brian levitt will join us from invesco. looking forward to that conversation, and all the news as well. please stay with us. from london, from new york, this is bloomberg. ♪ save hundreds on your wireless bill

jonathan: rob waldner of invesco, great to catch up with you.preciate your time this morning on some important issues in the fixed income market. lisa touched on it. the presence of the chairman of the federal reserve and everything the federal reserve has done last few months has been totally unprecedented. i want to go back to something the chairman said to close out last week, which is that the federal reserve does not contribute towards inequality. i think we ought to take issue with that and not simply ignore it. that is one hell of a statement from the chairman of the federal reserve, when we know from the experience of the last 10 years that if you have assets you went up. who has assets? that is a simple question to answer. i would also at the federal reserve has the best of intentions, but that does not mean the outcome does not contribute to widening inequality. that is simply not true. tom: i think you said it delicately and i thought you and michael mckee speaking with loretta mester of cleveland touched on that as well. i see a lot

jonathan: alessio dolonc us of invesco -- alessio de longis of invesco. stability we had over the last several weeks, relative to the chaos of the last several months, starting to build out a little bit. in this market right now, an hour in 10 minutes away from the opening bell, from new york, alongside tom keene, i'm jonathan ferro, together with lisa abramowicz. we break down session lows going into the cash open. longis ofssio de invesco on the program about an hour ago, talking about the counterintuitive nature of some of the things he is seeing. cross-ice at this morning, very intuitive. equities lower, bonds bid. the curve's ladder. three basis points lower on the 10 year to 0.7%. strength between the bulk .f g10 tom: it will be interesting to see how they play out, not only in the opening, but what we will see in about 10 minutes, the jobless claims. right now, george bory with us. he is with wells fargo, and he writes brilliant notes summarizing the what to do in the fixed income markets. what do i do right now? i've got a small pot of money. i do

georgina taylor, invesco asset management. will get you up to speed with your first word news, because the u.k. will see a dramatic lifting of the lockdown measures in july. the goal is to save the economy. the risk is it causes a second spike in infections. speaking at a news conference yesterday, prime minister boris johnson was clear, he took full responsibility for that i decision. officials warned the virus will be in the u.k. until 2021. the european union may choose to keep the door shut for americans as officials convene to assess easing control on the bloc's external borders. one criteria upper escutcheon is reciprocity. it would mean u.s. citizens are not allowed in because europeans are still barred from the u.s.. $2an is struggling to trillion of virus aid. fund's40% of the budget is for cash handouts that have not reached people, despite being approved in late april. only 14% have been let out to small businesses. for job protection subsidies, it is even worse. that number comes in at 6%. global news 20 for hours

ben gutteridge from invesco.o hear more from ben and we will continue to question him later on today, joining us on bloomberg radio at 9:00 a.m. u.k. time. as with everything else, you can find bloomberg radio live on the internet or on your bloomberg mobile app. coming up, boris johnson makes a direct intervention into brexit talks today. will this meeting persuade either side to give ground in the search for a trade deal? we are live from brussels, next. this is bloomberg. ♪ matt: welcome back to bloomberg markets. this is the european open. we are 20 minutes into the session and we have big drops in stocks on this monday really across the region. we have the ftse down more than 2%. back down under 6000. we were flirting with 13,000 with the dax last week. six trading sessions of go. ,670.ow we are down to 11 size drops in paris and milan. in terms of the movers, we are bp.ing -- we are watching it is lowering its oil price forecast to about $55. and we have a long way to go before we get there. bp said there w

alessio de longis of invest go -- of invesco. the market, just a subtle shift over the last several days. the nasdaq outperforming. treasury yields picking up a bit. the curve flatter. all over the last couple of days, we take a bit of a pause on some of the optimism, maybe even exuberance, of the previous week. tom: some real nuance. some can call it profit taking, but you really wonder from here. byas really taken yesterday the persistent grimness from the chairman of the "new york times." it was really interesting, the wall of worry put up. isn't that good for stocks? jonathan: do we really need the chairman of the fed to tell us that the chairman of the fed -- to tell us that the v-shaped recovery was unlikely? what did the chairman say yesterday that was actually new, that changed anything? lasti thought mckee's question, i don't know if mckee will be invited back to the press conference next time, the chairman gave a very responsible answer. i thought he did rate. jonathan: i would say that comms at the federal reserve were

in the city or for me invesco niña expanding the need for other cities to clean the commons and cottagewalking and reduce mortared ice traffic but is this really possible to sustain in the long term and engine which is helping bring the civic authorities says yes let's take a closer look at the. pool is considered the most livable city in india at the same time the traffic is horrendous car ownership is rising the air pollution is intense and it's no. walking is a dangerous activity. it's no hard to imagine there was once a fine place for cyclists. and i was good. but. moving those days even. the people. who definitely wanted. 30 kilometers of footpath. to make. it will be greenery separating wide footpaths from traffic and bicycle paths. but there's still a long way to go to encourage people to give up their cars or mopeds. together with the institute for transportation and development policy. urban planners and architects have been studying travel patterns and. they want to take into account the needs of ordinary people as they formulate a long term development plan for the city. this

reported in a siberian town located above the arctic circle temperatures of 38 degrees celsius were felt invesco on saturday its previous high was 37.2 degrees the town in the republic has the most extreme temperature range in the world with a low of minus 68 degrees much of siberia has seen unseasonably high temperatures this year causing a number of large wildfires sunday is the northern hemisphere is longest day and shortest night of the year the summer solstice coincided with the so-called ring of fire solar eclipse it was visible along a narrow band from west africa to the arabian peninsula india and southern china south of the equator it's the winter solstice the shortest day of the year that these images were filmed in nairobi in kenya but an astronomer enjoyed the view. seaweed native to the northwest pacific is invading the rich marine waters of the straits of gibraltar preventing traditional fisherman from catching tuna they say the brown allegheny is clogged clogging up their nets and dangerous their way of life victoria reports. seaweed is washing up all over the beaches of southern

brian levitt will join us from invesco.orward to that conversation, and all the news as well. please stay with us. from london, from new york, this is bloomberg. ♪ save hundreds on your wireless bill without even leaving your house. just keep your phone and switch to xfinity mobile. you can get it by ordering a free sim card online. once you activate, you'll only have to pay for the data you need- starting at just $15 a month. there are no term contracts, no activation fees, and no credit check on the first two lines. get a $50 prepaid card when you switch. it's the most reliable wireless network. and it could save you hundreds. xfinity mobile. tom: this morning markets plunge. they reprice for continued they reprice for continued pandemic from brazil to beijing to boca raton. earlier down 3000 points since tuesday, rebounding in the last two hours. bills, notes, and bonds. yields grind -- lower, curis flatten. some sense of the v-shaped recovery to your end. and once more, or is concern about their president's health. morn

we do think this is going to take some time >> joining us now is invesco global strategist. not going to make too much about 600 points down on the dow your in investors and clients are medium and long-term investors. but still, we are in a market that appears to be, if not prices to perfection or pretty close. what is your take on the fragility or the strength of the stock market right now >> i always thought this would happen in three phases you get a retracement up i think i was surprised by how significant the retracement was. it seems like cases rising could be that negative catalyst. to your point, near-term volatility doesn't mean we want to be out of these markets the more important point is what point do we want to be in and how do we want to be positioned overcoming years we know interest rates will below indefinitely that should create an environment. near-term volatility was always likely to emerge >> listen. we've learned a lot about ourselves, about the world, about the surprise element of things like pandemic's we've also learned all the data all the time may

jonathan: alessio de longis of invesco weighing in on the increased infections we are seeing in severalew york city, good morning. i'mgside tom keene, jonathan ferro together with lisa abramowicz. with equity futures elevated going into the opening bell, and the next hour i will be catching up with bob michele of jp morgan and on the bond market we will cop -- we will talk to kathy jones. those interviews coming up very shortly. jonathan: it will be important -- tom: it will be important to drive the conversation forward. it will be interesting to see how it close the weekend, and particularly what mr. michele sees. what we thought we would do after a wonderful cross-section is notersations today take a lighter approach, but look at the agony in new york city of a collapsed restaurant and entertainment business. andrew ricci has been doing this -- andrew rigie has been doing this for years, new york hospitality. not so much a promoter of the industry as the go to guy in the five boroughs to keep the spirit alive. he has been doing that for many years. i know you will tell me it is bad,

but then we take something like the invesco dynamic leisure entertainment etf, pej, that had a precipitousecline as well, it has come back about 46%, not even halfway back from its more than 50% fall. so theoretically, has more than half of its decline yet to retrace. we expected it to be further behind, say, construction and housing stocks. so we know we have more runway there. but i think that those plays certainly are the plays to be right now, along with the secular plays that we still love like big cap technology. shery: another place to be seems to be gold. everybody seems to love it, especially in this environment of falling rates. how long will this fear trade last? david: we think there is a secular argument for gold. with what central banks are doing around the world devaluing currencies, now we are seeing the dollar weaken with what the federal reserve is doing and we are seeing the dollar decline, which is good for gold, gold price for dollars. so we have seen the fear trade wane lately because stocks in the u.s. and stocks globally have done so well. but gold has hung in there

invesco saying hong kong could see upside in the second half, driven by better earnings growth from chinesecsi index is up for a fifth straight day. signs that bullish momentum is set to return with the china x at its highest -- years.at its highest in there's a lack of economic dynamism even as australia emerges from the lockdown. take a look at where we are in terms of southeast asian markets. 0.5%, down for a second day. markets will hover at the 6200 mark this week. policy decisions do on thursday -- due on thursday. the singapore sti is up. singapore finalizing a five-year rnd plan to turbocharge innovation -- r&d pl to turbocharge innovationan -- plan to turbocharge innovation. we're awaiting perhaps an announcement in the next few days, perhaps even later today, for when the election will be held. rish? rishaad: let's check in with currencies. have a look at what's happening with the dollar index. pretty much unchanged. this is a broad picture of a word. the hong kong dollar is right up against the strongest part of its bound. we just have the open in thailand, and a huge drop for so