases its lockdown. many restaurants have already announced their permanent closure and others are warning that it will not be viable for them to operate if social distancing measures remain in place. we will return to that conversation shortly and hopefully bring into the conversation one of our guests for this morning. real estate has been at the center of economic hit from coronavirus. start with capital growth chairman and ceo barry sterling, who spoke to erik schatzker about reopening travel and how the pandemic will reshape the real estate landscape. ♪ that mostry clear likely, rates stay low for a while so that has to inform your long-term view of, will you invest in property? what kind of property? the

this is bloomberg. ♪ this is bloomberg. ♪ francine: this is "bloomberg surveillance." i am francine lacqua here in london. u.s.et's get more on the protest. as demonstrations continue for the ninth night, defense secretary mark esper has angered white house officials by publicly distancing himself from the president. anile, the ex-defensive end very jim mattis wrote, "donald trump is the first president in my lifetime who does not try to unite the american people, does not even pretend to try. instead, he tries to divide us." president trump, meanwhile, says he does not think he will need to deploy u.s. troops. pres. trump: the national guard is customary, and we have a very overful national guard, 300,000 men and women, and we can do pretty much whatever we want as far as that. but as far as going beyond that, sure, it is possible. should only be used as a last result in only in the most dire -- resort, and only in the most dire situations. we are not in that situation now. i do not support invoking the insurrection act. appliedetta: i secretary esper for the leadersh

this is "bloomberg surveillance ," live on bloomberg tv and bloomberg radio. as we round down the trading week, equity futures up 30 points on the s&p 500, up around 1%. at the top of the hour, this is a glass half-full market at the moment. just taking the good news and running with it, and shaking off the bad news time and time again. up next on this program, becoming a little more optimistic. michele of jp morgan next on "bloomberg surveillance." ♪ >> know when at this point, analysts -- no one at this point, analysts, companies, have a great sense of what conditions will be in 20202021. >> let financial markets take care of themselves. >> we are going to be in a slow growth world for a very long time. >> "bloomberg surveillance "bloomberg surveillance this is -- this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. tom: good morning, everyone. it is a friday in june. for many in this nation, it is juneteenth, as we look to

this is bloomberg. ♪ ? this is bloomberg. ♪ >> this is "bloomberg surveillance." let's get the bloomberg first word news. in new york, an elderly protester is in serious condition after being shoved it the ground by police officers. the video shows him lying on the ground with blood pooling around his head. buffalo police are investigating the two officers -- investigating. the two officers have been suspended without pay. the federal plan to contain protests in washington, d.c. employs about 7600 people according to a document seen by bloomberg news. it includes law enforcement, national guard, and active-duty personnel. the active-duty troops have been kept outside of the city. forces include 1700. the trump administration expects up to spend one troy in dollars with the latest proposal. mitch mcconnell says there are no plans to take up a stimulus bill until after the two week long fourth of july holiday. passing italy for the third highest death toll from the coronavirus. the country reported more than 1400 deaths yesterday. more than 34,000 brazilians have di

this is bloomberg. ♪ this is bloomberg surveillance, let's get the bloomberg business flash. it can dedicate is taking its toll on american homeowners. liquidities climbed to the highest since 2011. the number of borrowers more than 700,000 to 4.3 million. that's according to an information service. more than 80% of all u.s. mortgages were past-due or in foreclosure. facebook is reportedly in talks to take over a retail space. they filed for chapter 11 bankruptcy protection last month that would allow it to back out of a lease without penalties. in almost one third of u.s. at $35roducers with oil per barrel according to a report that highlights the industry's strain even though crude has rebounded earlier this year. the company will face problems needing debt repayments. that's the bloomberg business flash. exchangeshong kong says 2020 is set to be a big year no matter what a lot of long-term things in the pipeline. we also spoke about the hong kong security law. i think one thing people sometimes do not fully appreciate is that the market is really mutually reinforcing each

this is bloomberg. ♪ ritika: this is bloomberg surveillance. let's get to the bloomberg business flash. the trump administration is --ering amazon and ebay that is the bloomberg business flash. markets aree focused on two things tom and i have been talking about, all morning. first is the second wave of coronavirus infection in the u.s. and also the focus on what chairmanfrom the fed, jay powell suggested the pandemic could inflict lasting damage on the economy and of course we want to those infection rates going up in certain states in the u.s.. looking at fixed income treasuries continuing higher. tom: it is going to be interesting to state -- to say the least. 0.17%. that really bears watching. there is a foot on the two-year where it does not move. i am not saying which way it is going to move but i want to see the nuances into the weekend of the two-year yield. seeill be interesting to what the nasdaq 100 does. to see if they give up the ghost today as well. i want to mention david westin's interview with speaker pelosi, later today, i bel

this is bloomberg. ♪ ♪ matt: welcome back to this is bloomberg. -- welcome back to "bloomberg market: the european open." futures are down in europe, more than 1%. partly because, the wirecard scandal has taken a new turn. the company is saying the $2.1 billion missing from its balance sheets may not exist. it is the latest in a dramatic fall from grace for the firm, which was once considered the fintech, though it has been under a dark cloud of scandal for a year. for more, bloomberg's tech reporter joins us on the phone. so, the missing money they say probably doesn't exist. what happened to it? >> that is the million-dollar question. this story gets crazier and crazier by the day. the payments firm said overnight shat the 1.9 billion euro doesn't exist so they have to go around looking through the orders to see exactly what happened but there are bigger problems the company is facing right now. it has withdrawn its recent results and said previous protested the- transactions on wirecard's behalf were not correct, so shares in bonds have collapsed. the cheek and -- chief executive h

live on bloomberg tv and bloomberg radio this is bloomberg surveillance. alongside tom keene, i'm jonathan ferro together with lisa abramowicz. i will be catching up later with lori calvasina of rbc on the equity market as the value reopened rotation breaks down in the last couple of days. jonathan: certainly a big pullback. , and this is in celebration of constructive infrastructure in america, is amy liu. she is at the brookings institution, but far more importantly does urban policy and is known for success. her public service to the nation under henry scenarios -- under henry cisneros is noted, but her policy at brookings is truly world-class. thank you so much for joining us. we are celebrating in new york the miracle that is a new terminal at laguardia. 100% of our viewers and listeners want to know why we cannot do more laguardias coast-to-coast. succeed ino hard to infrastructure in this country? amy: good morning, thank you for having me. the good news is there is bipartisan support for andastructure reform investments in infrastructure. the chall

this is "bloomberg surveillance ," live on bloomberg tv end bloomberg radio. equity futures bouncing back a little bit from last week's 0.2%., up by is up by almost a basis point at 0.65%. just to round things out, and foreign-exchange, seeing some real dollar weakness against the bulk of g10. euro-dollar advancing by about 0.5% this monday morning. is: i want to make clear, it a two-year space where you've got a lower yield. worries about the quality of our v-shaped recovery. there's clearly a lack of synchronization on this pandemic, and it can be between the governors and the mayors, different already's. but too often it is republicans and their president. kevin cirilli is our chief washington correspondent. how out of sync is president trump with his republicans? kevin: on friday a spoke with a republican lawmaker who privately articulated to me the frustration in tone that he's had with the president guarding this past summer, whether it is on race relations in this coming -- relations in this country or response to the uptick in cases. really, republican

this is bloomberg. ♪ ritika: time for the bloomberg business flash. a look at some of the biggest business stories in the news. the pandemic is taking its toll on america's homeowners. mortgage delinquencies climbed the highest level since 2011. the number of borrowers or than -- morewrote rose by than 8% of all u.s. mortgages were past due or in foreclosure. almost one third of u.s. shale producers are technically insolvent, with oil at $35 per barrel. it highlights the industry strain, even though crude has rebounded from a record low earlier this year. that is the bloomberg business flash. alix: thank you very much. we do have a very busy week ahead on the local front as well as the eco-front. we have the apple worldwide developer conference. we also have global pmi tomorrow . the imf is releasing their 2020 economic growth projections. we have the new york primary tomorrow. i'm interested to see how the political stage plays off after what many are saying was a difficult weekend for president trump. how that gets reflected within polling and the e

this is bloomberg. ♪ ritika: this is bloomberg markets. is written --p u.s.resident says intelligence agencies did not believe the information was credible, so they did not brief him on it. the white house denied earlier reports that the president had been briefed but had done nothing to respond to russian bounties. the federal reserve has revealed the names of the corporate funds it is buying as part of its emergency lending program. in the last couple weeks, the fed has bought debt from walmart, at&t, and others. up the pace in buying u.s. goods last month, is -- is still far what far behind what is needed. by the end of may, china had only bought about 19% of the target, more than 170 billion goods -- one -- more than $170 billion in goods. global news 24 hours a day, on air and at quicktake by bloomberg, powered by more than 2700 journalists and analysts in i'm than 120 countries, ritika gupta. this is bloomberg. guy? guy: thank you very much indeed. about these new virus cases. particularly around the united states. technically, the m

this is bloomberg. ♪ leigh-ann: this is "bloomberg surveillance." let's get the bloomberg business flash. rod come suggest the latest iphones will be launched later than usual this year. the chipmaker is a major apple supplier, and it says there is a major product cycle delay at a large north american mobile phone customer. the broadcom ceo says that means wireless revenue will happen one quarter later than usual. elon musk is stepping up his rivalry with amazon founder jeff bezos, saying that it is time to break up amazon, that monopolies are wrong. that is the bloomberg business flash. francine? tom? francine: thank you so much. the markets are on the move, focusing more on some of the positives out there, instead of focusing on the pretty horrific u.s. jobs figures that we could get later today. so basically stocks are rallying because of the stimulus we saw, certainly in europe, the u.s. jobs report. just a reminder, it is expected to show the highest unemployment since the 1930's. i'm also looking at oil, looking set for its sixth weekly gain a

we are live on bloomberg tv and bloomberg radio. alongside tom keene, i'm jonathan ferro, together with lisa abramowicz. two hours away from the opening bell in new york. equity futures near session lows , the is be 500 off by around -- the s&p 500 off by around 2%. in the bond market, flipped on its head as well. now lower yields through this weekend a flatter curve. your 10 year yield 20 basis points. on the week so far, down three basis points on the session, south of 70 basis points. in foreign exchange, the dollar weaker for a fourth straight week. at 0.7%. coming in the euro by about 0.1%. still reflecting almost a week after the payrolls report on a blowout upside positive surprise which fueled a lot of optimism about the future. it was always going to be about the subsequent data. abouthe dow this morning jobless claims and continuous inims, will we see it track a similar way and start to push much lower? at 8:30,ms coming out this is going to be really a 2 million off of and 1.8 million statistic. times, 10 times worse than

this is bloomberg surveillance live on bloomberg tv and bloomberg radio. ritika: with the first word news, i am ritika gupta president trump is urging republicans to oppose a democratic bill and please reform said to come up with her vote this week. the president says the measure would destroy our police. republicans have their please reform legislation. president trump plans to announce new restrictions on work visas today. an estimated 240,000 people in the u.s. industries across hospitality to technology. in new york city, companies have been allowed to reopen after three months shut down. employees reluctant to go back. closed, remaining others will open at reduced occupancy. in the u.k., boris johnson will set out more lockdown easing plans. he will outline which parts of the economy will be allowed to reopen in july. he is also expected to relax social distancing rules. that would be a huge boon to the british leisure industry. global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more

let's get to the bloomberg first word news. mentioned, some of the biggest states seeing a jump in coronavirus infections and that has thrown reopenings into disarray. cases surging in texas, florida, and arizona. california broke a record for new cases. county, florida has become the latest jurisdiction to make wearing masks mandatory. borders are open again the european union may keep americans out. they are discussing lifting the ban on non-essential travel at the beginning of next week. hispoint being looked at u.s. citizens not being allowed into the eu because europeans are still barred from the u.s.. boris johnson has launched the biggest gamble on his premiership. he announced a dramatic lifting of lockdown measures and is urging the public to go out and start spending. the goal is to save the economy but the risk is a second spike of coronavirus infections. major league baseball players and owners are saying play ball, they have settled their differences and agreed to have a season. it will be the shortest in more than

this is "bloomberg surveillance ," live on bloomberg tv and bloomberg radio. here's the price action shaping up as follows couple with equity futures drifting higher on the day. equity futures up 22 points, positive there .7%. year yieldsofter, 10 up four basis points to 0.86%. just around the corner, the payrolls report, then immediate reaction from jeff rosenberg of blackrock. on this payrolls friday, this is bloomberg. ♪ jonathan: from new york city, this is "bloomberg surveillance." we are live on bloomberg tv and radio as we await the payrolls report in the united states of america. estimate,te -- the -7.5 million. the number, here is michael mckee. michael: we are waiting for the numbers to come out. we have seen a few numbers. -- i am a little stunned by this number. 2.5 million in may according to the bureau of labor statistics. the unemployment rate fell to 13.3%. i do not know what to tell you. we will have to look at these numbers very deeply and see exactly what is going on. the unemployment rate declining 1.4%. the number of unemployed people fe

this is "bloomberg surveillance ," live on bloomberg tv and bloomberg radio. your markets shaping up as follows. in the equity market, we advance to points on the s&p 500, up by about 0.2%. outside of that, the bond market , treasury yields coming down three basis points on the 10 year. just a little bit of curve flattening. yields lower in the last 24 hours after the back -- 24 hours off the back of some real steep. just to get you up to speed on the weaker dollar story, weaker against everything in g10, with the euro advancing with again -- advancing once again and a federal reserve decision later out of d.c. tom: that was the most fired up i have ever seen him as we talked about mexico, latin and south america absolutely crushed by the pandemic. it has been extremely difficult and south america particularly -- in south america, particularly chile. we need to talk to an optimist. neil dutta has been more optimistic about the american consumer in any when we speak to, and he joins us. we had a great jobs report, a huge surprise. tomorrow will show continuing

this is bloomberg. ♪ tom: "bloomberg surveillance." francine lacqua and tom keene. jens nordvig with us. it is always about the dollar. the bull market in the dollar and dollar strength, is it over? jens: we definitely have a for the dollar. as we can see today, the ups and downs are very much linked to what is going on in the equity market. we have a tight correlation on what is going on on risk assets and what is going on with the dollar. that is nothing new but has been pronounced this year. the explanation is really that the most important driving variable for the dollar is pretty much what is going on with global growth sentiment. global growth sentiment was historically bad during march and part of april. over the last couple weeks, we have recovered, so people are starting to pencil in reopening globally and that has global expectations growing and the dollar has taken a meaningful hit on the back of that. that is the big picture dimension. we have to do the analysis on top. there have been important flow variables in europe. those flow signals have been quit

this is bloomberg. ♪ ♪ caroline: from bloomberg world headquarters in new york, i am caroline hyde. romaine: this is what you missed. caroline: down day for the s&p and dow jones. we lower on the year. the nasdaq 11% higher for the year. apple its further highs. the protests continue on and democrats in washington look to create concrete legal changes in response to nationwide restrictions for racial justice and police brutality. jobs plummet in april, reminding us of the poor economic picture. taylor, you have got a look at the all important fed decision. taylor: i specifically picked a chart that was still messing. it highlights how much the fed has jumped into this market. $7 trillion balance sheet. thanks to them, they have also pushed up stocks to almost 40% since the market bottomed out. all is well, right? not particularly. our next guest, tim julie -- tim dewey, joins us from the university of oregon. enough?fed not done fx i think the fiscal -- tim: i think the fiscal stimulus is important to creating income in the second half of this year. we do not want to dropped off too

we are live on bloomberg tv and bloomberg radio. alongside tom keene, i'm jonathan ferro, together with lisa abramowicz. two hours away from the opening bell in new york city. here's your price action as we await fed chair jay powell on capitol hill the next two days. equity futures advance on the s&p 500, up 1.53%. treasury yields higher, the curve steeper once again. down in washington, reporting that a $1 trillion stimulus ban isbeing -- stimulus plan being considered on the infrastructure side of things. big focus not just on the policy this morning, but also on the economic data. an hour from now we will get u.s. retail sales. let me get you the detail from bank of america. "the economy is in the transition phase, bouncing out of a deep hole as if from a trampoline. however, after easy growth comes the more challenging incremental progress. it will be like climbing a rope." i think that is a really good way of describing what we are seeing here as we go from closed to reopen, that initial bounce, then the long slog will start a