tom: we are going to come back with wolfgang munchau. re squeezed her time on a superb show today as we are squeezed for time today on a superb show today. this is important what wolfgang is saying, that is not all happy, happy, happy on a tuesday money. you may get presidential pandemic press conferences this afternoon. mr. van of maryland. look for him in the 8:00 hour -- mr. van hollen dove maryland. look for him of the 8:00 hour. bluebird. good morning. ♪ 49... 50! i found you! good job. now i'm gonna stay here and you go hide. watch your favorites from anywhere in the house with the xfinity stream app. free with your xfinity service. now any room can be a tv room. stream live tv, on demand shows and movies even your dvr recordings. download the xfinity stream app today to stream the entertainment you love. xfinity. the future of awesome. more voluminous hair instantly. all it takes is just one session at hairclub. introducing xtrands. xtrands adds hundreds or even thousands of hair strands to your existing hair at the root. they're p

coming up, on europe, the future, wolfgang munchau. please stay with us.m london and from a beautiful sunrise in new york, this is bloomberg. ♪ tom: good morning everyone, "bloomberg surveillance," from london and new york. interesting day. , justnd market extraordinary. regime ofout a new disinflation. with us, someone who has followed regimes of europe over the last 30 years, wolfgang joins us. thrilled. what is the chancellor's biggest headache? she seems to have a rally. 14 years into her term. what is the biggest challenge? wolfgang: european recovery fund. she has a week to get agreement. week,it in brussels next the first time in person, not just teleconferencing. they hope to get a deal. possibly 500 billion euros. at the moment there is no agreement. machine. a dealmaking optimistic they might get something. it will depend on whether they can get the netherlands to agree. that is the problem. netherlandses the -- tom: does the netherlands listen to france or germany? wolfgang: they listen but they are self-confident. they have developed their own

coming up on the program, will thing much out -- on the program, wolfgang munchau. this is bloomberg. ritika: with the first word news, i'm rick gupta. across the -- i'm ritika gupta. across the u.s., states are -- officialscould are warning that they could implement lockdowns again. case numbers are climbing but all but six states. the white house has drawn a line in the sand for the next coronavirus a bill. president trump could reject a measure passed by congress if it doesn't include a payroll tax cut. democrats are solidly opposed, and even republicans are cold the idea. in the u.k., prime minister boris johnson will announce $3.8 billion of extra funding to help repair the national health service. he is also due to announce plans to -- by the end of october. german chancellor angela merkel is raising doubts about reaching agreement on a landmark recovery fund this week. in brussels, eu leaders are meeting in person for the first time in five months. amongst them, how the money will be distributed and greenlighted. reportng to a supplement on second-quarter gdp

a lot ofi spent time with wolfgang munchau trying to stagger the european parliament.onathan: the signal here is important. europe is demonstrating they can borrow at the european level and distribute grants accordingly. that was unthinkable 10 years ago. lisa: they are also putting in certain taxation powers that give it more of a federation kind of feel. europe has gotten its act together. how about the united states? today we hear potential results from treasury secretary steve mnuchin and house speaker nancy pelosi discussing the proposal that mooching came to with the white house. this will potential into payroll tax cuts, as well as potentially no state aid, which will be a problem for democrats. in the senate banking committee on nominations to the fed reserve board. then united air and snap reporting earnings. snap at the forefront of big tech's prowess so far this year. jonathan: looking at the fixed income market, the bond market doing ok. the euro slightly weaker, with euro-dollar at $1.1414. all about europe this morning. is about fiscal authorities in the

anna: thank you so much, wolfgang munchau of eurointelli gence.he campaign trail to the halls of congress, america's wealth gap is a frequent topic. but less than a century ago, things look very different. bloomberg's david westin has more. ii, thefter world war united states embarked on a path toward income equality at the top 1% of earners lost asa can share of the nation's income. in the early 1970's, the nation took an abrupt turn and how earnings are distributed. today, america has the highest level of wealth inequality among all of the g7 nations. theme tax data shows average salary for the bottom 99% of american families roughly doubled from 1945 to 1973, while incomes for the top 1% grew by just over 1/3. 2007, the73 and bottom 99% saw income growth of only 15%, while income for the top 1% more than tripled. race plays a large role in economic inequality. the pew research center found that in 2016, the net worth of a typical white american family was 10 times that of a typical black family. the recent economic downturn will likely make thi

and as we watch this play out, here's some good advice from wolfgang munchau, a columnist for the ft.n and italy hope will cut through. here's the italian president. we are talking about the future of europe. what is at stake here is the single market. imagine what it will mean if we are incapable of providing a strong pain related european response. —— coordinated it will destroy the market, the european value chain will be destroyed. our economies will be destroyed and all of europe will be less competitive at a global level. the uk next — which today has revealed more of its plans to manage the covid economic crisis. the chancellor, rishi sunak, has said the government will pay businesses 1000 pounds, or 1200 dollars, in ajob retention bonus for each furloughed person brought back and employed through to january. there are also plans for a two billion pound, or 2.5 billion dollar ‘kickstart‘ scheme to create thousands ofjob placements for 16 to 2a year olds. he's also announced a so—called ‘stamp duty holiday‘ on the first 500 thousand pounds of all property sales in england the su