they would allow u.s. allow u.s. nonprofits to export constitutional rights to legally separate foreign entities abroad, simply because they share similar brands. that novel theory has no basis in this court prior decision. it could -- it has no practical justification. for 17 years, foreign recipients have adhered to the policy condition without harming the aids relief program or harming speech. this court afforded respondents all the relief they deserve. the decision below should we reserve -- >>one thing that clear from the record is the precise relationship between the domestic entity and its foreign affiliates. we know that there are no formal corporate ties, but that these entities share the same name, the same logo, the same land. what would you require beyond that before exhibiting the speech of the foreign entity to the domestic one? >>you are correct that the record is not particularly thorough on that issue despite 15 years of litigation on this matter the district court entered the injunction at issue her

some u.s.olitical forces are hijacking the bilateral relations and pushing them to a new cold war. spiral the downward being exacerbated by china's introduction of the hong kong national security law which would criminalize harsh criticism of the ruling party. he warned the u.s. not to challenge china's red line on hong kong. this after secretary of state mike pompeo congratulated taiwan's president on her second inauguration. the foreign minister saying reunification between the two sides is an inevitable trend of history. no one will stop it. david: suffice it to say by the day, relations and tensions between the two are ratcheting up on many fronts, trade being one of them. talk to us about the new and incremental implications on oh -- one hope is the phase one trade deal with china said it is -- which china said it is going to do that. but kevin hassett told cnn the u.s. is studying penalties it could place on china related to the hong kong national security inflation. this after china appr

if care u.s. gets the money and some grants to care india, it must carry the burden of the government in imposing the policy requirement on its own affiliate and police compliance with the policy requirements. not just with respect to the speech and activities of foreign affiliates, but with respect to itself, lest it violate the regulations -- justice breyer: where can i find in the briefs or records what you said? it seems that what you said shows this case is 100% about the rights of an american company, the parent. the question is can they for bid -- can the government require them to for bid one channel of communicating the message? can it control what they say in that channel? the channel happens to be a channel that goes abroad. i don't know that there is any precedent. the precedent that says they can. if i have that right -- have i got that right, is that clear -- mr. bowker: the regulations themselves ja248-ja265. attentionrect to your to the commentary of 45cs489.3 ja256-ja258 where the

yet if the u.s. entity were able to say that shares or confers on a foreign affiliate the first amendment rights, and might well claim a basis for challenging that ban on foreign speech. there are many other examples that we cite in our brief as well as a commonplace for congress and the executive branch for foreign aid entities abroad on certain policy objectives such as opposing terrorism or supporting women's rights or opposing or in the case of the city policy taking certain positions on abortion. those content-based viewpoin viewpoint-based restrictions might not be permissible in the united states and domestic entities who were able to confer or unite with their foreign bodies or foreign entities to challenge those, would create considerable risk of disturbing long set of laws. >> one other question, has the program with respect to u.s. domestic organization suffered any problems or been any less successful since of course decision in 2013 as far as you're aware of? >> nodded all, the program w

u.s. that it risks further worsening relations between the two countries, but european stocks shake off the tensions and start the week higher. bayer settles. bloomberg learns the chemicals giant has reached deals on a substantial number of roundup lawsuits. the stock trades higher in frankfurt. and ire and fury -- boris johnson faces criticism from all sides after standing by his top aide, who broke lockdown rules. this is bloomberg "surveillance." i'm nejra cehic in london. happy bank holiday. for the u.s., let's get the first word news with leigh-ann gerrans. in hong kong, protesters gave their biggest demonstrations in months. against --d two gas was used against demonstrators in a shopping area. at least 180 people were arrested. china warns that religions are being pushed between them and the u.s. with a new cold war. wang yi, the foreign minister , warned the u.s. not to cross beijing's redline on taiwan. in the u.k., oxford university has reportedly run into a hurdle are developing

u.s. and sort of gestures are able to access shiners financial markets those are conscious delusional markets they apparently the past a dependable rule of law are the foreigners are able to come in and out without visas but 80 $5000.00 americans that work in hong kong and the u.s. from true about $85000000000.00 in that come in that country so it's pretty key nexus for as you said earlier in the financial industry investing in china is that why the alarm bells would ring that if you change sort of security status quo and you change the status of the relationship between hong kong and china that really is why it worries the u.s. . i think it's why it worries us investors you know the banks they may have to move their operations elsewhere in the region they may have less easy access to china for example they have to work from singapore and stole from hong kong i think this is part of china's larger plan and it's 2025 programs. indigenization are taking over chinese are operational many of t

the u.s. to china. it seems like things are wrapping up. higher.tures pointing in the u.s. side of things punching above 3000. we saw the rotation into the cyclicals. perhaps reopening trade having some legs. the offshore renminbi, 17.05. we saw a stronger fix, some signs of trying to anchor the moves we have seen. watching the likes of indonesia coming online. we are looking at another day of gains for jakarta. hang seng, slightly under pressure as we wait for the npc to vote on that national security legislation this afternoon. former,ei is the upper seeing a fourth day of gains for japanese equities on the reopening. currencies, hong kong dollar is the focus. you look at poke-checked -- seeing 775 but speculators are out there. the korean won seeing weakness. and then going lower after the bok cut rates for the record low. lashed their growth outlook. you look at the weakness in the renminbi, that is not really translated. it is pretty much unchanged for some time. we are watching the euro

the u.s. death toll from corona virus passes 100000 but businesses are reopening across the country. and the mission not possible the weather holds the 1st launch of u.s. astronauts by a private company. welcome to the program the u.s. says hong kong's autonomy is gone the declaration by the secretary of state mike pompei effectively ends the territories longstanding special status with the united states and risks its position as a major financial and trade hub told congress that china was trying to model hong kong after itself by imposing a new security law he said hong kong special trade and economic treatment by the us should end well as protests continue in hong kong china has rejected a request for an emergency meeting of the un security council it's un ambassador called the u.s. the trouble my. of the world the hong kong security bill is set to be voted on through on thursday and it's also the final day of the national people's congress in the chinese capital or katrina you joins me now

u.s. and china as president trump indicates he may cancel the deal. that phone call is helping markets go higher as we end of trading week. it is looking to be a happy friday in asia. in the prospect of these talks. ahead of the u.s. job report which could be one of the worst. we will see if the markets can overlook these numbers that could be coming in the u.s.. there on course for one of worst weeks for indian stocks in two weeks. boosted by better trade numbers that we saw yesterday and reserve data out of china. let's take a look at markets opening up like indonesia. it is broadly risk in in asia. jakarta, a little slow at the get go. singapore higher. of 0.7%. the china security journal says china may lower that mls. the hang seng up 150 points. the bondaction in markets overnight, especially when it comes to treasuries. aelds in the two-year fell to record low. fund -- fed funds pricing in a negative policy rate. this is ahead of the u.s. jobs. bonds still up. bit of ar taking a slum

the u.s.. lawmakers say beijing must play by the rules. global virus cases approach .5 million with 325,000 fatalities. brazil sets and on -- unwelcome record with 20,000 new infections in one day. the fed acknowledges the virus poses a severe threat to the u.s. economy. we hear from robert kaplan this hour. we are just getting the australia pmi reading crossing the bluebird and it is a record low. we are seeing the may pmi number for manufacturing falling to a record low 42.8 when it comes to that pmi for manufacturing. from 44.1ing further in the previous month of april which have already seen as a pretty severe contraction. we are seeing the services reading falling to 25.5 but that is actually an improvement from 19.5 in april. the composite pmi, the preliminary number, coming in at 26.4 again, an improvement from 21.7, that we saw in the previous month, so certainly in some respects, you are perhaps starting to see a bit of a bounceback given that these are forward-looking indicators at t

the u.s.ouse legislation on sanctioning chinese officials. we really have a havetion where investors to choose whether they think geopolitical matters matter -- to the direction of the market. a mixed picture when it comes to japan. japanese futures pointed a bit higher, looking to extend robust gains in yesterday's session. zealand, we are seeing another day of gains, half a percent higher. kong's future as an independent trading leader in asia after washington said it can no longer certify working distance from china. the trump administration's decision could trigger sanctions that have far-reaching consequences on hong kong special trading status. tom mackenzie is watching all of this. it is a momentous decision that has already seen widespread reaction. tom: that is right. the secretary of state, mike pompeo, was compelled to review hong kong status under this hong kong human rights bill was passed by the congress last year and signed off by president trump. the conclusion is that no reaso

a u.s. entity or foreign entity. justice alito: what do you understand to be the meaning of legally separate or legally distinct and how would that apply where the u.s. entity is a nonprofit corporation, a trust, or an unincorporated association, if there are any of those, and in the situation where a foreign entity is organized in one of those ways? r. michel: the difficult questions about how to parse that has not araisin in this case. i think respondents in the foreign entities at issue are clearly legally separate in the way that matters for the funding program, which is to say they have applied separately for different grants. the easiest way to answer the question is that when a u.s. entity applies for a grant it is not subject to the policy requirement. when a foreign entity applies for a separate grant, separate of any affiliation it might have with a u.s. entity, it is subject to foreign requirement. justice alito: the u.s. entity gets the money and wants to make a subgrant to a for

u.s.-china trade tensions. we continue to get breaking news through, lines coming through from ryanair which i'm looking for now to bring you. it sees a loss of over 200 million euros in the first quarter. a smaller loss in the second quarter. that's the red headline. it cannot provide full-year 2021 guidance at this time. in terms of what else we are looking at, it is average weekly cash burn is at 60 million euros, down from about 200 euros. that looks to be an improvement. ryan are expected to be at least october for the next 200 delivery, and expects to carry less than 80 million passengers in full-year 2021. those are the headlines coming to her from ryanair. it sees a loss of over 200 million euros in the quarter. we will be having a conversation with ryanair later in the show. to the markets. we saw a weekly loss for equities last week but we are seeing green on the screen today in terms of asia. futures, bothean higher by 1%. in terms of the 10 year yield, that is dead steady, sitt

economy and i think the u.s. economy will rule recover quickly from when we get back to work robert it looked to me like you may have been nodding to some of what greg was saying did you want to jump in. well i actually think that the numbers in the 2nd quarter ending and june are going to be quite her horrific the predictions are that the real. bottom of the g.d.p. will decline at a rate of anywhere between 35 and 40 percent again this is uncharted territory i would also add that i'm concerned that the united states because of the holes in our unemployment system compares compared to europe it's going to be much more difficult to recover we're going to lose potentially millions of small and medium sized businesses they're just going to disappear and so i don't think it's going to be so easy to just pop back from this intentionally induced downturn jeff it also looked to me like you may want to jump in did you want to add to what was just being said. yeah i think that european response generally obviously varies

the failings of the u.s. healthcare system exposed by the outbreak for my health officials things will only get worse if the government doesn't bring about drastic change one doctor told us where it's all gone wrong. it has exposed is that we don't have a universal health care system in the united states tens of millions of people have no health insurance at all and our health care system is really based on profit and not based on their health.

the u.s. becomes the first c country to see the death toll from the coronavirus pos 100000 but businesses are reopening across the country. and a no go for space x. a mission to launch american astronauts to orbit from u.s. soil for the 1st time in nearly a decade is called off. now the u.s. says hong kong's autonomy is gone the declaration by secretary of state mike pompei effectively ends the territory's longstanding special status with the united states and risks its position as a major financial and trade hub now pompei are told congress that china was trying to model hong kong off to itself by imposing a new security law he said hong kong special trade and economic treatment by the u.s. should end as protests in hong kong continue china has rejected a request for an emergency meeting of the un security council it's un ambassador called the us the trouble maker of the wild the hong kong security bill is set to be voted through on thursday about the final day of the national people's congre

u.s. stocks hit a 10-week high as the u.s. economy reopened.owever, the fed acknowledges the severity of the coronavirus impact when it met last month. oil's at a one-week climb with signs that the market is finally rebalancing, despite the fragile economic outlook. futures closed higher in new york as u.s. inventories declined. and coffee slumped on its return to trade. unease there. >> let's get you started with a quick check of the markets trading at the moment. we are seeing u.s. futures opening slightly higher. this of course after the regular session saw the sapp 500 climb to a 10-week high. we have optimism over reopening of different economies. not so much in key retail earnings showing signs of resiliency, so we have those and target reporting sales that top the estimates. the sapp 500 really erasing all of tuesday's losses. and really the gains being pretty broad. we're talking about financials, industrials and energy leading all 11 sectors higher. the sapp 500 more than -- up more than 30% since its march low. the nasdaq composite at

has been doing since january 20th 2017 and new the u.s. has been pulling out international agreements pulling away from its democratic allies in the insulting its democratic allies at the same time praises dictatorships and dictators even like kim jong un and certainly president xi and in that vacuum where the u.s. walks away the number 2 donor to the united nations china which had overtaken japan just a couple years ago as the number 2 donor to the un is definitely going to take advantage of that opportunity to try to throw its weight around in more significant ways and you see that in the chinese government's effort to get its personnel into more places to try to offset what is perceived to be an american advantage of decades of u.s. leadership within these organizations and decades of putting u.s. personnel in places of influence you see it during the pandemic absolutely where the world health organization senior officials could have been more outspoken particularly about the stonewalling i think that the chinese government was doing fo

u.s. china relations are under more pressure as beijing was to impose some controversial national security laws on hong kong well this was a centrally put an end to hong kong's anti-government protests that rattled the region last year for more money trying to bust co-host kristie i kristie how are the markets reacting friday to this escalating tension between the united states and china. all right now it seems we're back to precursor on a times where the tensions between us and china are rising again and today while the major indexes plunge as morning we're still sitting on top of some pretty solid gains for the week primarily led by the russell 200 small caps that are up about 7 percent for the week now the plunge today resulted from overnight news where china released the draft legislation over the new security measures as you just said but that was nowhere near as bad as what the hong kong market saw the benchmark saying index drop more than 5 percent on friday which is the worst one d

as u.s. china relations deteriorate decades old tensions in the south china sea are ramping up between both countries well a number of nations have conflicting territorial claims in the region and the united states seems eager to strike that fire to the detriment of china artie's alex the hell of it has that story. far from home the united states armed forces are patrolling the south china sea we're conducting a lot of surveillance flights we have conducted a number of taiwan strait transits we are continue to watch closely what the chinese are done and the u.s. is keeping an eye on china in its own neighborhood using intimidating military hardware such as b. one b. supersonic bombers in the sky and warships in the water. the trumpet ministration also plans on deploying long range cruise missiles in the asia pacific region china has called america's maneuvering and illegal trespass and has put the u.s. on notice saying that it is willing and capable to defend itself for decades the south chin

the u.s. markets buying into this reopening. as we speak we are continuing to see these protests intensify across major cities in the u.s. chicago just announcing closure of its rail and bar services, as many services -- cities across the nation are putting in curfews to curb the protests. we are continuing to monitor that as a major risk. nikkei futures at the moment, seeing downside when it comes to trading in chicago. a little upside when it comes to singapore and osaka exchange, contrast to japanese futures. also watching kospi futures. in terms of the opening in australia, looking lower when it comes to the asx after that market fell by the most in about two weeks on friday. just a quick note, we have new zealand closed for the queen's birthday. the chinese and hong kong governments are pushing back against the united states after president trump said he would remove special trading privileges the u.s. gives to hong kong. areing says trump's actions doomed to fail and hong kong says it is

u.s. and china. china is rejecting a planned economy and saying the market will decide and warning the u.s. against a new cold war and reaffirming its redline over taiwan. coronavirus claims more deaths as cages -- cases approach i've million. u.s. closing travel from brazil. protesters to announce china's security law in hong kong. washington says it could be the death knell for asia's leading financial center. how is that playing out across these markets? declines from last week, there is a little bit of trepidation and caution across futures now. your getting brent crude, pleasant surprise from the upside, nothing screaming higher. 29.65. -- 2965. 34.72 brent crude. coming off weeks of sharp gains. looking ahead you have more data that perhaps would give us more visibility on the path. we could get consolidation as we were talking about earlier in the program. let's talkoned, about the renewed tensions between the chinese and the americans here with the foreign minister of china morning

u.s. and china tensions continue to percolate. you see the stocks mostly higher than the asia-pacific. are seeing that markets will be closed for the memorial day weekend. nowre slightly higher just and we are lower by one quarter of 1% as we continue to see more tension during the city. we did see plenty of arrests over the weekend. we are inching closer to that all-time high when it comes to later-china that was set september. of focus. was one those are the biggest movers here today and in particular, they may be looking at that emergency in tokyo and some of the surrounding areas as well as hokkaido. those are holding amid some of and we are tensions watching currencies as well. we are obviously watching dollar china and dollar-yen. you are seeing some of these china proxies following the ram be lower. forward markete with plenty of action. citigroup saying we are not bullish. someg that there should be caution on these simmering tensions. ringgit inthe particular are ones we should be

francine: u.s. stocks posted best month and more than 30 years but starting in negative merit -- negative territory pewter. our interviews coming up shortly. chief executive jeff bezos says the outbreak is the hardest time he has ever faced. the biggest discount airline cuts jobs. the chief executive tells -- our interview with michael o'leary is coming. good morning. also happy friday. it has been a long week. this is what your markets are doing and a lot of folks about what we heard from a we heard -- about will we heard from the european central bank. we continue our earnings outlook. was tech yesterday companies. this is what i am looking at, dollars up. u.s. futures are down. treasuries advancing. if you look at trading, holidays across many major markets. gdpecb coming out with calls saying it could be -- it could rebound. of course, this year that gdp could shrink between 5% and 12%. year will be next a lot better. we will have the more forecast. figureseuro area gdp being published. we will

the u.s.as -- very vexing. the drugmaker's chief executive is scheduled for next week. good morning, everyone. this is "bloomberg surveillance." good afternoon, good evening depending on where you are watching the world. gdp is a good sign of things to come. it is a little bit backward looking, which is why we tend to look at other indicators. certainly when you look at euro-dollar, it is probably moving on the back of it. german economy shrinking some 2.2% in the first quarter. now to your bigger asset classes. european stocks are actually jumping. u.s. equity futures pretty much unchanged. the one thing that we need to watch out for is basically the second wave of infections, but also the simmering tension between america and china. oil climbed, treasuries edging higher let's get to the bloomberg first word news in new there is in the u.s., no guidance from the centers for disease control and prevention on how to reopen bars, restaurants, and workplaces. it includes social distancing, limiti

the u.s. efforts firmsen to delist chinese from listing in u.s. markets, you put them altogether together and you have just got a confluence of events which raises real questions about not only our relationship with china, but china's relationship with the rest of the world. the hong kong selloff is just one indication of how disconcerting that is appearing to be. is there anything more sinister about this episode then about previous episodes? it got heated before the coronavirus pandemic, and then calm that little bit. are you seeing something more sinister here? stephen: i don't know if sinister is the right word, but we are in a cold war. this is exactly the type of confrontational development on both sides of the relationship that you would expect in a cold or -- in a cold war. thead with great interest latest u.s. statement on our relationship with china. the white house released a 20 called they united states strategic approach to the people's republic of china. this was a cold war manif

the u.s. becomes the 1st country to see the death toll from the coronavirus possibly 100000 but businesses are reopening across the country. and an unusual discovery outside mexico's capital archaeologists dig up one of the most famous mammals of the ice age. now a security crackdown by china is set to cost hong kong some of the privileges that have helped cement it has a global financial and trade hub u.s. secretary of state mike compare has told congress it is no longer autonomous and its longstanding special status with the united states should end china has rejected a request from an emergency meeting of the u.n. security council it's u.n. ambassador called the u.s. the trouble maker of the wild while the hong kong security bell is set to be voted through on thursday that's the final day of the national people's congress in the chinese capital. how does a castro reports from washington d.c. the united states' special economic relationship with hong kong dates back to the territory's time u

u.s.nd china continue and we have interesting commentary from fed officials, talking about yield curve control. that's the backdrop in turn of the fed's. seeing a fair amount of green on the screen, overnight also digesting the news of south korea cutting its right to a record low and cutting its gdp forecast. u.s. futures have given up some of the gains from earlier. you're seeing some negative come through on nasdaq futures on the report that president trump is preparing to sign an executive order that could threaten to penalize facebook, google, and twitter for the way they moderate content on their site. quite a bit higher on european futures after the plan coming through from the e.u. to the tune of 2.6 trillion dollars, a radical plan. the tenure yield is steady and we saw that reaction in the euro yesterday, hitting the highest since april 1, extending gains today in terms of euro-dollar. elsewhere the dollar gave up some gains from yesterday. we saw some dollar strength after mike

and the u.s. military's mystery space clean blasted off and you don't get it once again only this time with an extra load of science experiments the spacecraft x. $37.00 was launched on board a united launch alliance atlas 5 rocket from cape canaveral in florida sunday night but adding to the plane's mystery is the fact that officials aren't saying how long the spacecraft will remain in orbit or the actual purpose of this mission the previous mission lasted a record 2 years with a touchdown shrouded in darkness at nationals kennedy space center just last year. or let's head over to regina hamm with us force h.q. bull riding has now returned to the ring and one rider had a pretty good night i would say so any time you probably don't get injured by bull riding is a good night and there's nothing sports fans enjoy more than a sort of finish and they got one. the p.b.r. lucas oil invitational as the last writer of the evening bro kids way into the top 10 drinking to get things off so mason taylor rath

the u.s.s considering a range of sanctions on chinese officials and businesses over beijing's crackdown on hong kong. the white house doubts the city's future as a financial hub. going to session lows area traders have been looking past the escalating tensions to signs of the pandemic recovery. hong kong is bracing for what the biggest protest in months as the city government meets to discuss criminalizing disrespect for china's national anthem. shery: looking at markets trading at the moment, u.s. futures are down .1% as the s&p 500 and the rest of the broader markets are in the green. still fading in late trading sessions. the s&p 500 going back below the 3000 level. it had stayed up but bloomberg reported the u.s. is mulling sanctions on u.s. officials and firms over hong kong -- chinese officials and firms over hong kong. we got chipmakers exposed to china tumbling at the end of the session. the usual laggards led the gains today which was an interesting rotation when it comes to the marke

u.s. criticism and insisting they ensure fundamental freedoms. president trump will comment on friday. u.s. stocks finishing the session lower as investors weigh a reaction that could further destabilize the global economy. and huawei vows to continue its campaign against u.s. restrictions on tech. we will be hearing from the security chief a little bit later on this hour. shery: let's get you started with a quick check and how the markets are trading. u.s. futures are down a 10th of 1%. we saw a fade in u.s. stocks, giving up their gains after president trump announced the executive order targeting social media companies. this coming at a time when u.s.-china trade tensions continue to rise. we are seeing tensions over hong kong. the s&p 500 fell for the first time in four days, and recent out performers, like bank and energy stocks, fell 4.6%. twitter falling almost 5%. we did get encouraging news with better-than-expected economic data. continuing jobless claims and capital goods orders

and nasdaq are down on the week as u.s. retail sales tank 16 percent in april alone the dow saw the dow actually had its worst week since late. apple qualcomm and boeing all saw declining prices this week and let's finish it out in canada the t.s.a. finished in the red despite seeing some gains in the energy sector which climbed 1.4 percent while u.s. crude prices jumped 4.2 percent a barrel as data continues to come in showing the economic impact of the pandemic we're going to keep an eye on the volatility within world markets which is what we are seeing and that is your global market walk. and time now for a quick break but hang here because when we return as the cove in 1000 pandemic continues to rage on investors are seeking a hedge and it's a conflict between old reliable and the new school we breakdown the fight between gold and big coin for safe haven supremacy as we're going to break here the numbers at the close. the world is driven by shaped. dares thinks. we dare to ask. is you'll be a reflection of reality. in t

protests in the u.s. over the police killing of an unarmed black man in minneapolis have spread to los angeles large crowds have been out on the streets demanding justice after george freud was paid into the ground by police leading to his death. and the united states has become the 1st country in the world to record $100000.00 coronavirus deaths but it continues to loosen restrictions aimed at stopping the spread of the fighters. back testing is ramping up in some parts of the us but many say saffron sized hail knocking behind at least 9 of them have conducted only 250 tests for 1000000 people as angeles county is one of a few places offering free tests to anyone who wants one. more. people are getting tested for the corona virus at this drive up site in los angeles one of dozens in this is the nation's most populous county the county is is aggressively following up on all positive results with the individuals to trace back their contacts within the previous 2 weeks of their positive test testing and tra

at the u.s. government is inter-closing. they prevent the u.s.om being willing to talk with us. the geopolitical situation in china, now the presidential election campaign, the absence of a strong industrial strategy in the u.s. all of those things are struggles china and the u.s. need to face before they talk to us about the kinds of activities we have done in the u.k. and are doing in other countries around the world to address sovereignty. we hope to hold those conversations with the u.s. government and at that there doesn't have to be such a great loss of u.s. jobs. is thethe expectation geopolitical strategic competitive concerns and tensions will continue, that's just a fact of the times we are living in and the dynamic between these two superpowers. how does huawei try to assure its very survival? what is the strategy across markets you still have access to? >> we are doing more of what we had to do with the imposition of the restrictions on buying from american companies last year. dig even deeper. prioritizing the products most important

the u.s. and invest in economies in general i think the short run we have to take into grant that you know one 4th of all g.d.p. by the united states and another one for. p.v. and approximately one for the chinese you know she's about turkey per cent so in the miniature. economy i'm announces that hands off the united states and the rest so. if you are going to talk about how his you know thought our. economy before. you know us is according to me is more advantages that it's very well and get it it seems to me and when we go to you. this rhetoric is coming out of washington i mean correct me if i'm wrong here but if this is the assumption that if the united states feels that believes that china needs the u.s. more than the u.s. needs china i mean i think that's a that's a that's not to take that's not absolutely true and certainly not clear i mean again if the u.s. is always talking about global norms ok but it's only the norms of a hero to everyone else's house doing it here to their interpr

companywere a u.s. listed in the u.s.was inventing 30% of its revenue, we would not tolerate that, but that is china, that is the game. erik: at one point and i know you are aware of this, the market cap exceeded $12 billion. what does that tell us about the conventional wisdom that big chinese companies are ok, it is the small ones that you need to worry about? anybody't know why would say the big chinese companies are ok. one of the thought exercises in fond of doing with people when we have little debates about china and chinese companies is to talk about alibaba. , itre alibaba went public had a subsidiary called alip enny. -- alipay. ink ma literally took alipay 2011. several months after he took it by transferring legal ownership to himself, the other shareholders discovered it and at that point he went to the board and said, i don't think it was legal for you guys to have a share, so that is why i did it, which is a total lie. if that were the case, there would have been discussions ahead of time. this he took it,

u.s. stocks fall for the first time in three days amid mixed earnings and worsening and economic data. american companies cut a record 20 million jobs last month. oil snaps a five day rally. futures slipping after doubling in value from a week ago. coronavirus cases continue to rise as the fallout cripples the global economy. avoid itsbe forced to growth targets for the year. shery: let's get a quick check of the markets. we are seeing u.s. futures rising a 10th of 1%. this after u.s. stocks fell for the first time in three days. we have a mixed corporate bag of earnings. not to mention worsening economic data. u.s. companies cutting a record 20.2 million jobs in april. tone comingsk off from increased coronavirus cases and deaths in italy and new york. 10 year yield at the highest level in three weeks. the u.s. has increased the amount of debt plans to issue in quarterly refunding options. we have the s&p 500 falling 7/10 of 1%. utilities and energy leading the decline. let's take a look

u.s. president donald trump s rise in the big action against twitter after it's fact check the statement that he made twitter described transposed as misleading after he said postal votes would lead to fraud it's the 1st time that such a qualification has been added to a presidential tweet from hit back saying the company was sniveling free speech and threatened to shut it and other social media platforms bound. and one value history expression should be. the u.s. president threatening to close down media question it falls. this is what u.s. diplomats regularly object to iran who are tarrying states like china and russia and. the new survey has found that 60 percent of brazilians support stricter social distancing measures to help curb the spread of coronavirus that's in stark contrast to their president who consistently attacked state and city lockdown measures j. to both said i don't has called the shelter in place policies a poison which could kill it more through unemployment and hunge

uf -- the u.s. cfo of huawei of fraud and financial mismanagement, in terms of how she discussed certain trades between huawei and iran, with certain foreign banks, notably hsbc. and they have called for her extradition. she was arrested in canada. what she has failed to do in front of a canadian judge is persuade them to drop this extradition case. so the legal case continues. strongly denies these allegations from the united states and has a separate legal case challenging the canadian authorities over the way they arrested and handled her case. continue wrangling's but the numbers, in terms of previous extradition cases between the u.s. and canada, do not look to be in her favor. it seems likely at this stage she will ultimately be extradited to the united states, to face the charges. but the legal challenges continue. and you are right to say that in the framing of the u.s.-china relationship, this is an important area of of course, for the united states, what they are trying to curtail the acti

dollars so if the u.s. was to restrict the hong kong monetary authority access to u.s. dollar that is actually the extreme nuclear option on the table that would restrict the flow of capital the lifeblood of the economy and basically devastate thanking investment shipping logistic all that flow through hong kong right out of the major hub all the while triggering a widespread kapil flight because hong kong is known for having low taxes so this is the nuclear option so to speak and it really is a double edged sword that will not only harm the interests of hong kong but also significantly those in the u.s. because in the event that the u.s. would like to pursue that extreme option of banning hong kong from clearing u.s. dollars hong kong would be cut off and she doesn't have to seek an alternative global currency in order to work with and most likely they'll either have to resort to you know the u.r.l. or the r. and b. and basically the last thing that the u.s. wants right now is for the r. . gain even more global problems and now ben i wanted to follow up on one story we

you could then in theory be looking at u.s.mposing sanctions on china's major banks which would be significant. look ld make the push insignificant in comparison. you're seeing this push now and we expect further rhetoric and strong words and potentially action from the trump administration lead ugh up to november elections. nejra: let's talk about the growth target as well, tom. it won't come as a surprise to many that china abandoned the growth target for 2020. it looks like the focus is very much on employment. what else should we read in terms of the details in terms of what's come out today in tom: first time they drop the g.d.p. target since 1994 because of the uncertainty over the virus, the global economy. not a major surprise but significant nonetheless. emphasis shifting to supporting jobs. s that job mark that's been hammered. you're looking at potentially 130 million people unemployed or furloughed. you're looking at the official unemployment rate at 6%. most economists think it's anywhere between 10% and 20% in rea

u.s.conomy faces unprecedented threats from the coronavirus. jay powell said monetary and fiscal policy makers must rise to the challenge. stocks in three-week low on the comments. sees u.s. and employment at 25%. opec offers a bleak estimate of global energy demand. saudi arabia is cutting output to its lowest level since 2002. shery: a quick check of the markets. we are seeing u.s. futures rebounding and gaining for tens of 1%. u.s. stocks fell to that three-week low. it was not just the fed chair's comments. we have u.s. tensions with china flaring again. every sector on the s&p 500 was in the red and it is now heading its worst week since march 20. take a look at what oil is doing. we are seeing slight gains above the $25 a barrel level, a gain of 1.7%. this after it fell in the regular to session -- regular session. we still have some comments from the iea saying it will take more than a year for crude demand to recover. let's turn to those comments by jay powell. he was clear when as

now the u.s. says hong kong's autonomy is gone the declaration by secretary of state might pump a 0 effectively ends the territories longstanding special status with the united states and risks its position as a major financial and trade hub pump a or told congress that china was trying to model hong kong off to itself by imposing a new security law he said hong kong special trade and economic treatment by the united states should end as protests continue in hong kong china has rejected a request for an emergency meeting of the un security council its un ambassador called the u.s. the trouble maker of the wild the hong kong security bell is set to be voted through on thursday that's the final day of the national people's congress in the chinese capital will algeria's crestor reports now from washington d.c. . the united states' special economic relationship with hong kong dates back to the territory's time under british rule since then and even after hong kong's return to china in 1907 the us has