the central bank is seen boosting its emergency bond-buying program by 500 billion euros. some investors say anything less would cause a shock similar to march's selloff. esper breaks with trump. the u.s. defense secretary opposes using active-duty forces to confront protesters, as his predecessor issues a scathing attack on the president. and falling in line -- hsbc and standard chartered back beijing when it comes to the proposed security law in hong kong, the latter saying it will maintain stability in the region. hello, everyone. this is "bloomberg surveillance." tom and francine from london and new york. we look at data and the u.s. and the jobless figure which frankly, our people -- which frankly are people, not just numbers. we look at the protest and we look at the ecb, with so much priced in on what the european central bank will do today. it is truly an historic

thursday as washington awaits. you're right, the ecb will be very important. jonathan ferro made clear to me the optionality that madame lagarde has is extraordinary. we've got claims at 8:30 washington time, new york time. that will be a precursor for jobs day tomorrow. all of this is overwhelmed by the historic moment. all i can tell you, just one vignette, francine -- it was extraordinary to see the handwritten note by the chairman of the joint chiefs of staff yesterday, to his officers and his troops. that was truly an historic moment. francine: we will spend a good amount of time talking about the military, given what we heard and general mattis esper. let's get to bloomberg first word news in london with leigh-ann gerrans. leigh-ann: good morning, francine. as you were discussing, president trump's former defense

sayingry, jim mattis, is the president misuses the military and is dividing the nation. he also said the country must reject those who make a mockery of the constitution. president trump responded to mattis on twitter, saying he did not like his leadership style or much else about him. meanwhile, president trump appears to be unhappy with defense secretary mark esper. bloomberg learned that the president confronted esper after he publicly opposed his idea of deploying the military to contain protests. the president also asked top advisors if they thought esper could still be effective in his position. the economists expect european central bank to increase its already massive monetary stimulus. policymakers will be out with the decision later today. christine lagarde has warned -- the banks up

but prediction is unlikely japan out. a coalition has agreed on a $100 billion seamless package to get the economy going. that has exceeded the top end of expectations by 30%. the deal includes a cut in the value-added tax, plus there is money to build outside networks and railways and double incentives for electric cars. global news 24 hours a day, on air and at quicktake by bloomberg, powered by more than 2700 journalists and analysts in i amthan 120 countries, leigh-ann gerrans. this is bloomberg. francine? come? -- tom? tom: thank you so much. equities, bonds, currencies, commodities. not much conviction on where we will be at 9:30. vix,utures -91, and the 26.15, showing a remarkable level. to 26.15.hrough

i would also note gold showing some moments, under $1700 per ounce. francine: i spent a bit of time with christian nolting of deutsche's talking about gold. the stock rally powered by the speedy global recovery is taking a pause. the dollar climbing. treasuries are steady. i would point out -- i put the italian 10-year yield, i would also look at the spread between the bund and -- because of what the ecb is expected to do. they are spaded to boost a massive monetary stimulus, and jobs andn, u.s. unemployment data are due. the interconnectedness of all keen.rkedness is really president trump says he does not need -- he has the power to deploy u.s. troops. pres. trump: the national guard

is customary, and we have a very powerful national guard. over 300,000 men and women. we can do pretty much whatever we want. as far as going beyond that, sure, if it was necessary. >> the option to use the national guard in a law enforcement role should only be used as a last resort and only in the most dire and urgent situations. we are not in one of those situations now. i do not support invoking the insurrection act. for support secretary esper taking the position he took because military leaders almost in unison do not believe that to military ought to be used fight our own people. it ought to be used to fight foreign enemies. francine: joining us now is kevin cirilli, bloomberg's g4 washington correspondent. president trump has basically active-duty onut

the streets to support law enforcement. he was rebuked by the current defense secretary. how do these comments reflect the turmoil now? kevin: yesterday i spoke with a source following the immediate -- the meeting with president trump and secretary esper, and the source told me from a conservative ideological standpoint, they are saying they the difference between secretary esper and the president was one that is at large, and instead it is simply a matter of the tone coming out of the administration. -- thete house secretary white house press secretary said the president has still decided to stand behind secretary esper. beyond that, the protests in washington, d.c., last night, were largely peaceful. p.m. asew was at 11:00 opposed to 7:00 p.m. the night

prior. moving beyond that, the president's approval rating has increased within several days, according to daily tracking polls. at the president still for the most part has that support of republicans, and i can also tell you, i spoke with coppersmith denver rigell and, a republican from virginia -- with , agressman denver rigell men republican from virginia, and he said amongst his republican paul league's -- republican colleagues, they are including police reform language in the next round of -- in the coming weeks. tom: kevin, wonderful to have you on with us so often on "bloomberg surveillance" in these important times. we had eight ways to go and it harkens back to 1932 when carter .nd eisenhower and patton

let me cut to the chase. the note from the chairman of the joint chiefs of staff yesterday was absolutely extraordinary. and the line officers support mullen, mattis, and esper? kevin: i think from that point of view, the images that we have seen of troops on the steps of the lincoln memorial a few nights ago, military vehicles on the streets of washington, d.c., military helicopters utilized -- it has been an unprecedented modern time, and i think you have to go back decades to find that equivalent. but beyond that, the issue of is something that the president has chosen once again to run on -- to run the campaign on. i think from a political standpoint -- kevin, i find this

time absolutely extraordinary. general miley wrote a typewritten note yesterday to the officers with a handwritten note on their oath. , does the linery soldier, the line sailor, and do the line officers have the backs of mullen, esper, mattis, and miley? kevin: yes, i would argue that they do. a former i spoke with top advisor, tom, and based upon my reporting, i talked with a top advisor -- a former advisor to one of the cabinet level administration, and what they told me was that all of these individuals coming out and looking to put distance -- what ist has been

being pushed out there in terms of the military being deployed domestically was something that they thought they needed to do, as much it was not space between the president and them as they had said. that is based upon my reporting. democrats come on the other hand, pushed back against that. hand,ocrats, on the other pushed back against that. they were uncomfortable with what the president had said. tom: kevin cirilli, thank you for that reporting. he is our chief washington correspondent. we will drive forward this conversation. the ecb at 8:30, jobless claims at 8:30, and i am looking forward to a conversation with a former admiral, jane street , this-- james stavridis morning. this is bloomberg. ♪

francine: this is "bloomberg surveillance." tom and francine from london and new york. we spent time talking about the markets. there is a great piece we mentioned a couple days ago that has been updated, saying that the most hated rally in history just will not stop. we are seeing is frankly in the markets. joining us to talk about the market and banks is davide serra, the chief executive officer and founder of algebra's investments. as always, thank you for coming on. the fundamentals in the economy are going one way, although we are gradually reopening a lot of economies, and you have the market on a tear. when you speak to strategists, it is 50/50 if this is supported or not. our markets going to continue

rising? it depends onk which markets. if you tell me at the beginning of the crisis what happened, gothing that was not -- destroyed. basically got sold off. got bought up. amazon and google kept getting business because people were doing more shopping online. if you had exposure to the european bank, you would have gone 50% below the all-time lows prior to the crisis. what is happening now is thatty has reached a price is insane. can see it in the credit market and the -- you can see it in the credit market and the equity market. anything considered known quality, in the reality is solid. and ticket in europe. s&p i think happens is the

is basically discounting 160, 170 per share, in the next three years, which is very unlikely given the economic slowdown. markets at the same time have an unbelievable pop. if you look at the fed, the fed in the last two months has been buying assets to the tune of $50 billion to $80 billion per day. of the program in europe, it was 80 billion euro per month. the fed and the last two or three months has been die -- has been buying on a daily basis. really short-term, there is a massive shortage of decent areity assets because they hovering to trillion to 3 trillion over the last two or

three month and that has created a technical squeeze. francine: if you look at the markets, are the valuations really justified only if we see a v shape in earnings? there is a pickup that is pretty ,oon and will be sustained together with banks that are not damaged by what the fed and other central banks around the world will do. s&p.e: take again the let's call it the bellwether. earnings last year of the s&p were around $150 per share. $3000, you are at a multiple price earning of about 20 times. -- intony, they will not 2020, they will not sit at $150 per share. come it is not2 clear. even assuming you could go back -- we had9 earnings

lots of protection, around 3300 because we could not understand markets. when we saw -- thanks to asian exposure and the office in milan, we had protection and now we are putting it back on at 3000 because we are saying markets ahead of -- markets are ahead of themselves. then we see some pockets which offer amazing value, for example, european banks. and we see some part of the credit markets, which is still attractive. but those are pockets. , weou reference markets think it is pricing basically not only a v-shaped scenario, but a strong v-shape back to normal. 10 or 15 cities across america, the president is thinking of

mobilizing the military, i don't think you want to pay for earnings. do the european banks move from value trap to growth opportunity? i take your point that they are uncommonly cheap. david herro, the acclaimed investor, agrees with you. and you wait and wait and wait. what will be the catalyst for the advancement of bnp paribas? davide: exactly, tom. efp parry by, which is literally -- bnp paribas come in terms of paribas, in terms of size, in 2018 they had earnings of 10%, 11%. if you adjust for the negative rate and that in europe they were building a positive insurance scheme, equivalent of what it has in the states, the real return was in the range of

13%. bnp -- jp morgan trades the np at 0.4 times. i think what is going to change is that the fiscal response in europe or the european recovery fund and all the various fiscal measure and monetary measures that europe has taken, which are unbelievable, i think next year banks will be allowed to pay dividends on gains, and when that happens i think stocks will fly. just on dividends being turned on. i think europe did very well sustaining dividends because the pandemic, with an economic shock we have never seen, you had better be prudent. tell us -- i don't need your thoughts on the ecb and

what are they going to do today and the parlor game of deciding the path forward for madame lagarde. of what does the institution the ecb now mean to these banks given what merkel and macron have said. how do they adjust to the merkel-macron action? davide: first of all, i would tom,hat we have witnessed, the first positive outcome of brexit. finallyof brexit, france and germany are in charge, and there is no longer a quarrel. to the decision basically grow a fiscal union across europe is unprecedented. secondly, the fiscal response is going to help inside the union, the states which have been most affected by covid, and which

will at the same time put forward long-term needed structural reforms. at this time europe acted brilliantly because the ecb acted within two weeks. thatig difference is europe took a giant leap forward. throughout the beginning, as far as the mergers are concerned. in exchange for reforms. itit isn't just free money, is money if you do stuff. i think the ecb will keep the cost of our owing under control. it is protecting the banking industry. basically blocking dividends, but at the same time liquefying assets. and defective by paying banks points for every

new loan they generate. and the government is guaranteeing most of the new loans, so most banks this year will be profitable. 20% ors will be down 30%, but at the end of the year they will all be profitable. the top ones. francine: when you say the ecb will push for reform, are there countries in europe that, if they don't push reforms through, it will be very difficult to kickstart an economy, will need a bailout at the end of it? davide: i think the european -- whenuld have said you have the allocation of this 500 billion of the recovery fund, what is going to happen is they have already created

reform, but basically says here is the money, we would like your health system, your legal system to be improved. these are the metrics and these are the adjustments we would like. as a result, this will facilitate reform because in each of the member states you will be told here is some money, this is what you have got to do. and basically if you don't take the money, most people will be unemployed and will be suffering, and as a result, that is when you move. this has already happened, for example, in spain, portugal. it is happening in greece. look at greece. it was supposed to be the basketcase of 2011. falling at onear point for. it is a country with the least covid cases. go back 10 years ago, greece was -- country, and it ain't. effective of the most

positive responses, better than france, italy, the u.k., and the u.s. the facts are very clear. tom: one last question, and it has to be quick, unfortunately. of us your update, your vision of what mr. sewing is doing at deutsche bank? davide: i think he is doing the best he can given the hand he is given. has withheld the first shock. for arkets have allowed good pml. i think there is further structured like most other banks. but deutsche bank will be a survivor of this crisis. this is something that was not five ory, in my view,

six years ago. you soe: great, thank much, davide serra. we will get back to davide throughout the day to figure out what comes out of the s -- out of the ecb. coming up, we speak with sheila patel. the markets, we will look at what happens in the next couple of weeks. paws, are rallying their tom. actually, they paused their reality, is what i meant to say. this rally was powered by bets on the speedy recovery by the pandemic. now the focus is on a lot of the job losses. treasuries are actually steady. the australian 10-year yield is thriving back. on the stimulus front, heard from angela merkel, a sweeping 130 billion euro package for consumer spending. and to get businesses back

again. elsewhere, the one thing tom and i have been trying to keep you up-to-date with is off of oil, declining from a three month high as opec's unity -- as the opec you -- as opec plus' unity seems to be threatened by the feud. coming up next, we will talk to goldman sachs asset management, we will talk about the rally, and we will bring you more on this wonderful piece by john authers about the most unloved rally that just keeps on rallying. this is bloomberg. ♪

leigh-ann: this is "bloomberg surveillance." a stunning rebuke to president trump last night from his first

defense secretary. jim mattis has ripped into the president, saying he has divided the nation and missed used the military. the retired me read general said americans must reject those who make a mockery of the constitution. president trump responded on his primarying that strength was personal public relations, not military. officerge against the hasknelt on george floyd's been upgraded to second-degree murder. three other officers were charged with aiding and abetting his death. in los angeles, up to $150 million will be cut from the police department budget. the money will be used as part of a broader effort to reinvest more into the black community. los angeles spends almost 1.9 billion dollars a year on its police force. the mayor says he will support another demand of activists,

creating a special prosecutor to policepoliceman -- misconduct cases. the price of oil has retreated from a three year high. the unit of the opec-plus coalition is being threatened by a long-running feud in complying with cutbacks. saudi arabia and russia have a preliminary deal to extend those cuts, but it is conditional on cuts.countries making global news 24 hours a day, on air and at quicktake by bloomberg, powered by more than 2700 journalists and analysts in i amthan 120 countries, leigh-ann gerrans. this is bloomberg. tom? francine? tom: thank you so much. of course, a huge news flow today, not only -- although we have seen in washington and across the nation, but the ec meeting coming up, and of course the labor economy of america -- the ecb meeting coming up, and of course the labor market economy of america.

extraordinary markets. sheila patel is with us, goldman sachs international chairman of their asset management division. one of her great charms is that she has ample experience in trading, not only at morgan stanley but at goldman sachs come and with that, knows how to lose money when appropriate. these markets, everyone can agree, are odd, odd, odd. what do you do to protect your downside? what do you do to hedge this extraordinary move? sheila: thank you so much for having me, and it is an a store and a time. -- it is anhedging, extraordinary time. in terms of hedging, it is difficult to say what is going to happen a month from now much less a year from now. anything beyond having a larger cash position than usual, more worried about trying to look through shorter-term trends,

toward the long-term. the hedge is not getting caught in the kind of flavor of the moment type trading. and certainly not getting caught in the focus on what might be happening moment to moment, particularly when it comes to a virus and pandemics such as this. it is an extraordinary time, and the arch battle is active versus passive. bloomberg has an article out today on vanguard struggles in europe. what will predominate forward given this equity chaos? will it be a further move to passive management, or can active have a glimmer of the past? sheila: i think it is a fascinating time to think about this debate. ago,ems like a millennium and we sat in davos and talked about this very issue, and the

glimmer in our eye is the worry about this virus we were hearing about from china. here we are today. when people went to equity ties, there is no question that the easiest way to equity ties was very much focused on the u.s. market. i think if you look long-term, amongi see -- what i see large global investors is converting that into a more active style as they start to decide where they think the true resilience in global economies are, whether it is diversifying away concentration they had in the u.s. in the initial stage of putting some money to work in equities when they saw attractive levels, or whether it was thinking about what the real outcomes are in a long-term perspective of how this pandemic changes behaviors, changes the needs of consumers, and changes things like the way we work or the way health care is provided.

those are the long-term trends of demand -- that demand active management. francine: good morning from london. before we come back to longer term trends, what will it take for this market to correct right now? sheila: there is no question that we have seen the market behave in a fairly positive way in light of some pretty challenging circumstances, and that is true whether we think about the pandemic, whether we think about the messages you were just discussing around energy and oil, or whether we think about the social unrest and the terrible things that are the circumstances coming from there right now, which we would like to see change and are focused on changing. as we think about that, there is no question you have to move but have ane ahead, eye with caution for these markets. they are priced for being a continuation of the good news, a

, ofinuation of low rates pandemic, of covid, that are starting to reopen. they are priced for good news, good news, good news. we know that is never the case in these markets, particularly with situations like this. about the longer-term trends you were talking about -- we all know there is maybe more working from home, that travel will be disrupted. is there anything that we are overlooking looking at the moment? sheila: i think one place that we are certainly focused that i think is a longer-term trend we have to be aware of is, what does this all mean from a regulatory perspective? so many interest that so many industries have been forced into a new -- so many industries have been forced into a new paradigm orre only regulators agree perhaps if regulars push things that way. you can see this in multiple industries, whether it is in our

industry of finance, where in general regulators want to see under close supervision in an office setting, or the processes within health care when it comes to approvals of drugs, art scale trials that are disrupted. i think new ways of doing things or accelerating when there are problems that we are facing, particularly in areas like health care or some of the technology solutions we have seen, regulators will get involved and they will have a big stake in whether we see the advances stick or whether be go back to the old way of doing things. francine: sheila, thank you so much. sheila patel stays with us. we will also get back to what we heard from john authers, saying that the rally is already 10 weeks old. also coming up, we talk about

oil catching -- about oil. catch our bloomberg life effect, "crude awakening." that is on life go. don't miss our conversation -- go.- that is on live don't miss our conversation. this is bloomberg. ♪

francine: this is "bloomberg surveillance." let's get straight back to sheila patel's goldman sachs asset management. when you look at some of the central banks, how long and how much they have done so far, we used to say there was a danger that they are running out of tools. but what happens when they start normalizing, if they start normalizing? sheila: i think we are still a

distance away from that, and i think you have seen an extreme level of accommodation and focus from central banks around the world in making sure that they get the kitchen sink out of the closet and throw it right out there. i think this is a crisis that has necessitated that type of action, and i think they will be slow to roll back some of these actions. i also think it is very difficult, particularly when you have seen the markets run like this, to think about how they start re-crossing back across the rubicon. that is always the hardest. i think with the comments you have seen out of the ecb and elsewhere, they are starting to think about it, but i think we have a bit of time before we start seeing action in that regard. what has dominated the markets for a pretty long time in the last couple of weeks was the resurgence of legislation. are you in the camp that this will be deflationary or disinflationary, or is there a

worried that inflation will suddenly creep up? sheila: i would say it has been quite interesting to see people -- tom's earlier question -- there has been a lot of interest in hedging against inflation or chick early with this cash in against inflation, particularly early with this cash in the system. with multiple industries seemingly disabled for a relatively longer period of time, particularly thinking about indices like tourism, what that means in terms of our globalization tracks that we have been on for so many years, and the relationship between countries, i think we are a little ways off, and i have seen that slow down quite a bit as people start to see the longevity of this and the duration that they expect, the concerns over inflation have receded. sheila, there is the

institutional goldman sachs, and then with reuters breaking the story a number of days ago, i guess there is going to be a retail goldman sachs. getting into the discount brokerage business -- i don't know if this is part of gsa am, maybe a different wing of mr. solomon's or whatever, but tell us how they will adapt to competing with fidelity, or competing with mr. schwab in san francisco. on the i think our focus consumer and consumer lines of business was covered very extensively, and we think it is a natural extension of quite a bit of the work that we already do, as well as a natural thing to have evolved from us having a bank like this and getting engaged in offering these types of services to retail and to individuals. we have seen a huge take-up of this, whether it is the activity

on our credit cards or whether it is the actual work we have been doing and laying the groundwork for for many years for small businesses that first was a cross-ice philanthropic endeavor and very much focused in the helping business - economy and now it today is just business proper. tom: well said. what is fascinating here is retail in general, and particularly with the folio acquisition, online brokerage, can it be profit or breakeven, or is it just basically a loss leader for a firm in banking? sheila: i don't think of it as a loss leader. the wayerall system of goldman makes decisions, we are not a loss leader type of place. i think we see it as having an essential position within our

overall offering to consumers. if we did not think we would make something profitable and make it valuable and unique with what the goldman franchise would offer, we would not do it. francine: i know you worked a sustainability and also women in the workplace. given with the protests around the world, our company is going to come under more scrutiny about what type of diversity we have what type of diversity they have on board? diversity and what type of diversity they have on board? whether it is the action gsm has been taking in several years, devoting our shares, which is walking the walk and talking the talk -- i think today, as you see these tragic and awful events, it is not the

time for silence, it is the time for action. that is why you are seeing us out in front, trying to support businesses, trying to support minority-owned businesses, minority investors. we have come out in the last 24 hours with a new fund focused on supporting organizations fighting racism and fighting for equality. and i think whether it is diversity regarding women or racial diversity or in general our view that people should be respected and treated accordingly, i think that is something that i see all investors looking at even with more scrutiny than before. is essential in this pandemic, and these issues coming up have made it even more clear that it will not go away. francine: does it change the composition of the american economy? think: look, i actually what is underestimated is how much the american economy was

already driven by diversity. we were not pricing it appropriately, i think is the point from an economics perspective. the small businesses that are often minority owned and driven where driving the economy, were pushing forward with consumption, and that is the damage that we are really worried about in the post pandemic economy. that is why we have been focused on partnering with community development, financial institutions that focus on minority neighborhoods, those kinds of small businesses. we have done a survey extensively of small businesses across the u.s., and those are the populations with businesses that we need to make sure we help save because they found it hard to access funds via ppe, and they have had less success when they did apply. we want to fix that, and that is why we have committed our own money towards that. very good. sheila patel, with goldman

sachs, asset management. thank you very much. stay with us. this is bloomberg. good morning. ♪

francine: this is "bloomberg and standard" hsbc

chartered, two british institutions that dominate hong kong's banking system, have backed beijing in the security law. the statements came on the people of the anniversary of the tiananmen square crackdowns in 1989. joshua wong called on the business community to show support. this does imply how hong kong business company and business freedom is being threatened by beijing. -- is the critical part two it is important to have business support this. engle, if youhen look at hsbc and standard chartered, it came as a surprise to many that they would be pro-beijing. what is the reason? stephen: this is a new front with the growing tensions

between china and the u.k.. the same day that boris johnson said he would be open to opening a pathway for hong kong citizens come up to 3 million who would be eligible for reddish national overseas passports and -- for british passports -- for british national overseas passports. we have hsbc and standard chartered, two large london-based banks, which get the bulk of their earnings and revenue from asia and the greater china area. they are coming out and signing a petition in support of this highly controversial national security legislation from beijing, after staying quiet for a long time. they got blasted by the likes of former chief executive of hong kong see why young. he said you get all your revenue from china, or a portion of it, and you are not coming out in support of this legislation? well, hsbc kept its head below the parapet because last summer

they got blasted and a number of businesses were torched by protesters. hsp -- hsbc this time kept their head below the firing line until now, and now the ceo of asia, peter wong, has been seen signing this note of support for this very controversial security law in hong kong. when the facts change, institutions change. in world war ii, the japanese occupied the hsbc headquarters in hong kong, two of their managers died in internment camps in world war ii. are changing again. who will fill the vacuum if hong kong and the western world chooses not to do business with hsbc, or for that matter, standard chartered? stephen: that is a good question

from a historical perspective, because the big overriding question is, what is the price to do business with china these days? if you want to do china business in china, and for that matter in hong kong now, you have to, some would say, pledge allegiance to china and the rulers there. that is an issue that is not necessarily going to go away today, tomorrow, in a year from now, or it might be the new normal. alastair carmichael, british lawmaker, chairman of the u.k. parliamentary group on hong kong, he has blasted hsbc, saying this is a colossal misjudgment because you cannot, as a british company the size of hsbc, he seemed to be advocating what is a fairly flagrant breach of international law in a rules-based system. he called it tactically clever but strategically stupid. francine: the other thing that is going on is that hong kong passes a law banning insults to

the chinese national anthem. also on the anniversary of tiananmen square. how will that be taken? coincidence ishe not lost on many people. 19 89, waso, june 4, the crackdown in tiananmen square on pro-democracy advocates. what does this do today? in the last hour they passed a highly controversial law that could criminalize -- or does now criminalize insults to the national anthem. tom, i know you love the historical aspects. the first line of that song is, "arise ye who refuse to be slaves." it opens up the legal question -- what is an insult? insult, -- libel is illegal, slander is illegal, but what is an insult? so: stephen engle, thank you

much. our asian correspondent, thrilled that he could be with us through the morning on "bloomberg surveillance." it is an extraordinary thursday. we welcome all of you around the world. the ecb meeting critically important to europe, and of course claims on this thursday before the jobs report tomorrow, and we are carefully focused on a washington turmoil between the white house and our military leaders. please stay with us. worldwide, this is bloomberg. ♪ save hundreds on your wireless bill

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defeat the bears in the battle space. the s&p 500, just 7%. gold prince under $1700 per ounce. there is an american job depression, claims this morning estherlieutenant colonel does not see a quote, dire situation. unitel mattis says we can without him. -- american cities and towns are not battle spaces to be dominated. good morning everyone. bloomberg surveillance from new york and london. i am tom keene on the edge of central park and the uppers east -- and the upper eastside.