♪ good evening from bloomberg's world headquarters. i am shery ahn in new york. haidi: i'm haidi stroud-watts in sydney. here are your top stories this hour. tech higher amid rising optimism about the economy. herenest egg the longest rally f the year, although the s&p 500 dragging on fears of the coronavirus surge. 9obal infections have topped million with cases soaring

across the americas. texasa sees a record as says covid-19 is spreading at unacceptable rates. the u.s. raises the pressure on chinese media organizations, foreigning four more as missions and calling them nothing more than began to outlets. shery: let's get you started. we are seeing u.s. futures kicking off trading flat at the moment after u.s. stocks rose. a pretty choppy morning session but technology did manage to lead the advanced. the nasdaq composite rising to a record high, seventh consecutive session of days. the longest winning streak since december. we did get some negative sentiment on rising coronavirus cases in dozen states. the s&p 500 did lag this gain across the board. some sectors like financial and health care under pressure as investors weigh the economic impact of a second wave. take a look at what oil is doing

at the moment. wti right now falling towards the $40 a barrel after finishing at the three month high. we have some demand optimism as states have moved towards with phase three opening. new york city kicking off phase two of the reopening. let's see how things are shaping up for the asian markets. u.s. and eu ramping up pressure on china. the offshore yuan folding onto a two day gain. asian stock futures are pointing higher as gold stays near a 2012 high as investors weigh the potential for further market -- reopening which is casting a spotlight on companies that are expected to write out the storms. bailing on consumer needs in singapore. morgan stanley is forecasting a sustained rebound. tech shares are getting more prominence in china with the shanghai composite set for

revamp. pulling up the chart, i want to highlight a liquor maker which has become china's biggest company by market value and remaining one of the mainland's highest rated stocks. down byeen weighed slowing profit growth prospects and likely margin erosion on efforts to support the chinese economy. haidi: yeah, we will stick with that tech theme because that is what led the rally overnight. u.s. investors turning back to their tried and true tech stocks on monday. the nasdaq jumping more than 1% with the likes of amazon and square hitting all-time highs. betting on tech among other sectors through this volatility. victoria is a chief market strategist wwho manages $5 billion in assets. great to have you. i was looking through this which includes adding to positions

when it comes to amazon. it feels like it is a tug-of-war going on with the rotation story in the market. is there still a big question mark as the what stocks benefit when we get to normal, and what the new normal actually looks like? victoria: i think you are absolutely right. it is a question of what does the new normal look like? instead of making a bet on a covid-19 play, per se, we are looking at things that have evolved through covid-19 but we think are going to be longer-term trends that continue after we get back to whatever we consider that normal. that is why we have been focusing on some of those secular growth stories. yes, some of the names like amazon and apple, we have added to some pullbacks but we are looking at names in data infrastructure space like american tower. we see how people are continuing to use more and more data. we are looking at how people are

home asg to work from part of the regular professional routine going forward. we are looking at cloud names, internet businesses. all of these are areas that we think going home as part of the regular professional routine going forward are goingo be trends that continue in an upward trend and these would be good names to add to your portfolio. steve schwarzman thinks we are on track for a v-shaped recovery. i don't think many people in the market are really thinking that way. does it matter? we know the stock market is not macro economy so is the dislocation here to stay as long as the fed and central stay where they are? victoria: it matters in the sense of how you want to invest in your portfolio. it does not matter probably as much if you have a much longer-term perspective. we have been saying we feel like there is more of a w shaped recovery and that is because of what you are talking about. we have the fed that is really supporting the market right now. when you have high levels of liquidity.

when you have a recovering economy, low inflation, low interest rates, you have a strong foundation for equities to move higher. but there are so many uncertainties still out there that we think there is still going to be volatility before we get that upside trend on a continual basis. it is not just the covid concerns of a second outbreak, shery was talking earlier about states that are seeing higher cases each day. but we've got trade issues both with china and europe and the united states. we have the u.s. election that is coming up. we have the end of the fiscal stimulus with the extra unemployment insurance in the united states due to end at the end of july. we think that is going to be a lot of concern as far as demand. we think they're still quite a bit of volatility coming even though the fed has provided some strong support. shery: let me hone in on one of those uncertainties, political risk. we do have the november election coming up and we do have the

disappointing campaign rally by the president in tulsa. this chart on the bloomberg showing vice president joe biden could be a favorite to win the election. what does a democrat in the white house mean for the market? victoria: well, i don't think it is just having a democrat in the white house. i think we also have to look and see what is going to happen with congress. is the congress going to shift to a democratic majority? if you have all three components, the house and the senate and the oval office with democrats, i think you have to start wondering what kind of regulations are going to be rolled back. what does it mean for corporate businesses? what does it mean for individual taxes? are those going to move higher? we have heard biden come out and say he would start raising corporate taxes at that point in time. i think there's a lot of questions that we talked about causes the volatility. if we get closer to november

and it appears that might be the outcome, we have to consider what that means for businessesd especially at a time when earnings are so uncertain as to what will happen to covid-19. we have that to the mixture and i think you've got some concern what happens going forward in 2021. shery: where are you trimming your portfolio given this uncertainty? victoria: so, we are actually trimming and some of the more cyclical names. not everything. we are not selling out of positions completely, but trying to take a little bit off the table in the financial sector. we have trimmed some of our jp morgan position. in housing, we trimmed lagarde. we took a little bit off the table in the housing segment. looking at some of those cyclical names that have had some downturns and are going to have some with some of the uncertainty still to face us, use the opportunity to pull out of those names and invest

in the areas we spoke about earlier. haidi: where do you see value truly at this point in the market? victoria: i think it goes back to looking at those names where you see strong balance sheets. where you see companies that have low debt loads. we talk about secular growth names, but you can also look at something not everyone would consider a growth name, but an s&p global. they have high margins, they have low debt to cap. really dig into the balance sheets and find companies that have strong businesses, strong competitive advantages. and with those strong balance sheets, they can withstand any of the volatility we are seeing and they will be nice long-term positions to have in your portfolio. haidi: so, bill dudley sees the balance sheet of the fed hitting $10 trillion by the end of the year. it calls into question with the

other side of this looks like. what happens when they start pulling back? that is not something investors really need to bother themselves with as a prospect, at least in the medium-term? victoria: no, i think actually this is the largest concern i have on a longer-term basis. near-term, it is consumer demand coming back. but longer-term, it's what central banks are going to do. we saw in the u.s. when the fed started to raise rates at 25 basis points, the volatility in the market and how investors really had concerns over that, it really makes me sit back and look at where we stand right now with the fed put in the market and how strong that is, not just with the fed but with the boj, ecb, boe. globally, we have that huge punch bowl and what's going to happen with a start up with that away? i'm very concerned with the volatility that we will see at that point in time and how investors will react. that feeds back into the point

you need to have companies with strong balance sheets and you need to look at longer-term trends so you don't get caught in a quick investment bet over a long-term investment for your portfolio. shery: we have congress debating whether or not to extend that additional unemployment benefit of $600 a week. when it comes to fiscal resources, withdrawing $11 billion spent around the world. how difficult will that be? going to i think it is be a lot for us to have to consider and how we start pulling that back. look, the federal reserve is not even done yet. conversationsl about having the all caps and what that's going to look like in order to promote that steeper yield curve everyone wants. you have to be concerned because what if people don't start buying treasuries? the fed has to step in and buy even more in order to keep the caps in place. there's a lot of questions going forward on how that balance

sheet is going to look. is it going to continue to grow? the $10 trillion number, is that correct? there's a lot of issues we have to face going forward when it talks about fiscal response ability. that is going to be something i don't think people are concerned with at this point in time. that is going to be kicked down the road. shery: victoria fernandez, always great having your thoughts. chief market strategist at crossmark global investments. hear from some big guests at the summit,rg invest including bill ackman. next, how the u.s. is bracing for a tremendous -- flu season as it continues to grapple with the coronavirus pandemic. this is bloomberg. ♪

karina: you are watching daybreak australia. the u.s. is raising the pressure on chinese media organizations, adding four more in a reubk buke. cctv, the people's daily, in the global times, and the china news service. the state department's move means reporters in the u.s. for the companies will be treated as chinese diplomats with constraints on visas and identities. the first round of nuclear talks between the u.s. and pressure are said to have gone very well. the meeting comes with a treaty limiting their arsenal of weapons due to expire next february. the talks are overshadowed by the u.s. posting a photo op chinese flags and anti-tears and saying china is a no-show. russia pointed out beijing never was scheduled to attend the discussion in the first place. virgin galactic is the second private company to sign a deal with nasa to take humans to the international space station. terms of the agreement have not been released. virgin says it will recruit

candidates interested in buying private flights to the iss and will offer into and training and resources. last month, spacex was the first private organization to put people into orbit. the indian tycoon has something to celebrate. he is joined an exclusive club of the world's 10 richest people. spot with ae nine fortune of $65 billion, overtaking larry ellison. he owns 42% of relianz and has benefited from a flurry of investments which has made his company debt free. global news 24 hours a day on air and on quicktake by bloomberg. powered by more than 2700 journalists and analysts. i'm karina mitchell. this is bloomberg. shery: u.s. help agencies are gearing up for flu season complicated by the coronavirus pandemic. with a virus excited to continue for some time, officials say it could put tremendous strain on

the health care system if coupled with influenza. whoing us is max neeson covers health care, biotech and pharma. it seems these health care officials, whether it is the cdc fauci, theyr dr. don't think a vaccine is imminent so what can states do in the meantime? max: yeah, it's obviously a difficult situation that is going to go on for some time. when you have ongoing high incidence of the virus and keep opening up, you get more and more cases which is what we are seeing. in the meantime, what states can do, what they should have been doing all along arguably, building out contact tracing efforts. targeting the places where there is the most risk of spread. that being crowded, indoor areas. places where there are a lot of people being less than cautious. what's pretty clear is that they

have not fully taken these measures as they have reopened and there needs to be some renewed emphasis and perhaps some renewed restrictions in said to make sure -- they there is renewed activity, that it is as safe as possible. haidi: max, they can always wear masks. we have seen california try to mandate mass wearing. why is this so controversial in the u.s.? i think a lot of our asian viewers will be quite confounded by how this has become not just an issue of ppe, but an infringement of individual liberties, it seems to be. me also confounded. it's really unfortunate that this has become politicized part of the culture war when it is just common sense public health advice. it's something you do to keep yourself safe and others. i think it stems unfortunately from the fact, although the

public health agencies in the united states have come to recommend masks, it is something that the president has publicly sort of derided, refused to whereeven in situations it would be responsible. so, deliberately kind of positioning it as something that is not necessary or making a political statement. i'm hoping that will change. if not from the president, maybe from governors, from other public people. making the point this is not about politics. it is about taking up public safety and helping other people. shery: early in the outbreak, we heard this idea of herd immunity, something that was abandoned by some countries like the u.k. now we are hearing about this idea again coming from experts that it could perhaps work in some places of the world. is something this

that is coming up potentially in some less well-developed and younger skewing countries with the notion that might work a little bit better. i'm a little bit cautious about this idea. while it does have some appeal in that lockdown score stages of lockdown are economically dangerous and difficult, letting the virus run less contained is dangerous in its own way to both health and economic activity. we are still getting a sense of the long-term impact of infection. even though there is less stress to younger people, it is still a lot of risk. there is also a running case study in sweden which has -- not only is it taking it much longer than it helped to achieve something like herd immunity, which we are not sure can be developed in the first place given we don't know much about the prolonged immuno response to this virus, they have not been

able to successfully protect the older part of the population. that is the precondition of trying to do this more managed and responsible way. it is something that is really hard to do and something that the only certainty is you will have a lot of dangerous infections. not a strategy that i think is worth pursuing. in delaying and spreading out the infection, you help preserve hospital capacity. over time, even as you are waiting for a vaccine, you learn more about how to treat the virus. the latest news, even steroids are useful. if you have an infection later in the course of an epidemic, you are more likely to do better. it is more pushing it out. haidi: max, all great to have you with us. our bloomberg opinion columnist max nisen. you can get a roundup of the top stories you need to know in today's edition of daybreak. just go to your terminal. it is on the mobile on the

bloomberg anywhere app. you can customize those settings to get the news in the industries and assets you care about. this is bloomberg. ♪

haidi: the european union and china sparred over geopolitics when themy videoconference was held with the chinese premier and president. let's go to selina. what was discussed during the eu-china summit? selina: according to european officials, eu's criticism of china's hong kong national security law, allegations that china has spread misinformation about coronavirus and frustration of beijing's curb on foreign investments featured prominently in the stocks. tensions between the two sides, china and the eu bloc, have grown significantly since the

last summit 14 months ago when both sides pledged unity to fight, to uphold the multilateral order that was being challenged by trump's america first agenda. this time around, talks did not produce a joint statement. year, the chinese side opted against a joint press conference with the u.s. -- the eu. while china is year, the chinese side opted against a eu's bigget trading partner after the u.s., also encouraged china to reconsider plans anin hong kong but dismissed the notion of potential sanctions against beijing with the foreign policy chief saying sanctions against china will not be the solution to problems with the country. if you take a look at china's official statement, they put a much more positive spin. stating at the two sides hope to ease china's investment deal to be signed by year end to create a more level playing field and increase market access for european companies in china. while europe has been pushing

for market access, it has been scrutinizing chinese investments. shery: the u.s. is doubling down on this tit-for-tat strategy when it comes to the media war with beijing. the state department designating for more chinese companies as foreign missions. what does that do? selina: this expands restrictions on what the u.s. is calling propaganda outlets. the four organizations placed under this label of missions are the broadcast orer ctv, global times and the china news service. they reported these organizations will be treated essentially as chinese government diplomats, which requires certain requirements such as reporting personnel rosters. the organizations may also face limits on how many employees they could have in the u.s. beijing.lina wang in

let's get the business flash headlines. wirecard faces further pressure with the bank of china considering cutting its credit line. the lender may write off most of the $90 million it's owed and not extend the facility.bank of china is among 15 lenders under $2 billion in financing. the platform can account for $2 billion in funds and says the money may not exist at all. onbnb says an ipo is still the table for this year despite being hit hard by the coronavirus. the ceo told bloomberg he is not ruling out a listing but would not commit to a timeline of the covid-19 crisis continues to play out. the san francisco-based company has cut a quarter of its staff debt,ed $2 billion in and solve evaluation fall in the pandemic. later this morning, we will be talking logistics under lockdown. stay tuned for our exclusive

interview with blake larson. this is bloomberg. ♪ you doing okay?

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transfer your service online in a few easy steps. now that's simple, easy, awesome. transfer your service in minutes, making moving with xfinity a breeze. visit xfinity.com/moving today. haidi: it is 8:30 a.m. in sydney. the market open about 90 minutes away. this is what we are seeing when it comes to the day ahead. ozzie futures trading higher by 6/10 of 1%. we are seeing a resurgence in ive aussie dollar, indicatati of the strength. the strength of the currency forh is imposing a problem central banks and it seems investors have pushed that top end of the range that has been trading at .6918. i, theide the qkiw

outperformance of the fx session overnight which saw another decline when it came to the u.s. dollar. interest rates are likely to stay low in australia for a long period of time. he does not see any benefit in the rba taking rates negative. ross mcewan spoke to our colleague. she began by asking him about australia's strained relations with china. ross: the china-australian relationship is incredibly important to business. it has been a big source of income for australia and obviously for china as well. at the moment, there are also these relationships that are being tested. long-term, these relationships will build again. they have been very strong for decades. the relationships are important to both countries and they are being tested at the moment. i'm sure we can work our way through it. from a banking perspective,

our ambition is to support our intomers who are tradinig china and vice versa. that has been the biggest thing for us, to focus and make sure that these relationships enable us to do business, but also our businesses in australia and in china are still able to do business. it is very much for those people who are trading in china. yvonne: we have seen a lot of aggressive action from central banks around the world. a viewer question asking about the fed. the fed said it will do whatever it takes. what about the bank of australia? where do you think interest rates are going? ross: interest rates alone are going to be low for a very long period of time. taking a very similar position, they are there to be supportive. it was right from the very start. bank, the the reserve regulators and the government

work very strongly together to create the best possible scenario. that we all come out of this well, and look after customers and the community. our reserve bank stepped in early to make sure there was liquidity in the system and it has not been an issue. i think my view is it will continue to do so as they need. but it has also been all the parties working together within the government that very quickly moved to support the economy through programs such as the job keeper programs to keep people connected to their employers so when covid-19 starts to ease, people get back into employment. there have been a lot of programs put in place, both at the federal and state level in australia, that i think will stand time and will be the right things to do but it is not over. there are other programs they

may have to put in place. yvonne: negative rates could ever happen australia? ross: it could happen but i don't see it. convinced that negative rates are where people should go. having experienced that endura where they got into negative rates, i am not sure how you get yourself out. the first thing is don't go there. there are other mechanisms that can be used to help stimulate an economy. so, we've got very low rates here, 25 basis points. i'm not convinced we need to go any lower. i'm not too sure what the benefit would be. shery: ross mcewan speaking to us at the bloomberg invest global summit. another of australia's big lenders is being sued by the securities regulator accused of misleading customers over pension accounts. paul allen joins us with the latest. what more do we know? this a bit of history to one, dates all the way back to

the royal commission and misconduct into banking and australia which was running back in 2018. this case relates to one of the units of commonwealth bank, colonial first-aid investments, which manages a superfund for its customers. it revolves around not moving customers to a no-frills product which is lower but also commission free. therein lies the rub. the bank did not encourage these customers into those accounts, the regulator says. the employees stood to make no commissions from them. we are still waiting to hear eard of the action on monday evening. we are expecting a statement later this morning. commonwealth bank has acknowledged this lawsuit, but it is still looking into reviewing the facts around. shery: paul allen in sydney. coming up next, an exclusive interview with bill ackman.

his outlook on the recovery in the u.s. and the impact of the presidential elections on strategy, just ahead. this is bloomberg. ♪

karina: global coronavirus infections have now topped 9 million, driven by a surge in latin america.

brazil cases rising 25%, with chile at 41%. argentina close behind at 38%. in the u.s., florida infections hit another record high and texas governor greg abbott says the contingent in his state is spreading at an exi unacceptable rate. south korea is warning it may suffer a second wave following a surge in cases in a southern city. the cdc says the country could see a bigger outbreak if the spread is not contained and that people need to prepare for a long-term battle. authorities have been reporting about 50 new cases a day since late last month, mostly in southern seoul. >> we found our predictions that covid-19 will slow down the summer were incorrect. we believe the outbreak will continue as long as there is close contact between people in closed spaces. karina: australia is warning of

a second wave after victoria tightened controls amid a spike of new infections. it is being extended by four weeks on july 20 with the number of visitors cut in half to five and a delay of larger gatherings. the aussie dollar fell most against g-10 peers. two more members of trump's campaign staff who worked in tulsa have tested positive for coronavirus. officials say the aides were at the event on saturday. they were both wearing masks. they have both been put in quarantine and contact tracing is underway six months after a tested positive for covid-19 before the president left washington. global news 24 hours a day on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts. i'm karina mitchell. this is bloomberg. square's billg

ackman says a recovery in the u.s. economy could begin by year-end, but the reopening will be sloppy. he says the outcome of the upcoming u.s. elections will not impact is investing strategy. he spoke with david rubenstein at the bloomberg invest global summit. bill: i think we are going to begin a recovery certainly by year-end. i don't think we will be back anything close to a normal economy until probably the second half of 2021. i think if we have an early vaccine, pfizer is talking about a potential vaccine by the fall, that will obviously make in a norma's difference. it tok if we can reduce taking a test home and getting an inaccurate result in 15 minutes, telemedicine to your doctor and says you need a prescription for remdesivir in an inhaler format and you can stay home for two weeks, that

will make a stiffenina positive. we had a sloppy closure of the country for the virus and having a bit of a sloppy opening. you are not going to have business confidence returned and consumer confidence return until people feel safe, truly safe. if i had to guess, that is more like the second half of next q4.r into the beginnings of david: what you mean there's a lot of cases in texas, florida, people getting the virus now and it does not seem like it disappeared. are you worried this could keep going on for all of 2021? bill: i think what will happen health care system is getting better and better at treating the virus. they are learning when to put people on a ventilator, more importantly, when not to. they're learning which drugs can have a positive effect in

learning more about what doses and went to give the medication. testing is improving. i think all of these things are positives and will improve confidence and reduce risk. things will be a lot better in a few months, although you will have some states with a lot more cases because people have not been careful. states will have to moderate economic activity and maybe go to a mode of protecting more aggressively people at risk and being more cautious. again, all things which will temper the economic recovery. but i do see a gradual improvement of the global healthcare system. every medical researcher in the world working on solving one problem and a lot of resources going into it. i think by the fall, we will feel a lot better. if we take death off the table, severe illness is off the table, that is certainly possible in this calendar year. people will feel a lot better of

living a normal life. david: if jay powell called you tomorrow and said i am not sure what i should do, should i do more? and if the secretary of treasury steve mnuchin called you tomorrow, can i pass another bill working with congress? what would you tell him both of them? would you say more help from congress, from the fed, or would you say we've had enough help? bill: i think we have to protect the most vulnerable people economically during this period of time. and, i don't know -- when do these programs precisely run out. you need to design programs. we've made a lot of investments in the restaurant industry. where some of the benefits are the level where they are better than $15 per hour minimum entry points for many businesses and it discourages people returning to work. such a way that you don't reduce economic incentive to come to work which you have to have it large enough to protect people during challenging times,

particularly for people at the lower end of the economic scale. david: let's say i told you today with absolute certainty, no doubt about it, that the next president of the united states would be donald trump.he is going to be reelected . would you short the market, would you go along? what would you do? bill: it would not really change what we are doing. our strategy is to buy super high quality, dominant companies that can withstand a pandemic or traumatic movement in interest rates. not particularly exposed to the economy. who the president is is not something we would make a bet one way or another. bill: same thing would be true of biden. if i told you he was going to be the next president, you wouldn't change your views? bill: no. david: ok. haidi: that was pershing square's bill ackman speaking to david rubenstein. we'll have more from that conference later on. we are hearing from nds chief economic advisor.

that is at 1 p.m. in hong kong, 3:00 p.m. if you are watching in sydney. still to come, no more intel inside. apple announces it will release a new in-house processor. we will have the latest from the wwdc. this is bloomberg. ♪

haidi: a quick check of the latest business flash headlines. the latest u.s. listed chinese company said to be considering a secondary sell in hong kong. it currently trades on the nasdaq and would follow jd.com in coming closer to home. gds is already working with investment banks and a deal that could see the shanghai-based company raise about $1 billion. gds operates data centers in beijing, shanghai and guangzhou. ubs says as many as a third of its staff could work remotely on a permanent basis after the pandemic. the coo told bloomberg's global invest confernece that the swiss bank is still assessing which roles will return to the office as it looks to begin a staggered open. ubs closed just short of 17,000 people in 15 country and has had 80% of them at home. t-mobile says it plans to offer

shares as part of a transaction with softbank which is unloading a portion of its holdings in the carrier. it says it will make a public offering of about 133 million shares of common stock and will an additional 10 million shares. t-mobile intends to sell up to 30 million shares. firm isi investment focusing on tech after taking a $1.3 billion stake in india's gio platform. the ceo told bloomberg's virtual conference it is looking at the venture space, medical technology, life factors and a.i. the state fund sees india, china and southeast asia is the best areas for growth and potential investment. shery: let's turn to apple which has launched a virtual version of its annual worldwide developing conference. with some big announcements. they include curbs on tracing apps and a redesign of the

iphone home screen, and confirmation of a plan to sell macs with in-house chips. let's get all the details from mark gurman. great to have you with us. let's start with the split from intel. this has been a long time in the making. mark: yeah, thank you for having me. this is something we have been reporting on for a of years now. computeries short, mac since 2006 have been running processors made by intel. apple is announcing it is breaking up with intel and will start selling mac computers at the end of this year, early next year with its own processors based on the designs of the iphone and ipad. haidi: where are the likes of wells fargo upgrading their target on apple and saying it was a historic day? what was meaningful other than obviously the top headline of the apple-intel chip split? mark: yeah, i disagree with that

in terms of it being a historic day of upgrades. the transition of its own processors is very significant, but other than that, there was nothing too historic about it. the software updates for the iphone, ipad, apple watch an appetitd apple tv were quite muted. the mac, which is one of the small sellers of the bunch, actually got the most significant update with an actual major redesign for the operating system. in no way is this the biggest apple event ever. shery: this conference is supposed to celebrate apple's developer community, but we have seen increasing scrutiny of the fairness of apple's app store policies. how prominent will this issue be this week? mark: i think the updates were enough. all the time people are spending on these updates and reading through the changes and the changes developers will have to

make are enough to back people off of thinking about that for a few days, but i think we will back to our regularly scheduled programming in a week or two. the one thing i will say on this issue is that there really is no alternative. if a developer wants to sell software on the iphone, they have to play by apple's rules. there is no real other place to go. being a software developer and only selling on a platform like android is not going to put food on the table. that is basically it. developers are going to complain. there's a ton of unfairness in the app store but there is no solution other than pressing apple to make the changes developers want. haidi: we have seen the recloser of some u.s. stores amid concerns of a second wave. there's also concerns the pandemic might have caused a delay to shipments. where are we at in terms of expectations for when these new offerings, new phones and products will hit stores? mark: for the apple store situation, 11 stores closed across florida, arizona, north

carolina, south carolina. there are other openings and bigger areas like boston, new york and los angeles that are still going on as planned. i expect the new iphone to be announced in september, and should between october and november depending on the four models you get. there's a few mac upgrades, new watch.apple tv and willur to six weeks, we see a normally scheduled rollout of apple hardware in the fall. shery: mark gurman with the latest on apple. we will have more coming up on the chip switch and what it could mean for suppliers in asia. joins us 8:40 p.m. in new york. the founder of one of the biggest black-owned investment firms has told bloomberg that companies must backup every quality talk with action.

aerial investments chief john rogers joins us to discuss racial disparities in board rooms of corporate america. goingwe have been backwards the last 40 years or so. that is the key things that people don't understand, how much worse it is for african-americans than we were 40 years ago. we got to figure out a way to make a dent in that problem. the way i think we have to do it is we have to have more black business leaders in corporate america. we also have to have more black successful african-american entrepreneurs. because growing up in chicago where we had george johnson, john johnson running ebony, they were role models for folks. they hired hundreds, if not thousands of people. created economic empowerment. we have to get back. we have to have more black business leaders and more black successful entrepreneurs of scale.

>> what do you attribute to the lack of black executives in the c-suite? for example, we only have four black men serving as ceos of fortune 500 companies and not a single black woman. how do we begin to enter those spaces? john: i think a couple things. one, if you have successful african-american business leaders and entrepreneurs, the next generation of black business leaders will come along after them. it's interesting, george johnson's son runs the largest black company in chicago which is a supplier. the opportunities have brought together a new generation of successful entrepreneurs. that is something that is important. it is critically important we get african-americans who are on corporate boards and progressive leaders who are on corporate boards, to hold their management teams accountable through diversity inclusion.

tied directly to their pay. have a rooney rule when it comes to hiring. making sure when you're in that boardroom, you are confident and come to bringing up social justice and economic justice issues when you were in the boardroom. civil rights often gets left out. if you are not courageous enough to go out and speak, speak truth to power until the leadership of these corporations that they have to live up to the commitments they made around diversity and inclusion. not just talk a big game, but really execute. >> you have been very vocal about this, but is the onus on black executives to be the voice on corporate boards when there already so few of us on those corporate boards? john: it is critical. we started 17 years ago with my friend, and deloitte has become our partner. this last year, we had 200 directors come together. we've had everyone from president obama to don thompson to jamie dimon.

from george lucas -- we've had extraordinary people come and speak. most of poorly, we have the conscience of the conference. john lewis, andy young, reverend jackson, reverend sharpton -- people who actually dedicated their lives to social justice and economic justice. they are threre to remind all of us were fortunate to be in the boardroom of the sacrifices of prior generations, who sacrificed their lives and wrist everything to get these doors open for us. and the commitment that they expect of all of us to get in there and fight and fight and speak up, even when you were the only one in the room, even when it is uncomfortable and you see the risk john lewis took. getting his head bashed in marching. we realize we as african americans have a response ability to speak up and make a difference. rogers.hat was john coming up in the next hour, we

will be getting the outlook for markets. lots mroore to come. this is bloomberg. ♪

haidi: a very good morning. i am haidi stroud-watts in sydney. we are counting you down to is this major market opens. shery: i am shery ahn in new york. asian markets look set to rise after tech pulls u.s. stock higher. the nasdaq isn't as long as rally of the year although the s&p 500 dragged on fears of a coronavirus surge. global infections have topped 9 million