tom: what do you see president trump doing here?day today with whatever the moment is and the great cultural divide of the united states of america. china off the radar in has been the secretary of state. what do you see as the projected international relations of the trump administration in the coming weeks and months? ian: first you asked on trump and then you said the trump administration, and those are different things. i saw a quote that everyone is trying to figure out quote -- --mp is trying to figure out for him, it is all about him, how can you possibly give me such poor ratings? everything is about me. the trump administration in this environment, their job has been mixed and we deserve to recognize it. it is not like the wheels are falling off. the original response was late. we did not get tests up and running fast enough. thousand were not working and we could have gone to the who and the germans but did not. the initial economic response was bipartisan and very strong and pelosi, mnuchin consistent, very one of the rea

tom: i totally agree, but you know what i did yesterday?ot off of that -- i got on that fancy google map and look across the causeway in hong kong, with all of the banks lined up. i am looking at the mandarin hotel, and right down the street, two buildings down the street is jp morgan. how do the big banks react to this? how do they lobby washington? what do they do in hong kong to advance their plans over the year?ne week or one jonathan: u.s. really serious questions, but my mind starts to wander. is that what you do in the mapsnoon, sit with google and go to places like hong kong? tom: i do. lisa knows i do this. you get google maps out and check things out, right? honest,ve got to be that is not how i spend my wikipedia, looking at maps of hong kong, but i appreciate it. jonathan: i think tom is just at aiscent about the bars hotel in hong kong. he can tell us about that another time. this is "bloomberg surveillance ," live on bloomberg radio and on tv. ,onathan: from new york city this is "bloomberg surveillance." we are live on bloomb

tom? francine? francine: thank you so much. this is what the markets are doing. pean stocks are edging higher with u.s. equity futures slipping, but europe is holding. oil is rising. european bonds are slipping and treasuries are drifting higher, tom. tom: francine, thank you so much. i would look at that and also look at the brazilian real. brazil is really idiosyncratic. the effect of the virus is really difficult for mr. bolsonaro. coming up, michael spence of new york university. of course, his work on signals that we see during this pandemic. stay with us. this is bloomberg. ♪ ♪ bloomberg "surveillance," greatly appreciate your attendance. the headline across the bloomberg, i am not sure francine is still with me in london, mr. hancock out with a headline that holidays in the united kingdom may be foreign holidays unlikely the summer. are you ok? francine: i am ok. i don't know if my kids are ok. this goes back to boris johnson saying anyone coming back to the country will be in quarantine for two weeks so if you need to get to work or go to the shops, unlike

what tom said there is not election in america in november and everything is consumed by that election they don't care about you are me or my kids or tom's kids they care about winning that election no matter what it takes when it here why do i care to try to get that ruining the country from my kid they're already you from me they're running from me because it's a political issue tom they're willing to go down this the bruin is they seem to make some kind of a low point. it is. it is and it's frightening to me i mean what i would have loved to have seen as this pandemic and you know right after resigning well phase one trade deal with china which to me was more transactional than transformative but what i would've loved to have seen with real leadership is rather than plans to seize all game we're going country has to be down to the other one. imagine if rather than wait a path we're on if she didn't thing and donald trump were destroyed let's pull the world together let's find a way to address this pandemic this health care crisis in the economic tsunami that it's on

tom: this has been wonderful, david loom, what a great -- david bloom, what a great brief. ave a topsy-turvy weekend. tom: "wall street week," david westin with an incredibly busy week ahead. look for that tonight on bloomberg. good morning. ♪ ♪ "bloomberghis is surveillance," tom and francine from london and new york. twitter put up a rule violation on president trump's tweet about minneapolis, saying they glorify violence and are against the rules. earned theo factdent's ire by posting checking notes next to his tweets. order limiting the protection of social media companies. joining us is alex webb. great to have your thoughts on this. the fact that the president signed this executive order, what exact does it need? -- mean? alex: it is not clear. there are lots of questions of what he can do. provision toge a reduce their liability for online content posted by third parties, but there are questions about the constitutionality and the need for others to take further steps. fight thats this a twitter is really trying to fight against the president? what exactly is going on

tom: tell us morore about the pia.ety record of azaz: please repeat what you were saying. safety record of does pakistani international airlines have? azaz: pakistan international good safety a not record. a few years back a passenger .lane crashed it doesn't crashes, recentlyod record, but in the past few years there were no plane crashes. they use the plans and there have been incidents in the past. much for that update. during the course of the last courses --number of cases of covid-19 has reached $5 million -- 5 million people in hundred 96 countries and close to three had 30,000 have lost -- close to 330,000 have lostst thr lives. the united states has the most deaths, followed by the u.k. and spain. zillow ranks third after the u.s. and russia -- brazil r rans third afteter the u.s. and russ. there e is concern that latin america is fast t becoming the w global hotspot. james wilson has more.e. brazil is the-- most affected and it has recorded 20,000 fatalities.s. in many places, the demand for burials has overwhelmed undertakers. [speaking foreign language] [speaki

cross knocking china i'm joined by my guest tom what gives a normal he is president and c.e.o. of t w d and associates a global business an educational consulting firm based in michigan as well as a regular contributor to china u.s. focus with an interest as unbuilding high between the east and west and in singapore we cross to jim rogers he's an international investor and director of. gentlemen across the group and i think that means you can jump and he was rich all right let me go to singapore jim let me go to you 1st here we hear a lot of bluster coming out of western capitals particularly the united states and the media depending on what. side of the aisle you're on but it's all trying to spot china must pay something must be done it's always the mantra something must be done that is the age we live in. a not i look at all of it and then. you know and it's this. kneejerk reaction and of course about the old paradigms like the cold war that was. 9091 so i mean as you all is you all absorb it here and you're a financial guy so i trust you more is there a strategy i don't trus

still, he didn't expect what came next inside the home of tom and kelley clayton. s footage from the body camera swann was wearing that night. he arrived to find a man outside coming towards him. it was a neighbor. >> how you doing? >> i'm okay. >> what's going on? >> i'm just -- i'm the neighbor. he just came and got me out of bed. >> okay. >> he's right in the house. >> what happened? >> his wife -- his wife's in there. >> i went in and located mr. clayton and he was kind of down on his knees, kind of bobbing up and down, visibly upset. and in the hallway, between the hallway and the transition area between the hallway and the dining room. >> anybody else in the house, tom, just you? >> i got the kids at the neighbor's house. >> i said, where's your wife, and he pointed to the kitchen area. that is when i walked around and i located the victim on the kitchen floor. >> oh. oh, okay. >> it was tom's wife, kelley. right away the deputy knew she had been murdered. >> what did you see? >> the victim. there was blood, blood spatter on walls, ceiling, the victim had bloo

tom: what could be a price value?ndard chartered call one year out on the price of gold? forecasting are record quarterly average at devon team 25. we see -- 1725. we might see prices stabilizing at about 1700 for the third quarter as economies start to reopen, and we may see a slowdown in terms of the eminent investment demand. typically, the third quarter of the year is supported by the physical market and the physical market is incredibly weak. we saw india's in points -- imports plummet to close to zero in q3, but q4, concerns around a second wave of infections perhaps will get better clarity in terms of a vaccine, which we have not -- we do not think will be rolled out and implemented until 2021. we could see prices averaging 1750, another record quarterly average. francine: suki cooper, standard chartered precious metals analyst. up next, we speak to jason farley for an update on covid. this is bloomberg. ♪ ♪ "bloombergs is surveillance." airlinesf american says bankruptcy is an option he will not consider. doug

he is now going to be sir tom. what is your reaction? i thanks to an absolutely merited accolade. f what it is to be british. thank you for your time. and we will be speaking to the man, captain sir thomas more, just after eight o'clock. right now we will catch up with sally. confirmation of test results from the me league. six people from three premier league clubs have tested positive for covid—19, including a player at watford and the assistant manager of burnley. as players begin to return to team training, that number — from 748 tests — is seen as good news. but the professional footballers association has asked the premier league to carry out more research into the effect of of the virus on black, asian and minority ethnic people, who are almost twice as likely to die from the disease. one former england physio says he understands the concerns. as a medical person, my view on it is if you are looking for a completely risk—free environment for football to return, it will not return in the near future. if you are looking for a sport to return with minimal risk, then i can't thi

what is coming. paul mcintyre chief operating officer of the ymca and. tomresident of american camp association are with us. we so appreciate you and hoping to get good answers. i got two kids. i got three kids, one camp has already been cancelled the other is still in limbo not sure if it will happen. paul, ymca camps has day camps and sleep away camps. let's break it down to day camps. what's your plan at this point for those day camps? are you cancelling, doing virtual, are there alternate days? what's your plan? >> thanks for having us. we know this is a stressful time for parents and so we operate about 10,000 day camps collectively. they are operate by about 800 different ys around the country. a lot of localized decisions. most day camps are planning to operate. we currently are operating over 1100 essential worker child care sites. we learned a lot about how to do that safely and how to adjust the physical environment. we feel we'll be ready for summer. >> tom, what's the benchmark for cancelling, particularly sleep away camps, does that equate to re

tom: what will business do in the united kingdom? itage is to be very sensitive to finance and sensitive to the business spirit of the nation. what will business do as they react to these economic statistics and the actions of the bank of england? ian: clearly, business confidence recently has shown signs of falling sharp we alongside falling consumer confidence. the speed of the lock down and the speed of the transmission of the virus that we have seen so thatand it is also clear some indications recently have suggested that activity is stabilized, and as the lockdown starts to be eased, we should see a resumption of confidence for both businesses and consumers. from that point of view, it is likely that activity can be resumed and the business investment that has clearly been held back as a result of the recent lockdown can be restarted as we go toward the end of the year. tom: the media makes a big splash today about a compare and contrast with the time of queen and in 1706. in 1706.anne what is the character of this economic contr

tom: what is the correlation, if of will, or the glide path disinflation that we see in europe? s the character of the trend in disinflation we see right now? thing,basically, for one it will be difficult to measure prices because a large part of the infrastructure necessary is down so we do not know what is happening. my guess is once we start to appear through the fog, we will get to a situation where it becomes more difficult for them because demand is slow and obviously wages will remain under significant pressure. the whole scenario is going to unfold in a picture where you off. sluggish drop tom: you go right to the heart of it, at the end of the day politically it is about wages. the commerzbank model in parts of europe or all of europe in aggregate, and brussels, can you model outright wage decline? peter: i think in the short term, you can. that is certainly what most models will tell you, because to a large extent you were talking demand collapses, labor demand collapses. you generally do get a short-term collapse in wages, but thereafter as the me -- economy starts to

that is what i think is more worrisome. tom: peter hayes, thank you so much. r hayes is with blackrock. much more coming up. in london earlier today, what a fiery interview, michael o'leary of ryanair. that leans over to the kind of large carriers he is criticizing, looking for big bailouts. david rubenstein in conversation with oscar nunez -- oscar munoz. this is bloomberg. ♪ >> we must strengthen local governments in the area of public health. we will prevail over the this may not be the last time a major health emergency comes knocking at our door. tom: every word will matter and it will not be lost in translation. the president of china speaking to the world, to the world health organization. absolutely unprecedented. bloomberg will follow this. we will have our headlines out through the translation and interpretation of that translation. this really brings back everything you and i have heard over the last number of days. francine i think it all comes down to the multiple challenges president xi has. francine: this really comes at a pretty bad time for rel

but that is what i have and when i john that come with us i dang it i want to give it up to you tom what you saw done it and i what i started to. change. our job friends we had together he a plain clothes going to school together but not so much in delhi so i mean to tell you it's just it's good to do so people are supporting their you know what to do would also make it what are you going to make it no one can make a deal of most of it is. mostly because what i'm getting for makes me quite a. bit you know this is there is i can take my way and go. one proposed new route is anything but say incredibly some here. hoping to use a canoe to cross the atlantic to the united states. in the face of such a time a nation gambians returned migrants clearly have much persuading still to do. as italy went into lockdown people empower us to filmmakers to document the effects on ordinary people from the immense suffering and loss the forgotten abandoned or exploited to sing a longs every day heroes and heartwarming acts of kindness the stories they capture reveal how the virus is society to take a look

tom: what i notice about emergency medicine is you try to learn every step of the way. ow about the therapeutics of this virus verses where you were six weeks ago? lauren: we just conducted the first phase of the act trial which is the nih adaptive trial ivir and we are starting to see some positive data, which is exciting. we are hearing about hydroxychloroquine, chloroquine. we are learning a lot about crowning of patients so there are a lot of studies underway throughout the hospital. talk to: lauren sauer, me about how first responders are feeling about the president and the administration saying they want to reopen the economy, even if it means more rise in deaths and infections. how many percent of the population do we think has had covid? understanding of what phase we are inexact they? -- exactly? lauren: the first word that comes to mind is scared when you are in the hospital every day and see these patients come in quite sick. you know so many of the population are not affected yet and may be as states and locations start to reopen. we get really nervous. we ar

general john lennon and tom knew what made new an unmoderated. oh no. 6 0 my. i. am. the. mayor. one forgive me john one crew member died on friday ily and now why am i running no not. how much. of that. if i. were to do one. you know nigel i know and then that. you know. how. long how. shall. i know it. and then he didn't want. to know i had to. get by. because my grandmother. meg and meg. when she gets bad or you would. say you were caught in the whole name big me big. time with the. bin laden i had. hidden it playing it night now. do you keep in mind. the money. i have made into any of. them i'm not going. to and it was only going to be you up to now. my name could be that but i didn't click that nice people you meet. me you. know for the one that will be back. in the mall didn't someone put in the clue take. up until you come to the semi in the course of time and. you need to run into the local to that so you can. meet. you all let it meet you and so if you call the morning meeting you know. me will be let me. call you know. financially i don't fly if i'm on a few trips. almo

that's helped why we are where we are is that what this is policy trumps everything >> could be. i'd love to hear tom's response to this. this is what the people on the other siefds the trade would say to him we don't know who will be right yet. i'd love to hear companies got really good at getting back to the same earnings level with less revenue. you know how they did it they fired people and didn't rehire them. the second part of that is, the average recession is 13.5 months why would this be a below average recession given how incredibly fast the damage occurred and how unprecedented the nature of the damage was unlike 2008, unlike 2000 to 2002, there's whole industries that have to either completely reimagine themselves or disappear entirely i'm thinking of movie theaters why would we say this would be a sub par recession and not make it the distance of the average which is over a yearlong tom, what do you think about that >> josh, on the recession side i'd agree. in the ten earnings cycles since 1929, regardless of the gdp reid to be symmetric. i think there will be a gap between what the equity

with value stocks, what kind of signal can you take away from a market that the federal reserve is distorting so much, and may well distort even more in the next several months? tom: we talk about the bernanke he put, but we are so far past the bernanke put. what is going to be the put after that 20% plus unemployment rate in exactly one week? i think jonathan: the hope jonathan: -- jonathan: i think the hope is that those numbers start to come down. i think some people took encouragement that we might be starting to move in the right direction. i think it is too early to get to enthusiastic about the situation, but the numbers were there. it looked good, the idea that people were beginning to get hired into the workforce. people in the federal government were increasing benefits, so perhaps some green shoots. jonathan: alongside tom keene, i'm jonathan ferro, with lisa abramowicz. you are watching "bloomberg " with equity futures down nine points for the s&p. this is bloomberg. ♪ ritika: with the first word news, i'm ritika gupta. if they're not a protests in minneapolis over the death of george floyd, a black man who died in police custody. demonstrations sprea

tom, what do you expect to be the difference?xample, we're going to see a lot more declassification and the public's right to know honored by the intelligence community rather than frustrated? >> i hope so. mr. ratcliffe now has grenell's lead to follow. there are these documents that grenell just declassified including the transcripts of the wiretaps on general flynn which, in my view, are just -- it's just evidence of a crime. there shouldn't have been wiretapping the of flynn's communications. as soon as they heard he was talking to the ambassador, they should is have turned the tape off. so that material needs to come out. we sued for it years ago, couldn't get it, and now grenell's finally released it. and now john ratcliffe needs to take the baton, the transparency baton x further disclose the details of obamagate. and if he doesn't do it, the president should order him and anyone else involved to declassify -- certainly, it's already been declassified, so there's really no reason other than politics to withhold it. i don't

what happened the day after the npc when everybody goes home? tom, this is a very ceremonial and very large showing hows powerful the communist party leadership is. it is trying to show signs of strength to the party and also to the people. while it is seen as a rubberstamp parliament, it does way with a large amount of significance. with a large amount of significance. the gdp target that we did not get this year, it is important cue for how people handle investments. you will see the country enact many of these policies that have been discussed. no the budget deficit will be widened to 3.6% of gdp. in the wake of the financial crisis, you see a massive increase in infrastructure investment. with the focus on technology investment, they will be paying for that with special bonds. jobs,r is the creation of given rising income and rising wages. they want to create 9 million jobs which is still quite substantial. francine: thank you for the update. selina wang in beijing, joining us. coming up next, the blackrock portfolio asset manager will be joinin

tom: what will happen to currency and just as an example, what will happened to pound sterling?his as you and your parents escape china -- escaped china in world war ii. what will be the depreciation of pound sterling? i could give an estimate but i don't think it will be worth much. two things will affect pound sterling. i think written is doing slightly worse in dealing with attack than virus some other countries, particularly germany, and then there is the uncertainty of a brexit. both of those things will on the whole lead to a lower level of sterling against other currencies, one would expect, but how much, who knows? i know you don't like forecasts, but if i phrase it as what would you do, we have government programs, furloughs where people are not working. how would you do it if you were jobs soe of securing there is not too much unemployment but making sure you wean people off the government programs? robert: i would ease the restrictions as quickly as it is safe to do, get people back into work. are nott that they working because there is no demand for their labor. ther

but nothing about that legacy, tom knew what mattered in life. what mattered in life was family, carolyn and the three daughters. carolyn, i would suspect you may be watching right now and i wanted to know how many people in this party, how many people love you even though tom's not here anymore tom knew what was important in life, and in jesus. he is a brother in the lord. he is my brother. he will always be a t member of this institution, we need to make it official. so in honor of his life and legacy, i would like to ask unanimous consent that the senate approved a resolution and honor of the life and legacy of tom coburn, a doctor from muskogee. to do that i would say as if in legislative session i ask unanimous consent that the senate proceed to the consideration that senate resolution 583 submitted earlier today. >> roll call report. >> senate resolution 583 honoring the life and achievements of former united states senator thomas allen coburn expressing condolences to the family of thomas allen passing. his mso is their objection to procee

liberties freedoms and core values that we're used to in hong kong as a semi autonomous region and tom what you've been seeing the protesters i mean what are they saying in terms of what they expect from international support. well we've seen some support i suppose from donald trump in that it will make a strong statement this week also trying when taiwan but just around the corner here i've seen people are feeling both overseas countries to intervene but this is one of the things that may become outlawed just in a few months along with our mocking the national anthem maybe even calling for an end to one party rule for a chief executive to step down that's a big thing about this law we don't know what it will in sale and seeing how these laws are rolled out in the mainland there is concern that we may never know the exact definition of what is allowed and what is not because it's often purposefully applied in a very vague and broad manner all right tom grandy editor in chief press reporting there on the streets thank you so much. now as the coronavirus endemic hits economies around the worl

tom: what does bankruptcy do the confidence?fascinated by how it changes the corporate walk, the corporate tone. we can have recovery in markets and i understand the corridors of j.p. morgan worry about where we are going, but will we do it with a lack of business confidence because of the daily drift of bankruptcies? john: i think you have to take this by sector. i don't think there is any lack of confidence if you are corporate operating in the tech space or communication services or even health care. those models were validated by the crisis and are more in demand because of the crisis. once you look at more classic cyclicals, whether that is financials or industrials or commodities, the concern will be much stronger and will be more enduring because a lot of that is related to the deeper the expansion and consumer behavior. you will see kind of a tiering of corporate investment rates with winners like tech, communication services, and health care for 2020. to the extent meant that investment after that and more difficult sec

labor pains for 3 days and what happened is that the traditional but attendance was a give but a tom what a cutting me anyhow really so that only the. the child to come out but now again i thought it was over for the 2nd baby i was caught again for that that in fact they didn't was at all and i say i don't want to be caught in a more i want to go to a safe place where can deliver well so i saw some caesars coming and i was late what about these 4 that is i was even better fortunately this is as were also better because i had to go through as easy and delivery that's when i see it's all over now the 3 daughters are enough for me i should talk to my community and tell them this should come to an end and for me i am fortunate those complications are talking at a minor compared to others who have now in blood living with a few still or others are now living with childless dram is this sounding familiar is a sounding like something you're also battling with psychologically and are you worried that physically your body might not be able to take a pregnancy. yes i wanted every single day because

really lucky tom what do. you call no no. no. questionnaire and you have to friends.because if you got there you sort of get to the words id you sound to me want. us. to do with. a c c we need to know back here. a little about him marty so. yeah mission lisa. the love of your idea that i love him. so you're sick you know and so on i want to 90 was a jelly when i watch you and i get well. you're. your p.c. now he got. enough for. me with. we all want to please as only one. should get too much. attention hominids in gear. and you don't need to kill but. only men yeah. i'm less ill mathes. i regain. stronger movie reviews. would seem are you will get. across. come. closer go get going you've used the i was wrong got drowned or gone on record remark groove will go in your review joey tribbiani to kill you try to. produce you know club. to be challenged to me you know coolly and in zagreb is all going to read to me. you know. to some i hear on a charge and will do some my around my job. to a child 2. years old all day. and give us in a. minute here. any time. in the world

checks will keep coming in instead of taking some of the jo jobs out there it's a problem >> you know what, tom, i understand that part of the story but let's give the average worker a break one time, some of them make out compared to the other times they -- i don't know what you want to call it, been screwed. i'm not going to get too work up about the fact that some of them one time in a bail out got a little bit extra it's not going to make the difference and maybe do a little more, spend a little more or live a little better >> i don't think it's about getting screwed or winning i think it's about where the expectations are level set and what people are going to want going forward. i'm all for helping out in a crazy situation like this. they don't want to lose out on unemployment benefits, that's a problem. i agree. i'm all for the fact that the corporations get bailed out and we have to help the consumer but there is a happy medium on both. >> all right we're going to leave it there. a good discussion there. markets rally straight through with tech as the recent leader and stocks said to cl

it's all pant what you see on the other side of the valley, right? tom lee sees a rainbow jim lebenthal is worried about nor storm clouds building. what do you see? >> well, jim just being cautious he's not worried he's not saying they're out there. he's saying, what if that storm comes across the pond or across the lake, scott? >> thank you, jon. thank you. >> you're very welcome, jim. i think what tom is saying is spot-on, scott i was down in indiana this week. they opened it up monday a week ago. most -- virtually all of the restaurants, bars, shopping centers had people in them most were keeping their respectful distances very few actually had the masks on, because they're not required, like they are here in chicago. but i think, scott, when you have people that have been basically shut in for this many months, just like mike wilson said yesterday, the reason tom is going to be so right here is that people will get out and they will rage i think ricky sandler was exactly right that this is going to be the raging '20s coming out of this, because peopl

tom and hannah. i go to bed it's10 million, i get up, it's12 million. what's going on? ievement and i have been trying to think of a song that encapsulates what you're doing, how you're inspiring all of us and... i have one i think. i'm sort of stealing it from the people of liverpool. but it seemed appropriate. is it ok ifi sing it for you? michael, i suggest you go ahead and we all, tom included, will listen. # when you walk through a storm, hold your head up high... # and don't be afraid of the dark # at the end of the storm # there's a golden sky # and the sweet silver song of the lark... # sing it with me. # when you walk through a storm, hold your head up high # and don't be afraid of the dark # at the end of the storm # there's a golden sky # and the sweet silver song of the hark. —— lark. and we can say good afternoon to captain tom moore, hello, how are you? hello, i'm good. i need to say congratulations because you are the uk's official number one. that really is truly amazing, isn't it? also, this is another world record because the oldest person in the world

tom and hannah. i go to bed it's 10 million, i get up, it's 12 million. what's going on? ave been trying to think of a song that encapsulates what you're doing, how you're inspiring all of us and... i have one i think. i'm sort of stealing it from the people of liverpool. but it seemed appropriate. is it ok ifi sing it for you? michael, i suggest you go ahead and we all, tom included, will listen. # when you walk through a storm, hold your head up high... # and don't be afraid of the dark # at the end of the storm # there's a # at the end of the storm # there's a golden sky # and the sweet silver song of the lark... # sing it with me. # when you walk through a storm, hold your head up high # and don't be afraid of the dark # at the end of the storm # there's a golden sky # and the sweet silver song of the lark. and we can say good afternoon to captain tom moore, hello, how are you? hello, i'm good. i need to say congratulations because you are the uk's official number one. that really is truly amazing, isn't it? also, this is another world record because the oldest person

tom: what is your advice for prime minister johnson? jennifer: it is a beautiful weekend.old weather. people will be wanting to flock to beauty spots. social distancing is still here despite the fact that we are allowed out and have to keep two meters of distance. we are nowhere near the end of this pandemic. tom: jennifer, thank you so much, professor jennifer rohn of oberlin college in ohio. we will drive forward this conversation with dr. andrew p ofause -- dr. andrew pecosz johns hopkins in the next hour. this is bloomberg. ♪ ♪ this is bloomberg "surveillance." the first three months of the year for apples most important partner. at disrupted the company's production and china and worldwide demand for smartphones. softbank is headed for a record loss. the company is expected to post a $12.5 billion operation loss for the year. the vision fund went on and $80 billion startup spree. wework made the investment portfolio look increasingly shaky. southwest airlines is looking for volunteers to lose their -- leave their jobs voluntarily -- we've their jobs. offered toees hav

what we are seeing in northern asia. currencies -- the indian rupee could get stronger. it can strengthen further. tomstaying in southeast asia, what are your forecast? is a big factor, tourism has dried up. i like it to weaken further, though it has strengthened on the lows we saw in march. tourism is a big driver of what goes on in thailand. gdp.f total tied -- thai gdp. enter a sharp recession after this. it has maintained its covid-19 cases on the low level, and the fact they are starting to reopen , i am in a more bearish spot. trade in march and april, you do have some good news even though tourism will remain weak. about a choppy few weeks ahead for the korean won. taiwan is a trade exposed island, country, to what extent is the divergence over the taiwan dollar and the won when it comes to trade pressures? the taiwan dollar is an interesting point. taiwan is vulnerable to the u.s.-china supply chain like korea, multinational companies realigned to supply chains outside of china. they are looking at going into taiwan. in 2019 the taiwan data held up well despite the trade war. i think that tren

tom, what is your hunch about whether if you have coronavirus, you would then navigate it again? immunity, in the trade, don't they? this is the critical question. we know usually if you have antibodies during an infection that means you are protected. against although this isa are protected. against although this is a completely new coronavirus we do know from other coronavirus this seasonal flu, that you have an infection you have an immunity, you make antibodies against that infection. and that protects you for that season and maybe later, to a three years down the line as your immunity drops and you do become vulnerable again. the important thing to say and i've got friends in liverpool who drive me mad about this is the need to get the message out that there's more to protection against the virus and infection than just antibodies. these aren't all the tools there is cellular immunity where t cells, white cells that are like the tanks. they come along and they also will kill the virus. it's a combination of things. itjust the antibodies are easier to measure than these t cel

general john lennon and tom knew what made new an unmoderated 0. 0. 00 i. ever. made a living. room . one origin we're gonna one crew member died on friday really and now why am i running no not how much will i go on the one who's going to run on the volley and. humbug and on who won if i. buy a. good cool new one for a group i only know one man. i know one then that. you know. how. long. you. shall. live. that. moment. and then he didn't want. to know i had to. get by. my grandmother. meg and meg. in indiana and get to bed or you would. begin with the whole name big me big. time with the. bin laden. i had. it playing here tonight. i didn't let you. go. it was only a ploy you up to now. know my name cleared up i've been kicked out lol nice people you can eat all you need you. know but the one that would you could buy. the mall didn't someone in a lot of occluded say. so publicly you want to do some i moved up or somehow. you need it in the hope that you can. get me. killed all of it need to install if you all you want me to know it got me please get me a pipe i eat all you know

joining us is tom mackenzie. what does it actually mean? this is the u.s. going quite hard on china. tom: that's absolutely right. as tom was touching on earlier, a special trading status has been carved out for hong kong freedomsf the special that the city has had in the business freedoms they have had. the restrictions on exports of certain technologies, for example, none of those apply to hong kong. that now potentially will change because mike pompeo came out and said to congress we cannot certify that there is a high level of autonomy for hong kong. that was spurred by this move of beijing to circumvent the hong kong government that puts in place a security law that has been voted through. it is not enshrined in law yet, but it is a major step that will inevitably be enshrined in law. we are waiting to see if by the end of the week the u.s. will , or, and willns china respond in kind? targeting u.s.t companies here? we could be back into this tit-for-tat cycle. but the historical framing of this is important. francine: we were just listening to the prem

tom barrett, thank you for talking with me. so 50,000 people are expected. you put a lot of investment into your infrastructure so far. as of this moment what'sng , into your decision making? do you know where you're leaning toward? tom: well, public health, public health, public health is the obvious answer to that. i talked to tom perez, the chairman, the democratic national convention, just yesterday. and we talked about how that has to be paramount. but we know for certain that the democrats are going to be nominating joe biden to be the next president of the united states. and they're going to do that in milwaukee. and we want to use this as a springboard both locally for our businesses, hotels our , restaurants. but we also want to show the nation how a community bounces back from this pandemic. but we're gonna do it in a way that's safe and that's important. and that's something that we soledad: your own head of public health has said she'd love to see a virtual convention. would you agree with her on that? tom: well, what her quote was actually a more virtual convention and it will be a more virtual convention than 50,000 people. we k

tom: what did you learn about demand? you've been a wonderful student of this for decades. surprised you about the demand dynamics of the last 12 weeks? julian: one of the biggest surprises is how quickly some of this demand has come back. jumpve seen a tremendous in gasoline demand. in china for example, where we are seeing congestion on roads is even worse than it was before the pandemic. if you've ever been to any of the large chinese cities, you know the congestion on china's roads is horrendous anyway. we are seeing that surpassing last year's levels. the speed at which that has come back is one thing. that isthe other thing perhaps less of a surprise, but will have to be something need to street deals with is what has happened to the aviation sector. wary of getting back on trains and underground systems, they are equally wary of getting back on airplanes. that will take time to see any real recovery in jet fuel demand. lisa: julian, thank you so much for being with us and all of your great columns. julian lee, bloomberg opinion columnist as well as oil strategist for

jonathan: i think tom knew what was coming, so tom took the day off. you missed the interview. they are thinking about it. i don't know if they are there yet, but that is the direction of travel, listening to him, listening to clarita. tom: i guess i have to explain why i was off. it was therapy, folks. , jon 7000 dow points ferro, i missed the march bottom. to be honest, i think i missed the june bottom as well. it was the only time the doctor could see me. jonathan: it must have hurt. tom, great to have you back. let's start the program this morning, shall we? we can do that was evan brown of ubs asset management. let's start with a question i thick is on a lot of people's mind at the moment. it is clear the relationship between china and the united states is breaking down again. what is less clear is why this market is not picking up on it outside of the hang seng, outside of the chinese currency. what is your read on things right now? isn: i think the market taking a lot of these broader issues on hong kong, on technology, on capital flows, and separating them from trade. t

tom: we have got to go, but we have to cap back. whathornbach is that we need to reaffirm usage of the dots. i promise i won't ask him about the future of the dot chart of the federal reserve. mak in may.ter, sell, this is "bloomberg." ♪ bloomberget's get the business flash. we begin with the potential this deal this week that could create u.k.'s biggest telecom operator. negotiations hinge on their being equal control. this after a merger of two companies u.k. units. retailer j.crew filing for bankruptcy. the chain has been unable to revive sales of its preppy clothing line, plus debt from a long-ago leveraged buyout has crushed it most of j.crew will convert almost $1.7 billion of debt into equity. the company has also secured $400 million of new money. we end with warren buffett, treading carefully this financial crisis. berkshire hathaway's virtual annual meeting. investors wanted to know why mr. buffett had not made any big deals. mr. buffett said berkshires started to get calls from companies seeking investments but then the federa

then tom do what mitt knew then what i did see a little. bit . when fine met a. man. i know you again proved anangu glen or julianna like anchoring in but i got a fry early and i was i like. your lap. how much. of that. if i. buy. you know one man i know i know and then. you know. how. long how. shall. i know it. and then he. know i had to. get by. my grandmother. in indiana and get to bed or you would. say you were tom the whole name being me big. time come come knowing. i'm going to. bin laden my. good leg good night now. it given to me not. been a bad. guy by. william and i did not meet them. but to actually it was only a ploy to beat you up but now i know my name could be that but i'm in the got me a nice people you can eat. all but you need. to put that one up a look at that would be good but he needs to be mauled in someone in the clue it's a. sad puppy put you on to do some mighty move up or so how. did you know i'm going to look like the bats you can. get me. if you all made it neat and i enjoyed it all the morning needle. it got me will be dead meat i eat all

let's see what doctors come forward and do this. i want to dig deeper with dr. tom friedan, former director of the cdc and president and ceo of the group of resolve to save lives. now we have this guidelines, 60 pages of recommendations, but no announcement, no fanfare. that said, how important are these guidelines? >> they're useful guidance for americans, for businesses, for schools, for communities on how to reopen safely. stephanie, today my organization released a new approach to how to open as soon and safely as possible. we think it's possible to do this. we think we have two dichotomies that are false. it's not about open versus closed. we think we can open with a risk-level alert system, something that tells you how safe it is to go out, just as we do it for smog or hurricanes or forest fires, a level alert system that would do three things. it will empower us to protect ourselves and our families. it will hold governments and society accountable, and it will accelerate progress toward a new normal where we can get back to work as soon and as safely as poss

that is what we have to discount, rather than the breakup of the eurozone. tom: that is brilliant. ay to end this conversation, a quaint idea of going back to a debt restructuring. our original, like back to the '90's. wolfgang, providing value, thank you so much for being with us. equity markets, one day off, one day on, i don't even know where we are. i will look at the bloomberg terminal on my cell phone. this is bloomberg. mervyn king, the next hour. ♪ tom: good morning from london and new york. it is truly one of those tansa,rs we all know, luf the reef formation in 1955 and the absolute development of major hub developments, 30 years ago or so. crisis mode. guy johnson is expert on loose uftansa. what a fractious relationship between management and the pilots union. betweenthe relationship management and the german government? uy: they don't want the government to be too heavily involved. they are worried once the crisis passes, if the government is involved, they will no longer be competitive with the government on its board, the union involved, there will be a much bigger gr

tom: it is tom in beijing. whato you think the prospects are of renewed protests and how would you expect the government to respond if people do start going back onto the streets on a regular basis? i think the protests really started last year out of the now abandoned extradition bill, and i think the whole democracy supporters and the politicians seem to have taken advantage of that, but i hope that at the end of the day, common sense will prevail in terms of getting back into the legislative council -- in september this year and really to work for the people. it is one thing fighting for democracy, but another thing if to jobs, economy, that would not be good for the ordinary folks in hong kong. tom: part of the tension is what many see as beijing's overreach in hong kong and beijing's liaison office saying it isn't accountable to rule 22, preventing central governments from interfering in internal affairs. is that a correct interpretation of the law? is the liaison office corrects that they can get involved in t

that is what tom moore really wanted. mean an enormous amount. he seems a very loyal... is very much about queen and country. you know, he was a decorated war veteran. i think it will be the icing on the cake. he's had loads of extraordinary stuff happen to him. he's been made an honourary colonel. he had another one single with tom ball, and michael ball, so he's at incredible things, but i think this is what everybody really wanted for him. how important is the light that he has shown on nhs charities? how important is never nhs charities going forward? it's made a huge difference. i would say that two months ago, the middle of march, we we re months ago, the middle of march, we were a niche in the charity world that wasn't particularly well known. people might‘ve heard of great ormond street, or perhaps the local hospital charity, like sir tom's huxtable charity in his area, but the rest of us were kind of little known. not everybody knows about the nhf charities, and the lot are fattest onto them. it's been lovely to t