we are live on bloomberg tv and bloomberg radio.side tom keene, i'm jonathan ferro, together with lisa abramowicz. two hours away from the opening bell in new york city. here's your price action as we await fed chair jay powell on capitol hill the next two days. equity futures advance on the s&p 500, up 1.53%. treasury yields higher, the curve steeper once again. down in washington, reporting that a $1 trillion stimulus ban isbeing -- stimulus plan being considered on the infrastructure side of things. big focus not just on the policy this morning, but also on the economic data. an hour from now we will get u.s. retail sales. let me get you the detail from bank of america. "the economy is in the transition phase, bouncing out of a deep hole as if from a trampoline. however, after easy growth comes the more challenging incremental progress. it will be like climbing a rope." i think that is a really good way of describing what we are seeing here as we go from closed to reopen, that initial bounce, then the long slog will start at some

we are on bloomberg tv and bloomberg radio.berg news, the houston warns that the coronavirus is at the precipice of a disaster. officials are getting closer to re-imposing stay-at-home orders earlier this week. highestcorded the one-day tally of new cases since the pandemic emerged. wave ofduring the first the disease. the republican party is moving the nominating convention to jacksonville, florida. the event was scheduled for charlotte, north carolina. leaders want to avoid getting boxed in by president trump over china. he is entitled to invite whoever he wants. he has been musing about inviting the leaders of russia and australia, but not china. they say it is a clear sign that it could become part of the president's anti-china campaign and they don't want to play along. at the border with the european union, it is the same as a no deal brexit. the new border policy emerged after the u.k. and the eu agreed to step up the pace of their trade talks. powered by more than 2700 journalists and analysts in more than 120 countries

we are live on bloomberg tv and bloomberg radio. alongside tom keene, i'm jonathan ferro, together with lisa abramovitz. this is "bloomberg surveillance ." i struggle to think of a time when this equity market was more detached from the mood of this country. question about that, and i guess it is no surprise. we have seen it many times before. a little bit of dollar churn today, but you are absolutely correct. we have ebbed away in the last few hours or so. the events over the weekend are absolutely extraordinary, and they are original and unique versus other times of unrest in this nation. gatesan: and the of the -- and the events of the weeks to come will be remarkable as well. the equity market is totally unchanged at 7:00 a.m. eastern. as we count people down to that payrolls report this coming friday, we are approaching 20% unemployment. tom: my calculation over the weekend from research 18%s is 70% to unemployment, and the model above that other people who get 2% -- 21% to to 22% unemployment. americans, unemployment could be

we are live on bloomberg tv and bloomberg radio. alongside tom keene, i'm jonathan ferro, together with lisa abramowicz. this is bloomberg. confusion over the relationship between china and the united states, and it got a whole lot more confusing overnight. you listen to the interview on fox with navarro, and it is urtness ofthe c his response and what that did for markets. you are going to do a data check in the appropriate crowd noise behind the data, but what is important to me is you've still got a bid to the market even within the quiet. jonathan: spare us the crowd noise when i do the market check. peter navarro saying that the trade agreement was over. the president, his boss, correcting him pretty quickly. ae so-called fiscal cliff, different kind of fiscal cliff going into july. what will happen with the fiscal stimulus we got months ago, and what will this administration do in the next 30 days? lisa: president trump coming out in a "washington post" article, saying he perhaps does support the $1200 additional stimulus chec

we are live on bloomberg tv and bloomberg radio.side tom keene, i'm jonathan ferro, together with lisa abramowicz. equity futures slightly lower, down around 12, 13 points on the s&p 500, -0.4%. in the fx market, take a look at cable. the pound against the u.s. .ollar, $1.25, -0.4% they expanded qe by 100 billion. the mostll has to be confusing monetary policy official anywhere on the planet because i struggle to get a read on him every time he speaks. he is the sole dissenter on the mpc, pushing back on that vote to expand qe at the bank of england. tom: dead on. dead, dead on. his inconsistency is something. which way did he dissent? we don't even know, do we? jonathan: we find out now, wanted to keep it unchanged going into the august meeting. he wanted to keep it where it was. leave it there and meet again in august. tom: we will see, but jon nails that. his papers are treasured. also treasured is our max nisen. with all the charts, all of the different states, the sunbelt getting hammered. let's focus on tulsa, where the presid

we are live on bloomberg tv and on bloomberg radio. this is "bloomberg surveillance ."res down 24 points for the s&p 500, -0.75%. , yieldsnd market lower. up next, weighing in on the bond market in america and the federal reserve decision tomorrow, subadra rajappa of socgen. this is bloomberg. ♪ >> the ecb will, within its mandate, continued to support the recovery with all appropriate measures. are adapting to what central bankers are doing these days. imbalances isbout that at some point, they reverse. this is true about income inequality in the u.s., too. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. tom: good morning, everyone. "bloomberg surveillance." thrilled you are with us on th

we are live on bloomberg tv and bloomberg radio.ur equity market this wednesday morning, just a little bit of a defensive oster captured by an equity market that is just about positive on the s&p 500, but your outperformance comes from the nasdaq. another story you have become familiar with over the last several months. in the bond market, treasuries are bid going into the decision later. the 10 year yield comes down to her three basis points. in foreign exchange, it is as you were. takei growth currency like the aussie dollar. eight day winning streak, eight days of strength into monday. we took a break tuesday, but it resumes again this wednesday. that is a weaker dollar and a stronger aussie, top of the pile in g10 this wednesday morning. tom: you nailed it. aussie-yen is one proxy you can look at. jeff currie with goldman sachs made very clear he is still long gold, and also mentioned a commodity renaissance as well. we have been talking with lots of good, smart people on this fed day. blinder at 2:00 p.m.. antalked to roman fri

this is "bloomberg surveillance ," live on bloomberg tv end bloomberg radio.quity futures bouncing back a little bit from last week's 0.2%., up by is up by almost a basis point at 0.65%. just to round things out, and foreign-exchange, seeing some real dollar weakness against the bulk of g10. euro-dollar advancing by about 0.5% this monday morning. is: i want to make clear, it a two-year space where you've got a lower yield. worries about the quality of our v-shaped recovery. there's clearly a lack of synchronization on this pandemic, and it can be between the governors and the mayors, different already's. but too often it is republicans and their president. kevin cirilli is our chief washington correspondent. how out of sync is president trump with his republicans? kevin: on friday a spoke with a republican lawmaker who privately articulated to me the frustration in tone that he's had with the president guarding this past summer, whether it is on race relations in this coming -- relations in this country or response to the uptick in cases. really, republicans

we are live on bloomberg tv and bloomberg radio.ide tom keene, together with lisa abramowicz, i'm jonathan ferro. two hours away from the opening bell, price action is follows. s&p -0.7%.wer, an eight day winning streak on the nasdaq coming into wednesday, and all-time highs on several of the big tech names. a defensive posture, if you want to call it that, as the mega caps start to outperform again andy cyclical rotation -- again and the cyclical rotation against to stall. yields higher on the 10 year by almost a basis point now, 0.72%. in foreign-exchange exchange, the swissie and the yen just about outperforming where we see elsewhere. muted price action across g10 this morning. tom: what do you see in australian dollar? i look at us trillion dollar against u.s. dollar today, australia versus renminbi, and finally versus the yen. it really shows a more optimistic tone for australia. do you agree? jonathan: seeing the aussie right now on the session just slightly weaker on my screen, in-line with the defensive posture we have seen

we are live on bloomberg tv and bloomberg radio.his is "bloomberg surveillance ." in your equity market, positive and the s&p 500 come up by a little more than 1%. the headlines out of europe getting some attention. this coming from the eu leaders summit. it ends without consensus on a recovery plan. that is not going to surprise anybody, including this fx market. no big moves on the single currency off the back of this headline. tom: what does that signify to you? jonathan: i just think the negotiations continue. i did not expect anything to happen today either. this was really the formal start have a conversation about getting the so-called frugal four to come together with the rest and do more. i have to be honest with you, it is going to be really difficult. wherever there is compromise, there is often suboptimal outcomes, and europe has shown often that that is what it is vulnerable to doing. tom: absolutely. no question about that. this is the way it works. you put out a book, and then you get blurbs. i've done blurbs, and the

much more on payrolls friday for the united states, with full coverage ahead on bloomberg tv and radio. alongside tom keene, i'm jonathan ferro, together with lisa abramowicz. this is "bloomberg surveillance ." ritika: with the first word news, i'm ritika gupta. in buffalo, new york, two police officers have been suspended after a video of them pushing an elderly protester to the ground went viral. the video shows the 75-year-old lying motionless with lead pulling around his head. police originally said -- with blood pulling around his head. police originally said he tripped and fell. according to a document seen by bloomberg news, civilian law enforcement, national guard, and active duty army personnel. so far, the active-duty troops have been kept outside the city. national guard forces include 1700 true from nine states. opec+ is ready to extend production cuts. they were able to reach a tentative deal without holdout member iraq. they were pushing the iraqis to start showing their share of cutbacks. brexit talks are set to finish today without a trade agreement. negotiators are sti

livemberg surveillance," on bloomberg tv and bloomberg radio.quity futures with just a little bit of a lift on the s&p 500. session hi, positive 0.6%. in the bond market, yields a little bit higher, up to 0.7%. in the commodity market, what a story over the last couple of months or so, the recovery of crude. on wti. saw, that$40 print we brings us to julian lee. what is great about julian lee writing for bloomberg opinion is not only his acuity of writing on the hydrocarbon markets, but doing it with a turbin terrific mathematical background -- with a terrific bath medical background. -- with a terrific mathematical background. the dynamics of this, was it the --amics of supply supply or demand? julian: i think it was a little of those. we have seen that the deepest year on your demand destruction seems to have been in the early part of april. worldwide demand is picking up, not yet very strongly and not yet everywhere, but we do seem to be coming back off the bottom. china is picking up a very strongly. other parts of the world much less so. we

this is bloomberg surveillance live on bloomberg tv and bloomberg radio.ka: with the first word news, i am ritika gupta president trump is urging republicans to oppose a democratic bill and please reform said to come up with her vote this week. the president says the measure would destroy our police. republicans have their please reform legislation. president trump plans to announce new restrictions on work visas today. an estimated 240,000 people in the u.s. industries across hospitality to technology. in new york city, companies have been allowed to reopen after three months shut down. employees reluctant to go back. closed, remaining others will open at reduced occupancy. in the u.k., boris johnson will set out more lockdown easing plans. he will outline which parts of the economy will be allowed to reopen in july. he is also expected to relax social distancing rules. that would be a huge boon to the british leisure industry. global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than

we are live on bloomberg tv and bloomberg radio.hat economic data about 17 minutes away come most equity on the s&p 2.2%. this is bloomberg. ♪ >> all of us has investors would have expected a second wave, but maybe expected it in the fall. so the second way starting here in the u.s. so early in the summer is a bit counterintuitive and really a sign that reopening is a very delicate situation. jonathan: alessio dolonc us of invesco -- alessio de longis of invesco. the stability we had over the last several weeks, relative to the chaos of the last several months, starting to build out a little bit. in this market right now, an hour in 10 minutes away from the opening bell, from new york, alongside tom keene, i'm jonathan ferro, together with lisa abramowicz. we break down session lows going into the cash open. longis ofssio de invesco on the program about an hour ago, talking about the counterintuitive nature of some of the things he is seeing. cross-ice at this morning, very intuitive. equities lower, bonds bid. the curve's ladder. t

live on bloomberg tv and bloomberg radio.side tom keene, i'm jonathan ferro together with lisa abramowicz. jobless claims on deck with equity futures recovering, bouncing obsession lows, down .6%. here's the data. let's cross over to michael mckee. michael: a bounce in the wrong direction in terms of jobless claims. 1,580,000 -- that is a decrease week was because last revised. g.little confusing t much more than anticipated by the markets. the consensus forecast was 1,298,000. continuing claims number is 20 million 544,000, that is a decrease of 62,000 from the revised previous week. that is two weeks ago. initial claims last week, continuing claims two weeks ago. we are seeing a bit of a decline. pandemic insurance claims rise 760,526. of 66,000.increase these are the people who get unemployment who are not usually eligible for it. freelance work and gig workers, things like that. let me quickly check and see the number of people reporting big changes. california up 27,000. massachusetts up 17,000. want to see if there's an

we are live on bloomberg tv and bloomberg radio. i'm jonathan ferro.ing you down from chairman powell and secretary mnuchin just four hours away on capitol hill. in new york city, equity futures rollover just a touch. south by a quarter of 1% on the s&p 500 as we close out cutesy with a huge quarterly loss. treasury yields coming in just a little bit of a long end. in foreign-exchange, we talked about all this morning, the dollar with a little bit of strength. several tenths of 1%. really nice almost dollar recovery. you we tried to do is give a wonderful cross-section, the surveillance team has done a great job of that extended conversation. tomorrow, ambassador bolton will join us. right now, particularly foreign-exchange. it's probably not going to come up with steve mnuchin or with chairman powell, but it is going to come up with juckes. the dollar resiliency is extraordinary. will it continue? >> it could continue for a while. i would love to say the dollar is going down from here, but the say that, i would have to think we are through the worth o

we are live on bloomberg tv and bloomberg radio. ritika: with the first word news, i'm ritika gupta. the oecd warns that the global economy will slump 6% because of the coronavirus, and if there is a second wave, how could -- second wave, output could fall 7.6%. secretary of state mike pompeo is blasting hsbc for backing china's move to impose new security legislation in hong kong. pompeo accused the london-based bank of what he called china's coercive bully tactics against the u.k.. he said aging uses hsbc's business in china as political leverage. the bank isn't commenting. beijing called the remarks there reminded and ridiculous. beijing's position is that hong kong's affairs are solely its own concern. angela merkel is facing growing pressure to get tough with russia's vladimir putin. the decision to withdraw almost 10,000 troops from germany was welcomed in moscow. the u.s. still hasn't officially notified berlin of the withdrawal. it would reduce the number of u.s. troops in germany by about 1/4. the u.s. navy is moving to ban

full coverage on bloomberg tv and bloomberg radio.ngside tom keene, i'm jonathan ferro together with lisa abramowicz. with your equity market pushing higher, this is bloomberg. ritika: with first word news, i am ritika gupta. today president trump will sign an executive order on police conflict. response to protests over george floyd's death at the hands of police. the order will urge police to adopt use of force policies. the federal reserve is stepping up emergency landing to central banks. fed has boughthe only exchange traded funds. the fed says it will follow a diversified market index of corporate bonds buying begins today. beijing is trying to figure out if a new coronavirus outbreak in the city should lead to another strict lockdown. health officials have ramped up mass testing. it includes another food market aftertaste link to the original was discovered. 11 other food markets have been shuttered and almost 300 others sanitized. it was the deadliest corporate crime in u.s. history. today a california courtroom, pg&e will ple

new york time, friday on bloomberg tv. global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. i'm ritika gupta. this is bloomberg. ♪ >> the equity market does seem to be a little bit ahead of my view of the future earnings performance for businesses as we look six to 12 months out, and if that is true and i am right about that, you will see a rebalancing of that over. jonathan: i think a lot of people agree with him that that is true. that was david solomon of goleman's -- of goldman sachs. from new york city this morning, good morning to you all. alongside tom keene together with lisa abramowicz, i'm jonathan ferro. around two hours and 12 minutes away from the opening bell. equities rollover just a little bit, down 15 on the s&p 500, -0.5%. to give you a feel of the bond market, treasury yields on the 10 year coming down a basis point. we are down wooden basis point to 0.66% on tens. just a little bit of risk aversion creeping in her

we are live on bloomberg tv and bloomberg radio. this is "bloomberg surveillance."ika: with your first word news, i am ritika gupta. president trump has made it clear he is running out of patience over several days of protests. the president called on governors and mayors to "dominate the streets," and if they do not do the job he is threatening to deploy the u.s. military. after speaking at the white house, the president walked across the street to st. john's church which has minor damage. the leader of hong kong blasted the u.s. for double standards in the way it is dealing with protests. --rie lam pointed out violent demonstrators in hong kong. the government is facing renewed antigovernment protest aimed at pass security legislation over the city. the government watchdog warns -- in inspector general's report found the top 880 thousand hiring people to not file returns from 2014 to 2016. that cost the country in taxes. recession will be worse than anticipated. the finance minister says the economy will shrink 11% this year. continue to support pro-business and n

we are live on bloomberg tv and bloomberg radio.side tom keene, i'm jonathan ferro, together with lisa abramowicz. two hours away from the opening bell. we add some weight to the rally of the last three days. the s&p 500 advancing by 18 points, up around 0.6%. really muted price action in the bond market. treasuries go nowhere. your yield on the 10 year, 0.775%. in foreign exchange, mixed session for the u.s. dollar. a little weaker against the aussie, stronger against the euro. we wait for day to of chairman powell -- for day two of chairman powell on capitol hill. tom: we've got someone here right now, wonderful to speak to. i want to take you back 14 years to january of 2006, where president bush made a brilliant set of two appointments. one was randall kroszner, a great financial economist. the other guy was out of newman "butch cassidyd and the sundance kid." who is that guy? he was the youngest guy appointed ever at 35 years old, and there was a lot of grumbling about kevin warsh. i will tell you this, kevin warsh had a distin

we are live on bloomberg tv and bloomberg radio.ngside tom keene, i'm jonathan ferro, together with lisa abramowicz. two hours away from the opening bell in new york. equity futures near session lows , the is be 500 off by around -- the s&p 500 off by around 2%. in the bond market, flipped on its head as well. now lower yields through this weekend a flatter curve. your 10 year yield 20 basis points. on the week so far, down three basis points on the session, south of 70 basis points. in foreign exchange, the dollar weaker for a fourth straight week. at 0.7%. coming in the euro by about 0.1%. still reflecting almost a week after the payrolls report on a blowout upside positive surprise which fueled a lot of optimism about the future. it was always going to be about the subsequent data. abouthe dow this morning jobless claims and continuous inims, will we see it track a similar way and start to push much lower? at 8:30,ms coming out this is going to be really a 2 million off of and 1.8 million statistic. times, 10 times worse than nor

for our audience worldwide, we are live on bloomberg tv and bloomberg radio.side tom keene with lisa abramowicz i'm jonathan ferro. equities higher, up 11 points on the s&p 500. we paid a little bit. still up 14%. -- still up .4%. on a 10 year, up a single basis point 0.65. talk about that euro strength in the fx market through most of this morning. .5% or where we stay, up .6%. payrolls thursday. your median estimate, 3 million. rbc is looking for 8 million this coming thursday. tom? tom: huge disparity, but i would not underplay all of the other economic data we will get, including the ism manufacturing, which i believe is a 43 to a 49.50. they are looking for a v-shaped ism of some nature as well. it is the conundrum of the morning for us. tiffany wilding of pimco does careful economic work that their portfolio managers jump out of. -- i want an update on how the ve is? how is the v-shaped recovery going? tiffany: i think it will look like a v for the first several months of this recover me. it is important to note we think we came out of recession in may,

we'll hear the start of it here on bloomberg tv and bloomberg radio.mic data in the united states moments away as well. from new york, this is bloomberg. ♪ >> i would find it very difficult to argue that we are going to have a v-shaped recovery. the closest anyone has come is china, and it doesn't look like a v to me. >> there's a risk that the whole system will come crashing down. toolsetary policy are really about driving economy to higher levels of them women -- higher levels of employment. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. tom: good morning, everyone. this is "bloomberg surveillance ." thrilled you are with us on bloomberg television, bloomberg

good morning to you all awe're live on bloomberg tv and radio., the risk for the single data point do you extrapolate that improvement out too far, far too quickly. a topic of debate for us through this morning. tom: it's really interesting, john, to that point, how you correlate any kind of improvement in the job economy over to g.d.p. j.p. morgan made very clear over the weekend, maybe they were wrong, maybe we're going see a more rapid improvement. but they hedged it about one, two, three, four, five ways to sunday to get us to september. jonathan: remarkable rally the last couple of months. the s&p 500, three-week winning streak coming into this week. let's get you price action worldwide. equity futures higher, up .6%. we push out by 18 points, about two hours and change away from the opening bell in new york city. in the bond market, treasury yields, just a little bit higher again. it's been really interesting to see this. 10-year yields now .91%, up a basis point. the curve steeper at a 30-year advancing three basis points as well. another

new york time on bloomberg tv. companies listed on the new york stock exchange raised more than $35 billion while the trading floor was closed after capital raising an ipo. [no audio] >> give had to companies today. came up tospotify us. slack was the second company to choose that path over a year ago and we have been building on that model is to allow for capital raising. reallye direct listing does is it separates the timing, decouples capital raising from going public. you can choose to go public, but not necessarily raise money at the same time. so, the two, to date, have taken that path. now, what we're working on is what if you want to raise money at the same time but you like the exchange and process of opening that morning to determine how that offering gets priced? so that's the phase we're working on right now. we filed the first iteration in december and we worked productively with them on questions we had. so, the most recent question answers mechanical question on how that offering will be priced in th

we are live on bloomberg tv and bloomberg radio.ith first word news, there has never been a month as bad as april for the british economy. you cases gdp fell more than 20% with the coronavirus lockdown on a three month basis. economic output shrank more than 10%. the british government's easing restrictions on industries trying to survive. and the fund expects it will have lingering scars from the corona virus experience. said to be worst than the last forecast delivered in april. the imf says asian economies are further along the recovery path. he says a strong economy will be the fix for racial injustice. the president is working on an executive order that hea says it is the most current standards. china demanded the activists in -- zooms has no one it won't allow any request from the chinese government to impact anyone outside mainland chennai. global news 24 hours a day on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. ♪ >> think about where cu

we are live on bloomberg tv and radio. ide tom keene, i'm jonathan ferro together with lisa abramowicz. your labor department data with bloombergs michael mckee. if you can hear me, we 1,877,000 initial jobless claims for last week. that is a decrease of 249,000. we continue the trend lower to make things better, that it is still an extraordinary number. a couple of months ago we were looking at 200,000 a month. continuing claims is what everybody is focused on. they come in at 21,487,000. that is an increase from last 20 10 52.h was it does suggest we are seeing more people getting continuing claims. -- it wastwo states not as big a job as people anticipated it might be. maybe it means we are leveling out. in one thing you have to add is pandemic unemployment insurance for people who do not get regular unemployment insurance. self-employed, 623,000 last week which is a major decline from the week before, which was almost 1.3 million. it looks like those who are filing have filed and we are working our way through the backl

we will bring it to you on bloomberg tv and bloomberg radio.you up to speed on the price action, one hour and 42 minutes away from the opening bell in new york city. equities higher by around 13 points for the s&p. 0.4%.anced by steeper, yields higher on the 10 year by a single basis point. on the 30 year, out through 1.50%. that has given banks a really nice lift. think we have beaten this one so hard over the less several weeks. euro-dollar advancing through $1.12. the big turnaround is just the improvement in risk appetite and how sharply it contrasts with the devastation we see around us, both in terms of the social unrest and the labor market as well. he saw this in the protests of the 1960's. i am not sure if that is a good parallel. you often see a market that bottoms well before you see the worst of the economic data. we still haven't seen the worst of the data. i think the question we've got to grapple with, as we reopen and as these protests continue, and clearly no one is thinking about social distancing anymore, every day that goes

we are live on bloomberg tv and bloomberg radio.de tom keene, i'm jonathan ferro, together with lisa abramowicz. from the opening bell this morning. equity futures advance, looking to add to the gains. 0.9%.p 500 up 27 points, in the bond market, muted sessions of hartford treasuries. yields up just a couple of basis points on the long end, so just a little bit of mild curve steepening. the 10 year up to 0.70%. equip snapshot at g10 for you. euro-dollar going nowhere. table down 0.4%. that is a weaker pound against the stronger dollar. that is the price action this morning. this market increasingly focused on some of the fragile pandemic data we are getting in several states across america. want to bring in bloomberg's abigail doolittle for the latest there. abigail: good morning. the global virus numbers continue to stun. it really seems that state-by-state restrictions are ending in mixed results at this point. if we take a look at what is happening around the world, as of yesterday, there were 8.4 million cases globally. exceedde

we are live on bloomberg tv and bloomberg radio. ♪ bloomberg radio. ♪ pres. city or state refuses to take the actions necessary to defend the life and property of their residents, i will deploy the united states military. >> this is a moment of inflection. it is a moment of real change. it is a moment that those folks out there demanding this are not going to take commission or report. >> this is "bloomberg surveillance" with tom keene, and lisa abramowicz. tom: good morning, everyone. this is "bloomberg surveillance ." across this nation, america look

jonathan: larry kudlow speaking to us right here on bloomberg tv and radio. gside tom keene, i'm jonathan farro together with lisa abramowicz. this is "bloomberg surveillance." it is the big conundrum for many people. we see it littered throughout history. every single chapter, whenever there's a crisis, when it begins to fade, the collective will starts to fade with it. is that what we're seeing play out in washington, or will we get a positive surprise in the onths to come? i think we have a connection problem, at least i can't hear tom keene. i'm going get you price action. we advance to the s&p 500. we are positive a half of one percent. that's the price action in equities. let's get to the bond market for you. treasuries set up as follows. 10-year yields higher over the last several weerks up a single basis point to .9%. in foreign exchange, the euro is slightly negative. euro unchanged. euro dollar flat. we can head down to washington, d.c. now and catch up with kevin cirilli. it was the moment friday when got a lot of people's attention in this market w

ons is "balance of power" bloomberg tv and radio. ♪ taylor: this is "balance of power" on bloomberg television radio. i am taylor riggs in new york. kevin: i am kevin cirilli in washington, d.c.. with house democrats pushing the police reform bill and republicans blank introduce their own plan, where are the areas of common ground? we are joined by jamil jaffer, founder of the national security institute at george mason university school of law. he is also a senior vice president at higher net cybersecurity. we just heard from my colleague, emily wilkins that there are areas of bipartisanship. can those areas of bipartisanship get signed into law by president trump? jamil: it is a great question. one of the challenges is democrats control the house. they will be able to get a bill they want through. control,e will be in the republicans will come up with something different. the question will be how they reconcile the differences and what can they do to get the president on board, who has clearly expressed a view of the role of police and the military in these responses that is different then w

we are live on bloomberg tv and bloomberg radio.s is "bloomberg surveillance ." ♪ you doing okay? yeah. this moving thing never gets any easier. well, xfinity makes moving super easy. i can transfer my internet and tv service in about a minute. wow, that is easy. almost as easy as having those guys help you move. we are those guys. that's you? the truck adds 10 pounds. in the arms. -okay... 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. ♪ from new york city, this is "bloomberg surveillance ." we are live on bloomberg tv and on bloomberg radio. alongside tom keene, i'm jonathan ferro, together with lisa abramowicz. counting you down to the opening bell, two hours away, with equity futures still up 17. hessian highs -- session highs off by a little more than 1%. the curve just a little bit flattered, down to basis point on tens to 0.69%. the euro advancing, the dollar weaker. dollar weaker against

this is "bloomberg surveillance ," live on bloomberg tv and bloomberg radio. ♪ jonathan: from new yorky, this is "bloomberg surveillance." we are live on bloomberg tv and bloomberg radio. , i'mside tom keene jonathan ferro together with lisa abramowicz. equity futures elevated. we wait economic data in america. it drops right now. let's check in with michael mckee. michael: one area in which demand has been strong has been housing. we are looking at a house market struggling to keep up with demand. housing starts in up 3.4%. 974,000 at its annual rate. that is below what was forecast. looking at 1,100,000. not that much better than we saw last month. 121,000 in the latest month. that is up from 1,074,000 in april. trying to get back on track. the problem is the ability to many states just now reopening to construction. also whether or not they can get supply chains -- supplies. supply chains interrupted. purchase at an 11 year high. there is demand. housing completions is the measure of how much inventory there is. a major tell off. 1,115,000 and an annual rate up a little bit. there a

live on bloomberg tv and bloomberg radio, alongside tom keene together with lisa abramowicz i am jonathanro. equity futures down 18. the tape improving a little bit from where it was. 500, down .6% on the s&p just north of 3100 on the s&p 500. in the bond market, treasury yields higher on the 10 year, two basis points, 0.73%. in foreign, dollar strength the story against all of g10. euro-dollar coming back .25%. tom bringing up the aussie, that is down one third of 1%. allow me to a quick promo for the bloomberg investment conference. tom: please, please. jonathan: john micklethwait will be catching up with mr. solomon of goldman sachs. i will be catching up with the co-cio at bridgewater, bob prince. that coming up later, starting around 1:00 p.m. eastern time. tom: i would suggest your interview will be interesting to global wall street. the idea of what we heard at davos, the dampening, the slow down, a lassitude to the global economy, and what that will mean for the markets. it is good to get prepared for the bob prince interview by peeking -- by speaking with peter hooper at deutsche

-- the opening bell on bloomberg tv.ook forward to that. we look forward to the fixed income market. market. right now joining us is anne mathias. years she was at the years she was at the washington research group and owned the analysis of years shee washington research group and owned the analysis of the economics and politics of washington. she now brings up a lot of the fixed income strategy at vanguard. lovely to have you on bloomberg surveillance this morning. zeitgeistn nails the of you have to be in equities because there is no place to be, yet the reality is whether it is a high cost asset manager for an indexed fund, fixed income is still predominant investment vehicle. youhat is the case, how do do fixed income right now? you do fixed income right now? anne: absolutely. it is an interesting time. i understand there is no alternative argument, but i think there is an alternative. we like fixed income. if you think about historical analogies, we are in the middle analogies, we are in the middle of a huge storm.

louis president jim bullard come live worldwide on bloomberg tv and bloomberg radio.ngside tom keene, i'm jonathan ferro, together with lisa abramowicz. this is "bloomberg surveillance ." ♪ you doing okay? yeah. this moving thing never gets any easier. well, xfinity makes moving super easy. i can transfer my internet and tv service in about a minute. wow, that is easy. almost as easy as having those guys help you move. we are those guys. that's you? the truck adds 10 pounds. in the arms. -okay... 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. jonathan: from new york city, this is "bloomberg surveillance." we are live on bloomberg radio alongside tom keene together with lisa abramowicz, i'm jonathan ferro counting you down to the opening bell. 1% on theow more than s&p 500. risk appetite improvement. treasury yields higher at the long end. up a basis point or two. on the 30 year up three basis points. the two year the elephant in t

what a privilege to hear from the former governor hong kong, chris patton, on bloomberg radio and bloomberg tv.his is "bloomberg surveillance " alongside tom keene, together with lisa abramowicz, i'm jonathan ferro. getting in shape for the price action this morning, with equity futures just slightly negative. two points lower on the s&p 500, closing out q2 and the first half of 2020. track to be the best quarter on the s&p 500 since 1998. the first half been a story of two halves in a major way. 10-year to 0.63%. the swiss franc outperforming the euro. we come in about 0.3% on euro-dollar. dxy i am glad you mentioned , the blended index. this is one of the quiet stories at the end of june. kevin cirilli joins us, our chief washington correspondent. iss thing in hong kong beneath the fold on "the washington post," on "the new york times." guess what? taiwan is not beneath the fold. secretary pompeo is going to address this triangulation between beijing, hong kong, and taiwan. kevin: without question, it is a response to what we are seeing ,ver the last couple of weeks but the u.s. is really no

this is "bloomberg surveillance ," live on bloomberg tv and bloomberg radio.ere's the price action shaping up as follows couple with equity futures drifting higher on the day. equity futures up 22 points, positive there .7%. year yieldsofter, 10 up four basis points to 0.86%. just around the corner, the payrolls report, then immediate reaction from jeff rosenberg of blackrock. on this payrolls friday, this is bloomberg. ♪ jonathan: from new york city, this is "bloomberg surveillance." we are live on bloomberg tv and radio as we await the payrolls report in the united states of america. estimate,te -- the -7.5 million. the number, here is michael mckee. michael: we are waiting for the numbers to come out. we have seen a few numbers. -- i am a little stunned by this number. 2.5 million in may according to the bureau of labor statistics. the unemployment rate fell to 13.3%. i do not know what to tell you. we will have to look at these numbers very deeply and see exactly what is going on. the unemployment rate declining 1.4%. the number of unemployed people fell 2

we are live on bloomberg tv and radio. ferro, with tom keene and lisa abramowicz. has been a belief that china's present would be our future. there was a constructive meaning a month -- meeting a month ago. it, majorestion about changes in their relationship. we talked to bob hormats in the last hour, and it is flat out a different tone. the tone to me this morning, jon, is fascinating. the crosscurrents in the market, i can honestly say, in a zillion years, i have never seen how odd it is right now with the pandemic news, and of course some of that, china and beijing, wrapped around the reaffirmation of wall street, for some form of v-shaped recovery. i was thunderstruck over the weekend, some of the optimism coming out of wall street houses. jon: we will talk about that later in the program. a fresh outbreak in beijing very much the focus this morning, the disappointing data as well. the data does not validate the exuberance we saw in the market as we saw in the month of june. lisa: that is the problem, that demand is not picking up. even though we are seeing man

we are live on bloomberg tv and bloomberg radio.ne, i'm jonathan ferro, together with lisa abramowicz. this is bloomberg. confusion over the relationship between china and the united states, and it got a whole lot more confusing overnight. you listen to the interview on fox with navarro, and it is stunning, the

we are live on bloomberg tv and radio., together with lisa abramowicz, i'm jonathan ferro. tom: it will be fascinating to see

we are live on bloomberg tv and radio.side tom keene, i am jonathan ferro together with lisa abramowicz. counting you down to the opening bell one hour away. at 3039 ontive .1% the s&p 500. in the bond market, treasury yields with little bit of a lift. up four basis points on the 30 year, up two basis point contents. your tenure maturity -- your 10 year maturity .67%. the dollar is weaker with the euro firmer. the dollar weaker against everything in g10. and with the dollar weaker the safe havens off it will be interesting to see what the safe havens to depending on which way the markets go. so much has to do with fixed income, something that is a bit off the radar with the international relations and the political news and the stupendous rebound in the stock market. rob waldner is with invesco, their fixed income strategist of note. he joins us. his total return gone? i cannot figure out class to class in fixed income, and michael -- mi clipping a coupon or can i invest in fixed income total return? rob: thanks for having

commissioner, good to have you on bloomberg tv with us.swer on how twitter is using its moderating policy. what made you speak out on this. : goodsioner jourova morning. why have i decided to be clear about this? we are discussing this platform and the way to make the content legal but also less harmful which is connected with misinformation. and twitter has a kind of following come the ideas we have developed for europe because we to write some rules for the european union in this area. on american territory and vis-a-vis the american president what we are thinking about and i just wanted to support twitter on that. matt: do you think we will see platforms oredia networks taking responsibility for the content that we can see on their website? nowissioner jourova: up to come it has been very inconsistent with how they approach the issue but i can tell you when i was in america in the united states for years ago, there was still a debate about absolute no go for any kind of moderating the content referring to the first amendment of the cons

we are live on bloomberg tv and bloomberg radio. keene, together with lisa abramowicz, i'm jonathan ferro. tom keene, on this friday morning, it feels like in this market, any other friday. in this economy, it is anything but. tom: not only in the economy, but within our society and culture as well. you're absolutely right. it really

thank you for speaking to us on bloomberg tv. p, moderna chief executive says he is cautiously optimistic about a covid-19 vaccine for next year. we hear from him next, and this is bloomberg. ♪ >> market bottoming processes tend to happen in three phases ours is more significant and quicker than anyone expected. >> the markets have been affected by this massive amount of global and physical monetary stimulus. if you add it up, the u.s. is over 40% of gdp, and markets are going to be looking for more. ofthe size and the pace fence back -- fed balance sheet express -- expense is something that will put a floor under global equity markets. >> the fear of volatility could be back in these markets until we see cases start to compress again. francine: those were some guests talking about volatility that we see in the markets recently. speaking about the markets, --terday the markets went up they took a leg up. the stocks are climbing. u.s. futures also up. it is all about american monetary and fiscal plans in face of worries over a seco

we are live on bloomberg tv and bloomberg radio. alongside tom keene, together with lisa abramowicz, i'm jonathan ferro. tom keene, on this friday morning, it feels like in this market, any other friday. in this economy, it is anything but. tom: not only in the economy, but within our society and culture as well. you're absolutely right. it really feels like an august friday here. we had the range bound markets all week, maybe with the exception of gold. all of that pushed aside by the ramifications of the pandemic. we don't need to go into it now, but i really wonder over the andend, as the economists equity strategists write how they adapt and adjust their q3 view out of the news we are seeing from the sunbelt. jonathan: it is going to be a tug-of-war for the next few weeks and months. beneath the surface, the fragility is really going to start to show in places like texas and florida. lisa: this is the tension. the traditional data we rely upon, getting some of it today at 8:30 a.m. with u.s. personal income and spending, this da

blackrock chair joins bloomberg tv for the first time ever. that is exclusive in the next hour. ming up next, dell is surging after hours. how it could be planning to unlock value. this is bloomberg. ♪ shery: now to the latest on two companies grabbing the spotlight in extended trading. carnival cruise lines is sinking on another cut to its credit rating while shares of dell computer are soaring. su keenan joins us on the line. let's start with dell enjoying a spinoff of its stake in vmware. su: the corporate computer giant is examining options for its multibillion-dollar stake in the software company vmware. we saw after the bell, shares of vmware and dell. dell soared as much as 20% after the wall street journal reported the computer company is considering its options, quoting people close to the matter, it says the options include a spinoff or so the stake in the majority-owned company. the journal is saying that dell has recently kicked off a process to explore the possibility of exactly how to maximize the value of its stake and boost the value of its shares. remember that d

we are live on bloomberg tv and radio. i'm jonathan ferro, alongside lisa abramowicz. vix 10 big figures in the led by thatak, shock fed announcement.