i'm francine lacqua in london. let's look at the markets.he markets focusing on data out of france. verye expecting pmi's shortly but also focusing on the china deal after there was confusion on whether the deal with china remains intact or not. first to the data that is just coming out. there was a bit of a surprise when it came to the french pmi above 50. anything above 50 in this environment, remember, anything above 50 means expansion. anything above 50 in this environment is really taken as encouraging news. euro area june manufacturing pmi coming in at 46.9, better-than-expected. services pmi much better-than-expected. the figure we were expecting was 41 and it came at 47. the other things i am watching and thehis renminbi european stocks gaining 1.3%. let's get straight to the bloomberg first word news. here's dani burger. >> u.s. vice president mike pence is warning of more young people testing positive for coronavirus. he made the call on a call with the governors and those concerns echoed those of texas governor abbott. the state m

i am francine lacqua here in london. the markets are really focused today in the u.s., that second wave, we were debating on whether we could call it a second wave. big resurgence of cases. alsos are down, futures down. rates, but also because jay powell talking about the economic a coverage. rebounding from the losses we saw yesterday. gold actually holding after most of yesterday's gains. now let's get to the bloomberg first word news in london with dani burger. hi, dani. ani: hi francine. ,california's hospitalizations are the highest in nearly a month. according to johns hopkins university, the number of confirmed cases have top 2 million. the government made a string of failures and is handling of the coronavirus crisis. executivemedical spoke about the decisions at the coronavirus briefing. it put boris johnson standing next to him on the defensive. johnson's that is still too early to judge the nation's response. just eat take away has agreed to by grubhub. it would create one of the largest meal delivery companies

i'm francine lacqua in london. lot of fears in officer while fleeing during an arrest late friday. the police chief resigned hours after the killing and the officer was fired. three dozen people were arrested after people set fire to the restaurant where the shooting took place. global news, 24 hours a day on air and on quicktake by bloomberg, powered by more than 2,700 journalists and analysts in more than 120 countries. i'm dani burger. this is bloomberg. francine? francine: thank you so much. china's new virus wave, beijing has -- over the weekend. chinese authorities say risks it will spread are high. cuomo york, governor warned against triggering the second wave of the virus. he said he would be invoked -- reimpose shutdowns. is the us for the latest head of bloomberg intelligence here in europe and longtime pharmaceutical analyst. always good to speak to you. when you look at the possibility of a second wave, cases in the u.s., cases in beijing, as is linked to reopening the economy? sam: good morning. know,

i'm francine lacqua in london. on the rise ofis infections across the world. european stocks are edging higher along with s&p 500 futures. now, they are pretty much flat, down 0.09%. investors weighing scattered signs of economic improvement against the spread of coronavirus. i'm looking at eu sovereign bonds, dipping. treasuries little changed. let's get to the first word news with leigh-ann gerrans. hasresident donald trump tweeted video of a man yelling white power. confrontation was between anti-trump supporters and his supporters. senator tim scott, the sole black republican in the chamber, urged the president to delete the tweet that is fueling accusations the president is fomenting racial division after the killing of george floyd. more protests in hong kong as beijing debates a new national thatity law for the city the hong kong executive says people have nothing to worry about as long as they abide by the wall. residents must avoid crossing red lines. in poland, voters -- systemsne country, two considerati

i'm francine lacqua in london. as u.s.protest police brutality, democrats on capitol hill introduced a bill to make it easier to prosecute and sue law enforcement officers. nancy pelosi spoke exquisitely with bloomberg. >> so much stronger as we work in a bipartisan way. recognition there has to be some change. i leave that up to our distinguished chair of the congressional black caucus as well as the chair of the committee of the judiciary committee working with jerry nadler. i will leave it up to them to have their interactions with in the house, as well as in the senate, and hopefully with the white house. we do have an issue that relates to qualified immunity doctrine that protects some police officers found to be engaged in misconduct from any, shall we say, exposure from families that are affected or lawsuits. so that is one area that is perhaps an area where we'll have some differences. but hopefully on the others, we will not and we would be able to find common ground. amerco people deserve that. american people ex

i'm francine lacqua, here in london. tom keene is in new york. it is all about the fed and what those employment forecasts will look like. tom: no question the employment forecasts are front and center. it is the first real look, andear 2020, out to 2021 2022. it will be fascinating to see how the different experts at the fed set 2022 and what the chairman will say and what i assume will be a virtual press conference today. ofncine: we will have plenty market action. we will look at the markets every 15 minutes, including what is happening in treasuries. we had the oecd coming out with their economic outlook. that was released about an hour ago, and the oecd, it is a smarter way of doing it, tom. forecasting the pandemic would cause a global economic slump of 6% here, but if there is a second wave, that becomes a seven point 6% slump. it is a good way of visualizing percent -- comes a 7.6 slump. by thewas taken aback differentials between the bar chart's of europe and the united states. i did not have in my head how much worse the guesstimate is

i'm francine lacqua in london. a couple things going on in the markets today. we will look at wirecard. we will also look at the leaders of the european union discussing what will happen with the package proposed by the commission. , european stocks are actually rising. offstors are shrugging fears of a second wave of infections that had spurred caution earlier in the week. treasuries holding onto gains. the dollar slipping. if you look at other things we is watching -- i know today also quadruple witching, which usually is the rebalancing of major indices and it can spark some of the busiest trading days of the year. we are also looking at crude oil. we will spend a bit of time hopefully talking about wirecard, simply because it has been in the news significantly. wirecard shares continuing their freefall after two asian banks that were supposed to be holding 1.9 billion euros of missing cash denied any business relationship with the german payments company. wirecard in today's trading session down 44%. let's get

i am francine lacqua in london. let's get to the headlines. expectations of a 6% slump in the global economy, but a caveat hang if there is a second wave, which some economists are expecting, it would be a 7.6% slump. the oecd is explaining what will happen if the economies stay open and there is a second wave and second lockdown. in theetween 6% slump global economy and 7.6% if there is a second wave. the markets are focusing on the rally in a couple days ago. it is about the fed and what they will do today. investors are waiting for the decision on monetary policy. treasuries edging lower and crude oil retreating. let's get to the first word news in london with any murder. dani: the world health organization is walking back its comment on the asymptomatic spread of coronavirus, a day it was very rare, it says it is unclear. the head of the unit says previous projections were a misunderstanding of her comment. standard charter facing a backlash to back hong kong's controversial security law. investors say it is unc

i am francine lacqua here in london.ed chair jay powell is giving assessment of the u.s. economic recovery, talking about what is unlikely to return to markets level before the pandemic. that is also discussed by richard clarida. hopefully receive close to record sales in may. joining us now is stephen macklow-smith from jp morgan. it has been too long. when you look at this, what do you focus on? is that the second wave or what the economy will go through? stephen: i think one of the challenges is the stock market will have to turn around. i am not an epidemiologist. so markets are greatly led by the data that is coming out on news infections, we have seen it .n areas around the world but if we think more broadly, one of the areas of the pandemics, just thinking about whether we are being compensated for taking risks. the framework for doing that is to look at reasonable forecasts for fixed income returns and reduce from that the premium, and if i just put numbers on that briefly, back in january, late january, when the

i'm francine lacqua in london. these are your markets now. one thing we haven't looked at this a while is natural gas. prices is hanging on the energy markets. if we have those market boards for you, let's bring them up so i can go out for some of the things we're watching out for. european stocks gain 1%. brent gaining to around $40. on a thought there would be an agreement between opec and opec plus. investors are eyeing a potential extension of record production curbs by opec plus. looking at natural gas. this is because the spector of egative rates. p.m.i. coming in a bit better than we thought. 30.5 instead of the preliminary 28.7. now let's get straight to the first word news. hi. >> hi, francine. unrest continuing across the united states overnight. president trump has come under harsh criticism for his response to the demonstrations. he is also not getting the backing of local governors over his offer to send in the military to prevent looting. thousands ignored curfews last night. in germany, chancellor mer

i'm francine lacqua in london. the markets are focusing on what jay powell said yesterday. the market is also focusing on what we are seeing across the globe. the number of infections being weighed compared to the extra monetary policy being put out there. investors weighing better economic figures against the continued increase in virus cases. in other news, metals advance with copper climbing for the fourth day. manufacturing and services in china. that adds to a bit of optimism. let's get straight to the bloomberg first word news with leigh-ann gerrans. china has approved landmark national security legislation for hong kong at the end of a three-day meeting in beijing for the nation's top legislative body. representativee confirmed the vote. the u.s. said it is suspending hong kong's special status, making it harder to export sensitive american technology to the city. german chancellor angela merkel is throwing her support behind a radical recovery plan for europe. packages include 750 billion euros of joint deb

i'm francine lacqua in london.his is what the markets are doing. the focus will be on the u.s. data. the latest in the u.s., the focus has been on what the european central bank has done. hero trading at 113 against the dollar. there's a lift to the -- euro trading at 113 against the dollar. there's a lift to the market. we could have the extension of these action cuts. -- production cuts. brexit not going as planned. ,f you are expecting for a deal pound is moving. let's get straight to the bloomberg first word news with leigh-ann gerrans. a night of largely peaceful protest has americans gathering for george floyd, the unarmed black man whose death sparked unrest. . the extended security theft is across -- fences across the white house. the kronos reported a record number of deaths. the nation departing italy to become third in the world. it has become an epicenter of the virus, with over 600,000 confirmed cases. fears of deflation warranted european central bank's decision to ramp up stimulus. that's according t

i am francine lacqua here in london. the market is actually pausing a little bit. if you look at the global stock seen, it isve pausing for breath today. the dow rebounding. the dollar actually rebounding from its weakest level since early march. treasuries are pretty much study. backup of 1% for the first time since march. a lot of the focus on stagnant asian, and a lot of the focus on the euro, depending on what the ecb does. the ecb plans to boost monetary stimulus, and of course we will look at jobs and employment data. now let's get to the bloomberg first word news in london with leigh-ann gerrans. hi, leigh-ann. leigh-ann: good morning, francine. saysr general jim mattis the president is trying to divide the american people, accusing him of making a mockery of the constitution. he publicly oppose the president was the idea of deploying the military to contain protest. germany's coalition has agreed stimulusbillion euros package. the wide-ranging plan is even bigger than expected, including a reduction in dak, 5g ne

i am francine lacqua in london.nsmission of the coronavirus says people who are a symptomatically is very rare. let's get more with our editor on health who joins us on the phone. i was a bit confused because we thought asymptomatic people were a real danger, but what exactly is the who saying now? does it contradict what they said or they have more researcher now certain about what they are saying? >> they didn't distinguish between people who are asymptomatic and symptomatic. people who are asymptomatic never develop symptoms. does the who make distinctions between that and people who are not symptomatically now and later on get sick? people who are not symptomatically and later get sick do transmit the virus, and often during the course of the disease. francine: does it mean -- go ahead. >> there still are concerned about people who don't know they are sick because they may be developing the infection and may not realize it. they could still be passing the virus along. very early in the course of the disease. the

i'm francine lacqua in london. a lot to talk about.he markets not focusing on what is going on in the united states too much. the focus seems to be still on reopening some of the economies. the focus is on some of the earnings as well. stocks are rising in europe. u.s. equity futures are racing a decline as investors weighing positive signs on stimulus and the global economy against social unrest in america. oil is up. if you look at dollar and treasury, they are pretty much steady. we will have plenty for from the uprising in the united states. we will look ahead also to the election in november. let's get to the bloomberg first word news. here's leigh-ann gerrans. >> good morning, francine. and the u.k., prime minister boris johnson plans to reset his government's agenda with a major speech. the chancellor is also drawing up new plans to bolster the economy amid forecasts of the worst recession in more than 100 years. this key speech is expected at the end of june. hong kong leader carrie lam has blasted the u.s. for double standards

i'm francine lacqua in london.irecard says it is missing 1.9 billion euros, probably doesn't exist. the payment firm is withdrawing results for fiscal 2019 and the first quarter of 2020. the company says it is in constructive discussions with lenders about renegotiating terms. the scandal has seen wirecard shares collapse and its chief executive depart. lufthansa's ceo says the bailout bill may not pass. the biggest shareholder is threatening to block the plan which would dilute its holdings. it casts doubt about the nine -- about the plan to rescue the airline. the sides are holding talks before a virtual shareholder meeting thursday. pg end he has one thing final approval for its bankruptcy plan. it includes billions of dollars in damage claims stemming from wildfires linked to the company's equipment. it needed a judge to sign off to qualify for an insurance fund that will help recover damaged claims from any future blazes. francine: let's get back to the conversation on central banks. still with us is jean boiv

i am francine lacqua here in london.panies listed on the new york stock exchange traded billions of dollars. that follows offerings and raisings in ipo's. president, stacy cunningham, says more see it as an alternative to the traditional ipo. care she is. stacy: i think it is an innovation in the capital market space, and we are nearing from developers and issuers that they are looking for more choices, so we have been working with the on productively defining the listing paid we have had two today, the cfo of spotify came up with the idea, product to us, we rolled out the first one. slack was the second company to choose that path for their public listing just over a year ago. and we have been building on that model is to allow for capital raising. what the direct listing really does is it separates the timing, d capital -- decoupled. you can choose to go public but not necessarily raise money at the same time, so the two to date have taken that path. now what we are working on is, what if you would like to raise money,

i'm francine lacqua in london. monetary and fiscal stimulus out there. oilmarket is focused on given what opec may or may not do. treasuries are advancing. stocks edging lower in europe. also edging lower when it comes to u.s. equity futures. investors now trying to look for fresh candidates for gains amid a rising number of coronavirus infections in some countries. i would point to oil as well. annmarie hordern spoke to the russian oil minister. chinese shares actually pairing losses after we saw the pboc saying they want the flow of credit to the economy to increase 30 trillion yuan this year. notice bank leaving a key rate at its benchmark -- at 0%. good morning, francine. president trump asked for china's help to win reelection, that is the allegation by john bolton in his tell-all memoir. the white house is seeking an injunction preventing the form a national publishing the book. bolton is the most senior official in the trump administration so far to publish an account of his experience. the president's campa

i'm francine lacqua in london. this is the market. the market focusing on the number of infections. the news that we had from a lot of the corporate's. u.s. equity futures, treasuries edging higher every is there have been more and more coronavirus cases in america and countries also means that markets are basically sapping some of the appetite for riskier assets read the dollar heading for a second day of gains. i want to show you wti falling below 30 get dollars a barrel while gold continues to push toward 1800 announced. let's get straight to the bloomberg first word news with dani burger. dani: good morning. the pentagon has named 20 chinese firms it says are confirmed by the desk controlled by the chinese military. it opens the companies up to the potential of more u.s. sanction and that includes huawei. this comes as relations between the chinese -- the two superpowers deteriorated. china is likely to be a campaign issue in the 2020 election. canada is the first top rated company to be downgraded by fitch during the outbreak. it is expected to run a bigger deficit and emerge f

francine lacqua in london. h a vengeance, it started yesterday and maybe a little bit the previous day but with a vengeance across this

i'm francine lacqua, here in london. tom keene is in new york. the market is focusing on the rise in infections when it comes to covid-19, but we have the bank of england and a lot of economist expect the bank of england to do quite a lot, a second shock and awe package today when they meet on interest rates. tom: i agree, francine. the bank of england deserves study. any wonder if there will be a reaffirmation or discussion on the likelihood or chance at the moment of negative interest rates as well. as you leave the hour, francine, the united states -- excuse me by theington transfixed battle between the president and mr. bolton. it has changed overnight into new legal action by the president. francine: nothing like an injunction to sell a new book. let's get straight to bloomberg first word news in new york city with ritika gupta. take a coke china is vowing retaliation for u.s. -- ritika: china is vowing the government of the u.s. has set --, sanctions for any oppression of uighurs or muslims. john bolton's book says the president -- meanwhil

i'm tom keene in new york and francine lacqua is in new york. the new slope is extraordinary, and i think we need to take into our focus of america on christine lagarde yesterday, really stepping up and really confirming the independence of the european central bank. francine: i think you are right. the markets are focusing on more -- focusing more on what is happening in in europe with the ecb turning more than markets expected at this economic response with extra stimulus from germany and austria today. 750e's optimism this policy from europe -- they are focusing more on this stimulus and social unrest we saw in the u.s.. the other thing i would point to is the fact that u.s./china trade relations, there's a lot going on with china stepping up 33 of then against chinese company. -- companies. rick: hsbc -- tom: hsbc and charter extending into the weekend. here is first word news in new york. >> today's jobs report is expected to show the u.s. unemployment rate surged almost 20% last month, after reaching the highest level since the great depre

queen victoria street in london, francine lacqua. "bloomberg surveillance." lots today on the turning of the economics, finance, investment. francine, truly the thing that has engulfed america is the redo of the pandemic fears of late march and early april. how is it in london and the united kingdom? is the same tension there? francine: attention remains around the world but i think if politiciandoner, a in the u.k., france, and spain, look at states that reopened may be more quickly than others, maybe without the same precautions than others, to try to give you a sense of what you should be doing. in london, if you look at our rate of infection, still below 1. boris johnson this week said bars could reopen july 4. we will see as the number of cases around the world increase, exactly if consumers will go out and spend like the prime minister has asked them to. return one has done the to sport like english premier football. it has been extraordinary. their distinctive from the disaster that is american sports. speaking of that, jason kelly in february began a p

i'm francine lacqua in london, tom keene in new york. a lot going on with the u.s., with the protests, and we are trying to figure out what this means for the new social contract if there will be one with the u.s. and we look to the november election and what it means for president trump in the polls. tom: i'm glad you mention to the election. there has been a lot of work done in the last 24 hours gaming out what that election will be. it is tuesday, and with economics we look to the jobs report on friday. it is supposed to be an especially grim report, modeled out on an unemployment report of 17%, 18%. last night was extraordinary in new york, and i would say within the curfew that we are in as we speak, there is a silence in the streets. there are no sirens heard. francine: we will have plenty more on the curfew and also with what president trump said. let's get to first word news in london with leigh-ann gerrans. president trump is threatening to use the u.s. military to crush unrest. the president has called on governors and mayors t

francine lacqua in london. i'm in new york on our fed special today.d conversation, good analysis of what we will see out of chairman powell. scott minerd will be with us. has beenor extremely cautious on the markets. gary stern will be with us. in my estimation, by far the most underrated of the fed president. alan blinder with us and diane swonk as well. pulse onnk with that the midwest economy at grant thorton will be a timely conversation. at neubergeris berman group, a really interesting shop in new york. yes, they manage money, but they have a certain panache to it, certain style. we are still waiting for joseph amato's hit movie. it is out there somewhere. he drives forward equity coverage for newberger berman -- uberger berman. momentum and value. who is going to win out going forward? does momentum keep momenting or does value catch up? joseph: good morning. good to be with you this morning. it has certainly been a pretty amazing contrast over the course of the last couple of months between quality growth and momentum versus cyclicals. least,

i'm francine lacqua in london. tom keene is in new york. week looking at the protests around the world. we had an amazing turnout when it comes to london but also in bristol, and then you look at central banks, christine lagarde is in front of the european parliament today, and the said is wednesday. interesting,l be francine, certainly with the market recovery, which continues this morning. on the political front, all eyes are on the white house, and i don't mean about

i'm francine lacqua, here in london. tom keene in new york. the main narrative will be the markets, what we have seen on the market, and this links it back to the discovery of a possible vaccine, that is months if not years away and the resurgence of infections not only in the u.s. and also china. tom: huge cross current this morning. i can say i have never seen such a distant market right now. it wasket is better than two or three hours ago. the vix comes in from 44 to 41. there is a whole idea of an expanding pandemic all the -- throughout multiple geographies. there is optimism with research houses reaffirming some form of v-shaped recovery. it is the oddest monday i can remember. francine: it is a pretty odd monday, although i have to say i have had other odd mondays. that's get to first word news with ritika gupta. economyin china the keeps inching its way out of the coronavirus, less industrial output rose 4.4 percent in may from a year earlier. at missed estimates, and consumer demand is sluggish. retail sales declined more than expecte

francine lacqua in london. the news

. ♪ morning, bloomberg cola surveillance, francine lacqua and i have an important interview with thelor -- francine lacqua had an important interview with the chancellor of esqecker -- of a checker -- uecker. they is joining us on pandemic and the response in washington. emily i understand you have a congressional bias, but everyone is trying to get through the sunday talk shows. how will the administration manage the message today? emily: it's interesting. the trump administration so far has not done anything big to respond to what we are seeing in the spike in coronavirus cases, top officials say they are not going to repeat the lockdowns that took place in march, if you have been following twitter you can see the down play in the spike of cases, saying that the virus will fade away and a vaccine should be available soon. said, but what is the response of sunbelt republican senators? many of whom have elections in november. what is their messaging to the white house? tom: right now they are working in congress on another round of coronavirus stimulus funding. that's the thing they

i'm francine lacqua, here in london. tom keene is in new york. the marketing europe are focusing more on the reopening of the economy on some of the bailouts or the help that governments extended to some companies rather than the number of infections rising in the u.s. tom: it is a lot of different stories on this friday. it is a very odd week, and of course in america we go into the jobs report next thursday because of independence day, a week from today. is viruserica, it front and center. i would agree with you, europe is a different tapestry this morning. francine: it certainly is. watch out for germany because it seems the overall number of infections rose, but there are pockets where it is researching. let's get to first word news in new york city with ritika gupta. ritika: good morning. the u.s. has not seen a day like this since the coronavirus pandemic hit. the country registered its biggest ever jump in cases, and that is leading some governors to reopen their states. -- to pause reopening their states. texas has suspended elective surg

i'm francine lacqua in london.

i'm francine lacqua, here in london. tom keene in new york. a lot of the focus is on stocks. we are seeing european stocks adding to the rally. they seem to be shorting off concerns to the infection rates. the focus today once again is on government and monetary stimulus. the dollar is slipping. we are looking at a couple of data we are looking for -- we had the surprised rebound yesterday in retail sales. treasuries are mixed, and i wanted to show the korean won because of volatility that we against the dollar because of political tensions. up, peter schaffrik is coming up shortly. and this is bloomberg. ♪ tom: good morning, everyone. bloomberg surveillance. thank you for being with us today, from london, from new york. i want to do some data and it is a joy to do this data check because it is a quiet data check. right to equities where there is a turn in the market this morning, and you see it across equities, bonds, currencies, and commodities. what is so important here is that for the number of days up in a row, it is nice to take a pause. futures advance up 19, dow futur

speaking to francine lacqua, he started by commenting on the italian economy.ountry funds have made a number of statements. right, a- and it is long time that reforms should take place, but it is not there is a purchase lagging behind. you need the funds to increase the rate. there is certain monetary policy that cannot increase. purchasing that is for level reasons, to increase the level. reduce the gap. of thehe possibility economy going back to employment that is sufficiently high. that is not a substitute for measures that increase the rate of growth, productivity, innovation, and all the improvements the economy needs now to face the effects of covid. >> what is your opinion on italy using emf funds? i give testimony in parliament a few months ago before the covid started. clear they --t is the funds come without strings attached. it is clear they have to be used. it is the only requirement. reason. see any this is still alone rather than being alone in the markets, alone with respect to europe, but it is loan. >> i'm getting quite a bit of on unwinding sp

bloomberg surveillance from new york, francine lacqua in london. ed the scandal of putting tariffs on gordon's

bloomberg surveillance from new york, francine lacqua in london. francine and i decided the scandal of putting tariffs on gin.on's president trump has said, enough, here are the tariffs on the outcome of june, and other selected items in europe. francine: we were talking about it when the news broke on those tariffs. 3.1 billion dollars, it is limited in size, but it is very targeted and it seems to be on luxury projects. which is why we are looking out the likes of burberry and lvmh down 2% 50%. and a lot of the beer things. we all can survive it. [laughter] ever allow you back in the u.k. kamali we can discuss shopping here in london instead. tom: i will have to see. you may joke about it, folks. but it is not only the idea of tariffs, but coming at this time of global economic struggle. much to talk about. guestl go to our next in a moment on the virus and get his prognosis for america. first with the first word news in new york city, here is ritika gupta -- ok, we have a technical difficulty right now. francine, -- a data check. francine, pick i

. ♪ ♪ i'm tom keene in new york, we have francine lacqua in london.are starting with philipp hildebrand, he's here describing this synthesis we see in central banking and the public service he had to switzerland years ago as well as what he's doing with back rock area i want -- blackrock. i want to take yield curves and folded into what blackrock has to deal with and what every other fixed income shop has to deal with. do you assume, like mr. prince in bridgewater, that we will have a dampening of spirits as and central banks are faking yield curve control? or will it actually bring on a new volatility? i would expect, for the time being, that this policy regime, where the frontiers between the central banking and limitedolicy is largely to an environment where we have limited volatility around bond , simply because, as you have suggested, we have governments putting out central banks buying for debt instruments. whether it's an implicit or an implicit form, the reality is that it's this compilation of bonds coming out, issued by the government and be

i'm francine lacqua, here in london. tom keene in new york. we had a stunning headline from christine lagarde moments ago that moved markets, and at the president of the ecb has warned e.u. leaders just convening as we speak in a videoconference to talk about that package, the stimulus package the commission had put together. it needs to be signed off and ratified by each member state. christine lagarde warning e.u. leaders of market risks if they do not sign off on that deal. agree with you, francine. on a friday in june, this is a huge deal. for me, the headline of the week was qantas in australia delaying international flights into october. madame lagarde is on that calendar. i'm sure what she is saying come and much of what we saw in the united kingdom yesterday, is let's get to it and keep the fiscal stimulus pressure going. none of these people are standing aside and relaxing. they clearly seems to be the message. francine: 100%. if you look at the shift of a lot of the language of the central banks, they see the range of forecast tiltin

i'm francine lacqua in london.ablished connection with nigel wilson, ceo at legal & general. let's get straight back to our conversation with nigel. we were talking about what kind of recovery we will see. i guess the purpose of big businesses and big companies such as legal and general in all of this. what kind of questions do your employees have you -- have for you? them stay at home or will it go back to the way it was five months ago? nigel: the teams are doing an excellent job. it is a very measured response, week by week looking at different ways that we can look after funds in a more efficient way. ironically not so much about working in the workplace, but coming in on public transport. one wen issue around need to get more signs on. more people are coming by bike. people are walking to work. it is absolutely fantastic. there are a few thousand right now. we need a lot more people to come back for all the small and medium-sized companies, which make up the bulk of the people working in the city. it is going

johnson and officials and with boris johnson saying he can't -- this is bloomberg surveillance, i'm francine lacqua in london. focus on the markets but we are getting some headlines for the international energy agency. the focus on what they see oil demand like in the coming years. oil demand will not fully recover until at least 2022. that may have an impact on the price of oil. new york crude wti pretty much flat. markets focused on this extra stimulus. we are also expecting to have more data points with damage the economy. plans with sentiment in the wave of -- it would also be great to look at treasuries and things like that. let's get a bloomberg news here in london. president trump is weighing an infrastructure proposal worth nearly $1 trillion to spur the u.s. economy according to bloomberg sources. the plan would reserve most of the cash for traditional work such as roads and bridges but they would also go to wireless and broadband pretty -- broadband. ae eu and u.k. seem closer to brexit deal. russells is confident boris johnson is willing to compromise and the prime minister said chances

. ♪ ♪ good morning everyone, we have francine look -- francine lacqua in london, i'm tom keene.can see a recovering market on doubts of turmoil over the last couple of days. us,ave ronald temple with it's always a piercing discussion about not so much where to put money, but the enthusiasm to be in the stock markets and other asset classes. script. up the a note was published a moment ago with a terse statement that there will be fiscal stimulus, the president making clear in an interview yesterday that he wants checks in the mail. do we have a confidence in at equityestment -- in investment because it's an election year and everyone will get free beer? ron: that has contributed to it. if we look at the data coming out on the economy and for april inhad $200 billion of money terms of consumer checks, we saw spending go down 13% in the savings rate at 33%. in may people spend some of that money so you had some of the best retail sales in history in may. and it does not hurt that the fed has grown its balance sheet by $3 trillion. it's not a surprise that this is in the markets. b

francine lacqua in london, i am tom keene in new york.he adp report yesterday, what some people really lean on and others don't, went from grim grim grim to just grim and everybody cheered. stephen stanley is working from home. a mantle in his living room holds up all of the trophies he has won for forecasting the economy. good morning. andms today will be grim, that leads to the unemployment report. with the better adp report yesterday, did you tweet -- tweak and adjust to a better jobs report tomorrow? stephen: i did not. those who is not a big believer in adp. i would be happy if the number comes in in line with adp but i am still looking for a 7 million drop in payrolls in may. tom: one of the things floating that is different now, we got rid of a lot of low-wage people in restaurants and bars and now we are starting to get rid of a different kind of american employee, salaried fully benefited employee. is that true? there iscertainly going to be some of that along the way. there are so many businesses that are going to have to alter

i'm tom keene in new york and francine lacqua is in new york.pe is extraordinary, and i think we need to take

francine lacqua in london. the news today extraordinary. jes staley coming up from barclays, he has got the mess in hong kong. kevin cirilli will be with us from washington on the trump response to the news out of hong kong. right now, in your united kingdom, it is a new deal in dudley. francine: it is a new deal. we are expecting the prime minister to deliver on his speech that was quite popular in his pre-election campaign, bringing britain back. we are expecting him to do a lot for infrastructure, give money to schools that under previous tory government slots -- lost a lot of funding. deathsy are there more because of covid-19 compared to other european countries, the debt load this country has is different than anywhere else in europe. i imagine boris johnson will have to do this speech while at the same time keeping international investors on board. tom: it will be interesting to see. we are monitoring the presence of the prime minister in dudley. in new york city, ritika gupta. ritika: the stage has been set for another confrontation

. ♪ francine: this is "bloomberg surveillance", i am francine lacqua in london.ght add to its equity holdings if there is another shock in markets due to coronavirus. where he sees opportunities and values in the market, post pandemic. the high equity variation. there might be a limit for the market. another be better for market location. this stage.ous at for the time being, we would take a wait and see position for asset location. what do you think the next uptick or downturn will be driven by? may be the second wave, we can prevent or overcome the second wave of coronavirus. we might prevent the second market. bank and the central --ernment policy tax cuts, we don't know when it will be the right time. at this stage. >> have you made major changes to your investing strategy or portfolios since the start of the pandemic? equities compared to fixed income. wave, weis a second would consider the location. also the location of equities. other potential in the equity markets. francine: that was the chairman. in the meantime, we want to bring you up-to-date with the

i'm francine lacqua, here in london. tom keene in new york. we have a couple of data points in europe, and we also have news. boris johnson trying to get away from the focus on coronavirus infections to basically lay out an economy that he wants for the next three or four years, and he says they will not go through austerity like in the last crisis. that is interesting because he is a conservative prime minister . june confidence actually rising. it is rising to 75.7, but it is not as high as economists were expecting. ," it is interesting -- tom: it is interesting, the flows right now. i felt the research over the week and a massive, massive reset of what this recovery is going to look like. this goes to prime minister johnson and to your wonderful conversation with the chancellor of the exchequer yesterday, fran. the idea of the united kingdom seneca -- the united kingdom's fiscal policy into the summer and october as well. there huge mysteries out there fiscally for each nation. francine: you have a government in power that should be becaus

francine lacqua and tom keene. jens nordvig with us. it is always about the dollar. bull market in the dollar and dollar strength, is it over? jens: we definitely have a for the dollar. as we can see today, the ups and downs are very much linked to what is going on in the equity market. we have a tight correlation on what is going on on risk assets and what is going on with the dollar. that is nothing new but has been pronounced this year. the explanation is really that the most important driving variable for the dollar is pretty much what is going on with global growth sentiment. global growth sentiment was historically bad during march and part of april. over the last couple weeks, we have recovered, so people are starting to pencil in reopening globally and that has global expectations growing and the dollar has taken a meaningful hit on the back of that. that is the big picture dimension. we have to do the analysis on top. there have been important flow variables in europe. those flow signals have been quite euro bullish over the last few weeks, added to the euro

i'm francine lacqua in london. tom keene is in new york. another big week looking at the protests around the world. we had an amazing turnout when it comes to london but also in bristol, and then you look at central banks, christine lagarde is in front of the european parliament today, and the said is wednesday. interesting,l be francine, certainly with the market recovery, which continues this morning. on the political front, all eyes are on the white house, and i don't mean about the fence wrapped around the white house, up to the top of lafayette park, but really it is a nation that awaits the next step from the president. he was out tweeting in the vicinity of 12:00 midnight on general powell. we will talk about that today. it was an eventful weekend and it continues right into this monday. francine: thank you, tom. we will have more on that and now we will get straight to first word news in new york city with ritika gupta. ritika: the u.s. city hit the hardest by coronavirus starts to reopen today. new york city will allow construction

i'm francine lacqua, here in london. tom keene in new york. i know we need to talk about the dollar and the rally, but we are also getting breaking in terms of data and the euro area and gdp is a bit worse than expected. first court of gdp shrinking 3.6% -- first quarter gdp shrinking 3.6%. it is better than expected -- i stand corrected. tom: it is important to point out that it is calculated differently for early-morning american viewers. that is a stunningly bad number, whether it is a little better or a little worse. the way they calculate gdp in europe is very different than in the united states. i will let the pros do the math, gdpthat is a 12% negative based on the u.s. calculation. francine: we will have a look at metrics. i'm sure there is a chart for that. let's get straight to bloomberg first word news in new york city with retake a good. u.s. attorney general william barr has publicly contradicted his boss, president trump, telling the secret service that the president was told to go to a bunker in the white house during a large pr

i'm francine lacqua, here in london. tom keene in new york. there is focusñr on what we sawn the markets the last couple of days. juckes, i did kit the same thing he did in his morning note. i did a fibonacci analysis of what we saw yesterday. that is too much mathematics or friday. all you need to know is it was ugly and we have a very nice bounce to -- bounce today, from the worst vic's -- from the , to today. it is certainly better today. francine: here is ritika gupta with first word news. ritika: there has never been a month as bad as april for the british economy. gdp fell more than 20% as the coronavirus lockdown took hold. on a three-month basis, economic output shrank more than 10%. the imf says the global economy is recovering more slowly than expected from the coronavirus. the fund expects it will have lingering scars from the experience. the imf will release economic with injections june 24. it expects them to be worse than the last forecast in april. the imf says in general asian economies are further along in the recovery path. p