captain tom moore.ntry during world war two, was doing his bit for the national effort once more. a lovely story coming up, a 99—year—old war veteran has decided to walk 100 lengths of his back garden. he wants to raise money for the nhs. well, i have had such marvellous service from the national health service, particularly the nurses, they looked after me when i borke my hip. the service and from all the staff and the patience and the kindness that i got from all of them from top to bottom, was absolutely amazing. it was just an ordinary family day, in factjust here, as you can see, having a barbecue, tom was walking and it was the first weekend he'd walked in the summer when the nice weather, the weekend before the bank holiday and it was the first time he'd really been out. before that he was on his treadmill, trying to keep fit and agile through the winter months and it was the first time we saw him strolling. and that was it, between us it was a familial, fun conversation, we said, "oh, if you wal

captain tom moore.orrow will be a good day. that's the way i think i've always looked at it. we, as a country can show the same spirit of optimism and energy shown by captain tom moore, that we will beat it, together we will come through this all the faster. it's wonderful that everyone has been inspired by his story, his determination. he is a one—man fund—raising machine and god know what is the final total will be. hello, i'm michael ball and this is the story of one man and his sheer determination to make a difference. in less than four weeks, captain tom moore has raised over £32 million for nhs charities, found himself at no i in the charts on his 100th birthday and received literally tens of thousands of cards from all over the world. captain tom, we meet at last. where have you come from? i've lurking down the bottom of your garden! have you? how are you sir? i'm fine, thank you, how about you? i'm really well. marvellous to see you. come out of the blue. every crisis needs a hero and in 2020, i

in fact, he told the investigator it was tom's partner who fired him, not tom, and tom was even tryingrd find another job. >> are you getting any bad feeling from him? are you suspicious of him? >> not at all. >> so you're thinking this is going to be somebody we're going to cross off the list? >> yes, i didn't expect to see him again. >> to the investigator and those close to kelley, michael beard didn't seem like a good suspect after all. >> did you think it is possible, he was a disgruntled employee, he was taking revenge? >> i didn't. because if you're disgruntled, why wouldn't you kill the person that you're disgruntled against. i mean, i'm angry at you so i'm going to go kill your wife? >> as a matter of procedure, the investigator asked beard for a dna swab and permission to look through his cellphone. >> he was very forthcoming, very willing, no problems, just very cooperative. >> while the state investigator was checking out the not-so-promising michael beard tip, sheriff's investigators had tom down at the station. detective donnie lewis said they still had questions. >> for

today tom may be in heaven. no, today tom is in heaven. and i guarantee to the president and my colleagues, he's giving them hell. he's up there trying to change the architecture of the deck chairs. he's up trying to say why do you do things this way and not that way? one of the things that used to bug tom about this institution, he couldn't figure out why we have telephones in the united states senate that looked like they were created in 1950. and you might remember about five or six years ago the senate got new phones. they still won't do redial for the last number you call and they still look like they were soviet-era out of the 1950's, but that's the way the u.s. sene is, and that's what tom was trying to change. in many aspects, he might not have changed the telephones, but he changed the institution. he changed the way we look at it. and though he may be challenging the rules in heaven today, make no mistake about it, he's still preaching the word and he's always believed that word. and for all the things tom coburn tried to accompl

tom, it's very easy to express tom's opinion by going long chevron, exxon, the refiners and pipelines like kinder morgan kinder morgan being the best of the pick, by the way i'll get back to that in a second but what you said and joe said is absolutely right and it's why you want to stay away from the shale producers. it's why you want to stay away from the offshore oil drillers because at $33 a barrel of oil, there's no way they can make money. they can't charge the day rates they need to service their debt. so the problem here is wherever we talk about energy, people say, the oil energy sector is good, or the whole energy sector is bad it's the wrong way to look at it you have to be selective, and you can express all of these opinions in different ways you 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

tom: minister, good morning morning. tom new york. all of this world, and particularly the world of science, is watching the of heard immunity in sweden, the opening up of sweden , the ability of sweden to get back to normal. how far is your nation to getting back to a normal in economy and normal tax regime, which you are expert in, given the dramatic difference in depth between sweden and the rest of scandinavia? had -- frome have the government side, the advice that experts had given us on how to deal with the pandemic, they looked on a -- they worked on a long-term strategy, having the measures that can also last for a long time, and i think it is important to underline that life assweden does not go on normal with recommendations that we have when it comes to social distancing, working from home, avoiding public transportation, lots of travel. that affects how life looks in sweden, but also of course our economy in other countries. this will of course continue, both when it comes to social distancing and other restrictions. getti

bless you, tom. >> good morning, francine, tom. china denying it try to cover up details of the coronavirus outbreak. beijing says it did not know until january 19 how infectious the new disease was. china says they release that information the next day. -- chinese the federal government is out with new guidance on how to reopen bars, restaurants, and workplaces. of cdc has outlined a number steps, among them, including social distancing, and how to tect coronavirus cases. germany has ended a historic recession with its biggest month in over a decade -- slump in over a decade. government spending and construction helped stabilize the economy somewhat. oil is headed for its third weekly increase in a row. west texas intermediate futures closed about $27 per barrel for the first time in over a month. major producers have been cutting supplies and consumption has been recovering after a historic collapse in demand. global news 24 hours a day, on-air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in m

tom? francine? tom: thank you so much.course, a wednesday, midweek, a really changing set of currencies in the world. i am looking at the virus statistics. it is an aside with our discussion with how good guest, but the mathematics in latin america is really appalling. by that i mean for mexico on down to argentina, particularly brazil, "the new york times" doing a wonderful job of summing together all of the different trends we are seeing there, of factors in this pandemic that are really quite bad. tom, i don'th, think it is that much different to what we are seeing because everything is linked. economists need to track in real time how the numbers are affected. it is important to have virus updates on an hourly basis. what we know is that russia is reporting more than 10,000 cases again, although the growth rate has slowed. britain will start easing some of the restrictions from today. isa shows that the economy slumping at margins, a sign of things to come. tom: christian keller with us from barclays, and of course wit

tom? tom: thanks so much. equities, bonds, currencies, commodities. how much is one item today in relatively quiet markets? it has to do with francine lacqua's ability to spend money in europe. it is of course euro-sterling. i noticed the trend of weaker sterling, stronger euro over the last number of days. it is not a breakout but it is situation for europe is busters up against the euro breakout. francine: i would actually fold into that the fact that for the first time we had some and encouraging -- i don't say good news but i say encouraging news -- out of euro area economic data. drawems to have started to its way out of the steepest downturn because if you look at some of the pmi figures, certainly from may, services and manufacturing, they were terrible numbers but they were better than expected. some people taking it as a positive today. european stocks still uncertain. with this ratcheting up of the tension between the u.s. -- of tension between u.s. and china. -- it is not the goal that i wanted. i was looking at another type of gold. tom: y

now, tom? tom: thank you. so much. francie: -- francine: beijing has improved a suit as has approved a proposal for national security laws in hong kong. it could revoke the city special trading status with u.s.. 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

tom: i do not see it.nk it is an artifact of huge differences in hewitt's unemployed as well leading -- in who is unemployed leading to those aberrations. it will spread out overdose go to three months. it has been an extraordinary week. we thank all of you for your great interest in this simulcast. it has been an interesting experiment. jonathan and i were holed up in a clue in davos and we started talking about it over a beverage of his choice, and over that beer we said maybe we can do this. it has been an interesting launch to this experiment that weeksl hone in the coming , hopefully with your good feedback. for lisa abramowicz and jonathan ferro, i am tom keene. this is bloomberg. good morning. ♪ staying connected your way is easier than ever. you're just a tap away from personalized support on xfinity.com. get faster internet speeds with a click. order xfi pods to your home in a snap. or change your xfinity services with just a touch. all in one place. you're only seconds away from all of that on xf

tom: i totally agree.urse, it will be the same later child -- the same labor challenges that we have in the united states. i am completely focused on a week from today and the unemployment rate. of you suggest to both that without question, the labor economy of europe will be front and center as they face these challenges. it is really important, as we talk about the u.s. unemployment rate, to note that the unemployment rate in europe is also surging to record highs in places like france, and really raises the question of how much unity there can bea -- there can be in order to support these economies, and how bullish you can be on the region, especially that we have seen this before. jonathan: next friday, the payrolls report, full coverage right here on "bloomberg surveillance," live on bloomberg tv and bloomberg radio. alongside tom keene, i'm jonathan ferro, together with lisa abramowicz. next, we take the attention to the tech sector, and one in the spotlight, twitter. live from new york, this is bloo

tom: it is.e: if you look at what underpins the dollar now, how do you deal with trade worries, china, and huge unemployment figures in the u.s. go into that? david: we think a currency is made up of three dynamics -- cyclical, structural, and political. cyclical is out the window. you cannot really drive them much lower, which puts emphasis on the structural and political and that is happening at the moment, the emphasis is changing. the structural emphasis will be the fiscal firepower you have got and where you started off, and some countries have started off terrible on the fiscal side. you do not want to start off 80% gdp on the fiscal side. you want to start off where new zealand or australia are. you have to push to get things going in countries that have had a terrible fiscal stance to start with, the euro zone, sterling, those are the bad ones. ozzie, swissie -- aussie, swissie, those are the good ones. tom: i like that call. one final question -- and i say this with immense respect for h

tom: that's true.se, we've got jobless claims coming out at 8:30 that .ill be extraordinarily grim it is our simulcast on television and radio. lisa abramowicz, jonathan ferro, and myself. it is a time where you just stop and speak to americans, confronting this policy had on. one of them is geoffrey okamoto out of pomona in computer science, and georgetown as well, and he has taken the position of first deputy managing director at the international monetary fund. wonderful to have you on. i must speak about the article on you last week, he very different skill set you bring versus the heritage of the position for america. that is people with wall street , orrience like john lipsky maybe the people with the right pedigree of economics what your predecessor david lipton. you're going to be different. in what way will you be different as the first deputy managing director representing the interests of america? geoffrey: next, tom. it is great to be here this morning. i am enjoying the new format. i think

tom? 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 keene here.hrilled to be with you, honored to be with you with your coverage of 10 downing street. how will the prime minister celebrate this important day? are all going to be listening to another prime minister about 3:00 u.k. time, tom. you quoted him talking about winston churchill. we will get a broadcast of what he said at that time 75 years ago. interesting the parallels between then and now. of course, limited as they are, certainly a very difficult time to be celebrating 75 years since given we are not able to go out onto the street and celebrate. tom: just extraordinary week that it has been. on this friday, of course, all focused on the depth of the jobs report that we will see at 8:30. that was adjusted over the last two days with a difficult adp report on wednesday and a really challenging and grim weekly jobless claims report. right now with our first word news in new york city. >> the top trade negotiators for the u.s. and china have agreed to cooperate on that trade deal. it is th

tom, a bit of pressure on the markets. they are looking to find out more about the situation in the u.s.. the numbers have been horrific, and they are bracing for another difficult set of numbers. andrew bailey from the bank of in june.ay more action thrustsre are two major that i would suggest to governor bailey and also to chairman powell. yesterday, the continued inflationary trend and the outright deflationary trend in switzerland. the numbers in europe in inflation on price change are simply grim, and you are dead on about unemployment. overnight, goldman sachs readjusted their unemployment rates, and they get steve englander of standard chartered bank, a stunning statistic, francine -- 25% unemployment rates modeled out now by goldman sachs. and of course we get claims at 8:30 this morning. francine: we will have plenty more on that throughout the day. it's good to first word news with richie good -- let's go to first word news with they take a to first-- let's go word news with ritika gupta. ritika: wanted to play a

tom: the distinction here, folks, is some bull. it doesn't have anything to do with the hong kong government. this is the national people's conference. various and the sundry chinese lined up. everybody has on their different ethnicity to show that it is a different group of people. the president walks in with the premier and everybody collapse. i get the show, the pomp and circumstance. 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 m

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. airline

tom? -- this is bloomberg. francine? tom? tom: as francine mentioned, a churning to the market. it is amazing to see that the nifty five really picking up and going and even as it is under struggle. i don't want to overplay the struggle that is out there, a grinding risk-on. you see it in higher yields this morning, no question about that. i really want to point out the unraveling of brazil. i don't know what it is around, whether it is the virus or simply the economy and the global slowdown. very, veryan real difficult. francine? it is a wisehink thing to spend a lot more time on emerging markets. european stocks are edging higher. a couple things i would not underestimate. one is the trump administration moving yesterday to block investments in chinese equities by government retirement funds. significant and have wider implications, and i am looking at most european bond slipping and treasuries drifting higher. talking about your markets, joining us now is rick lacaille. as always, thank you so much for coming on. how do you see the recovery, and how will that dictate where yo

tom: thank you so much. looking at equities, bonds, currencies, commodities, sterling is fractional but we will go with it. equities drive higher, and the critical kis distinction over te last 30 hours is the yield curve. the short-term paper is -- what you are seeing is the price of the longer-term duration paper is going out like this with a lower price and a higher yield, and that gets you to a steeper yield curve. nejra? nejra: we are seeing a bit of a risk-on tone today. you showed it in u.s. futures, but also european equities, green on the screen. recouping losses. we edge up on a 1.23 handle after a four-day decline, and a two-week low. what is striking is the v-shaped recovery the bank is forecasting. even if they say there is risk to the down show -- to the downside that could show more theng, we have a cup from norges bank. perhaps it is the guidance that is leading to that strength, the 10 year yield dead study ahead of jobless claims, and of course nonfarm payrolls tomorrow. tom: a hugely busy d

tom in oklahoma. but in washington, he was called dr. no because of his fierce opposition to adding more red ink to the national debt. having served just 10 years in the senate before retiring in 2014, the year i was elected, i never had the honor to serve alongside dr. coburn. nonetheless, his leadership and his efforts to eliminate government waste and overreach continues to be an inspiration to me and to many others. if you cannot find waste in any part of the federal budget, he once commented, it can only be for one reason, you haven't looked. many of the outlandish examples he exposed are now what i like to call legendary. take, for example, the shrimp on a treadmill, and of course, there was the bridge to nowhere. every federal agency in washington feared the notoriety of being called out in dr. coburn's annual report of government excess known as waste book. he led the fight that ended congressional earmarks better known as pork projects. and while others sought credit for creating new government programs, dr. coburn took on the t

tom: thanks so much. commodities, i, will show the hang seng. -15, dowa, s&p futures futures down 124. gold up $15. francine: i am looking at renminbi moving on the back of what we heard from china. stocks are dropping, a lot of worries about hong kong. investors bracing for tensions toween china and the u.s. increase. congressople's abandoned the practice of setting an economic target. tom: the reporting we have seen over the last 12 hours out of beijing and hong kong has been extraordinary. thanks to our team. our lead anchor in japan -- in hong kong joins us live. protest a tradition of going back to 1997 and the two governments of donald zhang. do you assume we will see into the honggh kong monday? yvonne: you already see the pro-democracy side calling for that and the anger seems to be bubbling to the surface now that the coronavirus outbreak has stabilized significantly recently. we are bracing for a repeat of what we saw last year once again , and this is so controversial is the whole world seems t

tom: thank you so much.know is we like to do our research, and one of the great features we note is when a company stumbles and improves. our research has led us to and the fact is they have improved, and "surveillance" shows that their sandals were effective. again.s on a roll francine: they have to contend with hong kong and a lot of their shops are closed. tom sent me a picture of those shoes and i thought they were a present for me. i was so disappointed. patrizio bertelli said sales in china have increased 10% in may after the economy recovered, far from a full recovery, and we talked about sales and more. we think the problem is going to be solved with the discovery of a vaccine which will allow us to go back to a sort of normality, especially tourism because people get used to living within their own country and there will be less mobility. in italy, we are talking about reopening and next week there will be movement between regions, but the airlines, -- a vaccine is essential to reinstate the psychol

. >> this is "bloomberg tom,illance," with jonathan ferro, and lisa abramowicz. ♪ tom: good morning,veryone. jonathan ferro, lisa abramowicz, and tom keene. we welcome all of you to our simulcast on television and radio worldwide. thrilled you are with us today. coming up, a really important conversation on the global markets. the new slow today absolutely asked ordinary. we have been -- absolutely extraordinary. we have really been focused on hong kong, but right now we've got to turn to the american claims, which is surveyed again to be over 2 million. near 40: a lot of pain, million over the last two months or so, so clearly the labor market is in an absolute mess. it is really painful. i think it would be a mistake to think the policy effort was done. it is not. there is certainly debate in washington on what to do next on the fiscal side. let's not forget the monetary side either. the ecb has been flirting with doing more. think we have to move to forward guidance. what does future policy look like? that is where the effort transitions in the next several weeks. tom: i agree on

tom: could you? us, when youor look at the leadership of large companies, that is part of the exposed we have, being to these in court portfolios -- core portfolios. there are lesser names that are much more well valued, industry leaders that have not had a chance to recover yet, things in food supply and other industries that have not had a chance, but yes, we would own those names. tom: something to talk about. david bailin with citi private bank. a shift from fixed income into credit. -- markt be mark faisal -- this is bloomberg. ♪ ♪ this is bloomberg "surveillance," tom and francine from london and new york. when you look at some of the things you were saying, where you see some corporate earnings struggling, the ones you see doing better, what is the one thing that will be the legacy, or how will it change the economy, the way we shop? is it social distancing, the way we travel, that we are not focused on now? you can short stocks or make money. it is finding the legacy and secondary effects tha

tom: sounds good.lson has had the market with him with a more optimistic call on american equity. right now we want to speak on oil. it has been remarkable. we make a joke about it that lisa has three oil drums in her living room. bought it at -$25. they paid her to take the oil. i think we have lost tom. he was so overwhelmed by the idea of the oil. at myf it is your shock prescience to have drums of oil in my house. a little bit skeptical of the fumes. it did seem to be up pet that is paying off. tom: we will see. lisa, why don't you bring in julian lee good lisa: julian lee of bloomberg opinion. we are seeing that left to oil markets. a dramatic recovery. 75% in crude prices this month. a lot of it comes as shale producers and marginal producers shut down oil wells and do not drill more. how much more upside to people think there is right now in crude? toian: people are starting see crude prices have run a little bit ahead of where they ought to be. we certainly seem to have seen the low point of oi

at tom's age.es the whole country very crowd. se ian botham thank you for saying that to the brand—new captain sir tom there. thank you. we will continue this conversation. during the second world war, captain sir tom served in burma and india. let's hear how tom's achievements could inspire future generations of the armed forces. lieutenant colonel richard hall joins us now from harrogate. you may want to pass on your congratulations to tom. as the armed forces community we are genuinely thrilled at the news this morning and it is great to see how quickly this award came about, are very popular choice, as you have heard this morning. sir tom's unifying effect continues, notjust this morning. sir tom's unifying effect continues, not just from this morning. sir tom's unifying effect continues, notjust from his fundraising but to be recognised by the prime minister and then the queen in this way, i'm sure there are people waking up this morning opening their newspapers and turning on the news and it

tom? tom: thanks so much. after the jobs report -- and we will talk about it on "surveillance" today -- a reassessment of the level of grim in the american report. most economists think it was far grimmer than expected. the markets churn with a little bit of a risk-on. i don't want to sell that -- i don't want to oversell that. yields churning with a little bit of the curve steepening right now, and the dollar weaker. francine? francine: i am looking at a similar data check. i am looking at dollar, and i am also looking at what we are seeing in oil. it is dipping further, and the european stocks that started on a high are now down to 0.3 percent. joining us for more on the markets and what we can expect in the coming weeks and months, is john hardy, saxo bank head of fx strategy. i guess the thing people want to know is what happens to dollar from here until the end of the year. don: most certainly. hedging towardn support here, in many cases, if you look at how the dollar has performed versus emerging-market

tom: very good. is bobwhere in the world nardelli, not only about the corporate work ahead but the tough decisions amid uncertainty that corporate officers have to take. nardelli joins us this morning. how do you plan if you don't have an exit? how do you do a five-year plan if you don't know the calendar out to five years? excellent point. as we all climb out of ourselves -- out of our shelters, it is the certainty of uncertainty and having lived through several experience,years of the variability based on the business is the issue. if we just pick one airline -- one for example, the airline industry, atlantic and delta down 80% and that tumbles into boeing where dave calhoun presented a realistic view of the length of recovery but as that business falls away, it tumbles to ge and we saw general election -- general electric aviation layoff high-tech assemblers in plants around the world. -- for everyone technician at ge, you've got 10 in the tier one, tier 2, 3 or four. i see this recovery taking a

tom: thank you so much.glorious spring day walk down madison avenue in new york city, you will walk by the guggenheim pavilion of the mount sinai hospital, and always in every case outside in the street is a staff in green war fatigues relaxing for just a moment while they fight this pandemic. it is no different in baltimore at the johns hopkins university and professor of nursing, jason farley joins us now from jhu. i want to ask a delicate question about how we carry this virus. i find it stunning how the nurses and staff of mount sinai are so relaxed after being in that mill you. ieu.ill should we be that relaxed walking around? jason: you are seeing professionals who like a soldier who can relax between battles, health care worker can relax between battles. cann't think the public take a sense of lack of urgency in our response, and by that urgency i mean continuing to be safer at home, continuing to social distance. by no means are we out of this war. tom: beautifully said, so with that there is this hu

tom?rachel scott leading us off tonight. rachel, thank you for that. >>> next tonight, america moving to re-open. but how will states balance risking lives with the risk to livelihoods? ipresn ft. lauderdale, florida, calling for restrictions to be lifted in the state. at the same time we are learning more about the lethal toll on some of america's oldest and the new deadly threat to some of the youngest. here's abc's trevor ault. >> reporter: tonight, frustration and anger mounting as states grapple with the risks of reopening. >> you are in violation of my [ bleep ] constitutional rights and my civil rights! >> reporter: 44 states now easing restrictions, but only 12 are trending downward in cases, and in 20 states, the numbers are rising. an abc news/ipsos poll shows 64% of americans say re-opening right now is too dangerous. >> i want them to reopen things safely. i'm not in a rush. >> reporter: jeff gourley says he can't wait. he's defying stay-at-home orders in san clemente, californ

tom: china has been in the news. item here and this what they are summing up in the united states to a bipartisan thrust against beijing, how is it different than the other times we have seen washington go at the chinese? ian: it is not different in terms of trust. there was never significant trust between the americans and chinese, under bush, obama, or trump, but there is less interdependence and a greater willingness to fight. we use to have a world wide web with all of our technology together and now we have a technology cold war with competing american and chinese systems. we have inter-linkage in chair aid -- trade but that will change as we pull manufacturing out of china and bring it back to the united states. greateringness will be and as we think about this election, trump needs to blame someone, 83,000 deaths and counting. that does not look like success. an economic depression in november, they were hoping we would have a big rebound in the third quarter. nobody really thinks that is coming. you have to b

tom: well said. is epidemiology of smallpox one example, the need for that vaccine. paul donovan, we are good to speak later to the gentleman from heathrow. the airline business, one industry beleaguered. with all of your work over the years, should we have a complete government support of ryanair and the rest? or should we let them combine their way out? paul: this is a very difficult question, because the politics of this is really quite gritty. have,ve had airlines that perhaps, done a lot of share buybacks and someone. and now they are asking for government assistance. you can say, did you manage the way? --and an improved in a prudent way? or has business decisions not allowed for contingency? at the same time, what we are looking at, a policy induced slowdown and where policy is going after the airline industry for the best of reasons, but still with a direct effect, then the arguments around government assistance take a softer shift. this is something which is a political and social decision.

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

it is a real gap. gamble, tom?ink there is actually multiple thoughts here, have been several scientists who have been several scientists who have come out in the last 24 48 hours to say it too soon, and i am far from hours to say it too soon, and i am farfrom an hours to say it too soon, and i am far from an expert sol hours to say it too soon, and i am far from an expert so i will not challenge their viewpoint. but of course you can look at other nations who have eased the lockdown and no two nations are like in this and they have not experienced a second wave. i think what perhaps lies behind some of the government positive thinking is that they are notjust lead by positive thinking is that they are not just lead by the positive thinking is that they are notjust lead by the science, they are also led by the people, and as you say, you went out and walked about and saw people out, having picked links and not really social distancing, and the reality is that over two months of lockdown or whatever the lockdown we

tom: thanks so much. equities, bonds, currencies, commodities, equities are not up to recent highs but right there. up 29.52 --3, spf 2952 -- snp up 2952. curve steepening. brett --l for the banks and for mr. moynahan. brent crude, $35 a barrel on brent crude. i am watching gold up nine dollars. francine: i am watching gilt to ag as the u.k. falls negative yield for the first time. crude is extending a rally for a fifth day. i am looking at wti. trying toin europe gauge the effect of gradual coronavirus lockdowns whilst seeing whether this 500 alien euro fiscal stimulus plan will 500 billion euro fiscal stimulus plan will progress. we are seeing a little bit of uncertainty when it comes to european stocks but they are now percent.o 0.0 tom: the pandemic, and certain winners with it, lowe's competing with home depot in home supplies and big supplies -- purchases and the home market, lowe's with a terrific store sales, 11% surge in comparative sales. it is an indication of the evenness out there among the a

tom? >> all right, trevor, thank you. >>> next tonight, battling new outbreaks, despite the boldest steps to reopen yet. eight states are reporting an increase in cases. that includes texas, which recorded its highest daily rate of new infections, though hundreds of cases tied to one meat processing plant, and testing is increasing. abc's marcus moore is in dallas tonight. >> reporter: tonight, texas looking to lift even more restrictions, as the state sees a sharp rise with more than 700 new cases reported near amarillo on saturday. many of the cases tied to meat packing plants, including this facility. the governor deploying a surge response team earlier this month working to test employees in those facilities. the state seeing its highest daily rate increase as they ramp up testing. now testing more than 693,000 out of a population of nearly 29 million. >> we are testing more people, as i pointed out. so as a result, the number of people who test positive is going up. >> reporter: other

tom: it is mayday. over theeen identified years as international workers day, and what we want to do is a smart conversation with truly one of the world's experts on labor economy, david blanchflower. he is definitive on the wage curve of 20 plus years ago, reestablished how we have looked at the atomic, the micro nature of how we get, keep, and lose jobs. we are thrilled danny blanchflower could join us. i will go right to the beginning of your magisterial book where atomisticabout the labor economy. you were way out front on how we would blow up those relationships of labor. can we ever get back to some form of increasing labor share in the global economy? obviously, you have these great questions. i don't really know, but if you look back in the past, people start thinking about what happens in past pandemics and it appears that labor share may well change. perhaps the big change we will see is that people really start to appreciate the work of medical folks, people in the think liferes, so i is depe

i will get to that in a second, tom.well, andigher i want to point out euro-yen, a huge litmus paper, if you will, on strong yen, weaker euro, though you do not see it expressed so much in swiss franc. this will be an extra ordinarily difficult three days for the labor economy of america, no one affected as much as the auto industry. a conversation with the cfo of general motors corporation. we do that later. stay with us. this is bloomberg. ♪ ♪ everyone.morning, placel of you trying to history into this moment we are in, whether it is 15% or 20% unemployment in america, the -- andtion of massive the pain of this pandemic, there is no question history can be a solution, and there is no one in economics who defines our historical society -- historical study like robert skidelsky. i have to look down to give you the honor of the title, "politicians in the slump" from a few years ago is robert skidelsky's look back at the great depression. this is an exceptional moment. why is this moment not the great depression? robert: i

tom: no question about it. dow 25,000. that is something so many have doubted. a significant bull just republished and reaffirmed equity prices higher, and the linkage to this economy and how bad it is has never been wider apart. futures higher this morning. interest rates are up as well. lower at thelds front end, and a big bid for what is happening in germany. we will talk about that a little bit later in the program. lisa, it is a rally across the continent and europe, too. lisa: particularly in italy, where you see yields come in further than in germany. tomorrow, the european commission will officially propose that 500 alien euro plan of a rescue financing. very interesting to see what type of back and concessions have been put in there. also, thursday, the national people's congress of china will be voting on that controversial national security law for hong kong. also on thursday, the initial u.s. jobless claims. i am watching how much we see that number come down, how much these jobs become permanent lo

tom: very good, thank you. i want to go over the data and i do this like once a week, not twice a week because francine goes not. -- nuts. the coolest thing is the bloomberg terminal on your iphone. something i am glued to with the vix. vix.ntinues 31.72 on the on yields, i did it for and i'm going to do it again, the two year yield is stagnant, and the 10 and 30 are moving up, so the yield curve steepening for the far out yield curve. want totrength, and i point out some inconsistencies in em with is the, difficult day, and the turkish lira moves , a difficultrazil day, and the turkish lira moves out. francine: we heard from andrew bailey hinting at stimulus ahead. needsund, we understand more than just comforting words. i am looking at the saudi headline, slashing oil price discounts to impact the market. 25.52, so there is a lot going on in the markets, and we have corporate news in the u.k. and virgin media combine create a heavyweight. tom: i am not going to men's words. the one thing -- minutes words -- m

tom? >> a lot of new developments this week. all right, trevor, thank you. >>> there is a possible movement tonight in the global race for a covid-19 vaccine. at least eight human trials under way around the world, including two in the u.s. researchers at oxford believe they'll know by next month whether their vaccine works, saying it could be something you get every year. how soon until one is ready? here's abc's kayna whitworth. >> reporter: tonight, new signs of hope in the global race for a covid vaccine. >> we're pretty sure we'll get a signal by june about whether this works or not. >> reporter: dr. john bell, a lead researcher on oxford university's trial, predicting people will need annual vaccinations, like the flu shot. >> this is likely to be a seasonal coronavirus vaccine. >> reporter: if proven safe and effective, oxford's vaccine according to makers could be available as early as september, months ahead of other trials. but the speedy creation of vaccines can pose potential p

i'm tom llamas. we begin tonight with almost every state in america easing restrictions this weekend amid a chilling prediction from the cdc -- more than 100,000 deaths in the u.s. by june 1st. the death toll rising at an alarming rate, now topping 88,000. overall, though, cases are on the decline. 48 states now easing restrictions, but none of them with the suggested 14-day drop in cases. five states, including texas, reporting spikes of the virus. beaches in new york -- take a look -- new jersey and connecticut among those re-opening from memorial day weekend. some using this weekend as a trial run. gyms preparing to welcome back customers. with some restrictions. some members may even need to make an appointment first. horse racing returns to churchill downs. horses on the track. no fans in the stands. abc's trevor ault in new york leads us off. >> reporter: tonight, americans taking the warm weather as an invitation to leave home, crowding together by the thousands in parks and flocking to beache

press tom thanks for joining us you are currently on the streets where protests as we understand have been escalating give us an idea of what's been happening. well a bit of us tense standoff at the moment in montauk we're up to about a 240 arrests some of them children in uniform we've seen pepper balls have to spray been fired by police we understand 3500 officers the quoit in this huge security operation today with alleged or surrounded by water. and now it seems we may be descending as we have for the day and so sort of. situation between the protesters and the police as monk called the shopping districts of calls a day and the central districts central business district became sort of giant. of the police and protesters giving chase but a lot so arrests today with them being loaded on to at least vans tom we understand that protesters today are protesting against this national anthem law and we don't do know that other countries also criminalize desecrating the flag or the national anthem so why are they out protesting this law today. the difference is in hong kong this law is pa

at home and hope you're all well joining us next as a great comedian you're going to love this guy tom papa i know you usually ask papa not to preach but you're going to love hearing this guy talk about what we might be missing in life and especially in these times how we have to pay attention to well don't sweat the suppose of big stuff focus on the smaller more meaningful stuff tom popped right up to the sun dennis miller plus one. hey folks welcome to dennis miller plus one the home edition been doing this for a couple months and i want you to know i don't leave this chair in between shows just frozen air like ted williams head in that hangar near phoenix sky harbor airport joining us today is tom papa so he's a great standup i just finished his book and it is of the like let me hold it up here papa you're doing great indeed he's got a brilliant conceit that he hangs these essays off abana deja's neukom coming special he's best known as a radio host for sirius x.m. radio show and what a joke with. pop and fortune i guess that's his partner tom has a new book out as i showed you you'

tom? >> alex perez leading us off from minneapolis tonight. alex, thank you. >>> now to the new developments in the george floyd murder investigation. authorities in minnesota releasing this mug shot of derek chauvin overnight. the former minneapolis police officer is being held on $500,000 bond. while he's already facing a murder charge, some say justice has not yet been served. marcus moore with more tonight. >> reporter: tonight, fired officer derek chauvin is behind bars on $500,000 bond. >> please! please, i can't breathe! >> reporter: police releasing chauvin's mugshot overnight, charging him with third-degree murder and manslaughter in the death of george floyd. >> you're killing me. >> reporter: authorities say for the nearly nine minutes chauvin had his knee on floyd's neck, 2 minute and 53 seconds of it was after floyd became non-responsive. prosecutors also revealing preliminary findings from the medical examiner, saying, the combined effects of mr. floyd being restrained by the

captain tom moore.try to raise £1,000 for nhs charities. and today, he was being honoured with an raf birthday flypast as the total reached £30 million. this is the culmination of an extraordinary few weeks and also a celebration ofjust how one man's cheerful determination has inspired people and... ..raised a huge amount of money. and these birthday celebrations go far and wide. jersey, tamworth, and downing street. captain tom, i know i speak for the whole country when i say we wish you a very happy 100th birthday. but the most startling sight is this, captain tom's birthday cards. 140,000 of them. very emotional. it's amazing. i'm really proud because i've known my granddad all my life, lived with him all my life and he's always been there for us. he's made us think you can be whatever you can be. and there was more, captain tom is now an honorary colonel. there was also today a letter from the queen and the congratulations and birthday greetings from around the world continue to arrive. it was quite

>> reporter: that's right, tom. so the trump administration is just announced it's suspending entry for any non-u.s. citizen coming from brazil, which is a coronavirus hot spot right now and has more confirmed cases than any other country in the world outside the united states. brazil now joins china and europe in the list of banned locations. tom. >> trevor ault with that breaking news. thank you. >>> churches and houses of worship facing a difficult decision. many choosing to re-open after president trump declared them essential. some churches re-opening in defiance of state rules, many religious leaders keeping their doors closed believing the risk to the congregation outweighs the call of worship in person. here's abc's rachel scott. >> reporter: houses of worship opening up their doors this sunday after president trump's warning to state leaders. >> allow these very important essential places of faith to open right now for this weekend. if they don't do it, i will override the governors. >> reporter: his author

tom: thank you. talking with across the medical community with a focus on the johns hopkins university school of nursing. joins us now. what i noticed is less of an emergency. somehow inside the hospitals, i would guess that is not true. 3-4ain the distinction from weeks ago when the streets were screaming with sirens, ambulances were lined up outside emergency rooms versus what you are doing now? have the adrenaline rush of the adrenaline -- of the diminished.ave what has not changed is the demand for icu beds. [no audio] the demand for icu beds and the ability to go into intensive care, what does that signal to you? is it still a large body of older people more vulnerable? the majority of the age group we are seeing at hopkins thected his in 30-50-year-old range. it is spread across all ranges, but that was surprising to see it wasn't just the elderly populations. you make a point in saying reopening is not relaxing, but how do you change perception? a lot of people will say we are over the worst.