sonali: acquisition financing, the leveraged loan market is still below par.are the limits of the fed support? richard: that is a great question. the fed supports the noninvestment grade market is focused on companies that were .nvestment grade prior to covid 22 where ifd march you were investment grade prior to that and you were downgraded because of the pandemic, than the fed will be there to support you. willcquisitions financing not be supported by the fed. there is an implied level of support because the fed is taking care a lot of these fallen angels. that allows the leverage investors to focus on people with deleverage names and they do not have to worry about the overhangs of the fallen angels. that implied support has caused the rally, first in the high-yield market. we have seen a rally in the leveraged loan market. the last time we spoke a few weeks ago i told you i felt the leveraged loan was going to be elaborate, and it has been, but it has recovered much more quickly than i expected. while it is below par, it is coming back to more reasonable le

amanda: great to have you with us, sonali basak.an continue to watch the global investor summit on live go. vonnie: today, we had a couple announcements of actual mandated changes. blackrock saying 30% of their employees across the company by 2024 will be black employees. that is really important for companies to set a standard on that. it should be theoretically easier to put some on the board. we are up 1% on the major indices. the nasdaq weeding the way, 1.6%, mainly thanks to apple's riproaring session today. this is bloomberg. ♪ >> it is to acquire p.m. in new york, this is "bloomberg markets: the close." i'm caroline hyde. romaine: i'm romaine bostick. taylor: i'm taylor riggs. >> confusion that sunday futures slumping by saying it is over for the u.s. china trade deal and forcing president trump to step in on twitter. the view from the trump administration, we get reaction to that trade confusion and much more from u.s. treasury secretary steven mnuchin. he joins bloomberg invest this hour. betting on the check. u.s. stocks n

sonali: thank you for joining me. tech dataich hume of who just sold his firm back to apollo.emily: thank you so much for that interview. we will have much more of bloomberg technology coming up after this quick break. ♪ emily: netflix will shift $100 million to lenders that serve the black community. this makes it the largest company yet to pledge cash to historically underfunded financial institutions. to discuss, we are joined by lucas shaw. we have seen a lot of commitments from different companies but the approach netflix is taking to this is fairly unique. how exactly will this work? lucas: they are going to take about 2% of the cash that they have on hand at any given time, which is right now about $5 billion of the end of last year. they are going to ship that from one of the many financial institutions at which they already work into those that specifically serve black communities. the preferences black-owned or black lent banks. they are working with the credit union which is led by bill bynum, a black ceo. we will see how it goes beyond this. they have pledged about

sonali: a great outlook for the end of the year.t to talk about something happening right now as well, dying. there is a lot of tension in the market with buyers looking to get out of certain assets. citigroup, tiffany and lvmh what is your outlook trying to gete out of the deals that have been impacted by the covid pandemic? philip: i think that, again, you point to the overall outlook. there is a lot of speculation around deals, not all of it well grounded in the facts. whenever you have an uncertain period of time and have deals that have been consummated and are yet to close, you do get speculation that is not all factually correct. but having said that, there is no doubt that deals have either stalled or have not been consummated because of the uncertain outlook. we are tracking a similar level in terms of deals not consummating as we did coming out of the global financial crisis. what is going to fix that? greater sentiment in terms of corporate outlook, and in terms of earnings profitability to back the rise in the equity mar

sonali: it didn't take long for

injury in a hand bike crash in italy 20 years after losing both his legs in a motor racing accident sonali was airlifted to hospital after a crash during a national race for paralympic athletes the hospital says his condition is quote very serious the italian who was previously a formula one driver took up hand bike racing after having both legs amputated following a motor racing crash in germany in 2001 he won 2 gold medals at the rio paralympics in 26 days. and in football a roisin a has indicated he wants to leave manchester city after rejecting a contract extension the german international looks set to return to germany with in munich last summer bought a bad injury ended his transfer hopes the 24 year old has a year left on his current deal but city coach pep. may has confirmed that he can leave if a buyer can be found. here watching data news we'll have more headlines at the top of the hour until then stay out to date on our website at a state of extortion. combating the corona pandemic. where does research stand and. what are scientists learning. background information and. our coro

a little earlier today, sonali bostic spoke with galaxy digital.has been talking a lot about inequality and what he and others like them can do. a white businessman, his job is to be in support. it is to listen, to have -- to help,to ask where he can to bear witness. can'tk, more broadly, we just change the black community. we have to change the white community. while the black community, they need to lead in this, i think it is very important that the business community is right there. reformrt of the alliance. i always tell people, robert kraft is one of our agreement alliances with just reform. when he talks, people go, he owns football teams. he is converting people over that might not see the world the same way as a liberal new yorker sees the world. ofhink you need an army criminal justice reformers who say, wake up, watch the video. i was kidding around with a friend today, i have been arrested twice, drinking, having fun my whole life, and not once have i felt threatened by a police officer. >> let's hold onto that for a second because i do

sonali: you had mentioned that there were almost 50 black-owned banks, and now less than 20 in americayou explain some of these challenges? and what can be done to help the expansion of your bank and banks like yours? laurie: let me share another program that has been very successful for unity bank. it was a conversation we had been having with the treasury department and secretary mnuchin around the mentor protege program. we are a mentor protege with citibank. we had been working with them prior to the racial equity and minority inclusion act. what makes this so important, and why this program is so valuable for minority depository institutions like unity, they allow us to leverage their resources in order for us to have a broader impact in community. for instance, they just allocated up to $50 million to mdi so that we could actually do more lending in the community. by making those funds available, it allows me to free up my balance sheet so i can lend more. there are capital restraints on banks on how much we can lend. when we are able to leverage a relationship with city, it crea

course, this outperformance we are seeing in small caps once again speaks to something that taylor and sonali was talking about earlier. when you are looking at a breakdown of who won on the s&p 500, the financials today. the bond market, particular flight to yields going higher. consumer staples and real estate up there. want to therefore get more of a take from state street global advisors managing , quantitative equity, olivia engel. where do you said when it comes to some of the more beaten up overall names? are they more of a risky bet? should we be looking into the smaller caps? olivia: i think insurance is a good play because it is valuation. the risk emerged during the crisis and now looking a lot less because of the fed action. if the fed is looking to buy and support, that is probably good for them, and brings the risk down substantially. i guess there is a big difference between liquidity and solvency. the fed can create liquidity but can't actually force the economy to generate cash flow. there still is a limit to what the fed can do to keep companies solvent. romaine: that is a g

our chief financial correspondent sonali basak in a special on moral hazard and on the extraordinary six months of 2020. important conversations there to reset for the second half of the year. markets lifting this morning. oil nicely above 40. stay with us. this is bloomberg. ♪ jonathan: from new york city for our audience worldwide, good morning, good morning. "the countdown to the open" starts right now with equity futures nicely positive. we begin with the bait issue. a week of confusion over u.s. china trade relations kicked off by u.s. trade representative robert lighthizer. >> this issue of decoupling is a complicated one. we need to bring as much manufacturing back as we can. do i think you can sit down and decouple the united states economy with the chinese economy? no. that was a policy option years ago, i do not think it is reasonable option at this point. jonathan: that was the take from robert lighthizer. this is the take from the president. he wrote the following on twitter. "it was not robert lighthizer's fault and that perhaps i didn't make myself clear, but the u.s. c