npc, theeputy to the china's highest organ of state power., industrial rebounded last month for the first time since november. we discussed prospect for the rebound. this is bloomberg. ♪ industrialna's office rebounded in may for the first time it's november. to pickomy is starting up pace. let's take a look at the week ahead. we are joined by senior economist. we are awaiting china pmi's this week. does the industrial profits number in particular suggest that we are seeing a bit more robustness in the chinese recovery now? >> thanks for having me on the program. back to expansionary levels written -- levels. the consumer side is not where it was before covid hit. retail see that in sales, restaurant reservations, traffic indicators. i think that consumers are still deciding to self distance to some extent. because they worry about another ways of an outbreak coming through. has beentrial sector improved by government support and overall easing of monetary policy in china. this is the real concern. globally, massive amounts, governments maili

what does all this mean for npc -- at nnpc? going to have to cut capital expenditure this year?d toly are bring down costs to $10 by the end of 2021. where are in system on making sure that our suppliers cut their costs at least 40%, and that is bringing down costs. we are realizing that -- this $40trade around to $42, do you think it will make it compliant within the opec-plus family? do you think it is going to make it harder or more difficult? >> not at all. i do not see a challenge to that. >> what he about saudi arabia ? putting pressure on the market? is there more pressure on you to comply e? >> not really. we were going to comply -- i don't think it is a challenge for us. are job cuts. during a period where you say you are trying to make the business more efficient, can you escape this year without job cuts at nnpc? there -- bringing costs to normality, i know there is a pattern at the institution where the cuts will be unavoidable. ist is informing these costs what we have seen in the last couple of months. francine: that was our exclusive interview with the managing di

given the urgency of the npc to deliberate on this bill, perhaps there is a sense they will be voting this legislation soon. there is talk they will be foring later on next week further deliberations. that is a rare move and there are speculations they could pass legislation before july 1 which is the anniversary of the handover here in hong kong. shery: you can get more on the security bill and other stories you need to know to get your day going in today's edition of daybreak. bloomberg subscribers, go to dayb on your terminals. you can customize your settings so you only get news on industries and assets you care about. we will be speaking to research .ello brandon thomas noon and up next, president trump's first rally since the coronavirus swept the u.s., smaller than expected crowd. we will have more from d.c.. this is bloomberg. ♪ this is bloomberg. ♪ announcer: reporter: -- the international monetary fund will downgrade its view of the world economy two weeks after predicting the deepest recession in 100 years. they warn it could be more pessimistic than april's statement

the npc's hong kong deputy bernard chan joins us exclusively as we await more details of the nationaly bill. don't miss it. this is bloomberg. ♪ shery: you are watching "daybreak: australia." let's get a look at how markets are trading. here is sophie in hong kong. sophie: this monday morning we are seeing futures moved to the downside with s&p losing ground, off by about 0.4%. nikkei futures in chicago under pressure as may retail sales are due later. in the commodities patch, oil slipping with wti below 38. the demand outlook turning negative with global virus fatalities topping half a million come up ro -- half a million. i want to jump into the terminal to show you what has been going on amid this risk off move. u.s. 10 year yields getting close to a record low, losing 125 basis points in the first quarter. treasuries are set for the best first half since 1995. gold also a big outperform her with a 70% rally in the first six months. at a recorded etf as demand stays supported with negative real u.s. interest rates. it looks like demand will continue throughout this week. just a fo

the national people's congress when the national security law was floated and it was approved by the npc. it is up to the standing committee, though, to pass the actual law. it is understood that the standing committee will meet two to three times before it passes. they will meet again at the end of the this month. anna? >> kristie lu stout, as always, great to see you. many thanks. >>> protesters are demanding justice for a latino teen shot and killed by police in california. details on a fierce standoff between demonstrators and authorities ahead. why are we doing this? why are we doing what? using my old spice moisturize with shea butter body wash... all i wanted was to use your body wash and all i wanted was to have a body wash. you can take a personal assessment and get matched with a customized plan. the assessment takes things into account that matter to you the most. i've lost 101 pounds. it's incredible. get your first three months free! offer ends june 22nd introducing ore-ida potato pay. where ore-ida golden crinkles are your crispy currency to pay for bites of this... ...with

npc andecision of the the many comments about the legislation and the draft process, uncertainty, andlity could be good for business. china will not win either because they need hong kong. they need hong kong. also as a gateway to the world. to raise capital for the chinese companies. the thirdis also renminbi offshore center. the strength of hong kong is based on one country, two systems and trust in the principal. >> welter tips are being discussed? what are the alternatives for businesses should a worst-case scenario arise? now, it is the moment of unpredictable and. there are not so many options if you are thinking about the location. in this time of crisis, our companies will not move. medium to long-term, strategies will have to be reviewed. we do not tell our companies what to do. it gets backrtant on the principle of one country two systems. we see it being eroded and undermined. will beijing's crackdown on hong kong help accelerate european efforts to have a more unified response to china's influence? >> i think the european union has been united. in the reaction and the answ

china's npc standing committee meets sunday amid speculation they are putting together the final touchesw for hong kong. manufacturing and on many factoring pmi numbers are due tuesday. the next day mark twain three years since hand over to chinese will -- marks 23 years since hand over to chinese law. check onay, a health the u.s. labor market. the june jobs report due. lots to digest when you look at the week ahead. david: yeah, so before we get there, let's go to the we can first. here's how we look -- weekend first. here's how we look. india is hitting highs. japan 30 minutes out of the lunch break and hong kong heading into its lunch break right now, 6/10 of 1%. overall, slightly higher this week. we're moving into the second half of this year. there might be pressure to polisher profit off the table and book what's been an extraordinary first-half and first quarter. that's offer for us here at bloomberg markets: asia -- daybreak asia. i'm looking forward to a stake asian this weekend at home -- stay-cation this week and at home. this is bloomberg. ♪ save hundreds on your wireless b

is giving her weekly presser after the news and reports that the security law has been passed by the npc standing committee. she is apparently just leaving the press conference. she did not say anything on the security law. she also did not make any comment on the announcement by the u.s. that they will put in certain restrictions in terms of exports of technology to hong kong. she said she could not comment on measures imposed by the u.s. government. that was carrie lam, at her weekly presser. the top headlines are the security law has been passed, according to reports, and the u.s. took preemptive action in terms of export controls for the city. yvonne: the one thing the chief executive has said is u.s. sanctions will not scare us. that is the latest response from carrie lam. given what we've heard from the u.s. recently when sanctioned chinese officials over the security law, and also now as you mentioned, paring back trading benefits that hong kong has enjoyed with the u.s. as well. the market seems to be overshadowed by better data. pretty early when it comes to pmi data in china th