let's get to first word news with dani burger. dani: hi, francine.nt trump asked for china's help to win reelection. that's the allegation made by john bolton in his tell-all memoir. the white house is seeking an injunction preventing the former national security advisor from publishing the book. bolton is the most senior official in the trump administration so far to publish an account of his experience. the president's campaign team dismissed the claim as "absurd." at the same time, president trump is turning up the heat on china, signing a bill accusing beijing of imprisoning more than one million muslims in camps. the legislation has broad support from republicans and democrats. it requires the president to sanction any officials found responsible for pressing uighurs and other muslim minorities. beijing says it will retaliate if the u.s. moves ahead with the bill. fed chairman jerome powell is urging lawmakers not back on fiscal support too quickly. that is admitted increasing debate on whether to extend temporary aid programs at shielding house

here is dani burger.t takeaway agreed to buy grubhub for 7.3 billion dollars, creating one of the largest meal delivery companies. it gives the european company an entry into the u.s. market. the purchase also sidelines huber, which has been in takeover talks -- uber, which has been in takeover talks with grubhub for month. debt for months. checking stocks in the region has munched a record number of inflows. enjoyed five straight days of injection, totaling almost 1.7 billion dollars. jp morgan itself is the biggest holder of the fund. citigroup traders are on track to have their best second quarter in more than a decade. trading revenue is expected to climb by about 40% in the current quarter from a year earlier. fixed income is driving much of those gains. that would put revenue over $5.7 billion. and that is the bloomberg business flash. francine? francine: thank you so much. let's get the latest on the coronavirus in the u.s., a surge in cases in some case causing concerns about a second wave. do inf

hi, dani. dani: good morning, francine. the u.s. economy has a way to go, according to chairman jay powell. the economy is likely to see a period of significant improvement, but it will probably leave the labor market well short of levels seen before the pandemic. chair powell: the first days of the shutdown, and we have seen what that will reduce, which is declines of activity and increases of unemployment. that was q2, and we may be reaching a bottom on that now. dani: german chancellor angela merkel does not expect the eu to agree on its massive coverage plan until july. it is a sign of the difficult negotiations that lay ahead. the program needs to win the backing of every capital, but persistence on the size of the fund and how much it will run for. the plan at debate a summit for the first time on friday. north korea says it will deploy troops on its side of the demilitarized zone. the move further escalated tensions with its neighbors a day after destroyed a liaison office the two countries have shared. says it will "pay" for

here's dani burger.ani: the global economy is recovering slower thanvw expectd and will bear lingering scars from the coronavirus pandemic. that's according to the international monetary fund. the imf is set to release its growth projections june 24 and they are likely to be worse than the 3% contraction it predicted in april. the u.k. economy shrank a record 20% in april, as businesses reeled under the coronavirus lockdown. the contraction follows a 6% drop in march. the figures come in a difficult week for the prime minister. he is under pressure to reopen the economy quickly while facing criticism for his handling of the crisis. houston may be approaching the precipice of disaster. that's according to a senior local official. the city is close to re-imposing stay-at-home orders as the number of virus cases spreads. the warnings highlight the danger of a second wave of infections the on the initial hots -- beyond the initial hotspots. wave,f there is a second the u.s. can't shut down again. that's acco

here is dani burger. disappointing crowds for donald trump's first campaign rally since the virus outbreak. the event in downtown tulsa attracted far fewer supporters in the white house had touted. it was overshadowed by continuing criticism of the president's response to the pandemic and his reaction to protests against police brutality. >> you are warriors. thank you. we had some very bad people outside. [cheers] we had some very bad people outside. they were doing bad things. i stand before you today to declare the silent majority is stronger than ever before. [cheers] dani: china has confirmed its proposed national security law would allow beijing to override hong kong's legal system. the announcement sheds new light on a move that threatens the city's status as top financial center. state media says the proposal will give the central government jurisdiction over an extremely small number of national security cases. a major shift for the bank of england. governor andrew bailey is stressing the need to

let's get straight to the bloomberg first word news with dani burger. dani: good morning. the pentagon has named 20 chinese firms it says are confirmed by the desk controlled by the chinese military. it opens the companies up to the potential of more u.s. sanction and that includes huawei. this comes as relations between the chinese -- the two superpowers deteriorated. china is likely to be a campaign issue in the 2020 election. canada is the first top rated company to be downgraded by fitch during the outbreak. it is expected to run a bigger deficit and emerge from the recession with much higher debt ratios. it cut the country's rating one notch to aa plus. president donald trump has accused democrats of voting down a police reform bill because they want to cripple law enforcement. that is after the blocked legislation in the senate that would limit the use of chokeholds and encourage body cams. the democrats say it doesn't go far enough and has no federal restrictions on the use of lethal force. south africa is facing a public financing crisis. according to its prelimina

let's get to the bloomberg business flash with dani burger. dani: hi, francine. coronavirus pandemic is having a long-term impact on energy demand. the oil maker will make billions of dollars of write-offs and permits for esther reducing its assumptions for the price of oil. it is also reviewing plans to --uce exploration process prospects. the sales decline has eased that h&m, which reopened the bulk of its stores after lockdowns. the first 13% in days of june after tumbling in may. e-commerce eased some of that pain, online sales rising 32% in the second quarter. carlos ghosn has always said he was fed up. she was set up. now there is evidence -- he was set up. now there is evidence to support the claim. him fromign to remove the sun started almost a year ago with his arrest for alleged misconduct. we are told the plan was motivated by his plan to remove -- to move closer to renault a business alliance. francine: let's get more on the u.k.'s reopening. a major milestone today as the country's non-essential stores open up for the first time in almost three month

team—mates couldn't keep their cool, dani ca ballos kept team—mates couldn't keep their cool, dani caballosfor arsenal now, having lost their first two games when football returned. their coach mikel arteta reckons despite the congested fixture schedule. his side can end the season on a high: it isa it is a great opportunity for us to try and win a title and play in europe as well. we have played for away games since restarting the premier league and that is not an easy thing to do. the calendar that we have from the premier league, thank you very much to play every three days while the rest are resting. no excuses. we will go for it and try again on tuesday. next, to the day's second quarter final between the sides third and fourth in the premier league. leicester city might just be above chelsea there. but their 38—year wait to reach the semi finals of the fa cup is going to continue, after ross barkley grabbed the winner at the king power stadium to take chelsea through. alex gulrajani reports. getting into leicester might become just a little bit harder in the near future. today, chelse

dani burger reports. dani: something may be broken in equity markets. u.s.well on their way to erase losses for the year, but the coronavirus pandemic rages on, job losses are steep, and the global economy is facing its worst recession since world war ii. as equity lost touch with reality? or perhaps the stock market never reflected reality to begin with. >> it represents the profitability of particular companies, which is a particular subset of a certain kind of company. not representative of the whole economy, representative or even the whole corporate sector. dani: there are signs of strengthening. job figures are improving in consumer sentiment has begun to rise. >> the stock market is a forward-looking discounting mechanism and its rise is telling us things are going to be better down the line. dani: for some it is not about the economy or earnings or civil unrest. there is only one factor right now, the fed. >> i think it is the beginning of able market rally. you can't underestimate the effect of what the fed did, pouring trillions of dollars in the q

here is dani burger. tiffany has persuaded landers to grant more financial flux ability, a key step toward keeping its $16 billion sales on track. onporarily raising the limit the company debt to earnings ratio. any breach -- chief executive is stepping down after controversial comments on the george floyd protests. in response to a tweet calling racism a critical public health issue, greg glassman described floyd-19, like covid-19. glassman says he is resigning for creating a rift in the crossfit community. is to plan toion cut as many as 80 staff. sources tell us the planned number of layoffs has expanded in recent days, and since around 15% of the work force. parent come softbank reported a loss of about $13 billion last month. that is the bloomberg. francine? francine: thank you so much. let's discuss the future of retail, world's biggest fashion seller has reported its first quarterly loss since september. into text fell my -- ended tax -- in may, sales dropped more than 50%, from 6000 of its stores

let's get to first word news with dani burger. dani: hi, francine.'s top virus expert has warned against loosening restrictions in beijing. that's despite authorities saying a resurgence in the city has been contained. cases also surged in latin america, with mexico seeing a record of new daily infections. and venezuela's nicolas maduro saying he would radicalize lockdown measures in caracas. european leaders begin talks today over a giant recovery fund to help their economies rebound from the coronavirus lockdown. the proposed 750 billion euro program, which needs the backing of every e.u. member state, would be funded by joint -- debt issuance. france and germany are pushing for a deal to be wrapped up next month. china is planning to step up sources say the plan will cover -- step up buying of u.s. farm goods. sources say the plan will cover everything from soybeans to corn and ethanol, as it seeks to comply with the phase one trade deal. that follows president trump's most forceful statement yet on severing ties with beijing. he said the u.s. cou

that's get to the first word news in london with dani burger. dani: hi.ockdowns across the world may have prevented about a half a billion coronavirus infection. that is according to the first peer-reviewed analysis of the impact of health policy. it comes as the world health organization says people without symptoms passing on the virus is very rare which contradict speculation about the prevalence of so-called asymptomatic transmission. democrats proposing a sweeping police reform bill, hoping to turn the nationwide unrest into concrete legal action. one key change, they want to make it easier to prosecute at sue law enforcement officers. a vote is planned in the house for later this month. a new round of arms control talks between the u.s. and russia. senior officials will meet in vienna on june 22 and the aim for washington, and list moscow's help to bring china to the table. the white house wants three-way treaties to limit the stockpile of nuclear weapons. in the past, china has balked at trilateral talks. the global economy will contrast the most s

here is dani burger.ent donald trump says the deal -- phase one trade deal with china is fully intact. that follows confusion overnight after comments from his trade advisor. peter navarro spoke to fox news, indicating the deal was "over." he quickly walked back the comments, saying they had nothing to do with the phase i deal and were taken out of context. the european union and china sparred yesterday as the two sides held a high-level videoconference. tensions have grown since the last summit 14 month ago. the bloc's leaders criticized china's plans to curb hong kong's autonomy. singapore is calling on election with the coronavirus pandemic set to be the defining issue. the city state has more than 42,000 confirmed cases. last week, relaxing its restrictions even further. with his trade-dependent economy, the nation's continuing to feel the heat. the prime minister will seek a new mandate to govern during the pandemic fallout. global news 24 hours a day, on-air and on quicktake by bloomberg, powered by

here is dani burger. dani: the pandemic spread in the u.s. is leaving some state officials to consider slowing or even reversing plans to reopen. infectious disease expert anthony fauci is concerned about the uptick. struggling to pump out its $2 trillion of virus aid. much of it remains stuck in tokyo's aging bureaucracy. still 40% of the funds have not reached people despite being approved in late april. for loans to small businesses, only 14% have been lent out. for job protection subsidies, it is even worse. a strong earthquake hit southern mexico yesterday. it killed at least six people, trapping others under debris. away, buildings shook, and tiles were shaken loose in mexico city. shut production at its refinery. powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. with the risks of a second wave continuing to linger, when will the u.s. and global economy bounce back? here are some of our top guests at bloomberg invest. >> i think you will see a very bad second quarter. i think you will see

let's get to the first word news with dani burger. president trump is weighing an infrastructure proposal worth nearly a trillion dollars to spur the u.s. economy, according to bloomberg sources. the plan would reserve most of the cash for traditional work like roads and bridges, but phones -- -- funds would also go to expanding wireless and broadband. the federal reserve will begin buying individual corporate bonds. the central bank will purchase debt under its secondary market corporate credit facility. -- emergency lending so far the fed will base its strategy on a yandex that it created internally. the supreme court has ruled that federal law protects gay and transgendr workers from jobs discrimination. peoples millions of lgbt civil rights that have been seeking for decades. the 6-3 majority ruling means gender identity will be covered by a long-standing federal law that bans sexual discrimination in the workplace. explosion were seen rising from an area close to the kaesong industrial park, just jointly established with south ko

dani: definitely.omething i have heard a lot reported on, but it is a huge source of debate. the reason it is viral is because it is so of our times. messaging each other on reddit boards and trading in a very speculative matter. that leads a lot of investors to say is this what is leading markets higher? they seem to have an impact on some individual stocks. on robin hood, the weapon of choice tends to be call options. we have seen call options hit records in terms of volume this month. we have seen that have an impact on individual stocks. it increased about 500% over the following three days after a lot of retail investor interest. when you look at the broader overall market and say doesn't have an impact? the market share trading is only about 2%. that is according to goldman sachs. those types of small investors are really just a drop in the bucket. looking at the volume of robin hood traders and what that does to the price of stocks, they saw no correlation. they actually did see a correlation an

joining us is dani burger. do the gains look sustainable from here? certainly hard to put into words the scope of unrest and anguish that has gripped the country. mind, sometimes it feels inappropriate to say what will the economic impact of this be? strategists i've spoken to have hesitated to even begin to answer this question. one thing many agree on is that it is the scope of gains we have seen since the march lows, anything might force investors hands from this point. jay powell talk friday about 40% of people who make $40,000 or less, are unemployed in the u.s.. a letter from west says the a lot of -- there is a lot of tension in that statistic but says fed support will win out for markets at the end of the day. in the 1960's, we saw civil unrest doesn't always lead to turbulence in the markets. if one thing is going to have a big impact at this point right now, it is political risk. you can see that clearly when you look at the vix curve. you see a huge, premium. investors bidding the self reaction period saying a lot of inatility is likely to

joining us is dani burger. do the gains look sustainable from here?u are putting it in the context of what unfolds over the weekend, it is hard to put into words the anguish that is gripping the country, and perhaps equally as hard to what is going to be the impact of this because it is a human story at this point. strategists, one thing they are discussing is the scope of gains that we have seen since the march bottom, that 36% increase really putting investors at a point where their hand could be exposed ahead of potential landmines. jobay, the talk about 40% losses, 40 k or less, that means a lot of turmoil within markets and a lot of political risk as well pricing in october volatility around the election. for now these gains are looking a bit auspicious. francine: thank you so much, dani burger with the latest on the markets. this is what the market is looking at. the focus is on a lot of the figures and the pmi's that we got. this is bloomberg. -- bloomberg surveillance continues in the next hour. tom keene joins us from new york. this is bloomb

jeff, dani, you had some technical issues. jeff.e will try to bring you back later in the show if we can. i do want to shift, the payroll protection program, ppp, winds down today. 130 billion haas been left on the table. some business eners believe it or not still not able to get any help from the government. he is a president and ceo after media production company in south carolina. he applied to seven lenders for ppp. so far no luck. shirrard, how confident are you, that the clock is ticking. obviously you need help. you want to retain your employees and want to keep your business open? >> i'm not confident. to be honest i'm not confident at all. charles: what happened? walk us through this. i tweeted something out about an hour 1/2 ago. you're not alone. people are wondering how could this have happened? they still have over $100 billion on the table. so the money is there. what is wrong with the process? >> i think the process, i think we're just dealing with leadership or management issue. i think there are so many different b

to start us off with bloomberg first word news in london is dani burger. dani: as you said, thousands of people took to the street again across america, to protest police brutality. but there appeared to be less violence than there had been for several nights before. curfews went into effect to stem unrest over the killing of george floyd, a black man in police custody. the pentagon is distancing itself from president trump's warning that he could use active duty military to clamp down on protests. defense department officials say it would be better to rely on the national guard for law enforcement where needed. still, some active-duty troops have been put on alert for possible deployment, most likely in washington. the european union is looking to british prime minister boris johnson to prevent a no deal brexit. negotiations between the e.u. and u.k. are deadlocked. the e.u. is pinning hopes on a dramatic intervention by johnson. he meets later this month with the e.u. top officials. rent oil rose above $40 a barrel for the first time in debt brent oil ro

so dani i you they needed a back room yes let's see what happens ok do you do one go. does the others are. ok if this isn't just a little girl does me really kind to me. let me go i. know you show your hitting the way the way you. did that night was particularly. given that you really you know those that. feel. like you and you have to be smooth on ice and i assume so. there's enough money and be prepared to juliet to have that yeah it's not no oh yeah you just need to tell me what was it because something is going ahead and and and and and and and and and and. this 54. i think does that sort of exotic group of guys limited and gave us which means that johnny had a certain amount of a stick soon. at the same time i believe the challenges are going to go one mile is quite complicated because if i get a little excited and accelerated the combustion and i'm going to go on and then i am in trouble. it will be i already yeah i mean the idea is that i will be ok concentrate and remember you need to become one your get my fossil ok 321 go. well there's little i would risk a f

so dani i your day to day back was yes let's see what happens ok so you threw one goal. oh. ok this is maybe just a blip it was really kind to me. and let it go. i assure you having the day to it i. have to let you know i love the feeling that. he was ok with that. and you know look at. you and you have to be smooth with a summary so you. don't mess up ready and be prepared to look at the present yeah it's not no oh yeah you just need to tell me you wasn't because i think on the head and and and and and and and stuff. was 54. i think does not serving the group of guys are limited and gave us which means that donnie had a certain amount of a stick soon. at the same time i believe the challenge is if you have to go one mile is quite complicated because if i get a little excited and accelerated a little mushroom and i'm going to go on and then i'm in trouble. if i beat i already. i mean the idea is that i have a green ok concentrate and remember you need to become one you're a little by far so ok 321 go. well lou i would risk a. risk more with. this. this is. good. for. us and

so dani i your day to day back was yes let's see what happens ok do you do one go. to the oh. ok this is just a little you know does me really kind to leave. you show your heading that way do it i. think maybe. all the 6 of us who. go there when that reading you're going to look at. the u.n. you have to be smooth with a summary so you. go in the funny and be prepared to do yeah yeah it's look no yeah you just need to tell me you wasn't called something is going to head and and and and and and and and and and and. 54. i think does not serve the group of guys are limited to of us which means that any had a certain amount of district soon. at the same time i believe the challenge is if you have to go one mile is quite complicated because if i get a little excited and i'm pressing the accelerator the combustion engine could come on and then i am in trouble. if i already. i mean the idea is that everybody ok concentrate and remember you need to be come on you're getting a lot faster ok 321 go. well there's little i would risk a. risk with. this. this is. really. good. mustn't call.

joining us is dani burger with the details. of the stocks to watch this morning is zalando. kinnevik, a technology firm, will sell a big chunk of shares in zalando. the total price tag, about 610 million euros. like a lot of shareholders, they are taking advantage of a bounce in stocks, the stay-at-home stocks we have seen but they will sell at about a 6.5% discount since yesterday's closing price. with that dilution of shares, we may see zalando take a hit. a construction company, might be moving on the infrastructure plan from the trump administration, the $1 trillion they want to get past. they have also had their earnings coming in line and some positive statements from the company saying they were resilient in the face of the coronavirus outbreak and they are planning to keep their dividend, the progressive dividend policies, so that looks clear for them. they also think they are in a great position to retain and grow their market share and half generation. -- cash generation. they have a takeover of all tram they are -- o

so dani what do you think have you just lost that do magic touch that you once used to have or is it related to your dad's electronic support systems that are spoiling your fun to this i think the truth is it's all about the handbrake it's like a magician ok has this trick yeah and i must say the trick is here and it's not there my name is that i lived in a good and i'm a motor sports journalist from india and i live in berlin now i travel around the word covering races and following race car drivers so that i can get some interesting interviews hello my name is ronnie makes america a k. around it's iraq and i am living on the accelerator since i'm 11 years old today i'm sort of 6 and my professional stunt driving racetrack. and driving to my sally is my wife and i have met her in india ronnie is a whole lot of fun he's my best friend in the whole wood he's a kind person he's a funny person and they have a border and on the is that i fell in love with. because she has a very specific amount of humor he's also a really talented he's it is so you've got 16 this would i called 5 out in

matt: thank you for joining us, dani burger on stress tests.p president jane fraser is worried is about signs the bank is seen in consumer behavior in asia as it weighs what a potential recovery could look like in the u.s. she spoke with bloomberg in an exclusive interview. , wee have been surprised had about 2 million customers who signed up for relief programs in the state. a large number of them carried on making payments. as we see in the enrollment rates, down in the single-digit percentages from the previous and relieves. -- previous enrollees. at the moment, it is anyone's guess. >> we saw a significant government stimulus in the first part of this crisis. $1200 checks given to americans. you think when the stimulus starts to wear off, -- >> it is a distinct possibility, and we have seen people come out of programs and go back to paying credit cards in full. be how question will much of this is from the stimulus program and how much is it people going back to work again? all of them want to. at the moment is looking as optimistic, but th

joining us now to discuss is dani burger.ains happening after regular market hours? dani: these are just easy gains. an easy way to make money. on march at the low 19. you would have gained 25% returns just trading from the normal working hours and then selling before the close, only 5%. perhaps this does not line up with the fundamentals. given the risk overnight. the civil unrest, the presidential tweets but it is still making money so at some level, why not do it? it also signifies a return to the way things were before the pandemic and a return to risk appetite. risky positions showing a willingness to take that on. the overnight position does outperform usually not to the degree it currently is but in some ways, this is a return to normalcy. anythings the tell us about the durability of the gains from the march low? dani: if anything, it tells us there are a lot of investors out there that this will occur for some time because these easy traits, when they do reverse come it tends to be escalator up, elevator shaft down.

dani: there are signs of strengthening.ohn figures are starting to improve and consumer spending has begun to rise. is ae stock market forward-looking discounting mechanism and its rise now is telling us things will be better down the line. dani: for some it is not about the economy, earnings, or civil unrest. there's only one factor right now, the fed. >> i think it is the beginning of a bull market rally. you cannot underestimate the effect of what the fed did, pouring trillions of dollars of liquidity into the financial markets. dani: there are plenty of investors who do not buy any of these arguments, but sitting on the sidelines, watching your peers make money, it is not easy. moneyre is more sitting. the market is not getting -- does not look like it is going to roll over again. i am sitting on too much cash. let me allocate that. dani: reality or not, investors are bidding up equities but with the second wave of coronavirus infections threatening more lockdowns, how much further can stocks go from here? shery: let's

wass that balance that dani talking about. the downside is winning the battle for the key market narrative. we will discuss next with the head of investment research. this is bloomberg. ♪ anna: welcome back to the year. market open. 45 minutes to go until the start of the european equity trading day. european futures point down by more than 2%. u.s. futures weaker on dow futures paid with that in mind, let's talk about where we are. stocks turning lower after friday's reprieve. u.s. futures under pressure. of thef a second wave coronavirus seemed to be overwriting positivity that the european economies are beginning to reopen. in the u.k., nonessential retail shops are opening their doors. that is basically that is not food or pharmacy related. cross-border travel is being actively encouraged to germany, france, and others ahead of the peak summer season. joining us for more is the bank of america's head of investment research his work focuses -- research. his work focuses on the trends of the new consumer to the changing glob

anna: dani burger with a look at what's going on.nted to mention one headline coming from "the u.k.ian," saying that the government is in talks over a scrappage scheme. yesterday, when we were looking ahead to the german fiscal stimulus, it still seemed to be put together the hind the scenes. anticipation,hed so i wonder if we get another day of movement. matt: absolutely. there is a lot of optimism about this bailout package from the germans. it's interesting because it is only 100 billion euros compared to the 1.2 trillion euros in stimulus the german government has already made. but cash for clunkers is a big hope not only for the car industry, but all of the supply chain around it. i know we have heard from metal companies, for example, who are very hopeful for some kind of cash for clunkers plan. coming up, it's the market open. futures are pointing higher again today after the big rallies we saw yesterday. stick with us for the risk on kickoff. this is bloomberg. ♪ ♪ minute to go until the start of cash equities trading. the gr

there was the ceo talking to dani burger. up next, we'll talk about south africa. bank has taken an offhand approach, compared to its europe and u.s. can apart. we speak to a fund manager -- u.s. counterpart. we speak to a fund manager. that is coming up next. this is bloomberg. ♪ matt: welcome back to bloomberg markets. this is the european open, right now about 16 minutes away from the start of cash trading. we do see futures pointing down after the rallies we've had over the past couple of weeks. here in europe, the economy really turned to the ecb. america has turned to the fed. but not everywhere has the central bank firepower to help medicate the impact -- mitigate the impact of the pandemic. >> there are unrealistic expectations coming from supply [indiscernible] the central bank had been successful. because they have been successful, we think they can be used to solve all of the problems. matt: this more hands-off approach by the sar be leaves -- sarb the space for the -- leaves space for the -- to step in. and they just announced it is raising money for a

. -- chamberlain spoke with dani burger. take a listen.s europe's last traditional exchange floor until the coronavirus pandemic swept the world. it is where the world's metal prices are set but it has been closed and moved to europe -- to electronic pricing. will it be able to reopen after the pandemic? they hope to keep this final vestige of in person pricing. ultimately, if we did reopen, we would be asking our staff and members' staff to go back to the ring environment. i think the way we analyze it right now is that we are forrly waiting government guidance. but even if the country can open up restaurants, you can run restaurants in a socially distance way. way.stanced we don't quite see how we can run the ring in a socially distanced way. until social distancing can be when there is a vaccine or better treatment, but until that time, the most prudent thing would be to keep the ring closed. dani: has electronic trading because of the close down gone smoothly? in a narrow sense, absolutely. we are confident that our market is still liq

you.: thank dani thatard from ray dalio's clients have their cash waiting ready to go.about clients you speak to? are they still willing to keep cash on the sidelines, or are they wanting you to deploy that in more risky parts of the arcade? -- of the market? be used for federal purposes. many of our clients keep some ords for everyday expenses the like. given how low interest rates are, we are looking at solutions to try and increase the return for the money which is not immediately required. there are a number of solutions in terms of money market funds through the risk curves. probably looking more at fixed income for that cash than for equities depending on objectives, risk tolerance, people can find different solutions. just talked about ray dalio having a crisis at the worst possible moment. a lot of that implosion was to do with risk parity. the faster markets fell, the faster markets had to liquidate. what did you learn? what's the biggest outcome? >> we were positioned before the the cycle,rding to we were positioned defensively. we thought we were close to the

but he didn't have an easy task ahead of him leipzig are known for their firepower and dani made it one nail in just the 9th minute i know what the move kaylee with the perfect pass and own mo did the rest. and the spain international wasn't done yet barely 2 minutes later and almost made it to nil i. headed back the long ball to all who fired home to bag his brace. in the 27th minute bores header bounced off the woodwork and more was probably hoffenheim special chance of the game to nail the final score a disappointing debut for marcel rupp at hoffenheim while yulian goals mons leipzig are getting close to clinching a champions league berth. after months of lockdown berlin's museum of contemporary art has reopened with a spectacular new exhibition. has used her spray gun to transform the museum into a walking world of color. the entire wall is a riot of color spilling across the floor and over a layered landscape a dazzling display made from recyclable called a starry panels for catarina grows everything is or canvas. if you pursue your prickly feet coming i'm really fascinated about h

thank you to our markets reporter dani burger.he european union and china spar over geopolitics and business practices. leaders from the bloc held videoconferences with the chinese president and premier. let's get more with our reporter in brussels maria tadeo. the summit ended without a joint communique. what is the significance of that? maria: it is actually very significant when you have a summit like this where you have xi jinping, ursula von der leyen on to the call and they are not able to put together a document by the end of the session. what he shows you is the two sides were far apart on the meeting on key issues going from politics to business practices. the europeans are not liking from china this point. what is even more striking is yesterday, we didn't get a joint statement but a year ago, we got one from europe and china. it shows you, we've talked about this many times, the mood in europe when you look at china, the business practices, the dumping, the use of subsidies in europe. , the europeans are worried about t

but he didn't have an easy task ahead of him leipzig are known for their firepower and dani made it one nail in just the 9th minute i know what you move kaylee with the perfect pass and own mode did the rest. and the spain international wasn't done yet barely 2 minutes later and made it to nil i. headed back for a long ball to all who fired home to bag his brace. in the 27th minute bores header bounced off the woodwork came from what was probably hoffenheim special answer of the game to nail the final score a disappointing debut for marcel rupp at hoffenheim while you. are getting close to clinching a champions league berth. and a week after declaring itself free of the virus new zealand has restarted live sporting events in rugby go highlanders defeated the waikato chiefs in front of more than 20000 fans it was the most high profile of it so far in the match did not disappoint with a nail biting home win for the highlands. after months of berlin's museum of contemporary art has reopened with a spectacular new exhibition. that has used her spray gun to transform the museum into a walk i

here to discuss is dani burger. what are you seeing?the auto picture we find ourselves heading into the second half of this year. you have global equities which have just seen their best quarter in about 11 years, but when you look at the earnings estimate, this fundamental picture continues to deteriorate. there is a large gap moving into the second quarter and it is clear we are pricing in an economic rebound. you could argue we have central banks with a dovish policy. that is helping us to move further from here, but here is one of the big risks for the second half of 2020. that is this. this is the corporate risk. this is bankruptcy filings in the u.s.. ofbally, there was a lot corporate risk. most companies have filed for bankruptcy since 2009. the fed can do all it wants to support financial markets, but how can it really backstop and closingcompanies from and likely jobs from disappearing off the market? so does that mean we are headed for no rebound in 2020 or at least further from where we already are? jp morgan argues there is

but he didn't have an easy task ahead of him figure are known for their firepower and dani made it one nail in just 9 minutes i know id move kaylee with the perfect pass and own mo did the rest. and the spain international wasn't done yet barely 2 minutes later and made it to neo i'm. headed back along. the fired home to bag his brace. in the 27th minute boy's header bounced off the woodwork and was probably hoffenheim special and some big game to nail the final score a disappointing debut. at hoffenheim while you're. getting close to clinching a champions league berth. top story a warning from the u.n. that millions of children being put. to put food on the table during the global connections. that's it for me and the news team. don't forget you can get all the latest news and information on our website. and this is climate change. happiness. for you. smarter. how does a virus spread. through the to.

here with the details is dani burger. what could we see today? simply, we could see volatility. we get an these days, lot of volatility around the u.s. open and close. traders and dealers either rush to close out or hedge their existing positioning. you get these pockets of liquidity when we could see pretty substantial price swings. about $1.8 trillion worth of options on the s&p 500 are set to expire today, 15% higher than usual, so a lot of reason for investors to rush in and change their positioning. that could equate to about $48 billion of trades that will have to take place today. the outcome of quadruple witching day is never really certain. there are sometimes that it will not be as dramatic as we have seen in the past. last week, we had that 5% selloff on the s&p 500. may be a lot of these trades are already finished. traders are owning options that are within 10% of where the underlying index is right now. this is what is called light gamma. positions are less exposed to swings in the s&p 500. that could lessen some of the impact. one

. >> se llama dani y conoce muy bien esta cocina, este fue su primer trabajo hace 15 aÑos cuando llegÓvado a emprender esto, un nuevo proyecto que era comida japonesa con mi socio. no se pudo y es algo triste, es algo un poco decepcionante con esto del coronavirus . miguel: le tocaba hacer de todo en el restaurante de comida mexicana de su socio, Él estaba encargado del local. pero como mucho de los empresarios del centro de san josÉ han visto, en el campus de san josÉ las ventas bajaron y se vio forzado a tomar una decisiÓn, ya que las facturas y renta aÚn seguÍan llegando. >> al final del dÍa uno siempre trata de salir adelante y ahorita es como que estoy empezando de nuevo. miguel: por suerte las amistades del pasado lo llamaron y recibiÓ una llamada. cuenta su historia con el propÓsito de que otros tomen en cuenta el peso por el que estÁn pasando los negocios pequeÑos, especialmente aquellos que por aÑos soÑaban en abrir y el 2020 arruinÓ sus planes, pero no se rinde. >> siempre hay que luchar para obtener lo que queremos. yo pienso que no hay otro camino mÁs que trabajar duro y si

manus: dani burger there, going through the latest data. mentioned his name a couple times, the pimco bus, who says well the coronavirus pandemic -- while the coronavirus pandemic still poses many unknowns, there is still an opportunity to pick up underpriced assets. what are they? an expert on tech stock, but let's talk about credit for one second. i think you have seen an enormous amount of issuance in the credit space from the tinto of march 2 today -- from the end of march to today. if we bridge a liquidity gap, then there is going to be a long cycle wherefrom we need to think about solvency and their own businesses and what they can achieve. if we know anything from history , we know it is a long cycle, a cycle where there will be somers done, and where sectors are going to be profoundly affected, and we need a restructuring. just think of the airline sector. when are we going to see each other in the flesh? i don't know if it is two weeks away or six months away. part of it is also the virus, of course, where your respective of how mu

but he didn't have an easy task ahead of him cigar known for their firepower and dani made it one nail in just 9 minutes i know what you move caley with the perfect pass and did the rest. and the spain international wasn't done yet barely 2 minutes later and made it to nil i'm. headed back along. who fired home to bag his brace. in the 27th minute boys header bounced off the woodwork and was probably hoffenheim special answer of the game to nail the final score a disappointing debut. at hoffenheim while you. are getting close to clinching a champions league berth. and that's all for us for now they'll be more news at the top of the hour but keep on top of things at our web site dot com and on twitter and instagram. thanks. to. combating the pandemic. where does research stand. what are scientists learning. background information and news. 19 special next on d. double.

dani burger is with us to discuss. good to see you.uld just be so happy to talk about growth and values. they have to do an homage to nejra in her absence pit where are we? -- absence. where are we? >> it is hard to say if this will be a lasting rotation, especially for value. it has underperformed so massively over the past year and the past gay. in order for value to do better, we typically need to see some sort of pick up in inflation expectations, a sustained pickup, and bond yields moving higher, and we so far really have not seen that sustained. this really may be the last gasp of a market that tries to keep rallying, rallying in the face of expectations, and at times, the reality of what is going on in the street. even so, value is so cheap right now. especially compared to the rest of the market. we have heard from people in speaking to new sturm professors over the weekend that he thinks value is the best opportunity that it has ever been at this moment. the hope is that value is so cheap that perhaps we are starting to see th

dani: pretty quickly and sharply. buybacks from their peak in 2018 have more lved.ha now we are just half a billion away from seeing european companies become net issuers of stock versus buying them back. it is the same trend in the u.s., but in the u.s., if you strip out buybacks from tech, they are already issuing more shares than buying back. there is a big change over the past three years. we've seen trillions of dollars of buybacks put into the market and you talked to socgen yesterday, who i thought did a good job of putting into clear terms to switch we've seen in capital issuances. as we had a real leverage in phase before march 2020's event. equity fromy to see the debt buyback for companies that will have no transfer to survive this crisis. i do believe they will be able to exit equities at the right price. this is he points out, about supporting balance sheets for companies that are suffering during this crisis and need the cash and that is why they are flocking to stocks, and we've seen credit issuances pi

se llama dani y conoce muy bien esta cocina. fue su primer trabajo cuando llegÓ de mÉxico.do y es algo triste, es algoun poco decepcionante con esto el coronavirus. miguel: llevaba 2 aÑos trabajando en este proyecto. mientras tanto, tenÍa que hacer de todo en el restaurante de comida mexicana del socio. Él estaba encargado del local. con muchos empresarios del centro de san josÉ han visto, sin alumnos en el campus de san josÉ state las ventas bajaron y se vio forzado a tomar una decisiÓn, entonces dejo el proyecto. >> al final del dÍa, siempre uno trata desalir adelante . ahorita es empezar de nuevo. miguel: por suerte, las amistades del pasado lo salvaron. recibiÓ una llamada de la dueÑa del taco sushi. >> me pregunto si tenÍa unas horas y me vine de nuevo. miguel: adÁn cuenta su historia para que otros tomen en cuenta el peso que pasan los negocios pequeÑos, especialmente aquellos que soÑaban con abrir y el 2020 arruinÓ sus planes. >> siempre hay que luchar por esa oportunidad para obtener lo que queremos. yo pienso que no hay otro camino mÁs que trabajar duro. hay que te

luego empataron, y luego ampliaron la ventaja para el equipo luego llegÓ el espaÑol dani olmo para conseguirspiden de la liguilla. en la Última fecha jugarÁn el viernes leÓn contra tigres, y tijuana ante el atlÉtico de san luis.

tambiÉn sabemos que grabÓ un video que va a enviar a esta iglesia que va a ser dani uno algunos momentosqui hay toda una gran expectativa en toda la ciudad, ya que. como tÚ la vÍctima era hora era originaria de carolina del norte, pero pasÓ su infancia y su juventud, aquÍ, en houston, tejas, en donde, principalmente su barrio era una persona muy querida, hemos. visto personas han toda su barrio como de la ciudad de houston tejas, pero tambiÉn hemos hablado con personas que han venido de ciudades vecinas, como san antonio, como si como el bahÍa tejas que han venido a estar a este memorial, que es abierto al pÚblico y no van a confirmar llegando por el resto del dÍa hay un caso operativo de seguridad y tambiÉn un intenso operativo de salubridad, por el covid diecinueve y tambiÉn de emergencia por si alguna persona se siente mal, estamos con el calor intenso sÉ, estamos en noventa y cinco grados, pero se espera que para llegar hasta cien grados y se prevÉ algo de lluvia por la tarde, por lo que bueno, vamos a ver quÉ pasa en el transcurso del dÍa. se agradecemos francisco por esa informaciÓ

charles: well, alicia, to that point, dani talked about lennar earnings.e have the nhab homebuilders sentiment. it came in extraordinary and blew away expectations. in fact if you look at the three components, where we are currently, single family homes six months out, the only thing held it back is foot traffic. hard to go out there to kick the tires on a house. but we do have other things, household formation, for instance, that has nothing to do with stimulus at all, but just maybe a change in attitude amongst consumers? >> absolutely. look, housing is a bright spot in the u.s. economy and was actually a bright spot going into the pandemic because there was already a turnaround you could see in january and february. the other thing, i just want to remind our viewers, if you think about where we are in the economy today, this is the 2030 economy that is now been pulled back 10 years to 2020. there are winners and there are losers just as david was talking about. so when you're investing now you really want to think about what the trends are. if you think