this morning, how long the lockdown? every nation force-out. each and every state force-out. posted trump of america once" total authority." jump iny, a lower 3.3% cases in new york. 90% jump in south dakota -- 19% jump in south dakota. j.p. morgan and wells fargo earnings. radio silence on capitol hill. democrats and republicans in political lockdown. good morning, "bloomberg surveillance." from new york and london, francine lacqua back in the saddle and i am tom keene in new york. francine, you look of good health, to say the least. tell us about the prime minister. i believe he is out at checkers. is.cine: he he was brought into hospital

about 8, 9 days ago. in intensive care units for a couple of days and then he gave a press conference two days ago where he seemed more emotional than usual saying it could have gone either way and he really thanked nhs staff he said were by his bedside 24 hours a day. when you look at the response of the u.k. compared to other countries, certainly in europe, it has been quite different. the prime minister many times has had to do a u-turn on what he initially talked about, which was a herd immunity and then he said he would not close schools that they are closed. there's a lot of speculation going around about what they will do next, whether they will extend the lockdown but also make the lockdown that much harder. tom: we will continue our discussion on this today. we will be speaking to nursing professionals at the johns hopkins university. right now with our news in new york city, here is viviana.

viviana: donald trump and how he feels about reopening the country. president says the guidelines will give americans the confidence they need to return to a normal life. now to capitol hill and big differences between republicans and democrats as the u.s. congress is under pressure to provide another stimulus package. republicans want to quickly add $250 billion to the small business relief program. democrats also want the package to include aid to hospitals, plus state and local governments. there are no signs of any negotiations. now to china, were last month trade did better than expected. the coronavirus leading to business shutdowns around the world. still, chinese exports and imports falling less than forecast. we end in the u.k. were likely it is going to announce this week extension of the nationwide

lockdown. a law passed last month requires the government to decide by thursday if it will renew the three week shutdown period. british scientist warning in the coming days coronavirus debts will accelerate. global news, 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. thank you so much. greatly appreciate that. let me do the data right now. we are seeing a nice bounce off what we saw yesterday. some interesting mixtures. yesterday, nasdaq was green on the screen where others were red. some nuances there. i noticed gold stronger. francine mentioning that as well. in the currency market, emerging-market tension by far moreyen strength and euro weakness. francine? francine: first of all, oil is turning lower as traders assess

the output cuts. gold is edging higher. it is rising toward a fresh seven-year high. i'm looking at treasuries edging higher. dollar dipping among its major peers. a lot of the focus will be on earnings. pretty uncertain earnings season. some say it won't really matter because of what we're saying. others say it is a good way of trying to figure out when they're expecting to go back tomorrow for of our normal situation. overall, i would look at the global heavyweight from the banking industry including j.p. morgan and wells fargo most of both of them come out today with earnings. tom: very good. it is time now to really address what is out there in the internet, in the space, frankly, from wall street firms. everybody has an opinion. everybody has a view on growth versus value, large-cap versus small-cap. what to do, where to find the courage to stay in cash or to be in the market. howard ward has decades of

experience in looking at the growth of the moment. he is the belly where he considers growth. howard, thrilled you are with us today. can you acquire shares this morning? >> i think you can, tom. this bear market, like all bear markets, ultimately results in a buying opportunity. of course we have had quite a rebound. 3400&p went from almost downto 2191, so down 31 -- 35% and we are down now almost 19%. i would characterize my level of enthusiasm stocks here as a pretty good buy. on the s&p, at 2200 i would say that is a screaming buy. i 2400, that is a strong buy. at 2800, it is still a pretty

good buy. you can buy just about anything and look back in nine months and be happy. if we get to 3000, which we eventually will, i will say there is no real rush but stocks don't trade completely in unison. they don't all bottom at the same time or peek at the same time. there will be stocks that you can buy i think for quite some time here. fastest bulle market in history come the steepest selloff we have ever had. and now look at the rebound. it is really something -- there's no blueprint for it. we have blueprints for bear markets of various types, but we really don't have a good model to look at for this kind of a pandemic in modern-day. tom: howard, all of the rage is to buy quality. i'm getting this from everyone. ok, great. how do you define quality? what are the actual metrics you used to say, this is quality? really is iity

think a balance sheet measure more than anything else. and the reason that it is because people are worried about companies not having enough cash flow to service their debt and getting themselves in situations where they have to refinance that and in some cases, they're going to be declaring bankruptcy. we have already seen that. this is the big lingering concern that i have is -- it is more of a small business issue i think than larger, although, large companies are not immune to this. we are going to see a lot of bankruptcies this year. most of those are going to be very small businesses. many of them will not be public companies. but there will be public companies as well stop the fed is all in in trying to mitigate that and congress seems to be pretty much all in as well.

they probably will need to do more. i think they know that and i think they will. they have to do everything possible to try to prevent businesses from collapsing. they need to provide those bridge loans to get us through this very difficult time. aboutality, tom, it is servicing your debt to the extent that you have net debt. it is about the ability to withstand an externally difficult economic downturn like this and come out of it strong. and that is why quality is so important right now because all of the sudden, the receipts, the revenues have stopped for a lot of companies. this is particularly acute, obviously anything that has to do with travel and hospitality, but it extends beyond there because of the social distancing measures that have been put in place, the shelter at home. so it is tough. wall street talks about a lot,

but honestly, for the vast majority of time, it is not really a major factor in determining investment performance is absolutely on the front burner right now. howard, good morning from london. how do you look at inflation, deflation, or disinflation? will that change everything in terms of where you see the opportunities in the market? is a goode, that question. i think right now there is probably in the short-term, intermediate term, more of a concern with deflation than with inflation. i think we had a deflationary print within the last few days i'm one of the inflation gauges. a lot of that is going to be tilted by what happens with the price of crude because the volatility of crude has a weight on those headline cpi type of numbers.

as crude does better, that will start to move the inflation gauge back in the other direction. i have no concern at this point in time about any significant sustainable increase in the rate of inflation. this is perhaps a good time for me to highlight that in the history of mankind, interest rates have never been this low. that means to me as an equity investor that bonds have never provided so little competition for stocks. could --esent value of future cash flows has never been higher than it is today. this is very positive for equity investors. i believe we are in the early innings, probably the first inning of what is going to be a significant asset reallocation out of fixed income and into stocks. i believe 80% or 75% of the

stocks in the s&p 500 have dividend yields of excess of 10 year treasury. 10-year treasury yield points 75% is a fraction of what it was at the bottom in 2008-2009. it is a monumental interest rate compared to what we have now. that was a new low at that point in time. inflation, no interest rates. it is really a very positive tailwind for stocks. francine: that may go back to oil expectations. because we have the open last -- opec-plus with the u.s. geithner -- kind of in there, do you worry about the lockdowns they will cut production or is it too big an assumption? think the situation in the

obviously, is fluid, does it the least, no pun intended. i think the credit side of the energy patch is under a tremendous stress. as you know, a lot of the down in producers here the southwest and western u.s. were engaged in high-yield financing. a major chunk of the high-yield debt market is composed of energy companies. they're going to be under pressure to meet interest payments. they need to pump oil at almost any price to get enough money to pay interest. there is going to be a lot of refinancing and i also think mergers taking place as companies did to get bailed out one way or another. stress in the credit markets transmitted through the lower price of crude.

i was the, some banks will be involved in that in a negative way. tom: howard ward with this, talking about the comparison and equities to yield. we're going to come right back to mr. ward. coming up in the 9:00 hour, jonathan ferro in conversation of the international monetary fund. this is "bloomberg." ♪

good morning, everyone.

tom keene and francine lacqua. quite a good conversation yesterday. howard ward, the vice chairman talks about bridges. help us with the bridge of this bull market. do you reframe a bull market in a lower level than down 29,000 or do you frame out longer-term where you are really not worried about 29 or 30 or even higher statistic? i am really focused on the trajectory of this economy looking out over the next six months to a year, tom. the key thing for the stock market right now because investors are doing the right thing, which is essentially or atg off 2020 earnings, least the first two or three quarters of earnings this year, probably will be down something like 25%. but what is very important for

equity investors is the ability to see the light at the end of the tunnel, to have confidence that there will be an upturned in economic activity in the third quarter of this year i think at the latest. so sometime in the early fall, late summer we need to start really seeing the economy get back into a more normal mode. i think as long as we are continuing to do the right thing, which is following the advice of the scientists and the medical community without shelter at home, with our social distancing from a somewhat of a lockdown environment, as we're doing that sufficiently and do not reopen this economy to quickly against the advice of the medical community, then i think the investors will have confidence that we will have a sustainable recovery beginning this year, beginning at some

point in the third quarter of this year. the big risk to this market in the one thing that i think could send this market down to new lows is a may 1 or premature opening of the economy. as much as there might be some people who think that would be great for the overall economy and great for the stock market, it would be a tremendous blunder. it would set us back horrendously and wall street would not like it one bit and they would let everyone know it right away. the market would tank. if your listing, please, do not open this economy too quickly. please follow the advice of the medical community and the scientists. francine: howard, thank you so much. howard ward. if you have a bloomberg terminal , just check out the function tv . go on there and you can ask

guests questions and you can also watch back interviews. this is "bloomberg." ♪

i have been having many discussions with my team and top experts and we are very close to completing up plan to open our country. hopefully, even ahead of schedule. that was president trump a press conference late

yesterday. joining us now is kevin cirilli. pretty snarkya press conference. president trump saying he has the authority and him alone to reopen everything at once. governors saying they do not want to reopen and they want to remain in lockdown. what is the fight about? weighing thetrump health of the economy for his reelection against saving lives? or how is he thinking about this? kevin: i think a couple of things. i talked to sources close to the white house but what they say is the messaging from the president, whether it is americans should wear masks and gloves of the grocery market or -- and whether or not they should continue to lay low and stay home, that cultural implication comes from washington and the president. but on the issue of the actual just ask of this, that is going to come from the local and state level.

people all over america are going to rely on their local government officials and state government officials for the formality of it. that is why you are governor andrew cuomo, that is why when he is thing he is forming an alliance with six other states, it is going to be more of a regional approach as hotspots ebb and flow around the country. that is where you are seeing the alliance. tom: one of the medical professionals -- what do the medical professionals around the president say? are we rush to get out of the like 10 or more like mr. micron does that we need to wait and see the evidence? kevin: dr. fauci had taken a hardliner approach and the president has essentially been in the sense that publicly now he stirred the pot of having there to be some open

speculation about whether or not he agrees with dr. fauci. i think as that continues to develop, the administration from the political standpoint is banking that trump get on the side of reopening the economy because in battleground states, where the virus from the health perspective hasn't been as nasty as in hotspots, he wants to be on the side of reopening the economy both from a political and economic standpoint. tom: kevin cirilli, thank you so much, chief washington correspondent. j.p. morgan earnings coming up, wells fargo as well. the cfo later on this afternoon as well. let me look at the data. a lift to the equity markets. bloomberg terminal on my cell phone. it is very, very cool. futures up 32, dow futures up

308 as well. the vix, 40.30. 39 handle on the vix would actually be a big deal. looking at the yield space, see the 30 year bond coming in under 1.40%. -- the 10, 1.76% year, 1.76%. oil a little bit fragile. it has not broken down, but has been weaker. as i mentioned earlier, western under four dollars a barrel in physical delivery. coming up, we consider nursing at the johns hopkins university. this is "bloomberg." ♪

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returning to a normal life. this from president donald trump. it is for governors who want to begin relaxing social distancing practices. they were designed to curb the coronavirus outbreak. now to france, extended lockdown pushed the economy deeper into recession. for the second time in a week, the government was forced to revise its economic and financial forecast. this year france's economy is expected to contract 8%. the budget deficit will reach 9% of gdp. u.s. treasury secretary steven mnuchin is holding firm on the airline rescue plan. bloomberg has learned he wants bigger airlines to repay 30% of the aid through low interest loans plus the carriers would have to give the government stock warrants equal to 10% of the loans. airlines want easier terms. we had with a warning from goldman sachs. this quarter from the previous three months, advanced economies will shrink about 35%. that is four times as much as

the record set in the 2008 financial crisis. goldman economist saying an open question is, how fast those countries will rebound because no one knows how quickly people can get back to work. global news, 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. this is bloomberg. tom: thank you so much. greatly appreciate it this morning. what we try to do through this crisis is speed to professionals. right now we speak to michelle patch. dr. patch is out of johns hopkins university, an expert in the patient safety within nursing and within care particularly in emergency words. right now her world is turned upside down because it is about patient safety, but much more about the safety of our nurses and our physicians as well. you for joining

us this morning. how unsafe is the given emergency room right now fighting this pandemic? good morning. across the country, different emergency department are facing different levels of numbers of patients who may be presenting at this time. many of the emergency department have been preparing for this time. thetionally, with many of social distancing efforts that are citizens come our friends and relatives have been adhering to, that has helped to decrease seekinger of patients

character through emergency services. colleagues in some of the outpatient clinic arenas and others are able to go to telehealth screening and care, that is helping to ease some of the burden on the emergency departments, too. tom: what have you learned to this crisis? the images we see of nurses in battle gear, essentially, fighting off their own infections and the risk many nurses dying, certainly, many, many nurses ill as well. what if you learned so far and what can you do about it in the coming weeks? >> well, we have learned for sure that caring for each other is paramount. and i mean that in both the physical sense as well as the emotional sense. physically speaking, of course it is certainly about personal protective gear.

that very much has been front of mind and front in the media. it is also about proper donning and docking of that equipment and having individual safety officers, others whose sole job is to watch and coach and make actually doinge what we're supposed to be doing and not being distracted perhaps by other things. from an emotional perspective, this is a very trying time. comprise, which certainly have nurses and doctors but also respiratory pharmacists, our pathology friends -- many, many people out there on the front lines right now. it is very intense. it is grueling work.

having the chance to support each other for our social work teams, ourresiliency chaplaincy, etc., to help buoy us through this storm so we can continue to do the great things we are doing. hereine: dr. patch, i know in london, a lot of nhs workers, think about one in four nurses, are at home with symptoms of covid. until we have a vaccine or until we have medication that works, what is important for the nurses apart from protective gear? is it antibody testing so if someone has it, as the symptoms, finds the antibodies, they can go back to work safely? certainly, that is what we are hoping will be quickly .vailable to all of us

if we can identify those who have antibodies and can eventually return to work quicker, that is one way. we are very hopeful for that. of course, it would also make sense that we would have to consider also the physical impact that an individual is having. i mean, it would be challenging to go back to work if you are .till having severe symptoms of course social distancing. .and hygiene 20 seconds at least washing your hands or using at least 60% alcohol rub solution. those are critical. we have to leave it there because a breaking news. thank you for joining us as well today.

extraordinary set of headlines out of the johnson & johnson company. folks, i usually would not look at these but this is an extraordinary season. you heard howard ward say it is really strange out there. optimistic ward about use of cash flow. you see that with johnson & johnson with the 6.3% dividend increase. i believe that takes the yield up to 2.8%. that is a little bit higher than the 10 year yield. they made very clear they cut their adjusted operational view as well and they look for sales as light as well. maybe this is a precursor to so much of what we are going to see. johnson & johnson in this crisis raises its dividend. coming up, james dimon and jp morgan with the report, and also wells fargo later today. stay with us. this is "bloomberg." ♪

good morning, everyone. "bloomberg surveillance." francine lacqua in london and i'm tom keene in new york. thrilled you are with us as we look forward to earning season.

archie financial correspondent will join us in a moment. but right now we are thrilled to have on short notice tom michaud . tom, simply, kbw has connections in conversation nationwide. what is your team hearing from banks? think banks-- i feel as if they are in much better shape for this crisis than they were in the last one. eager toat anybody was finally get into a credit cycle, but the seasoned management teams that i'm talking to feel as if that capital, the pretax earnings power, the liquidity that is in the industry is in a much better shape and they feel as if in some ways while they're going to take hits for sure and losses, they feel as if they can be part of the solution rather than part of the problem. i think that is generally the

mentality. i would say that is number one. number two, a little sense of exhaustion because this triple p program, the table protection program, came on so quickly. i think history will suggest it was unprecedented but that most of those funds are coming through the banks in really built tome the banks execute that. that is what i'm hearing right now from the industry. we are on the precipice of earnings. we are going to hear a lot more specifics from management teams over the coming days. tom: tom, the management is muche, tom michaud, like that of james dimon, which is steady as she goes. ok, that is fine. how do you stay steady in this crisis and what does jp morgan have to display today to show control of the situation? will tell you, i think there are a couple of

things, which is typically when we get into an earnings period like today, you want to talk all about the quarter. i think that is going to be a snapshot in the conversation. but i don't wanted to be missed because we have written many studies over the years that suggest banks do much better in a crisis when they have strong pretax earnings power. don't forget come a jp morgan in the third quarter earned 16.9% on tangible common equity, which was a near record amount of capital. so they're entering this in a good spot. i think what they really want to hear from jamie as they want to hear about what his customers are saying, they want to hear about how he feels as if the cumulative losses, the cycle will play out because that is a really big factor from here. they want to know if it liquidity? they want to know if he can pay his dividends. and many of those are forward-looking. i think those are going to be the real questions.

i will throw a little more spice on it, which is we had an accounting change this quarter. it changes the way the banks record provisions for losses. that is all going to have to be explained right at the start of a record-breaking crisis. , how muchtom michaud sense will we get about the broader credit availability? whether consumers can actually cap availability to make sure they can make their monthly payments? >> yes, i think he will certainly speak to -- i think all of the banks will speak to the programs, but a lot of this still is very new. let's not forget that. i think the paychecks or the loans that are coming out of this triple p program -- which, by the way, our estimation is find all that program this week and i think there will be a lot of congress pressure to

think about re-upping. my instincts are, they will do. i think that is happening real fast. i think they will talk about that, but there were lots of programs. i mean, as an observer of the industry, what is amazing to me is how quick the response has been and how staggering it is in size and the talk that if more is needed, that will happen -- which i think in hindsight, will have turned out to be the right move. so i think substantial francine: is the answer. tom michaud,ncine: let me jump in. we just have some numbers coming in. i don't know whether the year on year is of any use to anyone given we're looking at unprecedented things. it also talking about the change -- we need to see what they do. >> just to hear that, so that

number is a lower earnings number because of the bigger provision. i think we were in the $3.9 million range for provision. but we had the provision doubling from our original estimate from the first quarter to the second quarter, so now if they pulled some of the second quarter provision into the first quarter, that would be worth hearing. that is a bigger provision number. i think the market is going to want to know why that number ended up being bigger and what was the decision-making that went into that. tom: it is a much bigger number from 1.5 billion year-over-year out blowing to $8 million. let's not forget the scale of jp morgan, folks. we are seeing this across the headlines. i am using the bloomberg terminal on my cell phone, which i will be honest, is extraordinary, with 28,000,000,001st quarter revenue. tom michaud, there is one number

which really speaks to the moment. this is the first i've ever seen. first quarter return on the tangible common equity of 5%. what is your belief that jp morgan and the banks crashed onto a low 5% return on common equity and build that back to where they were just 90 days ago? how long is that going to take? >> here is what the new accounting rules require. they require banks to take what they expect the provision to be over the life of the loans right away. it used to be we would provide for low losses about equal to what the charge-offs were and as the losses were occurring. so it was a little more real-time. now they are being forced to frontload it and move beyond it. what you'll see in our estimates is you will see we think this

year is going to be the provisioning year and probably next year is going to be the net charge-off year because there's a lot of deferral programs here. so that is going to delay the losses. you will see probably a lot of provisioning this quarter and next quarter and you'll see less low losses -- and they won't show up until the end of the year next year will stop in the market is going to have to decide how it feels about this because that is a bigger number than we were expecting. but we will hear how jamie and the team describe it but this is what i was talking about, we are in the new loan loss regime. tom: we welcome all of you worldwide. we began to look at the banking challenges given this crisis and jp morgan out with a lot of earnings and a lot of markdowns. tom michaud with us, thomas michaud. and now joining us, she has only surveillance laptop in existence

so she is a better view of jp morgan. what sticks out to you of what mr. diamond reports? >> we have that more than a billion dollars in provisions, a staggering number for provisions for loan losses. when we listen to his commentary later, we will listen to hear how conservative that is and whether it will get worse in the second quarter because the worst is not over for the american economy yet. in well belowcame expectation because of that. i went to get to some of the bright spots. isding -- for 2.5 billion still higher than the previous quarter despite a low interest rate environment -- $14.5 billion is still higher than the previous quarter despite the low interest rate environment. done a horrible print at all. fixed income trading blew through the water without must $1 billion more than what analysts were expecting.

francine: which explains why in early trade shares sank and the numbers actually a little bit better than expected, imagine, thanks to that trading figure. jp morgan sang first quarter it reserve is around $6.8 billion, largely due to covid-19. what do we know about solvency and liquidity at the bank? >> we know it is pretty good. this is fortress jp morgan and that means it is their time to shine. their own stress test were very much more stringent than the u.s. government's own stress tests were. how they're going to use their capital -- remember, it was only weeks ago that jp morgan said they were hungry for acquisitions. they were looking for m&a. they were spending on technology to remain competitive. the story this year for jp morgan might have to be different than jamie dimon story in december. withthere's a headline

millions of dollars out to customers. it is a sensitive issue to many. seenichaud, what have you entered totally over the last couple of days a big insight jp morgan, mid-cap and small-cap banks? what is there ability, community banks, to get packed up to small businesses, to get loans out to small businesses? -- it hasell you i at been there top number one focus. i have spoken to many management teams and how they have been working there teams while they're also managing through this crisis and this pandemic, frankly, to make sure everyone remains safe. it has been their number one goal i think to be a positive force in trying to get these loans out. but the number of requests has been staggering. i spoke to 1 ceo yesterday and he xiaomi he had 10 multiple increase in that department in the last week and a half that he

manages because of the crush of the volume. i think it will get done, it just needs to run to the system so there is a little bit of congestion in the system. but it will ultimately get done was not -- but it will ultimately get done. tom: when we look at jp morgan, we know we will see four and five other major banks coming out and i like to say they all have a different story, different its release. but how similar will these reports be of huge reserves taken, of huge declines in tangible common equity? >> it will be a huge thing. it is the story of the quarter. at the banks will have very different results in other areas, in trading and underwriting. citigroup has a huge international business. i don't want to get too excited about jp morgan's results until we see the rest of them because this is going to be a story

about market share in a tough environment. just because jp morgan announced bigger provisions for loan losses, they're going to want to be there for their customers at a tough time so they will be extending credit potentially aggressive in this time as well. sales andequity trading revenue at 2.2 from estimate was two point 05, so better than expected. at 305y revenues million, lower than what analyst anticipated. when you look at advisory, are we in a holding pattern for a lot of ipos and m&a and will it come back when the pandemic eases off or is it just lost revenue? >> it will come back. and that business, i believe, is going to fall off hard because you will see a lot of just natural regular way m&a and advisory work, really, almost

come to a halt going forward until this gets solved. at the same time, if you have a bankruptcy business or a distressed advisory business or if you are working on repair capital, those operant -- we've already seen a couple of those offerings being done, especially in the convertible market. i think it was he some businesses like that do well but this is not typically a time where traditional healthy mergers get announced. i would think those things are put to the side but i think on the back end of this, you're going to have a lot of corporate boards thinking strategically about what just happened. i think you could spur more activity on the back end of this. but we are going to need to get to this crisis first before that happens. , thank you ford joining us today. chief financial correspondent.

we will be seeing much of you to these earnings season. the banks and the super regionals and the smaller banks on here in a few weeks. francine, it is absolutely extraordinary. we have jp morgan now wells fargo later in the cfo of wells fargo to join to see if 5% tangible equities statistics for jp morgan -- i would have it intellectually said, yeah, i see that, but to actually see it in a bloomberg headline is extraordinary. thingse: yeah, a lot of have been extraordinary, tom, in the last couple of weeks and months. jp morgan, doing much better than expect when it comes to training and that in premarket means it is doing a little bit better than expected. we also i this great story that china and the chinese authorities are now awaiting merging their biggest brokers to take on wall street. that is an interesting angle we will talk more about throughout the day. alluding mr.michaud

after this the transactions to be seen within the financial space. we have much more to come today, including a digestion of the jp morgan earnings. if you have a terminal at home, i can't say enough. the perspective on this first look at the major banks. later today, the or :00 p.m. hour, look for an import conversation with -- 4:00 p.m., look for an important conversation with the chief financial officer of wells fargo as well. equities higher. euro-yen was stronger yen. gold higher. this is "bloomberg." ♪

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beating fixed income and trading revenues. wells fargo now on deck. france prolonging the shutdown, sees abysmal contraction this year. advanced economies will fall 35% this quarter. e.m. stress. south africa cuts rates. imf and world bank are set to release their economic outlook. welcome to "bloomberg daybreak: americas" on this tuesday, april 14. i'm alix steel. welcome to the beginning of earnings season. equities in the u.s. a little stronger. j&j cutting its forecast, but boosting its dividend. jp morgan a priest -- jp morgan appears to be strong on all counts. the dollar losing a little bit, bouncing off its lows of the session on the morning. you're seeing some buying in the tre