jonathan: kevin cirilli down in washington., i don't think anyone wants to see a repeat of the news conference that took place after charlottesville. tom: there's no question about that. the images overnight were really shocking. i know we will have them in our news across radio and television. simulcast is this fun. i am glad we are doing this. radio, then tv and conversation continues. we will pick up the story with ebrahim rahbari next. ♪ from new york city, this is "bloomberg surveillance ." we are live on bloomberg tv and radio. alongsidetontine -- tom keene, i'm jonathan ferro, together with lisa abramowicz. equity futures down six points on the s&p 500. positive on the week. positive on the month by about 4% on the s&p. in the bond market, treasuries set up as follows. 6.7% -- at 0.67% on tens. this is the story of the moment. risk appetite continues to build , and that dollar strength continues to fade. tom: no question about it. catherine man running economics at citigroup. one of the great acquisitions is abraham or b

right now, never challenged her conversation on washington is our kevin cirilli, our chief washingtonspondent. hillany people on capitol agree with the junior senator from kentucky? kevin: most republicans agree with senator paul, and it will be a much water discussion here. -- broader discussion here. you hear that boiling over amongst conservatives as this drags on. , speaker pelosi unveiling a $3 trillion spending bill. i was told by a senior advisor to former speaker paul ryan that is essentially going to be a messaging bill because republicans are in no way going to get on board. tom: i understand all this, but i would suggest the mathematics of our pandemic yesterday was challenging, to say the least, meso ins less slow -- the major -- less so in the major urban areas but more a spread across the nation. what are republicans hearing from their constituents? kevin: republicans would went to the model of the cities that have been hit either pandemic first, which would mean -- by the pandemic first, which would mean now it is strictly rural and their medical curve is behind the tim

the best essay he has ever written on the austerity of the united kingdom, kevin cirilli in washingtonat was the reaction of austered toered -- these two gentlemen? kevin: republicans were more inclined to be supportive of secretary mnuchin. i spoke to the only house republican on the congressional oversight committee that is looking over the cares act, and he really said he would caution against people interpreting fed chair jay powell's comments urging for there to be more economic stimulus as an endorsement of speaker pelosi's plan. what you heard from the conservative interpretation from the fed chairman, he is saying there is still tools in the toolbox and main street lending facilities will be open, and should congress have to app -- act again they could do so, but that is a stark difference from pelosi's $3 trillion plan. tom: someone like you has never seen this, someone like me has never seen this, and the oldest person in the senate has never seen this, 20 plus percent unemployment. how are the suits and ties and fancy dresses in washington going to react? kevin: there is a t

thank you so much, kevin cirilli. let's turn to mark crumpton for first word news.hite house is considering disbanding president trump's coronavirus task force. vice president pence confirmed that to reporters today. he said the white house plans to transition the government's response to fema. the vice president portrayed the task force as having accomplished its goal. he said, "we have slowed the spread, flatten the curve." the u.k. has the ranking of the most coronavirus deaths in europe. there are more than 29,000 confirmed deaths with thousands more expected. -- houses more suspected. boris johnson issued a lockdown at a later stage than other countries and abandon efforts to track and trace coronavirus in the community. a top official is expressing regret over the lack of early testing. the french president emmanuel macron is facing pushback over his plans to gradually reopen schools next week. more than 300 mayors in the capital region including the paris mayor urged macron to delay reopening of schools scheduled for next week. they called the timetable unten

kevin cirilli joining us now. bloomberg technology show last night talking to our colleagues that cover twitter and they think twitter has tried to handle this in the best way possible, despite in the past, may be caught in their heels with misinformation and trying to navigate the regulations. where does this leave twitter and the trump administration and the battle for free speech versus misinformation? right,that is precisely the tension that washington is trying to deal with. republicans led by president trump have been saying for some time they feel social media platforms silence conservative voices, so twitter is in a catch-22 of sorts because they have to balance that. democrats have issues with how large these tech companies have become. they note they are fully well aware of just how political volatile the situation has become, but the bottom line is president trump is not backing down, going to continue doing this, and views this as somewhat of a political asset in the sense that he feels should they sil

francine: thank you, kevin cirilli.a conversation michael zezas about what kind of recovery we will see. this is bloomberg. ♪ ♪ viviana: you are watching bloomberg "surveillance." neumann is suing the biggest investor, claiming softbank largely relied on pretexts to scrap the deal. the deal would have allowed newman to sell to softbank as much as $970 million in stock the japanese firm calls the stock merit list. hearst is preparing to file -- hurts is preparing to -- hertz is preparing to file for bankruptcy. a chapter 11 bankruptcy would allow them to stay in business while working out a payment plan. they have not been able to access any government allowed programs. neiman marcus is close to a bailout deal with pimco. sh the debt load by half and pimco would take over the company. sales of trucks beating cars for the first time ever in the u.s., pickups out selling cars. offers boosted truck sales and shut downs slowed sales in urban areas where cars are popular. francine: we have plenty more on your markets and a fu

we now speak to our chief statistician in washington, kevin cirilli. for those of us who do math was yesterday, the administration tried to fit the statistics to the president's message. furman of the obama administration went until as he should have, and the president wants to do away with the medicine. are we going to see coronavirus support at the white house go away? will dr. fauci go away? kevin: what you saw yesterday in the president's interview with abc news is that dr. birx and dr. fauci told him this coronavirus would eventually dissipate and gradually rescind, so he downplayed the advice he got. the presidentnt, making his first trip leaving the east coast since all of this began, to arizona yesterday, visiting honeywell, clearly showing he is going to get moving. the third point with regards to the adjustment of expectations coming from president trump and the raising of the casualties from 70,000 to now 100000 and whatnot. president has a core constituency that does not wear a mask and they are all from kentucky and that is a stereotype an

vonnie: congressman jim jordan speaking with kevin cirilli.head, but will they post pandemic world look like to investors, economists and ceos? them next.th one of this is bloomberg. ♪ vonnie: this is "bloomberg markets." this year has brought altered forecast for the future. investors and revising their outlook for a post pandemic world. for a sense of what the future for look like, we asked economists and ceos for their take. and kruger tells us there is a forellin case international cooperation to minimize the case. maryland.us now from can you give us more detail on your vision? anne: my vision of what? vonnie: cooperation as we come out on the others of this? can: i don't think anybody have a vision until we know how we come out on the other side of this and how much damage there will be. that depends on the policies of many countries. vonnie: how are we expected to work together when we are still solving the problem in our respective homes. anne: that is the big issue. if we don't work together, the problem is going to be much bigger and

kevin cirilli is our chief washington correspondent. a briefing into the weekend to reset the month of june, no one better to do it with than michael darden -- michael darda. this is blue. -- bloomberg. ♪ ♪ tom: good morning, everyone, " bloomberg surveillance," on a friday a briefing moving forward to an eventful june. the background is a historically grim labor economy. darda better than michael and we are thrilled he could join us. how do you change your analysis with the magnitude of the labor shortfall? michael: i think it is important to take a look at a broad array of labor market indicators. the focal point is the unemployment rate. that probably captures best what is happening and this vault upward over the next -- last moments is like nothing we have seen in history and probably is not over yet, but there are some glimmers of history. first time jobless claims which indicator economic have been pulling back over the and weof eight weeks, are continuing claims that looked like they were pushing upward may have peaked. the news

that is bloomberg chief washington correspondent kevin cirilli.ll ahead, i will speak with lloyd's of london ceo john neal about how they are hindering -- how they are handling payouts during the pandemic. this is bloomberg. ♪ vonnie: live from new york, i'm vonnie quinn. this is "bloomberg markets." says first-quarter results benefited from significant volumes, but also from acquisitions made in previous years. he is speaking exclusively with bloomberg's matt miller and anna edwards. >> you may have seen early plunged 55%,nues net profits by plus 75%. so clearly, q1 benefited from significant volumes and volatility, but i should growth nothat 50% of for volumes, but for the contributions of acquisitions made in the previous year, and clearly the diversification of a results,ds impact on then the contribution of volumes and volatility. so that is for q1. as i indicated earlier, the month of april has been a bit slower clearly then march. but significantly higher than in april. does that mean you expect growth to level off? if half of that came fro

threatened to terminate the agreement if beijing doesn't stick to the terms for more, we are joined by kevin cirilli is a bit that we are back to talking about a phase one deal, particularly out of the amount -- particularly after the amount hurledoric that has been regarding the coronavirus. kevin: policy on a collision course. the administration remembers pre-covid-19 era in which beijing was targeting agricultural space in order to use leverage from china's against the trumpet ministration. the president -- the trump administration. administration pushing back against beijing, saying they had promised to purchase a large amount of agricultural products from america's heartland. , the state department, the intelligence community on both sides of the aisle coming out of congress, raising concerns about what china new and when they knew it, and whether or not they were transparent about what they knew as it relates to covid-19. secretary of state mike pompeo speaking out forcefully in very clear terms within the last 24 hours, raising those questions. andakers, republicans democrats alike, also aski

jonathan: let's bring in bloomberg's kevin cirilli for the latest out of washington, d.c. derstand there's a bill going through the house that the president carefully taking a look at. can you give us some of the details? kevin: it has bipartisan support from republicans and democrats. both parties are in agreement here, one of the rare geopolitical issues where -- republicansee and democrats agree. that institutions in china could be sanctioned. the u.s. could put them on a sanctions list. i am told this is just the first step in what could be a longer-term process, so the punishment could get increasingly worse if beijing does not back off. therehow much emphasis is on responding to china's encroachment on hong kong's independence, versus the recovery we are seeing ahead of the election? how much does president trump really want to see a china tension story play front and center as he tries to rejuvenate the economy? kevin: politically speaking, the president views it as an asset politically speaking to be tough on china. both former vice president joe biden and president

our chief washington correspondent, kevin cirilli. the second hour of balance of power over on radio. we will be talking about u.s.-china relations with the head of the national trade council. that is coming up on balance of power on bloomberg radio. this is bloomberg. ♪ vonnie: super downgrades in recent weeks until some of the hardest hit companies are pricing billions of dollars of bonds and loans. we will speak with martin fridson of lehmann livian fridson advisors. shares of disney under pressure on the heels of a high-profile departure. raising concerns about the post-pandemic rebound. we will speak to the analyst behind that call, coming up. as the fed pulls

let's bring in our chief washington correspondent, kevin cirilli, who is with the under secretary of state for economic growth. kevin: thank you. we are joined by our guests, who joins us. i want to get to that first and foremost, mr. undersecretary. bipartisan legislation was introduced in the senate in response to china carrying and proposing for some controversial new measures as it relates to hong kong. president trump this afternoon declined to comment publicly so far on these measures, but this proposal in congress would issue sanctions to businesses and individuals in china should they cooperate with it. can you give us an update or any comment at all in response to what we are seeing with regards coming beijing to hong kong? >> kevin, thank you so much for having me back on your program. it is deeply concerning to the united states. hong kong is a great friend to us, and we are monitoring this situation closely. we are going to see it as it develops. meanwhile, your team has just announced within the last couple of days that $12 billion coming fromestment the taiwan semiconduc

alix: thanks so much, kevin cirilli. we should point out that president xi addressing the world health assembly said that a vaccine should be open to all, so a different kind of rhetoric than from the u.s.. kevin, really appreciate it. here is one story we are most definitely all following today, a loss for the record books. softbank's vision fund lost $17.7 billion in its last fiscal year after writing down the cost of bad investments. the biggest losers, over, we uber, wework,, and a hotel booking service oyo. >> they have a better states of going through this coronavirus. the exception is wework. we made a mistake in investing in wework, and i have admitted that several times. i was foolish, and made the wrong decision. alix: it went from its biggest profit maker to its biggest drag on earnings. vision 2 seems like an uphill battle for sure. coming up, more of your morning markets analysis of the in today's first take. this is bloomberg. ♪ alix: time for the bloomberg first take. one may from our in-house team of wall

alix: kevin cirilli joins me now. what is going on here? kevin: good morning. the is just the latest in president exploring different policy options in the last 48 hours. in the reuters interview, he openly suggested just what you alluded to, that he could engage in more stringent policies on the trade front. take a look at this. the president also exploring backing off investing in chinese equities for the u.s. retirement savings fund. this is an option that now the president could utilize the viautive order, -- utilize executive order, and some that was voted on on the bipartisan commission board in the united states. from facing scrutiny replicants -- from republicans and democrats. latest attempt by lawmakers on capitol hill to look at different ways which the u.s. could untangle itself from long-term chinese investments. i would also note that the republican study committee on capitol hill put out a plan last week that has different other policy options. andtors like tom cotton democrats like senator mark warner of the intelligence committee have also rais

joining me as kevin cirilli, bloomberg chief washington correspondent. what is in the bill? what is the likelihood that any republicans like it? kevin: the republicans don't like it. it is immediate helicopter cash for families, as well as individuals under a certain income. beyond that, it also bolsters funding to hospitals and to federal and state employees. however, republicans saying they don't want to just send a blank check to states or individuals while we are still in the middle of a health crisis. i spoke with one senior republican strategist yesterday, who told me the chances of senate majority leader mitch mcconnell getting on board with this or next to zero. beyond that, there doesn't appear to be a timetable coming from the senate as to what they in anotherto see economic stimulus bill moving forward. the president has said he is open to having some type of economic stimulus. however, he wants to see more tax deductions included in it. it all comes at a time following dr. anthony fauci's virtual testimony before the senate yesterday. he warned against reopening t

alix: kevin cirilli joins me now. walk me through. kevin: good morning. this comes as the president has increasingly attacked china politically speaking, and raised questions about china's response to covid-19, including senior administration officials. from an economic standpoint, the president saying not so fast as it relates to u.s.-china trade tensions. democrats with the newest round of economic stimulus, i spoke to the undersecretary of economic affairs who said the united states is trying to develop international standards to work with europe on issues pertaining to 5g, the energy sector, and financial services to better diversify the supply chain away from china. of aappears to be part longer-term strategy for the united states and the president saying he is not interested in any short-term deal with china as the covid-19 response continues. ,lix: we also learned overnight the trump administration is trying to block investments in chinese stocks by government savings funds. can you walk us through what we have learned? kevin: this would have gone

kevin cirilli spoke with the u.s.ry about the trends in recent jobs data and the administration's plans to stop the crisis. >> the numbers for last week were a little bit under 3 million. it is a high number. we are looking at 36 million americans have filed for on employment. that is a lot of hardship. it is difficult to see. we are reminded daily of the sacrifice workers and their families are making has we try to beat the virus -- making as we try to beat the virus. the number of people is declining. earlier. filing there is a backlog being worked through. we know the situation is fluid. we know people are going back to work. that is good news. ordinarily we talk about how jobs were lost. said 20.5 million jobs were lost. i look at it as many of the jobs are still there. workers know they are there. companies know they are there. we are preparing for people to go back into the jobs. >> does the data reflect that optimism? two people feel their jobs will be there when they were -- do people feel their jobs will be t

secretaryhe labor speaking with kevin cirilli. let's talk about education.chool year is almost over. for college students, plan b may well be taking a gap year or living at home and enrolling in community colleges. be colleges, plan b may hybrid instruction. down the road, what does higher education look like? let's ask scott galloway, professor of marketing at nyu and host of vice tv series no mercy, no knowledge. it is clear that the pandemic has exposed the flaws of higher education's business model and schools will have a hard time surviving down the road. a you think we will see string of collapses at colleges? scott: good to be with you. if you just think about the waterfall here, 10% to 20% of kids don't show up for school in the fall of the 4 million they were expecting to be freshmen on campuses, the tier one schools are fine. they just reach into their waiting list. it has never been a better time to be on a waiting list. then the tier two schools reach into their waiting list. at some point, you get to the tier three schools that don't have waitin

kevin cirilli is in washington now with the lawmaker behind the effort.d: i'm joined by sherman of california. you have introduced bipartisan legislation out of the house financial services committee that would allow for chinese firms to have to comply with the transparency regulations that regulated and other exchanges have to abide by. rep. sherman: i chair on the subcommittee dealing with capital markets. this had enormous support in the senate. i've been working on this a long time, but now, politically, is the time to move it. we ought to provide protection to american investors when they are investing in an american stock exchange. this is not just about china. as it happens, belgium will also be affected by this. kevin: you say the time is now politically. why now? rep. sherman: elements of the close to therty business community just wanted business to go on as usual. the business community usually wants business to go on as usual. then president trump determined that xi had not been truthful about the covid virus, and all of a sudden, that level o

alix: kevin cirilli joins me now with more. what else did we learn from the president? walk this forward now that the senate is coming back to d.c. today. kevin: good morning. the president in that fox news town hall making a declared a statement as it relates to negotiations with lawmakers, saying he would not support any economic stimulus lesson it includes a payroll tax cut. drawing aent clearly line when it comes to a payroll tax cut. predictionssed the for the virus, saying it could be 100,000 deaths due to covid-19. make, in point i would addition to tough talk on china, he once again asserted that tariffs might be back on the table as it relates to china, no doubt signaling that the economic relationship with the u.s. and china is entering into another volatile phase as a result of what we have seen from covid-19. alix: thanks so much. now we want to turn to europe, where european manufacturing suffered an unprecedented slump in april. output, new export orders, new orders, and purchasing activity all falling at record rates. michael mckee has more. similar to wha

alix: kevin cirilli joins us with more. good morning, kevin. kevin: good morning. the president returns from that trip to arizona, really signaling that he is going to be taking his message of reopening the economy back on the campaign trail in arizona, where polls have him trailing joe biden anywhere from 4% to 6%. clearly, arizona a state that republicans would like to win in 2020. still re-upping estimates of casualties from covid-19 to anywhere from 70,000, as they had said, to over 100,000 deaths. finally, interesting new development in terms of reopening the economy. lawmakers in congress continue to grapple with what exactly the next round of economic stimulus would look like, the battle lines being drawn. speaker pelosi says she wants to see increased funds for state workers as the president continues to dig in on adding a payroll tax cut. a bipartisan report lawmakers known as the problem solvers caucus have also released a checklist that they say must be included to help small to include new assistance for them, to boost their businesses to better covid-1

overnight --atest kevin said really joins me now. cirilli -- kevin joins me now. he suggests there is a disinformation platform to try to discredit some of the reports coming from europe and the united states related to the coronavirus. in addition, the president also making claims that he believes seeident xi is desperate to former vice president joe biden beat him in november in the u.s. election. would make.ints i secondly, it comes as the president is really increasing his efforts to increase the rhetoric against president xi, but also as lawmakers on both sides of the aisle are suggesting that there might need to be some type of policy coming out of washington in order to go back against china. a host of different rhetorical increases over the last 24 hours. it comes as other chinese officials have also criticized secretary of state mike pompeo with regards to his public comments surrounding taiwan. any new developments coming from washington with u.s.-china relations. alix: thank you very much. now we turn to data out of europe. we are still getting data fro