francine: thank you so much, jason farley of johns hopkins. out vr s ,go. -- david rubenstein is speaking with eric schmidt to see what he is doing to limit economic fallout in new york. your markets looking forward to understanding a little bit better the unemployment figures in the u.s. this is bloomberg. ♪ ♪ alix: oil production collapses. the iea says output outside of opec is cratering. and major players warned of overvaluation's, and fed chair jay powell gives a gloomy assessment of the future, warming a solvency crisis could emerge without more help. and what comes next for venture capital? we will sit down with greg croft -- with greycroft's cofounder and chairman emeritus. welcome to "bloomberg daybreak" on this thursday, may 14. u.s. equity futures tried to take on risk early in the session. now they are slipping into negative territory. we had the worst two day selloff for u.s. equities since the end of april. you are seeing yields move lower here in the u.s. by about four basis points. the dollar outperforming the g10 space. the

francine: thank you so much, jason farley of johns hopkins university.o check out your bloomberg terminal for the latest information, with our exclusive conversation with johns hopkins experts. coming up, our interview with andrew bailey after the bank of england described what could be the deepest recession in the world. 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- saving you up to $400 a year. 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. ♪ alix: unwavering commitment. the bank of england says it stands to do whatever is needed as it sees a slump in growth this year. trade negotiators will monitor progress as president trump threatens to terminate the deal. and blackrock

up next, we speak to jason farley for an update on covid.rg. ♪ ♪ "bloombergs is surveillance." airlinesf american says bankruptcy is an option he will not consider. doug parker told the bernstein decisions conference that bankruptcy is failure. american is struggling with the americant load in the -- in the industry. jp morgan and bank of america expect a surge in trade revenue. the jp morgan coexecutive expects a 50% jump over last bonddriven by strength in equity. brian moynihan expects a more modest increase around 10%. shareholders at chevron have made a rare move against the energy board, calling on them to disclose lobbying efforts to fight global warming. hp is signaling the pandemic has disrupt this by chain of the second largest computer maker. revenue fell 11% in the latest quarter. they missed estimates. they are delaying a $15 billion share buyback plan until the market stabilizes. that is your bloomberg business flash. francine: the fed is thinking hard about targeting yields on treasury securities as a way of ensuring borrowing

that was jason farley from johns hopkins university.he founder of bloomberg lp, the parent company of this network. daybreak next on australia, the energy markets get an injection of optimism. founder andm is the portfolio manager of jackson square capital. this is bluebird. ♪ -- this is bloomberg. ♪ emily: oil prices surged to a five-week high on a pair of bullish headlines. number one, opec and its allies are scaling back crude shipments. number two, the international energy agency is saying that crude demand will improve over the coming months. from an investor's perspective, let's bring in andrew graham, the founder and portfolio manager at jackson square capital. ray to have you with us, andrew. is this the time to start looking at some of the energy names given how beaten-down they are and given improving expectations for recovery? yeah.: the low valuations make this sector attractive for deep value managers. probably long only managers like myself. i approach this thing as a generalist. looking at the forward curve 12 to 24 month

professor jason farley with johns hopkins university. bloomberg, the founder of this network, is a big supporter of johns hopkins university. meantime, i want to get back to uber results. more headlines have been really good on uber. the biggest news -- have been rolling in on uber. they sawst news is declines in ridesharing but are boosted by uber eats. what are your takeaways? of course we see how much the ridesharing business is being affected by the lockdown and shelter-in-place orders, but we see signs that are encouraging. in places where lockdowns have been released progressively, we rise, so that's great. the second thing is that these businesses react very well to a pullback. 6% in q1.ere down cash reserves we are down 9%. it is very rare to have businesses where you recover faster. that is encouraging. see is that [indiscernible] at some point in 2021, so it is not so far from here. emily: i also want to get your thoughts on tesla, because you also cover tesla. we have learned the china factory has halted production as well, me

vonnie: that was jason farley, johns hopkins university new ursing professor. let's get to our next guest. we will be speaking to jen about their outlook on activism on the pandemic. this is bloomberg. vonnie: this is bloomberg markets. i'm vonnie quinn. after posting some of their worst losses in march, activist hedge funds posted their best month since 2012 in april. rossman.s now is jim jim, thank you for joining us. activists are only as strong as the money they are able to raise towards these strategies. do you think you will drive up enough interest to work in significant campaigns through the next year? jim: great question. we have definitely seen the impact of covid. if we look at the new campaigns that were initiated in march and april, it's 54% down compared to and we'vesix months, seen very little activity in the public markets that we would associate with activism. proxy fights, poison pen letters , so we are in a quiet, subdued period for activism. unless the market picks up, this trend is going to continue. which, as you point out, could make it c

jason farley from the johns hopkins school of nursing. now, coming up, first facebook.quity partners. a deal worth in $1.5 billion. we will have the details next. this is bloomberg. ♪ asia's richest man is said to become even richer with a 1.5 billion dollar injection. the company has purchased a two -- 2.3% stake. first it was facebook. the third dealis in a month. >> that is right. this is the third fundraising -- they want to have a zero debt company before march 3, 2021. i think he will probably hit that target much earlier. after, you had several partners. now you have this stuff. -- million dollars. a lot of interest in the growing population. >> i understand you are looking at selling your stake in asian paints. what are the details? >> still a lot of costs there. that the location is on a spree, you have all sorts of the looking for another stake. they are deftly pretty busy right now. >> tell us a bit more about this devastating news on this gas leak in india. what is the latest? >> it comes at the worst time. 11 people dead. thousands have been evacuated. ther

haslinda: that was jason farley of johns hopkins university.hool is funded by michael bloomberg. collapse, despite the are liningel, tutors up with offers to revive virgin australia. what is ahead of today's deadline for potential bids. this is bloomberg. ♪ rishaad: an airline posting it just quarterly loss on record, that as the worldwide pandemic hit demand. what made it worse is what they were doing with their hedging strategy with regards to fuel. how bad are things for the country's aviation industry, its flag carrier? the losses were only slightly bigger than the amount of money that these guys lost in terms of that hedging strategy, which went a bit pear shaped. haslinda: losses amended to -- amounted to $515 million. a you look forward, there is trajectory. the airline does not know where it is headed or how recovery will take shape. we don't know how flying will recover. we are talking about potentially airlines having to keep the middle seat empty. even at full capacity, it will not be at a breakeven point. there is a lack of clarity