barclays is doing as much self-help as they can. the market has taken them down from 175 up to 80 p. when you've got major banking customers such as british airways, they may have no relationship as well huge sways of the economy taken out, when you are going to lose 25% of the ba work force you've got millions if not billions of pounds of impairments, banks can't just offset that and the mortgage holidays and the no overdraft fees, the fact that they are keeping credit longer. the good news is the self-help and the trading from the investment is working well at barclays the bad news is -- and i thought he was very graphic about it two tsunamis you've got to cope with two tsunamis i'll go back to b.a. again the ceo of that company has given up on imparting the furl owe scheme he said this isn't going to be months this is not third quarter. this will take us years to get back to 019 levels so barclays is doing all they can. no doubt they can't do anything about the underlying customers, custody and underlying ma lays >> it is fascina

we heard from barclays earlier in.be some of it will not be needed in future quarters. there can't be much visibility, much way of assessing how businesses are going to do here for the banking sector, is there, bob? banks, just like the rest of us, are just going to be a little in the dark as to how long the downturn lasts. bob parker. just checking, can you hear me? bob? bob. we may have lost -- weeve we have lost have lost bob. i will say, we were talking to him during the break. i said, bob thinks banks are cheap. he said, yes, for good reason. so, if we get him back, we can ask him to expand upon that. i'm going to give you the bloomberg business flash right now, which are the top corporate stories from the bloomberg terminal. let's kick it off with standard chartered. it is joining the chorus of banks putting vast sums aside for bad loan provisions. it is reserving over $950 million for potential losses. first-quarter earnings for the asia focused lender slid 12%. beating expectations, like other u.k. banks. stand

we will speak to ian workman from barclays.ean markets certainly on a roll as we head towards the european close. this is bloomberg. ♪ beyond the routine checkups. beyond the not-so-routine cases. comcast business is helping doctors provide care in whole new ways. all working with a new generation of technologies powered by our gig-speed network. because beyond technology... there is human ingenuity. every day, comcast business is helping businesses go beyond the expected. to do the extraordinary. take your business beyond. guy live from london, i'm johnson, with alix steel in new york. ."is is "bloomberg markets despite making three and 30 billion pounds available for small businesses, the u.k. government is facing mounting criticism that its support program is overly complicated, and says that banks tasked with delivering loans are not delivering the money fast enough despite easing of eligibility standards by governments. joining us on the phone is ian workman, cohead of sme banking from barclays. we really appreciate your t

it says "brooklyn burger cheeseburger." >> both: "barclays signature prime beef." >> that's not barclaysture beef. >> it's ours. >> did you see that before? >> no. >> but see, these are the details that matter. we're spending $180,000 a year. as i walk around the stadium, i don't even see $18,000 worth of value. i see the batchagaloop burger. >> it's made with a brooklyn burger-- >> so they have a burger in here that's not called the brooklyn burger? that's a problem, right? the sports contracts that we have don't justify any sort of investment. i've made the decision to terminate all of the sports contracts, and save over $400,000 a year. we're gonna focus on selling these burgers in grocery stores around the country. look, i'm as enamored as you are by the glitz and the glam and the logos and all the fun stuff that goes with it. but at the end of the day, it's a business decision, right? >> correct. >> so it just doesn't-- although nice, the economics just don't work. >> and who gave you the p.o.? okay, let me check with frank and i'll get back to you. okay, bye. frank? >> yeah? >> you

and ahead, charles barclay is with us. it's been more than a month since the nba season was wiped out. how are professional athletes using their time to help their communities? >> as we go to break, we got more love and more hope from more celebrities. comedian george lopez and his tv wife, constance marie, right now. >> we'd like to send a huge message to our community. >> and a special thank you to all our essential workers in our communities. you guys are heros. we know you're working long hours away from your family to basically help everyone. >> thank you to everyone that has supported my george lopez foundation, raising the awareness of kidney disease and kids that have kidney disease. we have to keep practicing self-quarantining. >> and social distancing, stay 6 feet away from everyone. >> everyone, including yourself! wow! that's ensure max protein, with high protein and 1 gram sugar. it's a sit-up, banana! bend at the waist! i'm tryin'! keep it up. you'll get there. whoa-hoa-hoa! 30 grams of protein, and one gram

arnold donald. >>> we are coming right back, with the former ceo of barclays. bob diamond, who now runs atlas capital, on the rules of engagement for the ppp loan program. robinhood believes now is the time to do money. without the commission fees. so, you can start investing today wherever you are - even hanging with your dog. so, what are you waiting for? download now and get your first stock on us. robinhood. daddy, i found you! good job. now i'm gonna stay here and you go hide. watch your favorites from anywhere in the house with the xfinity stream app. free with your xfinity service. now any room can be a tv room. stream live tv, on demand shows and movies, even your dvr recordings. download the xfinity stream app today to stream the entertainment you love. liz: all right. jpmorgan putting a number on it. the bank is saying the second round of small business or ppp rescue money has processed, they have processed $18 billion worth of loan applications, but you will not see any hedge funds or private equity firms in that pile of applications. they are banned

and barclays, one of the uk's largest banks, announcing a 38% fall in profits and warning the pandemics boss questioning whether after the coronavirus putting thousands of people in office block headquarters would be a thing of the past. hundreds of debenhams workers lost theirjobs via a conference call when the already struggling retailer went into administration and had to close some stores. people are probably scared because they don't know what is going to happen and it is very unlikely a lot of people will be able to newly apply for a job given the circumstances. for me, i don't know, for me, my exams have been cancelled this year so i am unsure if i am going to university 01’ unsure if i am going to university or not so it is even more bad news for me because i was thinking, at least i have a job. there is the same anger amongst many british airways employees after they announced a dramatic decision to cut 12,000 jobs, judging that the crisis would change this industry forever. we think that there are alternative solutions and we think of alternative solutions remain on the table

bloomberg spoke to jes staley, ceo of barclays. that toughconomy is and unemployment goes that high, we have reserved what we into the debate to be. the government response is so were bust around the world. if it starts to mitigate contraction in the economy, that will free up reserves later on. bloomberg's dani burger has more. souring ininly the loans set aside, standard chartered earnings under $1 billion. these are a level u.k. in european banks haven't seen since the financial crisis, and it really just piles pressure on the lenders that already have a fragile business model. coronavirus also has a disproportionate effect on any banks that have a large retail and commercial focused business model. look at barclays for an example. ae credit card business saw 38% drop in pretax profit. but there is a briley big qualification -- there is a really big qualification here. strategists are saying about these earnings, it is overwhelmingly focused on the positive. you can see it reflected in the share price, as barclays is up nearly 7

barclays is down 3.6% as well. 3 3.8 for unicredit. >>> president trump has come under attack for halting funding to the w.h.o china has urged the government to fulfill its effort. germany's foreign minister weighed in saying it was not appropriate to play the blame game adding, quote, the virus knows no boarders. he called on investors to strength ent strengthen the un. >> he began to criticize the global health body last week repeatedly accusing it of being china centric. u.s. is by far the biggest donor of the w.h.o. giving it more than $400 million a year that is on hold saying they were too slow to react. >> the delays the w.h.o. experienced cost valuable time, tremendous amounts of time more time was lost to get a team of international experts in to examine the outbreak, which we wanted to do, which they should have done. the inability of the w.h.o. to obtain virus samples to this date has deprived the scientific community. >> president trump who has been arguing with the governors about who should lift the coronavirus shutdown he has said he will work with local officials to lyft r

independent yemeni organization involved in defending human rights and she's joining us now from barclay in california thanks very much indeed for giving us your time. as mohammed was saying there it appears that there are no current cases or at least reported cases of coronavirus in yemen at the moment there have of course been cases of cholera for the least the last couple of years why do you think so idea arabia has decided to do this now. christina burkle i don't know if you can hear me it's rob matheson here in doha 0 i'm not sure if you can hear maybe it would appear as though we have lost our link to christina bakker we will try and get her back at some point in the show but in the meantime it will him qatar is a yemen specialist he says it's less likely the ceasefire will hold for very long this is more of a p.r. move for the public relation a consumption but we know the yemenis don't need just a 2 week sort of cease fire we need to end the war we need to lift the blockade we need to end the crimes that are happening all across the country that a number of endemic splits side cor

david anderson of barclays. thank you. let's get a check on the first word headlines with mark crumpton. mark: new york officials say there are signs the coronavirus outbreak may be easing in the states. governor andrew cuomo said 478 people died in the past 24 hours, the lowest total since the beginning of the month, and the six straight drop. he says the federal government has pledged funding but it has not yet come through. he says if it does not, new york anticipates 20% cuts in state aid to schools, government, and hospitals. german chancellor angela merkel is warning people not to be lost into a false sense of security by the first steps to restart life. she warned a return to a full shutdown would be inevitable if infections take off again. small shops started opening across germany today after a four-week shutdown. germany has more than 145,000 confirmed cases. russian president vladimir putin says russia has slow the outbreak of the coronavirus but warns the nation has yet to see the peak of infections. he spoke w

by a 35% they doo have a v built in at barclays one of the strengths economists aring loog at when it comes to the third quarter rebound actually happened, they are worried about business being shudder. a second round of configuration in everybody's risk to the forecast the money from snaul business and feds mainstream lending program gets out to the economy to keep things from getting worse. >> do you still get the sense people are kind of guessing on this how wide are we talk about in terms of a range on these forecasts. you figured that many people doing that much less work and you can use certain formulas that exist the guess work is how long will we be closed and how much of the economy will be closed and geographically what will be closed that's where the guess work comes in they taking certain assumptions and putting them into the model and coming out with the forecast >>> let's get back to the big story which is oil and the crushing decline in that may contract the contract gets set to expire amid a lack of demand. i know we have a lot of viewers who may not watch cnbc all the

barclays warning that tough times still lie ahead.ercedes-benz another company hammered by the virus. daimler closed factories in march to reserve cash. now it has started a gradual ramp up in production. that is your bloomberg business flash. vonnie: let's get to futures in focus now. we are going to chicago to be joined by phil streible, chief market strategist at blue line futures. we have wti now trading at a whopping $16.45 a barrel. what is your sense for what the oil market is signaling right now? phil: i think really come of the contract you want to focus on is that july because it broke through $20. june has a lot of restrictions on it. some are putting june on liquidation only. that seen a lot rollout of june contract, but i think july is somewhat supportive here. we are working your way out of this phase two in the economy right now. this is kind of the bridge between the liquidation going into more of an economic recovery. we think the supply and demand is still in balanced right now. we are seeing some movement into the s

so it's actually bigger than it would be if it was just a single quarter, but a 35% rebound for barclays goldman at 34% with a 19% rebound and citi right about at the average, maybe the v is looking of all the surveys out there. what are the constraints economists are talking about for the comeback to the economy? first, whether or not businesses actually shutter did they just close down or are reopen and how many deal with the oil business and retail business consumers continuing to shun social gatherings, a second round of contagion factors in all forecasts out there. the ideas that the government is in a relief process but is there going to be stimulus coming from the government to power a second half rebound goldman sachs writing in a report out this morning where they are looking at stit-- difft techniques w he conclude there's a significant risk of a second wave if policy or social distancing are eased indiscriminately and reopening strategies could involve a sharp ramp up in testing and contact tracing and low cost public hygiene measures i want you to know they have a goldman sac

it was undone by ellis barclay, because in the city attorney's office, and she could do it. and i was too damn stupid, as i was saying to tom the other day, sometimes my stupidity amazes me, that i didn't go to harry brit and carol silver and said you passed it, the mayor signed it, what is this? let's get them back. more than i've opinion able to get about the s.r.o. legislation which i still hope to. and i don't know who we hope to consult. the people who used to be on harry's advisory committee, for example, i don't know if you have something similar. it's really a good idea that you are looking at this middle bucket, which is something we weren't looking at before. i have some concern, it might just be if i were able to ask like i did back in the day, we would say what about this, have you thought about that and so on. we could clarify. i would want to know, for example, would people be evicted if they were, these were not rent-controlled buildings, are they protected by the state law from being evicted if people go turn them into this and also if people have written agr

>> they have an apartment complex near barclay center.ou can live there or pay rent somewhere else which i will not be doing if i'm there. they pay for housing and apartment that's are really nice looking. i think if i end up there, that's where i'll be. >>> and the game with kobe bryant, he tucked it out. he made two free-throws before limping off the court. that ended his 2013 season. >>> did you see this 60 years ago today, giants baseball. the giants hosted st. louis in a 1:three game. 1960. 32,000 fans showed up with then vice president richard nim. it would have many more memories. that's it for sports. we'll be back after this. that could mean an increase byin energy bills.. you can save by setting your heat to 68 or lower... unplugging and turning off devices when not in use... or just letting the sun light your home. stay well and keep it golden. metastatic breast cancer is relentless, but i was relentless first. relentless about learning the first song we ever danced to. about teaching him to put others first. about helping her

about lehman as i look back, we tried very hard and came very close to getting a deal done with barclays we look back on it, as bad as that was, that was not the worst outcome that was possible. the crisis had been grinding on for about a year. there were many weak financial institutions. we had three financial institutions going down the same week. lehman, merrill, and aig. it turns out we had one buyer. and bankamerica bought merrill. if they bought lehman, merrill would have failed and it would have been a bigger problem. the other thing i will say about lehman, as bad as it was, it accelerated the crisis, it was a symptom. it wasn't the cause. david: ultimately, legislation did get through congress, but it failed in the first vote in the house. what did you think was going to happen then, when it failed? hank: oh, boy. we had a number of terrifying moments, and that was one of them. because -- here is the best way to describe it. for months, we wanted to get these fiscal authorities. it was a big thing for the president to authorize this. there is no way you want to say we have an em

this unit training was conducted at camp barclay, texas, camp alabama, forturi, lewis, washington, and it camp in illinois. in addition to the overseas needs, hospital and laboratory for facilities in the interior had to be expended. general hospitals increased from a total of four to 65. 56 regional hospitals were established. 26 for the army service forces and 30 for the army. 300 station hospitals were required. -- 158 for the army air force forces. addition, 10 service command laboratories are the medical department was faced with the enormous job of staffing, training, and equipping various installations for wartime responsibility. enlisted personnel received training at the medical department and technician schools. located at fitzsimmons general hospital and nine other general hospitals in addition to the army medical center. these men and women became highly specialized medical laboratory technicians whose loyal and able wartime record merits the highest praise. civilian medical schools throughout the country contributed to the training of medical department laboratory offices.

my small to make barclay almost night. and his day and let's not call that she and i need. my lover to tell us when i'll miss you to. the. other off and to the. side of the nose and they have a soft skin and i think it is it's going to. i want my son to be a little fans and i'm hoping that someone in a boy. to love fun novel for little enough. also heidi as she was suffering. whatever that i'm in the middle i'm ready to be a bit more of the b. and more to the moon fan. than the knuckle one manasseh just a genocidal plebeian. yet. not followed as i would that also enjoy the humor those of them ok i'm sort of them was the gods of that. stuff in them and i said winning look at the job i did be it . was stuck in. maybe at the we're stuck a little. kid you know where the most this and they can be up in was i. was. going to bullshit. on. when i love sunday night out of love not another saturday. i'm missing. somebody oh how the i'm going to do. this for them now about finding being at the. top of. it by looking at what. was the book. getting out. but i love. your record thank you

hoffman has held positions with northern rock, barclays and visa, and is currently chairman of the coventry and monzo bank. horse racing has been suspended since the 17th of march due to the pandemic but could return next month behind closed doors with a maximum of 12 runners. the proposals allow only senior jockeys to race in an attempt to reduce the risk of injury and put little demand on the nhs. plans would need government backing with the sports' leaders hopeful. royal ascot will take place injune along with the first two classics of the season, the 1000 and 2000 guineas. now to the nfl draft, one of the biggest events in the us sporting calendar. normally hundreds of thousands of fans attend the event, but this year there were none, as the 32 american football teams picked college players via video link. the first pick was quarterbackjoe burrow to the cincinnati bengals, and here's how he found out. hello? we're going to turn the card, make you the number one pick and make you a cincinnati bengal. appreciate that, coach. ready to go. excited about it. pretty low— key for pretty low—ke

measures have injected 12 trillion dollars of the quiddity i mean that's 20 percent of the of the barclays aggregate index of you know bond index in the u.s. so it's massive injection of liquidity and policy support but you also have the prior condition of the economies the u.s. was in great condition after 2 or 3 years of tax reform and deregulation you had record unemployment and especially record wage growth significantly for the lower income or the lower the lower court tile of workers especially so you know that the condition of the economy was what much better granted the unemployment numbers are in the u.s. are staggering but because it's it's so short and it was imposed by the government it wasn't a structural problem with the economy i expect the recovery in the u.s. to be a lot better on the other issue is that you know the the european economies probably started a little earlier i mean obviously you had the problems in spain and italy with corona before it reached the u.k. and the u.s. so you know you might see some numbers that are worse in the u.s. in the e.u. or any in the eu

>> they have an apartment complex that's near barclay center that they house -- i mean, you can livere if you want, or else you want to pay rent somewhere else, which i will not be doing if i'm there. they pay for housing and apartments that are really nice looking. so i think that's where -- if i end up there, that's where i'll be living. >>> seven years ago today, the legend of kobe bryant grew even more during a game against the warriors. kobe drove towards the lane, or the his achilles, toughed 80 out, made two free throws before limping off the court. he went on the play until 2016. he scored 60 points in his final game. >>> hey, did you see this? 60 years ago today, candlestick park opened its doors for giants baseball. the giants hosted st. louis in a 1:30 matinee game tuesday, april 12, 1960. 42,000 fans showed up along with then vice president richard nixon. sam jones threw a complete game. the giants won 3-1. the stick would host many memorable memories. what a great day to stick with us. saw my first baseball game there never forget it. >> what an awesome memory. >>> well,

so now looking for the 2nd quarter is expected to contract another 40 to 45 percent according to barclay's as a rising unemployment takes its toll on the economy you know do you know what do you make of this big g.d.p. drop i mean obviously a lot of this is expected whenever we see these awful numbers we knew that the economy was basically shut down and we know that the world economies are basically shut down but you know it feels like everybody goes it's no big deal don't worry about it we knew that it was going to happen we'll be able to recover but we don't know how long this is going to last and whether we reopen economies or not it may be 18 months before we were turn to what we like to call normal what do you make of all this then you know. well i think returning to normal is one thing i think i think that the markets are celebrating expectations that we're going to return to 50 year lows in the unemployment rate which could take 18 magic it could take 2 years it could take 4 years for the economy to recover from this magnitude of a demand shock and you have to bear in mind that this

doing international flights there the flight was originally scheduled to be held on april 18th the barclays center in brooklyn new york but restriction the public gatherings in the state forced way to find a new venue it was highly anticipated made off and 20 ferguson for the interim lightweight title confirmed he is unable to travel due to coronavirus really travel bans and their meeting absolutely seems cursed at this point it's the 5th time the same to be versus ferguson has failed to actually make it to the octagon she's the main carter announced monday with a full slate of bouts with ferguson now facing off against number 4 ranked just engage she while actual occasion is still to be revealed why promises that he'll start holding more u. of c. events frequently over the next 2 months. and many sports are still scrambling what to do next and get their seasons off the ground major league baseball though they seem to find some headway as legal socials might have found a way to start as early as may these officials are increasingly focusing on a plan that would allow them to start the seaso

island doing international flights their flight originally scheduled to be held on april 18th the barclay center in brooklyn but restrictions on public gatherings in new york force white to come. if a new venue for that the for that event silences between hubby in iraq made off and tony ferguson for the interim lightweight title however to be confirmed he's actually unable to travel due to current virus related travel bans their meeting at this point seems cursed it's the 5th time the same to be ferguson has actually failed to go to the octagon change the main card are announced monday with a full slate of bouts with ferguson now facing off against for number 4 ranked justin gayeties while the actual occasion is still be to be revealed whyte also stated he'll be holding more shows frequently over the next 2 months. and many sports are scrambling to figure out what to do next and get their seasons off the ground a major league baseball it seems is making headway as officials have my found a way to start maybe as early as may the league is increasingly focusing on a plan that would allow th

we are talking big names san tan dar, barclays and more take us through that >> so far this morning, we have seen a negative reaction across the banking space. here is a look at the moves we are seeing now this move from the uk lender is on the back of request from the banking authorities. the bank of england pushing them to scrap and use dividends to help the economy and channel measures p ut in place by the government into the real economy and households that need it. this follows similar calls from the european banks this is uk banks joining european lenders scrapping those dividends. we are seeing a negative share price action here. this is a short-term tradeoff for a long-term benefit. >> that is live from london on the european trade >>> tothe latest on the coronavirus outbreak where the number of global infections is set to hit 900,000 with nearly 200,000 in the united states alone. >> that's right. the u.s. infection rate remains on track to hit 200,000. the new statement from the white house has people on edge >> that is a minimum number. what we are looking at, whatever we

while barclays has reported a 38% drop in profits and warned the pandemic could cost it £2.1 billion.of commerce talked about the fact that many businesses don't have cash reserves of more than three months, that there will be significant pressure on businesses for longer if this goes on. from banking to aviation it could take several years for air travel to return to pre—virus levels. british airways is restructuring now, with plans to lay off a quarter of its workforce. the proposals remain subject to consultation. we think there are alternative solutions and we can't understand why ba has started clock ticking on a consultation for a situation that, if we get round the table and have a discussion, could be avoided. no business is immune from this shock, but our high streets were already in trouble and, the longer the lockdown, the more permanent these closures could become. the education secretary for england, gavin williamson, says schools are likely to reopen in a phased manner, rather than all pupils returning at the same time. but mr williamson told mps on the education select

we get barclays tomorrow and standard chartered, followed by deutsche bank. it will be interesting to hear the details behind that beat. alix: let's recap more u.s. earnings as they come out before the bell. ups higher. the company beat revenue estimates for the quarter, withdrawing this 22 any forecasts for revenue, as well as earnings, and suspending share buybacks for the year. harley davidson rallying, but saying they are looking at motorcycle sales for retail in the u.s. down by over 14% in the first quarter. caterpillar shares also touring a negative -- also turning negative. they are shelving their 2020 outlook, saying you could see all revenue pieces could reach double-digit decline in 2020, so a pretty ugly forecast. higher.s are growing the company is cutting capex alix: time now for bloomberg first take. joining me from our in-house team of wall street veterans and insiders, michael mckee, bloomberg international economics and policy correspondent, and damian sassower, bloomberg intelligence chief emerging market credit strategist. imian, i do want

market cap of just about half that of one company, apple joining us now with more on this story is barclay's oil and gas production research analyst. welcome. i wish we had a better story to tell we do know this. there will be companies that will likely go away but there will belong-term survivors and potentially money making opportunities. how do you see it and are there some stocks that may be safe >> what we try to tell investors is that as bad as it feels and it does feel bad, shares are low for oil prices are low the positiveness reset in order to bring long-term investors back eliminating these inefficient have always been a part of the story. we think there is going to be more volatility in the future and not less that tells us, we need to stick to high quality names. that means we want very strong balance sheets that would be eog and pioneer way see over 65% of the price on those we would probably want big share of those for us that would be concho resources. and hess hess has over 80%. at 55. so protecting the cash flow -- >> let me jump in on that point here it is 5:17 in the morni

what we've got across the banks here, barclays up 2.3% ubs 1.2% very interesting numbers those banks with strong trading divisions because all of that market activity saw a stampede back to the trading debt and equities over march in particular that was a real boost for major investment banks >>> technology names, strong for asmi, asml almost 5% new data shows u.s. sales and output reveal the toll on the economy is worse than feared u.s. sales slumped 8.7% in march. the worst since this began auto sales dropped 25%, retail clothing sale down 50% restaurants and bars down as well industrial production fell 5.4% from the previous month as factories were closed down to protect workers. that is the worst month since 1946 >>> imf managing director has told cnbc that half of the fund's members have requested bailouts they still expect the economy to grow by 5.8% unless the virus takes a double trip around the world and unless they don't find a vaccine. >> translator: provided that measures to contain it are successful and we see a rebound in the second part of the year, next year, they wou

the fight was originally scheduled to be held by you said april 18th the barclays center in brooklyn but restrictions on public gatherings in new york forced to find a new venue is a highly anticipated fight even her mother made off in tony ferguson for the interim lightweight title of confirm though he's unable to travel due to coronavirus really travel bans and their meeting just seems cursed at this point the 5th time the famed ferguson fight has failed to actually make it to the octagon change the main card were announced with a full slate of bouts with ferguson now facing off against number 4 ranked lightweight justin gayety while the actual location is still to be revealed what promises he'll start cranking out more flights over the next 2 months. it's amazing i how what kind of life you have to be living milledgeville you know don't worry about i got my island i can i know somebody i know a guy why don't controversial figure i could think of with a private island but i mean i won't i won't go there maybe not there maybe one maybe not that island maybe not that island but it's

barclays put out a note that said they think we will only be up about 40% of our prior gdp by the end of the year because people are going to be so reluctant to go out and spend money. get a fed statement next week. what will the fed say in the april statement? michael: not a lot, except that they will reiterate that they will keep rates low for the economy to recover. it doesn't look like they will have to do anything more, i which point you might want to consider something like yield curve control. they are in a different position than the other banks that are meeting because they have already done so much. the back of japan, which meets monday, has already done a lot as well. they are expected to say we are going to buy unlimited qe. cap've got an ¥80 trillion per month, and they don't even buy that. it is going to be a change in language that doesn't mean much. the focus will be on the ecb and what they do. guy: so what do we think they are going to do? the expectation now is that they are probably going to have to do more. the politicians are not stepping up. italy finds itself i

government i'm sure they say they are rectifying some of the problems before we obviously invite the barclay brothers owners of the telegraph and rupert murdoch on the show but that's. yet the lockerbie a lot of people are going to think that this case was done and dusted over 20 allez deal with the late more margaret daffy what exactly is this case and why are you were pressing it given that al mcgrady has been convicted of this case he was of course 1st accused by a cia asset in libya back in the days when great get halfway around the one of the richest countries in africa per capita well it on the 21st december 1988 pan am flight 103 exploded over lockerbie in the town of lockerbie and 270 people from 21 countries lost their lives this was the as you said it's a deal it was the greatest terrorist atrocity to take place on u.k. soil and what it means is a many people have said to us why 30 or over 31 years later should be trying to take this back to the appeal court and it's as simple as this if there was a reversal of the verdict it would mean that the britain of britain and the united st

nejra: barclays said last week it expects high yields to reach 9%-10% in 2020.an even more bleak, predicting a trailing 12 month average of 13% later this year. shoqat bunglawala from goldman sachs asset management staying with us for the hour. let's get the bloomberg business flash. softbank is now forecasting a loss of $12.5 billion for the year ended in march. the japanese company has written down the value of investments in andanies including we work satellite operator oneweb, which filed for bankruptcy last month. stephen mnuchin is said to be holding firm on strict repayment guidelines for airlines wanting taxpayer aid. bloomberg understands the u.s. will require large carriers to repay 30% of the assistance through low-interest loans due within five years. it will also seek stop or an sequel to 10% of those loans. the government is facing pressure to act soon with the industry facing a 95% drop off in passengers. apollo global management's hedge fund's posting gains this year. it had been quickly amassing holdings in investment grade paper in march before

later when we speak to the cfo's of standard chartered bank at deutsche bank and the birth -- the barclays 1:00 p.m. hong kong time. riverfront investment group senior portfolio manager rebecca belton is with us on whether the u.s. is the best ways for equity investments. plots more to come. this is bloomberg. ♪ haidi: very good morning. i am haidi stroud-watts in sydney alongside shery ahn in new york. we are counting you down to the market open in australia and south korea. welcome to "daybreak asia." let's get you our top stories this hour. asian markets are facing an uncertain start to the day as u.s. consumer confidence undermines the new york session. more companies pulling guidance as the coronavirus continues to muddy the waters.

barclays setting assign 2.1 billion for credit impairments. deutsche bank swung to a loss.d from the cfo there saying credit losses are manageable despite more contain to come. in addition to banking stocks, airbus also in focus the aerospace giant reported no guidance regarding limited visibility we spoke directly to the ceo who commented on a recent letter to employees warning that they are bleeding cash. take a listen to what he had to say. >> we are hit by the gravest crisis we've ever had in civil aviation the purpose of that letter was to share with employees the situation and the need for action >> that's the picture here in europe this morning, brian we'll hand it back to you. >> julianna tatelbaum in london, thank you very much. >>> one year ago, boeing was a nearly $400 stock but then the 737 max crisis, the ceo fired and the global lockdown. shares now at $133, down 65% in 12 months. boeings earnings are out this month. they are working on a bond fuelled financial package. joining us now on the cnbc news line is analyst covering boeing and institutional magazine

or barclays in the u.k., they will be able to pay the dividends, a then the case of citi, share purchase program, once we get back to some normalcy. the key to the crisis is it is transitory. as long as you believe that, and we certainly do, then they dividends are coming back with a vengeance. taylor: want to transition into credit. if we think this might money is in bonds, and bonds price and events sooner than they do the equity markets, what is the bond market telling you? high-yield credit spreads are still at 880 basis points. that is better than 1100 basis points, which is where they were before, but it is not the days we had even some months ago. at 880 basis points, what is that telling you? what is the credit market telling you? sarah: the credit market is finally pricing risk appropriately. we have had plenty of corporate leverage,way too much financial leverage, which is another -- this is the right pricing for a lot of these stocks. many of them are in the energy industry and they have had access to cheap gearing for many years. but we are not worried about the whole credit

van jones will host "the color of covid," and they're joined by special guests including charles barclay, america ferrera, sean "diddy" combs and many, many more. that's tomorrow night, 10:00 p.m. eastern, only here on cnn. >>> coming up, why some americans are growing increasingly desperate despite the $2 trillion economic stimulus package. >>> also i'll speak live with washington state governor jay inslee. he says the president's tweets about liberating states are, quote, unhinged rantings. and look, it feels like i'm just wasting time. that's why td ameritrade designed a first-of-its-kind, personalized education center. their award-winning content is tailored to fit your investing goals and interests. and it learns with you, so as you become smarter, so do its recommendations. so it's like my streaming service. well except now, you're binge learning. for a limited time, get up to $800 when you open and fund an account. call 866-300-9417 or visit tdameritrade.com/learn. ♪ >>> today marks three weeks since president trump signed into law the $2 trillion stimulus package. brian, lots of

amazon all weather name at barclays top idea at jpmorgan this is what people are talking about. how are we supposed to think about those stocks that have ripped and have run and continue to have price target and calls on them that are overwhelmingly positive >> i think it's a good argument to make that stay at home stocks and the technology stocks that we're always using regardless of the fact we adjusted our behavior will see some upside. for the long term i would buy into that notion right now, however, i think what's happening is there a bit of misguided risk a constitupt . i don't think this is justified. we're seeing a lot of the big under performers come back on rally days i don't think we're really to have that strong of a risk appetite i would caution people not to jump on a momentum band wagon here >> kerry, do you agree with that >> i think it's a very good point. remember the tech giants are also part of the solution. whether it's able to allow people to where they are positive i understand that there's this argument about invasion of privacy. we all want to be able t

percent i think as possibly coming in from some of the smaller lenders we didn't get that phase with barclays although the 1st time of asking they were happy to lend us the 25 grand that we wanted which was the minimum cost of those that they were willing to sell us $1.00 of their own products i told them that we didn't want because i was quoted a price was it was unsure what it was going to be but i was told us going to be between 6 and 22 percent interest and all they were offering no was a payment holiday so there be no payments for 6 months but we would still be accruing interest on that loan during that period and i suppose our lives you have to understand the fact they say that any learn to you at this stage is a risk isn't even though the government's underwriting most of it i think that's a fallacy in the whole scheme really is no one in my industry wants to take on what . we don't know what we're going to be able to reopen we don't know what the reopening is going to look like and trying to structure that ensued to some kind of cash flow forecast is not an impossible which is what yo

question i wrote about it a little bit in the context of what happened to me in 2009 when i was barclays equity strategist and i fell in love with bank preferred at 25% yields and missed some of the bank recovery rally. i think the answer is there's opportunities in both. i liked the comment about really looking for value. i pulled my underweight on it last week and said, perhaps you want to look at the credit side of the balance sheet there's a spot if you're further up the capital structure you might get some protection and you're really getting paid to wait i think there's pretty good opportunities in credit. high yield has lagged. the recovery is still pretty wide i think there's opportunities there. i would avoid the assets that the fed is buying like treasuries, agency mortgage backed security and buy more value othriente eed equities an credit parts of the capital structure that are still very wide i actually think andrew and i were in sync on all of this. >> you know the best -- >> the best to both of you go ahead, andrew tie it off >> you know that performing sector of the s&p m

if you go to barclays high yield and look at year-to-date, you can see that before that occurred, weere hovering in the 1200 basis point camp. 1200 over treasuries they lopped off almost 400 basis points and if you look at what's going on with the investment side of the equation, on on barclay's investment grade, that was almost 400 basis points over treasuries, and they almost cut that in half the moral of the story is, is that if you were one of those unlucky firms, like carnival, that issued their paper days before the federal reserve decided they were going to jump into the deep end of the etf high-yield pool, well in a way they were penalized, because if you buy everything the fed buys, as many investors have, there's been a big wave of you see on the charts of the spreads coming down, but unfortunately, those companies that maybe did the right thing a little bit early before the fed decided in a potentially questionable way to get involved in this particular asset class, well, of course, the investors did well but the issuers, well, they could have saved probably tens of millio

and finally, barclays downgrading u.p.s. to underweight saying that the company will be negatively impacted and analyst say they expect margin head winds due to less cost efficiency u.p.s. down 1.5%. >>> and more and more people are turning to big tech for information and resources on coronavirus. and amazon is one of those places deirdre bosa with a look at the company's expanding footprint to health care and the privacy concerns surrounding it. deirdre? >> kelly, testing was a crucial part of jeff bezos' letter to shareholders this week with details for the plans for the coronavirus testing site and said that they would be testing all front line employees, quote, soon now, about a month ago alphabet subsidiary started to facilitate testing in california. that has now expanded to four states adding new york, new jersey and pennsylvania. now, this is what you referred to you can even ask amazon's virtual assistant alexa what to do if you think you have covid-19 she'll follow up with a series of questions and then provide cdc

high-quality consumer products tend to be popular in the rest of the world we know barclays has beening the table on this one they argued reynolds could have best in class earnings growth in 2020 and 2021. i thought it was convincing. 0 reynolds is perfect for this moment they're all on fire as millions of people are forced to stay at home and cook for themselves as we heard from campbell's soup last night according to nielsen, trash bags are up 16% that's extraordinary food bags 37%. disposable dish wear 8%. aluminum foil is up an astonishing 44%. those are insane growth numbers. obviously not sustainable. but let's take them when we can get them the whole industry is seeing huge volume growth and reynolds has real pricing power reynolds reports next week i expect a phenomenal quarter. it's priced to tinto the stock r the run. they're not a big innovator. think about the products they make if you believe americans will keep avoiding restaurants until there is a coronavirus vaccine, the growth could hold up through next year. long term let's admit it's not sustainable. second, reynol

b barclays, hsbc, standard charter, and rbs, royal bank of scotland. that's the canary in the coal mine, isn't it? charlie: i know. they s alreahave already done i. the only thing i can say is publicly, these guys are going to say no, we're not ready to do it but that's currently. every analyst i talked to, everybody at the banks say it's on the table, it's going to remain on the table because if this thing keeps going, that has to go, they will have to cut something. they will have to save money somewhere. this is obviously a recession that's hitting banks as well. why is it hitting banks, because of commercial real estate exposure, exposure to the oil patch. there's costs involved here. the other thing i hear, this is fascinating, because this is much more of a long-term trend. the banks are all talking about how to reduce their footprint in major cities. do they need all this office space if brokers, as they are doing right now, can really deal with clients working from home. so they are all talking about major reductions in their real estate footpr