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robert kaplan is talking about recovery in the third and fourth quarter. this is only the second quarter. the numbers today were about as bad as we expected. it is hard to talk about 2.4 million new jobless claims and think that is an improvement, but that is where we are. two point 4 million additional jobless claims. 38 million total since this began. what we are watching is continuing claims. some states reported the number of people who are getting checks went down in the last week, which tells you maybe the ppp is having an effect. it is still very elevated. 25 million continuing jobless claims now. that is what we want to watch why we go forward. if we start to see major movements down, we are finally getting that recovery robert kaplan is talking about. he says we will not get it until people are comfortable going out. he wants the nationwide testing program, taking an issue with the trump administration about that, rather than just having individual states do it, he thinks the federal government should be leading this effort. it will be interesting

coming up, live on bloomberg tv and radio hour interview with robert kaplan.s just ahead. let's get a quick check on the markets. we had all sectors of the s&p 500 in the green until reset. 10 out of 11 are positive. plenty of stories we will get to. let

we hear from robert kaplan this hour. we are just getting the australia pmi reading crossing the bluebird and it is a record low. we are seeing the may pmi number for manufacturing falling to a record low 42.8 when it comes to that pmi for manufacturing. from 44.1ing further in the previous month of april which have already seen as a pretty severe contraction. we are seeing the services reading falling to 25.5 but that is actually an improvement from 19.5 in april. the composite pmi, the preliminary number, coming in at 26.4 again, an improvement from 21.7, that we saw in the previous month, so certainly in some respects, you are perhaps starting to see a bit of a bounceback given that these are forward-looking indicators at the resumption of economic activity but that manufacturing member, the record low 42.8 continuing to show these economic restrictions. the company shutdowns are really continuing to weigh on economic activity in australia. let's take a look at markets. overnight, what a session it was. u.s. stocks tra

romaine: we were just listening to the dallas fed president robert kaplan speaking earlier televisionhe talked about the coronavirus. there is some concern out there about potential mutations in that virus, raising concerns about how much of a handle doctors and scientists have on this pandemic. joining us right now is dr. a mesh doll joe, senior scholar at johns hopkins university center andinfectious diseases practices critical care and emergency medicine. great to have you again. give us a sense of how much we know about the virus and based on how much we know, how realistic is it to expect a viable vaccine or treatment in short order? dr. adalja: you have to remember that this is the seventh human coronavirus we have discovered. four of those coronavirus's because about 25% of the common colds every year. and we know about the viral family as a whole. it's important to know also that mutations are something that naturally happen. all viruses mutate. not every mutation will have a functional significance. . most mutations don't do anything. we have vaccines against coronavirus's an

coming up, live on bloomberg tv and radio hour interview with robert kaplan. that conversation is just ahead. let's get a quick check on the markets. we had all sectors of the s&p 500 in the green until reset. 10 out of 11 are positive. plenty of stories we will get to. let us look at the dollar index. we should not learn too much new but the dollar index is a little subdued. we do have gold continued to rise. crude oil after inventory showed up 4%.rawdown at let's get a deeper dive into the market action with taylor riggs. taylor: i wanted to take a first look at an index we have not shown recently. it talks a lot about companies that are traded in the u.s. and get revenue and business over in china. you can see that the nasdaq index is off 1.7%. this is lower after headlines in the senate boosted an oversight of chinese companies. it would certified there is no firm control and -- foreign control and could request chinese companies to delist from control. ,his comes as a separate story but the nasdaq said it would delist the company after revelations of coun

you will be speaking with robert kaplan, dallas fed president. forward to that conversation. time now for our stock of the hour. rolls-royce, the engine maker, planning to cut 9000 jobs and is considering closing sites as well. the ceo spoke to bloomberg's francine lacqua about when he expects the industry to recover. >> we have to consult with employee representatives and with unions, and that does take some time. it is a terrible prospect if you are told that you might not have a job, and we want to remove as soon as wety possibly can. >> a couple of months, or will it take longer to remove the closures? >> we are not talking weeks, but months, but not many months. the number one answer is as soon as we possibly can. iss is something which a very serious impact for our business. we need to take this action now. we need to predict the future of the employees we will have in the future, and that means protecting our business. that means getting capacity and demand in line, and the uncertainty is a consequence of that we want to minimize. orncine:

the president of the dallas federal reserve, robert kaplan joins me on the federal reserve's plan toost the business lending program. all ahead. the democrats' double standard, presumptive democratic nominee joe biden set to make his first public comments on his mounting sexual assault allegations, how democrats are responding. stocks are singing this morning after wall street wraps up its best month in three decades. yes, we're navigating the swings. dow industrials down 460 points right now. stay with us. back in a moment. ♪ with coronavirus spreading, people at higher risk must take extra precautions. you are at higher risk if you are over 65, or if you have an underlying medical condition, like heart disease, chronic lung disease, diabetes, or if your immune system is compromised for any reason. if you're at higher risk, stay six feet or two arm lengths away from others. better yet, stay home if you can. the choices you make are critical. please visit coronavirus.gov for more information. "show me what you're made of." so we showed it our people, sourcing and distributing more fr

coming up in just a few moments, we've got the president and ceo of the dallas federal reserve, robert kaplanng efforts to help businesses and workers during the covid-19 crisis and assessing the economy today. we're expecting we are in a recession right now. but first, u.s. equities had their best month in decades in the month of april. however, the coronavirus pandemic continues to wreak havoc on the broader economy. u.s.u.s.

dallas fed president robert kaplan says more virus testing and further stimulus is likely needed to reviveonsumer confidence. with businesses reopening, i think you can see a good, slow, steady recovery in the third and fourth quarters. he may say governor for the guidelines are, there are certain behaviors that consumers are going to be reluctant to engage in, whether it is shopping or going to entertainment or arts or anything where people are gathered. thatis an example for me what the feds have done on our lending programs has helped stabilize markets. the fiscal policy is key. the health care policies are central. ubiquitous testing. contact tracing. good procedures. i'm one that is a little concerned, we are doing more testing in texas, but i would love to see in national initiative manhattan project to really emphasize testing and quick testing in front of stores, restaurants, other facilities, so people have more ,onfidence that when they go in they are not walking into a situation where they could be at risk. i think until we have that, my concern is there will be limits to how fa

alix: della said president robert kaplan tries to set the tone -- dallas fed president robert kaplantone for the rest of the year. >> the real issue with turkey is a liquidity issue. they have external debt coming due in next 12 months. they tripled the limit on their ethics swap agreement with qatar this morning. -- their fx swap agreement this morning with qatar. alix: more than a dozen global central banks are within 100 basis points of zero. we have some breaking news for you. tjx out with earnings. they are not providing their fiscal 2021 financial outlook, so no surprise. their adjusted loss is about $.74 a share. they have reopened stores worldwide, about 1600 stores. they say they could be mostly reopened by the end of june. they are going to see plentiful buying opportunities -- [indiscernible] by 1% in premarket. in the overall indices, looking at the s&p futures, they are kind of off the lows of the session, but still down by about 17 points. they rally begin yesterday, led by the faang names. tons ofset classes, issuance now coming from italy, coming from spain. selling a

matt: that was dallas fed president robert kaplan speaking with our very own mike mckee.ufthansa said close to a multibillion euro bailout deal that would see the state become its biggest shareholder. that's really the problem. we will discuss next. this is bloomberg. ♪ ♪ matt: welcome back to "bloomberg markets: european open." we areminutes away from cash trading , just about 10 minutes to go until the star across europe under u.k. let's get the bloomberg business flash. astrazeneca has received more than $1 billion in u.s. funding to develop a coronavirus vaccine from the university of oxford. the u.k. drugmaker has agreed to that has agreements to supply 400 million doses -- has agreements to supply 400 million doses and capacity to produce over a billion. astrazeneca says it expects to start supplying doses this september. easyjet is planning to resume flights from june 15. their line says a small number will restart on routes where there is demand for them. initially, it will comprise of domestic flying in the u.k. in france. it comes as airlines across the world ar

our interview with robert kaplan.-ann: this is a special edition of "bloomberg markets." i'm leigh-ann gerrans with your bloomberg business flash. a shakeup at aston martin. the new chief executive will be the head of the mercedes performance division. aston martin is struggling with debt. a billionaire investor became chairman a month ago. the head of the international energy agency warns that global oil consumption has not picked. hopes that there will be a change in him missions. that it is likely that demand will go back to where it was. according to a new filing -- hertz says the coronavirus devastated its revenue. it's global revenue plunged 73%. that is your bloomberg business flash. matt? thank you for that. we spoke with dallas fed president robert kaplan for his projections and when the economy may begin to level off again. take a listen. with businesses reopening of think you can see a good, slow, steady recovery. what i'm worried about, despite what the government may say behaviors thatin consumers will be

the federal reserve bank of dallas president robert kaplan speaking at the moment saying the u.s. can't remain shut indefinitely. that there is a need for testing and the last thing we want to do is to reopen and have the flareup of the virus. he earlier repeated the opposition of seeing negative rates in the u.s.. when the cdc releases guidelines on reopening some businesses, bloomberg has spoken to johns hopkins university about why social distancing remains so important. professionals as you would see a soldier at war. you can see health care workers relaxed in between those battles. i don't think the public should lack of urgency and our response. and by that urgency i mean continuing to be safer at home. are we out of it. tom: beautifully said. there is a huge tension between the lockdown, the stay-at-home. the wisconsin legislation that we have seen in the last 24 hours. how do you perceive the gray area between a strict lockdown and getting back to normal? >> you characterized it perfectly. we are seeing it across the world and we need to be paying very close attention and

we'll ask robert kaplan in another exclusive interview.inal hour of "squawk box" begins right now >>> good morning i'm joe kernen along with becky quick and andrew ross sorkin futures are up 300 where we've been parked most of the morning. let's get right to the interview of the hour. walmart latest earnings out yesterday showing, becky -- i was going to read the story. but you go anyway, go ahead >> joe, thanks as joe mentioned those earnings were out yesterday. we all saw that and saw the numbers that really showed growth in ecommerce in physical stores as consumers are the turning to this retailer for essential items during the coronavirus pandemic joining us right now exclusively from bentonville, arkansas is doug mcmillon, walmart's ceo thank you for joining us today >> good morning, becky good morning joe and andrew. >> let's talk a little bit about what you're seeing we heard from the company yesterday, saw the earnings that were stronger than anticipated saw revenue was up by more than $2 billion than the street had anticipated for

this is what robert kaplan had to say today.ake a listen first at what would happen even if the fed comes with all of these measures, because potentially we could see a fundamental change in the economy. >> with businesses reopening, i think you can see a good, slow, steady recovery in the third and fourth quarters. fiscal policy will help, the fed programs will help. but ultimately money is not going to get consumers to engage in behavior they're not comfortable with k -- and i think we could spend a fraction of what we're spending on testing.on >> what will the economylike like post-pandemic? >> president cap land knows what -- kaplan knows what he's speaking about. we're both here in dallas, texas. restaurants here are opened up at 25% capacity as of friday. bars will be open, restaurants will increase to 50% capacity. but again, you cannot force consumers into that comfort level and i think a lot of businesses have been surprised at the reopening efforts they've made and the consumer has not shown up. the reason we're talkin

coming up in just a few moments, we've got the president and ceo of the dallas federal reserve, robert kaplanbank expanding efforts to help businesses and workers during the covid-19 crisis and assessing the economy today. we're expecting we are in a recession right now. but first, u.s. equities had their best month in decades in the month of april. however, the coronavirus pandemic continues to wreak havoc on the broader economy. u.s.u.

i remember you talking to robert kaplan a few days ago. you spoke to rosengren a couple weeks ago. are you just on a hot streak as an economics editor for bloomberg tv, or is the fed trying to communicate a message to the markets? michael: obviously both, matt. [laughter] i'm on a hot streak because i'm obviously the best reporter out there. no, seriously, i think the fed has embraced the idea. when i went to them, and we have interviewed just about everybody now, i suggested this is the time when people are going to want to hear from the policymakers. they are going to want some direction because this is all new to everyone. i think they have embraced that idea, not necessarily because i raised it, but the idea that you get out there and talk to your consistent wants -- talk to your constituents. the fed was criticized for bailing out the banks and leaving the ordinary people alone. it is hard to understand a lot of these lending programs. for the fed to get out there proactively and explain what they are doing is probably a good strategy for them going forward, and i think that i

lastly, we will have comments throughout the day from three different fed presidents, robert kaplan,shkari, and raphael both sick all speaking. some of the comments really moving the market, in particular, the comments from powell. actually, the fed comments have been fascinating lately from bullard to kashkari to bostick to powell. everybody has been out speaking and we have been paying very close attention. let's get to germany's merck. the company says earnings may be little changed this year as the covid-19 pandemic takes a heavier told bennett at to speed last quarter -- a heavier toll than it did last quarter. kgaa has also donated 2 million masks in germany, france and the u.s. it is really helping with the fight to get workers on the front line protective equipment. joining us now is marcus kuhnert , the cfo of merck. theme first ask you about expectations that have changed. i mean, you're not alone. i think pretty much everyone's expectations have changed a lot in the last three months. do you now feel like you have decent visibility into 2020 and 2021?two -- through to marc

i will say robert kaplan on "squawk" this morning did discuss what we're going to need to do more so this idea of the stock market being relatively content with the outlook, i don't know if it's based on the idea that the fed will do more, but the fed is not necessarily sharing the certainty of that outlook. >> steve liesman, steve, thank you. >>> we've got breaking news on theme parks. julia boorstin has more for us julia? >> sara, another step towards the reopening of the theme parks in orlando reopening the parks to the task force reopening in a meeting slated for tomorrow afternoon. now, this, of course, would potentially include dates they would plan to reopen park wills need approval from orange county's government before they can reopen according to the governor who did invite them to submit their plans this past friday. all of this comes as today walt disney world takes its first steps to reopen. they reopened part of its outdoor mall called disney springs with a rolling opening of the retail outlets and restaurants. but a lot will hinge on what the government says on how the

get a camper, you don't have to worry about staying in a hotel room it was interested with robert kapl kaplan, the federal reserve official, talked about staying in hotels as somehow brave yes. i think there is an element of the lost job, but that cuts in walmart's favor, right the lost job cuts in walmart's and dollar general's favor the scare factor is for people who are 50 and over. obviously from the places we see, like people on the beaches and lined up for bars, these are people who i think basically feel like they're not rolling the dice so there's a lot of different businesses that are doing better but fertitta is right, he comes on and says my businesses are hurting. a talent survey came out and said people at restaurants, down 60% year over year that's just people who don't want to risk it. they would rather go to chipotle and take it out. >> but if we're going to sequester older demographics from economic activity, we don't need to tell you what percentage of consumerspending comes from older people they are the people with the money. >> the baby boomers like to spend. they like to