that is mark haefele, ubs lobe wealth management cio. let's check in -- ubs global wealth management cio. let's check in on the first world news. here's ritika gupta. ritika: let's not on fox news, -- president ♪ vonnie: -- the dow jones industrial. vix trading at 38, so little bit calmer, so we will see how we fare. euro trading 0.5% weaker versus the euro-dollar. let's see where the yuan is trading. there were a lot of warnings last week about how china wouldn't be able to weaken its currency. alan ruskin among those suggesting it wouldn't be a good idea. right now the offshore yuan is at 7.1329. i do want to point out that for the first time since its establishment, the u.s. supreme court is hearing oral arguments andteleconference today, allowing live audio streaming of its proceedings. it is a fascinating event. bloomberg subscribers can listen along using the function live < go>. today includes hearings on an irs case. just absolutely fascinating to listen to oral arguments of supreme court justices. this is bloomberg. think becaus

and european rates strategy at ubs. thank you so much for coming on. why wait until june and not act now? >> well, i mean that is a very good question. we always thought it probably made sense. frankly because the outlook is so uncertain. see them coming up with scenarios rather than specific forecasts. acknowledging that the outlook has never been so clear. more purchases, which will run for another three month, investors that the bank of england is suggesting by july. that seems to be the right time to make a decision. the majority of members essentially agreed with that view. francine: john, what are the chances that the u.k. goes into negative rates at this point? john: pretty slim at this point. they did not talk in detail about bankrate's and the new report. in their forecast, they had the rates staying at 10 basis points right through to the end of 2021 and beyond. they have always said in the u.k. that a rate close to, but above zero, and other words where we are now, was essentially a hard floor for policy rates in the u.k. and negative rates

what would your prescription be for ubs? john: more qe -- from ubs? qe and lowering the margins on the funding schemes so banks can lend more competitively at lower rates without being squeezed on their margins in a way that cutting two negative territory would do. the front-end looks after itself. pathim more at the longer yield curve and we think that is what they would do. matt: thanks so much for spending some time with us this morning. great to get your insight. john wraith is the head of u.k. and european rate strategy at ubs. drilling keeps its 2020 forecast after lowering it twice in two months. we will hear more from the ceo. don't miss that interview next. this is bloomberg. ♪ w?w?uhió'ñó >> welcome back to bloomberg markets. this is the european open, from the away start of cash trading in europe and the uk. futures right to 1/3 to .5%. let's take a look at stories for ight want to watch today at 8:30 a.m. london time. have an online q&a event hosted by european youth. later in the morning the european commission unveiled its proposal for a

let's get to paul donovan, ubs. paul, great to have you on the program. i have 1 million and one questions. what kind of recovery will we see? how patchy will the recovery be? will central bank have the final power to deal with that? paul: this is where we run into one of the prevalence. this is a conventional downturn. byally a downturn is caused imbalances in the economy. the central bank source out the and balancing and then we have the recovery. the problem we got now, a lot of the reasons we are seeing these enormous -- in terms of forecast is we have never been in a situation where government is deliberately trying to lower gdp in their policy. they will try to raise gdp again. it is very uncertain, the nature of what the recovery will look like. an forced savings going on. they are not able to save money. they still have income coming in . that money will be spent and we get into the recovery phase. we have some evidence of that from the listing of lockdown -- lifting of lockdown in china. clearly we are going to see sectors like travel, transport

out of ubs.won't put up with this, and this buttresses up against ken rogoff and marvin goodfriend talking about if we do interest rates -- negative interest rates we have to do them with a larger impulse. have we done negative interest rates and a half assed way? valentin: it depends on the economy we are dealing with. , all parts of the government central bank are working in tandem with one goal, furtherurage dis--- swiss franc depreciation. thebiggest kiwi out there, balance sheet of the swiss national bank -- qed out there, the biggest -- the important thing is that negative rates could work only in tandem with other aggressive easing measures. in isolation or when they are not accompanied by fiscal fail, andthey may be the best example of that. back,e are going to come valentin marinov with credit agricole. our first word news in new york city. ritika: one economist says this might be the worst macro economic data report in u.s. history. the government comes out with april jobs numbers at 8:

ubs head of credit strategy. coming up, warren buffett bails on the airlines.t that means for the airline industry going forward. this is bloomberg. ♪ but it isossible, going to be extraordinarily ambitious and challenging. president trump is right that it typically takes many years to produce a vaccine. i would say, for many, it has taken 10, 15 years or longer. to compress that to a 12-18 month goal stated by the u.s. is in and of itself extraordinary. to set a target of having meaningful quantities of vaccine by the end of this calendar year is extremely ambitious. i don't think anyone can guarantee that this will happen. what i can say is that the industry is doing its very best, as well as the regulatory authorities, to make that happen. that takeda is trying to develop a vaccine, also a plasma business you are trying to direct toward covid-19 treatment explain why you would do that given that there are some of the efforts of vaccines out there and they are not all guaranteed to make money. wes is the reason why decided not to start our own vaccine develop

when does the phase two start for ubs, when people will be willing to go back to work? howard: we don't yet know. we are planning for different possibilities, but we are hoping to hear something from prime minister on sunday, which will give us an idea of what we will be allowed and recommended to do. i think in our case, the working at home has worked pretty well for the most parts of the bank for, but clearly there are challenges in the trading room. we have some people who are there, and it looks as it the trading floors will have to be .uch less well populated we are looking at using another location to add to our capacity. we have 11 plans, we are still lacking any about with the government's intentions are. until then, there contingency is not a real plan that we are going to press the button on straightaway. francine: are you confident that the government and the bank of england have done enough so far to support businesses, big ones and small ones? -- the bank of england have done what they can do. they have any more to offer tomorrow, i am not sure personally t

ubs suggested that rev par will not return to 2019 levels until 2024.obody has a crystal ball, but what are your expectations given about what you said when you see domestic travel returning for the international? >> i was on a roundtable on zoom the other day and we said all of our crystal balls are murky at the moment because nobody knows. so, we are not really sure when revenues will recover. we do fundamentally believe, having been through the financial crisis and through 9/11, there was real shock for a period, then the industry did recover. after 9/11, nobody thought they would get back on airplanes, but then we got used to taking our shoes off and the increased security and not meeting loved ones and gates, and then we had a record decade of travel. the same thing happened after the financial crisis. so i think it will come back. it will take time, though. think about how it will progress, you will have domestic travel come back before international travel. you will see a slow growth of meetings and events over time. and then it will ramp back up

we can do that was evan brown of ubs asset management. let's start with a question i thick is on a lot of people's mind at the moment. it is clear the relationship between china and the united states is breaking down again. what is less clear is why this market is not picking up on it outside of the hang seng, outside of the chinese currency. what is your read on things right now? isn: i think the market taking a lot of these broader issues on hong kong, on technology, on capital flows, and separating them from trade. they see the hong kong issues as more regional and drawn out. rightly or wrongly, the view from the overall market is that as long as this phase i trade , it is notin place so much a global market issue. point,actually on that very interesting, that on friday the u.s. trade representative and the u.s. to apartment of agriculture coming out with a that thetement, saying trade agreement is still going well. even in the context of china purchasing a lot fewer an agreed.al goods th so the administration is really trying to separ

we understand one big wall street firm, goldman sachs, was there, but these others as of now, ubs, you can throw in the mix, too, were not back. back to you. liz: interesting. again, on the mlb breaking news, everybody stay tuned. charlie's going to be working that story as well. thank you, charlie. >>> we've got the closing bell ringing in nine minutes right now. little bit of pull-back here, retracement but we are up about 545 points still for the dow jones industrials. coming up, today's "countdown" closer has his covid-19 triple crown picks that he says will lead your portfolio right into the winner's circle. that's straight ahead on "the claman countdown." . . this is decision tech. find a stock based on your interests or what's trending. get real-time insights in your customized view of the market. it's smarter trading technology for smarter trading decisions. fidelity. ♪. liz: okay. we've got about five minutes left to go before the closing bell. i want to point out a couple of levels here. markets losing steam in final minutes of trade. we're still up pretty comfortably. the do

coronavirus saying wells fargo may not make enough money to protect itself against those head winds ubson 19 bucks a share. guy, sales pretty rare on wall street >> very rare on wall street. it's -- i always found it fascinating when banks downgrade other banks. it's fascinating to me. it's like the yankees saying the red sox are a miserable team it traded at 27 and change i mean, this bank has not bounced at all on what's been a remarkable tape. i understand banks have underperformed wells not getting it done. wells -- a lot of the problems at wells are very wells specific and they brought them on themselves, you add this on top of it, so i happen to agree with that downgrade >> u before s has lower loan loss that's unusual going into a recession airy time. >> ubs is pointing out that wells hasn't done that they've always pointed out that their cost structure is totally ham strung by the fact that they haven't met a lot of their regulatory hurdles it's a money center bank with less flex ability at a time. certainly on a relative value play, why wouldn't you be short wells against ownin

she is ubs private wealth advisors. sherry, let's get to the breaking news. believe it is a good time to invest at the moment but one day does not reverse that i'm sure but what do you make of the market reaction to this? >> right. well i think it is pretty clear given how much of the s&p 500 is allocated to the technology and consume services and how those two sectors sort of led, they went down less than the market correction. they have risen first in the first stage of recovery that we would see a little bit of a pullback. given especially the way they have in the market. liz: yeah, you would think when the government is taking aim sometimes this does mean there's a chill across an entire sector. you don't see that though? >> i think philosophically, when we start to look at regulating what would be considered i think essential speech platforms, i think most people view google or twitter in that format. that is really a discourse that, personally i think belongs in a wider conversation with the citizens of the united states instead of the stroke of a pen.

alix: katerina simonetti of ubs, thank you very much.th the fed and what it is doing, it is the pandemic fallout balancing act. that is what fed chair jay powell and treasury secretary steven mnuchin will do when they testify today before the senate banking committee. jeanne zaino will be joining us. this is bloomberg. ♪ and: fed chair jay powell treasury secretary steven mnuchin will virtually testify before the senate banking committee today on the $2 trillion coronavirus rescue package. fed chair powell noted that he will use all tools necessary for the recovery. joining me is jeanne zaino, professor and bloomberg contributor. always good to chat with you. what is the biggest thing you are watching for today when powell and mnuchin testify? jeanne: number one for me is how much powell pushes congress to act. the democrats have been taking up his remarks in interviews and public statement in the last few days. his opening remarks are going to talk about a statement released about how dire the impact has been on the economy, and the fac

steph, a couple of calls chevron downgraded today over at ubs. are you an abvi also >> i am, yeah, both of them i am >> overweight at jpmorgan. >> i think chevron, i think i get it down 22% when the group is down and best in class. great balance sheet. they're cutting the cap-x so that dividend is secure so i like that company. i'm going to stick with it i think that the pipeline is promising of abbvie. and evaluation is attractive ten times forward earnings and 5.4% dividend yield. >> okay. josh brown, do you have any thoughts on home depot price target to 260 at wells fargo. ties the street high. >> yeah. i think there is a massive boom in home renovation under way when people are stuck home and look at the southernings, very easy to find the things they don't like and do something about that bank of america, merrill lynch with data for the month of -- for late march and then april and it showed the only place where hard line retail purchases were on an upswing was places like home depot and lowe's there's staining going on. repainting bodes we

20.5 million jobs lost in the month of april joining us to talk about that and more is art cashin of ubs and our own bob pisani art, great to have you back. happy friday. >> thank you great to be with you >> so a lot of our viewers have the question they've had for several days that is how can the news flow be so negative and the markets so resilient >> i think the markets are anticipating far more rapid turnaround than some of us old folks are. people are, at least the ones i talk to, are experiencing a great deal of cabin fever. you saw that the also of employment and the hospitality industry was heavy, and a lot of that has to do with bartenders and restaurant waiters and others, so people are really feeling the need to get out and i think they're extrapolating that into what they think will be a v-shaped rebound. i don't believe that will happen i think the concern over liability and other things will cause both bars and restaurants and others to reconfig their operation, maybe separate tables, maybe not -- something where there's two and three people deep at the bar i don't think th

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with value stocks finally doing well, ubs put out the report about stocks that were laggards -- [audiohis one has started to. it's got some very consistent revenue in this maintenance kind of contract -- [inaudible] it's looking really interesting right now. jack: yeah. those kind of companies are interesting even if the underlying resource doesn't do well. somebody is going to need their help, so they make money. ben, carlton, jack, thank you, great ideas. don't forget to follow us on twitter @barron's online. wear your masks, be healthy, and we'll see you next week (announcer) the following is a sponsored program for prostagenix, furnished by prostatereport.com. (upbeat music) ♪ hi, this is larry king. over 30 million men in america have prostrate problems. i know, i was one of them. and all these natural prostate supplements like the ones i have here in front of me are everywhere. drugstores, health food stores, on the internet, and all over tv, selling millions of bottles every year.

with value stocks finally doing well, ubs put out the report about stocks that were laggards -- [audiohis one has started to. it's got some very consistent revenue in this maintenance kind of contract -- [inaudible] it's looking really interesting right now. jack: yeah. those kind of companies are interesting even if the underlying resource doesn't do well. somebody is going to need their help, so they make money. ben, carlton, jack, thank you, great ideas. don't forget to follow us on twitter @barron's online. wear your masks, be healthy, and we'll see you next week ♪ >> 23r-9 fox studios in new york city, this is maria bartiromo's "wall street." maria: happy weekend, everyone. welcome to the program that analyzes the week that was and helps position you for the week ahead. i'm maria bartiromo. coming up in just a few moments, starwood capital group ceo and chairman barry sternlick my special guest, joining me to talk about the reopening ott american economy. and later on, eric edwards joins me to talk about bringing drug manufacturing back to the united states, taking the supply chai

with value stocks finally doing well, ubs put out the report about stocks that were laggards -- [audiod to. it's got some very consistent revenue in this maintenance kind of contract -- [inaudible] it's looking really interesting right now. jack: yeah. those kind of companies are interesting even if the underlying resource doesn't do well. somebody is going to need their help, so they make money. ben, carlton, jack, thank you, great ideas. don't forget to follow us on twitter @barron's online. wear your masks, be healthy, and wear your masks, be healthy, and we'll see you next week... dr. youssef: you often hear me say this and you're gonna hear me until i die, that jesus is not the best way to god the father. jesus is not a great way to god the father. jesus is the only way to god the father. dave hangsleben: we spent a lot of years working and just postponing being active christians. sally hangsleben: we weren't really going to church. i was always, you know, wanting and left needing more. i have trouble sleeping and now i know why that is because i would turn on tv and just to liste

with value stocks finally doing well, ubs put out the report about stocks that were laggards -- [audiohis one has started to. it's got some very consistent revenue in this maintenance kind of contract -- [inaudible] it's looking really interesting right now. jack: yeah. those kind of companies are interesting even if the underlying resource doesn't do well. somebody is going to need their help, so they make money. ben, carlton, jack, thank you, great ideas. don't forget to follow us on twitter @barron's online. wear your masks, be healthy, and we'll see you next week ♪ ♪ stuart: ah, here we go. we have never seen anything like this virus attack before. worldwide shutdown came suddenly, no warning. now, you know all of this, and you know that america is coming out of it. but how do you come out of it, you personally? if you're running a business, has government help come through? are you worried about getting sued? how about your job? need to make a change? you ever gonna get back your old job? and what do you do with your savings other than use them up? on this program we are cheering

with value stocks finally doing well, ubs put out the report about stocks that were laggards -- [audioe has started to. it's got some very consistent revenue in this maintenance kind of contract -- [inaudible] it's looking really interesting right now. jack: yeah. those kind of companies are interesting even if the underlying resource doesn't do well. somebody is going to need their help, so they make money. ben, carlton, jack, thank you, great ideas. don't forget to follow us on twitter @barron's online. wear your masks, be healthy, and we'll see you next weektonight". ♪ ♪ lou: good evening, everybody. breaking news at this hour, president trump has today terminated america's relationship with the world health organization as he had threatened to do if the agency did not begin immediate reforms. among the reforms the president sought, that the w.h.o. distance itself from the chinese communist party. the president accusing the w.h.o. of being under the control of the chinese communist party. and also break over this past hour, senators chuck grassley and ron johnson releasing the trans

china did it, then the whole of ube province.ly did it in the north and then the whole of the country. some have compared response times in relation to first cases of first deaths. but a factor in population size, we want to find the date when oui’ size, we want to find the date when our country had one death per million residents due to covid—i9. those points were reached at different times in various countries. we can compare how quickly countries reacted by putting those dates as day one on the timeline. germany, france and the uk locked down within days, learning their lessons from italy which to six days to lockdown the entire country. the us still hasn't declared a national lockdown, more than 45 days later. if you look at what is going on, i don't understand why we're not doing that. we should be. so why did it the act sooner? in the end, most states did issue stay—at—home orders, covering 92% of the us population. but as the chart shows, some state to action much faster than others. we will look at that more detail in a m

. >> it is ub press unprecedented and it will help conservation efforts and help research and other questions we're trying to answer about urban influence. >> the puma project will hold webinar so the public can follow the study and have a full report out by july. robert handa, bay area news. >>> and teachers miss their students and one way to see them is car parades and today in daly city, teachers held one for kids, and kids are holding signs and waving to teachers as they were going by. >> it is fun. because i want to go back to school. we miss them a lot. >> the teachers say the students requested they hold the parade, so they could all see one another. >> when kids want to go back to school, that's saying something, right? >> yes. >> it is nice to see that. >>> one of our favorite part was evening, janelle, celebrating the class of 2020. we will see smiles, many smiles from our local graduates, next. everyone is working a little differently now. so we can still answer your calls. and we are monitoring our system 24/7 to ensure that we have a fast reliable network, keep the customers conn

still to come on "daybreak asia ," we will get more on business sentiment, exclusively with ubs aipac cohead. shery: some more on those breaking news we got you earlier. ocbc, the singaporean bank, saying their total cumulative allowances increased by 632 million sing dollars quarter on quarter. their first quarter loans ratio coming in at 1.52% versus 1.5% year on year. the uncertainty, because of the pandemic raising the ratio to between 2.5% to 3.5% have also suspended share buyback speed that is very important given banks around the world have been setting aside large buffers against nonperforming loans. we are seeing the same play out with ocbc. they are saying cost management will be further tightened. however, they are not really expecting -- they are not planning on retrenchment. they are expecting a net interest margin compression in subsequent quarters. of course, we know that that does have a delayed effect when it comes to those rate cuts that we see across the world. bankan see the singaporean loan loss provisions just continuing to rise ahead of the impact that they are

and that the operators, in particular tsl, lay on more to ube drains --re t trains when those are necessary throughout the day. a huge amount of work is being done. we also want to see proper marshaling to prevent crowding of trains. i must say that on his point about test, track, and trace. that will be a huge operation for this entire country, and i think actually he should pay tribute to the work of all those, the hundreds of thousands of people who are now responsible massively escalating our test, track, and trace operation. we now test more than virtually any other country in europe, and the rate of acceleration has been very sharp indeed. we will go up to 200,000 by the end of the month. but he is absolutely right that this should be entirely -- the success of this program is absolutely vital if we are to be able to move on to the second and third steps of our roadmap. we now go ton: yorkshire to julian smith. the 5000 --er, of 90% of the population of the homeless of the u.k. are in temporary accommodation as a result of the actions taken by the government at the start of this crisi

there is a note out by ubs today, saying that cash on the sidelines has grown to about $4.7 trillion, of nearly a trillion -- up nearly a trillion. do you see any kind of rush to the exits? do you see anybody cashing out, waiting for the right time to enter? if so, what do you think this money is waiting for? >> we are a global firm. we have clients in different locations of all different sizes. the response has really varied. withve seen some clients large amounts and sticking to developed markets. we have seen some exit out of equity substantially and really go to cash. we have seen some who have invested more and more as the markets went down. i think there is a real good mix andontrarian investors investors going i guess with the overall trend of the negative period. that we areview is pretty much more optimistic than the consensus as to how the economy globally will go through the crisis and come out of it, with 2020 consisting of a gradual healing of the economies andhe back end of the year a pretty strong rebound we are seeing in 2021. we do still have good exposure to risky as

reinhard cluse, chief economist for europe at ubs.'nest.icks the hornet residents call for protest. we are live in the capital next. this is bloomberg. ♪ matt: welcome back. we are just over 36 minutes, 37 minutes away from the cash equity straight across europe. but in china, we have seen a hornets nest stowed on hong kong. the premier has told the national people's congress that beijing will reinforce national security in the autonomous region. their remarks came after beijing announced dramatic plans to dissent into the city's charter. a critic has called it the end of hong kong. joining us is bloomberg's selina wang. why is this hong kong security law -- i thought some version of this already existed, so why is it so controversial? selina: china is signaling it is going to be bypassing the hong kong legislature to pass this law, which has been pushing for many years. while we don't have the text yet, it is expected to ban sedition and subversion of the central government in beijing. the last time they tried to pass a similar law w

i had a conversation yesterday with the cio of ubs global wealth management and he said investors mightitioning for a second wind in andty markets led by value cyclicals and that is because fears of a second wave might start to actually abate a little bit. you said if we see a rally in cyclicals and value, it will be short-lived. you do not want to time that or ride that, so where does your conviction live beyond the next three months in terms of asset allocation? is that my conviction it is a bit difficult for me to follow the argument about a persistent-- a i am trying toe think about the kind of growth rate beyond the recovery. for the recovery, we need to make sure that gdp is growing in positive territory and i do not have too many doubts about that. i just don't think it will be strong growth. shthink it will be weak-i growth,nd in weak-ish you don't need value and cyclicals. this now and i don't see it beyond the recovery. i have a pretty strong conviction that beyond the recovery we will see a again growth stocks outperforming because we are not moving into a fast growth world b

ubs saying -- 2021. 5.5%. we will see. .ur guest this morning coming up, a breakthrough plan.ela merkel and emmanuel macron backing 500 billion euro recovery funds. what are the details? is everybody on board? this is bloomberg. ♪ manus: good morning from dubai. it is "bloomberg daybreak: europe." cranny.manus a covid-19gns with vaccine. u.s. deaths top 90,000. president macron with a your covering -- recovery fund. aid must be discussed as loans. fed isell says the prepared to use the full range of tools to support the economy. the u.k. will have negative rates at the end of the year. nejra: welcome to "bloomberg daybreak: europe." we saw a rally in the s&p 500 yesterday, the biggest jump in six weeks. was it more than what powell said in terms of keeping rates near zero until the u.s. is back on track? or does it have more to do with the prospects of a vaccine? we could come to the conclusion it is a combination of the two. manus: absolutely, the rates traders saw a roaring flag to race toward. the whole bond market reappraised the situation if we get a vaccine. then we are

head of capital markets at ubs coming up, divisions merge ahead of the commission budget today more on the fault lines lie after the break. i love these fries. you know, the chef here trained in france. mmm, it shows! so good. oh hey, did you say you needed help with investing? because i know someone who's really great. and you trust him? totally. yeah. we went to school together. i'll check him out on investor.gov. so, what'll it be? i'll just have the burger. before you invest, get the full report. check out an investment professional's background for free on investor.gov. before you invest, investor.gov. truly transformative sleep. so, no more tossing and turning. because only tempur-pedic adapts and responds to your body... ...so you get deep, uninterrupted sleep. during the tempur-pedic summer of sleep, all tempur-pedic mattresses are on sale! >>> welcome back to "street signs. japan is set to launch a massive stimulus package worth $1.1 trillion. according to the draft obtained by reuters will be funded by a second budget on top of a similar package rolled outlast month prime min

repateriation of funds that should help according to authorities here global institutions like global, ubs and bnp will invest in chinese stocks and bonds more readily. these regulations go into effect june 6 the state media has been ramping up the argument that china is making good on the trade deal. saying china has been buying u.s. soy and meat. there have been plenty of reminders how important the chinese consumer is to american companies. disney had a good day because shanghai park sold out for the first day in three minutes and the first week in one hour there is definitely demand for the theme park when it opens next monday. >> wow so again, here we go i'm going to ask you for your real world, the yoon-indicator with 10 being back to normal, one being the height of the pandemic where would you say your day-to-day work life stands right now? where are you? >> i'd say five. five yeah there are days when you think, okay, we can go out, traffic is out there, we are going to restaurants more, daring to shop as well. at the same time, i was thinking about traveling this weekend got a litt

ubs things european profits will be down 16% at the end of 2021 compared to 2019.crepancy and expectations tells you how cloudy the outlook is but still the consensus were a strong rebound is what is helping power rockets higher in recent weeks. nejra: great to have you with us. thank you. words get to the first news. donald trump is speculating china may have chosen not to contain the coronavirus. he has seen evidence that a lab in wuhan was the origin. u.s. intelligence officials say they are still investigating the exact source. china says accusations it released the virus from a lab are unfounded. gilead scientists -- how much revenue can it generate on the company's earnings court. gilead says it is too early. amazon is telling investors to navigates as it the hardest time it is ever faced. it's all profit shrink. it is boosting spending to keep operations running smoothly during the pandemic. apple did not provide a forecast for the first time in more than a decade sparking concern that performance will suffer later this year. sending shares down. 1%pite the

we have seen a strong bid in a resent rally we are seeing a little reversal of trade we are seeing ubs down 2.2%. german, swiss, french banks coming under a bit of selling pressure one bank in focus deutsche bank is due to start share holder meeting after posting a positive net income and set to deliver on the cost despite the outbreak. facing fresh scrutiny over the year's losses and legal charges. he is due to be speaking shortly. we'll bring you his comments live as they come through. trading 1.8% lower this morning. >>> powell and mnuchin defended the government's $3 trillion stimulus to fight the economic fall out and the first of what will be a quarterly testimony before the senate banking committee for the c.a.r.e.s. act. he stressed lending to smaller business was far more complex than the fed's usual facilities indicating that it was tough to get money to main street >> main street is in a class by it self- really. it is a diverse small, medium and large companies different industries different credit needs. some asset base, some cash based. it is a really complex undertaking.

if you look at total return, ubs is getting some excitement with their research today we all kind noknow it. it's 60% your total return on interest coming out your interest rate and your price appreciation has been stellar, better than gold. here's the problem it's probably not going to be as good because we're sew close to the low part of the curve. you're not going to go under zero the point here is as good as it's been, we want rates to go higher if you're looking for two years returns in the future, be anywhere near the 60%. most likely, not going to happen tyler, back to you >>> rick, thank you very much. despite all the volatility, the dow and s&p are still on pace for their largest weekly gains over the past six weeks. is the escalating rhetoric now between the chinese and the united states a threat to that recent rally dan is deputy chief investment officer. dan, i was going to start with a different question but because we mentioned china there, let's start there. how big a worry, to you, is the escalating rhetoric between the united states and china? it goes to military potenti

vonnie: joining us now is the silly supper i of -- is vasily ofaya, -- is vasily sobriety serebriakov of ubs. talk to us about the package. will the frugal four allow it to happen, and let enough for countries, even germany and france at that point? ssili: the initial details are quite encouraging. you kind of get to for the price of one. the markets have been hoping for fiscal stimulus and some degree of debt mutual's asia from the euro isn't -- debt mutualization from the euro zone some time. it seems like we are getting two and one. what the market has been focused on is this ratio of grants to loans, so $500 billion is going to come from grants, which is good news. they have pushed the loan part of the package. it is fairly close to consensus. the question is now implementation, agreement, where do we go from here. we wouldn't necessarily chase the ecb spreads on this news, but overall, i think this is quite positive for the euro zone. vonnie: seven basis points isn't nothing, but will the ecb and europe in general be able to raise this kind of capital in the marketplace at a decent rate

mike swell of goldman, priya misra, and will be catching up with ubs as well to get you to the openingd start the trading week. tom: sounds good. mike wilson 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.

ubs very resilient.ome of the banks that have large disclosures doing very trading -- in the first quarter. have theward, you uncertainty as to how quickly these losses will build up and how significant they will be, all of which is eating into profitability. i guess partly reflective of the flux ability -- of the flexibility banks are provided by regulators for capital appears to be well within what regulators demand, and that is giving them comfort that they won't need to support banks anytime soon. vonnie: exactly. even as we have the ecb embroiled in a bit of a fight with nations, particularly germany, obviously the banks are also part of this dialogue that needs to be happening. , giventhe future negative interest rates, is there anything the bank can make money on? in the u.s., the bright spot was ficc. elisa: of course, the banks have been making money on permissions and fees and payments, for example. of course, that comes under pressure as people spend less generally. there is just less activity

trump silent tonight amid the news that the ub in of cases continues to climb. now more than 1.7 million confirmed cases here in the united states. as we wait on the body cam video coming in from minneapolis, minnesota, i'm going to bring in dr. jonathan reiner to talk about this grim milestone that we've reached. he's director of the cardiac catheterization specialist. thank you, sir appreciate you joining us. the first coronavirus death in the u.s. was about february 6th, and i say first known because you know that could change as we look back and they get more information. it's still not -- it's now more than four months later. over 100,000 deaths. the president of the united states has still said nothing, nothing, nothing about 100,000 american lives lost and there's no denying this could have been avoided. >> right. there were really two unforgivable errors made early on in this pandemic. the first was the incredibly slow march to testing. the first positive test in the united states was january 20th, and it took almost two months for the u.s. to test the n

not knowing where the next meal and paycheck is coming through and struggling through isolation and ubenter and now well being trust said tens of thousands of more people could die from what they call deaths of despair due to drug and alcohol abuse or suicide because the pandemic has exacerbated their current flight and one group is helping with a program that will first target health care workers so here to talk to us is senior vice president of volunteers of america. and so dr. brock, thank you so much for being with on me. and what do you say? how you could help folks who are so in need feeling so financially vulnerable? >> well, i can understand that that sense of distress and high stress is pervasive. people who are at the end of their ability to maintain lives they had had hoped to have could feel like failures, feel ashamed and of course in fear of what is going to happen in the future. and those feelings are normal. they're not a mental health disorder but an intense kind of suffering and without someone to talk to, to process to try to calm yourself down and to get your sense

>>> welcome back it's time for our power movers ubs and upgraded cardinal health shares are up nearlypods next up, draft kings the stock is higher. the key is it doesn't expect a long term impact from the coronavirus pandemic they are saying they got a bat long term impact a lot of people think the pandemic could help their business and draft kings up 14%. we end with sorrento said it's identified an antibesiody. this is still early research the drug hasn't entered human trials it still caught plenty of attention in the market. the shares are up 161% >>> kelly, thank you very much let's talk about shares of abbott labs. they are taking a beating about questions about the accuracy of its coronavirus tests. the details on that one coming up >>> plus, will there be a cannibas comeback? those stock vs been clobbered but the country's lockdown has turned into a catalyst surprise surprise the ceo ofura auto join us. t stay with us california phones offers free specialized phones... like cordless phones, - (phone ringing) - big button, and volume-enhanced phones. get details on this state pr

need to respond quickly, and stay ahead of the competition >> you guys have quite a headline here at ubsexpecting 100,000 retail stores will close? how do you get at that number? that seems shocking and likely to have a major negative ripple effect across this economy >> absolutely. major ripple effects across commercial real estate, employment, technology, the way we get at that number is by taking where e-commerce penetration is today, around 15%, 16% of retail sales and projecting out where that's likely to be over the next five years at around 25%. and the way the math works is for every 1% increase in e-commerce penetration, it would equate to about 10,000 retail stores closing so as i said before, we've seen this compressed period of the transformation pull forward. we need to get to 25% e-commerce penetration even before that five-year period is up just given the behavioral changes that have been occurring over the last few months. >> matt, you've applauded the work that the fed and treasury have done, the main street lending program, other things the treasury has done to put mone

her business is donating part of the trikini proceeds to team ub rube i con, a group of military veterans that deliver meals to seniors. >> trevor: finally, the trikini. outfit perfect for going to the beach and then robbing a bank. seriously, i love that even during a pandemic, humanity company still find a way to post-- just to be as safe as possible,-- you flow what i bet the more trikinis we see, the more people will start getting turned on by chins. because think about it, like st always the hidden part that people think are hot. like the trikini becomes a thing, at the ends of the day someone will take off their trikini and their partner will be laying in bed, oh, yeah, baby, show me that an teria manned i believe. oh my god. and finally germany, a country that only has an outside voice. ger plans have found a way for people to join live music that is safe for both the performer and the audience. one-on-one concerts with a sij musician playing for a sij audience member n parks, museums and airport terminals, so if you love music and long eye contact, there is four. although this onl

list.k ubs was on the the turkish lira is at a record low versus the u.s. dollar. does it have further to go? are we going to see new lows in place? jane: if it wasn't for the turkish authorities deliberately trying to make liquidity offshore quite difficult, i do think the fundamental suggest that the turkish lira can fall further. basically, we've got a country here where we have seen anna norma cement of interest rate. you seen eight straight interest rate cuts of quite large magnitudes, and we have a current account deficit currency. in emerging-market around the globe, we have seen a pullout of investment back into g10, back into the dollar. the turkish lira is very vulnerable, and those interest-rate cuts are just reducing the incentive for international investors to be in turkey. the fundamentals certainly weigh against it. there have been criticisms from international investors that turkey needs more structural reform that has not been forthcoming. so i think be trained as quickly or come of the bottom of the list in terms of emerging-market , and quite cle

allie mccartney from ubs, go ahead. >> senator toomey, i thank you for your clients.estatement of why we're in this position. my concern is that people have conflated the flattening of the curve which was intended as you said to protect life by protecting medical resources, getting rid of the disease. so now that we've gone from what i would call that triage face to what is the transition phase that leads to transformation, you talked about a number of things and i think that that transition stage we do have to have a different relationship between health and medical resources and the economy. so when you think about that in your state and some other things that are going forward, what do you hope to see in the next couple of weeks or months? >> well, my state's moving way too slowly, in my view. i had this conversation with my governor. he knows my opinion and that hasn't changed his mind apparently. more than half of our state is still basically in a lockdown, hide under your kitchen table mode, where you can't go to work, you're not supposed to go outside. and that

maybe not unabated but continue to go up ubs is talking about an inflection point coming that you'll get away from growth and move towards value that's approaching now, brenda, that to me, says that you have to have better news on the economy itself for that to take place now, are we expecting that to happen i think we all understand why technology shares are rising in the manner they are. if you want to start telling me to buy industrial stocks and maybe some commodity names and things like that that value will start out performing growth. is that a stretch? >> i think it's going to take a little bit of time i think there's a lot of speculation about the fact we are probably in the midst of the worst from the economic stand point in terms of learning about how impacted the economy was during trapril but i think ther will be some carryover for a lot of industries on the value side where we do need to see there is more traction and understand a bit more about how this reopening process is really going to work. if there's a resurgence and we go back to some kind of moderated slowdown a