how significant is that move from carrie lam? >> hong kong in victoria park has held a visual -- vigil every year since the crackdown in tenement square. -- tiananmen square. this would be the first time that it was banned. there say that because of the social distancing regulations and fear, the fear of a resurgence of cases is the primary concern. that is the reason why organizers of this year's event were told it has not been given police approval. organizers say they will be moving that vigil to an online forum. obviously, a number of protesters say this is an attempt to curb their ability and right to protest. >> still ahead, we speak to the ceo of hong kong, first, the digital only insurance company. overturn -- and protesters and with a speck of their business plans. expect of their business plans. also, people are staging a walkout. this is bloomberg. ♪ >> let's take a look at markets right now. we are seeing some green on the screen. it has been a pretty interesting session. we seem to overlook what we will be seeing her

lam hasg leader carrie blasted the u.s. for double standards, blaming the trump administration for cracking down on demonstrators. plans to out against strip hong kong of its special trading status. is simply no justification whatsoever for any toernment, any economy, impose sanctions on hong kong as a result of very legitimate process of the central government -- the central authorities taking this position to enact laws for hong kong to better protect national security. for the first time, hong kong has banned june 4 gatherings to commemorate the crackdown in tiananmen square. boris johnson plans to reset his government's agenda with a major speech. drawingcellor is also their plans to bolster the economy amid the worst recession in 300 years. sources told bloomberg his speech is expected at the end of global news, 24 hours a day, on june. air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. annmarie, you are there. you are living it. you are in new york. annmar

bernard chan, top adviser to the chief executive carrie lam. to "the china open," let's get your look at how markets are trading. the nikkei 225 off by 1.6%. moderate uptick when it comes to month on month retail sales figures, but still showing weakness across consumer sector. the cost befalling by over 1% -- .ospi falling over 1% an extra budget will not be granted. 1.7%.tralia, downside of trading resuming after the chinese holiday. >> here's how futures trading looks at the moment. a bit of a mixed picture with u.s. futures down 0.2%. that's it from "daybreak asia." ♪ tom: it is 9:00 in beijing and shanghai. i am tom mackenzie. yvonne: i am yvonne man. we are counting down to the open of trade in the chinese mainland and hong kong. protests return to hong kong as china's lawmaking body reportedly debates security laws. carrie lam said they will set red line foot cannot be crossed. -- lines that cannot be crossed. tom:

that was carrie lam, at her weekly presser. the top headlines are the security law has been passed, according to reports, and the u.s. took preemptive action in terms of export controls for the city. yvonne: the one thing the chief executive has said is u.s. sanctions will not scare us. that is the latest response from carrie lam. given what we've heard from the u.s. recently when sanctioned chinese officials over the security law, and also now as you mentioned, paring back trading benefits that hong kong has enjoyed with the u.s. as well. the market seems to be overshadowed by better data. pretty early when it comes to pmi data in china that came out at the top of the hour. it seems like at this point it's really about the fundamentals more than the politics that is driving this rebound we are seeing in risk assets today. look at the asia-pacific benchmark, up 1%. set for the best quarter since 2009. still, asian stocks have not really recouped most of the losses we saw in the first quarter, but certainly u.s. futures pointing

we have seen carrie lam giving some comments on the secured a law.dof the currencies and near a seven-year high. 2/10 of 1%. the dollar is down a 10th of 1%. the chinese currency has weakened just a margin. it is at 7.07. 1%.e wti down 3/10 of we were looking to see if it was going to get above 41 u.s. dollars. economies continue to reopen. these outbreaks in countries like germany, australia and here in beijing remain a concern for investors. pliny more ahead. this is an -- plenty more ahead. this is bloomberg. ♪ it's 10:29 a.m. in hong kong and shanghai. the first round of nuclear talks between the u.s. and russia are said to have gone quote, very well. but it comes with a treaty limiting their arsenal of weapons due to expire next february. talks were overshadowed by the chineseting a photo of flags and empty chairs and saying china is a no-show. russia pointed out beijing had never been scheduled to attend the discussions in the first place. australia is also warning of a second wave of infections after a spike of new coronavirus infections. emer

however, thejudges presiding over these matters are all to be appointed by carrie lam. lam is the leader of hong kong who has effectively been installed by beijing. there is no way she is going to be choosing judges who would be slightly likely to go soft on protesters. is going to bea soft on protesters. is going to be a special branch of the police force dealing with state security matters. beijing is going to set up a special state security office in the city and the highest court is not going to be in hong kong, actually, the ultimate right of appeal will go to the same body that has just rubberstamped this legislation through 162 — zero. it gives you an idea as to why people are worried about this. western governments, human rights groups have criticised the move. already, the us government has begun to withdraw hong kong's special trading status. it is all in implementation of course but the problem is these laws are 110w the problem is these laws are now available to beijing and available to the government in the hong kong, and, you know, what constitutes secessi

carrie lam is delivering a video speech at the united nations human rights council.dom of overwhelmingly response -- this is in to new security laws. there were questions about how china would interpret these laws and define them, especially when they talk about treason. this is bloomberg. ♪ francine: economics, finance, politics. this is "bloomberg surveillance ." let's take a look at what to watch out for today on the economics front. the brick and i was forecast headline inflation will accelerate a touch to 0.3% year-over-year in june. after hour later, watch out for first quarter gdp from south africa. speaking on covid-19 and the outlook for the rest of the year. p.m.,s scheduled for 9:00 that for 9:00 a.m.. and jay powell will testify in congress. china has approved a landmark national security law for hong kong. the move is a sweeping attempt to quell dissent in the city and threaten hong kong's appeal as a financial help. let's get to karen leigh come who joins us on the phone from hong kong. what is the current status of the national security law in hong kon

carrie lam accusing the u.s.uble standards, pointing out that the administration vocally supported the sometimes violent demonstrations in hong kong. the government is facing renewed antigovernment protests aimed at china's plan to impose national security legislation over the city. a government watchdog warns that is letting hundreds of thousands of high income individuals duck their tax obligations. that cost the government more than $45 billion in taxes. budget cuts have forced the irs to scale back enforcement. france says it's recession will be worse than expected. finance minister bruno le maire says the economy will shrink 10% this year, and that means they must continue with pro-business reform and no tax hikes that could choke both. growth --ld choke that could choke growth. 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. ♪ >> a society that does not put equity and inclusi

said as well, they are under the threat of a national anthem built which is being debated, and carrie lam just returned from beijing today. she says the beijing leadership has heard the opinion of hong kong people, and remains with thed to go ahead implementation of this national sovereignty national security law. so, again, protesters have blasted that as well, saying that dolores and with kim and lamb -- with carrie lam happened in beijing, not under hong kong, where it will be imposed. shery: stephen engle there. more on the outlook for china and hong kong ahead. we will hear from the china security institute and others. let's now turn to karina mitchell for the first word headlines. esper remains white house secretary despite refusing to use -- he said deploying forces would be quote, a last resort. a comment which is said to have annoyed president trump your but the white house said he remains secure in his job. more perspective on the protests in america coming up. elliott brennan joins us later in the hour. germany has agreed a virus stimulus package worth almost $150 billion to he

says executive carrie lam she wants closer financial integration with china amid concern about hong kong's future. 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 karina mitchell. this is bloomberg. up, we digoming deeper into cathay pacific's $5 billion lifeline with investment and advisory group united first parties. , j.p. morgan asset management tells us where it is putting its money. this is bloomberg. ♪ haslinda: after a record-breaking rally that added $21 trillion to global stock markets, technical indicators suggest a pullback is overdue. investors will be turning their attention to the fed's latest meeting where it is expected to stay the curse. joining us is j.p. morgan asset management strategist patrick. good to have you with us. we are hearing stocks are in overbought territory. s&p in overbought territory for years. would you say that any pause we see now is just a pause, especially given a lot of money sloshing around, waiting to be put to use? >> good morning. i think that

chief executive carrie lam says she wants closer financial integration with china.the risk of default among the poorest nations is rising and wants creditors to offer debt relief. the managing director told the u.s. chamber of commerce that it would provide time for restructuring. private investors say they may offer low income nations extra cash to ease the burden of debt payments. itsal ratings has cut outlook for japan. says covid-19 has setback fiscal stabilization, though it does want to get back on track. the government packages about $2 trillion. there is more evidence the pandemic is hurting japanese industry. more than 50% from a year earlier. fallingere already before the virus, but the fall implies the outbreak is having a deeper impact and that recent data may overstate resilience in capital spending. global news, 24 hours a day, on-air and at quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. i'm karina mitchell. this is bloomberg. shery: we will get another reading of china's recovery later. further.a

carrie lam said u.k. -- carrie lam said gatherings are still banned to minimize the risk of coronavirusead. hong kong has reemerged from the lockdown. but it is taking precautions to ensure that the spread does not happen again. and this at a time when we have heard from a top official in beijing saying the new security law for hong kong is meant to strengthen and not undermine not one country, two systems principal. and it will ensure freedoms will be granted to the city beyond 24/7. 47.ese are- 20 the head of the hong kong macau office says this is enlarging the space for the one country, two systems principal and will make sure the country's leadership would support it beyond 2047. joining us from the university of hong kong, professor thank you for joining us and this was a three hour webinar where we heard from a high-ranking official in beijing. they were quite extensive and their explanation of this legislation. did we get much clarity? >> thank you for having me here. defend thehas to official line, and has to calm down all the concerns and anxiety people in hong kong have about

those sentiments have been echoed by carrie lam, in beijing to meet chinese officials. >>, can only saventernational community and some foreign governments have been adopting blatant double standards in dealing with this matter and commenting on this matter. the legitimate jurisdiction of any country to enact laws to protect and safeguard national security. exception, u.k. is no exception, so why should they object or even condemn and implement sanctions against hong kong and the people's republic of china? anchor: people with access to calls routeohnson to citizenship stands for british national overseas passports, issued to people in hong kong when it was still a british colony, before it was handed back to china in 1997. it is a travel document, but doesn't automatically give british citizenship or allow them to live permanently or work in the u.k. passporteople hold the and 2 million people in hong kong are eligible, about 40% of the population. >> i think the issuing of this ,essage by dominic raab reiterated by boris johnson, shows that the normal discrete lines of diplomacy, the o

carrie lam made the comment on wednesday during a visit to beijing with the heads of hong kong's judiciarynd police department. debriefed media after talking with the chinese vice premer for three hours. hohong told her china would pus ahead with the legislation designed to crack down on anti-government protests in hong kong. >> when the one country concept, the sovereignty issue is now undermined by the events we have seen in honong kong. this advocacy of independence, and even violence verging on terrorist activivities. the central government has no alternative but to take action. >> well-known prodedemocracy activiststs joioined an online conference held by the foreign correspondents club of japan. >> t the national security law wiwill be a total destruction o the one country, two systemsms hong kong. and alslso total destrucuction the freedom and political rights that hong kong people are enjoying. >> the campaigners vowed to keep up the protest movement, even under strong pressure from the government. they also c called on the international community to speak out against the security

hong kong's leader, carrie lam, told the united nations the law was nothing to worry about. >> it will only target an extremely small minority of people who have breached the laws. basic laws and freedoms of the overwhelming majority of residents will be protected. >> but fear is reaching pro-democracy activists. joshua is nonow in hiding, but expectcts to be arrested. he says he has resigned frfrom s group p to protect them, sayingf my voice will not be hurt soon, i hope the international community will continue to speak up for hong kong and step up concrete efforts to defend our last bit of freedom. alas colson -- to support hong kong nurse in their scared, new world. brent: we take the story to a research fellow at new york university school of law. he has also worked as a barrister and lecturer in hong kong. he joins me tonight from new york city. it's good to have you on the program. you have worked as an attorney in hong kong before this new security law. what does it mean for a pro-democracy protester who is arrested? willll they have access to an attorney andnd legal representa

their anger targeted chief executive carrie lam and a controversial extradition bill. their fear?uld give beijing the power to disappear people in hong kong into china's opaque legal system.cb wasfirser bul and teartrators. we have just been tear gassed by police. you can see those bullets are hitting the people we were in a group with just now. protestors shoved an umbrella in my hand, a helmet on my head, and washed the burning chemicals from my eyes. protestors stormed the legislature on the symbolic date of july 1, the 22nd anniversary of the date the u.k. handed its former british colony back to china. you can see straight ahead, there is this black and white banner that says "no rioters, only tyranny"-- tyranny here of the government. hong kong's summer of discotdevs gang attack on demonstrators in a subway. police brutalizing protestors. clashes that shut down hong kong's airport. with tension made even worse after police shot a teenager at point-blank range. how much do you trust police? >> no, i don't trust the police. >> no, i don >> reporter: but this year, beijing is p

meanwhile, hong kong chief executive carrie lam is in beijing later to discuss the new security law isime to undermine beijing's authority. hong kong could be on the verge of changing forever, and many fear it is now part of a new cold war between washington and beijing. danny vincent looks at what all of this means for hong kongers. these are front—line members of the protest movement in hong kong. fearful of arrest, they agreed to speak to us under the condition of anonymity. a year ago, they were ordinary hong kongers. but now beijing says protestors like them represent a threat to national security. if the chinese communist party tries to destroy hong kong, the hong kongers will try to resist and revenge in every single way that we could. and every way that we can to try to make them burn with us — politically, economically, and internationally. if we burn, they burn with us. last week, china passed a national security law which would make it a crime to undermine beijing's authority. many fear this could bring the city under beijing's full control. the new law is aimed at stopping

sure, but hong kong does have its own government, and the chief of the hong kong government, carrie laming an end to chaos. chaos that has badly affected the hong kong economy, so the hong kong government, under the one country two systems edict, the hong kong government itself is supporting the national—security law. it means they have ruined the two systems already. that introduce the secret police to come to hong kong, they will charge you, detain you, torture you, deliver you back to mainland china because what you said, and that is the thing we are worried about, and the chaos they claim is caused by those powerful fields, by the authorities, not by the people. do you really believe that the system of one country two systems and all the basic law that is supposed to guarantee hong kong's special status under chinese sovereignty, you believe all that is now dead, do you? all dead, already. a few years ago, people will say that it was just pretend, it was still a lie when the chinese authorities say that the declaration of independence is a historical document, that attitude of the c

article published in the south china morning post he writes: meanwhile, hong kong chief executive carrie lamscuss the new security law which would make it a crime to undermine beijing's authority. hong kong could be on the verge of changing forever, and many fear it is now part of a new cold war between washington and beijing. danny vincent looks at what all of this means for hong kongers. these are front—line members of the protest movement in hong kong. fearful of arrest, they agreed to speak to us under the condition of anonymity. a year ago, they were ordinary hong kongers. but now beijing says protestors like them represent a threat to national security. if the chinese communist party tries to destroy hong kong, the hong kongers will try to resist and refringe in every single way that we could. and every way that we can to try to make them burn with us — politically, economically, and internationally. if we burn, they burn with us. last week, china passed a national security law which would make it a crime to undermine beijing's authority. many fear this could bring the city under beiji

in the past hour hong kong's leader carrie lam has warned the city can't tolerate any more of the "chaosher comments come on the anniversary of the largest pro—democracy protest hong kong had ever seen with an estimated million people taking part. our china correspondent stephen mcdonell — who spent months covering hong kong's protests — takes a look at where the movement has left the city. a year ago, a summer of rebellion was triggered after hong kong protesters tried to stop a much—hated extradition bill. the longer it took the government to back down on a proposal to allow for people to go before courts in mainland china, the more the crisis escalated. both activists and police turned to increasingly violent and drastic methods. you can see how serious things are becoming. now we have to move because the police are coming. fight forfreedom! the movement became broader, calling for a complete democratic overhaul. the violence has increased here every week in hong kong. oh, yeah, it really surprised me that the level of violence is increasing rapidly, and they think it's ok. annie kwok

chan, hongas bernard kong executive council convenor , and top advisor to to chief executive carrie lam. let's get more on the law which could come as early as tuesday morning. our chinese correspondent, selina wang, has the details from beijing. what did we learn over the weekend, more specific details about this legislation being discussed by the standing committee? selina: tom, we know that it is being discussed at this china'sy meeting with top legislative body and there could be a vote as early as tuesday morning. if that is the case, it comes in for the july 1 anniversary of the hong kong handover to china in 1997. local media have reported the proposed law includes a light sentence for acts as subversion answer session desperate life sentence for acts like includes a life sentence for acts like subversion and succession. the talk among activists is how that is going to be implied, how it will be defined. it will be broadly defined to broadly shut down dissent. we have yet to see the full text of the law, but to state media has announced it would allow beijing to set up a local in

i do have carrie lam returning from beijing after hearing for leaders there on the security bill. yes, the latest flashpoint is on airlines. suspendingd an order passenger flights by mainland carriers to the united states. we are talking air china, chinese turn, china southern and airlines come in retaliation for beijing barring american carriers from reentering the china market following the china coronavirus pandemic. it goes into effect june 16. at the department of transportation is saying trump could act even sooner. and beijing is preventing u.s. carriers from restoring service. meanwhile, they have maintained price -- maintain flights, although limited, to the united states. now, it stopped short of an outright ban, but it goes to show you that tensions between china and the united states are ratcheting up into all different sectors right now. airlines had a broad rally in new york, in particular united and others that have those flights. but also it was up because there increase -- there is increased evidence that travel manned is starting, although slowly, to pick up. she

it would allow carrie lam, the chief executive, to pick judges.cern fromt of pro-democracy activists in the city about the applications of this bill. it could be as early as tuesday of next week. china has said it would retaliate against any u.s. sanctions imposed as a result of this security law. it would take appropriate countermeasures. i am quoting chinese officials there. shery: tom mackenzie in beijing. companyp, villareal and partner sandy hillary -- sandy hillary joins us -- sandy villere joins us next. ♪ a billionaire investor says it will be a long time before the u.s. regains equilibrium. with the pandemic intensifying damage that was already done to traditional retail by amazon. he spoke to bloomberg as part of our front row series. >> retail -- i think physical retail will stay around. when you are looking at a retail location, if you are an , what fewyou know tenants there are have all the leverage. if you are buying their rent at 10 times cash flow, you are now bankrupt. so your assets are worth half of what you thought it was worth

carrie lam says she is protecting the city.ion place. we could think of no valid reason why china alone should be inhibited from enacting national security legislation. fear of how the new law might be implemented has led joshua wong and others to disband the party they founded. there has been plenty of anger and frustration because beijing's notjust getting more powers, it's actually getting absolute total power when it comes to controlling hong kong. the city, once known for its freedoms, has taken a massive reputational hit. washington has started removing hong kong's favoured trading status. for this, china has promised reprisals. in the chinese capital, behind closed doors, standing committee delegates have rubber—stamped through this new law without a dissenting voice. china's leader, xijin ping, whatever promises were made at the time of handover, these western notions of free speech, liberty have essentially poisoned hong kong. he doesn't care that this new law will be seen by some as changing that place forever, becaus

the national security law passing in china today carrie lam is asking to respect our country's right to safe guard security so speaking out against some of the pressure lam saying inter evnational security the rights of the territory saying no government should turn a blind eye to national security threat so again, mounting a threat to what has been pushed through from beijing and expected to be passed through legislation in the territory. let's take a quick look at how u.s. futures will start. another important one for wall street as we count down to the end of the month slightly patchy. green on the nasdaq, red on the dow and s&p. "worldwide exchange" is coming your way next. i got an oriole here. eh. common bird. ooh look! over here! something much better. there it is. peacock, included with xfinity x1. remarkable. fascinating. -very. it streams tons of your favorite shows and movies, plus the latest in sports news and... huh - run! the newest streaming app has landed on xfinity x1. now that's... simple. easy. awesome. xfinity x1 just got even better with peacock premium included

hong kong leader carrie lam has blasted the u.s. for double standards.he is criticizing the trump administration for cracking down unrest inrators after the asian financial hub. >> whatsoever, for any government, for any economy to impose sanctions on hong kong as a result of a very legitimate process of the central government, the central authorities taking this decision hong kong to for better protect national security. >> for the first time, hong kong has banned the june for the gathering to commemorate the 1989 crackdown and tiananmen square. australia's central bank has kept its rates and yield target unchanged. it is holding fire amid early signs of a recovery. governor philip lowe says it is possible to adapt of the downturn will be less than expected. upcoming data is likely to show the full force of the shutdown, including a rise in unemployment. 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 am leigh-ann gerrans. this is bloomberg. ? francine? ?

hall with staff to address the issues >> written staff e-mails for more, check out cnbc.com >>> carrie lamused the u.s. of double standards speaking for the first time since the government said it would remove the status. saying washington looks through tinted glasses when assessing national security of other countries pointing to protests within america itself. >> translator: foreign governments have been responding in a high-profile manner some have threatened actions and i can only say that they are adopting double standards. for the security of our country, especially the situation in hong kong, they look at it through tinted glasses we have recently seen these kind of double standards most clearly with the riots in the united states we can see how local authorities have reacted last year, when we had similar riots in hong kong, what was their position >> s&p global has warned it may lower its rating on hong kong. president trump has called on his administration to begin removing hong kong special customs status and plans on china to impose new security on the city >>> a check on europ

hong kong chief executive carrie lam speaking shortly after it was passed says she believes china wille countermeasures against u.s. sanctions. >> we are not going to be deterred>> by such actions. if necessary, i believe the country will take to counter that. manus: the last governor of a hong kong under british rule says beijing's security law will be intolerable for people and eventually businesses, too. most of the activity the law will target are already illegal but not in a way that is acceptable to the mainland government. >> it is not a question of it being passed. it will be imposed on hong kong, one of the many breaches of both the joint declaration and the basic law. this is, in effect come on end one country, two systems. it is in breach of almost anything you want to point out. o'er the agreement that hong kong should have a high degree of autonomy. it demonstrates what i'm saying. at least until the last day or two, apparently, the chief executive had not actually seen it. it is absolutely crazy. it is designed to ensure that freedoms freedoms, debt -- have gotten have go

. ♪ emily: hong kong's leader carrie lam has blasted president trump's handling of protests across theaiming the president has double standards. of course, the president has condemned to beijing, when he curbing-- what he says of essential freedoms in hong kong, as protests across the u.s. continue to rage, the president has suggested protesters be shot. joining us is a professor at the university of toronto. view ofwhat beijing's all of this is, especially this discussion that is now raging across chinese state-run media about president trump's double standards. >> yeah, that is an interesting angle, because trump's threat to american protesters david beijing the best problem -- gave beijing the best propaganda gift ever, because beijing is saying that one hong kong crackdown on protesters, washington called it a human rights abuse, but when the u.s. tear gases and shoots rubber bullets at their own protesters, they call it restoring order. to beijing this is absolutely u.s. hypocrisy on full display, and it is true that trump's actions is hurting u.s. credibility, but it is also givi

you saw this with carrie lam and hong kong in last 24 hours.ittle jab at the united states about how things are playing out domestically and what united states has said about how things are playing out in hong kong. tom: absolutely. underscored with his new book. it is not the little things. you see it with the g7 uproar, where angela merkel said i'm not coming in now the president wants vladimir putin to,, but mr. to go is saying no -- but trudeau says no. jonathan: that may change into the g8, the g9, the t11, the g 12. what is the goal, is it to bring more people in or is it to bring russia in undercover? tom: i think it is a president with a unique relationship with mr. putin. he put the dime in the payphone to call mr. putin on that. jonathan: i'm not sure that is quite how it works at the white house with the diamond a payphone. dime in a payphone. is there a payphone there? lisa: i would argue there is probably not a payphone president has to vladimir putin. it is interesting angela merkel said she was not going to come to the g7 meeting

become many in carrie lam's administration, including yourself, have been saying to the people of hong us that it will be good for hong kong. but there are not a lot of details, which has led to much speculation on to what will be in the security law, and whether it will supersede local laws drafted by the legislative council as prescribed under the basic law. people you convince the that it is going to be ok if you yourself do not have the details for beijing yet? teresa: you're quite right that we don't have the details yet, but then we have the national people's congress position, and if you look at the position, they lay down three fundamental points that are very relevant to the question that you have raised. it states -- i'm not trying to recite it -- but it states in safeguarding national security, the one country, two systems is to be enhanced. hong kong's stability and prosperity is to be preserved, and the legitimate rights of people of hong kong is going to be safeguarded. so in those positions, which the national people's congress has passed, and of course when the -- when

. -- carrie lam pointed out that the trump administration vocally supported the sometimes violent demonstrationsong and government -- and renewed antigovernment protests. france says it's recession will be worse than anticipated. the finance ministers says it will shrink 11%. that is why france must continue with pro-business reforms and no tax hikes that could choke off growth. keybank -- fear-based purchases amid social unrest and uncertainty over the coronavirus. gun stocks rallied, smith & wesson brand jump to its highest in a year and a half. global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. . am ritika gupta this is bloomberg. guy: thank you very much, indeed. let's take a look at the final numbers coming out of europe. the dax returning after the holiday yesterday, certainly outperforming. planpotential stimulus coming out of germany. these are your final numbers. those your closing prices. oil stocks contribute as well to the gains. the u.k. briefing from 10 downing street is at the top of the hour.

the pla garrison at the water front. , we areonvention center going to get the chief executive carrie lamlag raising as they mark the anniversary of the 1997 handover. that's the backstory to what is the overriding issue here in hong kong. that's the imposition effective today of that national security law which was passed unanimously yesterday by the stay in a the national people's congress in beijing and signed by presidency himself. what's concerning to a lot of people here in hong kong is that the full text, the full draft of the national law, which only came out in bits and pieces over the last week or two, the full text came out at 11:00 p.m. last night for all of us here in hong kong to fully digest. essentially, came into effect one hour later. someone say that this contravenes the rights that people here in hong kong have enjoyed for 23 years under the basic law, in particular, article 18 says, justifies beijing's move. they can add such laws if they pertain to national defense and national security. however, there's a caveat in there that they must consult the hong kong basic la

city leader carrie lam warned today that the chinese territory cannot afford any more chaos.h korea announced today it is cutting all communications with south korea. pyongyang blamed seoul for leing defectors and activists send anti-north korean leaflets across the border on balloons. the move comes as tensions on the peninsula are again rising. and, on wall street, the ongoing market rally hit a rough patch, and stocks were mostly down. the dow jones industrial average lost 300 points to close at72 27ed the nasdaq e9 points higher to a new all-time high. but, the s&p 500 slipped 25. still toome on the, "newshour," multiple senior military leaders speak out about improving race relations in the united states armed forces; whyr repoof color often face different standards in newsrooms sts,e examinethe coronavirus the practical realits of voting by mail and much more. >> woodruff: george floyd's death has spard new calls within the u.s. military to improve race relations. the air force made history today, when the new chief of staff, general charles brown was orn in. brown is t

meanwhile, in hong kong, chief executive carrie lam defended the new law. >> the legislation will not undermine one country, two systems, and hong kong's high degree of autonomy. hong kong is a free and diversified society. we respect differences in opinion and stve on aching consensus. but the one-country principle is non-negotiable, and could not be romised, as without one rountry, two systems will stand on shakyd. y woodruff: the white house national securuncil today vowed to act against "those who smothered hong kong's freedom and autonomy." a judge rulefotoday that the er atlanta police officer charged the death of rayshard brooks can be freed on $500,000 garrett rolfe fatally shotding. brooks at a wendy's parking lot earlier this month. he faces 11 charges, including felony murder. results from last week's primary race are now in.te former marine pilot amy mcgrath narrowly edged out progressive charles booker. she will take on senate majority leader mitch mcconnell november. also today, utah, colorado and oklahoma held their own primary elections, with several key congressional

lam haskong, carrie blasted the u.s. for double standards. trump administration for cracking down hard on demonstrators in the u.s. after it thought back against hong kong cracking down on demonstrators during its protests. she also spoke out against plans to strip hong kong of its special trading status. >> there is no justification whatsoever for any government, any economy to impose sanctions on hong kong as a result of a very legitimate process of the central government, the central authorities taking this position to enact laws for hong kong to better protect national security. sincefor the first time it happened, hong kong has ba nned the june 4 gathering to mark the crackdown in tiananmen square. global news, 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. anna: let's return to one of our top stories. another night of unrest in cities across the united states. president trump is threatening to deploy the military now and calling on governments to "dominate

well, the onlyjudges who will be able to hear these cases are going to be hand—picked by carrie lam whoshe's obviously not going to choose anyjudges who go soft on protesters. in certain stank of senses, the law gives the national government the power to take control of the matter either way. —— in certain circumstances, the log of the national government the power to ta ke the national government the power to take control of the matter either way. any dissent can be squashed by this law, that the central government doesn't like, and we have already seen a pro—democracy party, the entire leadership has resigned and in effect the party has now been dissolved. they say they are too worried about the implications of this new law, and even though it isn't retrospective, they say that if you have been arrested in the past, being part of a demonstration, it will be taken into account in your sentencing. so a lot of concern from human rights groups, western governments and especially from that very large pro—democracy block in hong kong that it isn't going to be the city it was in terms of peo

hong kong's chief executive, carrie lam doesn't agree. question of how long we could tolerate such a gaping hole in national security has to be asked and answered. for those foreign governments and politicians raising objections to the legislation, one could only lament the double standards they are adopting. this is all happening in the context of 1997 — this is when hong kong was handed back to china from british control — and began life under a agreement widely known as "one country, two systems". this protects certain freedoms in hong kong that did not exist in mainland china. here's more from the bbc‘s steve mcdonell in beijing. here in the chinese capital behind closed doors, standing committee delegates have rubber—stamped through this new law without a dissenting voice. for china's leader, xijinping, whatever the promises made at the time of handover, these western notions of free speech, of liberty have essentially poisoned hong kong. he doesn't care that this new law will be seen by some as changing that place forever, because t

we did hear from carrie lam over the weekend once again trying to reassure the public that this law will only target, she says, an extremely small minority of people. she continued to emphasize that the freedoms of the overwhelming majority of hong kong residents will be respected. shery: what details still need to be ironed out? yvonne: a lot of unanswered questions. the key one is, is this bill going to be retroactive as law? which cases will beijing have jurisdiction over? we are talking to a hong kong delegate of the chinese legislative body. rt hk that a chief executive will make a call on these specific circumstances that have been highlighted in extremelar and situations go beyond the control of the hong kong government or if the city is near the state of war. also, the definition of those ber crimes news to ironed out. what does it mean to crimes like secession, subversion, terrorism, and collusion? what are the maximum penalties for these types of crimes? it can range from three to 10 years and largely would be in line with hong kong's terminal laws but still, a lot of? out ther

the details that came out over the weekend specified hong kong's chief executive, which is now carrie lam, will be allowed to appoint individual judges to hear specific cases. that is something that is not common. usually judges are allotted or assigned a more senior judges -- assigned by more senior judges in the judiciary. we talked to hong kong lawyers. they say this is an unprecedented assault on hong kong's independent legal system. it raises questions on whether the chief executive of the hunk -- of hong kong would be appointing particular judges with viewed favorable judgment for the government because they would be prosecuting protesters or opposition activists. there is a lot of vested interest. that has raised a lot of questions about the ability of hong kong's independent legal system to withstand the pressure from the new national security law. tom: are the activists and politicians aligned? where they take things from here? much commonpretty cause with trying to resist the them for mentation of this bill. they will probably -- there will probably be more protest. at the momen

. >> many people in carrie lam's administration are appealing to the people of hong kong that it willng, but there were not a lot of details which has led to speculation on what will be in this security law, and whether it will supersede local laws enacted by the legislative council as described under the basic law. how can you convince the people it will be ok, if you do not have the details from beijing? teresa: i guess you are right, we do not have the details yet, but we have the national people's congress position, and if you look at the position, they lay down three points that are relevant to the question you raised. , in safeguarding national security, we want systems to be enhanced. hong kong's stability and prosperity is to be preserved, and a legit of rights will be safeguarded. that position, which the people's congress have passed, and when they will do the legislation, they will have to observe these three principles. as hong kong people, we are concerned. >> will hong kong people get a chance to debate this meaningfully, or will it simply be imposed? teresa: i will not

reporter: many people in carrie lam's administration including yourself have appealed to the people oft will be good for hong kong. however, there are not a lot of details, which has led to speculation on what will be in the security law and whether it will supersede local laws drafted by the legislative council as described under the basic law. how can you convince the people it will be ok if you yourself did not have the detail for beijing yet. >> you are quite right, we don't have the details yet but we have the national people's congress position and they lay down three fundamental points that are very relevant to the question you raised. it states that in safeguarding national security, the one country to systems is to be enhanced, hong kong's stability and prosperity is to be preserved, and the legitimate rights of the people in hong kong will be safeguarded. i think those are actually in position which the national people's congress passed. when they do legislation, they will have to observe these three fundamental principles. reporter: will hong kong people get the adequate cha

matt: that was bernard chan, senior advisor to hong kong's chief executive carrie lam. next, u.k.e surges with the dmo planning more than a quarter of a trillion pounds of issuance in the months from april to august. we will break down the numbers next. this is bloomberg. ♪ told you earlier, a developing story in pakistan. the stock exchange building was attacked in karachi earlier. then, all of the gunmen in the allegedly. killed, this is according to the ceo of the pakistani stock exchange. the clearing up operation was ongoing inside the building, according to gotv, the media source citing paramilitary troops known as rangers, security forces, according to geo also, have killed all four gunmen. an attack on the pakistani stock exchange looks like it was thwarted. we don't know all the details. we will bring you more on this developing story throughout the program. let's get to the rest of your first word news. here are today's top stories. surgingrus cases are with johns hopkins university saying total cases have topped 10 million, and the number of deaths has reached 500,000,

officials in the city could like secession, collusion, terrorism, and carrie lam would be able to appoint judges to rule on the cases. reflecteds concern from the u.s., the europeans, and the japanese. china says if the u.s. goes down the route of sanctions, they will respond with countermeasures. we will get more on u.s.-china tensions ahead. mary lovely joins us in the next hour. still ahead, president trump has paid little heed to the resurgence of virus cases in the u.s.. we will examine if this is likely to damage his standing in the polls. the s&p 500 near term momentum is looking bearish. bloomberg. ♪ daybreake watching asia. the pandemic continues to search across parts of the u.s.. texas is halting the reopening of their economy and infections are rising in arizona, florida, and california. there are predictions covid-19 will kill at least 180,000 americans by october. passed 9.5lly have million with 500,000 deaths. infection surge in southeast asia with indonesian cases topping 15,000. more than 1100 cases were reported on thursday with more than 200 deaths. believes 80% of migr