we have a fresh report out of the iea. the iea has raised the 2020 forecast by nearly 500,000 barrels a day due to demand from china and india as well as the lockdown global oil supply outlook fell in may opec plus countries reduced out look by 9.4 million barrels a day. interesting to see that they do now see a stronger oil demand forecast than they now had seen previously they note that oacd industry stocks rose to 3.1 billion above five-year average. in terms of oil demand, that is coming from better than expected demand from coronavirus lockdown in particular from china and india. in crude prices they note in three months as they demand cover and global supply fell sharply. the key take away here is their forecast for 2020 oil demand has been raised by nearly 500,000 barrels a day to 927 million i'll be speaking to the iea director later this hour with steve at 10:40 cet let's get a check on broader markets. we are just over an hour into the fresh trading session. we have green across the board you can see nearly ever

fatih birol, iea executive director, thank you very much.e speaking more of the boe as well. this is bloomberg. ♪ alix: live new york, i am alix steel with guy johnson in london. close" onhe european bloomberg markets. in the u.s., off the lows, but i feel like we cannot find the right direction. it is modeled. guy: given the news cycle over the past 24 hours, it is understandable. we have china in terms of the beijing lockdown, but covid cases in the united states are rising at a fast rate. we have the bolton book to digest, the bank of england, the tltro's story, so much for the market to digest. i think it has little but of indigestion and is trying to figure out where we go next. these are the numbers we are looking at. we are seeing a more positive picture starting to emerge in u.s. equities. still down, copy of idiosyncratic stories -- a couple of idiosyncratic stories. what is

francine: thank you so much for joining us today, thought to be role, the iea director. we talk next about the markets, about covid-19. this is bloomberg. ♪ francine: this is "bloomberg surveillance." onures firmly higher today infrastructure plans helping to boost sentiment. despite the latest optimism, investors are bracing for more volatility, the emerging of a possible second virus outbreak. joining us now, and richards, richards,ways -- anne who has always made us smarter. when you look at the potential for a v-shaped recovery, how difficult is it to gauge it right now, given the possibility of a second wave? what kind of recovery do you respect the world to go through? to 2008, 2u go back thousand nine, the financial crisis, what you had was unconventional monetary policy and conventional fiscal policy. we knew that meant a long, slow recovery. what we are looking at today is unconventional monetary policy again, but you might argue unconventional fiscal policy and we have this government intervention from many countries around the world, which effectively is buyin

demand for oil and gas will take until 2022 to recover according to the iea.hey say the market will slip into deficit exterior and stockpiles will drop rapidly. we spoke to the iea executive director about the assessment. demand gettingg stronger. this is mainly driven by china. demand as we speak now is basically equal to what they had before the crisis. >> what do you think price will do, given the demand elasticity that you describe. oil does sense of what from $40 -- higher, lower, i have no idea. >> there are so many answers. rebounds, as is expected by all the financial institutions, and if there is no second wave of coronavirus, i would expect the oil crisis to give a boost to even producers inhale the united states. vonnie: that was the executive director of the international energy agency. coming up, we speak to kim dixon of fedex office about her company's new push to help small businesses during the pandemic. this is bloomberg. ♪ vonnie: this is bloomberg markets. i'm vonnie quinn. investment grade bonds that will help fund its exit from bankruptcy.

iea executive director speaking at a live event earlier. chinese internet provider pushing ahead with hong kong shares sale. this is bloomberg. ♪ haidi: let's get a quick check on the latest headlines this hour. investing more than a billion dollars into its visual arm. the back to wealth fund would take a 2% stake, raising total equity value to around 65 billion. they have raised $11.5 billion from global investors, including from facebook as it prepares to list. amazon is reported to be tosidering a carrier with up $2 billion. amazon is in early discussions over 5% holdings. buying intobeen india with facebook taking a holding. microsoft reportedly weighing a similar move. david: friday is not off to a flying start that we had for the most part of this week. put it together and we are the lines 4% despite that we are seeing now. of the hong kong dollar, the are trading toward the stronger and -- end. essentially on the fence. we will talk about what the ecb did overnight, exceeding expectations. modeston track for a start to the chinese s

the iea wants to see global investment of a trillion dollars a year from next year on everything fromof the world's economic output each year and the iea claims it would create or save around 9 millionjobs a year. joining me now from paris is dr fatih birol, executive director of the unternational energy agency. doctor fatih birol, thank you indeed forjoining us in the early hours this morning. i wa nt to early hours this morning. i want to ask you first of all, do you simply see this as a great opportunity for an acceleration, and something you have been pushing for, for a good while? i think this is a once ina good while? i think this is a once in a generation opportunity because governments are about to make hugely consequential decisions about our future. consequential decisions about ourfuture. how? consequential decisions about our future. how? they consequential decisions about ourfuture. how? they are preparing recovery, stimulus packages, to boost the economy which we need dearly. how these economic packages will be designed, what kind of policies will be there will determine

>>iea predicts the energy industry won't fully recover for over a year. >>and that's the optimistic view we don't want a government bailout freak much your with the american petroleum institute says if congress wants to help they should focus on safely and swiftly reopening the economy the quicker we get people back safely. >>to work. back to traveling back to a normal day to day routine the better albee for industries across the board but until that happens montana republican senator steve daines says oil is a top priority as senators start to hash out what to include in the next round of coronavirus relief in washington, i'm anna warning key. coming up next on the kron 4 morning news outs the weather warms up and places begin to reopen. >>more kids will be heading to the pool right. we'll talk about what officials say they could be you know there could be an increased risk of drowning. - is there a better alternative to braces? - only invisalign aligners use smarttrack technology. it moves teeth more comfortably and predictably. and in many cases, it wo

that was the iea executive director speaking at the bloomberg life event earlier.ing up next, we are talking health care in coronavirus with change health care, harnessing tech and hedge fund investors in its bid to help disrupt the agency. -- neil deson so crescenzo joins us coming up. ♪ you say that customers make their own rules. let's talk data. only xfinity mobile lets you switch up your wireless data whenever. i accept! 5g - everybody's 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. just have to make more corners in this building. chad? your wireless your rules. only with xfinity mobile. now that's simple easy awesome. switch and save up to $400 a year on your wireless bill. plus get $200 off a new samsung galaxy s20 ultra. haidi: you're watching "daybreak: australia." let's get you a check of the first word headlines. an activist in hong kong defied an unprecedented ban to mark the anniversary of china's crackdown. thousands gathered with school groups gene

iea would say we would be lookig to get inflation back up, and we would be prepared to tolerate pretty low, and will come in fact, not tolerate the welcome very low ratings unemployment just based on what we saw in the last expansion. again, we are not thinking about raising rates. we are not even thinking about thinking about raising rates. what we are thinking thatt is providing support for this economy. we do think this is going to taketo some time. i think most forecasters believe that. it would be great if we got a whole bunch more months of job creation like that, notwithstanding that, as an agent there's just a lot of people that are unemployed and it seems quite likely there will be a significant group at the end of, even after a lot of strong job growth that will still be struggling to find jobs and will still be providing strong accommodation for that. >> thanks very much, chairman powell. there have been plenty of comparisons with the great depression of the 1930s. is that scenario sort of that moreio dire as were looking at a more traditional and sudden recession? under you

that was the iea executive director. indian markets, taking a look at them. perhaps a negative start to the session. we are about 20 seconds away from the start of the trading day. we have already got price discovery so we are already seeing weakness. the indian tycoon who built a fortune rolling out supermarkets across the country considering acquiring a controlling stake in india cements. we are also watching for anything more on these tensions between beijing and new delhi here as well. asianforget that infrastructure investment bake approving a loan to new delhi -- bank approving a loan to new delhi. the open is upon us. india cement, 8.5% up. spicejet also at the moment, ,lying in india right now flying about 25% of flights. broke -- larsen and toubro down. we have got on the way, after a 100 day absence, the english premier league returns later today. we will be talking to the ceo of prenetics, a hong kong-based helpingwhich has been keep the game safe from the coronavirus. you are with bloomberg. ♪ ♪ you are back with the bloomberg markets. after month

has taken a toll on those with underlying health conditions iea diabetes, cancer, we face the insidious enemy as a united country. we understand the grief and we work to flatten the curve and understand communities are trying to pull together to get through thistryi that includes parts of the city of new orleans we lost 1300 friends and neighbors. more than 400 nursing home residents have died. the largest hospital system just reported this week 77 percent of hospitalized covid patients were african-american. more than half of the fatalities have been minorities the names and faces includeie people like marsalis a jazz pianist and educator and a patriarch of the marsalis families. his name shows the impact of musicians in the artist particularly in the african-american community that represent so much of the diversity of our city and also try to take rachelle mcdaniel from this immediately after birth she was taken to be treated when she emerged after 72 days, six weeks on a ventilator she can hold her infant son for the first timeo and was immediately separated for his safety. doctors

iea executive director there., australia government says all levels of the government are being targeted by sophisticated cyber attacks. details next. this is bloomberg. ♪ haidi: as we reported earlier, australia's prime minister says as sophisticated cyber a checker has targeted the country's health and education systems. they are calling this attack unprecedented. what do we know. >> it was very diplomatic during the whole press conference. he merely said, this is part of the world we live in. but he said the frequency of cyberattacks has been increasing. the ministry of health, education and ministry are being targeted. let's take a quick listen to what he had to say. >> the australian government is aware of and alert to the threat of cyberattacks. our government expert agency on cyber matters is the australian .ybersecurity sector it has already published a range of technical advisory notices in large times to a potential targets and has been briefing states and territories on risks and mitigations. regrettabl

i'm a little more optimistic iea is somewhere around 10% reduction in total demand, and i think we'llsomewhere in the 6%, 7%, 8 % in total demand when you step back and look at 2020 as a whole >> what about the u.s. producers again? particularly the smaller ones. we've seen restructurings and bankruptcies there was fairly abundant access to capital i can't imagine that's the case going forward. >> i don't think it's going to be the case going forward. i think a lot of the returns were weak post the 2015 bust i think the returns were weak, 2017 through 2019, return on cal tall invested. i think you'll see a lot of brup bankruptcies, particularly in the service sector if oil prices don't climb dramatically this summer >> appreciate your time this morning. thank you. >> thank you for having me on. >> a short break here as stocks have gone into the green dow with a 50 plus gain to start this monday. don't go away. right now is a time for action. that's why usaa is giving payment relief options to eligible members so they can pay for things like groceries before they worry about their insu