i'm david westin. back in our manhattan studios, finally. return to abigail doolittle. stocks are up, but i wanted the bigger story. what is going on with the dollar? abigail: the dollar is a huge story today. rick to have you back in studio, david. relative to the dollar it is absolutely getting decimated. a 10 year uptrend of support barely hanging on. all sorts of cross-asset ripples. we have stocks well-off highs, but we do have gains for the major averages. the s&p 500 up .3%. the nasdaq up about .7%. index has beenng higher. all of this as old is surging and the dollar lower. a dangerous relationship here. all eyes on the fed on wednesday, how they are going to handle all of the different relationships. when you have money, that weak dollar, has fueled stocks going higher and old going higher out of the march highs for the dollar. investors turn to the precious metals and gains for stocks cool off, it creates an interesting relationship. david: exactly. it is hard to imagine the fed is going to s

i'm david westin. time for first word news with mark crumpton. department isice accusing two chinese hackers of stealing hundreds of millions of dollars of trade secrets from morenies around the world, recently targeting firm developing a vaccine for the coronavirus. prosecutors say the hackers stole information with the help of the chinese government. >> china is providing a safe haven for criminal hackers who, as in this case, are hacking in part for their own personal gain, but willing to help the state, and on-call to do so. the hackers allegedly targeted companies and 11 nations including the u.k. and germany. david westin will have more on this story coming up. the pentagon is considering changing its military presence in south korea and around the world. defense secretary mark esper says the united states is turning more of its focus to china. troops he favors having rotate their deployments as opposed to being permanently stationed somewhere. the u.s. has 28,000 troops stationed in south korea

i am david westin. we start with abigail doolittle and a report on the markets. looks like nobody wants to go anyplace anytime fast. abigail: i would agree with you on that. relatively small declines for the major averages after the gains we had yesterday. right there, a lot of uncertainty and waffling after last week. maybe a bearish tilt to all of this. what investors are waiting for, so many different factors. of course tomorrow we have the big tech hearings. we also have the fed. earnings over today, tomorrow, and thursday, each day, 10% of the s&p 500 companies reporting. on thursday, it is apple, amazon, alphabet, and facebook. about 40% of the nasdaq 100 in weighting. investors want to know what is happening. gold going back higher as the dollar is lower. some of the trends we have seen more in place recently are still

i'm david westin.is time for bloomberg first word news with mark crumpton. here in new york city, kids will be heading back to school in september with social distancing guidelines in place. mayor bill de blasio today said he believes some schools will have enough space to accommodate all students, and for those that don't, school will operate on a standard -- staggered schedule. everyone will be required to wear face masks and facilities will undergo a deep cleaning each day. florida continues to see coronavirus numbers spike. new cases and hospitalizations jumped by the roast on record and deaths climbed by the most in a month. florida has had 5500 new cases in the past week, the highest level ever. talks between the u.k. and european union over the future relationship broke up today one day earlier than planned. the two sides say they are still far apart. talks will resume in london next week. the two resume face-to-face meetings for the first time this months.three global news 24 hours a day, on-ai

i'm david westin.r stock of the hour. pfizer shares a rising along with its german partner and have done tests of a potential vaccine for the virus that has been encouraging. to explain it, we welcome kaylee. >> that is absolutely right. they have tested a vaccine candidate on 45 results and results indicate that it is prompting an antibody development in all patients. the highest level of antibodies showing up in the group that got two shots of the product. it is part of a race to develop a vaccine of the coronavirus. it seems promising. some analysts sliding pointing out -- slightly pointing out that it is a little too early to prove that it can actually protect against the infection. as for what comes next, they have other candidates. one will move onto the next phase of starting as soon as august and those trials could be as large as 30,000 patients. david: briefly, does this help the other candidates? it is interesting you asked that question. a number of companies that are developing other vaccin

i'm david westin. time for first word news. for that we go to mark crumpton. head of the world health organization is slamming secretary of state mike pompeo for what he calls untrue and unacceptable allegations. comments came in response to reports that secretary pompeo blamed the health agency chief and said that he was bought by china. the trump administration been critical of the who response to the coronavirus efforts. has ordered the united states to withdraw from the agency. the white house has backed off of its demand for a payroll tax holiday. steven mnuchin says it will not be in the coronavirus relief bill being put together by the administration and senate republicans. that could make it easier to get the measure passed. on 11expected to include benefits for millions of americans. michael cohen is getting out of prison. a federal judge claimed the government retaliated against him for writing a book critical of president trump. cohen soon, saying the government was violating his first amend

i'm david westin.ve some breaking news. we just talked to governor phil murphy yesterday of new jersey and he said they were going to have to borrow money. new jersey lawmakers and governor murphy now agreed on a plan to borrow $9.9 billion. we asked if he would have to do that, and he said yes, and he also said that they would need to have some revenue enhancers. now our first word news, we go to mark crumpton. bek: florida continues to one of the country's hotspots for the coronavirus. rose 4.9% in the state in the past 24 hours. bars, restaurants, and gyms began opening up in may, and weeks later, began experiencing an alarming surge in cases. hospitals in june and july have seen their numbers of patients triple. secretary of state mike pompeo is criticizing an independent united nations human rights experts report about an american drone strike that killed a top iranian general in january. the report said the incident that killed general solemani was a watershed event in the use of drones and amoun

kevin: stay tuned for that interview that david westin conducted.rump administration meanwhile is set to provide as much as $2.1 billion to covid-19 -- vaccineners partners, and is the biggest investment yet. for more, we are joined by leon panetta, the former u.s. secretary of defense, former cia director, and former white house chief of staff under president clinton. great to have you here. when will you be looking for to make sure the public-private r executing fo vaccines once we get mine is enacted in an efficient and equal way? i think the key will be whether or not the federal government provides some kind of national strategy to back up the money they are providing. they have to put together a strategy that makes clear that as these vaccines are developed that there is a strategy for being able to deploy these the country, and for that matter, the world. this will be a huge task. first job is to try to get the vaccine. second job is to develop a national strategy as to how you will implement that. kevin: let me follow up on that point. right

i'm david westin.resident of mexico is arriving at the white house today is the usmca goes into effect. we welcome now rufus yerxa, president of the national foreign trade council. he served as the deputy director general of the world trade organization. it is great to have you. let's talk about the usmca, will it make much of a real difference as a practical matter? rufus: it is good to be with you. as a practical matter, it is important because it reduces uncertainty about whether this agreement, this north american trading relationship, which has been in existence for 25 years, will change dramatically or continue. there are some marginal improvements in it, but the most important aspect is it increases at the degree of certainty that we will keep an open north american economy. there is less risk now of a president or congress turning its back on this agreement, although there are still threats, as you know even today on aluminum from the trump administration to impose new restrictions, but it does

i'm david westin.t is time for bloomberg first word news. mark: thank you. on capitol hill, attorney general william barr is defending himself before house democrats who say he has politicized justice department to give into president trump's wishes. barr told the committee mr. trump has not tried to interfere with his work. barr says the president expect them to exercise "independent judgment" to make whatever decisions he believes are right. the federal reserve is extending most of its emergency lending programs for three months through the rest of 2020. the programs were open to liquidity in short-term markets and extend credit for businesses and local governments hit hard by the coronavirus pandemic. the facilities have the potential to deploy trillions of dollars but only $100 billion so far in outstanding loans. the number of one day deaths from coronavirus has reached a new record in the state of florida. florida just reported another 186 fatalities. overall, cases are up 2.1%. that is below the

i'm david westin. fighting against coronavirus.d made some progress, it seems to be like -- backsliding. now we turn to the senator from louisiana, though cassidy, who is also a physician and taught edison as well. -- taught medicine as well. give us a sense of where things are. your governor said he white out three weeks of progress because it has spiked in louisiana. sen. cassidy: blame it on college students in bars. [laughter] imagine that. college kids go to bars, they don't wear a mask and they crowd in. there has been a couple of super spreader events which seem to be related to social events. so far, the icu occupancy has been flat. the death rate has been flat. .ut the cases are going up so, again, young people being that. the problem is young people give it to older people, so we have to be concerned that there will be a lag with deaths. don't wantppose you to ban college students, but can you and going to bars? to try to fix the problem? governor is: the absolutely considering closing down bars. he asked the ones that we

i am david westin. later we will have an exclusive talk with nancy pelosi. right now let's check on the markets. they are coming off, but the real story is the big tech losing its luster. abigail: a big tech continues to lose its luster. over the half -- over the last few days we have seen a healthy move into some of those recovery and reopening cyclical sectors. we have seen the mega cap text stocks slide. we have the s&p 500 down .6% breaking its two day rally. morgan stanley put up a tremendous quarter, beating revenues 21%, better than the best quarter ever. really great performance. amazon down for the fourth day in a row, the first time we have seen that since may. that is a case of too far, too fast. the faang index down 1.7%. if you can believe it, from the low in march to the recent high, the faang index up more than 100%. we are seeing healthy consolidation. the question is whether or not there is more to go. if yes, there could be big pressure on the indexes. david: i can believe it because i read it in your note. big tech is one thing. it has gon

coming up "balance of power" with david westin on bloomberg tv and radio. ♪ david: from new york to ourdio audiences worldwide, i am david westin. welcome to "balance of power," where the world of politics meets the world of business. i am david westin. we start with a report on the markets. we turned to kailey leinz. a lot of conviction, but the nasdaq seems to be pairing up. kailey: that is right and we have seen the s&p 500 flip between positive and negative territory. the dow is basically flat. as we alluded to, it is a tale of tech outperformance. the nasdaq the outperform on the session, up when 8%. the index continues to climb higher. i am thinking the big five stocks, the apples, microsoft, facebook's of the world. investors need to be favoring these names over the others given the fact they are high-growth, they have strong balance sheets and can weather any economic downturn, and the fact they have services and products which are in more demand in a stay-at-home world.

i'm david westin.irst word news with karina mitchell. we start with covid-19 numbers. florida sees record numbers of the virus. rose 3.2 percent today, down slightly from the day before. florida has had more than 60,000 cases in the past week, the highest since the pandemic began. in miami, officials are planning to close businesses that had already reopened to help stem the spread. president trump is suggesting that nascar's only black driver should apologize, calling the incident a hoax. the president asked whether bubba wallace had apologized after the investigation found the rope had been installed months earlier. wallace has not been accused of any involvement. the supreme court has ruled that states can ask their electors to back their state's choice in the electoral college. the issue stems from losses found by hillary clinton electors in washington state and colorado who refuse to vote for her despite her popular vote win in both states. i'm karina mitchell with bloomberg first word news. globa

i'm david westin.is time for first word news with mark crumpton. the british prime minister boris johnson said today it's important to wear a face covering's in confined spaces such as shops. he added in the government would be making an announcement in the coming days on whether they should be mandatory in those settings. the mandatory on that public transport, the tube, but as to the value in confined spaces where you come into contact with people you don't normally meet. what's been interesting on the face covering issue in the last several months is that the scientific evaluation of face coverings, their importance in stopping ever saw droplets, that has been growing. last week, masks were made mandatory in scotland. to follow thate story and bring you more details as we get them. prime minister johnson will launch a campaign to urge businesses to prepare for the end of the brexit transition period december 31. the survey shows only a quarter of directors say their firms are ready. british authorit

i'm david westin.lcome now basil smikle, a lecturer at columbia university, and former director of the new york state democratic party. we want to start with the news that broke a few moments ago, ruth bader ginsburg says she has had a recurrence of her cancer, will have chemotherapy treatments biweekly, but is fully available to participate in the court. we wish her all the best. get ahead of to ourselves, hope that she has a long career on the court. she has battled cancer before. at the same time, the supreme court is necessarily a political issue at this time. what are the chances that this will become a political issue as we get into november? will becomertainly an issue, and in many ways, it already is. he has been so focused on the supreme court in the last few weeks with the exception of a ruling with respect to the affordable care act, a lot of decisions that have come down in the last few weeks that have gone against president trump and the administration, so they would very much like to be a

i'm david westin.ck man dies at the hands of a police officer, leading to protests and looting and some rioting. it happened this spring in the aftermath of the killing of george floyd in minneapolis, but it has happened in other times in our history, and another time was five years ago in baltimore. it's all been told in the days."ing new book "five we welcome the author of that book, wes moore, ceo of the robin hood foundation. thank you for coming here. what is your connection to this story, freddie gray, who was killed in the back of a police van? native.m a baltimore one of the things that struck me 's story,ddie unfortunately, i have been too many funerals in my life, but his was the first that i have been to that the person who was in the casket i never knew in life. that haunted me. freddie gray's funeral was a big deal in baltimore. but what helped me to write a book and tell the story was not just the horror of his death but in many ways his life. that is what i wanted to accomplish. david: i

take it away, david westin. to our bloomberg radio and tv audience, worldwide, i'm david westin and we are joined by the governor of new jersey. thank you for being back with us. the eyes of the nation and the world focused on new jersey because you were the epicenter to some extent with covid-19. took a lotit off and of tough actions to get the numbers down and now they are starting to come back. why? gov. murphy: good to be with you when you are right. the toll has been enormous. over 13,000 confirmed deaths and probably a couple more deaths suspected of passing from covid-19. that is the awful tragedy. our numbers have gotten better and as they got better, we made the decision based on the facts and the science to begin step-by-step reopening our stay. we knew we were doing that and we were doing it responsibly. we knew we would take on more of increasing the potential for transmission. we were comfortable with that risk. not expecting was the explosion in cases elsewhere in the country. and so, the rate of t

i'm david westin.umbers for the second quarter in the u.s. came out almost as bad as we expected, down an annual rate of almost 33%. if that were not enough, jobless claims remains stubbornly high. we welcome now michael feroli, chief u.s. economist at j.p. morgan securities. your note says it all, is a shocking but not surprising. michael: estimates for this quarter have been pretty bad since the end of march, early april. it was not a prize at that time that shutting down a large portion of the economy, even for a few weeks, would have a developed hitting effect on the growth rate. we got pretty much where we were looking for, the composition was also similar to what we expected, consumer spending, restaurants, theaters, things of that nature took the biggest hit. obviously, the question is what thisns next, given that was so will telegraph. you are correct to point to the jobless claims numbers. they give us a high-frequency look at the economy. one of the interesting things about this covid experie

i'm david westin.time for first word for that we go to mark crumpton. the federal government has carried out its first execution in 17 years. who killed in arkansas family in 1996 was put to death by lethal injection. it took place at a federal prison in indiana. in two weeks, millions of americans can lose a crucial economic lifeline, the $600 a week they are getting an extra federal unemployment benefits. without the additional cash, some of the hardest hit households may be forced to choose which bills to pay. meantime, policymakers are at a standstill in talks for more stimulus. they have not decided whether to extend the extra jobless payments. in singapore, the economy plunged into recession last quarter due to the pandemic lockdown. singapore's biggest quarterly contraction on record and was worse than expect it. economists see the second quarter as the likely bottom of the cycle. french was on hand to mark the annual bastille day celebrations, however, the usual grandiose error rates were diale

david westin interviewed her. that is coming up.ns have agreed at least $1 trillion in relief is needed. both sides are set to begin negotiations on further stimulus next week. dr. anthony fauci sounds like he has had enough. the infectious diseases chief fired back at critics in the white house. he told the atlantic that what he calls the bizarre behavior there only hurts president trump. he called the attacks on him as nonsense and completely wrong. florida announced another single day record with 156 virus deaths and nearly 14,000 new infections. the committee -- the republican national committee will hold scaled down version of its convention next month in jacksonville. that was originally scheduled for charlotte, north carolina, but it after limits on crowd size. looking for whoever is responsible for hacking the twitter accounts of people including joe biden and jeff bezos. the bitcoins to cam -- bitcoin scam raised over $130,000 of spoils. twitter says there is no evidence hackers access to passwords. global news 24 hours a d

power up next with david westin.♪ it's pretty inspiring the way families redefined the word 'school' this year. it's why, at xfinity, we're committed to helping kids keep learning through the summer. and help college students studying at home stay connected through our university program. we're providing affordable internet access to low income families through our internet essentials program. and this summer, xfinity is creating a virtual summer camp for kids at home- all on xfinity x1. we're committed to helping all families stay connected. learn more at xfinity.com/education. ♪ david: from new york to our audience worldwide, this is "balance of power." i am david westin. we will get started with a check on the markets. will see -- wishy-washy indeed. was the quarter, bathwater for the s&p 500 since 1998. very small moves for stocks. lots of uncertainty despite the unexpected number. ism coming stronger-than-expected suggesting that the manufacturing part of the economy is back. , earlier haveome been bullish. we a

anna: that was the house speaker nancy pelosi speaking to david westin.up, back to the earnings story. income beats estimates. we speak to the ceo of sweden's largest mortgage bank next. this is bloomberg. ♪ anna: this is bloomberg daybreak: europe. i'm an edwards in london, still an hour and a quarter to go until the start of the cash equities trading day. we look to the upside. swiss bank has reported incomes that were slightly better than expected, 6.9 billion krona in the second quarter. provisions for loan losses came in broadly in line with where the market had predicted. joining us now is the president and ceo of sweat bank. good to speak -- swedbank. good to speak to you. it's a pleasure. net interest income. is that sustainable? first, thankme say you for having me on the show. we today delivered a strong result during uncertain times. and one of the drivers of that is the net interest income. and the reason for that is that we've seen both an inflow of deposit and also increased volumes that we have left out. anna: do you see that as sustainable

coming up next, "balance of power" with david westin. the ceo of ge.loomberg. ♪ save hundreds on your wireless bill without even leaving your house. just keep your phone and switch to xfinity mobile. you can get it by ordering a free sim card online. once you activate, you only have to pay for the data you need, starting at just $15 a month. there are no term contracts, no activation fees, and no credit check on the first two lines. get a $50 prepaid card when you switch. 5g is now included with all new data options. switch and save hundreds. xfinity mobile. ♪ from bloomberg world headquarters in new york to our tv and radio audiences worldwide , i am david westin. welcome to "balance of power" where the world of politics meets the world of business. the ceos of the four biggest tech companies are set to make -- meet lawmakers. they will be testifying remotely before the antitrust subcommittee of the house judiciary committee about whether their actions have been anti-competitive. to set up this long and important hearing, we turn to emily chang. thank

david: this is "balance of power" and i'm david westin.epublican senator of georgia is going to his state today with president trump. we caught up with him before he left, talking stimulus and why he is going back to georgia. the reliefpassed package months ago. it is half implemented. we created 7 million new jobs. the economy is creating jobs now. we had engines to people going people beganand absorbing those jobs created. aidave another phase of unloading next week, including liability protection, some reprogramming of funding for the smallest communities and we will look at this unemployment issue seriously. kevin: the president mentions infrastructure, potentially having it in september/october. you have a plan. what is in the plan? how likely is it to garner democratic support? >> the president understands to compete globally economically we need for class superstructure. georgia has that. downresident is flying today to make an announcement about clearing waste, changing a rule in government to allow quicker turnaround for approval

i am david westin. we start with the markets. abigail doolittle is here. they are not up as much as they were in the day. abigail: they are jittery. earlier we had the major averages all up 1%. it seemed like nothing could stop the bullish sentiment. now we are looking at mixed markets. the s&p 500 barely higher. most of the nasdaq indexes are sharply lower. the s&p 500 being helped by some of the cyclical sectors. on the other hand, you have the faang index, a proxy for the stay-at-home trade with the mega cap companies that have done well with the stay-at-home shift we have seen over the last months down 1.5%, now down 4% over last four days. amazon down 3.2%. this is a real

i am david westin. later we will have an exclusive talk with nancy pelosi.'s check on the markets. they are coming off, but the real story is the big tech losing its luster. abigail: a big tech continues to lose its luster. over the half -- over the last few days we have seen a healthy move into some of those recovery and reopening cyclical sectors. we have seen the mega cap text stocks slide. we have the s&p 500 down .6% breaking its two day rally. morgan stanley put up a tremendous quarter, beating revenues 21%, better than the best quarter ever. really great performance. amazon down for the fourth day in a row, the first time we have seen that since may. that is a case of too

that wraps it up. , "balance oft power" with david westin.omberg. ♪ >> from bloomberg world headquarters in new york to our tv and radio audiences worldwide, welcome to "balance of power." i am david westin. we start with abigail doolittle and a report on the markets. looks like nobody wants to go anyplace anytime fast. abigail: i would agree with you on that. relatively small declines for the major averages after the gains we had yesterday. right there, a lot of uncertainty and waffling after last week. maybe a bearish tilt to all of this. what investors are waiting for, so many different factors. of course tomorrow we have the big tech hearings. we also have the fed. earnings over today, tomorrow, and thursday, each day, 10% of the s&p 500 companies reporting. on thursday, it is apple, amazon, alphabet, and facebook. about 40% of the nasdaq 100 in weighting. investors want to know what is happening.

and leon panetta with david westin, really looking forward to this. i think you could go with mr.netta this morning, you could have about a two hour conversation, and maybe baby it weston -- maybe david westin will do that. this is bloomberg. ♪ businesses are starting to bounce back. but what if you could do better than that? like adapt. discover. deliver. in new ways. to new customers. what if you could come back stronger? faster. better. at comcast business, we want to help you not just bounce back. but bounce forward. that's why we're helping you stay ahead and adapt with a network you can count on, 24/7 support and flexible solutions that work wherever you are. call or go online today. you say the customer's maklet's talk data.s. only xfinity mobile lets you switch up your wireless data whenever. i accept. 5g, everybody is talking about it. how do i get it? everyone gets 5g with our new data options at no extra cost. that's good. next item, corner offices for everyone. we just have to make more corners in this building. chad? -your wireless, your rules. only with xfinity mobil

up, balance of power with david westin on bloomberg television and radio as we still get virus headlinesng with a solid jobs number. happy sort of friday. this is bloomberg. ♪ david: from new york to our tv and radio audiences worldwide, welcome to balance of power. i david westin. we start with the markets and go to abigail doolittle. abigail: they are trying to rebound once again. you are right, a very strong jobs report. extremely stronger earlier, up more than 1.5%, even more than 2% on some of the indexes. 1%.s&p 500 up about the nasdaq around the same level. record closing high being helped out once again by bank stocks. financials doing well also. we have a nice sector composition here for stocks. on the week, we are looking at an up week. there has been volatility. here for stocks as the bold and bears are battling it out for which side is

one of the themes of our david westin with professor summers, former treasury secretary.will have a few things to speak about. futures at -11. stay with us. this is bloomberg radio and bloomberg television. ♪ ♪ from new york city for our viewers worldwide, good morning. the countdown to the open starts right now. with 30 minutes until the opening bell, good morning. equity futures down eight on the s&p 500. republican leadership unveiling a $1 trillion stimulus plan widely considered to be dead on arrival. looking to negotiate with themselves and democrats simultaneously. mitch mcconnell making his move. mcconnell: we have one move in the pandemic and one move in the recovery. the american people need more help. comprehensive,be and they needed to be carefully tailored to this crossroads. senate what this majority has assembled. jonathan: as for that senate majority, we are already seeing signs of a fracture majority. ted cruz telling reporters there is significant resistance

i'm david westin.vron is back in the m&a business after walking away from the anadarko deal about a week ago. now it is buying noble energy, a deal worth about $5 billion or so. kailey leinz is here to take us through the deal. kailey: this is the first energy m&a we have seen since the pandemic started. $5 billion deal, all equity shares. aboutterprise value was $13 billion. for chevron, this is a bit of a consolation prize. they are inking the deal after losing the bid for anadarko. the deal is taking place in a very different environment than when it lost anadarko last year. the energy industry and oil demand roiled by the coronavirus pandemic. this means chevron is taking the deal price is a 7.5% premium to friday's close. noble had a market value of almost $9 billion. that is 80% higher than what chevron is agreeing to pay. to go into some of the details, this is 18% to chevron's reserve , including the permian basin, the denver basin in colorado, as well as natural gas, the leviathan in the easte

david westin spoke to the ceo about how this impacted earnings and what he sees for the future. >> i that the second order played out fine. certainly challenging our aviation business, our health care business. two of our best and better cash generators. we really came into this thinking this was an opportunity. even though the near-term pressures were going to be acute, we wanted to take full advantage of the situation. if you look at the pace at which our new leaders have assimilated into the business, the adoption of principles across more broadly to serve customers, there are a host of examples. but i think when the dust settles, we will see that we did accelerate the transformation of this company. >> does it change the emphasis? you mentioned aviation was going to lead the way. terriblyre really is important. think the businesses in the near-term will play different roles, but on the operating model, it is really a bottoms up approach. the way it all adds up in 2020 or 2021 might be different than what we thought, but what we are doing doesn't really change. we are having to ma

. ♪ >> i'm david westin. starbucks shares are on their way up.his after a report that they were bottoming out on sales, they are still expected to be down between 12% and 17 sent. we welcome kevin johnson. great to talk with you again. you are heading back in the right direction, give us the sense of your trajectory. ?hen are we going to be there kevin: we have all been through a lot over the last six months and this pandemic has unfolded around the world. certainly at starbucks we set three simple principles to guide our decision. the first is to prioritize our theth and well-being, second is to support government and local health officials. the third is to show up. as you recall in the month of april, we closed all of our stores with the exception of drive-thru's so that we could share safety with our customers. we also had economic certainty. them even if they were staying at home and not working, and that in addition to serving our front-line wealth care workers, we think those are good long-term investments because they build trust with our

david westin with the senator from michigan, i cannot say enough about the turmoil and the uniquenesschigan republican and democratic politics. this is bloomberg. up 13. ♪ tom: "bloomberg surveillance," good morning everyone, guy johnson and tom keene in london and new york. i want to stay on futures. big banks beginning three day dash for the two big to fail banks in the u.s. -- too big to fail banks in the u.s. philippo, i have to stay on the remarkable two year yield of the united kingdom. what does that signal to you? senseuble ahead in the that it is similar to u.s. banks it sweat because the good days are kind of gone in terms of financial income. tom: important question for american and u.k. banks -- did they adapt to the new low or negative rates in the same way continental banks did or is it a different story? filippo: similar in the sense banks, mayghty u.s. have to resort to an old-school management, which european banks have mastered in the last 10 years. profitability is not a trial for america. the balance sheets for the larger u.s. banks is probably inching closer to ze

we will catch up with david westin. u.s., stunningly lower this morning. price up, yields down.ndon and new york, this is bloomberg. ♪ francine: this is "bloomberg surveillance," tom and francine from london and new york. singapore goes to the polls today, grappling with the virus outbreak. juliet is in singapore. first of all, how strong a mandate can we expect from the ruling party given the focus of the election on the pandemic and how it has been dealt with? reporter: they have said they are looking for a strong mandate. this is a party in power since 1965. to drop in support compared 93%, will they got likely lead to soul-searching, such as in 2011 when they had their worst ever result, 60% of the popular vote. this is during a global health pandemic. fear of job losses comes to the four, unemployment is the most on record. the pandemic has seen orders shut. there was a two-month lockdown from april to june. they might suffer the worst economic contraction since independence. it is important. they would want to hold on as many of the 93 seats on offer as it can. fractiouss

david westin in conversation later today. stay with us. this is bloomberg.morning. ♪ tom: good morning, everyone. "bloomberg surveillance" with a movable cast of characters. ranting, i have no idea what she was doing this morning. it was a football match late last night. probably tutoring her children. francine: [inaudible] what else? tom: tell us about it, francine. francine: it's the only time embassies are open in many is betweenuntries 9:00 a.m. and 12:00 p.m., which is perfect when you are an anchor on "bloomberg your bossce" because is super happy that you have to go take half of your shift talk to get your passport. tom: it speaks to so many of the tensions our viewers and listeners are feeling about moving kids and moving themselves around. every company is dealing with the visas and ring cards, and all of that. why don't you continue with mr. fenby. francine: we can talk about french bureaucracy as well. tom has a beautiful new shot. i leave for an hour and he comebacks with beautiful shots of central park. let's talk with france, with jonathan fenb

david westin's conversation with ibmy summers and the former ceo is coming up on wall street week tonight6:00 p.m. they will talk about economic events and antitrust issues. you don't want to miss that. we will be back in a moment. this is bloomberg. ♪ the numbers would be far worse if policymakers had not fired a bazooka, injecting trillions of dollars of support into the global economy. these measures have propped up markets and in bold investors to plow into riskier securities, but all that has not been enough to offset the consequences of recession. companies are struggling to survive with little income and ballooning debt after borrowing cash to stay alive during the pandemic. investment-grade companies in the u.s. sold a staggering 1.3 trillion dollars of bonds in just the first half of the year, exceeding all of last year's issuance by more than $65 billion. caroline: don't miss this special report tonight, the bankruptcy breakdown. now to a developing story. president trump is potentially anouncing a decision to order company to the vest itself that tiktok. buymicrosoft is in talk

our david westin with the conversation with the secretary of labor, eugene scalia. >> the paycheck protectiongram has been important for americans employed by small businesses, many of them minorities. that helps keep them on payroll, and the president has continued to replenish and support that program. then we have this very substantial unemployment benefit in the cares act which the president signed, 600 dollars a week. that has been important to americans put out of work, too. longer-term, david, what i would say is going to be most important is what worked before. the president's policies that incentivize business growth, that is going to being -- to bring jobs back, what will lead to long-term rising wages. the usmca went into effect last week. nafta was ushered out last week. that is going to be a really good thing for american jobs, too. with: there is no question those numbers, everybody was happy to see them come out last thursday. we still have a long way to go. we have millions and millions of americans who still don't have a job right now. at the same time, the numbers you're loo

coming up in the u.s., "balance of power" with david westin. to florida congresswoman and former hhs secretary. ♪ it's pretty inspiring the way families redefined the word 'school' this year. it's why, at xfinity, we're committed to helping kids keep learning through the summer. and help college students studying at home stay connected through our university program. we're providing affordable internet access to low income families through our internet essentials program. and this summer, xfinity is creating a virtual summer camp for kids at home- all on xfinity x1. we're committed to helping all families stay connected. learn more at xfinity.com/education. 49i found you! good job. now i'm gonna stay here and you go hide. watch your favorites from anywhere in the house with the xfinity stream app. free with your xfinity service. now any room can be a tv room. stream live tv, on demand shows and movies even your dvr recordings. download the xfinity stream app today to stream the entertainment you love. xfinity. the future of awesome. ♪ this is "

david westin has more.orld war ii, the united states embarked on a path towards income equality as the top 1% of earners lost a significant share of the nation's income for a generation. in the early 1970's, the nation took an abrupt turn and how earnings are distributed. lash forward to today and america has the highest level of wealth inequality among all of the g7 nations. income tax data showed the average salary for the bottom 99% of american families roughly to 1973 while945 incomes for the top 1% grew by just over one third. and 2007, the73 bottom 99% saw income growth of only 15% while income for the top 1% more than tripled. role inys a large economic inequality. the pew research center found that in 2016, the net worth of a typical white american family was 10 times that of a typical black family and the recent economic downturn will likely make things only worse. during the last recession, the median net worth of black families climbed more than that of white families while whites and asian ameri

i'm david westin. open ourelosi: economy. do so by testing, testing, testing. rs and catherine baker, raj cohen of solomon and cromwell. >> banks are the losers in a very real sense in view of the federal rese

david westin has more. : after world war ii, the u.s. embarked on a path toward income inequality.e percent of earners lost a significant share of the nation's income for a generation. in the early 1970's, the nation took a turn in how earnings are distributed. flash forward to today in america has the highest level of wealth inequality among all of the g7 nations. income tax data shows the average salary for the bottom 99% of american families roughly doubled from 1945 to 1973, while incomes for the top 1% grew by over one third. 1973-2007, the bottom 99% saw an income growth of only 15%, while income for the top 1% more than tripled. race plays a large role in economic inequality. the p research center found in 2016, the net worth of a typical white american family was 10 times that of a typical black family. the recent economic downturn will likely make things only worse. during the last recession, the median net worth of black families declined more than that of white families. while white and asian americans out earned black and hispanic americans at every wrong on the economi

murphy spoke exclusively to david westin on the impact. gov.y: you are right and the toll has been enormous, over 13,000 confirmed deaths and probably a couple more thousand that are suspected to also have passed from covid-19. that is the awful tragedy. lotnumbers have gotten a better. as they have gotten better, we made the decision based on the facts and the science to begin step-by-step reopening our stay. thatew when we were doing that we would take on more risks in terms of increasing the potential for transmission. we were comfortable with that risk it. what we were not expecting was the explosion in cases elsewhere in the country. and so, the rate of transmission has gotten a little bit uncomfortably high for us. it improved slightly. we put in with new york and connecticut a travel advisory for folks to self quarantine if they are coming back into our state from a hot. as your colleague noted and i welcome her to new jersey as a resident, we are now requiring face coverings outdoors. those are steps we have taken in the last 10 days. w

david westin on balance of power writing all this down for you. on bloomberg tv and radio. bloomberg. ♪ david: from new york to our television and radio audiences worldwide, welcome to balance of power, where the world of politics meets world of business. let's check on the markets with abigail doolittle. yesterday was all about tech, today is all about energy. abigail: it is amazing these big moves we are seeing in all sorts of directions relative to sectors and styles. yesterday we had the huge monster rally for tech. out of nowhere last week there was a drop. today we have tech lower and energy up nearly 6%. we have the s&p 500 up .5%. what is interesting is yesterday up .8%. even though only three sectors were higher. higher,st sectors are but we have a smaller gain because of the weighting of those sectors, energy materials, on down the board. the tech heavy nasdaq is down .8%. this has everything to do wi

david: from new york to our tv and radio audiences worldwide, i am david westin.o "balance of power," where the world of politics meets the world of business. we start with a check on the markets. abigail doolittle is here. the market seem to have been really a little bit from the gdp numbers, even though we've expected them. are they recovering? abigail: a little bit. poor economic numbers to say the least. thegdp number down 34%, worst since 1947. better than estimated, but it demonstrates the idea the thatmy came to a halt in second quarter, hit very hard, not just the gdp numbers, also the jobless claims numbers elevated for a second week in a row, a little bit better than estimated, but nevertheless 1.4 million people file for second week in a row. stocks taking a hit but you can see the naaq

i am david westin. we start with the markets in abigail doolittle.ing a lot of lift with equities and how much of that is the jobless claims that through people a bit? abigail: that is a big piece of what we are seeing today. even though the lines are small, earlier the futures had been higher and we are looking now at small losses. that was after the jobless claims number came out at 8:30, the first time we saw a rise since march. investors connecting to the idea that the recovery could be bumpy at best. that is what that number would suggest. at this point the s&p 500 down slightly. the nasdaq 100 down more significantly, about .7% as some h,,the big tech names weig particular microsoft.

i'm david westin. this week, special contributor larry summers of harvard. hnson. gm's cfo. >> we are cautiously optimistic on the recovery of the industry overall. and clearly, a very fluid environment. david: michael parolee of jp morgan. gdp will be of 5% or below. we believe there will be permanent damage to the economy. david: former ibm ceo and wall street week contributor sam palma sono. sam:

coming up, "balance of power" with david westin on bloomberg television and radio.oming up next. this is bloomberg. ♪ ♪ to rgb and radio audiences worldwide, welcome to "balance of power" where the world of politics meets order business. we start with the market. we have a nice brought rally right after the july 4 weekend. what is going on? theail: we are looking at longest winning streak for the s&p 500 of 2020. the s&p 500 up or a fifth day in a row. that is the first time we've seen that since december of last year. indexesall of the participating to a wide degree. some of this was set off by the big rally in china. a parabolic move higher, spiking higher for those china stocks leading to all of the global equities leading the way in the u.s., some of the tech heavy stocks. from a sector perspective, we are looking at defense of sectors on top such as the communication services as well as consumer discretionary and cap leading the way -- and tech.

look for david westin and balance of power.ave perspective on the grocery industry adapting to this pandemic. stay with us through the morning. this is bloomberg. ♪ from new york city for our viewers worldwide, good morning, good morning. the countdown to the open starts right now. we begin with the big issue. republican struggling to agree with each other, now looking to find agreement with democrats. negotiations getting in washington with those cotillion dollars separating both plans and disagreement over unemployment benefits. steven mnuchin stressing the importance of the entire package. >> all of these different pieces have to work together, whether it is the paycheck protection program or the direct payments we sent or the money to schools, all of this works together. ui is a component of the overall economic package, with everybody wants the same thing, which is let's get kids back to school where it is safe and let's gets workers back to their jobs. jonathan: nancy pelosi making it clear where democrats with a major di