The world. The nasdaq up 0. 9 . Gold continues to rally. 1733. 48 an ounce. Plenty of currencies are moving against the dollar. How are we doing in europe, guy . Guy we are up, being driven by the oil and gas sector once again. We are trading near session highs. The stoxx 600 up by around 0. 6 . Relatively muted volume today, and to be honest, the volatility , soting to come down again bear that in mind. We seen a lot of centralbank news over the last few minutes. Christine lagarde has been briefing eu leaders as they kick off their summit, their videoconference. She has been warning them that gdp may fall by 15 within the region as a result of the virus. That is largely backed up by some of the pmi data we saw earlier on, particularly very Weak Services numbers coming through for the eurozone. A littlearting to see bit of tightening in some of the spreads. Btpsbunds coming down a bit, so a little bit of outperformance for peripheral bonds, but other big move upside for brent. To circle back to the top of the board, it is driving those oil and gas stocks. Vonnie as we know, earnings in full swing. Almost one to percent of s p 500 almostalready in 20 of s p 500 Companies Already in. We are also hearing lots from ceos on the conference calls. Lets get to somebody who has been following them all, sam stovall, cfra chief investment strategist. I want to quote an economist this morning, a financial economist involved with the traders at mufg. He initially said, what are stockmarket investors thinking . Theres at least 33 million in the country without work. Investors should be running for their lives. Do you agree . Because wall street tends to look beyond the valley. Right now, fundamentals are in freefall. Basically every time we look at Economic Projections for the remainder of this year and into 2021, we see revisions. Downward movements for the first two quarters of gdp expectations, and then upward revisions for the rest of the period. If we look to earnings, we are again looking at estimates that continue to be ratcheted downwards, but i feel that in many cases, these end up being responsive to news that is out there, and what could up and be what could end up being the case is that once we have had a plateau, then we will probably start to see earnings expectations rebound once again. Vonnie so we are in another one of those periods where we are what we are describing is a new normal. Some feel there could be a ramp up, but it wont necessarily be a steep one. Sam well, that is one persons opinion. Secondnomists see quarter down 26 , but then a 21 , 10 rter bounce of in the fourth quarter, and then 7 in q1. What we are seeing in terms of q consensus i estimates, looking for a 4. 8 that isfor 2020, yet being optimistically replaced by a 26 gain in 2021. I sort of feel as if analysts are saying we know that it is bad. We know that all companies are going to throw in as many sinks as they can to 2020 numbers. But we are going to be looking more at 2021 estimates. Guy good morning. At the moment, momentum stocks are definitely leading value stocks. Does that need to reverse before we can conclude that a bottom is in . Wheneverreally because i look at the difference between the s p 500 growth index, the s p 500 value index, what i have found is that six months before, during, and after declines of 15 or more, actually the Growth Stocks tend to more consistently be the leaders. Value, yes, people say is where you want to be over the long term, but maybe it is simply how s p computes its value and growth indices, taking a Value Company out once they start to example five some growth characteristics. I dont really know, but my feeling is that Growth Stocks tend to be where investors want to gravitate because that is where the proven price and Earnings Growth is expected to be found. I would be remiss if i didnt ask you about the movement in oil over the last few days. What do using of the energy space right now . Would you be interested . Would you advise people to pick up some energy names here . Is the worst in the review mirror . Sam i think certainly, theres a lot of pessimism in the energy space, and i really dont see that is something that is going to be turning around anytime soon. I think that you could be looking for some companies that are attractively positioned, especially a company that is a pure play in natural gas, but i think that from a technical perspective, theres an awful lot of overhead resistance that has to get worked off before we can become optimistic on the entire sector and on specific companies within that sector. Vonnie you do have a 12 month s p forecast at a time when many bill many people are suspending guidance. Are you holding onto that . What is it . Sam yes, we have a 12 month target of 3435. That implies a bit more than a 20 advance from where we are right now. , gee, why hasnk that number not changed . Because it is has not the target we established at december of last year, but because of the coronavirus situation, essentially we have moved forward, so our yearend number has come down. Second, i think it would be a responsible for somebody to simply say we have no idea where the market is going to be 12 months from now because technically, thats what our job is, and we should be coming up with some sort of forecast. I look to history and find that , followingto 1929 the bear market there, that the 13 month price appreciation, meaning where we will be in the end of april, 13 months after the possible end of this most recent air market, as an average. Ncrease of 50 since world war ii, the average increase is 40 . So it is not out of the ordinary that we could end up seeing a very sharp recovery in this bull market in the coming year ahead. Plus, if i look to our individual analyst target price forecasts versus current price on a market cap weighted basis, eddins up being similar to where our 12 month price target for the overall market happens to be. Vonnie but theres a range and challenges and headwinds that could be ahead, from emergingmarket defaults to huge fx swings, two oil not to toering not recovering, deflation. How do u. S. Stocks avoid all of those potential pitfalls . Those pitfalls have to take place for that to be a headwind. Scenario, any kind of you can come up with situations that look dire, that could cause the stock market to crash, but the market more than not tens to work through that by climbing the wall of worry. I think for right now, wall street is basically saying we are looking for the economies to begin to emerge slowly. We are looking for people to go back to work. We expect to see improvement in gdp, as well as in corporate profits, and we will wait to see whether we shut down once again in the fall because of the expected reoccurrence of the covid19 virus. Now, wall right street is basically saying we have a vacuum of valuations. We have an opportunity, so at least for the near term, we want to take advantage of that. Lets wrap it all up. I appreciate what you say about your target, and as you say, it is your job to have a target as you see what history tells us. In the short term, do you think we retest our lows before we get the kind of numbers you are talking about . Sam history would say yes because if you look to mega meltdown bear markets of 40 or more since world war ii, whether 1974, 2000 1973, through 2002, we have an interim game in excess of 20 , causing investors to think we are in a new bull market environment, only to be disappointed by another retest of that prior low , either successfully retesting it or setting an even lower low, as we did in march of 2009. If you look to charts, you could say we have already had two slight retests, so maybe that might end up being enough. I think we dont want to be backing up the truck at this point because there is the possibility of a more significant retest come about the same time, i am of the mindset that this will likely be a successful one, and that the march 23 low is likely the loafer for this bear market. Vonnie i know investors certainly hope you are right. Sam stovall, thanks for joining us. Sam is cfras chief investment strategist. Before we get to first word news, a headline. Sell eurodollar and junk bonds at record low yields. Heres ritika gupta. Ritika the numbers are staggering. In the last five weeks, 26. 5 million americans have five for filed fornt have Unemployment Benefits. If everyone asked counted as unemployed, that could mean an april jobless rate about when he percent. President trump has signed an executive order to curb immigration. Green cards that allow foreigners to become permanent residents have been temporarily put on hold. The president says that will limit competition for jobs. Exceptions are being made for medical professionals and researchers. The u. S. House is expected to the rescue plan today. Theres also money for hospitals and coronavirus testing. House Speaker Nancy Pelosi says her next priority is a makers are is a major package of aid for state and local government. That sense of a conflict with Senate Majority leader mitch mcconnell. A wording from european president Christine Lagarde. She told eu leaders that the fall 15 . Could european leaders are having a videoconference, trying to figure out how to mitigate the economic fallout from the coronavirus out rake coronavirus outbreak. 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 ritika gupta. This is bloomberg. Thank you very much, indeed. Up next, more on ecb president warning euagarde leaders. A possible gdp crunch of up to 15 . Plus, we are going to your from World Bank PresidentDavid Malpass, and conversation with tom keene. All of that coming up. This is bloomberg. London, im guy johnson, was vonnie quinn in new york. This is bloomberg markets. Lets get detail on what is happening out there. Kailey leinz, over to you. Kailey we are in the green on this thursday. Volume is a little more subdued in the normal, but looking at gains between 0. 8 and 1 on the major averages in the u. S. Of the pmis out eurozone this morning, 13. 5 on the composite pmi for april. Nonetheless, gains may be adding to some optimism from jobless claims the u. S. They were not good, 4. 4 million, but just a little bit shy of what the market was anticipating. A lot of that bad news is likely expected on the part of investors. Beneath the surface of the equity market, target is lower by about 3 today. The company said that 5 would be cut to its operating margin in the First Quarter because of the coronavirus. They are paying employees more to help them out during this time, but selling lower margin goods. You also have stocks like Las Vegas Sands up today after a better First Quarter than anticipated, plus a recovery in asia, which makes up about 60 of its revenue. Other outperformers on the day are oil stocks. That has to do with the fact that we are seeing further stabilization in the oil market. On is up nearly 30 today now trading around 17. 60 a barrel. It is not more than 50 in the past two days. Still have that massive supply glut. You have the president sounding a bit hawkish when it comes to iran yesterday, potentially some your political risk. Plus, oil has fallen very far, very fast, so some buying is starting to come in. Are still quite low. Normally that would be good for consumers, but they arent going anywhere to take advantage of it. What that means is that the Lower Oil Prices are really just going to be deflationary. If you take a look inside the terminal, you can see that breakeven rates, especially the five year and 10 year, are getting rerated much lower, while deflation, inflation forwards, derivatives have absolutely spiked, so the market is very much betting on a deflationary environment at this point. Absolutely, and certainly the data consistent with that. We continue to see the data pouring in on both sides of the atlantic. Thats get back to that and some of the economic stories that go with it. The ecb president telling eu leaders this afternoon that gdp may fall up to 15 as a result of what the virus is doing to the euro zone economy. Weve also seen claims coming through in the United States, and the numbers continue to be very grim. Another 4. 4 Million People filed for Unemployment Benefits in the week of april 17. That brings the total to more than 26 million in the United States, nearly 17 of the workforce. Notill turn our attention to what continuing claims ultimately look like. Tom mckee of Bloomberg Economics joins us now. Is that consistent with the data we are seeing and what your models are telling you . 15 is a very negative number. If we are talking about the Second Quarter, when a lot of europe is under lockdown, then yes, we are going to see some countries at that level, possibly below. If we are looking at the year as a whole, some countries have got a serious virus problem, limited capacity to stimulate like italy, where we think a number around that level sounds plausible. For other countries in the euro zone, notably the industrial powerhouse, germany, that sounds a bit pessimistic. That said, it really depends on the trajectory of the virus. If we see success in lockdowns, bringing the lockdown under control and a recovery starting in the second half, then at least the countries like germany, 15 is going to look to pessimistic. If we start to see a second outbreak, we could see some very negative numbers. Guy the eurozone composite number today sorry, vonnie. Vonnie go ahead. I was just going to ask a followup 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 doesnt 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 pmis kamal the way back up to the 50 markets a breach 50 mark that separates expansion from contraction. Think we would expect to see a longer delay, but the chinese experience does suggest we could be looking at a downturn which is extraordinarily sharp, but also rather brief. They also told eu leaders that they have done too little, too late. Apart from the fact that that is not exactly helpful because it suggests things cant be reversed i mean, can things be reversed . We are taking a look at downgrades and possibly even country exits. Tom first of all, i would say the ecb acted fast and did asively, and really lot to stabilize the financial situation across europe, preventing a surge higher in bond yields on europes periphery. Of course, with Interest Rates in europe already negative, that is pretty much all they can do. We cant have much stimulus coming from the ecb. That places the onus on Member States to do more with fiscal policy. My feeling is actually, if we look across europe, the fiscal response has been bigger and quicker than we expected. Countries like germany, which traditionally dont like running deficits, have announced absolutely enormous fiscal stimulus. That said, it is an uneven picture. Italy, which faces one of its most serious problems, hasnt thegh, and maybe there is space for italy to provide the fiscal stimulus which it needs to replace income lost in the lockdown. Vonnie how do we get out of this . We have the ecb talking about buying junk bonds. There are going to be huge deficits all over the world. There may even be emergingmarket problems. Investors seem to think it is all going to be ok. Is it . Markets, myink the view is that the markets are not fully pricing in the depths of the challenge which the real economy is facing. The countsks like are stabilizing. There are hopes of getting things under control in some countries. But the depths of the downturn which the Global Economy faces in the Second Quarter is really astonishing and unprecedented. Even the very large stimulus packages which we are seeing introduced in the u. S. , germany, and other places just arent coming fast enough, and they arent big enough to deal with the problem. That is why we are seeing that astonishing rise in u. S. Jobless claims that guy mentioned at the beginning of the discussion. That astonishing rise in unemployment, what that means is that even after the outbreak passes, the downturn isnt going to be over, and we are going to see weakness sustained into the second half. That is even on an optimistic scenario for the virus. If we see a second outbreak, clearly the secondhalf situation is going to be that much worse. Vonnie tom, thank you. That is tom orlik from Bloomberg Economics with us. Carl ahead, Union Pacific volume dropped 25 from last year. We will speak with ceo lance fritz about how the company is preparing, and also about a rampup that will not be steep for the u. S. Economy. That is coming up at the top of the hour. This is bloomberg. You doing okay . Yeah. This moving thing never gets any easier. Well, xfinity makes moving super easy. I can transfer my internet and tv service in about a minute. Wow, that is easy. Almost as easy as having those guys help you move. We are those guys. Thats you . The truck adds 10 pounds. In the arms. Okay. Transfer your Service Online in a few easy steps. Now thats simple, easy, awesome. Transfer your service in minutes, making moving with xfinity a breeze. Visit xfinity. Com moving today. Tom we welcome all of you on Bloomberg Television and Bloomberg Radio to a timely interview. Fed officials to and with the International Monetary fund. It is as important to speak to the reach, the span of the world bank. The world bank has been followed now by two back to back scientists. Dr. Kim of dartmouth, of course, and now the physicist from colorado college, David Malpass, appointed by President Trump to take over the responsibility of the world bank, of course, not knowing that this great pandemic would come. We are thrilled we can have David Malpass with us today on bloomberg. I want to get right to it. What is the next step for the world bank . I think our audience worldwide understands chairman powells mission. They understand with the imf will need to do in beleaguered countries. What is your first Order Mission at the world bank . David hello. Good to see you. The first order was to set up Health Care Programs for the emergency, and we managed to get 100 countries that have arrangements with the world bank , that provide things like personal protective equipment into the hospitals and so on. That has been good. The next step has been to help the countries get ready for a recovery when it happens. Specifically working on the focus that they need to have more transparency on their debt, they need to work on the fuel subsidies. With oil prices down, it is a lot less critical to the people of the country to have the government keep subsidizing gasoline, so that is something they can work on. And then social protection. That means a safety net for the poor. What we are trying to do is get cash to people, actual cash to people, rather than funneling it only to the government entities. Tom the medical professionals that we spoken to at bloomberg make very clear that the third world countries, the world bank countries, if you will, are really fragile, and particularly fragile in their medical infrastructure. The world bank has to provide leadership there. What is your action plan to improve their ability to respond to this virus . There is a big challenge. That,a deep recession with the advanced countries shut down, the poor countries dont have markets. They dont have remittances. Theyve been used to getting money from people sending money back home. Dot they have been trying to , some countries need more hospital beds. Some countries need more equipment. Programs are very impressive. People worked really hard over the last month, both in offices and a lot of the countries that had to connect, often by videoconference, with government officials in order to get the list of things that were needed in the country. So that is all going on, and we are also trying to do Group Purchasing an advanced purchasing in order to help groups of countries at the same time. Tom i mentioned at the beginning, we have two president s in the world bank, back to back scientists. We have a president of the United States who some would say is antiscience. He has recently gone after the World Health Organization as well. I want you to speak now of the institutional integrity of the who, and i like the want you to speak to americans who would suggest the integrity of the world bank is not there to distribute the money, to distribute the funds. How will you spend the money, the millions and billions of dollars, over the coming months . Is a hardl, that question. It is valid to ask, and it is valid to ask the world bank to defend that. The governance structures are pretty strong. Loan fories ask for a , we canarea or a grant look at the system that the country is proposing to use to monitor that. My sense is theres very good integrity of the flow of money from the world bank. Many of the International Organizations around the world, it is hard to generalize into those, but for the world bank, we have a system where we are looking hard at what we want to achieve for the country, and then the integrity of the flow of money. I think most americans would support that idea. If you can have some confidence that money is going into people , the u. S. Is aes generous country, and that shows up. Tom i am glad you brought that up, and i saw that famous fast in your personal remittances the other day. Across america, it is shocking the amount of money that is remitted across the world bank. Explain to us the dearth of remittances right now, and what this means to the poorer countries. David i am so glad you raised that. , that almostries often want to find jobs and they cross borders to do it, but as soon as they have a job, often they are finding ways to send money back to their families. Is that people have lost their jobs in the events to economies. You see that in both the u. S. , europe, and that is hurting the ability of people to send money home, but theres also the problem of the systems are breaking down. And of the Banking Systems the ability of the transfer the worldconnect, so bank is very involved in that. One of the things i have been pushing is the importance of Digital Financial services. If you can show to workers that their money gets to their family are workingy harder, sending more money home. Western europe, into north africa. Valuableose are very for the poor that are left back home. Tom in the time that we have left, i want to speak of the uproar of the president selecting a new world bank leader. What has been your Biggest Surprise at the world bank . Theture was bank to picture was painted of a huge bureaucracy, and that you would not be able to get anything done. What has been the biggest malpass upondavid entering the doors of the world bank . Happy of mye been ability to work with the personnel within the world bank. We have very strong people in spots. Theres been turnover. Kristalina georgieva became the managing director of the imf, so she was number two at the world bank. Hole, but we a were able to fill it quickly. I guess the Biggest Surprise is the challenge with the countries themselves. Do at theasked us to world banks work very closely with the client countries on programs that will actually raise incomes and address polity address poverty in those countries. Vested interests are a big ,hallenge in much of the world where they want to keep the money for people who already have quite a bit of money. What i am trying to do is get the Median Income to rise for these countries. Tom in this crisis, will you have to go out and find new funds . But would you say to the American Public skeptical of donating further to the world bank . David the American Public has been incredibly generous around the world. He here a lot of negativity in reality of thehe world is the u. S. Is a strong leader in the world and a strong leader in the world bank. It is the biggest shareholder, a very big donor into the world bank, and that is passed on in terms of usable funds abroad. I guess what i would say to people is be clear in the national interest, whether you are in the u. S. , and japan, and europe. Find organizations that are effective in order to channel that interest. Workorld bank is able to across 150 countries in order to have an impact on better programs, less poverty, clean water, electricity, better infrastructure systems, better climate, better environment, all of the things that are needed. It is working well enough. It just means that theres lots of work, lots of steps needed, and especially now with a global recession. Joiningnk you for bloomberg today. David malpass is the president of the world bank. Thank you so much for listening on radio today. Back over to you. To radio and on television, we say thank you to you as well. This is bloomberg. York, imve from new vonnie quinn, along with guy johnson in london. This is bloomberg markets. Union pacific expecting Second Quarter car volume to drop 25 from a year ago. We will speak with the ceo about the company and how it is preparing at the top of the hour. First, lets get to dave wilson for a little more on how the stock performed in the last three months. Aheadyou mentioned whats in the Second Quarter. Weve got to take a look at the First Quarter. They had unexpected growth in earnings, and revenue only fell 3 . Analysts were looking for not so good numbers on the top or bottom line. They benefited from a drop in costs. Theres an operating ratio that people Pay Attention to in the railroad industry, and lower numbers are better because youre talking about cost relative to revenue. Was the 59 , which lowest ever for Union Pacific, and the fourth straight quarter the figure was under 60 . They had longer trains, they traveled faster, and diesel fuel costs went down, so they benefited in terms of their earnings. As far as the Second Quarter goes, the 20 drop in car loads is going to be an issue. Union pacific said they are in a position to handle that. They have 2 billion in cash, which is higher than you have seen based on some yearend figures historically. On a quarterly basis, 2 billion is about as much cash as they have had over time on their balance sheet, so it puts them in a position to deal with the weakness they see coming in the railroad industry. On top of that, they figure they are not going to have to borrow money to do it as many other companies have had to do. It is not just Union Pacific doing well, at least relative to what people were expecting. We had numbers out of csx yesterday, and sure enough, earnings beating estimates, and their operating ratio down from a year earlier. Put it altogether, it is a plus, even though csx, like a whole lot of other companies, is withdrawing their full year estimates and taking a look at what they are doing in terms of capital spending. Put it altogether, and the railroads look like they are in better shape than people had been anticipating now that the First Quarter are coming out. Be interesting to see whats to see what prices look like now with capacities. We will be speaking to the ceo a little later on at the time of the next hour. Lets turn to the banking sector. Credit suisse is one of the worst may be to come. It is setting aside 1 billion to offset the effects of the coronavirus. Francine lacqua spoke exclusively with the companys new ceo. It was a baptism of fire, as you said. I did not expect that when i took the role on february 14, but within less than a month, a lot of things have changed. Having said that, i am very pleased with our results. It was a Record Net Income of 14. 3 billion dollars, tangible return on equity. From that respect, very pleased with the fact that we managed to incorporate a reserve build of 1 billion, as you mentioned, which consists roughly of about 600 billion of credit provisions and 400 million of market to market losses. As you may or may not know, we are a u. S. Cap reporter, one of the few european banks that is a u. S. Cap reporter, and that included a meaningful portion within our credit provisions, oft shy of 400 million writedowns, which are not single name writedowns, but much more writedowns for the entire lending book. With respect to assumptions, we clearly assume a significant reduction in gdp in the Second Quarter of roughly 20 in the u. S. , and in the high Single Digits in europe and switzerland , and further full year, we expect recessions not only in the u. S. , but also europe, and to a lesser extent in switzerland, but also for switzerland, our models assume recession for this calculation. Francine is the assumption reflecting the current calculation of lockdowns being eased and all of the government functions by working by may or june . Or is it a bigger stress test . We assume recession for switzerlandu. S. And , and we have done this on the basis of the end of march assumptions, and we factor in a slow removal of lockdowns based on our current knowledge. Work withcally we various scenarios as part of these calculations. Francine how has transaction income held up for the month of april . Quite good. Volumes are still quite decent, but have come down a bit. It has stabilized clearly, but turns action revenues are still quite strong. Francine do you worry about anything being systemic . Theres concern that if there are defaults in shale in the u. S. , it could become a systemic problem. Are there sectors that you think could become something that looks like a financial crisis . Is not only about oil. This is about transportation, retail. This is about everything. I think so far, if we look at the First Quarter results of the u. S. Banks, i think the banks have held up very well. I think we are far away from a financial crisis. , we have to stay disciplined going forward, both in terms of our capital and liquidity management, but also in terms of our cost management. That theconfident position we have puts us in a strong place to do that. Credit suisseas ceo Thomas Koch Johns speaking with us earlier. Speaking gottstein with us earlier. Viviana nearly 4. 5 million americans filed for unemployment, bring the total to 26 point 5 million jobs vanishing during u. S. Social restrictions. The u. S. House is expected to pass the latest rescue package, and there is some doubt that points to u. S. Unemployment rate hitting as high as 20 . In europe, eu leaders are currently having a videoconference, discussing what he rescue looks like. Ecb president Christine Lagarde cautioning that gdp could drop as much as 15 . U. K. , eu as well as the Business Confidence is in a freefall, including in germany, where Consumer Sentiment has dropped to a record low as the coronavirus leads to europes highest deaths in decades. Singapores covid19 cases continue to spike. Is for a fourth consecutive day. Half of the six vaccines in the human trial stage are in china, according to the World Health Organization. The organization saying theres a total of 83 vaccines and the element around the world. In new jersey, the coronavirus has hit hard in nursing homes. The who is saying that up to half of the People Killed by the coronavirus in europe are seniors and longterm care facilities. You are watching bloomberg markets. This is bloomberg. We have been discussing, data on both sides of the atlantic really grim. Pmi data, horrible on both sides of the atlantic. Claims data not good. Lets get a sense of where this leads us and talk a bit about the market response to all of this as well. Ira epstein is joining us now out of chicago. Im really struggling at the moment to get a consistent signal from the market when it comes to dealing with data. If the data are bad, the market needs to do its own thing. If the data are improving, the market seems to do its own thing as well. There doesnt seem to be any correlation between data and Market Reaction at the moment. Can you walk me through what you are seeing and what your take on that is . Ira i will bring you to where i think we are at. We had a market crash that carried into march. We got a bounce in most of the stock indices. You went up about 50 . Exception,was the going higher than that, and the russell undershooting. From there we have been drifting sideways, as no one seems to be able to get a handle on wind businesses get back to normal, when the public goes out, if they get reinfected, and what does it mean. We know the Economic Data for the First Quarter, be it corporate earnings, restaurants, retail, we know they are going to be terrible, and theyre living up to just what we thought they would be. In america, we hit 20 less unemployment today, but the market is looking over the horizon. That is what the market does. The market is looking to see, if things are going to get back to semi normal in america, europe, asia, where do we on the next step . Unfortunately, the next step is going to be ugly as well because that is where the bankruptcies come in, the lack of financing, and other parts. But you go through first the hope and dreams that things are going to get magically better. The market is adjusted to the fact that it is not going to be a vshaped recovery. People hope it is going to be an lshaped. Th each time we go a dataset, you go one way, and the next, you are the other. Guy fair enough. We are going to have to leave it there. Thanks for your time. Up next, the european close. This is bloomberg. Beyond the routine checkups. Beyond the notsoroutine cases. Comcast business is helping doctors provide care in whole new ways. All working with a new generation of technologies powered by our gigspeed network. Because beyond technology. There is human ingenuity. Every day, comcast business is helping businesses go beyond the expected. To do the extraordinary. Take your business beyond. Guy from london, im guy johnson, with vonnie quinn in new york, we are counting down to the european close right here on bloomberg markets. Stockss of european right now, they are near the session highs as we approach the last half hour of trading here in europe. Oil and gas are the lead story in terms of the breakdown with the bottom of the screen, up by 12 . We are reversing some earlier gains that we saw around headlines in the euroyen, but we have seen written headlines coming out of the ecb in terms of a briefing delivered to eu leaders who are currently i conference by video, painting a economicure of the story coming out of europe. That is kind of backed up by the pmi data that we saw a little bit earlier on, particularly in