jonathan fenby next. ♪ tom: good morning, everyone. berg surveillance" from new york and london. one of the things true about china is you have to read up, read in. or are all sorts of good books. you need to focus on is someone like lord patton. someone who will read more recently. has beenfamily prodigious about writing about the chinese experiment and the revolution on how hong kong has changed. we are thrilled jonathan can join us. thank you for being with us. this beat of change in hong kong has shocked everyone. where will hong kong be in six months? jonathan: hong kong in six months, even more politically under the control of beijing, the mainland. clearly an assimilation rosettes going on politically -- process going on politically. question is how will that affect hong kong position as a financial sector and business. beijing has been getting ready for this are some years now, over the last 4 to 5 years, and they make sure the one country dominates the hong kong system. tom: you are a giant of studying the micro-chasm of china,

tom: good morning from new york.ave been dying to talk to you about a vice presidency of susan rice. you are saying joe biden will win. i am not willing to go there yet. i am willing to say picking the vice presidential candidate is critical. the mayor of orlando, etc. you work with these people. can susan rice reach out and have a domestic voice as a vice presidential candidate for mr. biden? meredith: susan rice can certainly make that domestic case. given her time, with president obama, she was focused externally. for most americans and abiding campaign, when you hear them talk about rebuilding ties with europe and what they can do to and u.s.asia traditional allies and partners, you are hearing two things. --, domestic sources [indiscernible] -- they need to make american foreign-policy work for a domestic populist highly uncertain, concerned about future livelihoods and the resiliency of the u.s. domestic economy. with susan rice as vice president or any of the vice presidential picks joe biden might pick, what

we say good morning from francine and tom keene. swiss and german banking. being such a good sport today. really interesting there on wirecard. this story, for those of you waking early in america, this is on theng in a real issue highly regulated versus nonregulated financial industry as well. much more coming up today across all of bloomberg. we hope you stay with us on bloomberg television and bloomberg radio. we continue, this is bloomberg. ♪ tom: what about the rest? some, when work for will the many find employment? goldman sachs shifts and delay their recovery towards 2021. still 9% unemployment next year. delay inl be little terms of global support. stocks surged this morning. after delay after delay after pipelineere will be no west southwest of charlottesville on the appalachian trail. dominion exit. warn profit to the rescue. good morning everyone, this is bloomberg surveillance. francine is in london. we will have a good conversation with the economy with carl weinberg. i will tell

tom: very good. it is a jobs day as we set up.-- really interesting to see how kudlow speaks on jobs and hong kong. the data check today is real a higher tone as well with futures up and the vix coming in nicely under 28. inra, why don't you bring wolfango piccoli right now? nejra: i will. we have seen risk on across a lot of top markets, in any -- in hong kong as well, for the first time since we saw that law approved. let's talk to wolfango piccoli of teneo intelligence about the latest developments and what we have learned. wolfango, welcome to the show. we have 35 pages of legislation, a lot of legal experts saying it is so broadly worded, it is easy to abuse and difficult to apply. how much of a chilling effect will that have on business? wolfango: good morning. it will have a chilling effect. how much pens on enforcement -- how much depends on enforcement. mark will be how it is implemented. aside the specific provisions, it is also the creation of governing bodies which could have long-term impacts. the creation of this bod

tom, good to see you >> good morning. >> good morning.to talk about ai and how it fit sbos into this lands. there's been, for some people, a sense of controversy around c3.ai taking a ppp loan. did you get funds from the program and what was the thinking behind it >> i think if we think back to february and march, there was a massive economic dislocation i think we saw a massive contraction of gdp, massive contraction in equity markets. i think that many companies who were, would have been their initial reaction would have been to cut staff and to cut staff very significantly i think the ppp program was put together and i think it was a pretty good idea to encourage companies to avoid layoffs at c3, we have not done employ more people today. we continue to hire people and the ppp program had an influenc on that as it had on many companies in avoiding layoffs and not encouraging to retain the personnel. that was the purpose of the program. that was the motivation of companies that took advantage of the program. programs that were able to g

this is bloomberg. ♪ tom: good morning, everyone.resident trump wants a delay on the election, talking about it because of the virus. maybe he needs to migrate to hong kong. carrie lam moments ago, talking about a delay with the upcoming legislative elections. we have on the phone again, stephen engle. was speculation, no fact. what are the ramifications for protest this weekend? stefan: -- stephen: it is unprecedented, and carrie lam is evoking emergency powers to delay the legislative council elections, which were due to be held on september 6. there was speculation that this was due to the delay, the postponement would be due to the fact that the pro-democracy candidates have a lot of wind in their sales and they could perhaps take many of the seats in the legislative council elections. so there is speculation on the pro-democracy camp that this was done to counter that. ment is, the govern saying that there is a third wave of virus infections, and that is why they are delaying this. it could be up to a year, and that would delive

this is bloomberg. ♪ tom: bloomberg surveillance. good morning everyone. lacqua in london, i am tom keene in new york. there is a trust that the transaction will get done. there is the ultimate trust which is trust being in raising money. williamcheck company, ackman, the acclaimed pershing square capital fund -- founder and ceo is out raising money on the trust of his back. here he is with vonnie quinn. >> this is a company that has $5 million of capital, and we designed the most investor friendly structure without any form of compensation for the people doing the work, which aligns our interest with our shareholders. we are happy with the reception we got during the process and we put together i think, one of the greatest collections of investors in the world to partner with us, and what we are trying to do which is to buy minority interests in growth companies which we will take public. we have done some other things to design a structure that is both investor friendly, to shareholders but also merger friendly to our potential partner, and that will ena

tom: good to know. troy: they are extremely crowded, the most crowded in history, and there was concern over elevated multiples because of where earnings were expected to be. revenue and earnings continue to be very strong, so it is the story of hedge funds the last 10 years. the best trade has been long tech and short nothing. the second best trade is long tech and short everything else. compete with high yield and have less downside. jonathan: going not overweight -- lisa: going not overweight tech has been a mistake because they keep beating again and again. why not go into them, given that the biggest risk is regulatory and based on what we have heard, it does not seem to be much of a risk? troy: for the last three years, people have been talking about regulatory risk and that could drive some kind of breakup or hyper regulation, but it has not come to pass. part of me as an investment manager is trying to choose what you want to achieve, and anyone can own large-cap tech for free, so you are trying

tom: good morning to you. e document your bank published today -- and i want to make clear, it is lost in translation a bit over to the good english on the ecb website torgeby, thato document on money-laundering is one of the most extraordinary documents i have ever seen. let me cut to the chase. you take sharp disagreement with swedish authorities over the outcome of the money laundering issue that you have been involved with. what are you doing not to repeat history in the baltic states? johan: thank you for that question. juneceived on the 25th of a fine of a billion swedish krona. we put out a statement which a bit agrees and a little disagrees. there are several findings we don't understand or subscribe to. hence, we question the causality a billion swedish krona or 100 million euro equivalent of a find. most of the things that they identified were identified by seb in the past. don't forget this review ended a team, and the last few years have been very much focused on the fight against financial crime to

tom: good morning from new york. phenomenal -- carolyn: good morning. ave great experience companies, particularly salvaging itb. cannot urgency be translated to government? the urgency you have experienced in your business career, can you bring it over to government in crisis? carolyn: i do know from my experience what it feels like to have your back against the wall and wonder how you will get the lights on. that is why i talked about fierce urgency. there is a danger in government. you have plans that kick into place in six months time. fantastic to have infrastructure spending support programs for unemployed, we need them, but there is an urgency around cash. that is what we are trying to communicate today to government. anybody that has been in business for any time can see that. tom: we have headlines coming out from the chancellor. we will have that on live go for you and be covering it through the 7:00 hour. about goingor talks through the first phase of the crisis. that is the fun part. then there is the "now what." what will be that for the bri

. ♪ tom: good morning, everyone. "bloomberg surveillance," from london and from new york.ind me, and you will see it in a little bit with the sun rise across the hudson river, it is new jersey. new jersey confronted the virus early. even with that, over 20 deaths announced yesterday by the governor. let's listen. >> you're absolutely right, and the toll has been enormous. over 13,000 confirmed deaths, probably another couple thousand that are expected to pass from covid-19. that is the awful tragedy. our numbers have gotten a lot better. as they got better, we made the decision based on the facts and the science to begin step-by-step reopening our state . so we knew when we were doing that, doing it responsibly, that we would take on more risk in terms of increasing the potential for transmission. we were comfortable with that risk. was we were not expecting the explosion in cases elsewhere in the country, and so the rate of transmission has gotten a little bit uncomfortably high for us, just over one, today it improves slightly. so we put a travel advisory in place for fo

from a beautiful new york city, this is bloomberg. ♪ tom: bloomberg surveillance. goodorning from london and from new york. guy johnson in london for francine lacqua. tom keene in new york. lots of action on economics through the week, but overlaying all of that politics, we saw yesterday some important shifts in the united states of america on the distant south china sea. that full's in the pacific rim dynamics, a good theme -- that folds in the pacific rim dynamics. a good theme to speak with jeremy stretch. there is such an interesting linkage to china. explain to our audience -- i know you are quite good at this -- explain to our audience the profound linkage of australia through the south china sea to china. jeremy: what we have seen over the last two decades is the increasing linkage of those economies because the australian backdrop is driven in part by commodities, and those commodities have been axtensively consumed by chine as the chinese economy has exploded over the momentum of the last two to three decades. traveling tourism between china and australia. the

this is bloomberg. ♪ tom: bloomberg surveillance. good morning. jra cehic in london for francine lacqua. i am tom keene in new york. it feels like a friday in new york with the jobs report. frankly a lot of other data as well, coming out today. we will have a much better look at the american economy by 12:00 noon today. willem buiter joining us with his work with citigroup. then we turn to a different style of macroeconomics. has been a careful student of the domestic economy with some controversies i might say, writing for the new york times as well as academic services over the last number of years. here on the present state of america is paul krugman. paul: we are in big trouble. back about a month and a half ago, i was laying out the bad scenario. it was clear we were going to have a couple good months of recovery. there was a lot of pent-up demand for people weren't allowed to do. the bad scenario was that we would have a spike in covid-19 cases that would lead us to have toinstall -- lead us to have stall and backtrack. we are going to get a

tom: very good. l'oreal there. ooking at myself this money, and i this think -- i just think that i need elena rubenstein aging and brightening. i needs deep renewing -- francine: you need a serum, tom. tom: yeah, i need a serum. you do this. ly thing?he rol francine: i use everything, tom. serums. what people don't spend on makeup, tv anchors are probably making up for it because we are on the air so much. news, thefirst word always beautiful ritika gupta. tom.a: thanks, senate majority leader mitch mcconnell is moving to force a debate on a stopgap bill to extend supplemental and limit benefits. millions of americans will no longer get those $600 weekly checks. democrats are opposed to the stopgap bill. they want the jobless measure to be part of a larger stimulus package. china's economy sped up this month, the official gauge of growth in the second half as factor output is recovering. the nonmanufacturing index dropped slightly, but construction is booming. economists have revised up there -- they see china's ec

tom: very good. what is below nebraska? kansas. thanks dorothy. there we are, geography with jon. [laughter] jonathan: we can do this another time. coming up on the program, jill carey hall from bank of america securities. tech is very much front and center, with the big tech ceos reporting to capitol hill later today. from new york city this morning, good morning. this is bloomberg. ritika: with the first word news, i'm ritika gupta. senate republican leader mitch mcconnell insists that businesses, schools, and other organizations protect the bits -- organizations be protected against coronavirus lawsuits. he says changes to liability laws should be included wholesale in legislation. speaker pelosi says that shows he is not serious about reaching a deal. federal reserve policy makers will turn their attention on how

this is bloomberg. ♪ tom: good morning, everyone. francine lacqua in london, tom keene in new york.e just spoke with sharon chen in chengdu. elizabeth economy will join us later. ambassador haass will be with us in a few hours, and that important story with the stimulus issue in washington. we have the follow on from the stimulus in europe. right now on the markets, they have been front and center here. patrick armstrong joins us. with the market turmoil, with the new agitation, a better than good market, and the pullback we have seen over the past two days, have you made any changes to your portfolio, to your allocations? anyick: we have not made changes. we are sticking with what has been winning, the quality companies, the growth companies. we think they will continue to rise because when a dollar in 10 years is worth the same as a dollar today, companies can double their earnings a lot more than companies that will see their earnings flatline or deliver low growth and negative growth. we are long on health care companies, technology companies, and we are short on indebted cyclic

as you know in 70 years i've rarely seen such diametrically opposed positions on many points so tom good bring in barbara faisal in brussels and you had been watching diplomatic tight dry for 2 days barbara before tensions boiled over on sunday is it too simplistic to say that things just not going well there between the heads of state. to put it mildly because these have been some miserable days and particularly the sunday became venomous and in between because the leaders really started sort of insulting each other we heard that during dinner president mike krunk has now lost his cool completely used last night he had threatened to leave several time it sort of get his helicopter and just sort of fly away and did tonight then he over dinner berated his colleagues the so-called fruits the northern countries the netherlands and friends who are blocking this thing and they have been blocking it for 3 days and somehow it doesn't move forward so it seems that after 3 days the leaders are so far only sick of each other and they simply can't bear each other's faces anymore at the moment what

tom: same with euro swissie. jonathan: from new york city, good morning. e tom keene and lisa abramowicz, i am jonathan ferro. coming up, much more in financial markets and the global economy. this is bloomberg. ritika: with the first word news, i am ritika gupta. mitch mcconnell is moving to force a debate on a stopgap bill to extend up a bundle unemployment benefits. many americans will no longer get the $600 weekly checks after today. democrats are opposed to the stopgap bill. they want the jobless measure to be part of a larger stimulus package. florida posted its third straight day of record at's from the coronavirus. the state reported 253 fatalities. meanwhile arizona set a record for deaths and california reported that second deadliest day. nationwide the number of coronavirus patients rose almost 2%. the u.s. government wants to seize book profits from former national security advisor john bolton without a trial. the administration asked a federal judge to rule in its favor. it argues bolton violated nondisclosure agreements when he released his bo

tom: good morning, everyone. it is

tom: it doesn't look good for radio. jonathan: do you think we should switch one day, for a charity event? tom: we should do that. lisa: what charity? tom: this is a french startup company. theederated hermes, one of two. lisa: what charity should that go to? jonathan: people will have to write in. i would love to do that. i think it would suit you. coming up on this program, tom porcelli, rbc capital markets chief u.s. economist. here's the price action. s&p 500 futures up nine. we advanced by 0.3%. the dollar making a bit of a comeback in the last 30 minutes or so, stronger on the day. that means euro-dollar comes back down to $1.1726. the 10 year, 0.59%. we are really trapped in this very tight range, still in and around 60 basis points. outside of that, futures up by 10 on the s&p, and gold just a little lower, down 0.1%. from new york, this is bloomberg. the first word news, i'm ritika gupta. senate republican leader mitch mcconnell insists that businesses, schools and other organizations need protection against coro

tom: good morning, everyone. jonathan ferro, lisa abramowicz, and tom keene.ew york, but the story is in washington. a hat trick of themes t

this is bloomberg. ♪ tom: good morning, everyone. bloomberg surveillance. m tom keene in new york. interesting stuff going on here, with an ecb meeting, and of course all the other market activity as well. -- dow -30, dell futures futures -- we are speaking with ohl,icult -- david k who is more than qualified to continue the discussion on negative rates. i want you to talk, david, about negative rates to the public money market funds and short-term paper. bankst understand how the withove forward day today these interest rates. david: we have seen because there is an in norma's amount of revenue with the money market funds, they are quite low. so in terms of interest rates basically making these kinds of asset classes less attractive, and from the ecb part, perspective, this is exactly what you want to achieve, you lessto make risk attractive. it is a measure, and experiment, to push money more into risk advances out of the money market fund. of: this goes to the heart julius baer. , just very simply, if there are challenges in asset management, how will jul

everywhere we will, and i think we can win, but we have that hunger that john lewis always had. >> tom, goodo see you as always, thank you for joining me so early in the morning. tom perez is a former assistant attorney general for civil rights and a former labor secretary for barack obama >>> senator doug jones from alabama joins me with memories of john lewis. e lexus suv. at the golden opportunity sales event. get zero percent financing on all 2020 lexus models. experience amazing at your lexus dealer. on all 2020 lexus models. well, here's to first dates! you look amazing. and you look amazingly comfortable. when your v-neck looks more like a u-neck... that's when you know, it's half-washed. try downy fabric conditioner. unlike detergent alone, downy helps prevent stretching by conditioning and smoothing fibers, so clothes look newer, longer. downy and it's done. latonight, silence it with newd byzzzquil night pain. because pain should never get in the way of a restful night's sleep. new zzzquil night pain. silence pain, sleep soundly. and still going for my best. even though i live with

tom: good morning.st bloomberg surveillance across this nation on bloomberg radio, bloomberg television.

host: tom, good morning. go ahead. caller: how are you doing? thanks for taking my call. i have a couple questions on this black lives matter's deal. i am an independent. , and howou blame trump can i take -- how did they take breaking targets and looting the stores, burning them down, acting like savages, and i have to pay out of my taxes to clean these people's crab up talking black lives matter. host: congressman, a little difficult to understand him but he was talking about the people that do the looting, the destructive behavior, not the peaceful protests, and taxpayers having to pay to clean it up. guest: i will say to the gentleman this, i was out there back in the 1960's, and i know. like i see it happening today. i saw a former congressman, now the attorney general there in minnesota, chief ellison, i saw him on tv last night. he was talking about white supremacists who are dressed up in black, camouflaged themselves to look like somebody black and going around knocking out windows. investigating it and i will tell them, there are against theple black lives matte

tom:. good. chengdu -- where is it? maybe't know it because we wander out to beijing when we go past the pacific. it is not far, far west but it is on the way to west. chengdu -- well, that is the entryway to the pandas, the entryway to tibet, and the entryway to china. sharon chen is in chengdu. what has changed in chengdu on this friday? obviously there is a lot of attention on the u.s. consulate, on the announcement that china is -- there were many large crowds outside the consulate, curious veterans looking at what is happening. we did not actually see any , but securitymats was really tight. there were dozens of policemen, army personnel, security agents patrolling the street outside the consulate, checking cell phones checking ids, not allowing anyone to take pictures or videos. everyone was kind of on edge and waiting to see what is going to happen now that the announcement has been made. francine: what will happen next? itit one-for-one, what does escalate? -- or does it escalate? aaron: the u.s. has closed cons

tom: absolutely. good morning. up to the election in q4, it will be extraordinary to get to the first tuesday of november. . interview, a book of his days at the white house. it was going to be a normal interview. it is not. ambassador bolton joins us this morning and the uproar of current events. i look at the room where it happened, and i have got to get to a room on the first tuesday of november and the wednesday following where we may confront a president you make clear human tissue may clear you do not support from -- but as you look at barring -- at biden, how does biden pull them back toward the center, to the time of scoop jackson and john kennedy? mr. bolton: i do not know. i am very worried about it. it is one reason i am not going to vote for joe biden, unlike some of my conservative friends who have made that decision. i philosophically cannot do it. it is a very unhappy election prospect for real conservative republicans who understand, and i try to lay out in the book, who has no real philosophy. he i

i think it is therefore a good package. tom: mr. prime minister, good morning.te it is 17 hours, 41 minutes of sunlight today in your beautiful finland. up before 5:00 a.m. and the sun going down after 10:00 p.m. it is not fair, folks. mr. prime minister, i look at the difference from helsinki to rome and it is way more than 1700 miles. it sounds to me like the distance from helsinki to warsaw or the distance from helsinki to budapest is far more tangible. what do you and others in the west of europe say to a fractious eastern europe? >> well, first of all, i must say i travel that distance down to florence in absolutely no time. i think in negotiations, there is always going to be tension. this time it was on the level between the north and south, -- then on the conditionality of the value issue, it was between the east and the west. i think where everyone landed was somewhere smack in the middle. i feel quite comfortable with this package. i'm happy about the outcome. tom: i'm very curious of your thoughts at this raging pandemic debate over the path taken by

tom: good morning. jonathan ferro, lisa abramowicz, and tom keene.

tom: david katzive, is a weak dollar good for america? david: yeah.mean, i think the dollar is on the expensive side of the equilibrium. there should be some negative for u.s. growth associated with that if you erased some of that. -- that. if you erased some of that, it would probably be net positive. the kind of moves we are looking for, likely in fx, are really not big enough to move the needle too much in terms of u.s. growth. the u.s. does not have a huge external sector, so unless you get a really big move in the dollar, and even bears like us are not looking for a really big move, it will probably not be something that moves the needle all that much. francine: what do you do with brexit and pound? david: this is a huge month for brexit, as you know. we think the most likely scenario out of this month is that there will be some kind of deal which allows the pound to retain some of the gains it has made and extend some of the gains versus an otherwise strong euro. these scenario, in negotiations, if they are not successful, the pound could revers

this is bloomberg. ♪ ♪ tom: good morning. a and london and i am tom keene in new york. we are watching the news flow out of houston and china on the closing of the houston consulate by the united states of america, this of china. looking for the tit for tat and the speculation over what city it will be in china. is a four letter word. "he word is "sell. joins us on the tesla derby. let's head to first principles. his tesla an automobile company? but it trades more like a technology stocks. the multiples at which it trades that are more like a micro technology company than an automobile company like ford or general motors. their pe multiples are generally in the mid-triple digits and tesla's are many times that because of the growth expectations that lie ahead. tom: do you believe the china numbers? ,f this is a revenue story there is some point where that ends ask china. is there a truth to this china story? garrett: sure. they just entered into china late last year when they finished constructing their factory near shanghai.

tom: good morning. how have the different parts of hong kong society voiced their anger over this legislation? politestand to be not about it, a bunch of kids protesting, obviously they are upset. what are the financial elites doing? what are global wall street doing and hong kong from central down to fortress hill? it is really surreal, the reaction we have seen on the ground here because protesters have learned their lesson over the last years. we are not seeing the storming of the council chamber is that we saw in 2019. when it comes to the leadership, the circle of elites, as you put it, there is a sense of what is the gray area, the redline that they need to understand so that they do not fall on the wrong side of the law. there is a question whether or businessman has said very clear for him that as long as you do not commit offenses under those four categories, then you are able to conduct business conduct your as usual in hong kong. tom: very nicely phrased. i want to point out that are huge blo

morning, good morning. alongside tom keene and lisa abramowicz, i'm jonathan ferro. tom keene, negotiations begin in washington, d.c. tom: there we are last night. we will let much more today. i love one of the coming, i believe from the senator from could. he called -- from kentucky. the legislation from the democrats "a multitrillion dollar socialist manifesto." jonathan: it is going to be a mess. republicans negotiating with themselves, simultaneously negotiating with democrats. tom: it's got to get to the end of july here. kevin cirilli, we will talk to him through the morning, but the calendar urgency here is extraordinary. jonathan: as this week grows older, this week it's a whole lot busier. lisa: we are heading into the fed meeting today. at 10:00 a.m., we get consumer confidence data for july. very interested to see how much this has been affected by the end in pandemic cases across the country. starbuckst, visa and reporting earnings. 10% of s&p stocks report results today for the second quarter, another eight

for the cleaning good for captain tom. difficulties. —— good for the clean and good for. a real inspiration to capturing the nations mood. completely. he is a hero. he will have a book coming out. i think a deal for one. really see how he has inspired generations and the next generation. on that positive note, less and if there. i would not say anything more. we need a bit of positivity. thank you both as always. thank you to our viewers forjoining us. and our hash—tag is bbc papers if you want to get involved. see you soon. hello i'm tulson tollet, and this is your sports news — where we start with football and bournemouth have left themselves in serious danger of relegation from the premier league, after they were beaten 2—1 at manchester city. david silva opened the scoring, early in the first half, for city with this brilliant free—kick. before gabrieljesus made it two with a great solo goal. bournemouth did get one back late on but it wasn't enough to get anything from the game. anyti an from the game. anyti an from th

thanks also to senator tom till list, thank you very much, thank tom, stand up, tom. good job you. thank you very much. representatives richard hudson, david >> representative richard hudson. mark walker, dan bishop and greg murray. thank you, all friends, all warriors. ieutenant governor dan -- who hear is doing a great job. dan?e is stand up. >> north carolina house speaker tim.moore, thank you, great job. of the ident pro tem north carolina state center, you very r, thank much. operation warp speed is funding a historic portfolio of vaccine candidates in addition to our $1.6 billion novavax, we've issued a $483 million contract moderna, a $1.2 billion zeneca. with astro a contract with jansen and just -- agreement with pfizer. made progress is being with all of those companies. a ground breaking agreement with fizer includes a guarantee to deliver a hundred million doses shortly after the vaccine's approval almost immediately with an option to purchase an additional $500 million thereafter. speedly is operation warp accelerating the development of directing we're also a colossal

from new york city, good morning to you all. alongside tom, together with lisa abramowicz, i'm jonathan ferro. in your equity market, up a single point on the s&p 500. we advance not even 0.1%. treasury market as follows. yields come in on the 10 year to zero. 0.65%. g10 -- 10 year to in g10, elder weaker. -- in g10, dollar weaker. we talked about this earlier. the first shock was the lockdown. the second stock is being below capacity for an extended time. companies have got to react, and they are reacting in the last 24 hours. tom: no question about it. what we try to do with our great looking team here at -- great booking team here at "bloomberg surveillance" is give you the right guest at the right time. we do that now with claudia sahm. she studied at michigan, which in itself is a really twisted thing, and we are thrilled that dr. sahm could join us today because she has outrageously frank about the state of labor and housing economy right now. thank you so much for being with us. joe biden is going to go out today and give a speech to d

. >> this is "bloomberg surveillance," with tom keene, jonathan ferro, and lisa abramowicz. jonathan: for our audience worldwide, good morning. this is "bloomberg surveillance ." we are live on bloomberg tv and radio. alongside tom keene, together with lisa abramowicz, i'm jonathan ferro. in 30 minutes we will hear from the british chancellor, and this is significant whether you are inside or outside of the u.k.. it will display continued commitment by fiscal authorities to support this economy, and shifta subtle hint of the in policy as we go from shut down to reopen. tom: there's no question about that. what is really important, moving from the united kingdom to the united states, presumed to be august into september. i noticed the music use for "bloomberg surveillance," you start talking, and the market flips from red to green. but the backdrop of this, and this goes to the stimulus impulse we are seeing right now, is gold doesn't go up. to $1814.s today up jonathan: the reopening rotation has stalled. the steepness in the yield curve coming into june has faded. a little bit of nervousness starting to build in the

tom: good morning, everyone.mberg radio and bloomberg television worldwide, hot and steamy in new york city. hot and

tom keene, jonathan ferro, and lisa abramowicz. jonathan: for already and's -- for our audience worldwide, good morning. alongside tom keene, together with lisa abramowicz, i'm jonathan ferro. keene, earnings season beginning in the united states of america, and european fiscal policy coming into sharper focus at the back end of the week. tom: it is a busy week ahead. i can't say enough for the importance of the cola -- of pepsi-cola's earnings this morning. gina martin adams of bloomberg intelligence has been absolutely dead on on the earnings surprises we are going to see off the glue. pepsi -- off the gloom. -- camecame in al in almost flat. futures up 18. onathan: futures positive the s&p by 0.6%. cfohing up with the pepsico a little later on. this thursday, the ecb will be meeting. this coming weekend, european leaders get together. that is a huge focal point. lisa: the frugal five coming out, trying to push back against 750 billion euro programs. the fed very much and focus this week. we get a slew of fed speak ahead of the blackout period next week. a.m., andrew williams and the boe governor andre

tom: good morning, everyone. it's really you are with us.erg surveillance" on radio, on television as well.

from new york city this morning, good morning to you all. alongside tom and lisa abramowicz, i'm jonathan ferro. counting you down to the opening bell, one hour and 12 minutes away, let's get you some price action. futures recover a little bit, up four or five points -- down for five points a the s&p. there's your firmer euro. we give a little bit of that up this morning. $1.1441. italian yields coming in on the 10 year by eight basis points or so. it is not a done deal yet. we've got to say that over in brussels right now. progress on a deal? no, not yet. tom: i look at what is going to go on in washington today and in the coming days as we have an american process, but this european process has cut me by surprise. you were weighed out -- you were way out front on how this set of meetings was different. jonathan: i think there is some real urgency, and we got that you generate some kind of step forward over the weekend. we still need to discuss strings attached, and not just size of the grants. that was the discussion over the weekend. let's have that di

tom: good morning, everyone. it is a friday, and not a lazy summer friday. really extraordinary, like the thunder south of manhattan overnight. the thunder out of washington. i know we are talking china, but the republicans simply went down in flames yesterday. no other way to put it. jonathan: it doesn't look good not having a deal before the weekend. you need some kind of agreement within republicans for the weekend. we might not see it until monday. not just the size difference between republicans and democrats. if it is just size, we can work some thing out. but if it's concepts, we got a struggle. i think we've got a struggle on enhanced on it limit benefits. if this economy and the recovery is still constrained and people can't go back to work because these industries can't normalize, then you have got to have a trade-off. if you want to remove those benefits, here is the trade-off. you are going to have softer consumption through summer. tom: and big business this week, you see it in diminished revenues. it is a number you could never imagine. the bon

tom: good morning everyone. will you are with us. a most interesting day. it started out boring earlier this morning. it is not boring anymore. john will do -- jon will do a data check. 0.5% inaq 100 up a good the last 30, 40 minutes. i am going to say that the chancellor of the exchequer, or the egg shells, whatever it is, giving a speech in the united kingdom really talks about the stimulus to come. that has been the underpinning to a good feeling about this market. jonathan: this is smart policy we are seeing from the u.k., and it lays down a market for fiscal authorities elsewhere as well. let's start with the labor market and with the chancellor is doing today. the chancellor is incentivizing -- the government is companies to bring back employees. they are really trying to help the young. the companies will want to be incentivized as well. how do you incentivize them? you offer them money to help hire young people. that is an important step as well. now we've got to talk about the industry getting really beaten up. restaurants, hospitality, tourism. th

tom: good morning, everyone. on bloomberg radio and bloomberg television worldwide, hot and steamy in new york city. hot and steamy for day conversations in europe to some level of success. of course, the stimulus discussion in washington, all of this wrapped around a market that will never, ever go down. futures up 25, dow futures up 186. we have a 23 print on the vix now. just to go to the equity market for one second, come on, jon. 32 to 23 on the vix is really something. jonathan: it is an equity market that has got away from so many, particularly on the tech side. amazon up 70%. microsoft, apple up 30%. we have had monster moves. tom: your thoughts on europe, you spent eight tour of duty in -- you spent a tour of duty in fractured, germany -- in frankfurt, germany. jonathan: europe is demonstrating that they can borrow at the commission level and distribute to places like italy. that was unthinkable in the depths of the crisis. i don't think it is that goal bullet, the. this is part of the journey. that's ho

tom: it is the election season. jonathan: is this good politics for anyone? it gets your constituency up. senator cruz in texas has a constituency. he is speaking to it. jonathan: coming up, chris uger of cowen. this is bloomberg. ritika: with the first word news, i'm british. the battle is on over what the next coronavirus stimulus relief bill will look ash i medical -- i'm riddick -- i'm ritika gupta. nextattle is on a variety coronavirus stimulus release bill will look like. the coronavirus is reaching a plateau and some of the hardest hit u.s. states as health officials impose measures like closing bars and requiring masks. florida reported that he was new cases in almost three weeks. texas had the lowest total in two weeks. now states wonder whether they can keep infection rates down until a vaccine arrives. china is buying american imports, but not enough to hit deal,rms of the trade based on cap relations from chinese customs data. ofna has bought about 23% the purchase targets for 2020. purchases of farm products have stepped up the last two months. n

was one of more than 30000 migrants who fled to dodge's tom's good audi district when india along down in the lake much. her husband had been making good money working 2 jobs and jackie she focused on breezing their 5 children they didn't need a 2nd income then the shutdown hit. her husband lost his work. virus can come here to we aren't afraid of that we just came here because there was no work there until now we were making do with our savings but now there is nothing left so my husband has gone back. her husband is now back in jeopardy but with just one job at half the money with much less income she now needs to work too soon either and the others will only need to 150 rupees a day 23 your toes for 2 weeks off work. yet she is lucky only 3 of the workers here are determined migrants job sites like this one are currently the main way for the government to offer paid work to locals however one must have a government issued job card to be employed here locals tell us that the process to get a new job card can take months but the regions i did landscape leaves little scope for agricult

tom: good morning. tom keene, jonathan ferro and lisa abramowicz. from new york and across this nation today, any number of themes, but there are two front and center. the vice president will speak in scranton, pennsylvania before ending the hour and jobless claims well over one million widely expected. all of that devolving into the layoffs here, the layoffs presumed to come and it sets us off for an american labor economy that must be addressed. with that, the market reaction, as well. jon ferro, the news flow has really been on recently and crescendos this morning into these announcements of job cuts at too many companies. arethan: by any standard we in a labor market crisis. there is a ton of work still to come. what we have seen from the big companies is they are starting to right size the business. we talked about this we talked about this week ago on the program. companies are turning around after the shutdown and saying, we have to cut into this new world because we are not returning to normal anytime soon. you highlighted this yesterday, th

tom: actually, i got mine. i forgot to tell the lieutenant governor. it looks quite good on my arm. it goes next to my tottenham tattoo as well. my tots tattoo, jon. [laughter] it is a spurs tattoo, before they lost. jonathan: carry-on. tom: let's go to the news. our first word news in new york. here's ritika gupta. sorry. that was my fault, folks. i'm thinking of the way we do things at 6:00 versus the way we do things now. right now we are going to bring in alicia levine. she is wonderful on the equity markets, and really a more holistic view of what to do. you have been absolutely wonderful at bny mellon on the idea of staying in the market nervous. how do you accomplish that to the end of the year? alicia: good morning. great to see you as always. nervous, the market that is still our message. .t is extraordinary i think we are all stressed the -- we are all scratching our heads. i listen to the asset classes, and that is what they are telling us. jonathan: something you said over the last couple weeks that i think is really important, not about the pace of the recovery. just abo