tom: let's rip up the script.u say "we quite like the ruble," do you traded against dollar, euro, or the blended bloomberg basket? david: i would say the dollar. the euro at the moment is putting on some weight. in the locked down, everyone is putting on weight and even the euro is. the question we have asked, this is a change and where does the euro settle down? if you want to go along ruble, you go against the dollar on a bit of a risk on bend. this is going to happen, that is going to happen. shoot for your own idea. tom: it is inside baseball on bloomberg on this friday with david bloom with hsbc. how do you parse poland and hungary versus europe? david: poland is an interesting one. they did something fundamental and different cutting rates aggressively. the e.u. bowl comes through -- upl comes through splashing 750 billion in the fund. that is good for these currencies so it is a bit of a topsy-turvy. we think poland will be under pressure. we are talking game changers every day on everything. normally we ge

tom: let's come back with dr. bremmer. maybe we will be dog free. our news in new york city. ritika: there is little chance the house democrats' relief package will be turned into law. it proposes aid to states and local stop -- governments, and more spending on unemployment and food stamps, but republicans are in no rush to negotiate. passage in the house would give the democrats a marker for the election. waiting for what jerome powell will have to say about negative interest rates and high unemployment. he is likely to call on congress for additional relief funds and may likely signal against cutting the benchmark rate below zero. -- will be able to spend unlimited time outdoors, the real estate market has reopened, and people working from home have been encouraged to go to their jobs. the judge in the case of former national security advisor michael flynn is saying not so fast. the justice department wants to dismiss this case but emmett sullivan wants to hear what outsiders think. plead had -- flynn had already pleaded guilty to fbi agent -- fo

tom: let's start with bonds. i mentioned the 41-year guilt offered, i believe may 19, by the government of the united kingdom. there is talk of longer duration, 20 year, even out further in the united states as well. is that an indicator of desperation? what does it signal when we see 30, 40, 50-year debt being issued by governments? it is maybe ak combination of factors. you are looking at some of the largest deficits that we have seen in peacetime, in many of these countries. so given that art amount of insurance, certainly can make some sense, to spread it out and opened up new maturities to that issuance. some of these governments might be opportunistic, saying we can ros can long rates and -- actually borrow at some very long rates and let's take advantage of those low borrowing costs and spread those costs out. i think you have very rational acting from those treasuries. i think as you mentioned, this is starting to steep of the yield curve, and i think that makes sense. i think the bond market is catching

tom? francine: let's look at the -- tom: let's look at the data right now. equities, bonds, currencies, commodities i want to focus on the two year yield in the u.s. but in germany as well. the two-year yield in the u.s. controlled, grinding lower. it has a linear straight line versus what you're seeing in germany with the big negative yield. in germany you see some to axity and acceleration lower two-year yield. it shows the economic dynamics in the united states versus europe. francine? francine: if you look at stocks, they are down. stocks are falling and most of the world. they are trying to figure out is climbingdollar and a lot of markets are trying to figure out the lockdown, if the lockdown being lifted can be sustained or whether they will go back to some kind of lockdown . we are also looking at some of the u.s. airlines. we saw major american equity indices falling because of what warren buffett was saying in the premarket completely exiting stakes in the major four u.s. airlines, saying businesses have changed in a very major way. we will have pl

nejra: and tom, let's go back to huawei for a second in terms of how consequential it is. we certainly have been talking a lot about the impact on tsmc. is that what we should focus on? tom: it is the whole space. it is the whole chip space we can be looking at in the supply chain, the major manufacturers like taiwan tsmc. rights to focus on that company but it is all about the geopolitics between beijing and washington, as well. there are a number of dynamics at play. us is a major body blow for huawei. we were speaking to a beijing-based group that said huawei could lose 90% of revenues as a result of this because what the commerce department is saying they will require any chipmaker around the world that uses u.s. technology, most do, to get a license before they can sell any of their .roducts to huawei last year, the u.s. imposed restrictions on u.s. company selling some of their kits to huawei, but they managed to continue supplying some of that technology to the chinese company. this latest move definitely impacts tsmc, because wally is very reliable --huawei is relia

tom: let's continue with christopher patton for this historic day for hong kong.ve got much more coming up and no doubt this will be my first question. the new american representative lipsky,mf replacing mr. it will be interesting to see his comments. please stay with us. from london and new york, this is bloomberg. ♪ francine: this is "bloomberg surveillance." we were having a good conversation with christopher patton talking about some of the steps the u.s. had taken in hong kong. you started off by saying nosident xi will do what leader has done before. you call him a dictator. why does he feel emboldened? christopher: he feels emboldened to do it because he records -- reckons the rest of the world -- and it is true -- are preoccupied with fighting the pandemic is not as bad as it has been, because of the secrecy and mendacity of the communist party in the beginning to blow the whistle on what was happening in wuhan. he is under a great deal more pressure. they are reacting with some nervousness because first of all , the way the pandemic was , and it is also t

tom: let's switch focus to wall street.ing the pandemic citigroup is looking to expand business in asia. its ambitionsbed in asia, nor has the government's move to curtail rights and freedom in hong kong. the ceo spoke exclusively to bloomberg earlier. >> this stabilization will be an important thing we have gotten through this, and we have been able to start to bring things back more towards the norm. really what i want to see is the isardant to normalization -- the return to normalization. and we do not know in the fall whether the health care experts are right or not that we may see a resurgence. from our perspective we will keep a watchful eye toward that, and take it as it comes, and try to make sure we are there to support our clients through this. a large and historic business in asia, but a lot less at stake in china than other foreign banks. are you reconsidering some of your expansion plans in light of the tensions, and great mistrust in the west of china's intentions? place where we have been coming to work for o

tom: let's come back with christian keller. lots to talk about. do want to quiz him on sweden as well. certainly that was front and center, and the fiery testimony that we saw yesterday between dr. fauci and the jr. senator from kentucky, dr. paul, as well. two doctors going at it yesterday in that testimony. we are going to go at it in the 6:00 hour. later in the 6:00 hour, we will catch up with ian bremmer and speak with him about the new international relations. we will speak to him about every nation for himself. and i have promised that i will --ak with ian bremmer about we will get to that in the 6:00 hour. stay with us. this is bloomberg. ♪ ritika: this is "bloomberg surveillance peter: the world's container line warns that the coronavirus outbreak could drive volumes down by as much as 25%. merck had already suspended its outlook. quarter revenue was better-than-expected. ceo elon musk looks like he has won his battle with california officials. they have to adapt to recommendations to battle coronavirus. on monday, he had said the factory

tom: let me give the chart, folks. five-year,kingdom, with the stability of guesstimate on inflation. the united states was down, but it has really come back quite nicely. john, that is not true of europe. the disinflationary vector of europe is absolutely tangible, and extraordinary. should that be front and center for institutions and political elites? should they focus on the disinflation or, may i say, deflation to come? john: what they need to focus on is how the piling on of debt ends, more than the inflation itself. deflation is externally value as with the real debt continues to grow. how is the question. europe has an especially difficult time addressing it by the fiscal route because of their difficulty in creating mutual debt and their difficulty agreeing on fiscal measures. the problem is particularly acute in europe for political reasons. i would certainly agree with that. how we get out of this is what everybody is trying to understand. eventually, i think it is through some sort of overt financial repres

risk of harm to people who need the drug people with chronic diseases who are reliant on it and dr tom let me just ask you the president he refuses to wear a face mask but he demands to take this drug as a physician what message do you think this sends to the public. since a terrible message i mean. we were a face mask to protect those around us in the event that we're you know carrying the virus and without knowing it everyone should be encouraged to do that but here's a president who is. who is not wearing a face mask despite the pronouncement of ransoms of experts in the fields of epidemiology and infectious disease saying that that's the right thing to do and he's doing i think most doctors in the know in may of 2020 would not do which is which is take a drug that's not evidence based and has potential harms. to research clinical pharmacology at the university of toronto fascinating discussion with you dr we appreciate your insights tonight thank you. thanks for. the kobe 1000 pandemic has had a devastating effect on the global economy in the united states alone tens of millions of peo

right let's talk but it's legal now with time going to update of the sports hi tom let's take a look good there can they catch up with the dorfman down by yeah well i mean of course that ultimately depends on dortmund and by themselves because they've got themselves at the top of the table now it's in their hands whether or not they maintain the cushion that they've got over teams like leipzig or by they think is very 4th. i think what certainly using courage and for light sake is that you know yesterday we saw them at their strongest their best players playing their best team event is obviously such an asset for a lot suggest 24 goals in the bundesliga now so far this season use of powers and also on target yesterday on a special day for him as we heard and most as a mixer was back and looks in fantastic form in about 6 midfield yesterday he just about from illness off to actually testing positive for covered 19 a few weeks ago so very positive for leipsic he's back in the fold. well dortmund will actually be playing tomorrow i mean how important is this for the. title race yes obvi

tom: let me go to my colleague.: we try and of always keep in mind the human aspect, and this is concerning when you are in charge of she can trying to figure out what happened -- michigan trying to figure out what happens next. will this covid-19 change what people expect from their representatives? rep. stevens: that is a fair question. there is certainly no playbook. i am is science and fact the subcommittee chair of the house science committee. we have to be vigilant. the other side is i have told my constituents since this pandemic was announced, i will not let you fail economically or medically. when you look at the packages we put into place, standing up for the american worker, protecting their wages, securing the critical industrial assets of this nation, you have got to make planes and cars and have a supply chain. we have got to protect small businesses. start to define small businesses as operations with 250 employees or less. downtowns ofsmall small proprietors, those were hardest hit in the financial r

tom: he just said the media is doing the worst job. who let this guy out? not bloomberg "surveillance." as a foreigner living in london, what is surprising is it feels like this is partisan. it feels like depending on what spectrum politically you are, whether you support staying with the lockdown or not. do you have evidence of that your data? -- that in your data? mohamed: republicans are twice as likely as the national average to say they are ready to go back to their normal activities right now. that being said, it is still not a majority of republicans ready back back democrats -- go democrats are more like -- republicans ready to go back in 10ats -- seven in thens had confidence honesty of the media during the nixon era. it has been a decline of a persistent low approval we have seen particularly from republicans, but on the national level even, of all the institutions we ask about in the crisis, the media was the only institution that got a majority saying they disapprove. the media is a real big challenge. what has been happening on the media in the

tom: let us continue with stephen sadove, the chairman of saks fifth avenue.st word news in new york city. ritika: a remarkable split between president trump and the infectious diseases chief. says reopening too soon could cause a run a virus outbreak and warrants on -- coronavirus outbreak and warns on reopening the schools. the economys warns will be gloomier than once thought, raising the unemployment rate from 15% to 25%. by the end of the year, they say the jobless rate still be around 10%. coronavirus may have led to a a virus in children. similar cases have been reported in new york and the u.k. coronavirus,n the reporting the fewest cases in weeks. graduallykel has been lifting restrictions. global news 24 hours a day, on air and @quicktake on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. i am ritika gupta. francine: coming up on "the open," the cisco chief executive chuck robbins. he will be asked about the brave new world we live in. this is bloomberg. ♪ ♪ this is bloomberg "surveillance." we are having a gre

tom: let's look at equities, bonds, currencies, commodities. no question there is a lift to the market right now. you see futures particularly in yields, and i really want to point out a couple of oddities pushing against the better feeling. gold extraordinary. i looked at it today both in dollars, gold in euros, gold in yen, and it is extraordinary to see the surge in gold, particularly in the context of a number of years ago, way back to the early 1980's. also pound-sterling, weaker. but, francine, you knew that. francine? francine: i did know that. i have spent quite a lot of time looking at pound. stocks in europe are on the rise, investors finding a reason for encouragement as businesses reopening. oil seems quite significant because of crude oil and in general a lot of the commodity currencies actually rising. i look at pound, but because no one is going anywhere, just staying in the u.k., exchange rates for holidays are less important than they used to a. we will look at that, -- than they used to be. we will look at that. that's get to

tom: let me ask you the ugly question. i want a stock name. netflixthe amazon, the of the small-cap world? is there a stock that is amazon and net lakes-like? -- netflix like? david: madison square garden has spun out madison square garden entertainment, madison square garden sports. we own both. madison square garden's sports is your rangers, makes -- knicks. it sold off its los angeles property, generated a lot of cash. savings, great cash flow. tom: you are long new york rangers. what else? tell. long genre tom: i like that. david: the second name is wolverine world wide they make such iconic brands -- wolverine world wide. asy make such iconic brands top-sider's, keds. lessare trading at a pe than 10% but operate iconic brands in the shoe business, another name we own in a significant warsh in in our small -- portion in our small and mid-cap portfolios. francine: thank you so much, david sowerby. coming up, andrew bailey testifies this afternoon. we will have coverage from 2:30 p.m. london time. we will discuss what the second half of the

but in most other areas we sort of let it wash over us and we have limited options. tomsolutely brilliant, what you are talking about. are we treating this pandemic like a natural disaster hurricane impinging massively on our growth to take us back to a second great oppression? we are struggling against that now, but that is the situation we are in. forgive, even for making mistakes, all of us making mistakes when we encounter something genuinely new. when we look back at it and see this thing started in china and did not produce a rapid response in a wide range of countries that probably should have seen be, theg is going to historians will say that will be the big mistake. we lost the ability to contain it in the early stages in most places, not all, but most. francine: how do you view all this extra debt we have put in place in the world? hurtwill it come back to countries? michael: it will hurt fairly immediately in the sense of constraining options, particularly on the public sector side so my guess is we have a mountain event building. a fair amount of that gravita

tom: let me ask you a 60,000 foot question. you are multi-asset. where is the game right now in the multi of multi-asset? which part is where i can be comfortable being if i am trying to make a gain over the next 12 months? evan: if you are really trying to make a gain, i think it is buying some of the laggards here, buying some of the things where we are seeing genuine policy change and where there are devaluations. i would start in europe. everyone has hated european banks forever, but i think we are seeing some meaningful policy changes out of europe with the recovery plan announced yesterday. obviously, this is going to come to get agreed upon, but the direction of travel is clear, and the signal for merkel for germany, the leader of europe going forward towards a fiscal union, is really important. we could see some rating there. also, people should start paying attention to japan. fiscal stimulus coming out of japan right now, and if we are looking at monetary and fiscal combination and the power that can create for an economy, we are not fina

general john lennon and then tom newton let me noon and night in. iowa 6 6. oh my. god. an hour. and. a a. man forge and we're gonna run crew member died on friday ily and now why am i running no not. that. if i. buy. i know one then that. how. long. shall. i know it. and then he. know i had to. get by. my grandmother. that i may and not. get to bed. for you or tom the whole name big me big. tom tom knowing. i'm. been hidden my. good leg good night now. but i didn't see them. go. to college and it was only a ploy. but now. my name could be that blood found in the old new cd ploy to me all you need to. know for the one that we could buy. the mall when someone in a hurry because it's a. sad public move on to. the course of. i'm going to go back to that stephen. bach you call me to meet the demands all you get all. the morning. you know. me will lead me if i eat all you know. the goal of the federal reserve bank would be to take the american economy private that is to say would buy all stocks all bonds all property and now deutsche bank and other banks are saying yeah they're going

. >> steve or tom, let me ask you this the ppp money is supposed to be spent or paid out by when? june 1st or june 30th? steve. >> june 30th >> when that money gets paid out then could there be a next wave of layoffs at that point they carry people up to that point and then the employer, the retailer, the restauranteur says business hasn't come back. i've got to let you go i can't carry you. >> i'll answer this question quickly so tom has chance. it looks like at this point, tyler, the government has done a decent job in terms of calibr e calibrating the amount of stimulus or relief out there to the amount of lost income. you're absolutely right. it kind of echoes melissa's question as well is the government preparedfor the post-june extension of either the economic downturn or even the shutdown itself that we haven't seen from washington yet the good news is we can see that they do it there's a lot of handwringing about this >> do we still have tom on the line i'd like to get his thought and the idea that customers and even employee will be dealing with fear >> there's definitely

and tom dooley let me. 6 yet. # a. mailing list. command origin we're gonna run current and we're going on friday really and now why am i running no not. how much. of that. if i. only know one man i know i know and then that. how. long. shall. i know it. and then he. know i had to. get by. my grandmother. to. get to bed. for you with me big. time tom tom knowing. i'm going to be down in my didn't. get night now. well you could get in my not. enough bad. guy by how buying into any of my money and i'm not going. to mountain it was only a ploy you up to now. know my name can you that i've been. nice before you need. me. to put that one that we could buy he needs you the mall need someone in the clue it's a. sad puppy come on to the semi in the course of time and. you need it you know and like that you cannot cite law to me. but if you call me to me and i enjoyed it for the morning meal i now know it got me will be dead meat i eat well you know who. you are no offense but you no longer a young woman in fact you are one of the last livin

and tom dooley let me. 6 yet. you. may. want to again for. one forger we're gonna like a conquering and we're gonna fly really and out why am i running no not. how much. of that. if i. buy. you know nigel i know and then that. you know. how. long how. shall. i know it. and then he. know i had to. get by. my grandmother. meg and not. get to bed or you would. figure tom the whole name big me big. time tom tom knowing. i'm. in my didn't. hit night now. well you get good news my not. been a bad. guy by. only a little i do love you and i'm not. ok to bomb and it was only a ploy that most meet you up to now. never mind include me that doesn't include the old nice people you need all of us you need to. put that one no that would be good but he needs to be mauled in someone in a bit of a clue it's a. sad puppy to move on to do so my local to that you and i did mean the. box you all made it neat and i enjoyed it all you did morning needle i now know it got me will read me if i eat all you know. the world is driven by shaped by one person those words.

and tom tool. let me noon and night in. iowa. i. know my age i. may a. man a. man or woman. man forge and we're gonna run crew member died on friday really and now why am i running no not. that. f.b.i. . you know nigel i know and then. you know. how. long how. shall. i know it. and then he. know i had to. get by. my grandmother. meg and meg. to. get to bed or you would. figure tom the whole name big me big. time tom tom knowing. i'm. in my didn't. get night now. am i not. only able i'm. not the one to. only plea you up to now. never my name could be that but i'm in a nice if you really believe. me you. don't like that one that only you could be nice to the mall didn't someone. say. so publicly on to. the course of time and. you need it you know. that you can. feel all that in the. morning needle you know. me will be me i. sense stand a while there are united states there's been the unbelievable winner of the global geographic macroeconomic gambling casino share with the world reserve currency and really smart intelligent financial engineers and software engineers but that. h

and, tom, let me begin by asking why, what does it serve, what would be the motivation of the attorneyeral to offer this premature by any standard and evidence-free exoneration of both biden and obama? >> well, you point out that the president wanted obama at least questioned. and what does his attorney general do? he slaps him in the face saying we're not even considering a criminal charge against him or a criminal investigation. i think it exposes the fact the justice department never has been criminally investigating biden or obama. now we know mr. brennan, it's been reconfirmed that he hasn't been questioned either. you know, lou, i've been telling you that there is no serious criminal investigation with senior leadership of the obama administration. we have confirmation of that from attorney general barr. and barr takes the typical, unfortunately, republican approach that we don't do anything controversial during election years. and so hillary clinton gets -- lou: why is -- >> -- a free card during 2016, now he's going to give it to biden. it's extraordinary. if i were the preside

tom, let me begin with you. this man is out of control., he is venal, he is outright evil personified. >> well, in my view, the justice department should have been investigating him for some time, especially his communications with the alleged whistleblower which may have involved the dissemination illegally of classified information. schiff has major ethical issues. if i were the president of the united states and i've been calling on this to happen for some time, i'd cut him off if access to classified information. there's no law requiring he be given access. he can't be trusted to handle it, and so he should be denied that privilege. lou: how closely do you believe, kt, that democrats, the radical dems like adam schiff and various others, were working with the deep state and the obama era justice department and fbi? >> oh, i think they were working hand in glove. and i would add to that, that partisan press that leans towards obama, i think they were all passing things back and forth. i know from my own experience that things i was sayi

can even short the offshore drillers right now those things are likely not going to survive >> so tom, let's take this a step further then. so if you think that you need to, you know, play shome of thee deep value stocks like energy, what do we do with the high growth stocks that have gotten us to this part of the distance in the first place do we stay with them i mean, the nasdaq's done the best of everything it's 5% or even maybe now a touch less away from recapturing a high do we stay with those stocks >> i think in the historical sense, balance was always people owning defensive stocks. defensive stocks make a lot less sense to us. i would take the f.a.a.n.g. and the secular growth in the nasdaq and treat that more as your uncertainty trade. you know, you're cash trade, which is essentially a defensive trade. trim your staples. and then i would be adding the epicenter groups, which we now would add energy -- you know, we were thinking this was more discretionary financials, but i think a lot of energy makes sense. and i know even joe has bought a name like eqt, but there are a lot of oth

>> brianna, i want to take a 30,000-foot view like you did with tom. let's do that with vaccines as well. it's very unusual, i don't think it's been done, where we make a vaccine at the same time we're testing it. this vaccine developed at the university of oxford in england made by astrazeneca, we don't know if it works. we don't know if any of it works but what was decided by public health officials is, look, if we do trials over the next few months if we find one or two or three that works and then we start production, we are going to be way behind. we want to be able to start giving it to people as soon as we realize it works. it's a gamble. it's quite probable, we're going to spend a lot of money on many dose of vaccine that will then turn out not to work. but it also means that we will spend a lot of money and it will work and then we will have a vaccine ready. the decision has been that it is basically okay to waste a certain proportion of this money in order to have a vaccine quickly. astrazeneca is one of the places doing this and at the same trial

liz: tom, let's bring winview and frankly into this picture. as far as a group name here, torque was listed or is listed on the toronto stock exchange under ticker game, that's a great ticker, if you can get it. when do you anticipate you will list here in the u.s. and what fresh revenue do the other pieces of this merger promise investors? >> great question, liz. well, we hope to uplist to an american exchange relatively quickly now that we've closed the transaction. we do trade over the counter in the u.s. under mlllf as an otc stock. what's really interesting about bringing winview together with torque is that e-sports has massive viewing around the world. some have measured it at 450 million e-sports fans who watch on twitch and some of the other platforms. in fact, torque has a business which actually measures how many people watch. what we hope to do is to take e-sports beyond ad revenue, beyond sponsorships, and make it possible for the people watching to be able to enter for money, win cash prizes, by playing along, predicting what's go

tom, let's begin with you. you work in the clinic where you were born.s you listen to valentntina ststory, a 28-year-old navajo woman who suddenly died after being diagnosed with covid 19, your response? can you put it in the context of what is happening right now in the navajo nation? is a reflection of what we are going through as a people and correlates with what this virus can do to our young. as someone who i is very motivated, lovoved our culture, spread our cultuture and our language and that is what we are trying to fight for. there is not many who really promote really great things. she was a young person. she wawas going to lead d our nt generatition. it was a hard loss of our community. thinknk. tom, why dodo you therere has been susuch a devastation n in terms o of cov9 throughout the native population, espspecially in n no country? >> i think the spread -- w we ae very matririarchal society. we have a connection t to the ld and to our community. so i really concentrate o on the community. when someone is sick, we tend to be there for one ano

you fix -- >> tom, let me ask you a question. you and i have had this conversation a lot. we are both descendants of impants. i'm an immigrant to the united states. i was talking of meat packing earlier. the number of people and part of the reason the hispanic unemployment rate is up is because of the low-wage jobs they're in. we have cut out so many low-wage workers from the economy. some of them are stuck working. looking out the window it is delivery people earning the lowest of wages. meatpackers earn $13.68 an hour on average. we are seeing that our immigrant labor force or our immigrant descendant labor force at the front lines of this thing, becoming the essential workers and they are horribly paid. >> you look at iowa and what they didn't do there, shame on the companies that were withholding information of how many people had been in harm's way. i think there was, you know, within meat packing plant like 45% of the workforce was infected and they didn't tell people about that for a long time. and to make matters worse, i was watching your whole show, the departmen

tom, let me start with you. just basics here.n our prison system across the country. >> right now, chuck, the numbers continue to grow every week. we started this in mid march, wanting to know what actually is happening and how many people are getting infected and how is it spreading? it's grown week-to-week to week. this week we are up to more than 25,000 cases nationwide. that is 25% growth from the week before. we are seeing the infection rate in prisons overall is about 3 1/2 times higher than the nation. so of those who are infected, it's much higher than we are seeing outside. it continues to spread. in texas, other states we are seeing as well. >> katie, how confident are we that the numbers you are accurate or how confident states are reporting what we are seeing in prisons accurately? >> we are confident in our reporting, but, unfortunately, the knowledge that we have about the prevalence of the virus in prisons is very dependent on the availability of testing in prison facilities. so we have seen a handful of states beg

let's get the first word headlines with karina mitchell. tomirus cases continue to rise, albeit at a slowing rate, global infections approaching 5.5 million and fatalities over 344,000. u.s. cases rose 1.3%, slower aths recent days, with de the lowest in a week. president trump dismissed warnings to mark more real day in baltimore despite the mayor saying it sent the wrong message. singapore is flashing growth targets by as much as 7% this year as the virus hammers its economy. the government is revising down its forecast and expects a, -- a 1%-4%.tion of growth fell four point 7% from the previous three months, better than the 10% drop expected. consumer confidence in south korea jumped this month from its lowest level since the financial crisis as progress attacking the virus outbreak eased concerns over the economy. to sentiment indexed rose 77.6, the biggest gain in three years. when theng may affect bank of korea meets on thursday. has beenng boss summoned by prosecutors in seoul amid an investigation into .lleged accounting fraud this com

tom: grace, thank you very much inneed. -- indeed. that's grace ng. let's go to karina in new york. >> fatalities now about 72,000 as the administration continues to push for the economy to reopen. california saw its largest one-day jump in new cases and new york city said it expects unemployment to triple this year 's 12%. president trump is back tracking on plans to disband the virus task force after acknowledging the reopening may cause more people to fall ill and die. meanwhile u.s. debt sales are soaring. the deficit approaching $4 trillion. the treasury is boosting the amount of debt it will issue in the coming months to a record $96 billion to provide government funding amid a looming virus threat. it expects to auction the first 20-year bond on may 20. the administration sees a 40% contraction in growth in the current quarter. europe is edging toward easing virus lockdowns with governments allow manager shops and businesses to reopen albeit with a continuing emphasis on social distancing. the fallout from the pan democrat sick likely to see the e.u.

the demonstration was organized by an elected leader, san joaquin county supervisor tom patty. >> let's go! >> the group gathered in the parking lot of sherwood mall in stockton. it remains closed. patty and protesters who came out today want local control of when to open and how to open, but critics see that as selfish. >> people are dying here, and to me it's a little bit of selfishness. but to the point of life, i think there's no measurement to that. >> let us open up responsibly and give us the opportunity to manage not only safety but local economy and commerce. >> everybody kept it cool. the rally remained peaceful. >>> foster city is opening its beaches tomorrow, but don't grab your beach blankets just yet. the city is describing this as an active use only opening. that means you can kayak, paddle board, wind surf, swim, walk, jog, keep moving. no chairs, no umbrellas, no canopies, coolers, or sitting around. got to keep moving. no congregating or sun bathding. some boat docks are also reopening as well. stay up to date with the very latest on the coronavirus by following our li

tom, let me ask you about another dimension for the the u.s.n china, that coming from capitol hill yesterday. the u.s. house passed a so-called uighur bill referencing the treatments the d of muslim minorities. are we expecting the npc in china to address this issue today? will we see a chinese official response? tom: possibly. i think it is unlikely the an hour'speaking in time, will directly address this uighur bill, as you say. what we have seen is both the democrats and republicans taking a bipartisan attempt to push through this bill. they have done that successfully. it will end up on president trump's desk. he has not said if you will sign off on it or not, but if it becomes u.s. law, there will be sanctions imposed on chinese officials over these human rights abuses. that's the way the u.s. characterizes it. the camps are educational facilities. certainly this is a sensitive issue for china because it speaks to territorial integrity. it is a border region of china that is very volatile. for the chinese, it is very sensitive. what you wi

tom: let me give you a 100,000 question, i don't know where we will be flying, 60,000 feet or 100,000risis, and when we come out of it, these yields we are seeing, including a negative yield in the united kingdom are a complete fiction. how do we normalize that? joyce: i think this is just it, a lot of these qe policies become permanent. i don't think it gets normalized quickly at all. the deflation debate will be with us and that is very much on the discussion on the outlook for japan right now. one reason we have moved the currency forecast, because we see the deflation debate playing out going forward in japan. i think the normalization discussion is far away right now. about not talking so much the architecture is fighting the crisis, but everybody is hoping in the third quarter you will see a bounceback and a path towards more glove -- growth normalization. the cumulative losses that you have on the income side and balance sheet side will prevent normalization from occurring quick we, even if you see the headline growth numbers come back. francine: overall, what do you do with eu

tom, let's pick up terms of that value. tom, let's pick up on that.around the world, to effectively keep that r rate at one or below? well, you have to remember this is still a new virus. we only first heard about it at the end of december. everything is new. we do have experience from other outbreaks. and we know that, for example, with this virus at its worst, the r rate was about three. so for every one person infected they would in fact three. those three would then infect another three, which gives you nine and so on. you can see how the outbreak grew very quickly. now we have got this number below one, so that means one person will, on average, in fact less than one person, which means the outbreak is coming down. that is what we are seeing. what we have learned is that of the way that we have got this r rate down, the way we have got it under control, was by social isolation. if everybody sits alone at home there aren't many people they will pass it onto. the critical question now is how do we ease some of these restrictions while still keeping

tom: let's get more on the market action with mark cranfield in singapore. the question of the day on the mliv is how important is trade for these assets? 10 investors look past the tensions between beijing and washington? maher: it will be a major question for the next few months as we ramp up the running toward the u.s. elections. i don't think anybody will be surprised if china becomes a hot button issue for the people in the united states. of course, it has ramifications for assets around the world. china hasady seen used quite strong language to push back against the claims that they started the pandemic in the wrong country. one ofa markets reopen, the places that people will certainly be looking is the dollar yuan exchange rate, chinese equities, and anywhere we have seen higher volatility in the past, so certainly how these assets respond over the next weeks and months is going to be important for global markets, and if donald trump does pursue this line, he has theed topix -- tariffs ultimate punishment against china and it would bring a lot of unex

let's bring in dr. tom frieden. let's start with what's happening in washington.is cdc report was crucial for states reopening and now we're not going to see it. what do you make of it? >> the key here is to restart our economy without rekindling the epidemic. but we all want to get back to work and economic health is crucially important to our physical health as well. but we have to do it in ways that are not going to cause an explosion of cases where it's going to set us back. there's this false dichotomy it's about public health versus the economy. the fact is the more we control the virus, the more we can manage our economy and get back to work. and we have to restart our economy because it has major negative health consequences to have people out of work, hospitals and health care systems not functioning effectively. we also have tond that open versus closed isn't an on/off switch. it's more like a dimmer dial. we'll need to gradually and carefully go out into a new reality that's going to have hand sanitizer, masks, physical distancing, and there are things

general john lennon and tom newton let me noon and night in. iowa. man. oh my. god. i have. made a living. room . one forgive me john one crew member died on friday really and i'll find my money no not. that. if i. buy. i know one then that. how. long. shall. i know it. and then he don't want. to know i had to. get by. my grandmother. meg and meg. in indiana and she gets a bad cold war you got. to go with tom the whole name big me big. tom tom. you know. i'm. in my. good laying here tonight now. guide by how buying into any of them i can feel them not back up again to. only a ploy to beat you up to now. and in any city floyd you can eat. me. up like the one that would. be nice to be mauled in someone in a. move on to the semi in the course of time and. you need it in a way that you can. meet them. if you. meet him again so if you. want to needle you now know. me will lead me. marty's holiday international memorial awards are now open for entries the media professionals are eligible whether you are a freelance journalist work for alternative media or part of a global news pla