vonnie: it is 10 a.m. in new york, three of huckabee, london, 30 minutes into the trading day in the united states. from new york, i'm vonnie quinn. welcome to "bloomberg markets." we did try for a rally overnight on the idea that we might be ending the oil war, but it didn't last long. 1.6% after the best week for the s&p come up 12.8% last week, bringing it to a 25% gain since the march low. the dollar index is trading around the 99.55 today. i want to say weaker, but actually stronger versus the british pound and the euro, so it is a little bit stronger today in the session. as you can see, that oil agreement still only producing a 4% increase. not even a one dollar increase dny. the fed out with its alphabet soup of programs. index isays high-yield barely visible, but has come down quite substantially if you yield to worst settings re.the let's get some insight on the markets. banks set to kick off earnings season. we are joined by tom lee, fundstrat global advisors managing partner and head of researc

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vonnie: continue.was going to say if with theble to comply target going forward and we starts to recovery in the fourth quarter, then the market will be back to undersupplied and then we can talk about price support. vonnie: really appreciate your time today. that is jason gammel, oil and gas equity analyst at jeffries. let's get to ritika gupta with first word news. ritika: shut downs and job losses are hammering the u.s. economy's main engine. personal plan -- personal spending plunged last month. fell 7.5% from the previous month. incomes drop the most in more than seven years. claims byejecting president trump that it deliberately mishandled the coronavirus. the president blaming beijing's response on politics. he told reuters the chinese want to see him lose the election. the chinese is that they do not want to interfere in internal u.s. affairs. the european central bank has stepped up its response to the coronavirus crisis. it is cutting the cost for funding of the banks in the euro area. christ

vonnie: time for futures now. look at oil futures than now, with president trump's tweet a moment ago, followed by the report out of saudi arabia it is looking for an urgent opec+ meeting. joining me over the phone is bill baruch of blue line futures. brent is at $29.03. wti is above $25 a barrel. we are seeing a massive rally. the president is calling a hope on its petitions that there will be a 10 million barrel a day decrease. how much do you place in the president's word? will saudi arabia and russia agreed just because the u.s. president wants them to? bill: you know, i think there are going to be a lot of details to iron out here. ultimately, i was talking to our clients earlier today that we could see a move towards $30 on headlines, and i think that is going to be a fade the rally opportunity. if you don't act now, you may miss that opportunity. there's a lot of resistance at $28 that we are testing into right now. i want to see this play out. i am not saying oil can't get above $30 in the near term, but w

this is bloomberg. ♪ vonnie: this is "bloomberg markets." i'm vonnie quinn.er today, we will be hearing from former treasury secretary fed chairman alan greenspan. this is bloomberg. ♪ from london, i'm guy johnson, with vonnie quinn in new york. this is "bloomberg markets." gsk areee -- sanofi and teaming up to create a vaccine for the coronavirus. they aim to start human trials later this year. supply the adjuvants. going us to discuss all of this, gsk ceo emma walmsley. thank you very much indeed for your time today. we greatly appreciate it. the big question surrounding vaccines seems to be at the moment, a, getting a suitable candidate, but how does it get scaled into sufficient quantities that are really going to make a difference. how are you going to achieve the latter part of the? thanks, and first of all, on behalf of gsk, a big thank you to all of the frontline health care workers battling this, and the scientists in our own company and around the world who are trying to stop it in its tracks. today say, we announced what we think is an unprecedente

this is bloomberg. ♪ vonnie: live from new york, i'm vonnie quinn, with guy in london.his is "bloomberg markets." let's check those markets with kailey leinz. kailey: things are in the green in the u.s., as well as erupt. you are getting a lot of things -- as well as europe. you are getting a lot of things that into optimism. the boj coming out with added bond buying. governments detailing how they are going to open back up the coronavirus pandemic. one risk asset that is not dissipating in the rally is crude, down by nearly -- not participating in the rally is , down by nearly 30%. the market is worried it is not going to be enough to balance the demand story. the supply glut continues, and they are running out of places to store all of that excess oil. no surprise, energy is the underperforming sectors today. diamond offshore actually is not trading at the moment after it filed for chapter 11 bankruptcy yesterday, but it is dragging down some other peers like transocean, down by about 14% today. also seeing the likes of continental resources lower by about 5% as north

vonnie, over to you.t, we get an update from new jersey governor phil murphy is the number of cases in the state grows, and the state has difficulty getting everything it needs. that is governor phil murphy, coming up in the next hour. we will also talk to mike sievert, the president of the new t-mobile. t-mobile and sprint are now long years.er two the dow jones industrial average now down 2.7%, off its lows of the session. the s&p 500 down 3%. many negative headlines overnight for the markets to digest, including the president saying it is going to be an awful two weeks here in the united states. this is bloomberg. ♪ ♪ guy: from london i'm guy johnson, with vonnie quinn in new york. we are counting you down to the european close on "bloomberg markets." let's see how we are trending on the new day of the month and the new quarter. not the start we were hoping for when it comes to equities. we are seeing a down day. volumes all right, though. 311.90. banks,seeing european particularly u.k. banks, under pr

vonnie: thank you for that.ih the birol says this month could go down in history as the black april for oil. that's next. this is bloomberg. ♪ ♪ ideathink it may be a good that those countries who make announcements that they are going to cut production may well reduce production as soon as possible, without waiting for may 1, and may even consider further cuts to what they have announced. director fatty biroll -- director fatih urging countries to consider further cuts. here?s the agenda it strikes me that it is too late if you want current prices to go higher, and at this point, any amount of production cuts won't make that much of a difference, so what is thought irolarrel -- what is fatih b trying to do? >> ultimately, market forces are taking hold here, you are seeing what was the result of manipulated markets in the last few years. going to be a is supply issue. i think they are trying to change that tone in terms of encouraging producers to evaluate the amount of supply they continue to pump into the mark

this is bloomberg. ♪ vonnie: i am vonnie quinn along with guy johnson in london.et the latest headlines surrounding the coronavirus. here is viviana hurtado. viviana: we begin a new york city, the virus epicenter in new york state. new york state the epicenter in the u.s. the city has seen a drop in covid-19 admissions to hospitals , plus a decrease in the percentage of positive tests. a decline in the pace of death as well as a decline in new infections also reported in spain, germany, netherlands, and malaysia. what we are seeing is a process of the easing of social restrictions that shut down economies. that process is beginning. france's announcing plans to begin the reopening of shops on may 11. large gatherings are being banned until september. in china, the origins of the new coronavirus, the virus is forcing the rethinking of the national people's congress to a more reduced format in may. conversations continue to be ongoing, including by videoconference as they figure that out. in china, the top scientists are joining a growing global consensus that says

this is bloomberg. ♪ vonnie: live from new york, i'm vonnie quinn, along with guy johnson in london.mberg markets." it is time now for our stock of the hour. here is dave wilson. dave: talking about carnival. this is a stock that has been so beaten up, down 74% in the first quarter alone. last week, traded its lowest price since 1992. they are still dealing with the effects of coronavirus outbreaks on board their ships. yet, today, we found out that saudi arabia's public investment fund, a sovereign wealth fund, bought an 8.2% stake, 43.5 million shares of carnival. they are now the third largest shareholder in the company behind the chairman and american funds, a mutual fund manager. it is a capital group, actually, that runs the funds. they are listed as the holder. this is sort of a vote of confidence, arguably, that carnival will be able to turn itself around. fund, thend, this public investment fund, they are an investor in softbank's vision fund, so they have taken a leap on companies like we were top, weworkrd-largest -- like , the third largest shareholder in uber, a pretty s

vonnie: we have to leave it there.s to conservative member of parliament and chair of the house select -- the health select committee jeremy hunt. it has been a big week of earnings, meanwhile. let's bring in ubs' wealth management cio. week, andks down all suddenly today, a massive rise. what is going on with investors and their hopes for earnings? guest: good morning, and thank you for having me on the show. when we are trying to determine where equity prices should become a we are really looking beyond 2020 and trying to gauge where earnings will be in 2021 because i think we all know this bad, baby going to be 10% to 15% down, but the second quarter is going to be even worse. year,er a large drop this we, like a lot of other people on the street, are expecting a stillrebound in 2021, but earnings falling slightly short of the earnings level we have seen in 2019. i believe the path to 2021 is very uncertain still, both in terms of how the virus is going to be contained, whether we are going to have subsequent waves,

vonnie: thank you. up, we are speaking with inovio ceo joseph kim about the company's testing for a coronavirus vaccine. this is bloomberg. ♪ vonnie: live from new york city, i'm vonnie quinn with guy johnson in london. this is "bloomberg markets." let's get the latest on the coronavirus. here's viviana hurtado. spain seeing the fewest deaths in five weeks, and newco virus -- and new coronavirus cases. there is no sign that spain is going to ease up on social restrictions. one nation that did begin the process of loosening the lockdown is germany. small shops began reopening, but new infections and deaths rise. the economy could shrink up to 7%, the biggest contraction since 1950, according to spiegel. russia has seen new cases spike for 10 days. so has singapore. on friday, the city state reporting new infections dropped to under 900. now in the u.s., this ridiculous concept. that is how experts are described in president trump's comments of injecting bleach to kill the coronavirus. plain and simple, e

vonnie? vonnie: thank you for that. we have the latest death toll for new york. in00 77 people hospitals in the last 24 hours and 29 people dying in nursing homes. andrew cuomo says the deaths are continuing at a tragic great. it should be mentioned it is the first time we have seen a number below 600 in some time. staying with travel, bloomberg is learning more about cruise line company carnival's handling of the coronavirus. more than 1500 people from carnival cruise ships have been diagnosed with covid-19. at least 39 have died. much focus was on the grand princess early in march. march 4, passengers were told the cdc was investigating a cluster of cases in california that may be late to the ship. hand sanitizer stations pop up and crewmembers begin to wear gloves. big gatherings continued. it was not until lunchtime the next day the captain announced a quarantine on board. carnival ships have become a floating testament to the viciousness of the virus and they've also raised questions about potential corporate negligence and fleet safety. responseays carnival

only -- vonnie: i'm vonnie quinn. welcome to bloomberg markets. the are your top stories we are following. u.s. stocks start the second quarter in the red. investors bracing for a longer economic shutdown as president trump warns of a painful. for theul period epidemic. and u.s. data shows manufacturing and employment the climbing to levels not seen since the financial crisis. later, i will be speaking with the ceo of digital colony. he is slated to succeed tom barrack is the ceo of colony capital in july. of's get a quick check markets right now. we are seeing the s&p 500 on the decline today. than 4% now, and we spent most of the session down 3%, several stocks dragging it lower, carnival down another 26% .oday as well the 10 year yield at 61 basis points, and t-mobile finally completed its merger with sprint in spite ofout .4% the losses. let's check in on the bloomberg first word news. here's mark crumpton. the united nations general assembly is considering how to response to the coronavirus pandemic. not as have been sent to resolutions for c

vonnie: thank you. guy: thank, indeed. vonnie: good stuff -- thank you very much.d stuff. exactly. i am going to take it over on the side of the pond. guy: let's take a quick look at what is happening in markets. over to you. vonnie: we have a bounce in stocks. we just got word that the gilead out andults which came did meet its primary in target, those results are likely to be released at a white house event. market bounced about 10% on word of this result. now it has pared those gains to about 3%, so still higher. several analysts saying this is a very interesting study. it needed to be done. what it actually shows is that when it is given to patients moderately ill with covid-19, it works just as well in five days as it does in 10 days. it doesn't exactly tell us what the efficacy is, and i should point out there have been no approval yet. it is not on the open market. but what this study does tell us is that we now have twice the number of samples to using other tests, so that is positive. several positive, but genuinely not a game changer. , but certainly movi

vonnie: of course.st in terms of the way it operates, i am curious, are diagnoses as good when the meeting is virtual as opposed to seeing a doctor face-to-face? oliver: it varies dramatically as to what your underlying issue is. if you were to see the dentist, that is much more difficult to do through a telemedicine visit, but we have seen very robust demand for things like primary care, ob/gyn, ent, gastroenterology, and in particular mental health has been in large demand by consumers. of how youn terms interact with the patient, i read on an almost daily basis -- probably less so now but more in the past, advances being made by companies like apple and google in terms of health monitoring, the technology is improving all of the time. how are you incorporating that, and is that changing the way we will be able to interact with doctors if they can tell remotely what our blood pressure looks like, in terms of our ekg, all of these factors the doctor would normally take and are increasingly being done r

vonnie: in the u.s. it has been a long week, but it is friday, and we are seeing movement on an overall index basis. the s&p 500 is quite happy at 2800, just off a couple of points. 120 reports are in, but next week is the big week for earnings reports. year-over-year earnings growth is down 17.6% right now as we stand. the s&p before today was down 13.4% this year. he did make back some of that ground lost, but we will see what comes our way next week. the 10 year yield has been in its range as well. we have crude limits high for the week, but nevertheless, up and helping to send oil companies higher. down 0.4%, but still around $17.25 an ounce. let's get back to what is happening with italian bond yields and european bonds more broadly. italian bonds catching a bid today. are tightening up in germany as well, despite the fact that we have an s&p rating review this evening and eu leaders essentially failed to reach a significant conclusion regarding funding, how they are going to fund europe's economic

this is bloomberg. ♪ vonnie: live from new york, i'm vonnie quinn guy johnson is one "the european closearkets." first or sales at bmw orange over 20% as the coronavirus hit all german automaker market. hit and shutre down, their production lines were scheduled to resume operation in two weeks. rolls-royce has extended its dividend for the first time, going public, the jet engine maker borrowing 1.8 million dollars to help survive the coronavirus. million in 17 years. and analysts are still trying to raise billions from loans. toairline reaching out international bank's, emirates was forced to ground their fleet, turning to buy into a hub for travel. that is your latest bloomberg business flash. stay tuned, more is next. this is bloomberg. ♪ beyond the routine checkups. beyond the not-so-routine cases. comcast business is helping doctors provide care in whole new ways. all working with a new generation of technologies powered by our gig-speed network. because beyond technology... there is human ingenuity. every day, comcast business is helping businesses go beyond the expected. to do the

vonnie quinn is over new york. you are watching the countdown to the european close here on "bloomberg markets." equity markets around the world under a bit of pressure. here in europe, relative to other markets, it's not actually that bad. in terms of the picture looking at crude on the screen at the moment, that is probably the dominating factor at the moment. we've got brent crude down by 5% . new york crude trading down by 40%. but in terms of equity markets, we are seeing a flatter story. we are seeing a more defensive bias. the stoxx 600 now in positive territory. the pound is under a little bit of pressure as we watch boris johnson talk about his fears surrounding a second wave. btpare watching the bund- spread widened out. thursday in terms of the eu, and there's going to be clashes about whether or not we see joint debt issuance. vonnie: we will speak to maria tadeo about that in just a few minutes. in the u.s., we are seeing equities dragged lower by oil, down almost 40% at one point, and back there again

vonnie: thank you. is being hampered -- id is being -- adidas hammered by the coronavirus outbreak, reporting its first quarterly loss in nearly four years. more than 2/3 of stores remain closed. the ceo spoke with bloomberg's anna edwards and matt miller earlier. >> we have got cash in our balance sheet close to $1.5 billion, so we don't believe we will have a cash crunch going forward. the real question everyone is asking, how quick will be recovery come. i think china has been a good indicator in the first quarter, particularly in the much of -- in the month of march. willa cash standpoint, we have a difficult year. matt: you've told us previously in march that your balance sheet strongood as well, quite due to the work that you have been doing on it, and that you did on it last year. is there any reason you would need to tap loan programs for help? >> we did that, as you saw, by the end of march. billion inal $3 loans. the reason is very basic come of the world has shut down. everything was closed i

johnson, with vonnie quinn in new york. we are counting you down to the european close here on "bloomberg markets." we are in your session lows when it comes to equities. we find ourselves in a very different situation then we did yesterday. the stoxx 600 is down by around 3%. bankinggas and the sector certainly under pressure. the best thing to take away from what you are seeing at the moment is the spread widening we are seeing across europe. the market is in a position is the getting to believe that it is every nation for itself, and that is not good news for peripheral debt. 234 basis points between italy and germany. similar situation when it comes to greece, spain, and portugal. brent down really quite sharply. it does seem as if the opec+ unwind has pretty much run its course. the pound under a little bit of pressure. the dollar catching a bid. vonnie: the nasdaq its office lows.- is off its the s&p 500 down 2.5%. the worst performer right now is pvh, performing pretty poorly, down about 15%. many of the energy compa

from new york, i'm vonnie quinn with guy johnson in london. it is payrolls friday. 700,000 people lost job in march, and this is before the real shutdown really kicked in. it is way more than the median estimate economists were looking for. that median estimate was for a loss of 100,000. equities not responding hugely. the s&p 500 at 2530. oil news offsetting the jobs news. we know it is really april where we are going to see things really deteriorate. the 10 year yield at 58 basis points. we'll just paring some of its gains, still up about 6%. the dollar very close to 101 now. guy: here in europe, considering the magnitude of that payroll number, equity markets are performing reasonably well. we are going into a weekend. generally that means de-risking as well. let me deal with the middle to. $33. crude at we have the stoxx 600 reasonably flat right now. we are seeing a bid on the dollar. going back to your board, so why don't we handed back to you? vonnie: let's get straight to diane swonk, grant thornton economist. we saw a massive loss, 70

vonnie: and his 1:00 in new york, 6:00 in london, 1:00 a.m. in hong kong. i'm vonnie quinn. welcome to bloomberg markets. u.s. stocks rebounding after an ugly start to the week. the s&p 500 regaining all of yesterday's losses and then some. the index now on track or its third positive session in four. gains coming despite difficulties in earnings season. wells fargo reported an 89% drop in net income. both banks are setting aside billions in loan-loss provisions as the coronavirus pandemic brings the u.s. economy to a virtual standstill. jamie dimon says the road to recovery will be a long one. he tells investors the u.s. economy will not only reopen until at least the summer. more highlights from the banks earnings calls coming up. let's get a quick check on the markets. the s&p 500 on track for a fourth positive session, up 2.7%. just the banks really are lower in the s&p, a few oil companies. crude oil trading down 6.8%, back hello $21 a barrel. back in itsyield range. the vix at 38 and change. let's get a deeper dive into the markets with abigail doolittle. abigail: you

this is bloomberg. ♪ vonnie: this is bloomberg markets. i'm vonnie quinn.demic companies are remaining confident in the junk market's ability to give them some reprieve. joining us to discuss the investor rush to high-yield offerings is ray kennedy. pimco'slly headed up business. how is there such demand and supply right now for these bonds? day, thise end of the is rescue financing that is well structured and well priced. bb and seen largely higher-quality issuers come to the market. high yield are the ones that will put the detailed wrap around them, structural wraps, and get them in place. ,e are reaching a point where at this juncture, we will start to see lower quality companies come to the market. those will be more difficult. for the most part, investors have a lot of cash, looking at the risk relative to the market, and they are going to buy them. vonnie: it strikes me as ironic, and this is not a question. not long ago, covenant light was all over the place. no covenants were acceptable to the market. now we have companies and markets in severe dis

vonnie: in the u.s.a bounce the entire day despite economic data that was phenomenally terrible. s&p, dow, and nasdaq all up. data this morning showed services spending coming to a complete standstill. i will point out the pce was positive 1.8%. the pce deflator, which is what the fed looks like on inflation. i want to point out this data is the first two or three weeks of the lockdown, which meant on for many more weeks. it is just the beginning of the recessionary data. i want to point to gilead sciences. it jumped as much as 10% this morning on were a study would come out showing positive results. we know these studies are piecemeal, they all show one thing and are plenty of questions left answer. of thes saying and all details there is no comment on viral load reduction or the efficacy of the particular drug of covid-19. even though all of the details are not available, where inclined to believe the drug would not be a likely tool for covid-19. a likelyan -- would be tool for covid-19. we are also he

this is bloomberg. ♪ vonnie: this is bloomberg markets. i'm vonnie quinn.emocrats and republicans are new and agreement to add funds to the small business program approved by congress last month. kevin cirilli joins us now with a key lawmaker on the subject. kevin: thank you. i'm joined by congressman josh gottheimer of new jersey. you are also the cochair of the problem solvers caucus in the house of representatives. you have unveiled a checklist of sorts for how to reopen the economy. what is in it? >> thanks for having me. part of what everyone wants to focus on of course is what i need to know so that we can reopen society, how we can get back to business, back to work. and of course how we can do it safely. our caucus is 25 republicans and democrats, and we said, what like?hat checklist look we spoke to people in the private sector, small businesses, and health experts. at the top of the list, you will see testing. that is so essential to making sure we can really reopen society and get things moving again. we have to get that testing, make sure we hav

london, i'm guy johnson, with vonnie quinn in new york. we are counting you down to the european close this tuesday on "bloomberg markets." in europe, equities being affected by what is happening with the commodities story. we've got brent down by 20% today. we are still in positive territory, which is something we haven't seen in the u.s. over the last 24 hours. the brent contract trading at $20.27. copper coming under pressure as well. european stocks down by 2.88%. oil and gas and the mining sectors both under pressure. just about every sector in negative territory. earlier on, we saw some movement in the btp yields as a result of the italian prime minister suggesting he could be open to using an esm line. vonnie: to bring you up-to-date on the situation regarding the coronavirus in new york, governor andrew cuomo saying there have been 481 deaths in the last 24 hours, holding below 500. also some stabilization to hospitalizations. they are once again basically flat. we had about 1800 yesterday. governor cuomo saying the curve is on the

vonnie: live from new york i'm vonnie quinn. this is bloomberg markets. get right to the markets in the u.s. because we are seeing a continuing deterioration. the s&p,s in a d.c., all down by 2%. s&p 500 did have a couple sectors in the green earlier, right now the only two are the retailers and the semis and semiequipment. retailers up 1%. we have energy down about a percent even as we get that 10 barrel a day agreement. crude oil is only up nine cents. get more insight "on the markets" as investors prepare for earning fees marked by the extraordinary uncertainty over corporate profits. lisa g us on the phone is abramowicz, senior analyst at ubsf financial services. the fact that the junk bond index on the screen anti-yield has come in lail bit thanks to the actions. not just high yield indexment many of these outliar assets are showing a little bit of relief i suppose you could say. what does that say to you at ubsf financial services? lisa: i think it's very important that the fed did what they did. obviously after easing tremendous amount of of keep i

vonnie: it is 10:00 a.m. in new york, for a clock p.m. in london, and 30 minutes into the trading session in the united states. welcome to "bloomberg markets." after dismal retail sales data, we are awaiting more data. business inventories coming in as scheduled at -0.4%. the national association of homebuilders, there is the shocker. that sentiment indicator down to 30, all the way from 72 in march. the april confidence figure for the national association of homebuilders members down to 30. economists were looking for that to be 55, so a real plummeting there for confidence among homebuilders, as the stock market had been extreme volatile during the connection period, as well as the complete standstill of the housing sector. we also got a canada bank rate decision. we were effectively at the lower bound already, so that is coming in at 25 basis points. the canadian dollar was already weaker before this. it is weaker now by 1.5% versus the u.s. dollar. let's take a look at where we stand markets wise. we knew after the retail sales data w

this is bloomberg. ♪ vonnie: this is bloomberg markets. i'm vonnie quinn.ew us home construction in the month of march declined by the pandemice 1984 as the takes a toll on housing. we spoke with sheryl palmer about how the industry is adjusting to this new normal. we should beink surprised by the numbers, if you think about what has happened in the last 45 days. marge was really a tale of two halves, we started to meet with some of the strongest activity in years. we just released our q1, sure that our orders were up 35% respectively, so tremendous momentum moving into march. by the end of march, it was a different environment across the country. builders were either closed, or by appointment only, stay-at-home orders different across the u.s. as people disruptive were trying to find out how to operate in that new normal. municipalities were staffed and very degrees by market. the permit process, i heard some permits were even quarantined for days at a time. there are a number of different factors, where we came into the month, and how we will come out, ov

vonnie: thank you for joining us.t is stephanie kelly, senior political economist at aberdeen standard investments. generale lost hundreds of millions of euros on stock trades during the market turmoil triggered by the coronavirus outbreak. that follows in the footsteps of the rival. the losses took place in the first quarter and before april oil route. sources say the french banks better performance could create a cushion. a spokesperson declined to comment. the company is expected to report results may 6. guy: a quick look at what is happening with european stocks as we assess them through the auction. we are seeing a positive session. banks are one of the big gainers. has been the oil and gas sector and the mining sector that has driven things higher. .8%.ax and the cac 40 up we did see a little but of a fate from those markets. we are approaching the top of the hour, which means we will shortly be looking for the u.k. daily briefing on what is happening with the virus. pte remains a massive focus in the u.k. and t

this is bloomberg. ♪ vonnie: live from new york, i'm vonnie quinn, along with guy johnson in london.his is the rp and close on -- this is the european close on "bloomberg markets." let's cut the first word news with ritika gupta. ritika: last week, 11 gunboats from iran's revolutionary guards passed u.s. boats at close range in the persian gulf. president trump's immigration ban isn't as wide-ranging as some had feared. he's ordered a 60 day halt and issuing green cards that allow foreigners to live in the u.s. permanently, but backed away from plans to spend guestworker programs. business groups exploded in anger at that idea. still, the president has hinted there could be further restrictions. the senate has passed a $484 billion relief package that includes money for the tapped out program to aid small businesses. there's also money for coronavirus testing and hospitals swamped by patients. the house could take up the measure as early as tomorrow. in the u.k., finance minister rishi sunak says there are encouraging signs the outbreak is slowing. yesterday's death toll was the slow

this is bloomberg. ♪ vonnie: this is bloomberg markets. i'm vonnie quinn.he coronavirus has affected more than 2.1 million people around the globe. professor and rolla just spoke to us about the unique nature of this virus. is interesting in that it causes a broad spectrum of diseases. it is true the vast majority of people will suffer mild to moderate diseases, maybe even no symptoms at all. but when you look at the vulnerable portions of the population, the elderly, when you look at people with secondary medical conditions such as diabetes, heart disease, lung disease, even when you look at relatively healthy individuals, there are a significant part of the population that has severe disease requiring, if not a hospital visit, admission into the hospital. so it runs on a huge spectrum in terms of how it presents that infection. enzymes't want to talk rna,friday, certainly not and the other necessities of doing a test, but i would , america, from the top down, does not understand the sophisticated biochemistry of tests. how hard is it to do millions of tes

vonnie: got to let you go., thank you. ♪ ♪ guy: from london, i'm guy johnson, with vonnie quinn in new york. this is the european close on "bloomberg markets." equity markets just rolling off their earlier highs. banks very much leading the charge today. only one sector in negative territory, the health care sector. everything else trading higher. the banking sector in particular is outpacing the market, up by 3.5%, as we see regulators taking an even easier line when it comes to liquidity measures and capital ratios. andt crude up by 1.4%, catching a bid when it comes to the italian 10 years. btp's now at 1.587%. the focus remains firmly on what is happening with the european economy right now. we start the efforts to reopen. news from france that it will start reopening shops. vonnie: we have turned around substantially in the u.s. an amazing turnaround here in tone.

from london, i'm guy johnson, with vonnie quinn in new york. we are counting you down to the european close right here on "bloomberg markets." clearly, the news over the last half-hour has been coming from the crude market. the president of the united states weeding that we could see 10 million barrels a day coming off of the market, and indication from the saudis that we are potentially looking at an opec+ meeting. the russians sounding a little cooler. equity markets are often earlier lows. 0.8%. now up by the energy sector doing all of the upside heavy lifting. we've got the energy sector here and gase, the oil sector up by 7.75%. brent crude off earlier highs. we did initially bounce north of $30. we are 24.3% to the good right now. another basis point added when it comes to the german ten-year. we continue to see the buck getting bid. $1.0865 when it comes to euro-dollar. vonnie: in the u.s., a nice rally after that tweet that saudi arabia is looking for an urgent opec+ meeting, and then, as if that rally wasn't enough, the president tweet

this is bloomberg. ♪ vonnie: this is bloomberg markets. i'm vonnie quinn.as regulators opted to put off a decision on whether to impose oil quotas. annmarie hordern is standing by with a major voice in that decision. >> i am standing by with commissioner ryan sitton. you are just off of that call. i know you are in favor of going for a vote to postpone, but what will it take for texas to consider ratcheting back reduction? we had negative oil prices yesterday. the next contract is trading at $11 a barrel. what will it take for texas to do this in a manner where we will probably have shut-ins regardless? ryan: frankly, your first question, what does it take to consider it? we are considering it. the next question is if it gets done. the lower the prices, the more the more step down in the industry, you can say is exactly by the railroad commission was given the power by the legislature. annmarie: so what legal challenges could you face? that is the concern of other commissioners. it is mandated for the texas railroad commission to make sure you are not wasti

vonnie: are you short anything? a marketecause we are neutral strategy and that is what multi-manager platforms are. we generate alpha from longs and shorts. our portfolio managers specialize in every sector. they have specialized coverage in sectors across the s&p. they are trying to generate alpha from all those ideas. vonnie: can you give us a few names or guidelines? >> well, i cannot give you particular names but i would say in particular sectors -- right now fundamentals are probably driving more technology, health care, where fundamentals are driving the price action. crisisro impact of this is definitely causing a lot of volatility in cyclical areas like the industrial space, energy spaces. depending on the sector that the portfolio managers are focused in, fundamentals might not be driving the price action. vonnie: there is comparison to previous eras. 2008u see comparisons to for the hedge fund space? >> in general, i think hedge funds have done a good job. for us, a lot of investors have reached out to us

guy: the eurozone composite number today -- sorry, vonnie. vonnie: go ahead.as just going to ask a follow-up on the euro zone. what did you make of the pmi numbers today? the services number in particular, incredibly weak. how quickly do such a number come back? tom: these numbers are credibly week, and the other thing we have to keep in mind about the if firmsat it tells us are doing better or worse, but it doesn't tell us how much better or how much worse they are doing. so the pmi registers things are slightly worse than they were last month in the same way as it registers a we have closed down. so weak though the pmi numbers are, they actually understate the extent of the downturn which the euro is currently facing. that said, if we look at the experience in china which came through this process a bit quicker, what we saw in china was a catastrophic collapse in the pmi in february, and then in march, as lockdowns eased and businesses got back to work, the pmi's kamal the way back up to the 50 markets a breach -- 50 mark that separates expansion from contra

this is bloomberg. ♪ vonnie: this is bloomberg markets. i'm vonnie quinn.he coronavirus pandemic continues to trigger slumps in the oil industry. matt miller earlier exclusively to the head of shell about historic cut to its dividend. of course, it is a difficult day. on the other hand, it is also an inevitable moment. facing twocally problems. one is the poor macroeconomic environment, which is getting worse, but the other problem which is bigger, we have the crisis of uncertainty. uncertainty about demand, prices. thee even uncertainty about viability of some of our assets, given the logistical issues we have. we have taken some strong and early countermeasures to protect the financial resilience of our company. you have seen before we have taken a reduction in capital $9ts, operating costs, billion, but these countermeasures are not enough to deal with the unprecedented uncertainty we are seeing. the board decided that it was prudent to also reduce the dividend. early this morning, we decided to reset the dividend to $.16 going forward, which is still a

this is bloomberg. ♪ vonnie: this is bloomberg markets. i'm vonnie quinn.he fomc beginning their meeting today ahead of the rate decision tomorrow and the statement which investors will be awaiting. spoke to alan greenspan about his view on the coronavirus crisis. he is concerned about demographics these days. joining us for a look ahead to the fomc decision day, a wrapup of where we are right now in the economy, we have ed yardeni. numbers this week, they will not be pretty. how swift and how long is this downturn? i'm in the consensus view that we will have a really awful drop of gdp in the second quarter and probably third quarter, and then should have a recovery in the fourth quarter. i think it will look like a v arithmetically, but the stronger the fourth quarter will be will mostly be a consequence of how bad it will be in the second and third quarters. it will look like a v but more like a u in the longer term. after shots will be occurring as a result of this virus. vonnie: do you mean things like layoffs? we are seeing companies withdraw their gui

vonnie: it is 10:00 a.m. in new , and 3:00 p.m. in london 30 minutes in the trading session in the united states. in new york, i'm vonnie quinn, along with guy johnson in london. --s is "bloomberg daybreak this is "bloomberg markets." $11e in the united states, .39. needless to say, the price pressures are at the front months of the contracts. if you move out, you see the curve steepening a bit, but that is no aid to producers, some of whom in texas are getting two dollars a barrel. indicesook at the under -- the other indices, it is a similar story. we've got about 85 companies reporting this week for the s&p 500. it might provide some we can do -- some glimpse into how companies are thinking about the future. of those companies is united airlines, already saying it is going to have a $2.1 billion loss, and that is just the beginning of the pain. it is cutting 90% of its capacity in may, and similarly will do something like that in june as well. it will get about $5 billion for the u.s. payment program. and we have the 10 year yie

vonnie: our thanks to you.he breaking news from the federal reserve are the hour, they are expanding the scope of its main street lending which wille mslp help more borrowers become eligible to help the economy at this difficult time of coronavirus. the 10 year yield is moving within a basis or two. dismal economic data earlier particular consuming spending which is down 7.5% and personal income is down 2%. a couple of stocks that are andng, tesla is up 4% twitter has been pretty volatile today, down. still ahead, we will preview the csrt quarter results with eight media and entertainment analyst. media companies have been reporting. this is bloomberg. ♪ vonnie: in new york, i'm vonnie quinn, alongside guy johnson in london. this is "bloomberg markets." amazon is facing criticism for how it is handling worker protections. we are joined for all of this i tuna amobi, cfra analyst. itself, what will the street to looking for in terms of balancing worker protections with looking for better sales growth? right. good

-- i'm guy johnson, with vonnie quinn in new york. we are counting you down to the european close on "bloomberg markets." peripheral markets have been a little on offer this week, but today we are seeing equity markets rallying, and for the most part, we have seen a bid on european equities. the stoxx 600 is up by around 2.3%. i think it is worth paying attention to what is happening with volume. volume is reasonably light in this rally, and that may not be a convincing factor when you think about its longevity. we are seeing the travel and letter sector -- travel and leisure sector bid today. there's a certain amount of dumpster diving going on. the euro is bid as well. brent up by 1.51%. vonnie: in the u.s., we are seeing those gains moderate ever so slightly. the s&p 500 up less than 1.5% now. citizens financial up 13% after earnings. we will speak in the 1:00 hour with the citizens ceo, so make sure everyone tunes and for that. boeing up as well after its factory will get up and running again. then there's a few more regional bank

this is bloomberg. ♪ vonnie: this is bloomberg markets. i'm vonnie quinn.'s get a quick check on the markets. the major indices continue to edge lower. all of the groups are in the negative. the dow is down almost 2%, as is the nasdaq. 27.10 per barrel. coming up, we are talking to tom colicchio. you know him as the employer of almost 300,000 people. , was het day of the ppp able to apply? we will speak to him about that. this is bloomberg. ♪ awesome internet. it's more than just fast. it keeps all your devices running smoothly. with built-in security that protects your kids... ...no matter what they're up to. it protects your info... ...and gives you 24/7 peace of mind... ...that if it's connected, it's protected. even that that pet-camera thingy. [ whines ] can your internet do that? xfinity xfi can because it's... ...simple, easy, awesome. [ barking ] vonnie: live from bloomberg world headquarters in new york, i'm vonnie quinn. welcome to bloomberg markets. global market sinking deeper, with you -- s&p 500 extending losses from thursday, closing lower fo

this is bloomberg. ♪ vonnie: this is bloomberg markets. i'm vonnie quinn.bal governments are taking action on response to concerned prisons will serve as a hotspot for the spread of the coronavirus. attorney general william barr said friday he is taking immediate action to maximize appropriate transfers of inmate suitable for home confinement. in europe, justice ministers met to discuss the best ways to manage the risk of outbreaks in prison and detention centers. dr. chris beyrer is an equity mail adjust with expertise at the intersection of epidemiology and human health. he joins us now from baltimore. how do you get your arms around the ethics and constitutionality , havingsing inmates them not put themselves and others at risk of a virus already broken out in the prison? dr. beyrer: the first thing to say is you have to remember that the united states incarcerate more people than any other country in the world, about 2.3 million people in our jails and prisons, many of whom are therefore essentially administrative charges. parole violation, unpaid fees,

vonnie: thank you. we are back in a moment. vonnie: this is bloomberg markets. on vonnie quinn. saysard chartered ceo singapore and hong kong could recover from the pandemic in the second half of the year. francine lacqua spoke about what the western world could learn about controlling the virus. >> the bank of england took the view, understood the view that given the uncertainty around this crisis, uncertainty in terms of financing requirements, uncertainty around the losses that banks will take, it's appropriate to be atraordinarily -- despite strong liquidity position and loan but today, regulators have taken the view that prudence should rule the day. i understand that. when can we get back to something like a more normal capital strategy? role ofhave to see the banks helping the world recover from this tremendous shock, has largely flown through. we can all speculate how long that will be. i think we will see the ability to return to normal by the end of the year, but economic challenge will carry on for years. i don't think that means we wait for years before we can manage

vonnie: it is 1:00 in new york, 6:00 in london, and 1:00 a.m. in hong kong. i'm vonnie quinn. welcome to bloomberg markets. here are the top stories we are following from around the world. stocks are gaining ground as economies edged toward reopening in the wake of the coronavirus pandemic. good earnings from deutsche bank wave.second ppp meantime, no end in sight for the trouble in the oil market. wti plunging below $12 of the barrel. down nearly 30% as a selloff in oil etf's grows. the outlook for the restaurant industry. will be speaking with daniel boulud. up. conversation is coming let's get a quick check on markets. the s&p 500 is holding onto gains of 1.4%. 1% plus for most of the session. yen is paring some of its gains. 107.29 after the bank of japan said it would do what it takes to keep the economy in check. the 10-year yield at 64 basis points. they are in that range, quite happy to stay there. president trump and retailers are set to announce expanded coronavirus testing programs. that is something to look out for. standing by is taylor riggs with a deeper dive in

this is bloomberg. ♪ vonnie: live from new york, i'm vonnie quinn, along with guy johnson in london.s is the european close on "bloomberg markets." the international monetary protecting the great lockdown recession will be the steepest in years. baseline is that the crisis, the epidemic, will be concentrated in the second quarter for most countries of the world, and containment measures will also be concentrated in the second quarter, and then there will be a gradual removal after that. we will start seeing initial signs of a recovery in the second half. that is what is in our baseline, but we also have more adverse scenarios. >> let's talk about where you see that more pronounced. are you seeing that being led by countries like china, like the united states? is it a first in, first out scenario? >> china, of course, was the epicenter of the pandemic and was hit severely in the first quarter, so we have a very deep contraction in the first quarter. we are seeing signs of recovery, but it is not back to business as usual. also, for china's growth, what will matter is what is happening

vonnie: the philly fed index took a nosedive as well.what point is it all priced into the market? michael: that is a good question. we haven't seen a major reaction in the markets. we saw one yesterday. the bad retail sales numbers was a bit of a surprise because you would think it had all been priced in. on the other hand, we have the president holding out the possibility of a news conference today to announce his plans for reopening the economy. he doesn't get to do it, but is somebody talking about it like that? maybe giving the markets some hope that these numbers are temporary. wasan noted that, that this as fast a stop as we had ever seen, and deeper a plunge as we have ever seen, since the great depression. but it happened so quickly that hopefully, we get out of this period of medically induced coma very quickly. losing ground more quickly than we do in a normal recession. ever, thank,ee, as indeed. we are going to carry on the conversation when it comes to big banks. we are going to dig into the numbers with devon ryan, j p.m. s

vonnie: who is showing interest?avid:david: we hope after today we will generate a lot of interest. at the moment, we are gauged with the u.s. government, and discussions are continuing there. we have reached up to the u.k. government for guidance and help, so we are awaiting a response from that, but it is early days. bat's: thank you to director of scientific research, david o'reilly. coming up, new jersey governor phil murphy on the state's response to the virus pandemic. you won't want to miss that. this is bloomberg. ♪ ♪ guy: from london and new york, i'm guy johnson, with vonnie quinn in new york. let's talk about some breaking news. the bloomberg news team learning that the report has been delivered, and intelligence report has been delivered to the white house on china and he coronavirus, and it suggests that china underreported the virus cases and deaths, trying to conceal the extent of the virus outbreak. bill faries joins us from washington to give his take on this. this is going to be absolutely critical.