francine: that was bill ackman from pershing square.not only on the data that came out but the incess of what we are seeing the u.s. had a flurry of market activity and after a very -- coming up, more bloomberg surveillance. ♪ ♪ >> what we need to realize is we are going to be in a slow growth world for a very long period of time. >> trade is very much on the back foot, and there's a lot of negative consequent is that come from that. >> we've come to a point that we realize that the economy and have to coexist. we can choose one or the other. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. jonathan: from new york city for our audience worldwide, good morning. this is "bloomberg surveillance ." we are live on bloomberg tv and bloomberg radio. alongside tom keene, i'm jonathan ferro, together with lisa abramowicz. this is bloomberg. confusion over the relationship between china and the united states, and it got a whole lot more confusing overnight. you listen to the interview on fox with navarro, a

we talked to the pershing square founder.lection on strategy is coming up, just ahead. you are with bloomberg. ♪ withad: you are back bloomberg markets as we look at pershing square's bill ackman saying a recovery in the united states economy could begin by the end of the year, but re-openings will be "sloppy." he also says the outcome of the u.s. election will not impact his investment strategy. he spoke with david rubenstein. >> i think we are going to begin a recovery certainly by years end. i don't think we will be back to a normal economy until probably the second half of 2021. i think if we have an early , we are talking about a potential distributable vaccine by the fall and that would make a tremendous difference. reduce the treatment of the virus to where you can get a test at home and it is telemedicine and your doctor says you need a prescription for remdesivir in an inhaler and you stay at home two weeks and you are fine, that would make a fairly significant positive impact. but i think we've had a sloppy closure

right, pershing square's bill ackman says the recovery in the u.s.by year-end, but the reopening process will be sloppy. he also says the outcome of the coming u.s. elections won't impact his investing strategy. he spoke with david rubenstein at the bloomberg invest global summit. going tohink we are begin a recovery certainly by year-end. i don't think we will be back to anything close to a normal economy until probably the second half of 2021. i think if we have an early pfizer has been talking about a potentially distributable vaccine by the fall and that will make an enormous difference. i thing if we can reduce the treatment of the virus to one test you can take it home to get an accurate result in 15 minutes and it is telemedicine to your doctor to say you need a prescription for remdesivir in an inhaler format and you can stay home for two weeks and be fine, those things will make a fairly significant positive impact. but we have had kind of a sloppy closure of the country for the virus and we are having a bit of a sloppy reopening, so you are

. ♪ ♪ the one story we are checking out this morning is bill ackman's pershing square confidentiallya company. the idea is you raise the money before you go and target an acquisition, so kind of all about the talent, using your name to finance the number that could be like a billion dollars. facts,e of the biggest scale is a factor here that is worth paying attention to, timing as well. why would he do this now? this is a process that is becoming increasingly common, but i still think timing given what is happening in the world is fascinating. bill has had a mixed record in terms of timing on some things. alix: you think? j.c. penney. energy, a lots in of the u.s.-backed stocks have failed. they mistimed, miss bought, and ought, andd -- mis-b they failed. is this a signal of something else? i don't know. guy: he generally knows what he is doing. the guy can add up and that has been demonstrated, so we will see ultimately what he is doing. it feels like it is in process. i guess he has the flexibility to wait and get the timing right in terms of how to position the business. we will c

ofathan: bill ackman pershing square. a lot of people sharing that view.w york city this morning, good morning to you while. alongside tom keene, i'm jonathan ferro, together with lisa abramowicz. equity futures nicely elevated, up 27 points on the s&p 500. after getting absolutely whipsawed overnight by trade comments from peter navarro saying it is over, then the president saying the china-u.s. trade deal is very much intact. here's the latest out of the united kingdom on the reopening process. prime minister boris johnson making an announcement in the last 10 minutes or so it. , allowingmeter rule more businesses to reopen. so you and i have to stay a meter apart if we go out and do things together. tourism and hospitality in england can reopen july 4. hotel and campsites can also reopen in england. unfortunately for you, nightclubs, gyms, indoor pools will remain closed. that is if you can get into the u.k. and they do something about that poor and teen anytime soon. -- that quarantine anytime soon. tom: why is the prime minister saying a meter? doesn'

haidi: that was pershing square's bill ackman speaking to david rubenstein.e more from that conference later on. we are hearing from nds chief economic advisor. that is at 1 p.m. in hong kong, 3:00 p.m. if you are watching in sydney. still to come, no more intel inside. apple announces it will release a new in-house processor. we will have the latest from the wwdc. this is bloomberg. ♪ haidi: a quick check of the latest business flash headlines. the latest u.s. listed chinese company said to be considering a secondary sell in hong kong. it currently trades on the nasdaq and would follow jd.com in coming closer to home. gds is already working with investment banks and a deal that could see the shanghai-based company raise about $1 billion. gds operates data centers in beijing, shanghai and guangzhou. ubs says as many as a third of its staff could work remotely on a permanent basis after the pandemic. the coo told bloomberg's global invest confernece that the swiss bank is still assessing which roles will return to the office as it looks to begin a staggered op

blackstone, steve schwartzman, nd jim chanos and apollo's jim velder and also sitting down with pershing square'ss bloomberg. ♪ loomberg. ♪ tom: welcome to bloomberg markets china open. i'm tom mackenzie. ngles. i'm david i let's get your top stories. today, president trump risks a complete- decoupling remains an option for the u.s.. his own trade representative says that would not be possible.

his pershing square is raising a spa krfrment it will be the biggest of its quind $5.6 billion to deployng to the papers filed yesterday, the spac is seeking a minority stake in a large cap private growth company the acquisition would effectively give that company a back door route to becoming a public company bypassing a traditional ipo. now the economic disruption caused by covid-19 presents investment opportunities because companies need additional capital. if you recall, ackman was concerned about the impact from the coronavirus pretty early on. he purchased credit hedges in march that netted the firm $2.6 billion sara and wilf? >> does he have a track record in private equity, vc style investing? >> he actually does. he created a spac to acquire burger king and tim horton's now known as restaurant brands and that was a $1.5 billion spac so that was a much smaller than what we're looking at now. and it wasn't quite in that world of mature unicorn as the term that they used in the per inspectous the they opened the possibility that could be a family run business or portfolio company f