i'm francine lacqua in london. the markets are more quiet, but a lot of the focus is euro given what we've seen in the markets and what we saw with the eu leaders. the eu strengthening to a four-month high, bond spreads narrowing as regional leaders in europe make progress negotiating a stimulus package for economies devastated by the pandemic. euro-dollar, 1.1455 and gold flat. let's get the first word news with laura wright. may joink. international allies and suspending its extradition pact with hong kong, it could come today when the foreign secretary addresses parliament. tensions have ramped up in recent weeks. london could introduce sanctions over human rights abuses, a move beijing once would have consequences. donald trump is playing down arising coronavirus cases. he told foxnews many are experiencing nothing more than sniffles and positive tests are only up because of water testing. he's called -- wider testing. anthony fauci a little bit alarmist and says the two men have a great relationship. members o

i'm francine lacqua, here in london. get to the bloomberg first word news with leigh-ann gerrans. leigh-ann: good morning, francine. china is planning what he calls forced entry into its houston consulate after officials ordered the office to shut. china says the move rakes diplomatic contention and is vowing to respond as necessary. the u.s. has lowered its flag over the american consulate in the chinese city of chengdu. it was ordered to leave and retaliation for the closure of the houston mission. now billionaire investor ray dalio says the conflict between the u.s. and china could expand. he told fox news, washington and beijing could face what because a capital war. he warns there may be rules about not investing in china or possibly even with bond payments. ray dalio says policies like that could harm the dollar. hong kong is imposing stricter social distancing measures. the city is limiting the number of people in public gatherings to two, down from four. he does also banning dining from restaurants. -- dine-in fro

i'm francine lacqua in london.e have breaking news the last 20 minutes. china says that the u.s. has abruptly closed its consulate in houston. that is having an impact on the market. let's get the markets. risk sentiment looks a lot shakier after china says the u.s. abruptly ordered the closure of its consulate. most european indices have extended declines to session lows. s&p futures accelerating their dissent. i did want to show you gold and silver. let's get straight to the bloomberg first word news. ispresident donald trump restarting virus briefings. there was a shift in tone with the president urging americans to wear masks and avoid risky behavior. the death toll for the virus in the u.s. has topped 140,000. cases are still growing, especially in southern and western states. president trump: it will probably, unfortunately, get worse before it gets better, something i don't like saying about things but that's the way it is. we are imploring young americans to avoid packed bars and other indoor gatherings. be

i'm francine lacqua in london. the markets are moving on a couple of things. they are looking at numbers of infected across the world, but also the fed decision. stocks are struggling for direction. treasuries pretty steady. it is all about the fed, the policy meeting, and what they will give us in indications. in asia, modest gains in hong kong and south korea. they outperformed in china but low volumes. -- 1957.157 let's get straight to the first word news in london with laura wright. james: the uk's looking at ways to loosen its coronavirus quarantine rules after restrictions on trips prompted backlash. one possibility is abandoning blanket restrictions in favor of regional bands and another is reducing the time passengers arriving in britain need to stay in quarantine. the u.k. and u.s. voiced concern about hong kong's election after a flurry of media reports the government is considering postponing the vote maybe for a whole year. hong kong's opposition argues the coronavirus outbreak is being used as an excus

i'm francine lacqua, here in london. get straight to the bloomberg first word news with laura wright. the french, spanish, and italian economies have suffered sharp contractions. down 18.5% for three months. data for the whole of the euro area comes out at 10:00 a.m. and is expected to show a 12% slump. president trump has raised the idea of postponing the presidential election. he says it should be delayed until people improperly, securely, and safely vote. it is something he does not have the power to do alone and would need the backing of congress. mitch mcconnell says the election date is set in stone. bnp paribas has said there is a performance blowout in fixed income. 150% from a year earlier. the french economy does not see a recovery from the coronavirus crisis for a couple of years. >> it will be stronger in some, slower in others. so as we said, we should look at -- before it is back to the level -- we don't see that mid-2023.before global news 24 hours a day, on air and at bloomberg quicktake, powered by more

francine lacqua in london. i'm tom keene in new york.s is bloomberg. ♪ the best tv experience just got better because now you can watch all your favorite hulu shows and movies on xfinity. you're only a voice command away from award winning shows like the handmaid's tale, to new hits like little fires everywhere. and fx originals you can only watch on hulu. that's just the beginning of what you can experience with hulu on xfinity. tv made simple, easy, awesome. ♪ >> too early to judge but i can say one thing and that makes me overconfident, that we are in line or even ahead of our plan which we gave covid and that makes me comfortable for the year 2020. francine: that was the deutsche bank chief executive speaking in a webinar early on. the conversation is with the first anniversary of lenders' sweeping restructuring. he did caution that the second half might bring a slowdown. in terms of trading, june was actually pretty strong. . the trade momentum is continuing in june. on m&a, he was very cautious. he was asked directly about merging

alix: live from new york i'm alix steele, guy johnson is off today, with francine lacqua. it's an ugly day shaping up on wall street, european markets down by a full percentage point and almost two when it comes to european stocks and communications, tech, health care all getting hit really hard and here again dragged down by intel. two big stories for you, though, consistently weaker dollar, consistently higher gold prices. euro-dollar $1.1626 is where we print right now. francine: lieu at sentiment, alix, it may turn uglier after u.s. officials said a chinese researcher who took shelter at the country's consulate in san francisco is in custody and will make a court appearance on friday. it seems that there are a couple things going on with the u.s. and china that actually markets are really nervous about but you're right, it's also because of earnings and some of the tech earnings that certainly disappointed the bulls. alix: in particular intel. coming up we'll talk to the c.e.o. of intel, bob swan and he c.e.o. of verizon, hans vestberg as we proceed throughout the hour

i am francine lacqua here in london. the markets are focused on data in the u.s., stimulus in the u.s., and for july manufacturing 51 .1, instead of the 50 that was expected. the other thing we are really ,atching out for is gold, 1897 within a whisper of 1900, which will be a big psychological impact. now let's get to the bloomberg first word news in london with laura wright. hi, laura. hi francine. ,rising for the first time about of march to 1.4 million, but dropping slightly. the data comes as hundreds of billions of federal aid is set to expire. the u.s. economy could be at risk of a double recession. a vaccination program for the protect ait ceases to second wave of the coronavirus. twice as manyple as last flu season. at shots available for the risk groups will be available to everyone over the age of 50. disney is canceling the august release of "malan" and delaying "avatar" by more than a year. date.ime, no new release some cinemas are also having to push back reopening plans. global news, 24 hours a day, on air

i'm francine lacqua in london. the markets are definitely focusing on a couple of things out there. ,here is a lot going in china global stocks continuing to it is yes and in the market. the dollar and treasury slipping. homebuilder shares in the u k advance after a report the government is considering a temporary increase in the pay.hold at which buyers weighing a global equity market that remains about 40% above its march lows amid this economic recovery, which is under threat from the continuing spread of the virus. we will have more on the markets but let's get to the bloomberg first word news. here in london is leigh-ann gerrans. planning billions of pounds in two theaters and then use to rescue the arts and culture sector from the brink of collapse. announcing the move, the chancellor tweeted "the show must go on." he will outline his next steps for the economy on wednesday. the next key date for frexit progress according to one of europe's biggest finance lobbies is september. that is when clearinghouses may

from new york and london, francine lacqua and tom keene. conversations i guess on china. a really interesting side story is your united kingdom. it is not just the u.s. and beijing, washington and beijing, it is also find minister johnson in beijing. what is his view? francine: there are a couple of things going on in the u.k. mike pompeo has just

my cohost francine lacqua. welcome to "bloomberg markets." the blackstone versus union pacific is a perfect example of where we are set up here. blackstone reporting an advanced in all of its areas last quarter versus union pacific having to cut 86,000 of its workers. francine: i think it is the first earnings season because of the pandemic you see clear winners and losers. unilever doing great and companies are struggling because of cost cuts. it just accelerates their demise if they were already in a bad place. alix: earlier today it was a risk on kind of deal until we got those jobless claims. the s&p flat. it was up earlier. euro-dollar still getting that bid. the dollar was a little stronger but now we are into that risk on field. you have a bid into gold, a bid into the 10 year yield. old futures almost hitting a record high. coming up, we are going to break all of this down with southwest ceo. he will be joining us later on in the hour as well as the founder of robin track. looks atg -- he everything robinhood traders are doing. u.s. i

i'm francine lacqua in london. the market is not only looking at the number of deaths across the world, but looking at what is going on in terms of economic stimulus. european shares, slipping with u.s. futures, the dollar snapping a five-day losing streak. treasuries edging higher with most european bonds. a full market round up shortly. let's get to the bloomberg first word news with leigh-ann gerrans. leigh-ann: the u.k. will pump 3 billion pounds into environmental projects as part of its recovery plan. the investment will be formally announced tomorrow when gives anr sunak update on economic plans. he's under pressure to introduce a meaningful package after the prime minister's speech last week failed to impress many economists. emmanuel macron has reshuffled his government. bruno le maire stays as finance minister. improve labor affairs, he's moving elizabeth .orne and ha appended thes national security legislation imposed on the city last week. her comments come hours after the government asserted broad new

francine lacqua spoke to bailey and the new york fed president, john williams.t, a lot of steps need to happen. what i would say to the industry to stem the clear deadlock. you may have heard my remarks there is no reason that after -- i shouldt year say we expected that. at the end of the calendar year -- it is quite logical to extend that. , these are 18 months the sort of timelines. the infrastructure is now there to be able to put these in place. a cutoff for new instruments, it means that all thefocus is on dealing with -- yousef: mr. williams -- francine: mr. williams? me, it is enough to start writing libor's contract. with the progress that they have been making on that, that is something we need to focus on. is, debt toe second repair away from libor, backing up things like that. there is a need to be proactive around communicating and the broader communities that they work with about the transition from libor. a lot of the discussion so far in the banking sector naturally come in the financial industry, getting the word out that in the banking sector n

i am tom keene in new york, nejra cehic in london for francine lacqua. there is an uproar in london about how you are going to travel and if you are going to quarantine. nejra, we must look in this hour, these unfolding events in hong kong are extraordinary, and the prime minister says he will take many citizens into the united kingdom. is that right? than 3absolutely, more million potentially hong kong citizens are being allowed citizenship in the united kingdom. extraordinary developments in hong kong. -- not a lot of clarity and it is difficult to see where the risks actually lie. whether it is easy to abuse or difficult to apply. tom: i agree with you, strongly. i think there has been an getting totion of their friday morning, of getting into the weekend and the experience of each and every day. our team in hong kong is working on that. working on that 24/7. now with our continued reports, our "first word news," in new york city, here is ritika gupta. ritika: for the first time, u.s. daily coronavirus cases rose above 50,000. there were increases in

i'm francine lacqua in london.ales at roche took a hit from the coronavirus pandemic despite the boost of sales from the anti-body test. sales are now recovering. joining us now is the chief executive officer of roche. thank you for giving us a little bit of your busy schedule. i want to talk about anti-body testing. is the world's testing capacity sufficient right now? >> demand for covid-19 testing is clearly outstripping the supply and the bottleneck is not so much with anti-body tests. the actually molecular tests which identify whether you are infected or not. demand is enormous and therefore it is so important that tests are really allocated to those patients with symptoms. is patients and any source very important that we do everything, every one of us to help or reduce infection rates by keeping social distance, washing our hands, wearing masks. otherwise it will be very, very difficult to keep up with demand. francine: do you think in this way, we would get a handle on covid-19? i heard you have to test th

i am francine lacqua in london. arkets are moving sideways little bit, but optimistic about things to come. overall, a lot of focus on the markets. dollar weakening, but stocks advancing globally. aussie equity futures up after european leaders reached a deal on a landmark package. equities rising also across asia. australia outperforming. days of tough talks, european leaders agreed on a landmark stimulus package that issue 750he bloc billion euros of emergency debt. grants,ion euros in less than the 500 billion euros the french president and german chancellor included in the earlier draft of the proposal. the deal represents a victory for a collective you response. joining us now from brussels is a reporter maria tadeo with the details. maria: we do have a deal and a whole package of 750 billion euros. the grand component which had then problematic now confirmed, 390 billion euros. the breakdown by country is interesting. italy and spain will be the biggest and for the recovery fund. get 82 billion euros, spain wi

francine lacqua in london. tom keene is in new york. we are looking forward to special fed coverage to give us an indication of what markets are focusing on, and then we will focus on tech stocks. tom: let's do a tech stock -- the tech stock rally today -- i would particularly watch mr. bezos of amazon. the 2:00 p.m. discussion with chairman powell, michael mckee will be on top of that for us. caroline hyde leading fed coverage. all i can say is the meeting is scheduled to be a yonder -- a my radarhich means is up. francine: let's get to first word news with ritika gupta. ritika: mitch mcconnell insists that businesses, schools, and other organizations be protected against coronavirus lawsuits, and that has bogged down talks over a new stemless package. demanding that changes to liability law include wholesale in the legislation. nancy pelosi says that shows he is not serious about reaching a deal. federal reserve policy makers will turn their attention on how to jumpstart a stronger rebound from their sessions. they are all but set to

i am francine lacqua here in london. looking some at oil, the oil recovery is at risk because of a resurgence of covid-19. that is having not a direct impact for the moment. we did see a bit of downward pressure. the u.s. 10-year yield pretty much unchanged. euro-dollar a good one to look at, because we saw a bit of data with the european economies. you can see the euro stoxx 600 actually trading sideways, but we did tr see the chinese trying to do their bed. -- bit. thelet's get straight to bloomberg first word news in london with leigh-ann gerrans. hi, leigh-ann. leigh-ann: good morning, francine. the finance minister, paschal donohoe, won the ballot. recoveryhe spanish minister. action. is having against fran in the long -- france in a long-running feud over tech. ballpark ofn the $500 million to $700 million in goods. the items targeted would include , andh wines, teas handbags. poland, president andrzej duda says he will never allow compensation for jewish property lost in world war ii. the controversial topic is res

guy johnson is in for francine lacqua, and london. think it is remarkable how serious this has gotten, and yet even in the news articles, we are talking about a phase one trade deal like we still want to do business with them. yet here we go with some serious political moments. guy: and it is going to get tougher and tougher. i don't know what business is going to do about this because i think they were already in a tough place, particularly u.s. banks. it is likely, as this progresses, the chinese will put more pressure on them, the u.s. will have to put more pressure on them. they are going to have to take sides. yesterday a guest walked the overlyot sounding enthusiastic about the decisions he had to make. it is really going to be tough. the chinese will pile pressure on. tom: maybe we will see that pressure today. we have our people in hong kong watching the story. also in beijing, karen leigh scheduled to be with us throughout the money. in new york city, here is ritika gupta. ritika: president trump is due to punish china becaus

this is bloomberg. ♪ i amine: live from london, francine lacqua with alix steel in new york.e european close" on bloomberg markets. a huge week in europe with the agreement on the eu stimulus package. with more on how can affect the budget and how the money will be used for an exclusive conversation is johannes hahn. eu budget commissioner. thank you for joining us. i want to start with the agreement being hailed by a lot of people as a once-in-a-lifetime opportunity for europe. are you worried this is temporary or is this towards more integration in the eu? you have to see. this is obvious all around the globe we are facing an unprecedented situation. the forecast for economic decline is more than 8% the recovery next year, somewhere between 5% and 6%. we have never seen this since the end of world war ii. here we had to give an answer in an unprecedented manner so that is why we have activated the respective articles in our treaty. one has to understand it is and-limited, it is fast, hopefully a sustainable response to help the european economy recover, but also to become m

i'm francine lacqua, here in london.at what you should be watching out for today. fed officials will confront clear signs that the u.s. recovery is stalling when they gather for their two-day meeting today. economist expect they will probably hold fire on additional stim is while congress debates or physical aid. the chinese president xi delivers a keynote speak -- speech at the opening of the aaii meeting. forecasts are for a jump in the unemployment rate, is surplus in the current external account, add new highs for the country's public deficit. disability inclusion issue up to be the next frontier in esg investing. investors are pushing companies to create more welcoming places for employees, whether their disability is visible or not. joining us to discuss the recent push is dani burger. why are investors concentrating on it now? danica we know that esg has been something investors have cared about for some time, but we usually hear about the environmental and governance portion of it. but social is becoming more imp

. ♪ love -- live from london, i'm francine lacqua. let's get onto wirecard.turn to the troubles at wirecard. former chief executive marcus brown and two other officials were arrested as prosecutors say the company knew about massive losses as early as 2015. joining us now is karen. thank you so much for joining us. exactly what does that mean? does it mean other people will be implicated because they tried to cover it up? yes, it means that prosecutors after four weeks of dig down aon really bit of more information. apparently they have a witness who has implicated the three. for markus braun it is bad news. he was out on bail and now he was rearrested. to zero chanceed of getting bail. alix: what does it mean for any sort of sale for the company. if they want to sale -- sell assets? >> i think wirecard filed for bankruptcy. insolvency administrator and charge who has the tough task of cleaning up the mess and the books. really showing people who may be interested in buying stuff what is really there, what is worth it. i think there are probably some efforts

senior portfolio manager, coming up shortly and this is bloomberg. ♪ francine: from london i'm francine lacquaith alix steele in new york. the quarter reports continue to trickle out this morning. abigail doolittle is here with the details. abigail: a topsy-turvy morning here, francine on earnings. if we start in the energy and materials phase, we look at the arners including free port mcmaran missed sales and the c.e.o. saying the virus will forever change the way they do business and they're optimistic over the long term thinking copper prices will go hauer with cuts that equal growth but today the copper prices are lower probably dragging on the shares. moving in the opposite irection, we have schlumberger posting higher with a surprise profit coming on cost cuts as they slashed 21,000 jobs and going the opposite direction of oil. so an interesting mixed picture there. as for some other shocks moving on this morning we have royal caribbean not moving so much today but of course the cruise operator is down in a huge way this year, absolutely hit by the virus, stalled, chips not in the water

guy johnson in london for francine lacqua. tom keene in new york.ots of action on economics through the week, but overlaying all of that politics, we saw yesterday some important shifts in the united states of america on the distant south china sea. that full's in the pacific rim dynamics, a good theme -- that folds in the pacific rim dynamics. a good theme to speak with jeremy stretch. there is such an interesting linkage to china. explain to our audience -- i know you are quite good at this -- explain to our audience the profound linkage of australia through the south china sea to china. jeremy: what we have seen over the last two decades is the increasing linkage of those economies because the australian backdrop is driven in part by commodities, and those commodities have been axtensively consumed by chine as the chinese economy has exploded over the momentum of the last two to three decades. traveling tourism between china and australia. the signs that china has been recovering rather earlier from the ravages of the covid crisis have provided a

francine lacqua reporting on credit suisse in zurich.om: tom keene in new york and howard ward, each of these companies is different. what is the distinction you see in apple computer in 2021? tom, this has been a phenomenal stock. i never would have expected it to do as well as it has done this year. cap,trillion market reporting tonight, revenues, $55 so,ion, earnings $2.10 or earnings this fiscal year up, maybe 5%, 6%, revenues around 2% . growing your business during a pandemic is a good thing which results in stocks being be rated higher than those companies suffering during the pandemic. owns the smartphone market. they own it. u.s.martphone share in with their ecosystem, they have developed incredible brand loyalty with 90% rate of people continuing to own apple iphones when they're are ready to get anyone. massive upgrade when the 5g phone comes out in september/october, as many as one third of all current iphone owners are planning to upgrade, according to surveys we have seen. apple will have a nice pop in earnings, next fiscal

francine lacqua in zurich. we will get her in the hour. with our first word news in new york city, here is ritika gupta. ritika: negotiations resumed saturday on a compromise coronavirus relief plan. areblicans and democrats nowhere close to an agreement, under pressure because of people losing unemployment insurance this week. a stopgap measure would extend those benefits. federal reserve chairman jerome powell calls it the most severe economic downturn in our lifetime. powell says policymakers promised to use all their tools to support the recovery. interest rates were left near zero by the fed. powell says plan for the worst and hope for the best. the number of americans killed overe coronavirus has gone 150,000. california, florida, and texas waves appear to have leveled off. and a record slump in the second quarter, output falling 10.1%, the most since germany went to quarterly gdp report in 1970. coronavirus restrictions, exports continued spending, and investment indicated signals that growth has returned, but unemployment remains h

the panel will be monitored rated by francie look -- will be moderated by francine lacqua.he u.k.'s office budget responsibility. they are going to publish three economic scenarios on the impact of the pandemic, and that comes as monthly gdp and industrial as well as manufacturing data comes out as well for the full perspective. on wednesday the bank of japan weighs in, and they publish their monetary policy decision. on thursday, bear with me, we get the ecb rate decision as well, and he gives you a sense of how packed this week is. friday, the leaders of the 27 year relations will meet in brussels. they will hash out the details of the stimulus package. a rally underway in industrial metals, but also oil is front and center, heading lower today ahead of wednesday's opec-plus me, which could see the group announced plans to start tapering historic production cuts, as the coronavirus continues to surge in many parts of the world. joining us now is annmarie hordern. it is on the table at this meeting? annmarie: deciding whether or not to keep 9.6 million barrels a day off th

guy johnson stepping in for francine lacqua in london. jobless claims in america, hugely important economic data, but the real economic conversation will be in frankfurt. absolutely. the ecb today likely in some time,ust merely to mark there may be some tweaks in terms of determining will it have an impact, but it will not be major. the ecb is waiting for more data. the ecb is also waiting for meetingnd the council which will determine this rescue plan, 750 billion euro rescue plan, and everybody is waiting to see what happens there. yousef: a medical meeting today -- tom: medical meeting today, first do no harm. right now with first word news in new york city come here is ritika gupta. ritika: president trump is shaking up his struggling reelection campaign, replacing manager brad pascal. pascal has been under fire for some time, coming less than a month after the resident's sparsely attended rally in tulsa. the twitter accounts of some of the most prominent american political and business leaders have been hacked, amongst them, barack o

francine lacqua in london and i am tom keene in new york.uests lined paul krugman later and investor bolton, jeffrey currie on gold and at the tenneco market.

francine lacqua spoke to bailey and the president of the new york fed.up a lot of stocks that we need to for our fund, but we now need to set .lear deadlines for things remarks that there march.eason after i should say we expanded that a bit. [indiscernible] -- to extend that. in the last 18 months -- we think that the infrastructure is now there to put these in place. off, it meansut all the focus can then be on -- [indiscernible] >> [indiscernible] >> the voice was cutting out for a moment. i echo what andrew said. to me, the number one thing is the stock libor contracts. we have seen this in the u.k. that is something we need to focus on. obviously, the second is the prepare to get away from libor in terms of backing up things like that. finally, i think the industry needs to be more proactive around communicating and educating the broader communities that they work with about the transition from libor. a lot of the discussions have been focused on the banking sector naturally in the financial industries, really getting the word out. other reference r

i am tom keene francine lacqua. thisine, your thoughts on historic moment for europe? think it is all in the detail. i have been following it pretty

francine lacqua is here as well. the politics going on of mr. nited kingdom on prime minister johnson china, and you have the news to send upon them. francine: it is also descending on the markets.

francine lacqua is here as well. the politics going on of mr. pompeo and the united kingdom on prime minister johnson china, and you have the news to send upon them. francine: it is also descending on the markets. some futures now dropping. thise talking about dispute between america and china over intellectual property theft, which means that the u.s. gave very little notice to china when closing its consulate and that is analogous to this deteriorating relationship that seems to be deteriorating fast. tom: flareup absolutely captures the moment. now with a news update our first word news from new york city. discussing, china calls it an unprecedented escalation. the u.s. has ordered the chinese consulate in houston to be state, according to the department it is to protect american intellectual property and america's private information. houston firefighters went to the consulate after reports documents were being burnt in outside containers. president trump reboots coronavirus briefings with a shift in tone and a warning. theas more reserved th

francine lacqua back in london. there is almost dueling stimulus. have an agreement in brussels, do we? francine: we do not. it is day four of this marathon and brutal summit.

in london, francine lacqua. i am tom keene in new york. dan ives will be with us. suggest, francine, is what we are seeing now with rates that have changed that are unsettling. euro is moving quickly. francine: euro is moving quickly, and we have had quite a lot of calls

francine lacqua and london and i am tom keen in new york. thentner joins thing that ties it together is the labor economy like we have never seen in the time we have been together. what is the employment rate going to be into the end of the year and in the next year? unemployment rate has come down sharply in a couple months as we have brought a decent chunk of labor back to the market. , but it is really slowing. it's going to be sluggish from here forward. we think it is going to be still near 10% by the end of the year and could be around 6.5 percent by next year, still about three percentage points above next year compared to where we were going into covid. lieutenantke to the governor of new york state yesterday, and she was heated that the unemployment rate in buffalo is 16%, and really publishing 20%. what is the number above that? areas it is going termsy closer to 20% in of a complete measure of underemployment. you are going to have some states that are more heavily weighted towards industries that will be slow to come back. weight

francine lacqua and tom keene.rges of 1812 announced this morning and yields come in a little bit. other than that, quiet in the equity market. bid,q 100 with a little with tech stocks. gold is the story today. we are looking for the chancellor to give a speech in the u.k., and it is a different government structure. imagine if secretary mnuchin went before congress and basically told him what to do. that's not how it works in america. leslie vinjamuri knew this one. she was in fourth grade and joins us now with catamount to look at the different approach to stimulus we see in the united states. leslie, what a difference the parliament terry system versus the mess in the united states. what urgency does congress need to do to be more like the chancellor? dr. vinjamuri: you are absolutely right. these couldn't be more different systems. we are in a different context right now because we have a congress, at least on the democratic side, pushing back hard. and a republican party that i think is not sure where to take

francine lacqua with us.ch respect for premier football.opean by bus chops all the time, but you guys did that so much -- i bust chops all the time, but you did that so much better than sports in america, just incredible.

i'm francine lacqua and london. tom keene in new york. good amount of time at looking out what is going on with the u.k., with some extra help or not from the chancellor. we will also look at what is happening between hong kong and the u.s. we look at latin america, more specifically with brazil, with bolsonaro, the president, contracting the coronavirus.

francine lacqua is going to moderate that. tomorrow we get the ecb publishing, bank lending survey, the ob are on the budget responsibility. three different responsibilities r on the pandemic. keep an eye on the data this week. wednesday, boj publishing its monthly policy decision, monetary policy decision. thursday the ecb is out, so we get the lagarde point of view. marking time this week, and i think friday, the main event of the week, 47 e.u. nations gathering with their leaders in brussels to hash out the details of the 750 billion euro economic package. it is absolutely critical that this gets done at some point. it might not get done this week, but it needs to get done at some point. morning, valentin marinov. going into the friday council meeting, are you expecting a deal to get done? what impact will it have on the currency? goodtin: there is a chance the deal will be done already this week, and overall, the indication with the euro group last week from the leaders meetings in particular, , and ther merkel upcoming me

francine lacqua at queen victoria street. give me an update on the united kingdom.-- we are seeing hong kong -- india is h

john williams will be with francine lacqua today.oes any of this that you normally go out to jackson hole and pontificate on, does any of this matter? michael: not really. there's no potential growth to be measured at the moment, so the fed, like all central banks come are basically stuck at zero for the foreseeable future. which means even with the ecb and bank of japan meeting this week, don't expect any monetary policy moves. they are all about interest rates. interest rates are at zero. not much they can do. it is the fiscal authorities who matter right now. tom: what is so important is the idea of what will be the price for this. with all of your years of experience, what is the price out for the foreseeable future that we are all going to pay? michael: that is the hard thing to know. there was always a theory that people would change their spending habits because they would expect texas to go up if there is a big budget deficit -- expect taxes to go up if there was a big budget deficit. so far it is because of the pandemic. we

francine lacqua will speak to the ceo of airbus, guillaume faury.e ceo of renault. this is bloomberg. ♪ >> whatever it takes, the fed leaves rates near zero. powell thousand to support the recovery. to support the recovery. the largest plane maker burns through $5 billion in the quarter as it waits a collapse in demand for new aircraft. shares rise after an overhaul of the investment bank. we will bring you our iteie

the panel will be moderated by our very own francine lacqua. uk's office of budget responsibility well published three economic scenarios on the impact of the pandemic. as a monthly gdp and industrial released.ing data is when you get to wednesday, it is going to be the bank of japan publishing their monetary policy decision. thursday is the ecb and francine lagarde will hold a virtual press conference. and on friday, the 27 nations will meet in brussels to hash out the details of the massive economic stimulus package. what will be the compromises? and another item on the agenda, the u.s. bank earnings are expected to be the worst this quarter since the financial crisis. they will give indications of how these three methods -- these three months of covid-19 measures are impacting the economy. take me through what you are focused on in terms of the retail bank agenda. dani: it is likely to be another record quarter. when we think back to the we only had aer, few weeks of the pandemic to judge. have come out of three months of the pandemic so we

guy johnson stepping in for francine lacqua in london.s in america, hugely important economic data, but the real economic conversation will be

i'm francine lacqua in london. tom keene in new york. tom, a lot of the focus is on what we saw in china. we saw that incredible rise in stocks with chinese authorities saying maybe slow down a bit, and the focus on the euro group, and what we are seeing in the u.s. with the number of deaths rising by the day. tom: the virus is front and center in america. it is extraordinary to see the different stories, geography. the polarity, disneyland outside los angeles is closed. the employees have just said no. and the magic kingdom in disney world, they are attempting to open it, even with the virus in florida. when i am looking at the markets, without question, is the de-risking going on? the u.s. yields have really come in in the last 48 hours. francine: you reminded me in the last hour, there was a big move on u.k. guild. let's get to first word news with ritika gupta. ritika: good morning the coronavirus milestone keep piling up in the u.s.. the number of new cases has climbed over 60,000 in one day for the first time, and texas, california

francine lacqua and london, tom keene in new york. a lot of the focus is on stocks, a lot of the focus is on the rally, a lot of the focus is on the number of cases rising across the world with market is largely ignoring it for now. newust to give you an idea -- idea,ust to give you an what changed on this monday as we stagger through july is there is no question the tone over the weekend was the understanding there would be governments to the rescue of fiscal underpinning to what is trying to be a recovery. you mentioned the important goldman sachs story, but clearly the markets are lifting here with a belief that governments will once more step in. francine: and there was a pretty incredible rally with shanghai stocks up 5%. let's get to first word news in new york city with three. -- with ritika gupta. ritika: a coronavirus record. the seven day average of new cases reached another new high yesterday, and over the weekend florida and texas established daily records. the county -- the top county official in the houston area once mor

tom keene in new york, francine lacqua in london. thrilled you are with us. really talking, and this goes back to the chan

in london, francine lacqua. i am tom keene in new york. dan ives will be with us. what i would suggest, francine, is what we are seeing now with rates that have changed that are unsettling. euro is moving quickly. francine: euro is moving quickly, and we have had quite a lot of calls from people who have come on the show saying this was started by the you recovery fund, but also inflation is better than expected in europe today, and that growth figure not as bad as it could have been. it is clear that the markets are moving, but i think in general they are buoyed by the massive technology earnings that are seeng a lift overall, as we parts of the economy in terms of technology, deliveries, things like that, that are outstanding at the moment. tom: stephen engle with us moments ago, and he will join us in the hour, our lead hong kong reporter. this is carrie lam in hong kong, at a not unusual press conference. stephen engle reports that we could get some announcements out of this rather extraordinary, particularly on the election as well. are ratherhis that extraordi

was keith speaking exclusively to bloomberg's francine lacqua.le information on covid-19 has so far been subject to peer review. columnist johnon says one piece of research can provide some clarity for market watchers. he joins us now on the line from new york. confirmation bias has been one of the biggest problems throughout this pandemic in terms of how we make sense of the evidence. what are you looking at and i the mostt is evidence-based way we can look at the risks and artists? -- risk scenarios? john: the most important point is that we have to maintain humility. it is going to be many years and a lot of hindsight beef where we really are able to work out exactly what has been driving the spread of the pandemic, what has worked, what has not. the first point. attempting to measure any of the is notith any precision just going to happen. however, the research i recently sent out, which i think was very by the consultancy -- forecasting consultancy in tried tohich looked -- produce a regression to look at it coronavirus was yes,ding and foun