later on we will have an exclusive interview with dallas fed president robert kaplan. this is "balance of power" on bloomberg television and radio. ♪

president robert kaplan.his is "balance of power" on bloomberg television and radio. ♪ david: this is "balance of power" on bloomberg television and radio. it is time for the stock of the hour. united airlines is the worst performer of the day. for a report, we turn to kailey leinz. kailey: we are expecting earnings from united after the bell. the company has not confirmed that but that is what we have estimated. sentiment is not great going into that print. the stock has already lost about 70% of its value due to the total collapse in air travel demand we have seen as a result of the coronavirus outbreak. useysts think united will of60 a share, that is profit $1.13 last year in the same quarter. these estimates have been dramatically re-rated over the course of this year. earnings estimates for both north american carriers like united and asian-pacific carriers have been cut by 200% so far this year. it is not going to be a first quarter only problem. what is driving the loss today for united is a letter sen

let's discuss this and more with robert kaplan. we did discuss this with robert kaplan.on't want to miss those. [inaudible] let's talk about the economic pain in the u.s.. outputsales, factory posting historic declines in march. other figures showing that worse could still be to come. david moss is the cohead of global equities at bmo global asset management. thanks for being with us this morning. i look at the s&p 500. the american equities story. up 27% from march lows. trading at 19 times earnings. it's as if nothing happened. is that delusional? morning, everyone. it is delusional. i think it has gotten carried away. clearly, the market went down very quickly. the speed of declines shocked everyone. more and more bad news. what happened then is that we had the absolute bad news. we had a response going to the virus. , a very response aggressive response from central banks and governments around the world. aggressive than people initially thought. one thing is clear. authorities have learned the lessons of 2008 and nine. they acted very quickly. on the back of that, o

that was dallas fed president robert kaplan speaking exclusively to bloomberg.nother fed president spoke tuesday saying he expects demand monetaryk, so strong support, strong fiscal support needed to get the economy back to full strength over the next couple of years. issaid that unfortunately the situation when the economy will be underperforming for some time. don't miss that interview at 2:00 p.m. london time. and french consumer giant l'oreal says he could rebound soon after coronavirus forced sales to plunge. while much of europe and the u.s. remain in lockdown, shops have been reopening in china. -- said sales are on track for march. we willp on bloomberg, hear from l'oreal's ceo. this is bloomberg. ♪ nejra: this is bloomberg daybreak: europe. risk on today. green on the screen and asia. investors seemingly looking through that today. might be putting some positivity into u.s. and european futures at the prospect of the coronavirus drug from gilead working. some reports around that. president trump talking about an early reopening of the economy with 10-ye

david: that was dallas fed president robert kaplan. we are joined by michael mckee who have the conversation with retta mester -- with retta mester.- with loretta it sounds like the fed is not done yet. ,ichael: they are not done yet but the programs are designed to put a floor under the economy. you heard mester say we want to open the pipes and make sure the financial system works so whatever we do to stimulate the economy gets to the economy. what will they do to stimulate the economy? they have already cut rates to zero. they are already doing qe. is there anything else? we do not know yet. it will depend on how quickly the economy is recovering and what sectors are recovering when we get to grow again. david: some of what they have done they have not done yet, like the mainstream lending. it is not up and running yet. how long will it be until they get the money out? weeksl: that will be two to get that started. that will be difficult for everybody to do, even the ppp program. you have to have sympathy for the banks that try to do

it right here next weekend, we've got the president and ceo of the dallas federal reserve bank, robert kaplant an extraordinary moment with all of this stimulus. plus, this weekend join me for "sunday morning futures," 10 a.m. live, i'll be talking with arkansas senator tom cotton and california congressman devin nuÑes, plus new york mayor de blasio. sunday morning, 10 a.m. eastern over on fox news. and right here on fox business, start smart weekdays 6-9 a.m. eastern. we hope you'll set the tone every weekday on "mornings with maria." thanks so much for being with me. have a great rest of the weekend, i'll see you next time. ♪ ♪ gerry: hello, and welcome to to "wall street journal at large." another week when most of the nation remains essentially furloughed, but there are growing signs the country might not be prepared to take much more of the damage the lockdown is inflicting on the economy. across the nation thousands of protesters marched on state capitols to demand the right to get back to work, hoping to push government leaders to do what we know is necessary, yet america moving -- get

still to come robert kaplan weighing in. crude oil prices now up about 9% at leaf blowers. you should be mad your neighbor always wants to hang out. and you should be mad your smart fridge is unnecessarily complicated. make ice. making ice. but you're not mad because you have e*trade which isn't complicated. their tools make trading quicker and simpler so you can take on the markets with confidence. don't get mad get e*trade and start trading commission free today. >>> welcome back joe kernen is back having just spoken to the president. >> good morning. out of the blue call i speak to the president occasionally received a call to him said he spoke to vladimir putin said and mbs today, and he expects them to announce a cut of up to -- of 10 million barrels, perhaps 15 million. but 10 million barrels of oil production cut they could be as high as 15 million. i assume he's going to come out and in some fashion with an announcement or a tweet saying as much. and he characterized it in his words, as you know, joe, this would be a big deal. and after speaking as i said with vladi

he will redux that this morning in the 12:00 hour with robert kaplan of the dallas fed. different fed president from a different geography. please stay with us. this is blue. -- this is bloomberg. ♪ viviana: you are watching bloomberg "surveillance." robin hood is close to raising funding. it would be valued at about eight billion dollars. investors led by sequoia capital plan to invest $350 million. robin hood has had repeated outages but revenue growth. hitvalue of gold could $2000. level ofr says the stimulus injected into the economy underpins gold prices which is that a seven-year high -- at a seven-year high at more than $1700. that is your bloomberg business flash. francine: bank earnings, three or four of the big wall street ones with a similar direction but different trading statements. we are looking for morgan stanley earnings in about a half an hour. williams.to alison great to have you on the program. how will morgan stanley differ from bank of america or jp morgan? --son: we will see a big provision so even goldman sachs ,hat has an increased lending one bi

. >> robert kaplan will speak to cnbc this morning. nato holding an address to the alliance spoke to cnbc about the group's role in the outbreak so far. >> caller: we are working together and the military are playing a key role across the lines supporting civilian efforts from everything from controlling border crossings to disinfecting spaces and building hospitals. militaries and nato are helping in significant way to fight coronavirus crisis >> we've seen a consistent failure on the part of european countries to work together at least initially. nato is full of formidable tools. you have the ability to command thousands of people, soldiers, medics, doctors, nurses. doesn't it make sense that nato members should authorize you to take a bigger role to try to tackle covid-19? >> caller: nato's main call to mobilize sources from nations. this is a crisis that affects us all. it is a crisis that is only affecting one or two limited nations and they can provide support. this is different because everyone is affected what they are calling

much.ne: thank you so coming up, we speak exclusively to robert kaplan at 12:30 p.m.ork, 5:30 p.m. london. we will ask about dollar dynamics and treasuries. this is bloomberg. ♪ "surveillance," from london and new york. abless claims out at 8:30, of theber, a shock retail numbers we saw yesterday. goldman sachs has done a nice job in phasing in and guesstimating the forecast. i want to go back to em. what is the best outcome for the international monetary fund and the fed combined? how is that tantamount in terms of fx stability and what we need from the imf and the federal reserve combined? has alreadyhe fed acted extremely rapidly in trying to put a lid on those acute dollar funding shortages that we saw in march, and some of the extension of the swap line and the facility to allow emerging markets that have reserve to liquefy into dollar funding, those measures have been helpful, and you are seeing tangible improvement in short-term market stressors. part has beene addressed by the fed. where the imf and multilateral institutions and bilateral creditors come in, th

we have an exclusive interview with robert kaplan, dallas said president, coming up at 12:30 p.m.. . here in new york. one other story i want to talk tsmc, semiconducting maker sticking with plans for aggressive capital spending this year. tech bellwether because it plays such a big role in the supply chain. it provides chips for apple as well as huawei. one to watch there. lots of big banks out was first quarter results. we will break down those morgan stanley numbers for you. this is bloomberg. ♪ alix: we are waiting for morgan stanley results to come out within the next few minutes. joining me our bloomberg's sonali basak and alison williams. what are we going to be paying attention to? sonali: for morgan stanley, the one thing very different about them is their massive wealth management unit. how did that fair in the quarter? where there outflows or asset levels lower? and what is the net interest income expectation? on trading, morgan stanley is the number one trading house. huge electronic capabilities. were they able to keep pace with rivals at jp morgan and, including any fix

the dallas fed president, robert kaplan, speaking exclusively to bloomberg.mid one of the most uncertain earnings seasons ever, the barrage of profit downgrades has started to ease for now. citigroup upgrades nine, minus downgrades has edged higher in recent weeks after reaching its lowest level ever last month. let's see if our next guest is so optimistic. joining us now is portfolio manager jim paleo. great to see you. at acurious, isn't it, time where it global recession is all but certain, that you get all sorts of doom and gloom when it comes to forecasting, and obviously, the backward looking data is pretty horrible. markets are pretty much looking for a reason to rally and go back into bull territory. in terms of this earnings season, is it a matter of how far the earnings have to fall as opposed to whether they fall at all? it seems like it would not take much for investors to feel positive. >> you are absolutely right. this reporting season is going to be horrendous so we are going to see some of the worst downgrades, you know, in recent corporate ea

today he will speak exclusively with dallas fed president robert kaplan.t want to miss that after the type of economic data we have been seeing in recent days. let's take a quick look at u.s. markets. we still have the nasdaq running away with things. up almost 2%. the s&p 500 is also making new gains end up .8%. i want to point to the dow because it is now in the green. it had spent most of the day in the red. the industrials are what is powering the nasdaq higher. this is bloomberg. ♪ david: from new york to our tv and radio audience worldwide, this is "balance of power," where the world of politics meets the world of business. i'm david westin. welcome. we had a rough day and equities yesterday, today the question is will that continue? we turned abigail doolittle. abigail: it is unclear whether or not we will break the pattern. right now it is mixed. it does feel like the buyers are trying to step up. very jittery in the first hour of trading. right now we are all green. the dow basically flat. the s&p up .7%. on thedaq outperforming momentum stocks, e

we just last hour had dallas fed president robert kaplan on and he was talking about small business and questions about how tough it is for them going through this period, how hard it might be for them to recover what are you advising your invested companies to do when it comes to employees these days? do you think they're going to be able to hold on to them? are they going to have to let many go? >> yeah. you know, it's really tough. i saw that report. we've been advising our small businesses and i've been talking to a lot of small businesses every day and it's really painful. these numbers are of biblical proportions. the key for every small business is you have to survive i think it's easy to say, don't let anybody go and do the right thing, but nobody really knows how long this is going to last our advice to small businesses make your own decision because you have to survive. if the business doesn't survive, there's nothing to come back to. a lot of our businesses they break into two camps people who saw it comingen and moved quickly and now people who are seeing the reality of thes

alix: president robert kaplan speaking on bloomberg television yesterday.for more michael mckey and lori calvasina. the conversation i wanted to get at was you see this v. shape recovery in equities. you hear from fed officials and looking at the data, we are like nowhere near a v conversation. how do you as an equity strategist square those things? >> a few weeks ago we did a survey and we actually asked equity investors when do you think we are going to get a v, u, w, or something else? it wasn't half, 41% or so, but the plurality thought we would see a w. two v's back-to-back. that echos what i think i've got in my own head which is i think this will be a bumpy ride around the bottom at best. i still don't rule out the possibility we retest march 23rd lows, if i'm wrong i think that w answer is the right one. alix: mike, we had a lot of fed officials speak over the last few days. do they have any broad consensus of a letter recovery? >> not really. what you see is a number of people saying it's going to take a while. we are not going to be starting up in

last week, robert kaplan, the dallas fed president, made a point of saying his district is going to beuld spread throughout the economy in some ways as well because when the manufacturing investment dries up, it has a ripple effect. that seems to be what is happening. at dallas fed number went down to -70. this almost three times as much as we saw back in 2015, 2016. so the oil industry is going to be in bad shape. you would look at it and go, is there an offset? that is going to depend on how quickly the economy ramps up again, how much energy is going to be demanded. are people really going to start driving a lot to go shopping, or is this just a cautious recovery, and the oil demand doesn't recover as fast as itself? alix: yes, i would say that makes sense. next, guys. really appreciate it. feroli mckee and michael of jp morgan, appreciate it. this is bloomberg. ♪ ♪ viviana: this is "bloomberg daybreak." shares of british banks today are lower. at the urging of regulators, the banks scrapped dividends and buybacks, trying to bolster their capital levels as the fallout from the coron

dallas federal reserve president robert kaplan with the answers at you right here on "mornings with mariame back. return of professional sports country slowly starting to ease coronavirus restrictions keeping social distancing in place, professional leagues looking to do same grady trimble with details. reporter: good morning, maria. start with nba league apparently want players back on the court starting this friday but with major strings were attached the leib wants to reopen practice facilities in states and cities loosening stay-at-home restrictions players would be able to return in states like georgia for volunteer workouts according to the report, it would be only for individual workouts to be clear teamworkouts group activity would still be prohibited, there is still no indication whenth the league could resume games what that would look like when and if it does happen. in the world of hockey the nhl players association have formed return to play committee that is already met several times over the past week, according to the "new york post" conversations between those two groups

. >> we will seek with president of the dlats federal reserve robert kaplan friday don't miss that allrtainly talking about these issues at board table over an over again you have been mentioning corporate debt for years on this program steven viewer got great value out of that jackie here we are 4.8% contraction in first quarter, tomorrow we are going to get latest weekly jobless claims numbers, we know that already, 26 million people have filed for unemployment benefits. tomorrow's number expectation is that 3 1/2 million additional americans have filed for unemployment in the last week, so we've got -- our fair share of windows into what has been a weak story for the u.s. economy for sure that is an understatement jackie. >> absolutely, we've got 26 million people out of work already because of pandemic, so you are just looking at market i am watching futures this morning, i know yeah, the boeing numbers, weren't so bad but till weren't great gdp number wasn't so bad still not good we know that it is only going to continue to get worse here, so you know, i think some investors are g

later, journalist janice kaplan on the discoveries of women geniuses today and throughout history. enjoy book tv now and over the weekend on c-span2. >> robert wilson is with us today courtesy of paul and heather hamilton. bob is the author of matthew brady, portraits of a nation and the explorer king, a biography of clarence king. he is the editor of the american scholar, former editor of preservation and the founding literary editor of civilization. a former book editor and columnist for u.s. today and a former editor at the washington post book world. his essays reviews and fiction have appeared in numerous publications, including the american scholar, the american short fiction, the atlantic monthly, the new republic and the smithsonian, washington post magazine and the wilson quarterly. and on the op-ed opinion and book review pages of the boston globe. "the new york times", u.s. today and "the washington post". he lives in manassas, virginia. please give a warm savannah welcome to robert wilson. [applause] >> thank you, chris. i appreciate that introduction. i'm hoping your app works better than the app that was done for .he iowa caucu

, booktv.org, and search for robert bilott or the tightful off his book "exposure" using the search box at the on of the payment. >>> next on booktv, journalist janice kaplan discusses the discoveries of women geniuses today and throughout history. then american enterprise institute scholar mightam strain argues the future is bright force those who want to become successful in the u.s., and later booktv looks at programmed from our archives with award winning historian david mccullough. gets underway now. >> well, thank you, janice and thank you everyone for beg here. the weather has been difficult. sorry about that. we have parking challenges, but appreciate you all being here. tonight we are featuring a acclaimed journalist and "new york times" best selling author, janice kaplan and her fascinating book "the genius of woman, from overlooked to change egg the world" she will we in conversation with the ceo of the women's fund of central ohio and this will be an illuminating evening if want to thank our venue, partner, the --

robert wilson editor of the american scholar, recounts the life of 19th century showman p.t. barnum the co-founder of the barnum and bailey circus. and then earliest 20th century immigrant and then later, journalist, janice kaplan enjoy book tv now and over the weekend on c-span2. >> c-span has around the clock coverage of the federal response to the coronavirus pandemic and it's all available on demand at c-span.org/coronavirus. watch white house briefings, updates from governors and state officials, track the spread throughout the u.s. and the world with interactive maps, watch on demand anytime unfiltered at c-span.org/coronavirus. c-span.org/coronavirus. >> and on capitol hill the senate about to gavel in what is usually a brief pro forma session. last week the republicans tried to pass additional $250 billion for the small business paycheck protection program to add funding to the $2 trillion aid package, which is projected to run out of money soon. the democrats blocked that additional funding and attempted to bring up their own plan that would provide money for the small business fund and additional money for local governments and hospitals. the senate was scheduled to return for legislative work next mo