john normand of jp morgan. stocks are climbing with u.s.ures as a lot of countries in europe are not only started to think about a lockdown but starting to implement a bit of easing in the lockdowns we have seen so far. looking at oil gaining for a fifth day, the longest winning streak in nine months. and of course we try and figure out what the german court ruling actually means. the ecb central bank quantitative easing program looks set to fight another day, even after german judges issued a three-month ultimatum to fix it. this is bloomberg. ♪ viviana: you are watching bloomberg "surveillance. a torrent of abuse against mike pompeo unleashed by chinese state run media. they call him evil and a liar. secretary pompeo saying there is evidence the coronavirus came from a lab in wuhan, china. the chinese reports stayed away from direct attacks on president trump. --ates on shutting down states shut down will begin modest reopening. will beal counties allowed to relax further stay-at-home policies. hong kong will soon ease social distancing m

we have been thrilled that john normand has synthesized it for us.e is from jp morgan and writes a detailed note across foreign exchange and the market. thank you for joining us on monday even though it is tuesday. what was the singular message in your note this weekend about what we can learn from the correlation of these markets? john: i think the main message is that markets are responding to this global recovery that is taking hold. the very early days of the recovery, but it is coming through in hard activity data in asia and certainly in europe and the u.s., and markets are responding to that. it may not be as forceful and there is another turning point, but it is definitely coming true. employment is a lagging indicator. can you take the economic suffering that so many are facing, particularly in the job market, and can you link that into the optimism of new signs of recovery? because most think people are used to thinking of recovery of a lagging indicator doesn't ask markets what they are going to do over the next three months or so, i think