we now go to karina mitchell. lth officials say the pandemic is exposing the crack in health systems around the world. the world health organization says 90% of countries surveyed say they have seen fallout in immunization, family-planning services and cardiovascular disease diagnosis and treatment. for outreach services, they are among the most affected with 70% of countries reporting disruption. france is criticizing the u.k. for what it says is deliberate stalling on post-brexit trade talks. the european union and u.k. remain deadlocked in their feud -- on their talks on future talks. negotiations are stuck because of the "unrealistic expectations of the united kingdom." both sides say they want to avoid a new deal scenario ahead of the next session of talks in london next monday. the new prime minister is calling for a new government to be formed quickly. he is pledging to speed up the investigation into last months beirut explosion. he is vowing reforms in the country. the lebanese government resigned less tha

let's turn to karina mitchell for the first word headlines. rina: germany set to see economic fallout from the coronavirus not as bad as expected this year. the government said in april the economy would contract by more than 6% before rebounding by at least 5% next year. that would be germany's worst recession since world war ii. the economy minister will present the new forecast later tuesday in berlin. however, italy has seen its economy shrank by more than previously forecast with virus lockdown's in the second quarter hammering growth. the statistics euro says it declined almost 13% in the three months through june, with consumer spending leading the fall. the numbers are worse than expected and the italian economy is now 17.7% smaller than a year ago. than $6 billion in new trade as it moves to normalize relations with gulf states. this follows an initial accord everuae and the first direct -- with the country. deal withs talks will tourism, trade and finance. global news 24 hours a day on air and on bloomberg's quicktake, powered by more

i'm karina mitchell, this is bloomberg. haidi: still ahead, jessica meir takes us through earnings coming out of australia. but we will speak to jeffrey back to and the strength of the chinese market. and global uncertainty. this is bloomberg. ♪ haidi: a 33 percent jump in revenue in results. it was driven by an infant nutrition sales in china and via a bigger distribution footprint. let's get some results, and whether they are sustainable, we are joined by geoffrey babidge. great to have you again. when we last spoke, this was back in february, you said there was a great deal of uncertainty of how the pandemic plays out. he wasn't sure if it would be negative or positive. it has clearly been positive. have you been surprised, and is this ongoing growth sustainable? >> we are pleased with the performance we have achieved in the second six months. revenue at $1.73 billion. we did get some headwinds as a result of covid, particularly in courts or three. there was some winding about that occurred in q4. we see that continuing

let's get first word headlines with karina mitchell. karina: apple's top iphone suppliers as the days of china is the world's top factory is over. thely will move away from mainland and increasingly move toward southeast asia. the percentage of iphone manufacturing outside china has risen from 25% to 30% in june. spokesperson says china's days as the top production liner finished. meanwhile, democratic ticket joe biden and kamala harris have made their debut. they said the election will shape america for years to come. biden says there is no such a make hard calls and will energize the female community. harris is both african-american and asian american. their introduction was scaled down because of the coronavirus, the audience entirely journalists and campaign staff. ♪ the u.k. government warns of hard times ahead as the economy drops into the worst recession on record. data shows the decline is steepest among european nation, brexit adding to the virus fallout. gdp plunged more than 20% in the second quarter, the most since records be

for that we go to karina mitchell.sident is considering extending eviction protection if congressmen do not act. emma kratz and republicans have been unable to reach -- democrats and republicans have been unable to reach an agreement. norway's government has banned cruise ship's forum entering -- from entering its port after a breakout on one ship. that cruise line is apologizing. theysaid they did not know should have notified all passengers after the first case was reported. they are worried that ship may have infected dozens of the villages along norway's coast. microsoft and tiktok have 45 days to work out a deal. microsoft is trying to salvage once to ban trump the -- president trump wants to ban the app outright on security grounds. powered by more than analysts in more than 120 countries, i am a karina mitchell. this is bloomberg. david: legislators are trying to hash out some compromise on a stimulus bill. davis of stone court capital. always a delight to have you with us. us an idea of the politics of this neg

for bloomberg first word news, we go to karina mitchell.a: there is a sign the labor market may be improving. applications for on employment benefits fell to the lowest since the pandemic started. million,clined to 1.2 200,000 less than the median forecast. so with claims over a million, the job market has a long way to go before it recovers. the trump campaign raised a july. $155 million in it was the first time the president outraised his democratic rival since april. the trump campaign manager spent $82 million on tv ads so far, compared to $49 million for biden. goldman sachs warns the development of a coronavirus vaccine could up and financial markets. the profitability of an approved vaccine by the end of november is underpriced by equity markets. they say one possibility is a selloff in bonds and the rotation out of technology into cyclical stocks. global news 24 hours a day, on-air, and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. i'm karina mitchell. this is bloomberg. da

i'm karina mitchell. this is bloomberg. ♪ >> donald trump inherited a growing economy and a more peaceful world. like everything else he inherited, he bankrupted it. >> you know what donald trump will do with four more years. blame, believe, and belittle. and you know what joe biden will do, build back better. >> joe biden will be a president we will all be proud to salute. >> joe biden has shown that the heart of this nation still beats with kindness encourage. that is the soul of america joe biden is fighting for now. business, we all have our collective memories of these conventions. they are always fun and exhausting to attend. we welcome you to our simulcast on bloomberg radio, bloomberg television. anna edwards in for a several woods and -- for lisa abramowicz and jon ferro. i want to imagine the wisconsin center with secretary of state john kerry and secretary of state colin powell coming out to a packed arena. kevin cirilli with us, our chief washington correspondent kevin, that didn't happen last

i'm karina mitchell. joe biden shooting down president trump's attempts to paint him as a puppet of progressives. democrats formally nominated biden for november's election. the virtual convention included testimonials'from the partys old guard -- testimonials from the party's old guard such as bill clinton. >> if you want a president who defines the job as spending hours a day watching television and on twitter, you got your man. in a real crisis, it collapses like a house of cards. covid doesn't respond to any of that. two beat it, you've got to actually go to work and deal with the facts. the trump administration sees a path to a pared down $500 billion stimulus deal. the package would eliminate the biggest areas of disagreement between republicans and democrats. it would include financial help for the postal service, aid to schools, and money for businesses to keep workers employed. democrats may also agree to a smaller deal. meanwhile, president trump raising questions about the future of that trade

i'm karina mitchell. massive explosion has killed almost 70 people in beirut and left thousands more wounded. the blast was so powerful it shattered windows across the city and was even heard in cyprus. authorities blame explosive materials stored at the port but haven't said whether it was an accident or deliberate attack. meanwhile, the de facto leader of myanmar has filed to run in upcoming elections. barred by the previous military constitution from becoming head of state. she is credited with ending decades of army rule in myanmar but has faced international criticism for failing to stop attacks on minority muslims. china is offering more signs of a recovery with auto sales rising. deliveries of passenger cars and commercial vehicles rose in july, topping 2 million in sales. the easing of the coronavirus shutdown is allowing car buyers back into showrooms, raising hopes that a slump may be coming to an end. virgin galactic is pressing ahead with plans for space, releasing images of a craft under desi

let's not get a check of the first word headlines with karina mitchell. karina: first lady melania trump headline the second night of the republican national convention, speaking from the white house rose garden after secretary of state mike pompeo delivers his pitch for the president's reelection. the theme this year is land of opportunity. she will talk about her life as a mother and make her own case for her husband earning another four years. -- winning another four years. the opening night of the rnc drew a far smaller audience than numberslast week, with tumbling on every major network. 15.8 million people tuned in monday, 3 million fewer than watched the democrats. tv watching has been shrinking as viewers increasingly shift online. the governor of wisconsin has declared a state of emergency after violent protests following the shooting of a black man by police. says systematic racism and injustice cannot continue. damage and destruction is not the offer -- answer. jacob lake was shot several times and his father says he is paralyzed from the waist

let's get straight to the bloomberg first word news in new york city with karina mitchell. corrina: m a cuts have made it official and nominated joe biden -- covering up -- karina : democrats have made it official and nominated joe biden for president. meanwhile, the trump administration sees a path to a pared down $500 billion stimulus deal. bloomberg learned the package will eliminate the biggest area of disagreement between democrats and republicans, would include money for the postal service, and money for businesses to keep workers employed. pelosi suggested democrats might agree to a smaller deal. president trump is raising questions about the future of a trade deal will china, he says he called off last week and talks in beijing. he says he doesn't want to talk to china right now. coronaviruse -- outbreaks in florida and california are showing signs of easing. in california, the number of numerous cases was 50% of the 14-day average, and hospitalizations are down 30% from a peak in july. global news, 24 hours a day, on air and @quicktake by bloomberg, powered by more

francine: let's get straight to first word news in new york city , with karina mitchell. karina: joe biden and kamala harris gave -- made their first appearance as democratic running mates, criticizing president trump for his failure to respond to the coronavirus pandemic. it could be one of the few times they campaign together. pandemic have -- pandemic restrictions have limited his in person events. president trump can make his nomination acceptance speech from the white house or executive residence, according to an advisory opinion. generally, government employees engaging inrom political activity while in a government building. airbus, the trump administration is imposing extra tariffs on some goods from germany and france. at the same time, some products from the u.k. and breeze -- and greece are taken off the tariff list. extra tariffs are being allowed because of the airbus dispute. in the u.k., boris johnson's government faces a coronavirus pandemic. if it withdraws massive support for jobs and wages too soon, it could tip the u.k. into an unemployment crisis. if i

i'm karina mitchell. bloomberg. ♪ oil at the moment, wti under pressure but still holding above $42 a barrel. we got a report showing gasoline supplies rose by nearly 5 million barrels, adding to output hikes we have seen from the opec-plus alliance this month. we have to look ahead to the opec-plus monitoring committee meeting, not to mention the iaea crude oil inventory report wednesday. joining us from washington is fiscalnote markets'katie bays fiscalnote markets -- fiscalnote markets -- from washington is fiscalnote katie bays. katie: thank you for having me. the market has been astonishingly stable, range bound in the $40 to $43 a barrel range. successicates a lot of and successful strategy by opec-plus. increasedgy includes production or reduction in cuts starting in august. we do expect opec will move forward with that plan. that is consistent with market expectations as well. a recoveryis seeing in demand in a lot of regions, so there is optimism demand is coming back. and opec is moving in line

let's get a check of the first word headlines with karina mitchell. rina: global coronavirus infections have risen about 25 million with several regions reporting a surge in new cases. the u.k. with the most since early june and california rose the most in a week, while russian recorded almost 5000 new cases, more than 10% in moscow. the virus lockdown in the australian state of victoria has seen consumer spending slump and job losses rise. indian has -- india has the highest number yet of daily virus infections. health minister reported within 78,000 cases, topping the previous record holder, america. india's total virus infections is above 3.5 million with fatalities above 63,000 you'd india is third in the world in terms of infections behind the urth ind brazil and fo deaths. hanoi hosted virtual discussion among asean economy ministers things to take effect. talks focused on measures that can undermine global trade. president trump's demanding tough action against demonstrators in portland, oregon after violent clashes between black lives matter pr

let's get you the first word headlines with karina mitchell. rina: latest virus data indicates infection dates -- rates are declining in the u.s. spanish cases fell from four month highs while germany is scrapping plans to test travelers from high risk regions with health service capacity. with restrictions on social gatherings. hong kong investigating the reinfection from someone who recovered from the virus in april. the 33-year-old man was found to have a second infection while passing through the airport returning from europe. researchers determined he was infected by separate strange of the virus that could circulate even if patients gain natural immunity. president trump marked his official nomination at the republican national convention by once again criticizing mail-in voting and saying his opponents are trying to steal the election. he launched into his attacks even before he thanked delegates in charlotte for their backing. the convention opened with a few hundred people in the hall, different from different -- from pre-virus events.

first, let's get the first word news with karina mitchell. karina: the white house is exploring whether president trump can act on a virus relief plan without the approval of congress. the president is considering an on a plumbing benefits and in fiction section if lawmakers failed to act. benefits expired friday. democrats and republicans have been unable to reach an agreement on a new stimulus package. talks resuming today. the trump campaign reset its ad strategy today with two w a new as seeking to cast doubt on joe biden. the ads say that he would crush middle income families. a biden spokesperson says trump's claims are his attempt to distract the public from the coronavirus pandemic. nobel peace prize winner john hume has died. he was one of the chief architects of the good friday agreement that brought peace to northern ireland. the deal ended the conflict among paramilitary forces and british security forces. global news 24 hours a day, on-air, and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more t

let's get to the first word news with karina mitchell.e start with an update on the coronavirus with infections climbing toward 22 million and more than 770,000 fatalities. the u.s. continues to be the epicenter with almost 48,000 new cases and an extra thousand plus deaths for a fifth consecutive day. intensive care hospitalizations in california hit their highest in seven weeks. china and russia may move together on a vaccine. south korea is warning of a new mass coronavirus infection after reporting its highest number of new cases since early march. most of the latest cases are linked to a church. tokyo confirmed 260 new cases, down from 385 on saturday, with young adults in their 20's forming the largest group. almost 18,000 people are infected in the capital with at least 25 described as serious. germany may extend virus subsidies the 24 months, saying it would only cost an extra $12 million. the government introduced short-term payments to support unemployment. the finance minister says the new proposal would double that timeframe w

i'm karina mitchell. this is bloomberg. ♪ amanda: i'm amanda lang in toronto.me to bloomberg markets. vonnie: i'm vonnie quinn. we are joined by our bloomberg and bnn bloomberg audiences. here are the top stories we are following from around the world. a drop in jobless claims, applications in jobless benefits down. still human get. it may be offering a ray of hope battered by the coronavirus. later, we will speak with ,ebekah dopp, chair of exponent which began as a 20% project inside google. we will also speak with the ceo loren's, a cookie company, about the state of small business during the pandemic. it could be that slightly better-than-expected jobless claims number keeping markets buoyed it. we are still watching for signs that congress will emerge with a deal on the stainless package. earnings are also in the mix. -- on that earnings package. communications and tech are showing strength on the day. facebook is up 5%. everything else in the broad market is weak. modestlyo, we are positive but not in a major way. gold stocks moving lower come despite the

let's get to the first word news with karina mitchell.a: we talked about the latest covid-19 data -- cases heading toward 26 million with the u.s. tally above 6 million. astrazeneca has begun wide red human testing on a vaccine america while the european union is to contribute 400 million euros to secure covid-19 shots and ensure equal access. meanwhile, canada is buying 100 million vaccine treatments from novavax and johnson & johnson. the who says the only solution is unity. hong kong is launching a mass coronavirus testing plan next tuesday amid calls from activists and health care workers for what caught. half a million residents have volunteered for the tests which will be conducted with help from china. it's billed as an attempt to ward off a new wave of covid-19 infections but critics are wary of the government motives amid widening government mistrust. damage from hurricane laura in the gulf coast and caribbean is expected to cost insurers as much as $9 billion according to two risk modeling firms. laura came ashore as a category

i'm karina mitchell. much more to come.s is bloomberg. ♪ beat onn't have a good where the consumer is at this point in time and how they are going to behave coming out of this. unemployment is high, and we don't know how long that is going to last. jonathan: really interesting conversation with mark jenkins of the carlyle group come the global head of credit. look for more of that online and on your bloomberg terminal. here's your price action this thursday morning. we are counting down to jobless claims at 8:30 eastern. in the fx market, euro-dollar firmer on the euro side, $1.1835. equity futures down four points on the s&p 500, a little more than 0.1%. the bond market treading water after a four-day selloff. tuesday,r supply tends yesterday -- three your supply tuesday, tens yesterday, 30's later today. when we talk to market participants at the moment, a lot more constructive on the future than someone operating in this economy right now and trying to run a business. lisa: the unknowable right now is what happens when s

i'm karina mitchell. this is bloomberg. and china are.ted to discuss their trade deal in the coming days, with beijing pushing to widen the agenda to include president trump's crackdown on tiktok and wechat. joining us as we -- is wendy cutler, former acting deputy u.s. trade executive. that start with the news tiktok might be raising and wechat. do they risk over complicating an already difficult relationship? wendy: exactly. this meeting is going to happen in the shadows of an overall deteriorating u.s.-china relationship with the latest restrictions being proposed in wechat and tiktok are of grave concern to china. ambassador lighthizer has been very clear all along i think that he is going to want to stick to the trade issues. might raise concerns about tiktok and wechat, i expect ambassador lighthizer to say you need to talk to wilbur ross. shery: president trump seems to agree. just now he said he will not engage on a call with china on tiktok and wechat. he also says china is giving the u.s. farmers the largest orders ever seen. as

i'm karina mitchell. this is bloomberg.shery: still ahead, the bank of korea is expected to keep rates -- [indiscernible] that will discuss decision. up next, china calls for talks -- calls for talks. we have an exclusive interview with the csrc vice-chairman. this is bloomberg. ♪ shery: china's security regulator says it is making concessions to let the u.s. audit some of its companies listed in new york. in an exclusive interview with bloomberg, the vice chairman fang xinghai told us he is hopeful both sides can resolve the issues. i hope there is not going to be a decoupling. cooperationncial between the u.s. and china is good for both sides. in number of chinese companies listed in the u.s. right now, numbered about 215. the weight of total return of these companies from the nownning of 2019 to right is 82%. s&pe at the same time, the rose by about 35%. for all the u.s. investors who have invested in these chinese companies, they have made a lot more money than the average market return. it is good for the chinese compa

i'm karina mitchell. this is bloomberg.tock is in line for the biggest gain since july 20. joining me now from hong kong is eddie lau. the cio and deputy ceo at rongtong global investment. what is this telling us about the pboc? there were some concerns the risk and china would be the pboc acting too slowly. >> good morning. is a reason why we see a very strong asset by the pboc in the first half. then it moderates a bit. if you look at the economic data in both construction and consumption, also industrial data, you can see the recovery has been really strong. china has been leading the world in terms of recovery. do we need that much of an effort now? can we save some for the future? that is a good question to ask. that is what is happening. >> when you look at a shares, where are you seeing the opportunities? is at the same narrative in china of the consumption? of consumers growing? of the demographic and the new economy stock? >> certainly. talk of consumption, health care, those are our favorite, long-term favorites.

i'm karina mitchell.lobal coronavirus cases are approaching 18 million with 680,000 deaths as scientists race to find a vaccine. the u.s. remains the epicenter. cases in california rose by more than the 14 day average while new jersey's transmission rate climbed. nancy pelosi exposed deepening splits in washington saying she no longer trusts pandemic information coming out of the white house. >> the president is spending -- spreading disinformation about the virus. and she is his appointee. so i don't have a confident -- i don't have confidence, no. karina: the u.k. is set to be considering sealing off greater london and ordering people to stay at home in a bid to avoid a second national lockdown. the sunday times says the government is weighing shutting down the capital and tightening quarantine rules on people flying home. the reports come two days after the government responded to plans easing of restrictions amid a surge in infections. the u.k. reports from london say apple wants commercial landlords

i am karina mitchell.he united states remains the focus of the coronavirus pandemic at several areas are starting to see improvement. california and arizona reported positive trends on new infections although they admit one week does not change the overall picture. u.s. fatalities are over 155,000. global infections are above 18 million. the pandemic adding one million new cases every four days. the u.s. treasury has outlined how much it needs to borrow to keep the economy going for the next three months. amid unprecedented spending on the coronavirus fallout. it expects to raise almost $1 trillion in debt through september, more than 270 billion higher than it projected in may. since then, virus cases have surged, forcing congress to consider new fiscal stimulus. the more senior -- another round of relief is critical for the u.s. economy. the fed is due to expire and congress is divided on what to do next. charles evans says any failure to launch new support would be hugely damaging. his dallas colleague

let's get to the first word news headlines as we get over to new york and join karina mitchell. her grim benchmark. coronavirus infections have risen above 25 million with several regions reporting a surge in new cases. the u.s. reported the most infections since early june. california's cases rose by the most in a week while russia recorded almost 5000 new cases, and more than 10% of them from moscow. virus locked down in victoria has seen consumer spending slump and job losses rise. unwanted set an record. the health ministry reported more than 78,700 cases, topping the previous record holder. india's total virus infections are now above 3.5 million with fatalities climbing above 63,000. india is third in the world in terms of infections behind the u.s. and brazil and forth for deaths. vietnam says it expects the trade deal to be completed and signed before the end of the year. hanoi hosted virtual discussions among asean ministers and said they agreed mechanisms for certifying the origins of exported goods. the online talks included china, japan, and the u.s., and focused on h

let's get you headlines with karina mitchell. karina: president trump as do many tough action against demonstrators in portland, oregon after violent clashes between black lives matter protesters at his own supporters. one person was killed as he accused the mayor of portland with having blood on his hands. the president is expected to visit kenosha, wisconsin over the shooting of jacob blake. vietnam says it expects a trade till -- a trade deal to be signed before the end of the year. they agreed mechanisms for certifying the origin of export goods will take effect on september 20. the online talk included china, japan and the u.s. and focused on how to prevent measures that could undermine global trade. global coronavirus infections have risen above 25 million with several regions reporting a surge in new cases. california's.s., case is rose by the most in more than a week. the virus locked down in australia's victoria state has seen consumer spending slump and job losses surge. india has set an unwanted record with the highest

karina: i'm karina mitchell. let's get to first word news afternoon. biden will assail president trump's leadership in the today.t language yet speaking in pittsburgh at this hour, the democratic presidential nominee will accuse trump of inciting violence. republican'ser the convention theme that no one is "safe" in joe biden's america, warning the american people that they are unsafe in a country led by trump. the hurricane that pummeled the gulf coast last week is expected to cost people between $4 billion and $9 billion, according to estimates from two modeling firms. the storm which came ashore as a category four hurricane left a trail of destruction throughout louisiana. insurers say the storms caused massive wind damage but the storm surge was not severe is expected. earlier estimates put laura damage as high as $25 million. another sign of improving diplomatic relations in the middle east, diverse commercial flight from israel has landed in the united arab emirates. to get there, the plane through's root -- flew through saudi arabia airspace. is

i'm karina mitchell.s is bloomberg. alibaba reporting first-quarter earnings and revenue that beat estimates, with sales almost back to pre-pandemic levels. at the same time, the chinese e-commerce giant appealed to president trump that its u.s. presence is not a security threat. our chief northeast in correspondent stephen engle joins us. what were the key takeaways? stephen: they have come out of the pandemic fairly strong. of course the march quarter was pretty dire because of the lockdown in china when consumption really grounded to a halt on the lockdown. in the december quarter, they had 38% growth. now they are seeing a rebound back to nearly that level of 34% growth in revenue, to $22.2 billion. they got a boost in record sales in their june 18 midyear promotion, sales promotion, that helped contribute to that big jump in sales. net income also rising faster than expected to a higher number than expected, 47.6 billion yuan. and annual active consumers and china has grown by another 16 million to 7

i'm karina mitchell. this is bloomberg.ry: president trump has resumed his press briefing after a possible security incident at the white house. happening right now, president trump speaking about the economy and other pressing issues. joining us now for the latest is bloomberg's government reporter jimmy wilkins -- emily wilkins. the only thing we heard is the shooting happened outside the white house, it is now under control. what else do we know at this point? emily: at this point, we are learning about things as they come in. from what we understand, the president was taken away from the briefing room. he returned after nine minutes. he thanked the secret service, saying they did quick work. the suspect, according to president trump, had been taken to the hospital. the suspect was shot. it sounds like he was perntially armed, with the president told reporters. this happen all outside of the white house, but fairly close to where the white house fence begin. in terms of what we are seeing between the china and the u.s.,

i'm karina mitchell. this is bloomberg.ry: we have breaking news on the terminal right now. ie are seeing japan's seven will acquire speedwayfor $21 billion in cash. seven and i saying they acted as advisors. s&p c will provide committed financing. this deal includes a 15 year 7uel supply agreement for 7. billion gallons a year associated with the speedway business. the transaction is expected to close in the first quarter of 2021. let's turn to the markets. u.s. futures slightly higher after stocks closed out their fourth straight month of gains last week, extending the rally amid a surge in tech shares. despite signs the economic rebound is stalling. let's bring in our next guest, who says betting on a bubble in u.s. equity markets. we are joined by caravel concepts founder and ceo michael jones. great to have you with us. given the rally we have seen so far, we are overdue for a correction going into august. and what would that look like if we get one? michael: i think the only catalyst for correction, we have already ab

i am karina mitchell.hery: for more on the jobs outlook and economic news we are watching, let's bring in our guest from oxford economics. weather in australia or here in the united states, what factors determine whether or not job losses we have seen are temporary or become permanent? seeing, over the last few months, and initial spurt of economies have opened up in jobs of come back. we are now moving into the second phase of the recovery which is the longer, slower, where,fficult phase, because of the size of the shock to household incomes and appearing back of some government support, across most countries over the next few months, we are going to see lower levels of demand in the economy. that will support fewer jobs. if you layer on top of that the fact that we still have not fully remove restrictions, and australia, a lot of travel restrictions remain in place, you mentioned and that will be challenging for the hospitality and travel sector. in other parts of the world restrictions in place, the art

i am karina mitchell.bal coronavirus cases are about to top 20 million with deaths approaching 750,000. u.s. infections are above 5 million, although the rate of increase seems to be slowing. countries are tightening travel curbs to stem the pandemic. finland will order quarantine for most of the world with three months jail for anyone refusing to comply. greece is requiring travelers to supply a negative test. hong kong with 57 u-local cases of the virus, one third of which are of unknown origin. the city has more than 4000 cases of covid-19 with three new virus linked deaths. the pan had 761 new covid-19 case -- japan had 761 covid-19 cases. the approval rating at something on the pandemic and has its worst support since he came to power in 2012. may hold on further stimulus as the economy performs better than initially expected. analysts were split. policymakers will have to weigh the strengthening domestic picture against the slow. six of nine economists we asked expect the rbnz to hold its kiwi limit.

i am karina mitchell. this is bloomberg.hery: china trade data due in a few hours. they show a pick in external and domestic demand. china's economy has shown a sharp rebound from the pandemic. our next guest says it is not why asia will fare better than the rest of the world. the portfolio manager for emerging-market debt and currency strategies at hsbc global asset management. great to have you with us. is it just the idea that perhaps asia was the first in an the first out of the pandemic and perhaps they have done a better job than other countries in managing this pandemic? olga: that is exactly right. what we are observing, what matters is individual companies respond to the pandemic, including virus containment and fiscal and monetary response. it is also the nature of the external demands. they: when it comes to market, we continue to put a lot of focus on the currency markets, especially with the dollar now being on a downward trend. this dtv chart on the bloomberg showing some of the trades we have seen and it has b

i am karina mitchell.lobal deaths from the coronavirus have passed 750,000 with almost a quarter of those in the united states. worldwide infections are approaching 21 million. democratic presidential candidate joe biden is calling for a nationwide mandate on masks, saying everyone should wear them for the next three months. he and kamala harris were making their first joint appearance in delaware. meanwhile, the u.k. is tightening its coronavirus quarantine, adding france and the netherlands to its 14 day isolation list. the government is now advising against all but essential travel including countries others. france had been on the you k's initial virus travel corridor list, but infections are on the rise. hong kong democracy activist jimmy lai is warning supporters to be careful in their demands for more freedom as he held an online discussion following his release on bail area the media tycoon has been detained twice this year over his opposition to china's increasing control of hong kong. president t

i am karina mitchell. this is bloomberg.aidi, over to you. the tech rally may have more room to run, but there are clear signs the market is becoming unsustainable. the fund is now looking elsewhere to diversify risk. see a huged why they reversion coming. stocks, now we have to add a "t" in there because of tesla. they are all doing well because of covid-19. then, there is a question about what happens due to covid-19. dave wilson, his chart of the day, a shout out to him. these are bigger than all of the financial stocks. if you look at the russell 1000, so the 1000 largest stocks, and you at value and growth, will go back to levels we saw in 1990, and one of our managers set me some material yesterday, when you look at old measures, like price to book, sales to price, these are things that tom keene used to love. you look at those measures, the at the 99echnology is percentile of valuations. at some point, you're going to have a huge reversion to the mean. it can stay and persist for a while, but at some point, when the h

let's get to first word news with karina mitchell in new york. karina: global coronavirus cases have topped 18 million with more than 680,000 deaths as scientists race to find a vaccine. the u.s. remains the epicenter of cases and california rose by more than the 14 day average, while new jersey's transmission rate also climbed. pelosipeaker nancy exposed deepening splits in washington saying she no longer trusts pandemic information out of the white house. of spreading disinformation about the virus. she is his upon tea. i don't have confidence. meanwhile, australia's hardest hit virus writ -- region enters new virus restrictions. nourge of infections shows signs of abating. victoria reported 671 cases in the last 24 hours with seven deaths. the premier says new restriction -- melbourne living under a curfew from 8:00 a.m. the rules will be for at least six weeks. japan reported lower than other numbers but still 292 new cases, prompting tighter rules on bars, restaurants, and karaoke outlets. entertainment operators are asked to shorten business

let's get to karina mitchell with the first word headlines. karina: detained huawei cfo -- has failed to win access to documents withheld from her by the canadian government. restrictions on six papers involving canada's agency is warranted in the information they is not relevant to her arrest 20 months ago. she wants canada to dismiss the extradition request that alleges she and huawei violated international trade sanctions. the president of the un security council has rebuffed u.s. demands to restore extensions on iran, prompting the u.s. ambassador to accuse members of supporting terrorists. last week, mike pompeo insisted washington has the right to reimpose sanctions despite abandoning 2015 nuclear deal. all security council members, bar one, say the u.s. move would be illegal. the u.s. continues to be the focus of the coronavirus, but there are signs infection rates are slowing further. california and florida show improvement while arizona has been taken off new york's travelers quarantine list. some u.s. universities are seeing a spike i

let's get to the first word news now with karina mitchell. na: president trump is threatening american companies with tariffs if they did not move jobs back to the u.s. he told supporters he will offer tax credits if they comply, but they will have to pay out if they refuse. the president spoke in a one hour long rebuttal of joe biden's nomination acceptance, but offered no explanation of how it would work, and it is not clear if it is official white house policy. china delayed phase one trade talks will happen soon, after president trump postponed a review over the weekend. tensions between beijing and washington continue to rise over trade, human rights, land hong kong, but the congress ministry says they will be in touch. president trump says he is unhappy of china's handling of the coronavirus pandemic. global coronavirus cases continue to rise, but their indication rates may be slowing in the u.s. hospitalizations in california fell to the lowest levels since june, with a nationwide infection is now above 5.5 million. worldwide, fatalitie

i'm karina mitchell. this is bloomberg.appedbiden has california senator kamala harris as his running mate, bedding that her ties to the african-american community as well as herself branding as a progressive prosecutor will help propel him to the white house. harris becomes the first black woman on a major party presidential ticket. henrietta.now is wonderful to have you on what has been a very exciting morning in terms of this vice president pick, but this is something you had expected. it was just a question of who would be the presidential pick and who would be the vice presidential pick. >> absolutely. we had a bad joke that it was either going to be mala/biden.a or ka when we look at who is undecided, these are the people who decide the outcome of the u.s. election. 20% of the american electorate is still undecided. 56% are female. 12% are black. 48% are young. these are the voters that joe biden is hoping to really speak to an appeal to going into this election. >> how important is it that senator harris is a member

i'm karina mitchell. this is bloomberg. >> the u.s. government's top infectious disease expert, anthony fauci, says a vaccine of 50% effectiveness could still help if combined with public health measures. he also told david westin there is no vaccine developer that is ahead when it comes to confirming the effectiveness of the drug. and truly putting it behind us. of virusesal history particularly respiratory viruses such that -- they are such that if they are going to be as capable as this to -- virus is from spreading cumin to humans, ultimately if you want to put the nail in the coffin of an outbreak, you need a vaccine. however, there are many things that we can do from a public health standpoint that can more adequately control this globally and domestically. they are not particularly complicated things. they are things we keep talking about. five or six fundamental principles. things like wearing masks universally. indoor and outdoor. keeping six feet distance. avoiding crowded places. outdoors is always better than indoors. a cle

i am karina richel -- mitchell. this is bloomberg. course the payrolls number out of the u.s. on friday, one of the bullish stories that drove stocks to extend again we saw albeit marginally by the end of trading friday. with the labor market, we have got news from bridgewater's co-cio. he spoke to that report. he gave us his views about what a lower to invest in for longer environment. >> while everybody sort of focus is on the change in payroll, and people focus on the growth rate, the big issue is the press -- depressed level of spending in the economy. longer we are in that situation of a depressed level of income and spending, the more vulnerable individuals and companies are to that set of circumstances. the most likely timeframe for the virus impact is 18 to 24 months. it is uncertain. we have just had kind of a four-month fiscal program or a one quarter. imagine having to do that i second quarter, -- that a second quarter or eight quarters in a row, to make up for the low level of income in spending in the economy. on the the

i am karina mitchell. this is bloomberg. haidi. na, while some firms are racing to develop the vaccine, several of them have been snapping up deals with governments to be the first in line to get the drug once it comes out. johnson & johnson has forged a $1 billion pact to supply the u.s. with its experimental drug. for more, let's cross over to our health care reporter, michelle cortez. we heard from anthony fauci a little bit earlier when we had that conversation with him, just talking about the parameters of what a vaccine could potentially look like in terms of the efficacy, in terms of how often you would need to give it in terms of how widespread it could be administered. so let's just take a listen, first. dr. fauci: i hope it is going to be more than 70, but even if it to 60%. effective vaccine is totally value-added if you complement it with public health measures. so many unknowns, michelle, and at the same time, we are starting to get a framework around what pricing looks like. michelle: you are absolutely right, haidi. i

i'm karina mitchell. this is bloomberg.di: as tensions between beijing and washington continue to invest -- to intensify, microsoft says they will be focused on the u.s. operations and three other countries, canada, australia and new zealand. this report saying it was pursuing the entire global business. let's go to our tech reporter in san francisco. there were these reports that microsoft was keen on buying the global operations, not just u.s.. you would think they have enough on their plate negotiating a deal for the u.s. and some of these other peripheral operations. why did you find out on that report? kurt: our sources pushed back on that idea and we were told repeatedly that the conversation was still about what microsoft could put out in the public over the weekend, which was as you said that they are looking to buy the u.s. version of tiktok as well as all -- as well as australia, canada and new zealand marks -- markets. i can understand why there might be some speculation as to them buying the entire global operat

i'm karina mitchell. shery?o the coronavirus and containment measures in australia appeared to be yielding a welcome side effect. mask wearing, social distancing and other measures have allowed it to virtually eliminate the flu season which historically peaks at this time of the year. in the u.s., signs of the surge easing in the sunbelt, while new york will start allowing to reopen. let's get more from michelle cortez. some welcome news in the u.s.. michelle: the number of cases have been falling in terms of the surge that we saw across the south. so, we know now there are some activities opening up. some people are getting back out there into the public and a number of guests are following. we did it new record in texas, over 10,000 deaths in texas. adding to that same level in new york, new jersey and california. we are still seeing an increase in deaths, but it's happening at a slower pace and that is welcome news. news, we canelcome take what we can get in this pandemic given the onslaught of the bad news,

the first word news, i'm karina mitchell. gaveiden and kamala harris a preview of what their campaign will sound like. they made their first appearance as running mates. the event could end up being one of the few times the running mates campaign together. pandemic restrictions have limited biden's in person events. meanwhile, president trump can make his nomination acceptance speech from the white house lawn. that is according to a government advisory opinion. generally, u.s. government employees are barred from conducting political activities while in a government building. fannie mae and freddie mac plan to charge an additional fee on most mortgage refinance loans. that thed freddie say fee is meant to mitigate risk in light of the pandemic. one group says it could cost the typical consumer $1400. in the u.k., prime minister boris johnson's government faces a coronavirus dilemma that could set the tone of the economy for years to come. if it withdraws support for jobs and wages too soon, it could tick the u.k. into an unem

let's turn to karina mitchell for the first word headlines. rina: new zealand prime minister jacinda ardern is delaying the upcoming general election, saying it is vital the vote be safe amid a resurgence in coronavirus infections. she is proposing a four week delay. the prime minister says it is important the election can be held in a well organized manner and the rise in cases makes that difficult. >> i have decided to move the election by four weeks to the 17th of october. at the end of last week i was advised that this date is achievable and presents no greater risk than had we retained the status quo. karina: meanwhile the u.k. is being warned to million jobs could be under threat if the government ends its virus support program to early. millions of workers will still rely on cash help when the plan winds up october. the majority of them would survive if help extends into the new year. the u.k. saw its biggest fall in employment since 2009 with more jobs expected to go. germany may extend job saving virus subsidies the 24 months, saying i

here's reporter karina mitchell with more. >> more than 175,000 americans now losing their lives to theoronavirus, and as the debate over whether to open schools for in-person learning this fall continues at least 36 states now seeing a sharp rise in covid-19 cases on college campuses. >> that is what i'm losing sleepover right now. >> virginia football coach among those grappling with the idea of students returning to the university. in georgia, mississippi, north carolina, several other states some elementary, high school and college doors already open for in-person classes. the virus outbreaks quickly forcing them to temporarily shutdown. just days after notre dame reversed course suspending in-person classes for two weeks this front page headline from the student newspaper. quote, don't make us write obituaries. >> we believe if this continues we will be writing obituaries for people. for students, for faculty, for any workers of notre dame. and we will probably be hearing about the deaths of people. >> president trump insists the virus is not a problem for most children saying, quo

karina mitchell, abc news, new york. >> and abc news is the first network to land a joint interview with joe biden and kamala harris, as you just saw. you can watch the prime time special tomorrow night at 8:00 right here on abc 7. the candidates are sitting down with david murer and robin roberts to talk about their history making presidential ticket. >>> now to the u.s. post master general in the hot seat over delays in delivering the mail. he testified and was asked if he spoke to the president about change tuesday the post office and if he can promise every ballot will be delivered in time to be counted. here's abc news chief white house correspondent jonathan carl. >> reporter: president trump once again raised dark and unsubstantiated fears about mail-in voting. >> you're not going to be able to know the end of this election in my opinion for >> reporter: but the president said this just after the post master general assured congress election mail will be secure and on time. >> this sacred duty is my number one priority between now and election day. >> reporter: lewis dejoy firmly

i'm karina mitchell. this is bloomberg.ad: the largest hong kong out with a 12% drop in revenue for the first half of the year as the lockdown measures took a hit with amanda early. we caught up with the ceo richard lancaster about challenges putting measures in place to ensure they can keep the power on for customers through the pandemic. the patents have changed -- demand patterns have changed with people working from home and factories closed down. it has been a dramatic change across markets. overall consumption has been down by a few percent on average . for us, the impact has been more how to keep the business running and how to keep operations secure, how to keep staff and customer safe. we are not a business that can shut down so how do we maintain operations as normally as possible while still recognizing the health risk and looking after the health and safety of our people and customers? >> you had experience with sars as well. how do you gauge the economic impact not only in hong kong, but also on the mainland? w