jane foley there of rabobank.f you are a terminal user -- and we hope you are -- check out the function tv type tv onto your bloomberg and you can also ask questions to our guests through tom and i. click on the video screen where it says ask the guests a question. go to tv . this is bloomberg. ♪ viviana: you are watching bloomberg surveillance. the photocopier and print or company hp blaming uncertainty stemming from the coronavirus pandemic. hp says the $35 billion offer undervalues a personal computer maker. now to shares of british banks. today they are lower at the urging of regulators, the lenders scrapping dividends and buybacks. the banks are trying to bolster their capital levels as the fallout from the coronavirus deepens. we end with general electric. it finalized a 21 point $4 billion sale of its biofarma business, and that brings in much-needed cash. it also bolsters ceo larry culp's experts -- efforts to chip away at a massive debt load. that is your bloomberg business flash. tom: thank

that is jane foley, rabobank head of fx strategy. let's get the first word news now with viviana hurtado. viviana: president trump insisted he has the absolute power to reopen the country's economy. now he is turning it over to governors and businesses. he issued guidelines for the states to consider, but it will be up to them to relax stay-at-home orders. the guidelines calling for a three stage process based on a downward trajectory in cases. china hasn't had an economic report like this indicates. the coronavirus pushing the country into contraction in the first quarter. gdp shrinking 6.8% from a year ago, the worst performance since at least 1992. the coronavirus has hammered business around the world, so china will have to rely on fragile domestic demand. spain reporting more than 5200 new cases of coronavirus, the most in a week. spain has the world's second most extensive outbreak. authorities saying the country is already past the peak. they are starting to focus on how to relax nationwide restrictions. a wave of gloomy forec

jane foley, thank you so much for your patience.the societe generale ceo waiting on the line right now. this is bloomberg. ♪ ♪ manus: good morning. it's daybreak europe. your top stories this morning. gilead lifts sentiment with positive signs for coronavirus drug. president trump says the accelerated efforts for a vaccine are underway. elon musk slams fascist stay-at-home orders. concerned about the long-term damage from the outbreak. attention turns to gritty lagarde. boostists don't expect a to the ecb asset purchases until december. facebook surges as advertising revenue holds up. frederick today right now. later, -- let's get straight to some breaking headlines that are pressing. by french economy shrank 5.8% in the first quarter of this year. the estimate was for a contraction of 4%. nowhere is that felt more aggressively than the french banking industry. investment falls 11.8%. let's bring some of the data to a man uses it on a daily basis. losses for thee first quarter. its stock traders also wiped out by the market volatili

foley joins us. a weaku capitulated to and is the price of the dollars still exorbitant? jane i don't think the risk at the site is where -- risk appetite is where it should be. safe't think the dollar's haven strength will disappear entirely until we have investors confident enough to move back into emerging markets with significant volume, and that may not come for a long time. one thing about this crisis that i think is beginning to unfold as the demand-side aspect. if we look at various countries around the world, and we think about the unemployment rate, these will be sticky for some time. morning about rba growth in that country's and increase in unemployment. that aspect of the crisis will play out for a long time, and i think the dollar will remain quite firm for some time. tom: this morning we see euro-yen, stronger yen breaking down. euro-swissie, jp morgan, one of your partners in onme went through a 102 swiss franc, euro-swiss which was extraordinary. is euro-swissie and strong swiss still the ultimate safe haven indicator? jane: it depends at the risk you are look