let's bring in john defterios in abu dhabi to break it down for us.lose some pretty serious gaps. why is it proving so difficult? and are we looking -- fundamental differences are they? >> well, michael, this is three days of grinding away, and as you suggested, they called day four. this is a challenge because you have to have an absolute consensus to proceed ahead, and this is one of the challenges of the european union structure itself, and the european commission out of brussels, trying to get 27 states to land on the same page is not easy. we're talking about serious money here. $2 trillion in terms of the budget. but about over $850 billion for the supplemental plan on the covid-19 recovery. and the fundamental issue we have here right now, they have the four frugal states as they call them, austria, the netherlands, sweden and denmark, who want to have direct loans to the south, the poorest states, and not grants. then you have the other camp, italy, greece, spain, portugal, cyprus who are saying we need direct support from the european union t

let's talk about all of this with john defterios. john. >> reporter: thanks very much, robyn.ah, in fact this is quite an alarming number. this is certainly not a set of numbers we'll probably ever see in our lifetime again, robyn. the downgrade from 33%, something i haven't seen in my 30 years of coverage, down to 25%, you'd say why is that a worry? it's because the second quarter was so awful and it fell off of the first quarter, which was a recession. this will be very dependent on the velocity of course of that second wave. it will impact all the different numbers that have been calculated. now the scorecard for goldman sachs by the end of the year is a negative 4.6% vis-a-vis a negative 4.2%. that again is about a 10% shift alone. and then the unemployment rate if you take a look at the expectations for goldman sachs, is to come down to 9%. by the way, that's more positive than what we see other banks or even the federal reserve worried about at this stage. we're hovering at 11.1%. but if that second wave, again, is very strong, robyn, we could remain in the unemployment

john defterios joining us live from abu dhabi. many thanks. >>> thank you for your company. i'm rosemary church. "early start" is up next. you are watching cnn. have yourselves a great day. 49... 50! i found you! good job. now i'm gonna stay here and you go hide. watch your favorites from anywhere in the house with the xfinity stream app. free with your xfinity service. now any room can be a tv room. stream live tv, on demand shows and movies even your dvr recordings. download the xfinity stream app today to stream the entertainment you love. xfinity. the future of awesome. >>> it's not a matter of if schools should reopen, it's simply a matter of how. >> the president said today we just don't want the guidance to be too tough. >> the cdc now changing its guidance on reopening schools after president trump trashed them. welcome to our viewers in the united states and around the world. this is "early start." i'm laura jarrett. >> good morning. it is 5 a.m. exactly here in the east in new york. i'm christine romans. president trump is rejecting guidelines from his own top publ

cnn's john defterios joins us live from abu dhabi. always good to see you. how long might that job growth last and and when are the numbers out? >> reporter: it will be a headline grabbing number, we know that, rosemary. let's take a look at the official estimates here of 3 million which is above in may. to answer your point, this looks like a short-term burst of growth because of the covid cases. that would take the unemployment rate down to 12.3%. it's very important to remember where we came from in february though and that was a record low of 50 and a half. the president said we've never been in such great shape and then the pandemic hit. by the end of the year very close to still a double digit unemployment rate particularly with the snap back. 50,000 cases yesterday. over 2.68 million will affect hiring in the second half of the year and also the federal reserve board chairman suggested that the minorities are taking it really on the chin during the second wave of the crisis. african-americans and hispanics were singled out on the testimony on tuesday.

john defterios is here. despite the spike in covid-19 cases, those futures numbers don't look too good. what is going on here, do you think? >> reporter: well, we had a blistering day on monday after the long holiday weekend and gains of 1.7% for the dow industrials and 2.2% for the nasdaq deposit with amazon setting a new record high of $3,000 a share. let's bring up the futures again, rosemary. pointing to a loss of about 240 to 250 points for the dow industrials. not extraordinary. what is driving this and what drove markets in asia as well is a rising dollar because there's more enthusiasm into the u.s. market. this is eroding the gains and equity markets. the shanghai composite index was the only major index higher in asia after gaining better than 5% on monday. finished up 1/3 of 1% but well off the highs. we're seeing similar losses for germany and london ftse 100. we're looking at losses of 1%. there is a reset or a pause taking place because the valuations are very high with all of the liquidity in

cnn's john defterios is here to discuss both these issues. good to see you, john.let's start with the european union. it's calling this an historic deal but wasn't it credibility on the line to get something done here? >> reporter: i think so, rosemary. failure was not an option in this case. that's why they work to the wee hours of this morning. they signed this at just past 5 a.m. central european time, so they needed to walk away with a deal. it did take compromise on the total $2 trillion deal. it was 2 to 1 glands to loans when they started nearly five days ago. at the end of the day they almost did it at a 50-50 split. there is relief this is going forward. northern states said if we're giving these grants to different states, they have to sign certain governance issues to make sure it's spent wisely. if they break the rules, there will be fines. it was different because of brexit in 2021 with the u.k. leading the european union. you see the relief in the stock markets. germany, italy, spain, france, all up 1%, even in some cases 1.6% as this log jam was brok

thanks so much for that update, john defterios. you. >>> so here's a story that we want to update you. u.s. marshalls and the fbi are searching for a gunman who opened fire at the home of a u.s. federal judge. investigators say the gunman wore what appeared to be a fedex uniform as he approached this judge's home in new jersey. the judge's son and husband were shot when they opened the door. the son, who is 20, was killed. law enforcement officers say they don't know the motive and they aren't aware of any threats against the judge who was unharmed. >>> and still ahead here on now officials are imposing stricter measures to slow down >>> plus, the high price sweden is paying for staying open while the rest of europe shut down. hey, can i... hold on one second... sure. okay... okay! safe drivers save 40%!!! guys! guys! check it out. safe drivers save 40%!!! safe drivers save 40%! safe drivers save 40%!!! that's safe drivers save 40%. it is, that's safe drivers save 40%. - he's right there. - it's him! he's here. he's right here. - h

cnn's john defterios joins me live from abu dhabi. was this a highly targeted attack that provides incredible access to these high profile accounts? >> reporter: i think that's a fair assessment, rosemary. they were certainly executed by those who are not minor league players or hackers, let's put it this way. i did catch again twitter off guard here or flat footed. the company has suggested that they targeted key employees. not just these but very progressive players that kind of raises the question why didn't it go to the spectrum. two intelligence sources that could have been a nation state that executed this or one that acted on behalf of a nation state. those that developed cryptocurrencies, these were against any regulations and almost a message that were here, that we can penetratage a company. they had different breaches in the past. you could put out a breach and say what's next is a question that's asking many right now. back to you. >>> well, the trump administration is making another move against beijing. mike pompeo annou

cnn's john defterios has the story. we've heard how the state of georgia is contending with covid-19 cases now. president trump and republican lawmakers convening this week to finalize their supplemental package. what are we looking at here? how might it impact states and help those most in need? people are hurting. >> these are key questions you're raising. this is a sizeable supplemental package. in the heat of it it was a $3 trillion bailout for the economy, health care systems. chief of staff saying it will be around $1 trillion. senator mitch mcconnell as the majority leader on the u.s. senate side are going to the white house to see president trump and steve mnuchin. for the state of georgia, it means additional funding for the hospital system. for schools, the president says $70 billion on the table with the caveat, you open schools. the president wants a payroll tax. he may not sign it as a bill if it's not included. about here ir lead in, rosemary, 51 million americans have filed for unemployment benefits but t