this is bloomberg. ♪ this is bloomberg. ♪ mark: i'm mark crumpton with bloomberg's first word news.ials say the coronavirus pandemic is likely to increase "considerably." the world health organization says overnight reporting showed 85% of the new cases were reported in europe and in the united states. a spokesperson cited what she called a glimmer of hope in a hard-hit italy after two days of slight declines in the number of new cases and deaths. health officials warn it is too early to call that a trend. italy is considering imposing fines of up to $3200 for those who violate the nationwide lockdown orders. police may also seize the vehicles of anyone caught violating the restrictions. has shut downster almost all industrial production. the current fine for violations is about $200. the french economy is in a record downturn. prevent the coronavirus pandemic has shut down businesses and forced consumers to stay at home. france's gdp is

from toronto and new york, this is bloomberg. ♪ mark: i am mark crumpton with bloomberg first word newsklobuchar is dropping out of the democratic presidential race. she said she will endorse former vice president joe biden. she is set to join biden at his rally tonight. senator klobuchar performed poorly in three of the four early voting states. the momentum from the third-place finish in new hampshire quickly vanished when she finished in sixth place in nevada and south carolina. health officials in the united states say there are 91 confirmed cases of coronavirus in 10 states. the centers for disease control and prevention says that includes 45 infections among people who were on the diamond princess cruise ship, which is one more than previously reported. 17 of the u.s. cases have been hospitalized and two peptide. some american troops in afghanistan will be coming home soon. defense secretary mark esper says he has given the top u.s. commander in afghanistan the go ahead to begin the initial withdrawal of u.s. military.

this is bloomberg. ♪ are down 6.5% on the dow jones industrial average, the worst-performing stock index today. mark: i'm mark crumptonh bloomberg first word news. officials are cracking down on companies they say are trying to trick the public into buying fake rotavirus cares. the fda and the federal trade commission say seven companies are not only breaking the law but are putting patients at risk by falsely claiming their products can prevent or treat the virus. bakker is onejim of those who received a warning letter. no treatments or vaccines have been approved for coronavirus. more than 110,000 people have been infected worldwide. nearly 4000 have died. joe biden and bernie sanders have high hopes heading into tomorrow's democratic presidential primary in michigan. him an win could bring insurmountable lead of delegates by mid-march with a clear path to the domination. a santa's victory would help to bridge the gap in delegates joe biden opened up on to produce a. even if sanders loses in michigan, he says he doesn't plan to drop out of the race. israeli prime minister benjamin netanyahu says his attorneys need m

news 24 hours a day, on-air, and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. i'm mark crumpton. this is bloomberg. ♪ >> july from bloomberg world headquarters in new york, i'm taylor riggs. amanda: live in toronto, i'm amanda lang. welcome to bloomberg markets. we are joined by our bloomberg and bnn bloomberg audiences.

this is bloomberg. ♪ this is bloomberg. ♪ mark: i'm mark crumpton with bloomberg's first word news.nt trump is an tennessee touring neighborhoods were devastating tornadoes swept through the state this week. the president is in putnam county where a 20 oh killed 18, including five children under 13. many more were injured. statewide, the death toll stood at 24 from a pair of storms. president trump was met by governor bill lee and other top officials. mr. trump described the tennessee tornadoes is horrible and vicious. health officials in washington state's king county have sent 15 patience from a nursing home to the hospital. the facility has seen the highest number of cases and deaths from coronavirus in washington state. 30 federal officials will arrive on saturday to help with the situation at the nursing home. iran warns it may use force to limit travel between cities. iranian health officials did not elaborate on the threat but did acknowledge the coronavirus is now in all of the country's

bloomberg television and radio. g television and radio. mark: i'm mark crumpton with bloomberg first word news.officials in the united states say there are now 91 confirmed cases of the coronavirus in 10 states. the centers for disease control and prevention say that includes 45 infections among people who were on a diamond princess cruise ship, which is one more than previously reported. 17 of the u.s. cases have been hospitalized, and to have died. polls show bernie sanders dominating the democratic race in california, a day before the primary. one survey has in leading joe biden 32% to 14%. boosted by been california's crisis over income inequality and housing affordability. the state is one of 14 holding primaries tomorrow on super tuesday. long-awaited trade talks between the european union and britain kickoff today. the eu's chief negotiator has warned the u.k. that no deal can provide the frictionless trade that membership in the eu did. the u.k. let the european union january 31.

. ♪ with i'm mark crumpton bloomberg first word news.enate is expected to take up the house's coronavirus relief package but it comes as the white house asks for a sweeping emergency stimulus package to help business and taxpayers cope with the fallout. as he opened the senate today, majority leader mitch mcconnell promised swift action. >> it is almost impossible to exaggerate the pace of change over the past weeks and days. but americans are strong. we are resilient. ais is a proud nation with world changing history. and we have come through far greater challenges than this. this is not a time for fear or panic. if your house is on fire, the worst thing -- the first thing you worry about is not smoke damage to the roof. you try to put out the fire. this is what our proposal does. it means first and foremost, we work to address the coronavirus itself and the people most impacted. new proposal of sick pay, emergency food aid, and virus testing was approved over the weekend and is pending before the senate. china will effectively expel a

global news 24 hours a day on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. i'm mark crumptonoomberg. romaine: banking and financial stocks having their best day since 2011. that is coming off one of their worst days yesterday. let's bring in the head of equity strategy. gerard cassidy. they were a man of many hats. banks, talk about obviously the business model is predicated on borrowing at lower rates and lending in higher long-term rates. i know that is a simplification. but have seen that gap narrow between short-term and long-term yields. what are you seeing? wellthink you summed it up i think it is very straightforward. banks take in deposits and make loans. they obviously like to fund those loans with lower cost deposits and higher-yielding loans. today, the flat of the yield curve. the industry does better in a steeper yield curve environment. you saw the 10 year rise. yesterday, we saw the plummet in the 10 year bond yield. that really very important we do have a steeper yield curve. again next week and we start to see the long end , that curve creep up would be posit

. ♪ with i am mark crumpton bloomberg first word news. trump says the government is ahead of the coronavirus outbreak and it is not inevitable that the disease will spread in the united states. he spoke to reporters as he left the white house to visit the national institutes of health in maryland, which is working with drugmakers to accelerate research into vaccines and treatment for the coronavirus. washington state is reporting that nine people have died from the virus. at least 100 americans have been infected. governor andrew cuomo says a man north of new york city is hospitalized. the second confirmed case. manays the unidentified commuted to work in manhattan and lives in a home with his children. workses in westchester, in manhattan. has been with his family in westchester. we are now going through possible connections to track down possible connections to find people. mark: he added that a school in of thenx attended by one man's children has been closed as a precaution. one other case, a manhattan woman in her 30's who contracted

bloomberg. powered by more than 2700 journalists and analysts in over 120 countries. i am mark crumptons is bloomberg. david: thank you. johnson & johnson may news today when it said it identified working with hhs a possible candidate for a vaccine. it will go into testing in september and if it succeeds, we could have something as early as next year. i got to talk with the chairman and ceo, alex gorsky. alex: we are hopeful that in these cases it correlates with what we expect to see as we take this into human testing. we also know we need to complete those other trials and we will be doing that. production andup we will have global production both in europe and the united states. we expect to be in a position by the first quarter to have a much better perspective on the vaccine itself, the kind of quantities we need available, the goal is hundreds of millions. obviously to work with regulators and others depending on where the coronavirus is at that time to try and make this accessible on an emergency basis. david: give us a sense of what the testing process is. is it a normal process

news 24 hours a day, on-air, and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. i'm mark crumpton. this is bloomberg. ♪ >> live from bloomberg world headquarters in new york, i'm shery ahn. amanda: live in toronto, i'm amanda lang. welcome to bloomberg markets. we are joined by our bloomberg and bnn bloomberg audiences. >> here are the top stories we are following from around the world. equity markets plummet. the stoxx 600 recording its worst day on record, plunging more than 11%. in the u.s., the s&p 500 plunging more than 8% at its lows, triggering a circuit breaker for the second time in a week. reserve nowral stepping in, injecting massive amounts of liquidity. to thes adding optimism market, the stock bouncing off the lows but struggling to maintain momentum. amanda: just checking in on those major averages, as you note, it is the intraday move that will be the story of the day. veryw markets tracking steep declines, including here in toronto, one of the steepest on record, close to the 1987 declines. we are off the lows of the session as we heard from the new york fed. amon

. ♪ witham mark crumpton bloomberg's first word news.dent trump has signed a coronavirus spending bill. say congress will likely have to provide more emergency funding before the virus outbreak subsides. they're more than 200 confirmed infections in the united states. democratic leadership in theington state is praising trump administration for providing billions to help the coronavirus outbreak. met with jayt inslee and other officials dealing with the worst coronavirus outbreak in the country. they should be proud of of leadershipand local and first responders. the way you have come alongside families that have been impacted is really representative of the and all ofrd of care america's hearts are with the people of washington state. he said he was glad the federal government was sending more than thoughts and prayers. reportedn state has 70 cases of the coronavirus. the u.s. government is sending 150 military police to two border crossings to do with asylum-seekers in case of a federal appeals court strikes it down. the ninth court of

let's get a quick check on bloomberg first word with mark crumpton. mark: thank you. ident trump plans to declare a national emergency over the coronavirus outbreak. bloomberg has learned the president will invoke the stafford act, which will open the door to more federal aid for states and municipalities. mr. trump will hold a news conference from the white house at 3:00 washington time. bloomberg will bring that to you live when it happens. candidates parliament is shutting down for at least five weeks. the government says the goal is to keep lawmakers from contribute into the spread of the coronavirus. this comes after justin trudeau's wife tested positive for the virus. the prime minister has been self imposed quarantine. the european commission has taken steps to minimize the coronavirusact the pandemic takes on its member states. the commission is setting up a member fund and will increase -- economies,o biggest germany and france, have pledged hundreds of billions of dollars in guarantees to protect individuals and small businesses. the world health organization

let's get to bloomberg first word news. we turn to mark crumpton. michael bloomberg ended his presidential campaign today. he spent more than a half $1 billion but failed to per se -- persuade democratic voters he was the best choice to defeat president trump. bloomberg says he is endorsing joe biden. he's the founder and majority owner of bloomberg lp, the parent company of bloomberg news. italy is taking steps to contain the spread of the coronavirus. the country education ministers as italy is shutting down schools and universities until mid-march. states,, in the united but number of coronavirus related deaths now stands at nine. all but one of those have taken place in the seattle area. global infections have risen 93,000. in tennessee, at least way for people are dead, dozens more missing after tornadoes ripped across four counties early tuesday. tens of thousands are facing no electricity, gas, or water. many roads are impassable. one of the most powerful twisters struck downtown nashville, killing two people there. some troop -- some super tu

bloomberg. mark: i'm mark crumpton with bloomberg's first word news.ll is hoping to push the nearly $2 trillion stimulus plan through the chamber today. the house would need to approve it before president trump can sign it into law. the measure provide support for individuals and businesses. but not all americans who need the direct payments will be getting them. issue.ing remains an further aid may be needed to help a wider range of people and companies. across the united states, unemployment benefit websites have been crashing. the systems are buckling under the weight of the coronavirus's economic fallout. national jobless claims last week saw the biggest spike since the aftermath of hurricane sandy eight years ago. jumping 33% to 281,000. this thursday's figure could be as high as 3 million, quadruple the record set in 1982. german chancellor angela merkel's government has unlocked a historic rescue package. the majority of lawmakers voted to allow additional borrowing to combat coronavirus crisis. the new borrowing of

mark warner. this is bloomberg. ♪ ♪ -- mark: i am mark crumpton with first nerve -- word news. elizabeth warren is not ready to put her support behind any of the 2020 presidential democratic candidate. she told campaign staff, i refuse to let disappointment blind me are you to what we have accomplished. she never placed higher than third in any primary contest. federal prosecutors have charged former head of the united auto workers with embezzling more than $1 million. the government says gary jones conspired with fellow union readers to steal from uaw assets over a nine-year time span that began in 2010. prosecutors said they used the money for luxury vacations, as well as high-end liquor and cigars. afterresigned last year being implicated in the corruption scandal. federal agents raided his home in august. president trump says he will deny federal funding to so-called sanctuary cities. on twitter, he called last month's court ruling which said his administration could block law enforcement funds to states and cities that do not cooperate with

i'm mark crumpton with bloomberg's first word news. bloomberg world headquarters in new york, i'm shery ahn. amanda lang.'m welcome to bloomberg markets. we are joined now by our audiences, and here are the top stories we are following from around the world. market losses are accelerating as the world health organization declares covid-19 a pandemic. than&p 500 now down more 4%. stocks have erased yesterday's gains and are losing ground in 12 of the last 15 sessions. this amid concerns of around the trump administration's response to the novel coronavirus. the president has failed to deliver on his promise of a sweeping stimulus package to and crude outbreak, oil prices are extending their declines as saudi arabia and the united arab emirates pledge to boost output. we will have an opinion from harold hamm of continental resources. that's still ahead. shery: let's get a quick check of the markets. stocks are obsession lows, but the s&p 500 and the doubt now down more than -- the dow down more than 4.1%. groups in the s&p right now sink

bloomberg. powered by more than 2700 journalists and analysts in over 120 countries. i am mark crumpton and this is bloomberg. ♪ vonnie: another day of risk off. we bring you special coverage here on bloomberg television. ♪ ♪ this is bloomberg markets and i am vonnie quinn. corporate clients and consumers are pouring in as they seek shelter. joining us on the phone is mike mayo at wells fargo securities. thank you for joining us. i was just speaking to gina martin adams and banks are down almost 40%. changing? that ke: don't get too excited. this is a wonderful time to be a buyer of bank stock. today, banks are part of the solution. yes, there is a bank earnings recession but not a bank balance sheet recession. let us talk about the earnings recession. these are sobering times. we expect credit losses to increase by double. the debt interest margin to decline in earnings down over the next two years. that is bad. short-term profit are less important. layoffss are suspending and banks are waiving fees and showing forbearance. regulators voluntarily give buybacks. they are higher up in th

bloomberg. ♪ ♪ mark: i mark crumpton with bloomberg's first word news. senate has cleared the second major bill responding to the coronavirus endemic with lawmakers -- coronavirus pandemic with lawmakers struggling to catch up with a investment package which could cost $1.3 trillion. the vote today following house passage saturday since the president a measured providing paid sick leave, food assistance for financial help for coronavirus testing. the president said today he is invoking the defense projection -- production act as the u.s. department of housing and urban development is suspending foreclosures until the end of april. the defense production act allows the marshaling of the private sector in response to the pandemic. the white house said this in the briefing room, the third day in a row the president appeared there. >> we are all in this together and we will come through it together. it is the invisible enemy that is the toughest enemy. we are going to defeat the invisible enemy. i think we will do it faster than we thought. mark: the united

bloomberg tv. ♪ mark: i'm mark crumpton with bloomberg first word news.dent trump will visit the centers for disease control and prevention in atlanta this afternoon. the trip was initially canceled because of concern that someone at the cdc may have contracted the coronavirus. thepresident will stop at agency before going to his mar-a-lago result -- resort in palm beach, florida for the weekend. the president first went to nashville, tennessee, where he surveyed this week's storm damage. the president has signed the emergency coronavirus spending bill. andmeasure reimburses state local governments for preparing for the virus. lawmakers say congress will elect they have to provide more emergency funding before the virus outbreak subsides. there are more than 200 confirmed infections in the united states. another cease-fire has taken effect between turkey and russian backed syrian forces. it's the latest in more than two years of efforts to contain the region. in syria policy ib region. idl

this is bloomberg. ♪ mark: i'm mark crumpton with bloomberg's first word news. dr.ci says he can't jump in front of the microphone to stop president trump from speaking at the white house briefings on the coronavirus outbreak. the nation's top infectious disease expert tells science magazine that the president listens "even though we disagree on some things." dr. fauci says he told the appropriate people after the president made an incorrect statement about when the virus emerged. dr. fauci says the president's aides may caution him against repeating the statement but if the president chooses to say it again "i can't jump in front of the microphone and push him down." thousands of inmates across the country are being released early. it is an effort to prevent a coronavirus outbreak in crowded jails and prisons. the wall street journal says jails in california, new york, texas and at least a dozen other states are sending low-level offenders and elderly or sickly home.s officials also are banning visitors restricting inmates movements, and screening staff. secretary

news, 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. i'm mark crumpton is bloomberg. romaine: china quantify the economic impact of the coronavirus. game. been a guessing some investors are turning to alternative data. amen is the founder of cuemacro. you have been involved in alternative data for a while. can you give us a sense of how we can use those to sauce out the effect of this -- to suss the effect of this economy? saeed: one is trying to track the buyers itself. from an investor viewpoint, the primary thing you can do is try to understand the economic impact of it. traditionally, we have used gdp data to understand the impact on economic growth. with alternative data, we can have more high-frequency measures for aspects of the economy whether it is growth, consumer demand and so on. joe: if we look at a country like china, there is no question, especially in the first quarter, activity by any measure got clobbered. some of the most staggering charts you will see anywhere. what about in developed economies where we have not seen an explosion of c

now we turn to mark crumpton for bloomberg first word news. mark: new york state has confirmed its second case of coronavirus. a 50-year-old man who works in manhattan and lives in westchester county has been hospitalized. andrew cuomo says the man had recently traveled to miami, but not any country with an ongoing outbreak. it is not clear whether he had been in contact with anyone who had been infected. tornadoes ripped across tennessee earlier, killing at least 19 people and destroying 40 buildings. one of the twisters caused severe damage in downtown nashville. schools, courts, and transit lines were closed, and some stations weregs moved only hours after super tuesday voting was set to begin. the united nations nuclear watchdog says iran has tripled its supply of enriched uranium in the last three months, and now has more than a ton stockpiled in violation of the 2018 nuclear deal with world powers. iran has been slowly violating provisions of the deal in the hopes other nations will pressure the united states to lift sanctions against ira

or bloomberg first word news, we go to mark crumpton. senator elizabeth warren has dropped out of the 2020 democratic presidential race after seeing virtually no path to the nomination. on did not win any states super tuesday, not even her own state of massachusetts. she has not address the question as to which remaining candidate she will endorse. bloomberg has learned worn plans to tell her stop this morning and make a public announcement today. in the dubai desert, seven world health organization workers are racing to sort, package, and send out hundreds of shipments to medical supplies to countries around the world battling the coronavirus. isand for medical supplies skyrocketing as the virus spreads around the world. cases have been reported in about 80 countries. willdent trump says he deny federal funding to so-called sanctuary cities. the president cited last month's court ruling which said his administration could block law enforcement funds to states and cities that don't cooperate with federal immigration authorities. shouldsi

news 24 hours a day, on-air, and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. i'm mark crumpton. this is bloomberg. shery: live from bloomberg world headquarters in new york, i'm shery ahn. >> live in toronto, i'm jon erlichman. welcome to bloomberg markets. we are joined by our bloomberg and bnn bloomberg audiences. shery: here are the top stories we are following from around the world. u.s. stocks rebound from the biggest route since 1987, as the government steps of its efforts to stimulate the economy. volatility surging to record highs as traders grapple with the coronavirus. this as the federal reserve rams of efforts to keep financial conditions in check. the fed announcing plans to provide companies with short-term credit and ponder rule revisions to free up capital. more details on that push for stimulus. secretary mnuchin saying that they want to send checks to americans within two weeks. more details on that story coming up. stepping up stimulus. some investors stepping up with the s&p, dow, and nasdaq in positive territory at this hour. it has been another volatile tr

news 24 hours a day, on-air, and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. i'm mark crumpton. this is bloomberg. taylor: this is bloomberg markets. i'm taylor riggs. mixed messages from the u.s. government. the fda is pushing back against president trump claims that the antimalarial drug chloroquine has been approved for testing as a coronavirus treatment. for more on a path to a cure, i deka.o bring in nina talk about some of the companies that you see on the front line developing vaccines, antidotes for the coronavirus. >> one in particular is doing treatments to help mitigate some of the symptoms with the lungs that can help people get off of respirators. they are also working on a hopes to gete ceo them in travel by august. as a long-term investor, i'm not necessarily investing in them because of what they are doing. in the last 10 years, every time there has been a deadly outbreak, they have stepped up and have enabled to come up with exceeds. every time they do it, they get faster. that means their genetic engineering case that capability is working and is scalable. tay

news 24 hours a day, on-air, and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. i'm mark crumpton. this is bloomberg. >> live from bloomberg world headquarters in new york, i'm vonnie quinn. amanda: live in toronto, i'm amanda lang. we are joined by our bloomberg and bnn bloomberg audiences. here are the top stories we are following from around the world. states of alarm. president trump expected to officially labeled a pandemic a national emergency. canada suspends parliament. investors looking for increased government response. gold is heading for its worst week in almost a decade as even safe havens need to climb. and all eyes on credit with turbulent markets, concerns grow about available cash. let's get a quick check on the major averages. we are starting to grind higher again. we have since about 12:30, after discovering the president would declare a state of emergency. let's bring in a taylor riggs for more on the markets. definitely has been a trying day for those in the markets. it is friday. in europe, we tracked a bit lower, so the u.s. is following suit. taylor: still

mark: i'm mark crumpton with bloomberg first word news.dent trump plans to declare a national emergency over the coronavirus outbreak. bloomberg has learned the president will invoke the stafford act which will open the door to more federal it four states in the disabilities. the president will hold a news conference from the white house at 3:00 washington time. bloomberg will bring that to you live when it happens. pandemic isrus starting to impact the u.s. presidential election. libby is in officials have decided to postpone the states april primaries until june. more than 30 state residents have tested positive for the virus. most of them in new orleans. toisiana is the first state take the step but officials say more could follow. postponedlso elections in 2005 after hurricanes katrina and rita and the 2008 after hurricane gustav and ike. canada's parliament is shutting down for at least five weeks, to keep lawmakers to keep from can to getting to the spread of the virus. this after the wife of justin trudeau tested positive for e

news, 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. i'm mark crumpton. this is bloomberg. scarlet: -- vonnie: it is 1:00 a.m. in london. welcome to "bloomberg markets." let's check the majors and the 10 year. off this piece of news, the imf has released a statement on the conference call of the conference call and says the global economic retraction this year and a recovering here. nearly 80 countries are requesting our help. but is a direct quote from the imf, nearly 80 countries are requesting help from the imf. we have seen that with dollar strength. the dow jones industrial average off its lows, down 1.5%. s&p 500 down 1.4%. nasdaq has turned around, it has been a good day for its semis. the 10 year yield, 74 basis points. we are getting a headline that the u.s. will speed up firms teaming up on virus cures and virus potential busters. we will see if that leads to anything. that could be responsible for a brighter tone in the markets. coming up in a minute or two, bill ackman will join me, we will talk to him about all things coronavirus related. ri

news, 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. i'm mark crumpton. this is bloomberg. scarlet: -- vonnie: it is 5:00 p.m. in london. i'm vonnie quinn. welcome to "bloomberg markets." here are the top stories on the bloomberg and around the world that we are following. as mark mentioned, the u.s. senate is planning a vote on what is being hailed as the biggest economic rescue measure in u.s. history. it is more than a $2 trillion spending of rates to bolster the u.s. economy but will it be close to enough? stocks may be climbing again today. there is still stress in parts of the market. the stress of that supply surged $550 billion in the past week. plus, the rates for the coronavirus vaccine. we will get an update from the ceo from buying -- from the pharmaceutical research companies. all of that, plus a goldman sachs re-rating in the next half-hour. let's get to taylor riggs. we are halfway into the trading day. it has a hue to it. taylor: yes, it does. we have even had a back-to-back to back against since february 12. when you get a 5% or more aga

mark crumpton. this is bloomberg. vonnie: i am vonnie quinn. we are joined by --. vonnie: here are the top stories we are following. emergency interest rate cuts, slashing targeted rates by half a point. we will be speaking with larry summers. investors worried the move might not be enough to comply with the needs of the economy in terms of combating the virus. falling to fresh records. the chevron chairman and ceo will have a conversation shortly. tonda: major market reaction the move by the federal reserve and the reaction was volatile. with a swing of about 110 points. averages,n the major broad markets moving lower. interest rates are a pocket of strength for the broad markets. energy and financials are a drag. , where they might be affected by a cut, industrials, consumers, staples. gold is on the move higher. the 10 yearing yield, close to 1%. 1% levelbreak the today. it would be a big moment. vonnie: it has been on the cards , but we have been bouncing away from it and we are down there again. i want to give you an idea of what it looks like, the s&p 500 coi

news 24 hours a day, on-air, and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. i'm mark crumpton. this is bloomberg. ♪ >> july from bloomberg world headquarters in new york, i'm taylor riggs. amanda: live in toronto, i'm amanda lang. welcome to bloomberg markets. we are joined by our bloomberg and bnn bloomberg audiences. taylor: here are the top stories we are following from around the world. u.s. equities are the bulk of their gains. the s&p 500 turning negative after gaining this morning. now trying to stay in the green. some signs of hope for the airlines. president trump thomases to help the industry as u.s. carriers slash domestic and international service. oil rebounding after its worst loss since 1991, even as saudi arabia escalates its price war with russia. oil looking for a potential tax cut to shield the economic impact of the virus. amanda: let's get a quick check on the major averages. it's been a volatile session, of course. we opened up, and then we saw a big swing. almost 3.5% gains were lost. we can see the broad s&p 500 off the lows of the session but certainly

global news 24 hours a day, online and at quicktake on bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. i'm mark crumpton. this is bloomberg. david: a hiring search last month, but can the labor market hold up as the coronavirus spreads? we ask alstom goolsbee at the university of chicago. this is bloomberg. ♪ david: this is "balance of power.". i'm david westin. the u.s. labor market surprised upside last month with wages going up at the rate of 3% per year. the president's senior executive advisor showed just how strong the u.s. economy is but did warn growth would be slow in the second quarter. are better there you may be 2.5% to 3% in the first quarter. i know, as a realist, economic growth is likely to slow in the second quarter and maybe the third. david: for his take on the state of the u.s. economy looking forward, we welcome austan goolsbee, former chairman of economic advisers under obama and currently economics professor at the university of chicago booth school of business . us.s great to have you with as an economist, from the white house, what is your take on where the state of the economy

bloomberg markets. let's check in with first word news with mark crumpton. : president trump's team has been working on a potential economic stimulus package for 10 days but was not yet prepared to provide specifics. bloomberg has learned the president surprised members of his administration by promising to unveil a package today. the proposals expected to include a payroll tax cut and is short-term expansion of paid sick leave to help calm markets that have been battered by the coronavirus outbreak. with the coronavirus now and at least 100 countries, health officials say the global shortage of medical masks is likely to get even worse. the shortage is leading governments to jockey for supplies, including the united stockpilingh is come and germany and south korea, with have banned exports altogether. health officials warned that restrictive trade measures could worsen the shortfall and make poorer nations more vulnerable to the spread of the virus. putinn president vladimir is setting the stage to be able to stay in power until 2036 speaking to lawmakers to

bloomberg. ♪ ♪ mark: i'm mark crumpton with bloomberg first word news.ouse advisers plan to meet with president trump this afternoon when he returns from florida. they're expected to present him with a list of potential fiscal policy responses to combat the spread of coronavirus. meantime, the president is trying to downplay virus fears. on twitter today he said the number of flu cases are outnumber the number of coronavirus infections. he says nothing is shut down, life and the economy will go on. in new york, governor andrew cuomo says the director of the port authority has been confirmed to have coronavirus. he is on home quarantine. american troops have begun leaving afghanistan. officials tell the associated press it is part of the troop withdrawal required in the u.s.-telegram peace agreement. the u.s. plans to cut the number of forces in the country from 13,000 to 8600. -- afghan capital

news, 24 hours a day, on-air and on quick take by bloomberg, powered by journalists and analysts inward than 120 countries. by mark crumpton is bloomberg. for the week.ne these are the final numbers on the session for the european majors. a negative day -- most of the major markets went down, so they were off their lows, 4%, 5%, 6%. the ftse 100 leading the and oil stocks taking it on the chin. european stocks have been up this week, the oil sector has been a big out performer, 20%. intoht volume day going the weekend. obviously there is risk to be carried into the weekend. a rebalancing story looks like it is fading off a bit as well. we will see what this story looks like come monday morning. we will carry on the coverage at the top of the hour, getting the u.k. briefing as well. on dab take you live digital radio. that's coming up at the top of the hour. this is bloomberg. ♪ vonnie: live from new york, i'm bonnie quinn, along with guy johnson in london. this is the european close on bloomberg markets. let's get more insight on today's action. riley. us is david down dayates, another today, and it is friday. summarize wh

global news 24 hours a day on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. i i'm mark crumptonoomberg. ♪ ♪ romaine: we all know smile direct club, known for direct to consumer on teeth whitening and retainers. the company is making a bit of a shift. there using 3d printing technology to make medical grade face shields and facemasks. joining us, dan baker from smilediricect. give us a breakdown. what exactly are you making it how are you getting into the hands of health care workers? dan: about a week or so ago, we transitioned our 3d printing assets to get away from teeth alignment to make face shield. we are making around 7500 per day and shipping them direct to the parties that have shown interest, predominantly hospitals and medical workers on the frontline. forlet: you have suppliers your aligners that you currently make. youou make the same -- do use the same suppliers for these new products? dan: we are able to use pretty much the same materials. we are working with one of our suppliers, westrock, which film for thep.e.t. front of the face shield. we have had such a great

global news 24 hours a day on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. i am mark crumptonoomberg. ♪ ♪ romaine: demand destruction and supply saturation looks to push oil down to its lowest level in years. have seen invel we quite some time. bloomberg intelligence mati strategist joining us right now on the phone. is there any real support right now for what we are seeing in the oil market? mike: i think it goes back to the key level that really .atters for wti crude oil on the year is down almost 70%. this would be its worst year ever. it has a good reason to be down. around already, dollars, that does not matter much. lowsis basically the old from 2008, 2013. if we drop $10 from here, that is significant deflationary implication. scarlet: one thing that comes up over and over again, people are describing the oil market is broken. from where you sit, what does that mean? and when with the last time it -- oroken or is broken this broken? reallyroken, i don't subscribe to that. we know this is a pretty significant global recession. you look at bond yields at the lowest level

global news 24 hours a day on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. i'm mark crumptonbloomberg. ♪ romaine: apollo telling investors -- the headline coming across the wires. the investment firm apollo global apparently briefed limited partners on tuesday. the investment company apparently tracking more than 250 potential opportunities to scoop up distressed assets. program, on this gilead sciences stock rose today. the treatment for covid-19 getting a coveted regulatory designation but it has one advocacy group up in arms. this is bloomberg. ♪ scarlet: we saw shares of gilead sciences rise today after its forrimental treatment the coronavirus got preferential treatment from regulators, which could result in a tax break. we are talking about the fda giving that drug the orphan drug designation. what exactly does that mean? >> orphan status is usually reserved for drugs for rare diseases that only affect 200,000 people or less. along with tax credits you mentioned, it comes with seven years of exclusivity, meaning that gilead would be the only one to make or sell this dru

news 24 hours a day, online and at quicktake on bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. in new york, i mark crumptons bloomberg. ♪ inaine: senate republicans the u.s. proposing 58 billion dollars in loans to airlines who have seen their traffic plummet over the covid-19. will there be enough to support the industry? let's bring in nicholas calio president and ceo of airlines for america via skype. let's talk about with the airlines need to remain solvent and what they would need to get back up and running once we get through this downturn we are going through. nicholas: thank you for having me. it is a matter of remaining solvent and getting up and running. right now we are in a situation that two weeks ago seemed unimaginable. we have seen traffic plummet in a mind-boggling fashion. we are down to low factors of 10% to 20% and that is going down day by day as more and more restrictions. we were flying planes three weeks ago in record numbers. we had 85% to 100% load capacity and now is that 10% or 20%. at the same time, bookings have fallen off precipitously and cancellations have skyrocketed. it i

global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. i am mark crumpton. this is bloomberg. ♪ vonnie: i am vonnie quinn, welcome to bloomberg markets. here are the top stories we are following. the fastest u.s. stock rally in nine decades is showing some signs of fatigue. nervous aboutin the effects of the coronavirus pandemic. bostic from president who expresses some confidence that the economy can rebound strongly. later we speak with nobel prize-winning economist joseph stiglitz, who will discuss whether the stimulus efforts are enough to save the global economy. before we get to our market check i want to point out that the baker hughes count is out. down 44 to 728 last week. right now crude oil is deteriorating even further. down 5.1%. taylor riggs is with us to take us through the rest of the trading day. taylor: i want 10 fold and some of that analysis you are getting some -- getting from the baker hughes index. it is off about five-and-a-half percent or so. industrials as well. until today they were up 15% or so. on the past three days we had a lo

global news 24 hours a day on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. i'm mark crumptonbloomberg. ♪ ♪ the past few weeks, as the world was gripped by panic over the covid-19 coronavirus, latin america looked unscathed. but now, the virus headed toward that region and many medical nationals are worried that the rate and speed of it could leave the region unprepared. joining us, shannon o'neill. thank you for taking time to be with us here today. i am just wondering, by all measures, latin america has had good head start. to see what happened in asia, in europe, in the u.s. and north america, how prepared are these countries in central america, south america, for now what appears to be coming their way? there have been very different reactions from different governments. some of them took that advice and immediately started shutting their borders, closing the airports, having citizens isolate themselves. peru, argentina, others. mexico, their president being rather nonchalant, telling people that it has not hit yet and maybe will not come. very different approaches from th

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 am mark crumptonmberg. ♪ scarlet: credit markets are looking to extend gains and companies are looking to tap the market as well. smith, r bloomberg credit reporter. we know there has been positive movement and you have companies from mcdonald's to 3m issuing bonds in the u.s. and europe. of these companies being opportunistic or do they need the cash? molly: it is a little bit of both. it is a mixed bag across the board today but i will say that definitely it is helping that we are seeing the third continued day of credit risk easing. it is so interesting how quickly things can change. you look at mcdonald's, just three weeks ago they borrowed five-year bonds at a time of 75 basis points. today it is nearly three times as expensive. goes to show how much of the front end has really sold off. but compared to even two days ago, it has been drastically better for a lot of companies in executing these deals. romaine: definitely an encouraging sign that some companies are able to go out and raise debt and

news 24 hours a day, on-air, and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. i'm mark crumptonthis is bloomberg. greg: this is bloomberg markets. i'm greg bonnell in toronto. taylor: i'm taylor riggs in new york. it is time for a bloomberg quicktake. while the warm weather curb the coronavirus? president trump has weighed in, saying sunshine could chase it away. health experts say it is more complicated than that. it is too early to tell if climate is a factor. the coronavirus only appeared in central china at the end of the year. officials say there is no reason to believe temperature will play a role in the outbreak, but they say is worth investigating. in temperate regions, the flu is largely a winter phenomenon. in tropical and subtropical areas, it occurs in the rainy season. that warm andnce humid conditions are favorable or flu transmission. suggests ite migrates to the opposite hemisphere. that could mean that even if coronavirus insides in the summer, it could return again when the weather gets cooler in the. fall. that is your bloomberg quicktake. greg: from the great

mark crumpton. this is bloomberg. romaine: a third of the coronavirus cases in the u.s.super market demands. the supply for consumers instead now.estaurants for c.e.o. to bring in the of the largest grocery chain in manhattan, john, we want to talk grocery chain ur here. so changes have you made there is a efficient and seamless supply chain of goods through dy that walks those doors? >> i have been in this business for 50 years. -- i haven't upon run the company for 10 years, i ave different company presidents, but i went back to old friendsiers, my from 20, 30 years ago and pulled need avors, i said i product. i need a truckload of this. i need a truckload of that, i that.a truckload of hair used our old gray experience to make sure stores our employees have been there, we have old time 30, 40 years and own the stores and looking great. they have 80% of the products we great in ave which is this situation. and we're here to service the here to service the consumer and our people that there are working hard and they're doing a great job. scarlet: when you service the se

news 24 hours a day, on air and on quick take by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. i am mark crumpton bloomberg. ♪ taylor: live from bloomberg -- >> i'm shery ahn. >> here are the top stories we are following from around the world. u.s. stocks erasing gains and triggering a trading halt before reopening minutes ago. the trump administration like the groundwork for a stimulus plan to counter the effects of the coronavirus proposing two rounds of checks to americans with $5 billion. this is global case is continuing to spike. europe reporting more infections than china. the u.s. and canada agreeing to shutdown the border. >> let's get a check on the markets. thisntinue our way down even after trump came out saying airlines and cruises and hotels would be supported. levelp 500 at the lowest since april of 2017. every sector in the red falling at least 4%. energy being the biggest decline or. we have seen the lowest on record in more than a week. take a look at the dollar. we are headed for a record high. we are at a three-year high despite the dollar funding market is showing some signs