david westin with the vice president of the united states at roughly 12 noon. isup, a gentleman expert on the fiscal policy of this nation, jason furman of harvard university. we look forward to that conversation as well. please stay with us. this is bloomberg. ♪ ♪ this is bloomberg "surveillance," tom and francine from london and new york. touch,uities rising a european futures were rising but are flat. they have gone back up some 0.4%. it is a rough start to the fourth quarter for risk assets as we look at the number of deaths in europe. two hours until the weekly jobless claims report in america, a grim number, one of the topics were our david westin in conversation with the vice -- topics for our david westin in conversation with the vice president of the united states. ♪ because you can't get to the theater, we're bringing the theater home to you with xfinity movie premiere. such news. i know what this is. this is a real thing. our brand new service that lets you watch movies at home, while they're still in the theater. oh, mister elton. ahh! he has figure

i'm david westin.il is really rebounding sharply today after president trump tweeted that he spoke to mohammad bin salman in saudi arabia, and the russians and the saudi's would cut production by 10 million barrels. it was not clear over what period of time. we welcome now of singing -- beschloss.aneh give us your take on this reported agreement between the saudi's and the russians to cut back on oil production. afsaneh: it is not clear that the agreement is as clear-cut as the markets have taken it, not clear that the russians have agreed to what we heard in the tweets. this quick sugar high that the market has gone on energy side, which is close to 10% on the energy sector, while the total market went up about 2%, is something that will stay up for a long time. david: what would it take, in your judgment, or the russians to agree to something like this? there are other issues the united states has, such as the sanctions over the pipeline. afsaneh: absolutely. you have the political issues which have

i'm david westin.ryone seems to agree we need more testing on the covid-19 virus if we are going to open up the economy, but how much testing do we need and how are we going to get there? the rockefeller foundation has been looking at that to come up with a plan. we are joined now by their president raj shah. you have a fairly comprehensive plan that you have laid out, a big one, $100 billion. what does it go toward? raj: thank you for having me. it is true, if we are going to get america back to work in a manner that is safe and prevents rebound occurrences of this crisis and pandemic, we need a massive scale up of testing. our plan is a 1-3-30 plan. one million tests a week right now to 3 million in eight weeks, and then to 30 million tests per week by early november. we have presented a set of the consensusave agreement of economists, scientists, industry leaders, and government officials from both democratic and republican administrations. this is a nonpartisan action plan that could help the ameri

i'm david westin. welcome to "balance of power." we have a very big program. we have rick rieder from blackrock and also the secretary of energy. we want to check on the markets. the fed made a ripple. we have taylor riggs here to tell us all about it. taylor: the s&p 500 on track for the best week since 2008. we were on track for the best week since 1974. a lot of hope and the optimism continuing to filter through the equity market. i want to take a look at some of the junk bonds. saying he would be supporting fallen angels. before march 22, and you are downgraded since, you do perhaps still qualify for that program. we were seeing a move in crude. there was about a 10 million barrel per day cut. earlier we thought that would be 20 million barrels a day. still trying to get the final meetingfrom opec in the that started two hours ago. those details continue to come through. i want to take a look at the s&p 500 on a four day week. it is a shortened holiday week, so the bond markets will be closing in a

i am david westin. the markets are up again. doing well on a risk on day. for a full report we turn to taylor riggs. taylor: hey, david. great to have you back. [no audio] they are aiming to pass a loan program to help funding increase. that would be on thursday. the positive headlines are outweighing the negative headlines as of now. year y gilts -- 10 ields are higher. in eight basis point increase yesterday. you are getting a weakening the dollar by about 1%. it could be seen as some good news if some of the funding pressures are relieved. the hope and optimism is still moving through into the copper market. those are off 3%. copper has been searching to the highest now in almost three weeks after minds have been closing to reduce supply and some of the coronavirus headlines have been coming in showing signs of easing in these hot spots. flip up the board. i want to take you through, if you want, to take you through an 11 day chart. david: of course. taylor: this chart is getting us into so trouble because i'm getting so much twitter hate mail. take a loo

i'm david westin.t the u.s. economy struggling with this coronavirus. the same is happening in great britain. to mervyn king, the head of the bank of england, and asked whether there needs to be a similar stimulus package for the united kingdom. i don't think that is an immediate need now. both the treasury and the bank of england have made clear they would provide whatever stimulus they judged to be needed. at present, stimulus is not needed because the government has told us to stop working, stay-at-home, don't go out and spend. they are trying to stop the economy from functioning at present. the question of stimulus is for one further down the road, and the bank of england can take whatever measures it feels is appropriate quickly. i don't think that is the immediate issue. the immediate issue is how to prevent firms and businesses from going bust. the reason why we should not prejudge at this stage what businesses will need help down the road, it is quite likely no one can really know at this stage

i am david westin and this is "balance of power." jersey is the state in the union with the second-highest number of victims of the coronavirus. earlier today, i talked to its governor, phil murphy of new jersey, about how his state is coping with the coronavirus. murphy: we have not announced the overnight numbers. i do not get them until after this. the numbers are going up. lives lost.ecious almost 19,000 positive tests. the positive test number, actually both numbers we expected and warned people, but the positive test numbers cut both ways. on the one hand it is positive test that people have the virus, on the other hand, it gives us a much better sense of the dimensions of this. we keep not just positive but negative testing results, and that gives our epidemiologists and other professionals a better handle on trying to figure out where this is headed trying to stay ahead of it. david: one of the things we are all looking at is the rate of increase. you have any sense on whether the rate of increase is diminishing at all? gov.

." ♪ mike: this is "balance of power ," i'm michael mckee, sitting in today for david westin.tock of the hour is heritage homes and home builders in general, spiking higher eight confirmed results for lumber prices rising. abigail doolittle is you the story. it seems odd that they are rising in this environment. mark: it does, but we have a rally on the date homebuilders, behind that to a long heart is heritage homes -- large part is heritage homes. upgrading for the first quarter, if you can believe that. homebuilder break into luxury homes, relative to the first quarter they are extremely strong. january and february were great with march, not as much the virus crisis and tragedy hitting and percent decline there. overall up 23% for the first quarter on this bullish preannouncement with order cancels at 13% backlog. this is a good driver for the homebuilding state. the news, the builders. .lus the market rally on the year, though, it's a very different story. up, with that 20% move meritage homes is still down and it is an equivalent amount for worst year since 2008, mike. t

coming up, balance of power with david westin.e speaking with mike pence, the vice president of the united states. this is bloomberg. >> from new york to our tv and radio audiences worldwide, welcome to balance of power. i'm david westin, we are going to talk a few short minutes from now with michael pence. in the meantime, we go to taylor riggs. >> just want to give you an update of where we are, seeing crude originally up higher after u.s. president trump said that he does expect saudi arabia and russia to cut production by about 10 million barrels or more after he spoke to the crown prince, not clear if he meant 10 million barrels per day, if so that would be taking about 10% of world demand out of the market, that is demand prior to the coronavirus. saudi arabia of course calling for an urgent opec meeting to reach a fair deal that would restore balance in the oil markets, according to state-run saudi press agency reports. david: the markets otherwise may have had a hard

i'm david westin.loomberg first word news, we go to ritika gupta. ritika: the governor of new york is sounding a tone of cautious optimism. he set the worst is over if we continue to be smart. still, he says the coronavirus pandemic will naturally be over until there is a vaccine, and that could take 12 to 18 months. the u.k. is reporting a slight drop in a number of new coronavirus deaths. people died in17 the past 24 hours, down from 20 the day before. the u.k. has had more than than 11,000, more have died. boris johnson is out of the hospital but still too sick to get out of -- back to work. he says the doctor that helped treat him no doubt saved his life. in germany, signs that the infection curve may be flattening. cases registered their smallest increase this month. german chancellor angela merkel is set to meet with regional officials to discuss how soon restrictions can be eased. global news 24 hours a day, on-air, and on quicktake by bloomberg, powered by more than 2700 journalists and analyst

i'm david westin.now for first word news with mark crumpton. i'm sorry, mark is not there yet. every day, we do reports about the spread of the coronavirus, peaking in some places and not so much others. a new report out of michael morgan stanley. michael zezas is with us to talk about what they presented. a fascinating report. one of the things that struck me is your projection that it may be different in different regions come as we talk about coming back to work, the coast may be ahead of the center of the country. michael: i think that's exactly right. will largely govern the reopening process, it will be dynamic, it will be in stages. there will probably be feedback loops where the data and testing will dictate how quickly some state will open. some states will test boundaries more than others, and of course there could be some backsliding. ultimately, the policy of sickness, testing, whether hospitals have capacity determines who opens quickly and who doesn't. if you broaden that out for the econ

chain time now -- with david westin.ow for smart charts abigail doolittle. i understand you are looking at stocks today. abigail: that is our focus today . before bringing in our expert of fidelity investment, i would like to set the stage by taking a look at a year today chart of the s&p 500. there has been a tremendous amount of volatility. the first chart is a year today s&p 500 chart. you see the big decline from the peak down 35%. this rally we are taking a look he a -- a looking -- a look at, very vigorous the beginning. you can see how it is been at a wage. basically coiling. buyers moree recently, less enthusiastic. from a technical perspective, this is called a bear wedge. if it does break down the full target would be this year's low. it is close to the apex. the bulls might push it a little higher to the full target of right below 3100. the bigger message is the possibility and the likelihood of a retest of this year's low somewhere right below 2200. to talk more about this, i would liardio bring in john gag o

i'm david westin.s all around the world are doing their best to help their this extremely difficult time globally, and that includes rbs. we spoke with the chairman earlier today, talking in particular about what his bank is doing for small and medium-sized enterprises. because very important they create a huge amount of employment in the country. for many of them, there has been a complete stop on their business. the most obvious ones being restaurants and hotels, but a in more in the supply chain the leisure industry. the key thing is we need to ensure there is productive capacity in the economy for when the opening and the upturn eventually comes. if we have lost production capacity because firms have given up during the crisis, then me will have a constrained uptick. it is both important on the downside but also important to position the economy better in the upturn. >> how difficult will it be for these businesses? you mentioned restaurants, merchants, service businesses that are collecting zero r

i am david westin.irst world is the go to mark crumpton. : thank you very much. -- mark: thank you very much. has told the military to destroy iranian gunboats. federal health officials are confirming the coronavirus killed two people in california in february suggesting the illness was circulating in the united states weeks earlier than was originally thought. officials say to people who died in santa clara county in february. at the time, there were only 11 known cases. president trump says the u.s. will open national parks amid the outbreak speaking at an earth day event today. he said, "you have a lot of land to open up." he did not say when the parks would start to reopen. diede u.k., 759 people from the coronavirus in the past 24 hours. that is down from the day before. they are prepared to start human trials for a vaccine. government officials say they are increasingly confident the country is passed the peak. they continue to warn of the possibility of a second peak. 134,000. is more than confir

i'm david westin. welcome. we had a rough day and equities yesterday, today the question is will that continue? we turned abigail doolittle. abigail: it is unclear whether or not we will break the pattern. right now it is mixed. it does feel like the buyers are trying to step up. very jittery in the first hour of trading. right now we are all green. the dow basically flat. the s&p up .7%. on thedaq outperforming momentum stocks, especially amazon. investors going towards those stocks, that momentum complex. the question is more recently the buying power crash owned by this week, two down days, one update. not entirely clear. the buyers are less enthusiastic. we have had horrible economic data. investors and traders are assessing that reality. it is no longer just somewhere in the distance. it is here today. many folks are saying you will be the second quarter that will matter. some are saying this rally has to do with traders looking past 2020 to 2021 as the data continues to come out poorly, it could be a prob

i am david westin.loomberg first word news, we go to mark crumpton. mark: david, it is all but certain that joe biden will be the democratic candidate for president in november. ' decision to step aside as a market change from 2015 when he battled until june, just like clinton did with barack obama and 2008. british prime minister boris johnson is still hospitalized in intensive care as he battles the coronavirus. the u.k. treasury chief says johnson has been sitting up in bed and engaging with the clinical team. reported 930 u.k. more virus-related deaths today, the deadliest day so far. states, dr.united anthony fauci says the start of the turnaround against the coronavirus could come after this week. the infectious diseases chief told foxnews now is not the time to pull back from efforts such as social distancing. dr. fauci he also said the trump administration is discussing how to reopen the economy, but he said that does not mean it will happen right now. new york city transit workers are being hit

i am david westin.e back with the saudi finance minister. we have been talking with him about this remarkable move by the g20 to try to support some of the economies around the world. let's go back to something more specific. an important pardon -- part of this is to suspend payments on sovereign debt. >> of course. restructuring may take time for financial agreements to be put in place. g20 andto make sure -- the saudi presidency have committed to a strong and significant action immediately. the suspension will give us time. will give poor countries time to consider rescheduling relief from some of the debt throughout the next three to six months. that we think will be needed to ensure that we close that chapter. david: we have a question from a viewer. i find it interesting. the viewer asks, is it possible that this crisis is an opportunity to consider for the -- further opening of the saudi capital markets? >> absolutely. the saudi markets have been relaxed significantly. we receive a significant inv

vice president mike pence speaking to david westin yesterday. coronavirus has infected more than one million people worldwide. as repercussions hit further reaches of the economy, -- alastair campbell argues prime minister johnson to take a cue from new york governor cuomo, saying in times of crises, people look to leaders for constant strength and for kong, composed,- calm, us -- polite. joining us is alastair campbell. we heard from matt hancock he is trying to test 100,000 people a day, more than anyone in europe. are they catching up? alastair: they are trying to, but my worry about yesterday is it is just another case of overpromising and under delivering. one of the most important principles of communication in a crisis is not to overpromise, is to be brutally frank about the problems. that is why i've been so admiring and respectful of the way governor cuomo has been communicating. boris johnson has caught the virus and has not been as public then he has previously, but the style of communication is still very much, let's try to get the m

i'm david westin. franchisors and franchisees alike have been hit hard by the coronavirus.omes to franchises, nobody knows the issue better than catherine monson. thank you so much for joining us. give us your sense, what are the particular issues franchisees and franchisors are facing? , athe biggest challenges are majority of our franchisors and franchisees are not deemed essential businesses. child care,gyms, hair salons. for members that are deemed essential businesses, even as seeingnchisees are declines in sales of about 40% because the only thing they are selling our covid-19 safety signs and other materials to keep social distancing, information out there, etc.. from going to robust sales to zero,r it is down 45%, or because you are a nonessential business, that is challenging for any small business. david: you talk with a lot of these franchisees and franchisors. do you have a sense that the first $349 billion, and for that matter, the next $370 billion, is it going to where it needs to go? catherine: really concerning. a recent survey showed only 11% of small fran

i'm david westin. we go now to mark crumpton with first word news. nancy pelosi calls the latest aid plan before congress an interim step. the house is expected to approve the $484 billion bill already passed by the senate. wants a majorshe package of aid for state and local governments. that sets up a conflict with mitch mcconnell. he wants the federal government to slow down handing out money. a warning from european central bank president christine lagarde. she says the block's gdp could fall as much as 15%. she also said they have done too little, too late. european leaders are having a video conference, trying to figure out how to mitigate the economic fallout from the coronavirus outbreak. as many as half of the people killed in europe were residents in long-term care facilities, according to the world health thenization, which says numbers show a deeply troubling picture of the vulnerability of older people in care. the agency director also said care facility workers are underpaid, underequipped, and under protected from infection. global news

our thanks to david westin and former fed chair alan greenspan. a couple of headlines in the last two minutes, president trump orders meat processing plants to remain open, according to a source. the president will use the defense production act to designate meat processors as essential and critical. hillary also word clinton will endorse joe biden this afternoon. the new york times reported that hillary clinton will endorse joe biden this afternoon. this is bloomberg. ♪ vonnie: this is bloomberg markets. i'm vonnie quinn. the fomc beginning their meeting today ahead of the rate decision tomorrow and the statement which investors will be awaiting. spoke to alan greenspan about his view on the coronavirus crisis. he is concerned about demographics these days. joining us for a look ahead to the fomc decision day, a wrapup of where we are right now in the economy, we have ed yardeni. numbers this week, they will not be pretty. how swift and how long is this downturn? i'm in the consensus view that we will have a really awful drop of gdp in the second

he spoke with david westin earlier. >> the whole need for response here is immediate.ut the economy down, we need to make sure that these businesses are there when we open it back up. if we take too much time to get things perfect, which is my preference -- i would love to crossed, wewas would love -- we would look back and regret it, because there would be so many failures, the length of the recovery, the recession has deepened. if half of the american workers are working in small businesses and we need them to go back to work with health conditions permitted. time is of the essence. the funds part -- put in the third bill were helpful but i didn't think it was adequate when you look at the number of businesses that are going to need help. i'm not surprised they are looking at providing more assistance. what i am trying to add into the thinking process and the comments i am making, when the green light comes, there has to be cash flow to reopen. there is going to be a need that continues the assistance longer than the health crisis, like there is going to need to be h

i'm david westin. coming back from break, breaking news on the bloomberg. stimulus deal is done according to trump administration officials, something that we were just talking about with chuck grassley. that deal is done, they are supposed to vote in the senate this afternoon. the other big story is what has gonethat deal is done, they are supposed to on in the oil markee last few days. earlier today, president trump commissioned his energy secretary dan brouillette, as well as steven mnuchin, to figure out how to help the oil industry. energy secretary dan brouillette joining us now. give us a sense of where you start in having to deal with a situation we have never seen before in oil. thank you. great to be back with you. it is an extraordinary place we are in the market. no one in my lifetime has seen anything like that. we are taking very aggressive but appropriate steps to help industry, help this economy, if you will, get through this pandemic. one of the steps we took initially was to open up the pitcher jake reserve, industry,e storage available to

shery: you have been listening to david westin with bill richardson.new york and toronto, this is bloomberg. ♪ nowadays you do more from home than ever before. the xfinity my account app puts you in control with digital tools to give you the help you need when you need it. get fast and easy answers with personalized help 24 hours a day, 7 days a week. change your wifi password to a phrase that's easy to remember. even troubleshoot 24yourervices on your own.eek. we're working to make things a little easier for everyone. download the xfinity my account app today. scarlet: it is to walk in new york, 7:00 p.m. in londonscarlet:. i am scarlet fu. romaine: i am romaine bostick and this is "bloomberg markets: the close." looking at the markets, a little bit of risk aversion creeping back in. the s&p 500 down almost 3% on the day. you see buying in the treasury market. iteurope yesterday, entered a technical bull market. that has now retreated significantly. all this tied to the oil market. yesterday, it was a technical issue that rolled from the may to the ju

that was vice president mike pence there, along with david westin, who did that interview.what the coronavirus pandemic means for the global trade out look. we will speak with the national foreign counsel -- foreign trade council president. that is coming up next. this is bloomberg. ♪ taylor: this is bloomberg markets. i'm taylor riggs in new york. president trump is said to announce the deferral of some tariff payments. the executive order could come as soon early this week after bloomberg has learned trump approved a proposal to delay some of the levees for three months. it would not apply to tariffs at -- that the white house imposed as enforcement action, such as on chinese goods or on steel or aluminum from around the world. the president has denied any tariff delay. we are joined by rufus yerxa, the national foreign trade council president. what is your take on delaying or not some of these tariff payments? good idea or not? havingyes, thank you for me. i think it is obviously much needed in this situation. we all know that coronavirus has completely changed all of th

i am david westin. the markets are up again. doing well on a risk on day. eport we turn to taylor riggs. taylor: hey, david. great to have you back. [no audio] they are aiming to pass a loan program to help funding increase. that would be on thursday. the positive headlines are outweighing the negative headlines as of now. 10-year gilts -- 10

"oming up "balance of power with david westin.omberg. ♪ david: from new york to our audiences worldwide on tv and on the radio, this is "balance of power," where the world of politics meets the world of business. we have a big show. interviews with brian moynihan, the ceo of bank of america, and the alaska governor. let's turn to the question of military preparedness and how is being affected by the covid-19 virus. that was brought home to all of us when we heard from the captain of the uss theodore roosevelt, the aircraft carrier, who said he needs to pull into port and offload all 4000 of his sailors and have them tested because of incidents on board the ship. it brings a question of how can you keep together a military force in an age of coronavirus. we will turn to someone who pays attention to military preparedness, not just for the united states but our allies. she is ambassador kay bailey hutchinson, ambassador to nato. before that she was a senator from texas for 20 years -- i am now told i should go to abigail it

i'm david westin. welcome.ugh day and equities yesterday, today the question is will that continue? we turned abigail doolittle. abigail: it is unclear whether or not we will break the pattern. right now it is mixed. it does feel like the buyers are trying to step up. very jittery in the first hour of trading. right now we are all green. the dow basically flat. the s&p up .7%. on thedaq outperforming momentum stocks, especially amazon. investors going towards those stocks, that momentum complex. the question is more recently the buying power crash owned by this week, two down days, one update.

brian moynihan told david westin he expects the u.s.unce back quickly once the coronavirus health crisis is over. take a listen. did,at the federal reserve a lot of liquidity programs to stabilize the markets. congress passed a stimulus bill to keep people employed. we have told our teammates we have a job to support, and many employers are told that to keep people employed. keep a baseline economy growing. how doer question is, you help small businesses do that? that is a program they will implement friday. the key is how do we get that money and how quickly on behalf of congress and the president, ,nd they set up regulations they are starting to publish them. patient,stomers to be go back to your bank and who you have the money relationship with for documentation, they will have millions of customers come to us and we will put them into the program. money ishat the secured to do, and to cover overhead to help small businesses. we are setting up shop and activating thousands to take applications, a huge digital presence. if everybody c

i'm david westin. pandemic sweeps the world, national security concerns persist. we welcome the president and ceo of the wilson center jane harman. she served for nine terms in the u.s. congress. thank you for being with us today. first of all, are we prepared after we had that awful incident with the aircraft carrier, the , thevelt, are we prepared u.s., our allies in nato? jane: it's a complicated question. nice to be back on the show. we have learned ships are germ factories. the other parts of our military, the army, marines, not the ones in the navy and air force, don't. i have heard our defense areetary esper say that we prepared, readiness is a huge focus. we will have to adjust to a make usere pandemic's all vulnerable in a way that we have not planned. about some ofalk the things on your list that we need to be prepared for. start with afghanistan. we are so consumed with the coronavirus for good reason, we forget about things like afghanistan. jane: right. we cannot forget about afghanistan.

i am david westin.akota made their relatively small state in the overall scheme of things, but like the rest of the country, has a rather be coronavirus problem. we welcome now congressman from south carolina, dusty johnson, republican, and he is going to give us the perspective from south dakota on this pandemic. give us a sense of how this virus has affected your state. johnson: i suppose it is like everywhere, there are hundreds of impacts that we are a big agricultural state. we pride ourselves on doing a lot to feed this country and feed the world. you look at the smithfield plant , a meatpacking plant, provides 5% or 6% of our entire country sport processing capacity -- country's pork processing capacity. there were 600 to 700 employees who came down with covid-19 and the plant was shut down. it is having big impacts throughout ag country. congressman, president trump yesterday said he is going use the defense production act to make sure those meet plants stay open. there are some that eject to th

she was on bloomberg tv earlier was david westin on balance of power.sten on what she had to say. >> we will be able to do and a strong, bipartisan way to pass the legislation. extraordinary of how we will vote. but we will take a recorded vote. in the senate, they had unanimous consent with only a few senators needed to be there. we are 430 members now. we will need a majority to get it passed, but we will. romaine: an awful lot in this bill, like $170 billion to another $25e ppp, billion for testing. what is not in the bill that you think still needs to be done? ms. poulos: first, let me first say how pleased i am with what is in the bill. two weeks ago, the secretary of treasury called me and said he needed a quarter of a trillion dollars and 48 hours. that would mean that by tomorrow, two weeks ago, the republican leader went to the floor and said it is $250 billion of the program. that is it. we are not making any other additions. we objected. the senators -- democratic senators objected, and we worked with our proposal and made a counter proposal,

i've worked with israelis and palestinians with joe lockhart and david westin. [laughter] the pres.linton: differences between bush and mccain maybe just to vast. mccain is bush's running mate. hasn't the man suffered enough? [laughter] [applause] george w. clinton: bush has got a brand spanking new campaign strategy. he's moving towards the political center. distancing himself from his own party. stealing ideas from the other party. i'm so glad did morris has -- finally founds work again. [laughter] [applause] the clock isinton: running down on the republicans in congress too. i feel for them, i do. they've only got seven more months to investigate me. [laughter] fmr. pres. clinton: that's a lot of pressure. so little time. so many unanswered questions. [applause] example,. clinton: for over the last few months i have lost 10 pounds. where did they go? [laughter] why haven'tlinton: i produced them to the independent counsel? how did some of them managed to wind up on tim russert? -- some of them managed to wind up on tim russert? some of you might think i have been busy writing my

i am david westin. welcome back.er week of the coronavirus, and the disease continues to spread, and the death toll mounts. but this week, there was at least a glimmer of hope as numbers started to come down in italy and spain, and even here in new york, they seemed to plateau a bit. there is also a lot of damage being done to individuals and companies across the country, but, again, maybe some hope, because congress appropriated $2 trillion in spending to try

more on this in "balance of power" with david westin. ♪ david: from new york to our tv and radio audienceswelcome to "balance of power" where the world of politics meets the world of business. we will start the program with a market check. equity markets are up on the news that the coronavirus is easing. for a full report, we go to abigail doolittle. abigail: we have stocks higher on this tuesday, the s&p 500 up about 2%. off its highs. as you are mentioning, this probably has to do with folks thinking there are signs the coronavirus bread is easing. what makes it so interesting is yesterday you were talking about how the big driver for stocks this week could be bank earnings. they are miserable. jp morgan profits plunged to the lowest since 2013. wells fargo withdrew interest income outlook. banks are sharply down. kbw index outlook down 2.8%. a real divergence.

vice president speaking to bloomberg's david westin. still with us -- simon french is still with us. theeems like the plan at of u.s. and their similar plans out ,f germany and the u.k., etc. is that if we settle small businesses and consumers with hundreds of billions of dollars, with trillions of dollars of good idea'll be a will may come out of the other side of this pandemic to which we have no income. does that make a lot of sense to you? simon: it doesn't make a lot of sense. i suspect it won't be what we currently see as significant buildup of debt, loans due to corporate. we may find either written off monetized,ed -- and or there will be conversion to equity. it's not clear how exactly that will play out. as i said before the break, governments are trying to catch up with this crisis in real-time. but i would be surprised if we see all those loans in their existing form carried over for just the reason you're alluding to, to slow the rebound. and mike pence and his boss, donald trump, very keen of the economy picking up speed f

i am david westin. this is "bloomberg wall street week." welcome back.k of the coronavirus and as it continues to spread, the death toll mounts. this week at least a glimmer of hope as numbers started to come down in italy and spain and even here in new york, it seemed to plateau. there is a lot of damage being done to individuals and companies across t

productivity of america is a former chairman of the fed, alan greenspan, and conversation with david westin. look for that. this is bloomberg. ♪ >> we have a situation where we have excess supply. cushing is 70% fall. inc will be completely full may. home, butd to have a not everyone is that fortunate. what is happening is a simple case of supply and demand in the market will not find some stability until that comes back into balance. francine: that was the bp chief executive bernard looney speaking on bloomberg. to talk about oil, what moves we have seen and what comes next is amrita sen. thank you for joining us. we were lower and then quite a lot lower in the last 24 hours, and oil will be stabilizing a little bit. is this the kind of move we will see until oil finds a floor, and when is that? amrita: i think the big moves have been driven by the very nature of what we have been talking about the fast few weeks. we will run out of desperately needed space in parts of the world, and we have seen that with wti when it went negative. we think we are pretty much at the end of that process. w

i'm david westin. welcome back. ♪ david: it was a week of waiting.nd out whether the virus is finally on its way out. waiting for economic numbers that we knew were bad and would only get worse. but at the same time, it was a week of hope as the number of hospitalizations in some places started to go down. and, we begin to understand just how much help is being given to the u.s.

coming up in the united states "balance of power" with david westin. e for the next two hours. tomill be speaking with chio aboutgh -- collic his efforts to apply to the program. this is bloomberg. ♪ . david: this is balance of power where the world of politics meets the world of business. i'm david westen. we want to check out the market before we have an interview with raytheon technologies. first we go to taylor rigs. taylor: we were fluctuating between gains and losses on that pretty bad employment report we got this morning and so all of that sort of means that we're now down near the lows of the session off about 1.5% or so on the major averages. i would say perhaps traders really don't want to be long going into the weekend given how quickly things can change. we just had new york reporting the biggest one-day jump in deaths from the coronavirus and there is a big outperformer up 30% and all on reports opec

coming up "balance of power" with david westin. you do not want to miss this. ness administration cheap linda mcmahon will join david. ♪ david: from new york to our bloomberg tv in radio audience worldwide, this is "balance of power." we are waiting for a playback from remarks from president trump and the governor of florida talking about restarting the economy in florida. we will bring that when it happens. in the meantime, let's check in on the markets. for that we turn to abigail doolittle. very volatile today. abigail: stocks all over the map. at the open we had the s&p 500 up 1.5%. at the lows, down .6%. now down fractionally. taking the look the nasdaq, the faang index and alphabet, the weakness coming from big tech. what makes it so interesting is the fact that alphabet is the first of the big fangs, but alphabet among alphabet, amazon, apple, and facebook reporting

. >> i believe that was kevin johnson of starbucks, the ceo speak with david westin.were just trying to figure out if yours done speaking. let's start with ebay earnings. its full-yearing of guidance. in some & co.'s are withdrawing their guidance, ebay says it is sticking with its full-year forook for revenue of 9.6 -- $9.65 billion. romaine: a lot of people pay attention to that negative free cash flow in the first quarter. 895 million versus a profit in the previous quarter. of course, these numbers continue to be erratic. they can't say that really provide any guidance with regards to when it will be able to ramp up production or anything else. i believe we also have microsoft in as well. sales rise.rosoft this gave a lift to its cloud services. microsoft showed a slowdown in personal computing benefiting. you can put microsoft in that category of companies that benefit from the work from home phenomena and they remain as we go through this season. >> let's take a look at facebook. those numbers are coming in. those companies report in 18% increase in service orde

david westin standing by with one main voice on the topic, suzanne clark, president of the u.s. of commerce. audiences.elcome our we are going to talk with suzanne clark, president of the u.s. chamber of commerce. she is here because she has a new program, the chamber has a new program, to help the president figure out how to get the economy started. tell us about your program. >> thank you for having me, david. the chamber is lucky. we have unique vantage point, members in every sector and of every size. and a great network of state and local chambers. we have put out a call to all of those members so that we can get their input, their questions, concerns to develop a framework so that we can guide both policymakers and businesses. process workll the and how long will it take? >> there is no precedent for this. there is no playbook for the public health prices -- crisis or the economic crisis. we are looking at new processes, new restrictions, new requirements, and even the risks. every ceo is asking those questions. in terms of how long, the better we are in the planning phase

coming up in the u.s., "balance of power" with david westin. be speaking with evercore ceo ralph schlosstein i who had the earnings call for evercore. very interesting thoughts on the m&a and whether one can offset the difficulties being seen as the economy continues to be in shutdown mode. that is coming up in "balance of power." in the meantime we are seeing equities rallying although there off their highs. all of the major indices up 1%. energy companies leading the s&p toher as crude rallies $17.78 a barrel. this is bloomberg. ♪ david: from new york to our bloomberg television and radio audiences worldwide, this is "balance of power" where the world of politics meets the world of business. we will start today with the state of the economy. we had jobless claims out today for the united states, and just how many americans are out of work. we turn to michael mckee, our chief international policy and economics reporter for bloomberg. outas 4.4 million americans , 26 million in four weeks, and some thought that was better than it might have bee

i'm david westin. back. ♪ david: this was a week we saw things we never thought we would see. we saw oil trading and negative numbers. we saw the government pony up with as much is dollars to help the economy. the equity market was all over the place. on top of it all, the iconic nfl draft,

coming up next, "balance of power" with david westin on bloomberg television and bloomberg radio.eaking to the former ibm chairman about tech earnings and how companies can navigate through this coronavirus outbreak. guy: let's get you -- vonnie: let's get you a market check. boeing raised about $10 billion in its offering. we have a weighty feel about these markets. the s&p 500 on the decline again, down 1.1%. the dow down 1.4%. the nasdaq down .5%. it is leading the indices. those -- bright spots include retailers. macy's reopening some of its stores on monday. some green shoots in those retail earnings. for the most part, down day this final trading day in april. this is bloomberg. ♪ david: from new york to our bloomberg television and radio audience worldwide, this is "balance of power" where the world of politics meets the world of business. we will start off with the markets, with a lot of equities dismal lot down on the numbers. abigail doolittle is here with report. abigail: we do have a risk off tone and a lot of it does seem to have to do with the economic data, jobless

bloomberg because david westin will have an exclusive interview with u.s. house speaker nancy pelosi coming up at noon here new york time. let's get to some earnings out moments ago. delta shares up just a touch after the company reported first-quarter revenue that fell by about 18%, but the company does say it's cash burn could decline by 50% in the current quarter. afterhughes also lower restructuring and impairment charges worth about $1.5 billion. they say the outlook for the industry remains pretty uncertain. and oil services company, lots of exposure to liquefied natural gas. -- also announced a quarterly dividend that you don't see that often. also looking at facebook after the really big solid transaction in india, taking a big stake in the telecom industry, its biggest since it bought whatsapp. later today, we will also have an interview with the ceo of the nasdaq. that is coming up at 10:00 a.m. in new york. coming up now, we have more on your morning news, trade and analysis on the markets in today's first take. this is bloomberg. ♪ alix: time no

i am david westin. we finally got the deal in oil production. it was easter sunday.own annmarie hordern was there every step of the way reporting. i know you had a long weekend. explain what does the deal do as far as we know. annmarie: good afternoon. it was a dramatic few days. we thought we would get the deal thursday because we heard russia and saudi were willing to go to production, their production to be 8.5 million barrels a day. there was a sticking point with mexico. it required them to cut 400,000 barrels a day. they wanted to cut at most 100,000 barrels. there was a lot of back-and-forth. president trump to get involved. there a lot of phone

vonnie: coming up, "balance of power" with david westin. ceo. , the ups this is bloomberg. ♪ david: from new york to our tv and radio audiences worldwide, welcome to "balance of power" world the world of politics meets the world of business. we'll check in with the chairman and ceo of ups in just a few moments. first we will check on markets. we go to abigail doolittle with mixed results so far. abigail: and other interesting trading day. first thing this morning the stock market futures, the s&p 500 futures down sharply, down more than 2%. some of the folks are confused as to why we have stocks up despite the dismal economic data could have felt some relief. take a look at this. well off the lows. the s&p 500 down .3% with crude oil plunging. the contract down 44%, the most ever. close to $10 a barrel. who would have thought we would see that anytime soon. there it is. even with the second month contract in june is