Up 2. 5 . T 28. 44, guy basically saying banks need to open get on with lending to firms. You want some of these firms to still be around to be able to start the economy. At the moment, there still seems to be a certain amount of difficulty in getting money out the door to the businesses that actually require it. Andrew bailey also indicating he sees nothing implausible in a drop,st for a 35 q2 gdp a massive economic hit coming for the United Kingdom. Yesterday, it be and confirmed that we will see another three weeks of lockdown in the u. K. Economy. We will talk about the input agents for the pound when it comes to that story in just a few minutes. European stocks are up on the week. Main markets up on the week as well, except for the spanish and italian markets, which are we getting. It is, as somebody put it a little earlier on, a day for dumpster diving, particularly on the ftse 100. Stocks. Ld is one of the we are positive on the day, negative on the week. As you highlighted, i think it is the etf rebalancing we are seeing in the United States, we are seeing a big discrepancy opening up between what is happening with wti and brent. Ig moves today in wti maybe a technical story. , othernt, copper contracts in the commodity space looking more positive when it comes to the restart story we are focusing on so much. Vonnie been a long time since weve seen more than a 10 difference between the two. For more on the markets now, we are joined by jane foley, rabobank head of fx strategy, from london. We want to talk about currencies. The yen the only one stronger against the dollar today. Before we do, can we get back to those boe headlines . Bailey saying theres nothing impossible in the forecast for a 35 q2 gdp drop. What does that mean for the british economy and for getting back to brexit talks eventually . Jane how he qualified it was it is not implausible if the lockdown lasts for three months. Going back to the statistics put out by the bank they saida week ago, it could expect to save 1. 2 of growth. What bailey is saying is if the shutdown lasts three months. I think one of the difficult is the u. K. Economy has has been the lack of testing. This is a criticism that the u. K. Government has been seeing for quite some time. Theres been not much testing. Only people in hospitals have got tested previously. They are trying to increase that by the end of the month. A lot of headlines this week have been suggesting that they are going to miss their testing targets, rather, by a wide margin. Theres no real comprehension in the u. K. About how many people in the Wider Society have had the antibodies. From that point of view, it is very difficult to understand at what pace you can start to lift the shutdowns. Thet is, we know that shutdowns will be in place for at least another three weeks. That was the guidance we got yesterday. And if we go on for three months, i understand quite clearly that there will be a hideous dip to the u. K. Economy. Vonnie what does that mean for sterling . We saw a huge swing down to the teens. We are back up at 125 now. It does appear that sterling is holding its own in this environment. Will that continue, though . Jane theres another element here which began to come back yesterday, and that was one about brexit. What we saw early in the week was a teleconference between the two brexit negotiators in the u. K. And the eurozone, putting together a timetable for more exit negotiations. These will start again next week. There will be another set of negotiations in may and another engine. Today, the u. K. Governments ruling out an extension of the transition phase. Theres a lot of concern, including from the imf, that that could just increase the level of uncertainty on an economy which, hopefully by the end of the year will be recovering from a sharp recession. That i think will enhance uncertainty over the u. K. Over the summer months, certainly for the spring and summer. From my point of view, sterling still looks extremely vulnerable. We havent had a lot of official u. K. Data which can reflect the extent of the impact of the shutdown on the economy, but we have had numbers like Consumer Confidence looking bleak. Services and retail looking bleak. Auto sales looking exceptionally bleak. From that point of view, i think we are set to get a clips over the next few weeks as to how bad the economy is looking in the u. K. On top of that, weve got brexit al fromtions and refus the government so far to extend phase, so the economy does look vulnerable. Decisionst many big are going to be made in his absence. Lets talk a bit about the euro. The euro looks at many measures to be undervalued. The frenchcron, president , warned of the eu unraveling without financial solidarity. Do we need to put breakup risk back into the single currency . If it is there now, how much of it is already in place . End of nextk by the thursday, when there is a videoconference between eu leaders, if they havent hammered out some sort of acceptable compromise with respect to the debt sharing of the costs of coronavirus, i think the euro really will come under pressure. What is quite interesting about eurodollar is if we look at the performance of eurodollar since the beginning of february, i think can argue that the euro has held up relatively well ella to do other currencies against dollar strength. If we look more recently, it is performing quite poorly. This suggests that there is some Political Risk among back into the euro. There are obvious political concerns coming back. These bring with them some echoes of the euro zone debt crisis. That was not that long ago. It was 2011. Less than 10 years ago. From that point of view, i think Political Risk, the fear that if the politicians get this wrong and dont appease the concerns of countries like italy and spain that the costs of the on this i at least partly agree with macron, we run the risk of another rising inulism and see the cracks the eu system. Those in italy are beginning to show antieu sentiment, and that is perhaps not surprising, so i think we will see another wave of difficult politics if the current politicians do not get this decision right. I ask you a broader question . On the equity markets, continuing to rally despite bleak data from pretty much everywhere. Weve got it from the United States, europe, the u. K. , china, the japanese data. It is all bad, yet equity markets are rallying. From your perch in the fx market , what do you make of this spread, and why do you think it is happening . Jane i think it is happening because the equity market tends to be optimistic by its very nature. I think theres also a lot of investors who dont necessarily want to sit on cash you are looking to invest. I also think, from my point of view, looking at the economic data, this rally could be very premature. I think to date, all weve had is one small glimpse of the disastrous Economic Outlook which is unfolding before our very eyes. We look at the initial claims, 22 million americans in the last month filing for unemployment. We look at the numbers of people applying for universal credit in the u. K. Or in canada. We look at the chinese gdp data overnight. We look at european car sales. These are all drastically awful numbers, and this is just the start. I would suggest that in the equity market, we havent seen the end of the pain. I would also point out that in many bear markets, it is very natural to see movements to the upside, too. I am certainly on the side where i really dont think that this is all over just yet. Vonnie kit juckes said this morning that we are in the third big dollar uptrend of the post britain would sarah. What the post breton woods era. When does this end . Jane i think when people feel confident him off to move back into confident enough to move back into emerging markets. I dont think weve got enough economic evidence to show, and in fact, it could be two years, five years. What is very difficult to understand right now, for any of us, without that much data, is how long it is going to take to really build up these economies. Clearly the governments are doing what they can, and in many countries, allowing staff to be furloughed instead of unemployed. It will clearly give the business a lot of room to bounce back. But for instance, you might reopen your restaurant next week, next month. How do we know that the people are going to be willing to sit in it or the staff will be willing to stand in it until there is a vaccine . So it is possible to imagine that we are in a heightened state of inside he of anxiety until there is a vaccine and a larger amount of immunity. At that point think we can really Start Talking about proper rebuilding, and at that point i think the markets are going to invest and take on more risk. It is probably when we are looking at the end of this dollar uptrend. Vonnie jane, thank you so much for your time today. That is jane foley, rabobank head of fx strategy. Lets get the first word news now with viviana hurtado. Viviana President Trump insisted he has the absolute power to reopen the countrys economy. Now he is turning it over to governors and businesses. He issued guidelines for the states to consider, but it will be up to them to relax stayathome orders. The guidelines calling for a three stage process based on a downward trajectory in cases. China hasnt had an economic report like this indicates. The coronavirus pushing the country into contraction in the first quarter. Gdp shrinking 6. 8 from a year ago, the worst performance since at least 1992. The coronavirus has hammered business around the world, so china will have to rely on fragile domestic demand. Spain reporting more than 5200 new cases of coronavirus, the most in a week. Spain has the worlds second most extensive outbreak. Authorities saying the country is already past the peak. They are starting to focus on how to relax nationwide restrictions. A wave of gloomy forecasts have oil hovering around 18 a barrel. Crude headed for its second weekly loss in a row, despite the historic agreement to cut output. Saudi arabia and russia saying if necessary, they are willing to make further cuts in production. Global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. Im viviana hurtado. This is bloomberg. Guy thank you very much, indeed. What have we got coming up for you . As President Trump plans to reopen the u. S. Economy, we will speak to one of the people hes that operation. Congressman pat mchenry will be joining us, and conversation with chief washington correspondent kevin cirilli. This is bloomberg. Kevin this is bloomberg markets. Im kevin cirilli. I am joined now by congressman mchenry, the Top Republican on the House Financial Services committee. What is going on with the Small Business administration, and when are lawmakers going to reup and reapprove more loans for Small Businesses . Rep. Mchenry sadly, this has become a piece of partisan haggling. I think it is quite unfair to the Small Businesses across the country. , theSmall Business program paycheck protection program, is the most Popular Program congress has authorized in my time in washington. What i would say is there is massive pressure on the elected class to get on with it and to refill the funds here. An unprecedented pace because there is Unprecedented Demand amongst Small Businesses to make payroll and pay the rent. Of themal instincts american Small Business person is there. They need this really so they can get on with it. Kevin but congressman, take us behind the scenes here and remove the partisanship for one second. Process wise, what is going on . Why didnt leadership on both sides of the aisle actually execute this and get this done . Rep. Mchenry well, because the democrats have additional requests they want prioritized. The funds have run out. The immediate need right now is to refill the money in the paycheck protection act. The democrats want further really for states and for hospitals. Those funds are still widely available as part of the c. A. R. E. S. Act. I think at the end of the day, we will have a reasonable tradeoff, cooler heads will prevail because this is a very Popular Program that needs reauthorization and needs more funding. Kevin it is frustrating, i think, because every source i have talked within the Business Community dont understand why this hasnt been executed more effectively. Moving on, President Trump, and i am hearing a double reverb from the control room, yesterday President Trump announced guidelines to reopen the economy. What is your response to that . Rep. Mchenry i think it is reasonable. This is in the hands of cities, counties and states. They have the main police power here, not the federal government. To put out the metrics by which we should up in the economy i think is a reasonable thing for president ial leadership here. I think that the governors are doing the best that they can to match the needs of their people and Public Safety and Economic Life, and those tradeoffs are really tough, especially given the Public Health consequences and the economic consequences that are at stake here. But i think these metrics are muchneeded, quite necessary, of course, and this can give the public a better view of the conditions by which we get back to Economic Life. Balance theo you need for Public Health concerns while also the economic fallout that has occurred and devastated the country . Rep. Mchenry well, this is a tough thing. We have not dealt with this. Weve dealt with acts of war. Weve dealt with natural disasters. But this is truly an act of god outside normal thought processes of government. So those tradeoffs have to be made and have to be balanced, and different states, different officials will come to different conclusions. It is not about i liana g about ideology. It is about the tradeoffs between Economic Life and Public Health. Kevin what does this do for the United States relationship with china, and with european allies through the lens of the chinese backdrop . Rep. Mchenry i think whats clear is the chinese regime, the communist regime of china lies. That is the one thing that is clear about it. The challenge for us internationally is to continue to have an open economy when we have had such an earth shattering Economic Impact of this virus i think in the short run, our relationship with china is going to be much hurt by their lack of transparency and the initial stages of this disease, and their Propaganda Campaign to say that they had nothing to do with it. It is deeply troubling to europeans and those here in america as well. With the europeans, i think this binds us more closely with them visavis china, and i think over the long run, that will have a positive impact for negotiations with china economically. Kevin congressman patrick mchenry, republican from north carolina, appreciate you talking to bloomberg television. Im kevin cirilli. More next. This is bloomberg. Guy time now for our weekly etf friday segment. It is no surprise that the Retail Sector has been hit particularly hard by covid19 and the shutdowns associated, but one retail etf is on the 2020 performance leaderboard. How is this possible . Here to tell us what is going on, james seyffart, Bloomberg Intelligence etf analyst. Weve all seen the retail sales data. How on earth is this possible . James it is cheating a little bit, it is a longshort etf. It is up almost 30 yeartodate. ,t goes long online retailers and short retailers who primarily sell in brickandmortar stores. This is just an acceleration of a slowmoving trend that has been going on for years. Weve seen a few other trends accelerate like this, like work from home, esports and video games. But this trend has benefited the most from this, and it benefited on both sides of the trade. On the way down, the brickandmortar stores got hit harder more than nearly anything in the market. Online retailers have been leading the market higher in many instances. So this thing just got two tailwinds. Vonnie how is it structured . Give us some stocks on both sides of the trade. James on the long side, it goes long amazon, alibaba, wayfair, those traditional online. The short side is a little more interesting. It shorts and people waited exposure in think you would expect that our traditional brickandmortar stores. Bed, bath beyond, home depot, dicks sporting goods, but also things like walmart, target, and costco. But the unique side here is it is equal waited, so you get a lot of exposure. It is not strictly being dominated by things like walmart. Vonnie interesting. Clix. Thanks to james suffered to James Seyfert of Bloomberg Intelligence. We have markets continuing to make gains in the u. S. Just off their highs now, in fact. The s p down to 1. 7 of a gain right now. This is bloomberg. Guy from london, im guy johnson, with vonnie quinn in new york. This is bloomberg markets. The u. K. Government response obviously under a great deal of criticism right now. Jeremy hunt, former health is also in the u. K. , the current chair of the Cummins Health committee the Commons Health committee. This morning, that Committee Heard comments from the Current Health secretary. Jeremy hunt joins us now. Isof today, the latest data that in the United Kingdom, the number of deaths related to covid19, 14,576. How accurate do you think that data is . How useful do you think it is . Does it under represent the true cost . Mr. Hunt i think it almost certainly under represents the situation because it is per merely hospital data. There is a big time delay in the data from care homes. That suggests that about 2 of efts in the u. K. Are in care homes of deaths in the u. K. Are in care homes. I think we have got an issue with the data. It is an issue the government are alive to, and certainly matt hancock says he wants to try and solve it. Guy last night, we learned from document rob from dominic raab, that the lockdown is going to extend in the u. K. For another three weeks. Do you think a true end to the lockdown will only be possible once we get a vaccine . Mr. Hunt a true end to the lockdown, yes. But you can look at countries like korea, taiwan, singapore, hong kong, and you can see that they have been able to keep their offices, shops, restaurants open, even throughout the height of the virus. So they are able to sustain a lot more Economic Activity then we have been able to do in europe and north america because theyve taken a much smarter approach to Mass Community testing, where they have kept it going at scale, and basically, they lockdown anyone who has covid symptoms very robustly. But by doing that, they have been able to avoid looking down the whole economy. Hunt, what would be the best path forward for the u. K. Economy, and obviously the health of the nation . Here in the u. S. , we have numbers of the Federal Reserve about creating a sudden stop in the economy for Public Health reasons. Obviously, that is partially what is going on in the u. K. As well. When do you think the u. K. Might be able to reopen for business . Told thatweve been they lockdown will continue for another three weeks. Placen as we can put in Mass Community testing and Contact Tracing as they are having in countries like korea and taiwan, then you have tunneled her native to the mass lockdown we have now in the United Kingdom and United States. But the World Health Organization is very clear. They have six criteria which countries should observe before they left the lot. The second of those criteria is the ability to test, track and trace every single new covid case. Iat is why, in the u. K. , think the big focus needs to be mass testing and Contact Tracing programs. Mattersregarding other that were to the fore before all this happened, do you anticipate the u. K. Will get back to brexit sometime this year . Mr. Hunt i am someone who hopes brexit,do continue with we sort out the trade deals before the end of the year. I am nervous about any extension because i think it will reopen the wounds of the Brexit Debate which the country wants to move on from. The people who are diehard remainers accepted with the general Election Results that brexit was going to happen and we were going to leave the Single Market and the customs union. I wouldnt want to reopen that debate. I think we need to move on as a country. If i could get back to the coronavirus story, you have emphasized in this conversation and this morning as well the issue of Contact Tracing. Do you think Contact Tracing is going to be effective in a place like where i am now, Central London . Will it be more effective in devon,like dvoe like in the periphery of the u. K. . Mr. Hunt it is not so much the density of populated areas, it is the extent to which the virus is being transmitted in the community. All of those densely populated areas. But if youve got in place the infrastructure to track and , then it is ase very good substitute to the lockdowns we are now seeing. Encouragingly, yesterday the government scientists were saying they thought that the reproductive rate of the virus was below one, so even in london, mass social distancing has had a big impact, which means you can start reintroducing the mass tracing and testing that other countries have used successfully. Before i let you go, do you regret the lack of funding the nhs was given when you were secretary of health . Mr. Hunt i believe when i was Health Secretary that the nhs did need more funding and more capacity. Inecured an 8 billion rise 2015, and then another 20 billion in 2018. That is about 1 of gdp. So absolutely, the nhs needed more funding and more capacity, but because it takes seven years to train a doctor, three years to train a nurse, that capacity doesnt become apparent immediately. It does take time. By the way, the reason i did it was not because of coronavirus, which obviously, we did not know about. It was the winter crisis we were having year in and year out that i realized something need to happen. Vonnie we have to leave it there. Our thanks 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. Lets 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, and how will economies was bond. Economies respond. So we see further volatility in earnings and equity prices, and even though when we look at equities, we like certain sectors, we think the best opportunities today lie in the credit market guy the credit market. Vonnie where exactly in the credit market . We have seen a big divergence there as well, where the fed is more active. Obviously, spreads there are much narrower than where the fed is less active or were they could be active. Like a wideally, we range of places. Highgrade obviously, i think it is the most obvious one because the fed is buying lots there. We also do see opportunity in dollardenominated emergingmarket debt, as well as highyield. I think there are three main reasons. First of all, as i said, dont fight the fed. It is one that is rarely incorrect. The fed has taken unprecedented action to ensure that credit markets function well throughout this crisis, and Companies Remain viable, so mainly liquidity issues, not solvency issues. And also, what we are seeing, the second reason i would say we feel comfortable in those credit overs, corporate america, the last month we have seen a dramatic shift in bondholder behavior that is much more friendly to bondholders. Much morely becoming focused on stopping share buybacks, cutting dividends, reducing programs and cost, and these are all aimed at offsetting the deterioration in earnings currently underway and fortifying balance sheets, so even in those Industries Getting direct bailouts, i think Credit Investors will be much better off than equityholders. Vonnie thank you for that. So leave thank you for that. Marcelli from ubs Wealth Management. Guy china suffering its biggest economic slump in decades. The hard recovery at faces ahead is a subject youre going to talk about next. This is bloomberg. Guy coming up in balance of power, we are going to be speaking to the democratic senator from ohio sharad brown from ohio sherrod brown. This is bloomberg. York, imve from new vonnie quinn, alongside guy johnson in london. This is bloomberg markets. It is time for our stock of the hour with abigail doolittle. Abigail our stock of the hour today is boeing. Boeing is getting back in the business of building planes. They will reopen their washington factory next week to resume production of several widebody jets, including the 787 dreamliner. The company saying 27,000 people will return to the assembly line. You maybe be wondering about social distancing protocols, but it is pretty amazing. This factory is the largest building in the world, or about the size of 75 football fields, so social distancing is probably not an issue. As for some of the details, the company is not revealing the production rate. Last year, relative to the 787, it was producing about 14 per month. They are also gearing up to resume production on that 737 max, and relative to recent news on that plane, customers did cancel 150 orders back in march. Relative to commercial deliveries, not surprisingly with the Coronavirus Crisis and the fallout on the airline , thisry in particular manufacturer has really seen a big hit. Back in 2017, the company delivered 899 planes. Last year, 380. Of course, that was affected by the 737 max tragedies. This year so far, just 50. So the number is clearly not going in the right direction, and the stock is not going in the right direction either. This is after the 737 max tragedies, the stock down six to 5 . Today we have shares popping higher down 65 . Today we have shares popping higher on the news that the plaintiff reopen that washington plant. Guy as you say, it is an impressive facility. Thank you very much, indeed. The virus has pushed on his economy into its first contraction in decades. Gdp data out overnight showing that there was a decline of 6. 8 from a year ago. China is pledging to respond with stronger policies. Tom orlik, chief Bloomberg Economist from bloomberg economics, joining us now to give his take on all of this. In many ways, we knew this data was going to be bad. The data are going to be bad after such a big shock to the economy. I am trying to dig through the numbers to get an understanding of what we can learn about what is happening in china now, what kind of recovery we are going to see. And the data are not particularly positive. They show that he recovery is going to be particularly hard. What would you take away from it . Is anhe first thing historical comparison, this is an absolutely catastrophic number for china. But the second thing i was say is it couldve been a lot worse. Many economists were anticipating a double digit drop in the first quarter. We didnt get that. One of the big reasons we didnt get it was because industry seems to have come roaring back in march. A massive drop in industrial output as the factory economy shut down. In march, there was contraction, but just a 1 contraction from a year ago. What that tells us is, taking the numbers at face value, chinas factories came almost all the way back to their levels of a year ago, and they did that really quickly. So yes, there are some issues on the demand side. Youre completely right to flag the week retail sales numbers. But looking at that monthly trend, i actually thought there was some encouraging takeaways from the chinese data. Vonnie you can let us know what they are any moment. Curious if this means we can trust the china data implicitly now. There had been questions that perhaps some of the data wasnt fully truthful. Certainly, sitting in beijing for 10 years and paying very close attention to the chinese numbers, i am very attuned to those concerns. I think it is fair to say that theres a lot of skepticism about the chinese data, concern maneuvering. Al given the magnitude of the drop we saw in the january and february data, and again in the march data, it does seem like they are giving us an accurate view of the virus impact. That is actually quite valuable because what it means is we have an accurate gauge of what is happening in china, but because china went into this shock first, it also means we have a sort of rule of thumb on how we are going to see this shock impacting other economies going into their lockdowns a bit later. Guy ok. I think we are going to leave it there. Our thanks to tom orlik, head of uber economics. Of bloomberg economics. Vonnie lets check the headline surrounding the coronavirus. Heres viviana hurtado. Viviana the u. S. Is expected to lead contraction in global gdp, according to bloomberg calculations using data from the International Monetary fund. The u. S. Is the leader in confirmed covid19 cases as President Donald Trump issues guidelines that gives the states and employers the authority to abandon most social distancing practices within a month. Nuanced risk on today in the markets. Cases topping 2. 1 million worldwide. Other nations and economies also feeling the fallout of the pandemic, and the pandemic pushing china, where the divers originated, into its first Economic Contraction since at least 1992. Cases around the world topping 2. 1 million. New infections continuing to increase in russia, indonesia, singapore, and spain. The nation having some of the toughest curbs. Autoshow rooms are closed, production shut down, and this explains why in march, european car sales dropped the most on record. Therapies and vaccines are in the works. Reportsares soaring on that its coronavirus drug is helping patients recover, but nearly 1 billion of u. S. Government funding for the filament of a vaccine and in roche developing for antibody testing. This is bloomberg. Vonnie live from new york, im vonnie quinn, alongside guy johnson in london. This is bloomberg markets. It is time for futures in focus. Iaccino, pathbob trading partners. We have a divergence between wti and brent. Where is this coming from . Was coming mostly from the bloomberg story this morning, where Alexander Novak from russia, along with the saudi oil minister, said they had a call yesterday and were monitoring the situation, and were paired to create more cuts. That is in contrast to what is going on in the u. S. , which is there are going to be some forced cuts, but shale wells are shale wells. Once they are up and running, despite the cratering we had in , that is a2019 forced cut, but theres still supply that is going to come out into the market in wti. And now brent looks like it will be a little more scarce. Vonnie and it is looking like the rig count be even lower when we get the numbers. So this 10 difference is obviously causing some herbal effects. Uso is going to alter some of its positions. How is that going to alter some of the prices . Bob ive always told people that if you want to have exposure to crude oil, uso is oil about 49 , 48 crude futures, and the rest is just a mix of other products, including derivatives of crude oil. So u. S. Shale is not actually tiered exposure to crude oil. The uso has to change the dynamic in order to represent what they are trying to represent. So the weakness we see in u. S. Shale obviously follows wti, but position ofa sturdy reaching the etf guidelines in order to stay viable. Vonnie what is attractive right now across the spectrum for oil traders . Well, its interesting. Ive talked to several buy and hold oil traders. If mentioned to me you are looking at the crude oil futures contract, it is about 9,000 of risk just because the prospect of it going to zero is so unlikely. There is the possibility for physical crude oil to trade below zero, given the storage cost factor. When you look at the curve, you still got premiums going up the curve, so you are definitely looking at the economy reopening, but still not looking at much strength within wti at all. You are looking at mediumterm longs and shortterm shorts. Vonnie bob, thank you for joining us today. Bob iaccino from path trading partners. Guy coming up, we are going to count you down to the european close with Chris Watling of longview economics. A quick look at where european equities are on the day. On the week, we are generally in positive territory, though we do see some of the peripheral markets in negative territory on the week. The travel sector is the most bid today. As somebody said, equipping on the blog we have on bloomberg, a bit of dumpster diving going on. The travel sector bouncing back really quite strongly today. Youve also got a bid on eurodollar. The dxy showing signs of weakness today. We were just hearing the discussion when it comes to what is happening between wti and brent. Brent crude currently trading up by around 2 . In fact, commodities are generally reasonably well bid. Theres a little bit more optimism maybe that economies are going to reopen. Certainly saw that news coming through when it comes to the story yesterday delivered by President Trump, though definitely, the president hedging his bets a little bit when it comes to the government. This is bloomberg. from london, im guy ton im 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. Theres 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
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