rishaad: i'm shery ahn -- shery: i'm shery ahn. the u.s.lation to crack down on beijing. exclusive rally in u.s. stocks sending

shery? shery: dive deeper into the market action. u.s.cks surged the most in almost six weeks on monday following promising early results on experiment of coronavirus vaccine and comments from fed chair jay powell. let's head to philadelphia to talk to the executive chairman, jon hertl. we have seen chair powell seem pretty busy. media appearances and that we are going to get the senate appearance tomorrow. how in point has is that using -- how on point has his messaging been? >> i think the message from the chairman is from the federal reserve completely has been one of unqualified support. whatever it takes to support the market and to support the economy, they are going to do it. he has been consistent with that. that is what the market takes comfort in. shery: we have seen a little bit of a change when it comes to market leadership with battered cyclical stocks gaining ground. we have seen the russell 2000 also getting the most in about a month. could we see a change in leadership? could we see more changes to the pandemic and perhaps

shery: i am shery a very welcome -- shery anh. welcome to daybreak australia.aidi: the world health organization steps of the blame game. peter navarro says china sent people around the world to conceive the virus. 314,000.e now over the great is slowing -- rate is slowing in the u.s. the virus is not helping australia and if -- barley has become a new flashpoint. shery: let's see how asia is shaping up. sophie: after a choppy week for asian stocks with the msci aipac index snapping a two-week advance, futures are mixed but mostly lower going into china's npc. japan as well as thailand are going to publish first quarter gdp numbers. japan may have fallen into a recession through the yen trading steady ahead of the asset managers -- steady. the asset managers have boosted it five straight weeks. we will get policy decisions from thailand and indonesia when bets are raising that major central banks could be forced to embrace a good of rates. theble under pressure after chief economist of the option of subzero rates was being considered among other unconventional

shery: we have an alert on the bloomberg. county in california, hoping tesla will comply without enforcement. this is after the county told tesla last week it didn't meet the criteria to reopen. ceo elon musk dares authorities to arrest him, telling employees getting back to work in the factory. he did draw support from the u.s. treasury secretary as well as several ceos when musk threatened to pull the company out of the state. alameda county saying tesla will submit operation plans by today. chinese trade officials are considering the option avoiding the phase one trade deal with the u.s. according to state media. the report comes amid purchases of u.s. goods and president trump says he's not interested in restarting talks. tom mackenzie joins us from beijing. this coming from the global times. what exactly are they reporting? tom: it is a state backed tabloid, a nationalistic newspaper that cites advisors close to the trade talks, suggesting officials revise the 50's one trade deal -- the phase one trade deal. this after t

shery.: let's stay in malaysia because the central bank is expected to make a bigger than usual cut to its benchmark rate at its meeting today. elsewhere in the region, we are expecting gdp numbers from indonesia. charu chanana is the lead economist for asia. great to have you with us. we should start on malaysia because we have seen the environment dramatically change since our last meeting in early march. what are you inspecting there? charu: yes, absolutely. and the worst part for malaysia is it is not just the covid crisis that they are dealing with. the very low oil prices are also a big drag on the economy, and their revenue. -- the fiscal measures they can announce to deal with the threat of the covid crisis have been impacted. malaysia has already announced largest fiscal package so far in asia, about 17% of gdp. with oil revenue coming under pressure, this is obviously going to hamper their finances. besides that, we are obviously dealing with a political crisis with a new prime min

shery: mr. pompeo in the second press briefing seemed to walk back a little bit the claims about the virus originating from that lab -- from that will him lab. how is china reacting? >> you had pompeo reiterating the allegations that china refuses to share virus samples were details about the start of the pandemic. he said, the intelligence community is still figuring out precisely where this virus began. response,f china's the u.s. is trying to shift blame and repeated denials from a wuhan lab official who said there is no way a could have come from the lab. attacksman says these on china are part of an election year strategy by trump shared quote, mr. pompeo cannot present evidence because he does not have any in this matter should be handled by scientists and professionals instead of politicians. china is facing growing pressure not just from the u.s. from europe, africa and australia over its earlier handling of the virus. this is as tension grows over the source of the outbreak. the world h

shery: good evening from bloomberg world headquarters. i'm shery ahn in new york. haidi: i'm haidi stroud-watts in sydney. australia."daybreak china approves new security laws for hong kong, defying u.s. criticism and insisting they ensure fundamental freedoms. president trump will comment on friday. u.s. stocks finishing the session lower as investors weigh a reaction that could further destabilize the global economy. and huawei vows to continue its campaign against u.s. restrictions on tech. we will be hearing from the security chief a little bit later on this hour. shery: let's get you started with a quick check and how the markets are trading. u.s. futures are down a 10th of 1%. we saw a fade in u.s. stocks, giving up their gains after president trump announced the executive order targeting social media companies. this coming at a time when u.s.-china trade tensions continue to rise. we are seeing tensions over hong kong. the s&p 500 fell for the first time in four days, and recent out performers, like bank and energy stocks, fell 4.6%. twitter falling almost 5

shery: let's check markets.coming online, gaining ground more than 1.5% at the moment. every sector in the nikkei on the green, led higher by energies and materials, as the japanese yen holds steady. a little weakness right there, ek ofof course after a we significant strength, down from a seven-week i. household earnings, household spending numbers, both under pressure -- we did get earnings and household spending numbers, both under pressure. we are awaiting april pmi numbers. afterspi gaining .8% barely changing in the last session. we are seeing the korean won also accelerating gains -- accelerant gains against the u.s. dollar, risk off gains in light of tensions between china and the u.s.. asking korean minister households to increase spending and to keep up investment. we are seeing positivity at the start of the open to trading here in sydney. the asx 200 up 3%. rba meeting minutes -- we have rba meeting minutes to look forward to coming up, and we are also looking at new zealand. when it comes to numbers

shery.aba's latest results could see a boost from china's increasing embrace of online shopping during the virus pandemic. we ask what to expect with our guests. this is bloomberg. ♪ >> investors were overly cautious in february, but i think we are asking a lot of resumption of growth. we are seeing healthy signs of recovery. consumers are coming back in. march quarter results, i am looking for a slight beat in terms of the revenue. i am looking at revenue of 108 billion or 60% up year on year. mainly due to less of a decline with their core business. shery: what about the fact that they had to give out subsidies for users and merchants? will that add to costs? billy: exactly. that is a good point. i am looking for a topline but in terms of the ebitda and in terms of the underlined levels, i am looking in line with the consensus estimates. there is going to be a pressure on tech growth. this is two things. first of all, there's a lot of relief measures that's been provided and i think that i

this is bloomberg. ♪ shery: u.s.ities futures are pointing lower after spending the first trading day of may in the red. people are concerned about what lies ahead, a second wave of infections, fresh tensions between the u.s. and china. michael jones is ceo and chairman of terrible concepts. aravel concepts. will you be trying to do more in may or ride it through? >> we will ride it through, but investors need to fasten their seatbelts and realize after an awesome april, we need to prepare for a volatile may. when i was on bloomberg month ago, i was confident with the billion ining $3.5 liquidity, financial prices were going higher. i am confident with washington's determination to spend what it takes and the fed's determination to print what it takes to get the economy on its feet, we will be ok in the long run. we will recover from covid-19. my concern is the market has priced in that optimism before we have confronted the worst of the bad news on the economy and on industries and earnings. there is challenges and

shery: welcome to "daybreak asia ." i am shery ahn in new york. haidi: i am haidi stroud-watts in sydney. down toounting you asia's major market opens. these are our top stories this hour. the white house will respond to china's new laws for hong kong later on friday. beijing is defined u.s. criticism while insisting it will ensure the city's fundamental freedom. asia faces an uncertain day after u.s. stocks erased gains and finished the session lower. investors weighing a reaction that could further destabilize the global economy. president down to asia's major market opens. these are our top stories trumpe for social media after his tweets are fact checked he says twitter and others are trying to silence conservative voices. breaking news out of south korea. we are getting the industrial production numbers for the month of april and we are seeing a huge contraction month on month, a plunge of 6%. the expectation was for a decline of about half of that and this of course also is after gains in the previous month. year on year, it is a contraction

shery: in the u.s.ve seen life during the very low yield onld with companies inching -- binging on debt. who is the most vulnerable? >> asia has a bit of a corporate debt problem. i think singapore, korea, china, they are the countries that stand out looking across country data. corporate debt can expose you to currency mismatch. there is an issue with singapore. part of that is the nature of its economy and maturity mismatches. in china even though a lot of .e.'s, itis held by s.o seems to be something to focus on. almost every economy you can think of has a debt problem in one of its sectors, government, corporate or household. that will elongate this recovery even more. always way to have you. anz chief economist. coming up next, warren buffett stop betting on u.s. airlines, getting more on berkshire's decision to exit the industry. this is bloomberg. ♪ hathaway hasire sold out of all of its u.s. airline investments at the animal meeting -- annual meeting. warren buffett says the airline industry has

shery: ellen, thank you very much.g up, the australian central bank confronts an economy that could suffer a 10% drop in gdp this quarter. we will discuss. this is bloomberg. ♪ >> you are watching daybreak australia. the blame game surrounding the coronavirus has the offshore yuan reaching a record low for months after the phase one trade deal was signed. dealers are watching washington and beijing hurl accusations with president trump raising the opportunity of fresh tariffs. it fell within 1% of an all-time low in monday trading. the philippines saying it will remain prudent in its support for the economy. it offersor says greater room for easing although the normal policy lag is waiting to see the effect of measures introduced. it lowered its benchmark rate by 50 basis points in an unscheduled move. malaysia's easing of its virus restrictions means the trial of former prime minister in his role in the scandal can resume. proceedings were halted in mid-march on concerns that some of the members of the defense team ma

shery: u.s.s fell for the first time in four sessions over optimism fading with the moderna study. our next guest says there could be further economic disruption not even factored into equity valuations. joining us now is rebecca felton . great to have you with us. this reminds me of what happened with gilead's remdesivir. saw the rally and the selloff. is this sort of volatility inevitable when you have a big disconnect between the equity markets and the state of the economy? thank you. i agree with you because of the run-up to the march lows and the fact we are sitting at 22 times the forward number. looking at the calendar, it is still a moving target. in this environment, is it inevitable we will see the biggest, strongest companies perform balance sheets the smaller ones which would maybe not exist in the next few years? weyou are spot on because as saw coming into the last several weeks, prior to some of the more cyclical companies beginning to rally, the bigger companies with the strong al

shery: kathleen hays.up next, disney is planning to reopen its flagship orlando theme park in july 1 full month after rivals such as universal. we hear from the ceo. this is bloomberg. ♪ haidi: disney is making progress on its path to reopening, albeit in baby steps. the company plans to open parks in mid july. that is more than a full month. later than other rivals such as universal. the ceo told us why he is taking a more cautious approach than other operators. >> we always said we would not open up until we thought we could do so responsibly. we have got some learnings from shanghai, some learnings from our own disney springs retail and dining area we opened up a week ago, and we have been able to make some learnings in terms of how you keep that social distancing. that is the key for us, keeping that six feet social distancing no matter whether it be a nest on, main street, or elsewhere. we are confident we can do that and open up as possible. >> universal is planning to open up june 5. why one month l

shery: thank you. our economics editor.nothing on beyond meat's product with sales expert -- outpacing expectations. this is bloomberg. ♪ ♪ shery: united airlines is planning to slash 30% of white-collar jobs in government imposed restrictions lift in october. office workers will be told to take 20 days of leave without pay. billion payroll support package runs out at the end of september. virgin atlantic is to cut around a third of its staff as travel demand plummets. it will close its hub at london gatwick after failing to secure bailouts from the u.k. government. richard branson will now concentrate operations at london heathrow. british airways is also looking to quit gatwick. 12,000 jobignaled losses. after the bell earnings, the lockdown has been a boon for videogame makers. electronic arts and activision are rallying. beyond meat.or more companies are withdrawing guidance. su: we saw beyond meat and occidental reporting, withdrawing guidance. you can see there was enough other news to push stocks higher. let's go int

this is bloomberg. ♪ haidi: -- shery: u.s.tocks rode a wave of optimism over the potential reopening of the economy. consumer sales will be key, says our next guest, chris constantino, chief strategist at riverfront investment group. always great talking to you. this earnings season really not much in terms of guidance, right? people sort of writing off this earnings season as a lost one anyways, given the covid pandemic. but how important is it just to get a sense of the town, especially when it comes to april sales numbers and trends? chris: i think, like we said in the piece we put out a while ago, obviously, birds are always important, but right now words are really important because what these corporate guidance is say and ceos are saying is really telling. i would say the numbers mean something too. if you look at how q1 came through, and march for most companies was heavily impacted by covid, what you notice is in a lot of the more growth oriented sectors and some of the less cyclical parts of the market, earnings were

shery. shery: breaking news out of south korea. export figures for the first 20 days of this month.rts falling more than year.own 20.3% year on imports also falling 16.9% year on year. when it comes to the export section of these numbers, we are seeing chip exports, semiconductors, rising 13.4% year on year so we have seen a little bit of strength when it comes to those semiconductor numbers, a recovery in the industry, but when it comes to the overall exports, still, a contraction of more than 20%. of course, we have seen exports being pressured not only on the coronavirus pandemic but also perhaps on lingering trade tensions between the u.s. and china. we are seeing those numbers in the south korean trade numbers today. haidi. really, that first indicator of exactly how hard the pandemic and the global slowdown continues to hit. trade exposed nations. ahead of the national people's congress, china has hit out against what it sees as protectionism. and of course, these renewed trade tensions could not have come at a worse time. sean wrote is the chief asia-pacific economist for s&p

this is bloomberg. ♪ shery: this is bloomberg markets. i'm shery ahn.arks of oaktree said the fed has great power but it's ammunition is not limitless. he spoke exclusively with erik how the fed'st bond buying program has affected the debt market. >> we were a very active fire in the public debt markets in mid-march. then on the 23rd or 24th of march, the government and fed started to talk about what the program would be. on the 26th, they announced it. dad drove up prices in the public credit markets to the point where we are not buying as aggressively at this point. changed the market from what it would have been if they had not gotten involved, and that has impact for us. i think that is inescapable. do you think investment opportunities are likely to forward,rom this point from where you will see the opportunity, the possibility of making elevator returns again? or are we here now, here for the time being? howard: you tell me. will the fed like to be the buyer on every transaction? prices will not have to go down, in theory. yogi berra said there is

i am shery anh. -- haidiam heidi want stroud-watts.-re is no reason to receive continue the special trading status for hong kong. china said washington's campaign is bound to fail. geopolitical tensions for coronavirus and anger in the u.s. threatening any recovery optimism. australia braces for the end of a record run. gdp data showing whether the 30 year recession free streak is over. looking at how markets are trading, u.s. futures under pressure after stock markets in the u.s. and in most that's ended mostly positive -- stock markets in the u.s. ended mostly positive rating. -- friday. oflly no real substance concrete measures against beijing. we have the dollar index falling friday, the declines continue on down .2%.monday, this as confrontation with china continues but after the s&p 500 closed may on an up note and now at the highest level in more than 12 weeks. 1.7%, about $35 a barrel level. this is the highest in 11 weeks and the biggest the klein in more than a week. -- decline in more than a week. russia and saudi arabia agr

shery: thank you for your insights.ave more on the escalating tensions between australia and -- the australian finance minister joins us 8:30 a.m. hong kong. don't miss it. haidi: i am getting the trading update from the commonwealth bank of australia. they are reporting the third quarter trading update. additional loan loss provision of 1.5 alien dollars australian, slightly better from the cost rivals -- the cost impairment of westpac and anz. a restructuring going on. they are set to sell 55% of colonial, cash proceeds of $1.7 billion australian. we are hearing that kkr is set to buy the majority stake in commonwealth bank's wealth management. that is according to media reports earlier today and we are looking at cash proceeds of $1.7 billion australian. others say the sale is 3.1 billion dollars. we will get more details on that as they get to us through the virus pandemic is shaking up the education world as parents are learning to become home teachers. next to guest joins us discuss. this is bloomberg. ♪ haidi: yo

shery: welcome to "daybreak asia ." u.s. futures fall as violence rages on across the united states. the outpouring of anger they threatened a post-virus recovery. asian markets enter the second half in uncertain mood. the protest adds to geopolitical tension. potentialens any optimism. president trump says there is no reason to maintain the city's special trading status. china says washington's campaign is bound to fail. thei: let's take a look at markets. it is an uncertain start to the trading week. u.s. futures continuing to fall. s&p futures down by about .7% after four days of gains. the u.s. markets buying into this reopening. as we speak we are continuing to see these protests intensify across major cities in the u.s. chicago just announcing closure of its rail and bar services, as many services -- cities across the nation are putting in curfews to curb the protests. we are continuing to monitor that as a major risk. nikkei futures at the moment, seeing downside when it comes to trading in chicago. a little upside wh

shery. shery: still ahead, no magic for disney. 1.4 billionith dollars in costs amid the coronavirus. we break down the results with mediatech. jp morgan says it expects the stock to fall after reaching their targets last week. we get the market outlook from global market strategist carrie craig. this is bloomberg. ♪ economies moved to consider easing lockdown restrictions around the world. the discrepancy between market behavior and economic reality remains. muddy waters -- told bloomberg he things stocks will slump again and current valuations do not make sense so let's get some further analysis from jp morgan asset management's kerry craig. is difficult to look at pricing and valuations and what is a sensible approach at the moment given that guidance, you know come out of the companies, is not terribly useful. and the outlook remains so murky. kerry: good morning. that is correct. i think that is the case that there is a quick question about how stale these earnings are. we are looking f

shery: breaking news.ve another day of record deaths in brazil. 1188 peopleng about dying from the coronavirus in brazil in the past 24 hours. the country now has a total of more than 310,000 infections. brazil now ranking third after the united states and russia in the number of coronavirus cases. this of course as we hear president trump saying the flags will be lowered for three days to honor the virus victims here in the united states. coming up, vietnam is one of the world's a few success stories and containing the spread of the coronavirus, but it's prime minister says his country was not spared from the economic fallout. our interview is next. this is bloomberg. ♪ shery: you're watching -- reporter: you're watching "bloomberg daybreak: australia." i'm karina mitchell with first-rate headlines. fed chair jay powell is warning the coronavirus downturn is hurting the most vulnerable in america. speaking to small business and community leaders, he said the burden is widespread but not even. the so-calle

shery: this is bloomberg markets. i'm shery ahn in new york.ove today that drew investors attention was saudi arabia surprise announcement to slash output to the lowest in 18 years. the kingdom is trying to spur the country from an energy crisis that has devastated its finances. joining us now is catherine nye. really incredible the turnaround we have seen in the last two months, going from a price war, to voluntary cuts. >> absolutely. thanks for having me. if you remember the beginning of march, this is when the opec deal fell apart. over the weekend, we went from $50 oil down to $30 on monday. now we have everyone going from, are we going to cut, to let me cut over and beyond. one piece of the puzzle will be the demand side of this. we don't know how long it will take to get back to the precrisis levels. your sense of what the expectations are among opec, opec-plus members? >> there has been a big debate. oil traders are looking at a couple months to a year. as economies restart, there are fears that we will never get back to that level agai

shery. shery: the u.s.ury is preparing to issue a record amount of debt as the deficit heads towards $4 trillion. our global economics and policy editor, kathleen hays, is here with a look at next week's quarterly refunding. how big is it going to be? kathleen: well, it is going to be the biggest we have ever had. as you just said, you have a $4 trillion deficit. you have to finance it somehow. in fact, let me write this down for you. quarterly refunding is selling of three-year notes, 10 year bonds, and then 30 year bonds, and the numbers are definitely higher. $42 billion of three-year notes, $32 billion in 10 years, $22 billion of the 30 year -- the longest maturity. banks love that. that is the one that always gets snapped up. that is a total of $96 billion. $84 billion was the last quarter. that was held for about five quarters. they are going to increase nominal maturities of two, three, 5, 7 your notes, everything in the coming -- five, seven your notes, notes.ing -- seven-year they have a 20 year bo

shery: paul allen.up next guest says coronavirus has delivered the global economy a massive disinflationary shock. he will tell us what that means for investors just ahead. this is bloomberg. ♪ shery: let's get straight to sophie kamaruddin for how markets are shaping up monday morning. sophie: a key focus will be on plans to be open around the world and attention will be on infection rates. korea is facing a second wave of infections potentially given the market -- the numbers over the weekend. we are waiting on updates from corporate and we will get earnings for tencent, alibaba and other health care players. u.s. futures are edging lower and nikkei futures in chicago are under pressure but above 20,000. japanese stocks could stall after the rally on friday, the best day for the topix in a month. japanese stocks holding steady potentially after we saw them looking to clawback half of the virus losses. we are seeing some steadiness after the kiwi dollar hit a two-week high on reports china may impose t

this is bloomberg. ♪ shery: this is bloomberg markets. i'm shery ahn in new york.eo elon musk took to twitter last week and vowed to get rid of most of his possessions. he followed up by listing two of his california homes for sale. combined $39.5 million for the properties. joining us to discuss the recent our teslas dana hull, reporter. this is not exactly a sellers market. do we have any idea why elon musk is doing this? dana: elon musk stance to get more than $700 million in dock options based on his compensation package that tesla's board approved, so there is some speculation, in the middle of a pandemic, getting this big options award, the optics of that is not great. he is trying to make the point that he is not materialistic, does not care about possessions. seem to make it look like he is serious about downsizing. amanda: we are familiar with in ane madly tweeting short amount of time, but the ceo of a publicly traded company, not for the first time. it makes you wonder if it spooks investors that, in 75 minutes, he is tweeting, saying that he is selling

this is bloomberg. ♪ shery: this is bloomberg markets. i'm shery ahn in new york.automaker lamborghini has begun making cars again in northern italy. the chairman and ceo spoke to bloomberg about the demand for luxury cars as more companies are reopening. >> there is one thing we need to consider. as you were saying, we are 95% export around the world. the main market for us is the u.s. china is growing rapidly. us thatrtant factor for is very good, we did not receive any cancellations of orders. great majorityhe of customers, there is not a problem with liquidity. is the environment of luxury goods. if everything is slowed or shut down. korea, wee, in south got requests, and demand is strong. china is strong. about 90% of our factories are open again. i believe our segment would be good after the first month or open. after being we need to be prudent. we need to understand how we can be flexible to plan. the order backlog is very good for us. it is important now that the market reacts in the right way. stop. this week not to we had great success. when do you antic

rishaad: i'm shery ahn -- shery: i'm shery ahn. the u.s. is set to begin major legislation to crack down on beijing. exclusive rally in u.s. stocks sending the s&p 500 index to session lows in the final half-hour. asian markets face an uncertain retention ofs want u.s. actions. meanwhile, hong kong braces for what could be the biggest protesting month as the city government needs to discuss criminalizing disrespect for china's national anthem. haidi: let's get a look at the markets, which are being jolted by prospects of more u.s.-china tensions, the prospect of these further sanctions from washington to beijing as well as key developments in hong kong as we get the second reading of this controversial bill as well as the expectations of more protests. held by newg upside zealand markets. we heard from the annual testimony report there could be more mobility to the country's financial institutions, hearing from the governor. upside in kiwi trading at the moment. u.s. futures stumbling. a little downside when it comes to trading in the futur

shery: i am shery anh in new york.ur top stories this hour, the white house steps up the pandemic blame game. sentg china deliberately people around the world to spread the coronavirus. u.s. cases are slowing while asia braces for a second wave. this hour brings the latest check on the japanese economy, we await gdp growth numbers in a quarter dominated by the outbreak. let's take a look at markets as we set up the trading session. we are seeing this with u.s. futures. back-and-forth between washington and beijing really dominating our can sentiment at the moment. seeing new zealand trading on , as new zealand moves out of the restrictions. positive upside, .6% higher for australia futures going into the start of trading today. we are watching the yen, which has been seeing strength. looking at positioning by money positionsnet long yen are being extended. there could be further upside with the japanese currency. seeing upside continue with wti. gains ineen the recent oil, shery. shery: we see more economies reopen and

shery: great having you with us. thank you.tailers are raising $31 billion from banks as the pandemic batters sales, shutters shops, and heightens online competition. more on the retail earnings next. this is bloomberg. ♪ ♪ this is bloomberg markets and i'm shery ahn with amanda lange. begin to reopen stores, but most consumers remain cautious staying at home and shopping online or using curbside pickup. for is closing retailers tens of billions of dollars to offset the impact. here to discuss that is camilla yanushevsky. great to have you with us. we are seeing an upside and equity markets really helped by earnings coming from target, lowe's, and the reopening of the states. seewe going to continue to a bit more of a rebound when it comes to sales with more traffic and stores? for our consumers going to be fundamentally have changed consumptionterns the could affect the month ahead? camilla: first, thank you for having me. i really appreciate it. we have a lot of companies reporting tomorrow. maxx, and it is different for all

shery: welcome to "daybreak asia ." asian markets set to rise amid positive signs for an experimental vaccine. oil rises to pre-lockdown levels with china's demand all but recovered. softbank loses aliens of start billions of startups. throws its weight behind the world health organization and says any vaccine success will be shared by all. president xi says cooperation is vital. it was really this help vaccine -- help on this vaccine obnoxious safety but also the immune response effort to see vaccine -- that really de u.s. stocks higher. we did have the s&p gaining more than 3%. u.s. stocks surging the most in six weeks on the promising early results. that has led to a pretty steady sense of positivity. we are seeing u.s. futures as well as trading in new zealand. australian futures among one of the asian features that are trading up by over 2%. in fact, the highest since march 11. we are seeing highs for hong kong and japan futures going into the start of trading in asia. let's get more on china. xi jinping is promisi

shery: from bloomberg world headquarters in new york, i'm shery ahn.joined by our bloomberg and bnn bloomberg audiences. here are the top stories we are following from around the world. u.s. equities surging, on track for a second day of gains with the s&p 500 climbed back much of its losses from last week. health care and energy leading the way as brent crude tops $30 a barrel for the first time since mid april. this as california and new york outlined plans to reopen their economies in the wake of the coronavirus. new york governor andrew cuomo warning against ending lockdowns too early, citing new data that the number of expected deaths from the virus in the u.s. has doubled to more than 130,000. what it all means for the markets. we will speak to kristina hooper of invesco. that conversation is coming up next. aanda: speaking of markets, little bit of confidence in the stock markets today, across the board. health care and energy are two places showing leadership in the u.s. markets. we have some enthusiasm about reopening plans, albeit they are di

shery: discussed -- shery: thank you so much for that.eed to provide more stimulus to help the country recover from the pandemic. a chief economist shared his predictions with bloomberg for the economic outlook. sees a expectation is q2 deep decline, minus 39% quarter on quarter. then we have strong sequential goals in the second half, plus 29 in quarter three, plus 11 in quarter four. from that perspective, it is a fairly rapid recovery. if you look at the year on year rates, which might give you a better sense of the underlying -13% ine are at almost the second quarter. a decline of more than 5% year on year in the fourth quarter. that is important, because minus 5.4% in the fourth quarter would historyeakest number in on a year on year basis if it wasn't for q2 and q3 of this year. i would say it is a partial recovery. faster in some sectors than others. construction will probably recover more quickly than consumer services that involve a lot of face-to-face interaction. that will be a disrupted sector until we find much better medical

shery, thank you so very much.welcome to our bloomberg radio listeners joining us for this interview. let's set the stage. the central bank has left the policy door wide open for more aggressive measures to fight the pandemic's damage to the economy. to tell us more of what is driving the central bank, of what may come next, we warmly welcome the reserve bank of new zealand editor, adrian orr. great to see you. adrian: glad to hear you are well. kathleen: it is a tough time i think for so many people in the world, but certainly from the point of view of a central banker. forecast, setting your plan to fight off the damage from the coronavirus in new zealand, your view of the economy right now has four scenarios per the gdp number coming in at minus four or minus 37%. how do you set policy? how do you manage when there's so much uncertainty about where we are, where you are, and where we are all going. adrian: great questions. i certainly do not feel we need sympathy. being a central bank governors not only challeng

shery: thank you very much.a: coming up, president trump is saying his coronavirus taskforces here to stay with a renewed focus on reopening the economy. next, we speak with the president and founder of this plant. -- of amobi. ♪ ♪ amanda: welcome back to bloomberg markets. some comments from president trump is a short while ago from the oval office -- just a short while ago from the oval office. tosaid he was responding public task force will be can on monday -- will reconvene on monday and then exist as long as necessary. he also commented on the high unemployment numbers, saying the spike is artificial, temporary, and that he does not believe anybody blames him. the flip-flop on the task force may be a little on reassuring, ofis an interesting question the guidance that this white house has shown on covid-19. do come down on that? is any of this attached to trump long-term? >> sure. we are going to experience the worst economic recession of our lifetime. even if he were a fantastic lifetime -- a excellent pre

shery: breaking news out of south korea. we are getting the unemployment rate for the month of april, coming in at 3.8%. this would be below expectations of more than 4% and at the same level than in the previous month. south korea of course has implemented big fiscal measures, not to mention the relaxation of social distancing measures and president moon jae-in asking his ministers to swiftly draw up a third budget. he has announced something of a korean style no-deal with statement investments, and we are seeing the south korean unemployment rate at 3.8%, the previousl as in the month as south korea continues to battle the coronavirus pandemic. that seems to have restarted and regained some momentum with those infections around nightclubs in seoul. let's turn to sophie kamaruddin in hong kong for a check on the markets. what are you seeing? sophie: aside from the korean jobs data, later, we will be getting malaysian gdp and ahead of that, a lackluster session potentially in asia after u.s. stocks fell and bonds rose as mar

shery: thank you for your insights.up, the world is getting closer to a vaccine development. astrazeneca expects to deliver millions of doses to the u.s. as early as october. bloomberg's conversation with that company's ceo is next. this is bloomberg. ♪ amanda: welcome back. pledginggovernment is about $1.2 billion to astrazeneca in his fight for a covid-19 vaccine. jonathan ferro spoke with the ceo pascal soriot about the push for a vaccine. we have to show the vaccine works of course. no profitng this at during the pandemic. it's important to keep this in mind. remember we're talking about vaccination. you can vaccinate people very quickly with preselect patients. you have a lot of infections and the disease is still intense, you can get the results very quickly. , we have manufacturing chains that are independent. one for the u.s. and one for europe. they will be no competition between them. we believe we can actually get this done quickly. is manufacturing process something we know very well. confident we can make i

stay with us. ♪ shery: this is "bloomberg markets."ders is back with a new startup.ocery home delivery service is being touted as a new model for at-home grocery delivery, harnessing the power of ai and automation. he joins us now from california. great to have you with us. we are seeing this market a bit more saturated now, especially with amazon and walmart. how are you planning home delivery service to be different? louis: this is a huge market that is growing rapidly. it is clearly broken. high and the packaging is wasteful. we are completely transforming the service. we are able to do this because we developed an all new and and robotic system. we used reasonable totes. delivery is with full-time employees. servicenvenient for the and we can take back returns on the spot. because the system is so efficient we have eliminated fee s so you not to pay subscription fees, delivery fees and tips. right now home delivery has never been hotter because of the great lockdown. there is concern you are missing the window a little bit. you wil

vonnie: thank you for that, shery ahn. coming up, we will discuss the battle for talent with ilana weinstein. this is bloomberg. ♪ mark: i'm mark crumpton with bloomberg first word news. new york is taking steps to make sure people were face masks in public. governor andrew cuomo today said he would sign an executive order that lets owners of private businesses to deny entry to anyone who does that were a mask or face covering. the governor also says the states focus has shifted to safely reopening new york city. a setback in south korea. its biggestreported spike in new coronavirus cases in more than two months, raising fears of a second wave of infections. health authorities are focused on an outbreak at a distribution center for an e-commerce company which has increased in popularity as many have turned to online shopping. the government is closing museums and parks in response to the new infections. president trump is prepared to strike back at twitter, angry onause they fact-check links two of his tweets. he says he w

shery: welcome to "daybreak asia." we are counting down to market opens in australia, japan and south korea. asian markets look set to edge higher as investors digest news on trade and stimulus. japanese stocks are close to erasing half of the virus led bosses good global infections top 4 million. -- virus led losses. global infections top 4 million. after months of no magic, shanghai disney throws open its doors today. we will assess theme parks in the coronavirus era. mixed we are looking at a , possibly positive start for asia. let's go over to sophie looking at the markets. sophie: asian stocks setting up for a week delivering more corporate updates with about 500 companies on the msci aipac to respond this week. and the impact of lockdowns certainly how look -- growth will be impacted is going to be in focus. we will look at korean trade for may area so this one is edging lower, -- may. this one is edging lower. chicago nikkei futures edging higher. the 10-year yield adding seven basis points. tracking the move we

shery: that was brian moynihan.ic slowdown hits economies across the world, commercial real estate prices are expected to drop. the worlds biggest investors are sitting on piles of cash, preparing for a once-in-a-lifetime opportunity created by the pandemic. joining us for the story is john gittelsohn. powderh is there in dry ready for deployment, and how soon could we see some transactions? i cannot imagine the market being too active right now with so many restrictions. the restrictions are a big deal in a lot of cases. people cannot go out and look at buildings if they are going to buy them. if you are going to buy something that is a few hundred million dollars, you want to actually make sure that the doors were, the windows shut, all of that stuff. -- work, the windows shut, all of that stuff. there is $328 billion in dry powder, and that is just in private equity, ready to buy real estate. they need a lot more clarity in the market before they start putting that money to work. playerssome of the presumably are

shery: saudi arabia/is oil output -- slashes oil output. that is next.rg. ♪ shery: a quick check of the latest business flash headlines. boeing's ceo delivered more bad news for the airline industry, saying it is most likely a u.s. carrier -- the u.s. carrier will fold by september and air travel levels will still be at just 25% by then. the share price has fallen 70% since march. airlines are looking to cancel or return orders because of the coronavirus. airplane factories are being closed and boeings 737 max has been delayed again. an indiannaire behind budget carrier indigo is considering a bid for virginia australia, looking to capitalize casualtiest airline of coronavirus. friday.eking bids by virgin collapsed last month, owing $4.5 billion. indigo says it is not involved. virgin group says it is considering a half $1 billion sale of shares in the space travel company galactic to save the airline and travel businesses. virgin says the proceeds would go towards supporting the -- and hitthat is it by covid-19. virgin galactic became the first space to

shery: welcome back to bloomberg technology.ming, radio podcast seem to be booming despite the fact we are in the middle of a pandemic. 28% ofielsen shows american adults are spending radioime listening to the . we are joined by bob pittman. bloomberg radio does provide programming to iheart radio and operates new a.m. in san francisco. it is good to have you back. talk to us about the trends you are seeing when it comes to listening and people seeming to be hungry for audio content. of two cities. advertising is down but the consumer is more engaged in radio than they have ever been. they come to us in a time of crisis because we provide companionship. we give them information, keep them company. with all of these new devices as well. 10 years ago when we started the idea of being where our desires us 250 platforms and they are discovering them a lot now. smart tv, smarts creepers -- smart speakers, roku. that is opening up the whole new world of engaging with the consumer and deepening that relationship with them. podcasts? ab

shery: a quick check of the markets. we are seeing u.s.utures rebounding and gaining for tens of 1%. u.s. stocks fell to that three-week low. it was not just the fed chair's comments. we have u.s. tensions with china flaring again. every sector on the s&p 500 was in the red and it is now heading its worst week since march 20. take a look at what oil is doing. we are seeing slight gains above the $25 a barrel level, a gain of 1.7%. this after it fell in the regular to session -- regular session. we still have some comments from the iea saying it will take more than a year for crude demand to recover. let's turn to those comments by jay powell. he was clear when asked if they would be in favor of adopting a negative rate policy. not only did he reject it unequivocally, he also said he would not even consider it. kathleen hays is here to tell us why. how did the negative rate question get so big after fed officials said no way over and over? kathleen: it really is something, isn't it? look at it this way. open-ended launched qe, bond purchase

. ♪ ♪ shery: we are counting down to asia's major market open. i am shery anh in new york.troud-watts in sydney. these are your top stories this hour. the u.s. is considering a range of sanctions on chinese officials and businesses over beijing's crackdown on hong kong. the white house doubts the city's tu

. ♪ shery: good evening from bloomberg world headquarters. i'm shery ahn in new york.haidi stroud-watts in sydney. australia."daybreak china approves new security laws for hong kong, defying u.s. criticism and insisting they ensure fundamental freedoms. president trump will comment on friday. u.s. stocks finishing the session lower

shery: it is 1:00 on wall street. markets."loomberg i'm vonnie quinn. here are the stories we're following here and around the world. stocks rebounding after session lows, the s&p higher now after indices thank in early trading. the s&p looking to break a true day losing streak -- a two-day losing streak that broke all of last week's gains. this on the heels of brutal economic data in the united states. initial jobless claims totaling 2.9 8 million last week, bringing the total to 36.5 million people in the last eight weeks. and one of the big banks poised for a rebound. we get the outlook for financials from mike mayo, wells fargo securities head of large-cap bank research. let's get a quick look at the markets. we are seeing a bit of a turnaround. it has been the story of the session and we are firmly in the green for the s&p 500, thanks in part to some financials like capital one, comerica, synchrony, discover, and wells -- it's self up 7.5% all session. up sevenfargo itself point 5% all session. after the initial jobless claims data, a little move i

. ♪ ♪ shery: good evening from bloomberg world headquarters. i'm shery ahn in new york.tts in sydney. welcome to daybreak australia. here are the top stories. stock to the highest since early march amid promising signs for an experimental vaccine. oil rising to pre-lockdown levels and china's demand all but recovers. softbank loses aliens on start up debt that sours and masayoshi son says there c