june delivery contracts sits below $21. u.s. officials learn that kim jong-un was in a critical condition following cardiovascular surgery last week. washington wants clarity on the north korean leader's health. and president trump says he will suspend immigration to the u.s. over virus concerns, this as some states look to end the lockdown. well, good morning, good afternoon, good evening, everyone. this is "bloomberg surveillance." i'm francine lacqua here in london. tom keene in new york. we are working from home, day 21, week 6 -- we're not sure. oil in negative territory. it took the market so much by surprise, some people actually had difficulty explaining it. tom: the mechanism of it yesterday was fascinating. with going back-and-forth jon ferro and our hydrocarbon team. moment by moment, absolutely extraordinary. the underlying reasons why is very clear. we are up to our eyeballs in oil, at that means the price goes down. we have some terrific perspective today on oil. too much oil,, not enough storage. we will have plen

you are taking a look at june futures at the moment. this of course still at a volatile level, but the real question being is will it suffer the same fate? today, we saw the technical auditing exacerbating the price plunge away from the may futures contract ahead of the energy companies running out of place to store oil. u.s. futures jumping 3/10 of 1% after they pulled back from a six week high. quibi stocks under pressure. jim.ng us now is what was interesting in today's session was it a virgins we saw in the market. we had the price of oil collapse but at the same time, really not a lot of movement when it comes to the u.s. stock market for the treasury market. why are we seeing such divergence in the markets and will this continue? jim: it is pretty dramatic anytime you see -- you have people paying to actually offload their oil. when you see a negative price for oil, that means in order to deliver that oil, you have to pay someone to take it. the headlines are obviously interesting around that phenomenon, but it did not really affe

in time to meet the june 15th deadline? >> yes, i am looking at my calendar here. i believe the june meeting is -- just one second. i believe it is june 12th. >> my question in terms of government code to have take extended would that go to the board of supervisors budget and finance and then to the full board? >> i don't understand. what was the question? >> i think i can answer that, commissioner. it would then be going to the board's budget. lafco is part of the board's budget. the revised budget would go the board's budget and be part of the overall process under the board of supervisors budget. >> then it would be miss ca c.e.o. who would present it. our our numbers would be pushed forward as well? >> yes revised numbers. >> okay. great. thank you so much. >> mr. goebel are you sure it is the 12th? i look at the calendar. it could be the 19th. >> itant correcte -- i stand co. it is the 19th. it is a mistake on my part. >> to our attorney if it is four days later or how many days later than the statutory requirements, t

the bogey is down 10%, 20% in the june quarter.ril is down, people's fears will have been realized. it is down only single digits, chances are it will come in better than the market fears. that is what people are looking revenue growth rate. deteriorate inll the june quarter, the question is the rate of deterioration. amanda: one of the impossible questions will be looking through those numbers. we expect massive deterioration in the near term. improve? it does alphabet or google have more visibility on that? mark: i don't think any more than you and i would have. the the peel back the onion a little more. they will disclose search and youtube advertising. search last quarter grew 17% year-over-year. .outube about 30% it will be interesting to see which of those growth rates deteriorated more. based on talking with industry contacts, our guess is search holds up better than branded advertising. that will be tested with the march quarter results, definitely the june quarter results. the pace of the recovery should be relatively quic

in time to meet the june 15th deadline? >> yes, i am looking at my calendar here. i believe the june meeting is -- just one second. i believe it is june 12th. >> my question in terms of government code to have take extended would that go to the board of supervisors budget and finance and then to the full board? >> i don't understand. what was the question? >> i think i can answer that, commissioner. it would then be going to the board's budget. lafco is part of the board's budget. the revised budget would go the board's budget and be part of the overall process under the board of supervisors budget. >> then it would be miss ca c.e.o. who would present it. our our numbers would be pushed forward as well? >> yes revised numbers. >> okay. great. thank you so much. >> mr. goebel are you sure it is the 12th? i look at the calendar. it could be the 19th. >> itant correcte -- i stand co. it is the 19th. it is a mistake on my part. >> to our attorney if it is four days later or how many days later than the statutory requirements, t

june. nobody knows what we will be doing in june. bestsaid, i talked to the experts in the globe on this, and the smartest ones start by saying, i don't know. we have to watch and see and follow the science, followed the data, and see what happens. i am not prepared to say what we will do in june. whatever plan would come up with will be driven by data and science. it would be coordinated to do all of those functions at once. if you say the schools are closed through june, you are effectively saying businesses are closed through june. because you cannot put -- restart the economy up fully without restarting schools. schools are also -- provide not just education that they are in many ways childcare for those who can go to work. so, coordinate all of that, do it regionally, and june is a long way from now. go day-to-day to watch those numbers. we will work with jersey and connecticut and our local governments in each reporter: does it make sense to ?pen schools gov. cuomo: i would not assume

the rollover for may is now in june, but june will rollover too.e beginning of may. can you describe to me how that works? mark: at this point, they need to see the u.s. starting to respond. i think you need to see shut in start to increase. people will say shut-ins are dangerous, we will not sure what will happen on the geology, but at the same time we have an understanding and know what is down there. we need to start seeing shut-ins. completions have gone through the floor. the work i do with primary vision, we have seen completion coming down. in terms of frack spread -- they are a crew that completes the well -- we will see that go right through 100, probably 40 to 50. we also need to see shut-ins going we need to see these uneconomic wells putting out too much product start to, and that will make opec-plus feel comfortable we are starting to respond as well. low? what would be the i feel like that is a weird question, but nonetheless? mark: if you would've told me the may contract would go that negative, i would have told you you were crazy.

crude for june delivery sits at $21. the kospi trades lower on reports that kim jong-un is in critical condition. donald trump said he will temporarily suspend immigration as some states look to reopen. larry kudlow said the president will reopen the economy if it is safe. and the italy -- and italy and lowering in the number of cases. manus: we are getting some breaking news. we go to the heart of earning season. single structure. jennifer may will leave at the end of may. numbers, first quarter, non-ir four f. they see a solid start to 2020 despite the eye of the coronavirus storm. and first quarter results, they theyted some softness and had said there was a little bit of a dent with a significant new business having been derailed. they see a solid start to 2020 amid this covid-19 crisis implying a strong rebound. in the structure at sap. we are waiting to see if any other news is coming through on their dividend. good morning. it is all about the oil market. nejra: absolutely. 20 7%revenue increased for sap. the tech

as june contracts go below $21. u.s.ls learn kim jong-un is in critical condition after a heart surgery last week and are seeking clarity. and president trump suspends immigration to the u.s. over coronavirus concerns, as some states end their lockdowns. we've had a pretty eventful 36 hours. the price of oil, we look at the mechanisms that led to that. we will look at markets. we had an interesting note on the pound. brexit has taken a little bit of a back step with so much, the lockdown. yesterday was the first day of talks resuming on brexit between e.u.u.k. and e.u., the saying they will not extend the transition period. >> we begin this busy newsday with wti true -- crude again below 0 dollars a barrel, recovering from yesterday's wipeout which saw plunges in new york of up to -$41 a barrel, the first time they have gone negative in history. the june contract trading above $20, spread reflecting growing concern over shortage of storage space. the u.s. has information north korean leader kim jong-un was in critical co

this is my understanding is they roll into june two weeks before expiration they only keep 80% in june and have 20% in the july as to not be messed up by sochl these things that happened they're probably still going get messed up if they start dragging june lower i do wonder sometimes as we move in that direction if somebody trying to force somebody else's hand i'm not certain that's happening. i don't like to think there's somebody anefarious going on to me, that could be possible. i've talked to a lot of smart traders and every one was like this trade is easy june will follow suit of may when everybody get ons board like that, it does open things up for potential short kweez we already traded up from eight bucks to 13 bucks. now we're back at 11 i do think one piece of good news comes out and there are a lot of shorts on the market. i'm not saying i'm an oil bull i'm just saying that's where the risk lies. >> stay right there. i want to bring bryan sullivan in to stick a pin in the discussion we've been having all day about these contracts. >> give me a question and i'll answer it, i

june, right now is the price of oil. june not that may -- the may contracts can hit the headlines. june is the price of oil 22, whatever change it is. that's what we need to watch going forward. oil still has a positive value you got to remember that june contract could roll over any time as well think about all the the debt we have been talking about it for a long time. oil is a four letter word. d-e-b-t. this will make those debt obligations much, much more difficult to repay margins will get crushed stocks are getting hit as well i think i speak for everybody when i say tgif. see you next monday. >> i think our next discussion might explain why some of this has lessed it's now at negative $8.61 the june contract kind of hovering below $21 barrel. it's down 16% right across the screen we have break news out of washington it's not positive. >> reporter: there will not be a vote in the senate to expand the paycheck protection program. this has a deal remains elusive. house democrats are expected to hold a conference call at 4:00 p.m. today because there's no deal, there can be no s

prepared tot here say what we will be doing in june? no. i do not know what will be doing in june. nobody knows what we will be doing in june. i talked to the best experts around the globe on this. the smartest ones start by saying, i do not know. we will have to watch and see and follow the signs and see what happens. i am not prepared to say what we will do in june. whatever plan we come up with will be driven by data and science. it will be coordinated to do all those functions at once. cannot do one without the other's. if you say the schools are closed through june, you are saying businesses are closed through june. you cannot put -- restart the economy fully without restarting schools. schools are also -- provide not just education but they are in many ways childcare. coordinate all of that. do it regionally. june is a long way from now. we go day today to watch those numbers. we will work with jersey and connecticut and our local governments in each state to come up with a coordinate a plan. -- makeit make stents sense to open schools if it were for a couple of weeks? gov. c

just moving into june.may contract, crazy historic slide into negative teg torry. >> president trump says he's suspending immigration more live report from d.c. straight ahead plus reports from coca-cola and travelers. tuesday, april 21. "squawk box" begins right now. >>> good morning i'm becky quick with joe kernen and andrew ross sorkin this is "squawk box. we have been watching the markets. after yesterday's big decline of

for 4 more weeks beyond me in other words until the 1st of june. then provided we have brought the community numbers down we can make for the adjustment and consider easing some measures well meanwhile iraqi officials scaled back the 24 hour curfew imposed to contain the spread of the chrono virus the new measures have a curfew from 7 pm until 6 am local time and they will remain in place until may 11th this comes days before the start of ramadan the holiest month in the islamic calendar traditionally involves a large gatherings will these large gatherings are still restricted but some shops will be allowed to reopen while some european countries are easing restrictions germany has warned of a possible 2nd wave of countries disease control center emphasized the seriousness of the situation. the less we prevent the virus from jumping from person to person through our behavior the more the virus will fall to its actual reproduction rate the basic reproduction rate the rate that occurs when no measures are taken and that is somewhere between 2 and 3 i

it is going to happen as the june contract is trading. the risk of people rolling their positions. may held onto their contracts for so long, had to buy the june contract at an extreme premium. you are going to see a lot of selling in the june contract. the table is set for the june contract to trade into -- i don't know about negative but i was confident you would see single-digit in the may contract and i am just as confident you will see single-digit city june contract as well. think we could see something like this happening in the rent market? stephen: not necessarily. the breadth market is more of a marker for the global market. now is crushing wti right is that storage capacity is limited. there are only 76 million barrels of capacity at the storage hub in cushing. the canadians are still putting oil so you have a lot of oil that is landlocked that is crushing demand. the collapse on the wti spread the united states is not going to be able to export its way out of this. greater access to floating storage, companies like glencore ar

a loss of a quarter of the value of the dbt i june contracts less -- wti june contracts yesterday itabout uso wreaking havoc. manus: they swapped from june all the way out, from june into july of this year, causing all away to 2021. at physical storage, goldman sachs saying you will run out in three weeks but in south korea, they run out of onshore storage. in again,to get $.50 because everyone loves when i talk about something i know nothing about, but from an optionality point of view, $.50. options traded on wti for the first time on monday. that to me is very significant. doesn't matter the size of the trade. it talks about to shift in the psyche of what is possible. nejra: yeah, and you've got this june contract expiring may 19. bloomberg intelligence talks about a lot more volatility until then and you start to question if every month we start to see this, although we didn't have a negative monday as last week. people watching the screens and say not another monday like that in wti. coming up on the show, you don't want to miss our interview with bp ceo better loonie at 7:00 lo

not june, which means they've got to sell.etf owns about 25 to 30% normally of a current month. they are selling out of june they were all in may that could be adding downward pressure as well as oil fall, another equity falls. that's diamond offshore. heavily indebted once a very large offshore oil company. still is but the equity is going to be wiped out. you can see it's closed because they are filing for chapter 11 bankruptcy protection. >> just a quick follow up. i got a note from a shareholder of diamond after our discussion last hour who said, what happens for investors like me. it sounds like from what you're saying that the story is over for the equity >> it's not for me to say that but in bankruptcy, you look at the -- if you look at the speck rum of creditors, it's secured, semisecured. down to preferred equity to straight up equities there might be something left. i do not know. generally, it's not a good outcome. i would advise your account to consult a bankruptcy attorney asap >> it's been amazing to watch it go

to investors now on tuesday is that there's even more selling now occurring in the back months to june contract is the most active trading down over 40 percent today meanwhile brant crude also traded down about 23 percent below its support level of $20.00 per barrel so as storage continues to fill up prices could try at extremely depressed levels for the foreseeable future the main u.s. storage hub in cushing oklahoma where the beach i expect to be full within weeks so even as opec oil production cuts kick in and may those 10 percent cut will barely make a dent as global demand has dropped more than 30 percent meanwhile u.s. shell produces a fast approaching the point where they'll be forced to shut down operations now president from called on the government to make fun of bail. well 2 u.s. oil and gas industry after promising in a tweet that he quote would never let the great us oil and gas industry down so currently is unclear exactly what will happen but it's actually he is allowing the donkey firms to live longer and produce more oil basically adding to the worsening situation so a

, $9 call calendar and subsequently bought the june $11 calls. this trade let's break it down leg by leg so the first leg that the trader sold were the may $9 call options for about 35 cents this is basically a mildly bullish to neutral view on caesar's for the next 28 days between now and that may expiration date, giving the stock about a 10% to 12% upside in the mean time and once that may expiration expires, this trader bought the june $9 call options which they paid about 80 cents and the june $len call options for about 20 cents and the break-even prices on those particular trades are 20% higher and 37% higher so this trader is betting that in the next month, the stock is going to stay mostly rangebound and mostly trade higher and significantly take off between that may and june expiration so that's how we can see how other options traders are currently utilizing the options market to time a potential bottom for these types of travel stocks >> okay. mike, what is your -- what do you make of the trade and what do you think of the potential bo

the crew built it and it was 2019,ted here in june of i believe. and they created it themselves.had all the sailors of the year from the ship here, we bring them in here once a year, the sailors of the year, they come to the library and do a service project. shells thatve the were used for the 21-gun salute, and this is from the air force in houston where the body arrived from the service in washington d.c. this is the page angela merkel signed. we have the condolence book, which is turned to barack and michelle obama, and we also have the program from the service. and we have the u.s. senate condolence book, which is turned to mitch mcconnell's signature. we have a photomontage from throughout his life. the early life, they were married young, he was still in the navy when they got. , so we have a montage of ocho from their life, from his career photos, a nice photo all, texas as you -- ask you -- 4141 carried the body, and that is a section of track where the train actually wrote over. and when misses bush died, there was a cartoon of misses bush going to heaven and being greet

who filed to restructure today that they're holding 40 percent of its portfolio in june contracts 55 percent in july contract and 5 percent in august so that's any can indication at all it shows that the downward pressure and the june contract will continue to accelerate well even then that we're going to see a big change in the coming months that we we have a few big earnings reports that were out today some of the big ones i.b.m. and coca-cola how did they do. so i mean reporter our names and it seem like tech is not immune to a slowdown has started to basically every single corner of the economy so while top q one earnings it issued a warning for the rest of 2020 as clients and they had paused revenue decreased 3.4 percent year over year as software sales slow and then as a result the entire tech software in particular i.g.b. they traded down more than 4 percent was her ex sales force more to networking and more software leading the decline coca-cola as a consumer staple also wasn't safe they also announced a a while of course did earnings beats it with drew is a no for past sight

butterfly here buying one contract, selling two contracts of the june $4 puts buying one of the juneonly costs 17 cents it is about 3.5% of the underlying stock price this is profitable if the stock is below $4.83, which is down from today's close, and it's profitable all the way down to $3.17. which is a 33% move to the down side this strategy is most profitable if the stock closes at $4 by june expiration, paying out 83 cents if the stock closes at $4. that's almost a 500% return on the 17-cent investment for this put butterfly. >> what do you think of the trade? >> yeah, so i like the fact that he's not spending a lot of the distance between the strikes and premium, the stock itself has become an option on this company's balance sheet. the enterprise value is $8.3 billion or so only $1.5 billion in equity. what that means is if the stock drops 20%, that sounds like a huge amount, but actually, that's a really small amount, that $300 million move, basically the company is all debt if you're using a bearish or bullish, you can only use structures like this i think it's binary as it

for west texas intermediate in june. francine? 1 we have a headline -- francine: we have a headline from the bank of spain, with the economy shrinking by 8%. it is significant and it could move euro dollars, shaking 12.4% in 2020. we had a stimulating conversation with the chairman e. societe general u.s. equity futures down. asian stocks were down. here in europe, but they are fluctuated. investors are trying to figure out the latest evidence of coronavirus slowing and preparing for earnings season to wrap up, treasuries rising with the dollar, oil plunging. with the change of the futures contract, he could have more volatility heading this way. i'm looking at of uti, and at some point it was below -- i am looking at wti, and at some point it was below $15 a barrel. thank you so much for joining us, eric, for economic insight. a million questions here to talk about, which is the changing role of government, with the legacy of this crisis will be. but maybe let's start off with european debt. how detrimental and how difficult will

as june contracts go below $21. u.s. is in critical condition after a heart surgery last week and are seeking clarity. and president trump suspends immigration to the u.s. over coronavirus concerns, as some states end

i'm selling the june 172.5 for about $9.40 and buying the $162.50 for about $5.40. net-net i'm collecting $4 credit on a $10 credit spread so 40% of the width and this strategy has a break even price of $168.50 which still gives me a 3.5% move to the down side which is more than almost double the average move that we've seen on earnings over the last four quarters of microsoft. >> what did you make of tony's levels and what did you think of this charting? i have to ask the chart master what he thought of his charting? >> we are all entitled to pull up a chart and render a judgement. what we do know is what's important is what tony said. this stock outperformed the market on the way down, dropping only 30% versus the software sub sector dropping 35 and it's outperformed on the way back up and very close it just might be in many way, if you will, the johnson & johnson of 1985 and the most stable business around the utility, if you will this is certainly a place to be long and relative apple, most certainly so >> mike, what did you think of the trade? >> yeah. i have t

i'm selling the june 172.5 for $9.40, and buying the 162.5 for $5.40. so about 40% of the width. this strategy has a break-even price of 168.5, which still gives me about a 3.5% move to the down side, which is more than almost double the average move that we've seen on earnings for microsoft over the last quarter. >> what did you think of tony's levels and his charting. i have to ask the chart master about his charting >> no, please, we're all entitled to pull up a chart and render a judgment. it's the relative performance, right? this stock outperformed the market on the way down, dropping only 0%, versus the software sub sector it's outperformed on the way back up and it's very close to its all-time high. it might just be in many ways if you will, the johnson and johnson of 1985. the most stable business, the utility, if you will this is certainly the place to belong and relative apple, most certainly so >> mike, what did you think of the trade? >> yeah, so i mean i have some things i certainly like about it there are some things that concern me about it as well. the things die

i do not know what we'll be doing in june. nobody knows what we'll be doing in june.i said, i talked to the best experts around the globe on this, and the smartest ones all start by saying, i don't know. we have to watch and see and follow the science, follow the data and see what happens. i'm not prepared to say what we'll do in june. whatever plan we come up with will be driven by data and science. it will be coordinated to do all those functions at once because you can't do one without the others. if you say the schools are closed through june, you're effectively saying businesses are closed through june because you can't put the -- you can't restart the economy fully without restarting schools. zoo schools are not only provide education they're in many ways childcare for people to go to work. coordinate all of that, do it regionally, and june is a long way from now. we go day-to-day to watch those numbers and we'll work with jersey and connecticut and our local governments in each state to come up with a coordinated plan. >> do you think people can assume that sch

i think there's a real fear it is beyond june.rote a column over the weekend looking at traffic congestion. what we're saying even in china were some of the restrictions are being eased, we're seeing a pickup in traffic close daring peak weekday hours. people going to and from work. but what we are still seeing is that outside of those hours, at the weekend, during off-peak weekday times, traffic flows are really, really low. discretionary recreational going to the shops kind of driving is not coming back -- or at least, not yet. flying may be the same. francine: thank you so much, julian lee. tom, as he was saying, it is very important to look at what is been going on with the futures contract and some of the conundrums as we try to understand the oil market and much more. this is what wti is doing now, i believe it is below $15 a barrel. a lot of volatility today. there may be volatility tomorrow because of the change of futures contracts will stop are also looking at earnings. this may give us that are idea of what we do next i

fauci, saying that everyone would be able to get one by june if you need it, listen to this. >> everyone who needs a test according to way we are approaching, the identification, isolation, contact tracing, keeping the country safe and healthy, that hopefully we shall see that as we get to the end of may, the beginning of june. that's what i'm being told by the people who are responsible for the testing. i take them for their word. ainsley: jared, so many people, they are saying have had it and didn't know it, didn't have any symptoms, many of us want to take the antibody test. is that the test he's talking about or is he just talking about the test to determine if you have it or not? >> i believe dr. fauci is talking about both tests, both the antibody and surveillance testing and diagnostic testing. dr. fauci and dr. birx gave the innovation team and admiral goals that they would like to see on testing. we have been able to so far exceed the goals for the month of april. we will have almost 6 million tests in a month which is going to be extraordinary and we are really quite excited fo

the june contract is more actively traded.was 66 or percent lower after closing above the $20 mark on monday. this unprecedented demand loss from the coronavirus pandemic. pretty soon, there will be nowhere to store food. what -- to store crude. they are willing to pay buyers to take crude off of their hands. imagine if you are delivering. etf's ine most popular this space. it gives exposure to the futures. it fell about 20% today. it was halted pretty much for as oilning, then went on was absolutely beaten down because of this oversupply and lack of storage. i think about a quarter of their exposure to the june contracts a lot of people bought this, thinking that it hit an absolute bottom, how can it go below this point? a lot of this just led to the etf's being down at historic levels. year-to-date, it is down about 75% or so at the close today. today, the june contract was down about 30%. so what they are doing is pretty much allocating to different futures just to keep the etf's opening to prevent it from going to zero. th

june is two cents higher the june contract trading around $8 the july contract still up at 18 there's lot more to this story. as we continue to look at the fall out,the senate is expecte to pass a bill today that would include additional funding for the small business program the ppp which tapped out last week my next sges on the ground frost bank hebs secure $3 billion in loan approvals. that's more than a year's worth of loans now they have the oil collapse to deal with as well they're not the solution they are the problem instead of everybody being able to get access, every one is pointing fingers about who got something and who didn't >> i really disagree with the fact that it was not an equally system 82% of our prooiapprovals went loans of $350,000 or less. those are employers of 85 people or less. we just focused on getting the apps processed and not any focus on doing big deals or special deals. >> sure. what youwould you say are the industries that you're seeing a lot of demand? what kind of people were getting this money >> the first -- the highest ones were service level co

abu nidal struck yet again on june 1st 1981 killing the p.l.o. brussels represented but abu nidal is most significant operation was to come pick a year later. 13982 and other nidal gunmen opened fire on israel's ambassador to london critically wounded. israel responded by launching the military operation more massive than its 1973 war effort against the combined forces of egypt and syria. and 982 israeli invasion of lebanon had been an open secret for some time the lebanon israel border had been a constant point of tension as palestinians and israelis dreda drugget and artillery fire and a fact had realized that it was only a matter of time before israel launched an all out attack go ahead. oh i thought our arafat's was the only one who believe that an israeli invasion which would reach beirut was in a vital light of how much you can build the pillows military council and appoint a committee headed by the p.l.o. is chief of staff start to plan the defense of beirut. many palestinians expected a repeat of the 1978 invasion and assault with limited

morning, thearly very --june, which is a whicich is a money mororning, ii rereceived a c call.t was a request for help. >> hi. >> how are you holding up? >> i am doing well. thank you so much for helping. whether it is something pirate and they cannot be discscovered byy police. human rights lawyer rorobert tibbo masterminded the plan to hide snowden and one of the poorest neighborhoods. community is so marginalized, they are hong kong's version of the untouchables. it's highly unlikely anyone will be looking there. government would never expect that mr. snowden would be living with or hiding within this community that is so marginalized. so, , in effect hihiding him in plain sight. besesti in mr. snowden's interest that he go underground, that he disappear off the radar. six years later, in an exclusive interview with france thisnowdwden recounts episode of his escape. edward: for me, it wasas a litte bit crazy, but at the e same t e it was genius because it was definitely the one place nobody wawas going toto look for me. it was a verery different world than i had been used t

i know you are -- right, june next year.bble equity strategist, but i keep trying to understand why the market has global priced in a -- a equity strategist, but i keep trying to understand why the market has priced in a v versus the actual data, which is unclear. ellen: i think it is interesting. we were just on a call for an hour this morning. when we were in the office, we would sit right next to each other. it is interesting because the economy often behaves very differently than markets. have companies been be up enough -- been beat up enough? have investors already factored in that things can get worse, so it is easy to see a turn in the fundamentals that any kind of return to growth is posi tive. that would affect the stock market differently than the economy. i think certainly, investors would be disappointed if we were into that situation where we just can't seem to get much off the ground come all the way into june next year when there is a vaccine. i think that is more of the work from home arrangements come off,

june futures are rebounding slightly. this coming after it plunged 70% may contracts expiring, sinking below zero for the first time ever, traders fleeing oil to avoid taking delivery of physical barrels. seeing a rebound across the board but significantly lower from where we were earlier this week or last week. look at how the broader markets are trading up your u.s. futures after stocksg, tumbled the most in three weeks pay we had a frisch -- a fresh rout of risk aversion. around the 2700 level. president trump and secretary of treasury mnuchin giving a briefing at the white house. let's listen in. >> the certifications are quite significant. >> how many jobs have been saved while the money was going -- ppp is over 30he million jobs. that doesn't account for other money. we are pleased the direct deposits have gone out. we started sending out the checks. we are supplementing our capability and sending prepaid debit cards to get money out to people. everything the president has had us working on is providing significant

wti below $11 a barrel on that june contract.t a 21 year low. ♪ nejra: this is "bloomberg daybreak: europe." in the u.k., boris johnson's coronavirus strategy faces its first little test. the u.k. was put on lockdown a month ago. the prime minister remains out of action recovering from covid-19 and will not be in the house of commons to answer questions when parliament resumes its scrutiny of the government's plans. dominic raab will face a new u.k. labor leader while both will be in the chamber in a historic first. most members of parliament will be taking part by zoom videoconferencing technology. european central bank policymakers will hold a call in the evening where they may discuss whether to accept junk rated debt as collateral from lenders. the videoconference could be intended to head off concerns that sub sovereign corporate bonds will be downgraded to noninvestment grade because of the cost of fighting the coronavirus pandemic. fallen angels in other words. manus: the italian prime minister joins a chorus of european n

june $21 a barrel.p to date we'll speak to interviews a check on bonds, yields, inching lower, currently 0.62% don't go anywhere. ♪ say hi. ♪ a pandemic has the possibility of bringing us together in ways none of us would have been able to expect. ♪ i'm so small said the mole. yes said the boy, but you make a huge difference. ♪ ♪ ♪ >>> welcome back 28 minutes left of trading every sector down, energy hit the hardest as oil prices are in free fall going negative for the first time ever today. financials behind them, industrials, materials all bringing up the rear health care is bringing up the best, down down about 500 points right now. nasdaq faring the best as it has been really for the past few weeks. wilfred. >> time for coronavirus news update, sue herera has got it for us hi, sue. >> i do, indeed, will, thank you very much. good afternoon, everyone as canada remains under outbreak restrictions, the country is morning the worst mass shooting in its history prime minister justin trudeau says the coun

they are thinking to complete a deal by june 30.meeting with virgin australia creditors as well. the proceeds from this sale would have to pay back those creditors, of course. haslinda: let's do a quick check of the latest business headlines. india's top court dismissed an appeal by vodafone seeking a refund of $630 million from the government. the panel agreed the return of only $96 million before closing the case, ruling another setback for vodafone after indian mobile operators were ordered to pay a combined $19 billion in back dues. vodafone owes about $7 billion of that. facebook recorded an 18% increase in fiscal quarter revenues, showing advertising demand was strong for the pandemic hit. business was steady in the first few weeks of april, sending shocks to stocks. facebook sales came in at $17.5 billion for march. the results covered a few weeks in march when lockdowns began to hammer the global economy. microsoft quarterly sales and profit rose by demand for cloud services to accommodate the shift to remote working. to $35

until june --ools keep schools closed until june. i don't understand that. i think you have to coordinate the businesses with the schools because schools do education. they also do daycare effectively for a large percentage of the new york city population. so how can you say, i think you are going to go back to work in may, but the schools are going to continue to be closed, so figure out what to do with your children during the day, but you are going to have to go to work. how do you go to work if my kids are home? for parents, that might be confusing. gov. cuomo: i just clarified it. reporter: give us some sense of when that might be resolved. gov. cuomo: it is not going to be resolved in the next few days because we don't know. i cannot tell you what june is going to look like. i cannot tell you what may is going to look like. so no. be a can tell you it will metropolitan-wide decision. it will be coordinated with the business decision. it will be coordinated with the rest of the state, and it will ideally be coordinated with new jersey -- it will definit

the first appearance of the disease in the united states was on june 2. this date is important, because it means only a short six weeks from the time the first cases were reported in china, they occurred in the united states. this indicates the great rapidity with which influenza and influenza-like diseases can spread over the world. by mid-june, this disease had practically circled the globe, including southeast asia, southwest asia, the middle east, europe, australia, and north america. late in june, the disease made its appearance in north africa, introduced probably by the muslims returning from their pilgrimages to mecca. so that finally in late july -- in early july, the disease made its appearance in chile, in south america. so in three short months, every continent on the globe had been involved in this great pandemic. carl: dr. crabtree, you mentioned that it had been reported on ships en route to san francisco and that several cases were definitely diagnosed among our fleet at newport, rhode island. wouldn't it have been comparatively simple to