>> welcome to "bloomberg technology," i'm emily chang, currently sheltering in place in san francisco. stocks climbing on the back of incremental steps taken across to reopen the economy. despite mixed news about vaccines and brazil becoming a new hotbed for the outbreak. in new york city antibody test showing 20% of the population

being exposed to the coronavirus . companies are laying out plans for a return to work from facebook to jpmorgan, even if it means only 25% of the work worse will be back in the office and perhaps not even until the end of the year. taylor riggs has been following the action. taylor: some of that negative news that you were highlighting, the equity markets as you know are continuing to gain on the hopes of a reopening plan that was expected to come in the next coming months or so from a lot of these major companies. big tech has really resumed a lot of leadership. the thing they wanted to point out was the big performer, reading the note from our chief equity strategist to set the gap in the forward pe ratio between

tech and tech excluding the big five goes back to july of 2013 and the ratio explains the dominance and outperformance of companies like google, showing the discrepancy we haven't talking about. emily: expedia out with results, hit hard by the standstill of global travel. countries reopening, shares up after hours. first decline the in eight years given the covid-19 pandemic that has hit the travel industry. still, revenue was better than estimates, the loss per share much worse than expected. the ceo on mccaul told analysts to look beyond the first quarter and go to the second quarter. seems like analysts are starting

to do that with shares up 4% or so. on mccaul they saw cancellation levels from covid with an uptick in sales as countries now start to reopen. those could be the positive comments filtering through. , theyts seem uncertain have downgraded the stock to a hold, saying that the second-quarter revenue could be near zero. reminding viewers that the longny was under pressure before covid-19 and in february facedut 3000 jobs, having increasing pressure from companies like google, who had expanded their advertising offers, as well as expanded startups that have presented pressure on them. namely airbnb. showing how companies like expedia could be upended by these tech startups here.

>> facebook jumping on the back of their announcement about helping them to create online storefronts on facebook, instagram, in partnership with shot by. investors are excited but e-commerce has been very promising and they haven't delivered much on the promise. why do investors think that this is going to be any better? taylor: it was up at a fresh record high today. as you mentioned, launching the accelerating social commerce to significantly boost their largest with potential game changers. a $30 billion revenue opportunity that he said change the game for them.

just one year later these have tripled, it is a $30 billion opportunity that has expanded the traditional transactional .lements offering merchants a more branded experience on a broader platform. the proof is in the pudding. until this point analysts thought that this could be kind of what facebook needs to get that going. emily: speaking of facebook, they are looking at their plans to come back to the office and they will be taking precautions, no more than 25% of workers can come in at any one time, put on multiple shifts to go through temperature checks. i want to bring in kurt wagner, who has been covering the story.

walk us through the guidelines that facebook is laying out. >> you mentioned the 25% capacity, a lot of perks from these tech companies. grab and go food, they need to think about how they will shuttle people to and from the office. that has been a big work, people getting a free ride on the bus. they won't be able to do that soon. if you remember, a few weeks ago they said that those who can work from home will probably do so for the remainder of 2020. out though they are laying these guidelines, it won't impact most workers because most can do the job from home and will continue to do so for the rest of the year. emily: just a couple of days ago sheryl sandberg was on the show talking about what they had been learning through the transition. take a listen to what she had to

say. >> we are lucky to work from home and it has been pleasantly surprising how much we can get done. it's going to change our understanding. vaccine orthere is a a treatment. that was interesting, saying that some things will forever be different and so many things don't have to be done in person. you wonder if it could swing too far the other way and if it impacts productivity and what employees are able to a college at home. >> is right. jack dorsey on twitter and square has said that he is moving towards working remote in theory forever. you won't have to come into the office for any reason. there is a lot of benefit to that.

there are a lot of recruiting --ments, you can brew crew recruit people all over the world, not just the bay area. but what you lose? yahoo! tried to do this a few years ago and ultimately decided it wasn't working out, they couldn't get as much done with everyone working remote all the time. i think there is a delicate balance between trying to lean into the moment and giving people an option without necessarily going so far with the culture these companies try to create. in the meantime, you spoke with mark zuckerberg an interview about their new initiative. saying it was something he wanted to do before covid, but with it this edition of facebook shops is particularly timely because small businesses to survive are shifting to go more online. we heard taylor speaking earlier about how excited investors and

analysts are about it. do you believe this could be game changing for facebook? to be fair they have tried e-commerce and it hasn't panned out on the social network. >> when i found out i was going to get time with mark zuckerberg i was wondering why he was spending his valuable time kind of promoting a product that facebook sort of already had. that was my mindset going into the call and by the time i got off, i was more convinced and part of the reason was that he seems to be very personally invested in this and when the ceos of these companies get personally invested, they usually give them more time and resources and it could be the difference between something working and not working. i think that facebook is going to do one smart thing here, let these shops operate across all of their assets. if you are a retailer and you can create one shop that reaches , that's it fore

the compelling use case and they will see a lot of people actually trying to get involved in this early on. all right, kurt, thank you so much. check out bloomberg.com for more of that interview with mark zuckerberg where he is talking a little bit more about the facebook shop initiative. i spoke to him earlier about what it means for facebook and and for the shopify businesses that are struggling to get their shots online. coming up, we will be talking huawei.lways -- more, next. this is bloomberg. ♪

emily: tensions between the u.s. and china seem to have eased, only to escalate in recent weeks . not just because of the coronavirus pandemic, but also over the chinese telecom huawei. the u.s. government has stepped up restrictions, barring chipmakers he that use american equipment from supplying critical gear. joining us now, we have the u.s. huawei officer in the these are pretty restrictive. what is your immediate plan to mitigate the impact of the new curbs being put in place? >> we are working through it to

determine what we have to do and how it might affect our products. that is worked on overtime. over $12 huawei bought billion in american technology. the u.s. press secretary said that would help the competitive advantage of the united states be maintained. i would love to see that, but blocking this will hurt the american semi conductor industry permanently and that won't help the u.s. competitiveness. emily: last year you had a gap of $12 billion in revenue with fourth quarter growth impacted and it has been more difficult frankly, to win contracts. how much of a gap do you expect to see going forward is the restrictions continue? we are not able to make a dollar amount prediction yet. but we do know that we will work through it.

we will come out the other side. but if we are forced, we will go elsewhere, we won't come back, and the american jobs will be gone for good. won't help to hurt america maintain its technological advantage in the world. as we have been speaking, wilbur ross was on fox business talking about huawei, saying an espionagens threat. what is your reaction to that? disappointing. the united states and china are among only a few countries in the world who can do this uniquely to talk about proven mechanisms to address risk.

the kinds of mechanisms that need to be in place for our competitors as well. adversaries have the ability to hack in. we are willing to be as transparent or more transparent than any other company in the world and address the larger malicious cyber activity around the world as well and increase the efforts to protect intellectual properties. we would love to have those conversations with the u.s. government. emily: meantime, even as much as we have been pushing back on these comments from u.s. officials, there are analysts and consultants out there, yesterday i spoke with a withegic consultant expertise on u.s. china relations. listen to what she had to say about huawei. bad actor,s a there's lots of intelligence showing that they are very close to the chinese military and intel. this particular export control that you just mentioned really seems designed to put huawei out

of business, so it is quite draconian. emily: seems she can see two sides of the same coin. >> i think the effort to try to focus on the facts and the impact of these escalating efforts by the u.s. government to her china by hurting huawei, escalation is a terrible thing. looking at this, saying how can the u.s. compete effectively. i would love to see advantages maintained. we need the effort not just with huawei, but to promote technology innovation in the united states. we need technology industrial to drive the benefits of technology through the organization. that should be a major priority and it doesn't seem to be.

's rotating chair has warned of retaliation from china. statement --the newspapers talking about putting them on their own version of a chinese blacklist. do you think that huawei is starting a u.s. china tech war or ratcheting it up? -- >> the u.s. is very concerned about the rise of china economically and militarily. they are concerned with maintaining the supremacy of the u.s. and frankly the u.s. is afraid of china and they are trying to take the precautions necessary to keep america safe and a key part of safety is having the technology innovation that we needed. i certainly hope that china does not take any efforts against apple or anybody else. escalating what do any good. we don't want to set off another

30 or 40 years with the u.s. and china not working together. let's have a conversation now to try to address these issues and let us talk with the u.s. government about issues on how we can improve -- how we can our products to the government. we are prepared to do that. emily: i would love if you could give us more detail about how this will impact your business. you have got the silicone chip design arm. how much manufacturing will you not be able to accomplish because of restrictions? smartphone targets with these restrictions? >> hour rotating chair gave us remarks on monday morning and he indicated, and i don't have any conflicting information of course, we are examining what happened and what the consequences are. the impact last year because of , we hadtations to sell

to go through and analyze those products and help us try or ties new or products to fill the gap. we are increasing investment in research and development this iar but frankly, i'm sorry, don't know yet what the impact will be on the different arts. emily: andy, thank you for joining us to share your side of the story. good to have you on the show. coming up, spotify lands a big one. how the world possibly us audio streaming giant gets a big deal that could be a big boost to the podcasting business. that's next. this is bloomberg. ♪

for us to try to grow the

platform we think it is essential to really, really drive the proximity to content creation much closer. and from a strategy perspective, although there will be millions of pieces of podcasts around the world, there will be those that are a daily ritual and for those that are able to invest in those properties, we think it is a much better fit rather than having it as a third-party relationship. that was the ceo of spotify talking about the importance of podcasts and this week they landed a big podcast deal, signing an exclusive deal with joe rogan, whose podcast of course has also been playing out on youtube. joining us to discuss it, lucas, how big a deal is this for spotify?

the news sent shares soaring. >> symbolically it's huge. it was a little bit of a surprise to see how much the shares went up. spotify has been telling investors how important podcasting is for a while. they acquired the ringer, they acquired gimlet, they acquired a bunch of true crime shows. joe rogan is one of if not the biggest podcast hosts in the world. he was one of the few holdouts but starting later this year he will be available nowhere else. for investors and for people looking at it, it drives home that podcasts are the original series component or they sea inability to differentiate the selves from all the competitors and they are trying to draw people away from apple and every other platform. if you are a joe rogan fan, and there are millions, the fact

that you can only go to spotify now means there are likely to be a lot of new podcasts on spotify. does that mean you won't be able to see it on youtube and does that mean other popular podcasters might consider spotify when they wouldn't have before? >> the youtube question is a good one. he records himself and takes his podcasts. those videos at the start will be exclusive but there will still be a library of videos that can appear on youtube. but this is part of the big spotify advertising play with a combination of audio and video and you are right, it's a signal .o other big podcasters the audience on spotify is much smaller. joe rogan is taking a risk in forgoing his audience to bet on this company, but if it is good enough for joe roman it has got to be good enough for a lot of other people.

i would expect not a lot of other podcasters like joe rogan -- not just a lot of other podcasters like to rogan, waiting for more to become exclusive. that: we will join you on weight, lucas. thank you so much for giving us the update. meantime, shopify shares soaring as businesses are being forced to sell their stuff online. announcing new tools today former can's to sell and ship and warehouse merchandise through the e-commerce giant. i will be speaking with the shopify d.o., next. this is bloomberg. ♪ -- ceo, next. this is bloomberg. ♪ ♪ staying connected your way is easier than ever.

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>> welcome back. the covid-19 crisis has forced stores to close and sell on shrine -- online. hopify sells tools to help companies go online. they're also partnering with facebook on its new ecommerce initiative and today unveiled some new tools for merchants. shopify says so help small businesses survive. here's my conversation with their c.e.o.

>> we have a product, shopify capital, we've increased both sides of the program and took it to several new countries. and just to help business survive because, again, the moment uncertainty hits, our traditional sources of business unding just disappear. i don't think banks play a role in small, medium business world like they should. i've quoted banks, several banks own charters back to the leadership -- [indiscernible] -- been chartered as a bank to help small businesses. they don't -- [indiscernible] -- companies like shopify have been brought into, like, now doing capital advances and loans and these things. we're now going to take the next step there and we'll help people doing their banking accounts and so on because even those are going to start to be

harder and harder to get. it's not something we're incredibly excited about having to do but it's something that is absolutely what we need to do to help merchants and, again, make it less -- [indiscernible] -- to start these businesses. all the other things that we've built around curbside pickup and helping -- like features for allowing the connoisseurs and the smaup supermarkets and sometimes the bigger supermarkets to come online and help with delivery and all these kind of things. there's a lot. the company's mission -- we want more small and medium businesses to survive because -- [indiscernible] -- hopefully we're doing a good job of that.

we'll see. we'll get the report card in the future. emily: you have such an interesting vantage pointment facebook came with a survey that said 1/3 of small businesses have shut down. 11% of them predict to fail in conditions persist. what are you seeing? how bad is it out there? >> in many cases it's a crushing and testing and trying experience for many. we do see good news. like, for instance, i've been buying dairy and like cheese and everything from a local farmer through a shopify store which we set up as part of this. just an incredible community, organization to get local businesses online. the been such an incredible pickup of curbside pickup and local delivery and all these kind of things. so there are lots of good news. off tail sales have spun

a cliff in the early days of -- [indiscernible] -- of course. the adaptable businesses have quickly replaced -- actually a good deal of us sales through online channels and our channel. the demand of the buyers is still around. we see across the system that 94% of lost sales have been replaced by people just going online. and some data doesn't really capture this enormous change of trend. emily: break that down for he. me. what kind of trends are you seeing? what's the sort of operating normal right now? >> yeah. so the operating normal is retail sales of maybe just picking up in some places but basically 70%, 80% of it was gone. the online stores -- online shopping has increased. the category of online shopping has increased by far the most is sales within 25 kilometers of wherever the product are.

the local ecommerce is something that across the platform we haven't seen a lot before and now is everywhere. and so we see merchants get together to organize deliveries themselves through other services. and kind of make do. adaptability is really the key here and so i think initially there was a lot of pessimism but then it sort of quickly changed into action and entrepreneurs are adaptable. they are people who get the most out of what they've got and so that's been a lot of amazing entrepreneurial activity. emily: in the meantime, you've been making news. you were speaking with facebook c.e.o. mark zuckerbergerberg before this interview. you're partnering with them on a new shopping initiative. how will that work and how optimistic are you about ecommerce on facebook and instagram and what's apple, when it hasn't really worked out so far? >> i'm very optimistic about

it. you're right that there's a lot more potential. i think this is the most spreadable approach to make -- [indiscernible] -- commerce into these platforms. but it's worth saying that a lot of success of the direct to consumer space, a lot ofr these businesses that are doing really well on shopify are already the product of -- the combination of a shopify platform and the facebook platform and other advertising platforms as well. this has been -- this has dislodged a 60, 70-year-old stalemate over being able to bring really new products to market because it used to be the only way to really find an audience was through mass media, through television channels. the price of entry into placing ads is massive.

so finding a specific audience is something that is extremely important for small and medium businesses. emily: that said, how much business is actually being driven through these stores, through your stores, through instagram, facebook, what's app, so far in isn't it pretty insignificant? >> depends on if you look at the ads or not. once you add ads in, it's a lot. emily: really? ok. and can you break down any of that for us? like where is it the most promising? >> we're not sharing specific numbers but it's a very valuable question, i think, to ask to retailers. i know you have some on the show sometimes. it's almost everyone's like -- socially a very significant part of everyone's strategy and it currently looks by pointing people to online stores which

works reasonably well. but it's caught in a local maxima that could be significantly improved upon. and then so i think facebook and the leadership have committed to saying, ok, is this meaningful? this has already been going on. we have a lot of shared customers who would really profit from these changes -- [indiscernible] -- implementing and i think doing it in a relationship that partners instead of trying to do it all by themselves, i think that's a really -- i think that's a really, really good way of doing it. emily: part of my interview with shopify c.e.o. there. you'll hear more of that conversation on an upcoming episode of bloomberg studio 1.0. meantime, coming up, i'll be talking with p.w. singer out with a new book called "burn in." that gives us some indication of the distaupe jan future,

techno thrilling future we all face. that's next. this is bloomberg. ♪ ♪

emily: the pandemic is rapidly accelerating the use of technology in our lives. from drone surveilling quarantine zones to contact tracing via smartphones and more. now best selling author and new america senior fellow p.w. singer is out with a new novel and techno thriller that echoes this rapid rise of new technology. we spoke to him about the book

and he was one of the first to sound the alarm about the coronavirus pandemic coming to the united states. we also took a moment to discuss how things might have been different if we were ready earlier. >> it's inarguable that things could have and should have been different and you can look at the examples of the nations that have weathered this storm so much better in terms of losing less lives and then now already reopening. they range from the taiwan to australia, you name it. the reason is that they looked at what was playing out, people sometimes will say, how could we have known? the data was out there. the warnings were out there. 60 other nations prepared, did what was needed to be done. and they implemented it effectively. and this is -- to put it bluntly, this is a failure of leadership and it's just amazing and sad to know that this did not have to happen in the u.s.

emily: you didn't plan to be releasing a new book if the middle of your pandemic but the new book does speak to a lot of the themes we're seeing now in america, a future where a.i., robots, remote work are a lot more common. paint the picture of this world that now isn't just fiction, it is reality. >> so the book "burn-in" is a new kind of book. it's a smash-up of novel and nonfiction. essentially it's a techno thriller set in washington, d.c., of the future. we follow an f.b.i. agent hunting a terrorist. but baked into the story is more than 300 explanations and predictions, but it comes with the nonfiction footnotes to show, hey, this is from the real world. and so in this depiction, in this explanation, the trends that it looks at in particular or the growing use of a.i. and automation, that was already in play before the pandemic. all the data is showing that they've been drastically accelerated and going to be a key issue coming out of all of

this. think of it this way. we've got one generation that's doing distance learning and another doing distance work at a level never planned before. and some areas like telemedicine, where in a couple weeks we went from where we thought we would be 10 years from now, you're seeing robots rolled out to do everything from police curfews to clean subways and then you have a.i. surveillance scaling to a level never contemplated and so i think the big issue and why this book is relevant, even though it's an escapist read, it's not about a pandemic, why t's relevant is that all the business, political, social, security, even family questions that are character -- that our characters deal with are all going to come quicker in the real world too. emily: let's talk about the nonfiction -- your nonfiction prediction, given that your exploration of these themes,

you know, right now we're seeing companies working remotely and saying their employees can now work remotely forever. what are the potential consequences and dangers of that, given that we're not going to be seeing each other in person, we're not going to be having connections in that way, but it's an experiment that's never been done before? >> that's the utility of what we're calling this useful fiction model. you can take that data, you can take those trends and then play it forward but make it feel more real by looking through a narrative. so we can look at the trends overall and say, ok, what is the greater move to automation mean for jobs? not just factory workers, truck drivers, but how it's applying into other fields, analysts, lawyers, you name it. look at that and say, ok, it's clearly going to hit the economy, there's lots of different projections on that. but it all also will effect the organizations, the politics of it.

we do know that one of the few industry sectors that's doing well right now is actually automation. the factories that make robots are actually incredibly busy right now and it's because a lot of enterprises are saying, i need to figure out not only how to change for this new environment, i can save money but i also can have a work force that doesn't get sick or even more so the next time there's another outbreak, doesn't have to go home again. but the consequence to that is enormous. for the economy, for the politics, but you can also play it out with the individual. emily: so many jobs have been lost and there were already concerns about automation destroying jobs. now you have an even more remote robotic world and its future, which -- does that mean even more lost jobs and how -- what are the consequences of that when you combine it with such devastating economic fallout and disconnection? >> on the research side, we

gathered every single report we could find of job automation, some 1300 in all. from groups that range from the world bank to the mckenzies and price water house coopers. at the high end they say, one oxford study found 47% of occupations were going to see displacement or transformation replacement by automation over the next 20 years. the low end was the oecd that said 9%. 9% of jobs is still a really big deal. so either way you look at it, we're rewiring the economy, we're going through a new industrial revolution. but the challenge is it's a different kind of industrial revolution. it's not a story of changing the tool. the farmer dropping their shovel and picking up a hammer to go work at a factory. it's a new kind of tool that takes on some of the jobs of the workers. and so that means we're going to have new winners, new

losers, new business winners, new business losers, new regional -- different parts of the country that are going to do better or worse, even nations that are going to do better and worse in this. that, like everything else, what plays out on the political side -- sorry, on the economic side, will ripple into our politics. that's really what we're trying to accomplish with this project is to give people the means to understand that hard data, they're less likely to read a white paper or a power point on it versus a fun novel. but also better prepare them for that future so they can visualize what's to come. emily: you've also done a lot of work on china and this pandemic has exploded. you have u.s. intelligence concluding that china grossly underreported the outbreak there. president trump blaming china for the outbreak. you've written about the military and cyber capabilities

of china. how does the pandemic change the nature of that threat? >> it's interesting. we see a pretty horrible parallel between how the leadership in both china and the u.s. handled this. both of them at different points in time down played the outbreak and the risk of it. overplayed y both the government response when it was not as effective as it should have been. and now both governments have turned to blaming the other for their own failing. mily: c.w. singer there. coming up, we're going to be speaking with mark cuban. his thoughts on the p.p.p. program and more. that's next. this is bloomberg. ♪ rg. ♪

emily: welcome back to "bloomberg technology." earlier today dallas mavericks owner mark cuban told bloomberg that the p.p.p. program wasn't funded fast enough. he also offered some proposals to rescue small and medium businesses and forecast which sectors will be hardest hit. take a listen. >> let's start with the beginning with the p.p.p. a conception, it was great. in execution, it didn't work. here's why. it's called the payroll protection program. and the reason for that is we wanted to keep people connected to their employer. in order for that to happen, we needed to fund that program very quickly. the speed wasn't fast enough. so as a result, we've seen all these layoffs and we've got companies who now have received p.p.p. funding who may or may not be able to open up, but can't bring their workers back for two reasons. one, some of them are making more on unemployment than they would be if they came back. and, two, they don't know if

the demand is there to justify opening. so whatever we do going forward, we need to be on the demand side so we need to create consumer demand and with the federal jobs program, and i call it transitional because i don't want it to be permanent, we need to start creating jobs so if people have an opportunity to get off the unemployment rolls, and start contributing to the economy. emily: the second part of that question really was, what is the government not doing or doing that -- how can they be serving the public better here? you've made a lot of policy proposals and i'm wondering how many of those are being taken into action? >> i think we're too partisan now. the democrats are trying to be democrats and republicans are trying to be republicans and we don't seem to have any type of data analytics or be data-driven. we're not talking to small businesses. i did a survey in dallas, we just finished actually, and only 50% -- 56% of the companies that were able to open up actually did. we asked a lot of those who did

open up what the challenges are and they say, it's ineffective and very difficult for them to pay their bills, even with p.p.p. support, when they're only able to open up 50%. some of them are looking at closing back down because the demand is not there. in order for our politicians to have the right programs, they need to be having those conversations and look to see what type of aid is going to benefit not just businesses, but employees. because if we don't have consumer demand and we don't have people employed, we won't have consumer demand, and without consumer demand, businesses won't be able to stay open. >> we talked about the house and the white house for a second. want to think about the federal reserve here for a second because there are a lot of programs here that are injecting trillions of dollars into companies, potentially cities and states even more moving forward. at what point do we think about moral hazard here? >> i don't think we're at that point yet. when you look at some of the bailout programs that were put in place because there was so

much liquidity, boeing and others didn't take full advantage of it, now we have the main street loan program that loans up to $25 million to companies up to four times -- [indiscernible] -- second version of it that's six teams -- times and that hasn't even been opened up yet. so i'm not worried about moral hazard. we've got companies that are eligible for those programs that haven't even been able to apply. what i'm concerned about is whether we're negotiating well for taxpayers. when we start doing these really big loans as part of the main street program, we should be asking for stock or options or grants in exchange for that, just like any other investor would do. like i would do if i was making that investment personally. i think that's really what we have to do because taxpayers deserve a return for their investments. >> there's a huge difference here between the main street program and what's being done for a lot of these larger corporations which you started to get at with negotiating for some of these rescues. what industries do you feel like are most victim to falling

prey to the idea of moral hazard here? given that so many larger companies also are receiving this aid. >> right now things are so much in flux and we're going through a reset in the whole hospitality industry, the whole event industry, the sports industry. i don't know that so much it's about moral hazard as much as it is about what happens if we don't get more people employed quickly? if we don't have more people with jobs and we have to continue to subsidize them with unemployment, it's going to be very difficult for the economy to rebound because people aren't spending money when they don't have certainty about their future employment. and you see that in the numbers , savings rates are past 14% which is the most they've been in 40 years. and so we're going to have to address consumer demand pour than anything right now. because -- more than anything right now. because without that demand, businesses can't stay open. emily: dallas mavericks owner mark cuban there. all right.

coming up on bloomberg television tomorrow, an interview with speaker of the house nancy pelosi. she'll be talking with our own david weston on balance of power, talking about the cares and the covid relief act, and also the president's firing of the inspector general. this is bloomberg. ♪

♪ >> good evening from bloomberg's world headquarters. we're counting down to asia's major market open. i'm in new york. >> and i'm in sydney. welcome to day break australia. these are your top stories this hour. u.s. stocks hit a 10-week high as the u.s. economy reopened. however, the fed acknowledges the severity of the coronavirus impact when it met last month. oil's at a one-week climb with signs that the market is finally rebalancing, despite the fragile economic outlook.