so we're joined by david morgan now. eurofins head of u.s. infectious disease.i-body testing this week. i want to go through this with you, where you launched and how that launch is going. give us an update. >> thank you for having me. as you mentioned we were i think certainly one of the first in the united states to launch anti-body testing. we launched out of our first lab in boston and launched very well. we have had a lot of positive feedback on it thus far. primarily focused on the future -- patients in hospitals and those that work in hospital that are possibly infected or exposed. connell: makes a lot of sense. i'm sure you want to talk to us how we eventually scale that i want to be careful so everybody knows exactly what we're talking about. keep it simple for a moment. explain this test. >> sure. connell: what it tells us, also what it doesn't tell us and who should get it once we do get to that scale. >> i think the latter part of your question is important because there is a lot of things it doesn't tell us yet right now but in simple terms we're us

david stubs, at jp morgan private bank.ll have plenty more on the debt debate and we'll talk about europe and leaders and we'll talk about the u.s. this is bloomberg. ♪ francine: this is "blurring surveillance." francine: this is "bloomberg surveillance." what is your biggest concern about europe. i know there's been a fight with the south and the north about corona bond and debt-free forgiveness and we heard about the e.c.b. probably taking junk bonds as collateral. is there enough solidarity or do you think we're at breaking point in europe? david: i think both of those things are true, that not enough solidarity for my liking for a grand project, the ambition of the euro and the incredible differences between some of the economies within it. i still think we're a very long way from a true breaking point and the real pricing in of breakout risk we've seen obviously in the early 2010's and again, around the greece issues in 2015. i think that we have significant enough programs from the monetary policy authority to control

joining me for more, david lebovitz, j.p. morgan asset management global market strategists. have companies saying i have no idea what is going to happen, how do you put a valuation on anything? david: it has certainly been challenging as we've gone through what little information is available, digging through some of the recent filings. the base conclusion is that they basically have no idea. what makes this such a unique environment and a unique situation, and some companies have provided guidance on this, but you are seeing both demand and supply get squeezed, not unlike what is going on in the oil market. things are getting hit from both sides, and that is what makes this extremely challenging. you not only need to consider what the impact is on the consumer as we go through social distancing and peoples employment situations come under pressure, but more importantly, is the company able to manufacture to get to a place where the consumer can consume if they are anyplace to do so? one of the things the market is going to start latching onto over the next couple of weeks i

though, david, morgan stanley says lock in profits on amazon jim mentions the disney downgrades two downgrades of gilead >> well, remdesivir, they have already anticipated people won't make money thursday night, a friend of mine from the street, he breaks a great story about remdesivir, it made people excited, then they realized wait a second, they'll give away remdesivir, how much money will you make on that. you watch the shows this weekend, the show on saturday and sunday, then you see maybe it's another drug, not remdesivir then you realize why am i buying gilead the shows were incredible this weekend. don't know if you caught them. >> yeah. do try to catch them more than i used to. i feel as though frankly we have many of the same guests on during the course of our week that we see on the morning shows. >> not the morning shows what are you talking about >> you know, the shows yesterday, right the sunday -- >> no, you are hysterical. i'm talking about the president's shows! >> oh. those shows. >> he does the interplay with the cnn guy. you're an idiot! >> yeah. >> come on >> i don't watch

david: i read that another bank in the united states, jp morgan, you have heard of them? ian: yep. david: they were thinking of having their own cryptocurrency. is that true? are you going to do something similar? brian: blockchain is the connection between that. we have 45 patents on blockchain, another 45 in the process. we believe the idea of distribute in technology and finding ways to move money and the uses around trade. we have to use a lot of information and money at the same time and documents. those are good uses for it. i do not know whether i would call that a cryptocurrency. it is still u.s. dollars, it is still a fiat currency distributor electronically. that is going to happen. david: if i am a college student watching this discussion and i'm getting ready for a bank of america interview, what should i do? dress appropriately, right? brian: make sure you demonstrate curiosity and make sure that you demonstrate you really want to help people. ♪ david: i don't think the people watching the show are generally bank robbers, but for those bank robbers who might h

from david kelly, j.p. morgan asset management. time wet is a funny find ourselves in. in bull market territory. overnight, therapeutics showing more efficacy, or maybe it is more of an aspiration we could see a vaccine by the end of the year with operation warp speed. is there too much enthusiasm over the worst of this? yes, definitely too much enthusiasm. the other thing in the u.s. parts of the economy most exposed to social distancing are a smaller part of the u.s. equity market. low, it'ss are so hard to commit to the bond market, helping the stock market weather this storm. if it was just the virus, the market ought to have gone lower. how strategic are you at this point given there is a great deal we don't know, another market bottom? what opportunities do you see with valuations not at bargain basement levels? david: they are not basement levels in the u.s. -- emerginggency market stocks look relatively cheap in this environment. is whole world economy basically on hold until they have a vaccine for this virus. it is nice to have treatments. we hope the fatality

morgan was? davidumbers were similar with responsys to the provision they took. j.p. morgan has a little bit soe credit card exposure, given the vast increase in unemployment claims, that was probably the big driver of the card related provision, so it got less card exposure compared to taking morgan. pre-provisioned profitability is not quite as strong, which is why you did not see much profitability. they essentially broke even on a gap faces in this most recent -- on a gap basis in this most recent quarter. they have not been able to grow the balance sheet, so that has had an impact on profitability. there's also been a lot of litigation and investments they've had to make in order to satisfy some of these regulatory requirements they are going through. -- therepre-credit pre-credit profitability is not nearly as profitable on a pre-credit basis than j.p. morgan's. alix: j.p. morgan media call starting now. the cfo saying j.p. morgan is committed to maintaining dividend payments. in europe, dividend

david attenborough. m.i.t. white people's morgan freeman and the last thing a gasel hears before being eaten by a lion. it's been announced attenborough will begin teaching geography and nature classes as part of the bbc's virtual learning program. this is amazing. can you imagine being a teacher with david attenborough? he sees the animal world a little differently now. >> and here we have the bat. look at him, acting all innocent like he didn't do shit. thanks to them, i can't even get the mail without dressing up like a broke-ass nine georgia that's right, you better stay in that cave, bitch! >> trevor: that's your ray of sunshine. let's jump straight into the headlines. lest kick it off with economic news. with travel worldwide ground to a halt, demand for oil has collapsed, which has now caused oil prices to plummet to their lowest levels in history. that's right. oil is cheaper than it has ever been. so the next time you go to the gas station, forget the gas tank, you can fill up the entire back seat of your car, too. the price of oil dropped so much today that right now the cost of one barrel is

david: thank you so much, michael. really helpful report. michael zezas, head of public policy at morgan stanley. up, we are speaking to of newendez o jersey. this is "balance of power" on bloomberg television and radio. ♪ david: this is "balance of power" on bloomberg television and radio. i'm david westin. reportedly, we are about to get another spending bill out of the congress dealing with small businesses are replenishing that ppp program, as well as replenishing hospitals and testing, but leaving for another day state and local aid. bob menendez has a plan that he announced earlier today, along republican senator cassidy from louisiana, about what we should do about state aid. thank you so much for joining us. five hundred billion dollars, three tranches. clean your plan. sen. menendez: thank you, david. our plan is bipartisan. it is called the statement is simple 84 tradition and recovery. $150ilds upon the existing billion set aside in the cares act but expands eligibility to counties and towns of populations of 50,000 or greater. it breaks it down into three different trudges. billion ba

morgan we do not know whether the figures will hold up as strongly as the next that of banks that are yet to report this week. daviddid see the trading numbers were quite good for j.p. morgan, especially. does that say something for morgan stanley or goldman sachs in the past. sonali: both of the banks you have named, goldman and morgan stanley, a lot more of the revenue does come from trading and investment banking, where deals have been muted. debt underwriting has been great, but we have not had that much luck in the advisory businesses. that fell lower than expected at j.p. morgan. with fixed income shining so brightly and morgan stanley being the leader in equities and trading volumes being where they are, the hope is trading will hold up for this quarter. that is in hindsight. we do not know what the next two quarters will look like. david: one of the things everyone will be looking at will be controlling the cost. we note will be a rocky road for the banks. thank you very much for sonali basak. power,"p on "balance of we will talk to massachusetts attorney general maura healey, who is using her office to try

david is the global market strategist at jp morgan. that does it for the closing bell. "what'd you miss?" is coming up next where we look at how restaurants could be a luxury good. we will discuss what it looks like when the economy does start to reopen. this is bloomberg. ♪ romaine: good afternoon. broadcasting to our viewers worldwide, i'm romaine bostick. this is "what'd you miss?" scarlet: let's get you a snapshot of how u.s. stocks closed on the day and on the week. 1.9% up forng at the dow, 1.7% gain for the s&p 500, and the second straight week of gains as well. days after declaring total authority over states, the president is telling state governors it is their decision over when and how to reopen the economy. he recently unveiled general guidelines. but left all the critical questions unanswered. let's bring in josh. i'm looking at a headline that just crossed about illinois governor. sounds like the governors have a call and they are deliberating and making their decisions. now have states begun to do that president trump has punted the decision to them? >> w

talk about grant already, but there's some other really interesting people, david dixon porter, sigh simon chase, sarah morgan. and of course, sherman, but among all these other characters, there is someone that you are particularly drawn to? >> before he answers that, let me say something. he wrote a hell of a book. because it had momentum, and he's writing like a novelist, he is interested in intrigue, he's interested in the mystery of things. he tries to put you behind the person's eyes at the point when they make the decision. often hindsight distorts, and in his case he is writing when the decision is being made. so your almost living with the characters. i thought that was a real strength of your back. we both come from newspaper browns and this is how you write stories. you have to pull readded inch i put a thing over the desk, will the reader turn the next page. >> you do that with character. before i get to character, let me just answer the question before that. i want to say i do think that grant's moved by his left after wilderness was a very significant moment. the union generals tended to do what

morgan, certainly record numbers. do you expect to see that elsewhere given the volatility in the market? will that be the silverlining for banks this quarter? daviday be for this quarter. coming seen volatility quite a bit recently, which is a good thing, but not necessarily for the trading. we saw equity derivatives strong for jp morgan. we will look to morgan stanley to have similar results. j.p. morgan had a strong fifth quarter. they highlighted rates currencies and emerging markets, which is the hallmark of citigroup. we expect decent trading out of citigroup tomorrow. amanda: who is most exposed to the fed's recent actions? ,avid: in terms of the rate cut i think bank of america would be one of the names, actually. but our point was that when it wrote tangible of it was a credit story and not a rate story. what we will see over this quarter and next quarter is although the fed has cut rates thebasis points in march, funds have not moved down. and mortgage rates have not moved down with treasuries, but the banks might report a little might bed the outlook better than what we are expecting because of those dynamics. banks, as you noted, play

david solomon, ceo of goldman sachs. brian moynihan, ceo of bank of america; gordon smith, coimpeachment, coo of jp morgan chase; charlesf wells fargo; michael corbett, ceo of citi group; al kelly, ceo of visa; michael vribok ceo of mastercard, michael wilcox, ceo and chairman of grand rapids state bank. and we had numerous others also on the call. i just appreciate them. they are -- we're way ahead of schedule, by the way. we're way ahead of schedule. the paycheck protection program has been incredible. so based on the incredible success of the program, i'm announcing that i'll be asking congress to provide an additional $250 billion for the paycheck protection, which will help keep americans employed to facilitate a quick and full recovery. we're doing very well. we're looking very bipartisan. a lot of people want to do it. and the plan is amazing. they're processing hundreds of thousands of loans. and this is the big banks that are doing it, the community banks. but the biggest banks right now in our country are doing it. and they're doing it for a lot of reasons. one of them is they want to help people. the w.h.o.,

david mccullough starts tonight at 7:00 pm eastern. visit booktv.org. >> journalist janice kaplan talks about women who have impacted society. she discovered nuclear fission. >> lisa morgan in the 1930s discovered nuclear fission, the first person to understand that when you split and adam the nucleus of an atom of uranium, there is a big explosion of energy and that led to nuclear energy, it led to nuclear weapons which she was not willing to have any part of but it was also something that turned physics on its head. it was really important and it won the nobel prize. lease meitner did not win the nobel prize. it went to her lab partner, otto hahn, who was a chemist. what i read, otto hahn was a very nice man and a very good chemist and maybe even deserved the nobel prize for something else but he sure didn't deserve it for nuclear fission because he didn't really understand nuclear fission. the men and they were men amenable committee just couldn't wrap their heads around the idea that it could have been a woman responsible for this enormous breakthrough. they fell back into what we were talking about, confirmation bias, must be the woman behind the man, the man who do

morgan stanley, bfa , and citigroup, was down. we are taking share and in order to continue to take share, our revenue isto our people. we will continue to grow. davidfinally, what about sectors. do you see a difference in sectors among the companies you deal with? it seems like telecom is more needed than ever, online is needed more than ever. certainly the tech sector seems to be rising. do you see more openness and more confidence, more opportunity than other more traditional areas such as manufacturing and materials? a massivere will be in lots ofhanges sectors as a result of this. number one, we are all learning that we can be highly productive without being all in the same place. for centerplications city real estate, it has leaveations for family policies, so in the service sector, these are very meaningful changes in my view. in manufacturing, you are already seeing rethinking of supply chains. do i really want to have one supplier for a critical part to my manufacturing process that comes from an area that could be affected by a pandemic? i think they are going to be massive changes, clearly technology is inevitably going to be a continuing

david in hong kong, thank you very much for that. awaiting china's first quarter gdp figures. stay with us for an analysis, morganng bank. it from "day break asia." ahead to the trade.of bloomberg markets china open is almost upon us. we're counting down to the e-- f of the chinaeck china eco-data. this is bloomberg. >> it is 9:00 envisioning very will come to -- in beijing. welcome to bloomberg markets. rishaad: we are counting you down to the open of trading, the chinese mainland as well as in hong kong. the asia-pacific stocks are rising, president trump seeing americans heading back to work next month. there are signs of progress in the fight against the coronavirus. jonathan: oil may

morgan brennan and dominic chu. we look at the market down about 520, worse day since april 1st a lot to watch the oil deal, of course, this goldman call out of david kostin, some downgrades of deere and caterpillar and now the president saying on twitter it is the white house that has the authority to open or close states, not the governors. that's going to get interesting. >> that is going to get interesting. that is increasingly the focus of not only the american public but of investors in the markets is how and when we're going to start to see the economy begin to come back to life, whether we've actually based on the numbers we've had in the last couple days seen a peak in confirmed cases, what all of that looks like. then, of course, the fact that we have earning season kicking off in earnest this week, the big banks reporting and some key other names that give us some insight into the state of the economy and things like trade flows like jb hunt will report this week too. number of analysts and strategists saying the number is meaningless, the eps number is meaningless, any guidance for q2 probably up in the air as well, that it's really goi

are the key things you have to be focused on at morgan stanley that you know are must-dos even though you don't know what's coming >> a great question, david and good to catch up with you. listen, the first thing is the plan has to work we're the number one equities house in the world we're managing, you know, $2.5 trillion of client assets and wealth management, arguably number one or two in the world we have a very strong respectful fixed income business with trading all over the world and banking asset management the plan has to work when clients put trades in, when they're looking for morgan stanley, it has to work. if you told me three months ago we could have 90% of employees out of the office and be functioning with the volumes we have had, and we had our ten biggest days on record consecutive ten biggest days and i thinkthere were each more than 50% bigger than the last biggest day, i would have said the probability of that being pulled off is close to zero, but it happened. so number one, focus on the plans, which we're doing number two, obviously risk we're all over it, every position, every client situation. you know, and the re

david blaine. >> how about a quick card trick. see you soon. >> but first, this is "today" on nbc. >>> we're back with bode >>> we're back with bode and morgane shared intimate moments of their life with us while bringing awareness to causes they really, really care about. and like the rest of us, they are staying safe at home they have six kids, including five-month-old twin boys guess what, they are also doing their part to help, raising money to give back to first responders in their community and encouraging others to do the same bode and morgan, good morning. i know it's early there but it's so good to see you. >> good morning. >> good morning. it doesn't feel that early to us, but it's still dark. >> i guess, yeah, you're up all hours of the night which baby do we have there? >> this is axle? >> oh, axel. is his brother sleeping in >> he's the more -- they swap. they have personality traits that seem to switch back and first. sometimes either up early and the other sleeps and then they switch maybe that's the identical twins. >> the only thing that means is mom and dad don't get much sleep. i want to catch up with the family in a few m

morgan stanley, and we had so many notables here as well. very happy as well that this morning we're now joined by david solomon, of course, the ceo of goldman sachs who joins us from the company's headquarters where i would assume it's a fairly lonely place. david, it's great to have you this morning thank you for being with us. >> good morning, guys. and thank you. thank you for having me, and it is relatively quiet here at 200 west we have about 98% of our employees working from home, working remotely, but there are some people who do have to be in the building to move money and for processes, so i have been making my center of operations from here. there are other people in the building i feel like i should be here, and it's certainly a very safe place to operate with so few people in the building >> yeah. we are following similar protocols at cnbc. david, so much to ask you about, but let me just start off, broadly speaking, in terms of how you're viewing risk right now at goldman sachs a company that has been known, of course, for managing risk better than perhaps any of your peers. what is right now a real focus for you at goldman sac

morgan stanley chief u.s. equity strategist. ♪ alix: a risk off day developing here. futures dropping as earnings continue to roll in. joining us is one of the best-known bears out there, davidalternative management chief investment officer. david, really great to talk to you. welcome back to the equity world and the bear calls. give me your 32nd production on where you think the market is going to go -- your 30-second prediction on where you think the market is going to go. david: great to be with you. this virus is very sad for where we are. think a lot of people are not looking at the true facts. we've essentially had a fibonacci retracement of about 50%. unfortunately, this stimulus is not really stimulus. it is just keeping the wheels on. it is going to be too little, too late, and not big enough. there's so many companies with 70 people that are potentially going to fall through the cracks . this $1200 is not going to last long. if you have sales down 50%, these earnings are just going to get wiped out. unfortunately, this is going to change the mentality of people. people are not going to go out to restaurants as quickly. i still think a vaccine could be 2021 before i

year over to you, jim >> david, one thing i've always loved about doing the mad dash is pretty much every quarter i talk about katie, my favorite analyst on apple she's at morgantanley, she has a good point here. she goes it's set up well. apple is set up well what is she talking about? new product cycle, multiple 5g launches coming. she'll talk about -- she says something that people have to recognize. apple can put a mid to high single digit dividend increase the companies that have been doing dividend increases are suddenly getting a lot more pe multiple juice than ones that can't. so i think that's going to factor in. apple has a giant cash hoard apple has been cut number, cut number, cut number for ages from analysts i like this call i think katie will be very right. >> its credit quality is better than that of the u.s. government at this point. >> yeah. someone asked me the other day, why do you like j&j so much? name me somebody else that is aaa besides batteries. >> these companies are able to have a lot of cash on hand and generate a lot of cash and are a continued focus given the difficult times we're in and that are coming still. we talked a lot abo

morgan brennan and dominic chu. we look at the market down about 520, worse day since april 1st a lot to watch the oil deal, of course, this goldman call out of davidme downgrades of deere and caterpillar and now the president saying on twitter it is the white house that has the authority to open or close states, not the governors. that's going to get interesting. >> that is going to get interesting. that is increasingly the focus of not only the american public but of investors in the markets is how and when we're going to start to see the e