Up 0. 8 nonetheless. A lot of companies suspending guidance, but a few green shoots as well. For example, cap talking about upsizing for example, gap talking about upsizing its bond offering today. That is really rallying today. 11. 8 monthere down over. Month for retailers in general yen strengthening today month over month for retailers in general. The yen strengthening today. Waiting for the ecb later this week, as well as the fed, for some forward guidance. At 13. 15. Ng the vix at 32. Companies withdrawing guidance at a rapid clip this quarter. Our next guest says we need an event that could offset the black swan pandemic. Lets welcome Jason Trennert, strategic us Jason Trennert, Strategas Research partners chief investment strategist. Say, as aave to market for does but, i am not counting on it. Ash a market participant, i am not counting on it. It is certainly not my lane, but i think all the experts i have listened to would tend to think that the white swan event in terms of a vaccine or something might be quite a ways off. So we hope for it, but i have to say i am not betting on it. Vonnie the profile of the recovery is what people are really waiting to hear, right . I am curious as to what you guys at strategas think. Isnt the magnitude of the downturn that will shape the is it the magnitude of the downturn that will shape the recovery, or Something Else . Jason i am somewhat cautious. I think the magnitude of this recession is enormous, and i also think the duration will be longer perhaps then people think. One of the things that concerns me, i am not sure how many people are paying attention to 2021 earnings forecasts. As you mentioned, a lot of companies withdrawing guidance. People are really expecting a vshaped recovery in earnings. I think that is unlikely, and my own view. I thick it is going to be more ushaped. The black swan event in some ways wasnt the virus. It was the shutdown. It is going to take a long time especially for Small Businesses to get back on their feet. Vonnie why are stocks rallying so much . We are getting another bounce today even though companies are saying negative things area even negative things. Even gap is rallying because it is widening its bond offering to 2. 25 million. That probably should be taken as a negative sign, right . But the market is taking all of these things, including 3m saying it the worst is yet to , as positives. Why . [laughter] jason its a good question. Theres still some bearishness out there in terms of positioning, and the pain trade, as we say, i get higher. That can be part of what is driving stocks higher, the people are covering short positions, and a short position is a pretty consensus view. Theres also an enormous amount of stimulus, monetary stimulus that the fed has provided, so you never really want to fight the fed. I am looking at a more from the wouldntview that i put a lot of fresh money to work here at these levels. I will put it that way. I am somewhat nervous. I would be careful being short because of the amount of stimulus that the fed has injected. By the same token, given our view, we dont see there being a lot of value in the market as a whole. Good morning. Guy in london. Lets talk about what you just mentioned, the central bank story. At the moment, it seems that there is a battle raging within equity markets, between the fundamentals and the liquidity being provided. Ultimately, which one of those two do you see winning out . The liquidity is absolutely massive at the moment. I think liquidity in many ways, i think a lot of the liquidity over the last 11 years wound up going into Share Repurchases because Interest Rates were kept purposefully low. I am not so sure purchases this time around will be as big a tailwind for the recovery in stocks. Be hardit is going to in and of itself to push the market to alltime highs. There could be a range here between the low that we saw. I tend to think the low we saw wont be the low. , like i said, i dont see there being a lot of value here. It is looking to keep the market stable rather than propose the market to new highs. Guy theres a lot of talk about a second wave of infections coming through as the economy starts to reopen around the world. If it doesnt come then, it is likely to come in the fall. How would you position for that second wave . Jason again, thats not my lane, so i will try to stay away from that. I am largely of the view that whether there is a second wave were not of the virus, i do think that there is going to be another wave of layoffs among Profitable Companies and among companies reevaluating their Business Plans for a new economic environment. I would rather stay away from the things i really know nothing about and talk about the things i do day today. I am of the view that, even if everything, even if we were to have a white swan of a vaccine tomorrow, i think the economic image thats been done by the shutdown will take a long time to repair. Towards, at this point, we have more of a bias these days towards growthier than the value stocks and cyclical stocks because i think growth will be hard to come by. Those make more sense given the economic environment we are in now. Vonnie we will get into that and a second, but spreads have been coming in the last couple of days. It looks like theres a lot more calm to the market. The striking volatility we had seen over previous weeks might just be on the back burner. Are investors pricing risk correctly . How much help can the fed give . How much is too much . Jason its a great question. Personally, is, doing precisely what they should be doing. Think at another time about whether it is too much. Of course, the most immediate , and i is deflation think the fed is doing a good job of fighting deflation. I think thats part of the reason why financial conditions have stabilized. That is the feds primary job right now, to make sure things dont get worse. First, do no harm. Later they can worry about withdrawing the stimulus if it winds up being too much. I never like to question the markets too much. I also dont like to see markets give confirming signals among all markets. To me, the stock market is a little bit at odds with Commodity Prices or bond yields generally. They are somewhat consistent with spreads, but still, credit spreads are higher clearly than before the start, and stock prices are lower. I would feel little more comfortable if we saw Commodity Prices start moving up, and if bond yields, treasury yields come of the risk for yields started to go up as well. That would be i think a very good confirmation that the worst is over economically. Unfortunately. I dont think we are that close to that. Vonnie jason, thank you so much for your time today. That is Jason Trennert with strategic us Research Partners with Strategas Research partners. Toer this hour, we are going be speaking with 3m ceo mike roman after the Company Reported earnings and warned the worst is yet to come. This is bloomberg. Imie live from new york, vonnie quinn, along with guy in london. This is bloomberg markets. Lets go to the Economic Club of washington, d. C. , where David Rubenstein is speaking with dr. Anthony fauci. Why weve got to be careful and very circumspect as we go from a lockdown to a gradual rolling reentry into some sort of normality. David you have said that you think it is likely that in the winter, this virus could come back, as the spanish flu of 1918 came back fairly recently fairly lethally. Dr. Fauci i am a most certain it will come back because the virus is so transmissible and is globally spread. Remember, all kinds of viruses like this when people are indoors and congregated in the cold, dry weather, they tend to do better than when you are in a warmer climate. I dont know if that will make a major difference here, but what we know is that right now, as we start to stabilize, southern , places like cape town and other places are starting to see the emergence of cases. So it is not going to disappear from the planet, which means as we get into next season, and my mind, it is inevitable that we will have a return of the virus, or maybe even it never went away. When it does, how we handle it will determine our fate. If by that time we have put into place all of the countermeasures that you need to address this, we should do reasonably well. If we dont do that successfully , we should be in for a bad fall and a bad winter. David how do you look at testing . Other countries that have taken on nesting. Here, we are letting the states take it on. Why is that the best way to do it . If somebody wants to get a test today, can they realistically get one . Dr. Fauci ive been public about that early on with our testing capability. It was not really properly designed for what we had to deal with in such an acute way. It did fail early on. Ive already said that, so im not creating any new dialogue here. However, we have responded in a very aggressive way, and appropriately for the way our country is built. Namely, we have engaged the private sector, the Big Companies who know what they are doing, who do this for a living. Right now, over the past several weeks and into the future, the testing situation has improved very rapidly. Whether or not we are exactly where we want to become of that range to be seen. I think we are either there or getting very close to being there. Yesterday, the plan that was rolled out was a blueprint for againg as we open america , and the thing in that that is now different, it is really a True Partnership between the states and the federal government, where the implementation on the ground should be at the state level because they know what they are doing, but the federal government has a role in providing Strategic Direction and technical assistance, and that is something that wasnt fully in place early on, but right now, there is a commitment of that partnership between the federal government being the supplier of last resort, but also the group that allows the interaction with the states so that we can give them Strategic Direction and let them do at the local level what they do very well. So i believe we are much better off now than we were several weeks ago. Work . Do the tests are there a lot of false positives or false negatives . Dr. Fauci the validated tests effective. Re there are two major categories of test. One is a test for the virus itself. Those tests, there are multiple different platforms they get you there. Some more rapid than others. Some using a different approach. But the bottomline, it tells you whether you are infected or not at this particular time. Theres another test now being worked on. Many of them are out there that have not been validated, but a few have been validated by the fda, and that is an antibody test. It doesnt test for whether you are infected now. It tests whether you have been recovered,nd likely and now have antibodies, which are proteins the body produces in response to an infection. Most of the time, it protects you against being infected by the same virus again. The degree to which that protection exists still needs to be worked out for this particular virus because this is the first time that weve had any experience with this type of virus. So one group of tests for the virus is quite solid. The other is working its way now into being more solid. David now, vaccines. What is the status of vaccines . There were reports that your lab in oxford is testing something that seems to have worked in monkeys. What is the likelihood that that could turn out to be good for humans . Dr. Fauci certainly it is possible, and i am cautiously optimistic that not only that candidates, but a number of other candidates that we at the nih are partnering with our pharmaceutical colleagues, and some companies and countries are developing vaccines totally independent of us. There are going to be a lot of candidates out there. Them areow, a few of already well into phase one studies in humans to determine if it is safe, and hopefully we can move along rather rapidly to get an answer, are they safe and effective, and a timely manner, which ive said from the beginning would likely be a year to a year and a half. Hopefully by the time we get to this coming winter, we will know whether or not we have a safe and effective vaccine, and then the challenge will be to scale it up enough to be able to distribute it meaningfully in this country and throughout the world. That is the reason why, as important as getting a vaccine that you show works and is safe is the ability to scale up enough doses so that it isnt confined only to rich countries, that the rest of the world can have access to it. David we never really came up with a vaccine to prevent contracting hiv. So why are you optimistic we can this . Vaccine for a lot of work has been put on hiv as well. Dr. Fauci theres a big difference with hiv, and i am glad you brought that up. With hiv, whenever you make a vaccine, what you rely on is the ability of the body to make an adequate response to natural infection. We know that measles is a serious disease, but the body clears measles in the overwhelming majority of individuals and leave those people with an immune response that protects them against reinfection. Measles already proves the concept that the body can make a good response. With hivot the case for reasons that are very perplexing. Not make a good response against hiv which can protect them, which is why over the millions of cases, there have really been no instances of spontaneous removal of the virus from the body purely on the basis of your natural immune response. However, with other viruses, including respiratory viruses, the body does make a good immune response. Many people recover from coronavirus infection, this Novel Coronavirus which is giving us so much trouble. The very fact that people can mount a natural immune response that gets rid of the virus makes me cautiously optimistic that we can develop a vaccine that can mimic natural infection enough to induce that same sort of response that would ultimately protect people. There is no guarantee. Theres never a guarantee of success. But the fact that the body can do it gives me cautious optimism. Vonnie could covid19 mutate the a covid 20, so that vaccine wouldnt be adequate for this adaptation of the existing virus . Dr. Fauci that is always possible. Tolikely would mutate less make it evasive of the vaccine that it might to make it a little more or less verlander more or less virulent or more or less resistant to a drug. For it to mutate so the vaccine doesnt work is possible, and could occur. That is the reason why you need to do carefully designed and wellcontrolled studies to look at the efficacy and match it against the immune response for the particular virus that happens to be currently circulating. David why do you think this virus has been so damaging to people who are elderly, who are 60 or 65, or people who are africanamerican or other people of color . Dr. Fauci one of the issues that is very clear is even if you look at influenza, which we have a lot of experience with, influenza and other types of elderlyalways hurt the and people with underlying conditions more than healthy young people. The interesting thing about this infection is that, for the most part, it is heavily concentrated towards people who have underlying conditions. That is mostly hypertension, diabetes, obesity, some chronic lung busies. We dont fully appreciate and understand what i call the pathogenic mechanisms of this virus, but as we learn more has ait, we see that it complicated way of hurting the body. But if you have an underlying condition, it makes you much higher at risk not of getting infected, but it actually getting a deleterious consequence. With regard to africanamericans, unfortunately the disparity and health that has nothing to do with coronavirus, that we have known forever, is that the Africanamerican Community suffers disproportionately with those diseases like hypertension, like diabetes, that actually give you a greater possibility of having a poor adverse that come. So it is a double whammy. They disproportionately have these diseases that are bad enough to begin with, and that puts them at additional risk of getting a poor outcome when they do get infected. David there are 300 30 Million People in the United States worried about your health. So how are you staying healthy and avoiding this virus . Rubenstein speaking to dr. Anthony thought he, who is, as we all now know, the director of the National Institutes of allergy and Infectious Diseases in the United States. It is a fascinating conversation. If you want to carry on listening and take part in that process, go to live on your bloomberg. Next, we will hear from pennsylvania cemetery pennsylvania senator pat toomey. Thats next. This is bloomberg. Dr. Fauci the thing that i do now that i didnt get before his get at least five or six hours of sleep, which i didnt do before. That and staying away from people, to the extent that i can, doing every thing virtual, the way we are doing now, is keeping me ok. I am running a little bit on fumes, but they are pretty good fumes. Staying connected your way is easier than ever. Youre just a tap away from personalized support on xfinity. Com. Get faster internet speeds with a click. Order xfi pods to your home in a snap. Or change your Xfinity Services with just a touch. All in one place. Youre only seconds away from all of that on xfinity. Com. Faster than a call. Easy as a tap. Now thats simple, easy, awesome. Guy welcome to bloomberg markets. Im guy johnson in london, with vonnie quinn in new york. Ep stock is trading higher in 3. 75 today, up by about after the Company Reported a drop in profits in the First Quarter and announced a 10 billion Revolving Credit Facility to strengthen its finances. Bloomberg spoke to the new Ceo Bernard Looney a little earlier. If we think about it in terms of the actions that the government here in the u. K. Has taken to strengthen and protect jobs, which i think was an early move, a quick and decisive move which will have a huge impact in a positive way, we have taken a decision here to not make any staff redundant for covid purposes for three months, and weve also taken the decision that we will, for example, not for low workers. We believe that a scheme like that is not intended for company like bp. There are far more companies in a worse situation than we are, and we are very focused on taking care of ourselves, taken care of our own finances. There are many levers we have in our hand. We will take capital down by 25 1s year, maybe another billion to 2 billion next year. We think we can get our business to a breakeven of less than 35 a barrel next year. It really is about controlling the things that we can control and leaving some of those facilities for the people who need them more. So you can get to a breakeven of less than 35. What is the creature what is the crucial letter you want to poll than to get down to those levels . Are breakeven in 2019 was around 56, so going to 35 by next year is the right thing to do. We will drive it lower if we can. The Economic Uncertainty here i think is immense on how this recovery is going to play out over the coming months. But we are very focused on the basics of the business, and capital is obviously a huge lever for us. Planning to spend around 15 billion. We will take that down to 11. 5 billion. Some expiration and appraisals spend for some retail growth projects, things that we can control. Then on our cost base, we are big believers in the digital agenda and have been for quite some time, so we have invested heavily. We believe we can take more out of automation and digitization. And then in terms of how we work as a team, we want to become much more integrated, much more agile, much more focused. We announced in february that we would reinvent bp, and thats what this is about. Takefore, i think we can 2. 5 million out of the cost base by next year. So those are the type of things we have in mind. Oil prices just turned negative last week. I know you like to focus on the things that you can control, and that is completely understandable. Maybe the oil price is not one of those come about with prices as volatile as they are, do something need to be done to look at the structure of the market, the role of etfs, for example, to try to give a little more pricked ability, or is that something you are not thinking about at this point . I think weve all given up trying to predict the price of oil. We certainly dont control it, gasof course, weve got prices as well and refining margins. But theres a lot of commentary about some of the things you have talked about. What is happening in the market is a basic supply and demand issue. We are in a world where we expect demand in the Second Quarter to be down around 15 Million Barrels a day, five times the previous record for demand destruction. Of demande type destruction we are seeing. At the same time, we have supply coming into market with the opec agreement not coming into effect. So we have a situation where we have excess supply, and inventories and storage are filling up. Cushing is 70 full. People think we will reach completely full sometime in may, and we are very fortunate to have a very large trading organization. They have been able to find a physical home for our crude, but not everyone is that fortunate. So what is happening here is a simple case of supply and demand , and the market really isnt going to find some stability until that comes back into balance. Bp ceo bernards looney speaking with us earlier. Coming up, with debate raging about the time and speed of reopening the economy, republican senator pat toomey will join us. That is coming up next. This is bloomberg. Cirilli, chiefn washington correspondent for Bloomberg Television, radio Bloomberg Television and radio. One of the people appointed to that commission is senator pat toomey, republican from pennsylvania. That is where we begin our conversation with the senator. How do you make sure that the fed stays within its statute as you look to provide oversight over the central bank . Well, i think theres several elements to this. The two that i am going to be focusing on initially are going to be the processes the fed sets up, procedures, the internal checks that they develop for the implementation of the 13 free lending facilities we have authorized with legislation, and then the execution. Does it in fact proceed as it is supposed to, as it is designed . I look forward to that role. This is unprecedented in its scale, and its nature, for that matter. Or both of those reasons, we owe it to the taxpayers that we provide the oversight that we are responsible for. Kevin is there any word yet on when a chairman might be appointed, and when that report will come out . Sen. Toomey actually, there will be periodic reports. The statute requires monthly reports once the fed starts actually sending credit. It is not entirely clear exactly when the chairman will be agreed to. That is a decision that has to be made jointly by leader and democrat House Speaker nancy pelosi. So they will have to find someone they can agree on to get as a chairman. Week inast pennsylvania, the democratic Governor Tom Wolf released his reopening framework for the pennsylvania economy. You also released a framework of your own. What is the biggest difference between your two plans . Sen. Toomey i think the biggest difference is that my plan would allow more businesses to reopen , andr than to governors mine i think is a little more objective. There are straightforward criteria that if a business meets, they would know they are able to reopen, whereas with the governor, it is a little more subjective. We wont find out until may 8 meetsr or not a company those more subjective criteria, and nothing happens until may 8, whereas under my plan, we would have had a number of categories of business opening late last week. Kevin you wrote a letter to treasury secretary Steve Mnuchin pertaining to the Small Business administration, and to make sure that Small Businesses and mediumsized businesses are able to get the loans that theyve applied for. Have you heard back from the Treasury Department . Have you heard from sba . What can be done to make sure these companies are getting the cash that they need . Sen. Toomey the good news is i have heard back. I spoke with secretary mnuchin again yesterday. We speak periodically. I have to say, the treasury was extremely responsive to the feedback that we were providing and others were providing about the challenges of implementation. Just to reiterate, this is completely without precedent. For the federal government to stand up a program as quickly as they did, and a matter of weeks, and start making thousands and tens of thousands and ultimately millions of loans. The big majority of all of the loans are actually quite small. Very Small Businesses are participating. The secret to that i think always was and remains the fact that small banks, those are the banks that provide Financial Services for Small Businesses, and small banks are able and have demonstrated their willingness to participate in this program. So that has been the key to making sure that the ppp program, the Small Business lending program, is available to even the smallest of businesses, and that does seem to be working. Kevin in terms of what Small Businesses are able to get that liquidity,y, that how do you make sure there are policies in place so that their Shovel Ready Projects that are good to go and that people can get back to work immediately . Is notomey well, this an exercise in providing Shovel Ready Projects for businesses. This is allowing businesses to survive what should be a very brief shut down so they can then resume normal business. Our economy was absolutely booming. We had nearly 3 unemployment, record low unemployment for many demographic categories, and a 50 year low for the population in general. Strong economic growth, wage gains. A new batch of Government Programs to get our economy going. Wet we need now, given that have shut down our economy, is to bridge these businesses, bridge their finances, provide them with the ability to make willie forote what really should just be a matter of weeks. We are reopening our economy across the country to different degrees, so hopefully this program gets us through this spell, and then business is back and able to stand on its own. Kevin senator pat toomey, republican from pennsylvania, member of the Senate Banking committee, come back and talk to us once that first report does come out. Much more market news coming up next. This is bloomberg. Guy live from london, im guy johnson with vonnie quinn in new york. This is bloomberg markets. 3m Quarterly Sales and profits topping estimates today, but the companys warning that the worst is yet to come. It expects the Second Quarter to be the worse for the global economy. Joining us is 3ms ceo mike roman. Lets talk a bit about where we are with the business right now. As i said, you withdrew guidance. I am wondering which sectors within the business. Where do you have the most visibility, and where do you have least visibility . Mike thank you for having me on. Let me take a moment to say how much we appreciate and admire our heroic nurses, doctors, and First Responders for all they are doing to fight covid19, and i could not be more proud of how our employees around the world have stepped up to help lead in this fight and support those front lines. Priority of our focus in fighting this pandemic, and we are also working to manage our business for our customers and shareholders as well. Looking at where we are as we come into the Second Quarter, looking at the outlook, we did withdraw our guidance. Theres two great of uncertainty in a fast changing environment. Even as we came out of the First Quarter, we saw deceleration in some of our end markets, both geographically as well as in key markets. We continue to see Strong Demand in respirators, as an example, but saw a slowdown in areas like elective procedures and health care, so our medical solutions and a sharp decline in our oral care business. We highlighted, while we withdrew guidance, we are going to provide monthly updates on our business. We started that was just where are we to date. We are down midteens in global growth. Ast is true for the americas we come through the first several weeks in april. That really set us up for a slowdown in some of the actions we are taking to manage against and market demand and manage our costs. Guy we are now getting to the point where a lot of economies in the president of the United States is likely to talk about this a little later on, and we heard france is looking into reopening their economy as well, that process is now getting underway. Inwe have the necessary ppe place to allow this process to happen . What kind of visibility do you have about companies having the right ppe to bring people back into offices and factories, for people to start going about their businesses as we start this process of reopening the economy . What can you tell us about what supplies look like and which areas look best prepared . Mike the story to this point has been ramping up production. We have seen Unprecedented Demand for ppe, and for us, the n95 respirators used by Health Care Workers and First Responders, that demand outstrips our capacity to produce enough product. We have been ramping up. We brought our Surge Capacity online. Coming out of sars, we invested in Surge Capacity to be ready for more crises that demand us to step up. Covid19, the battle here is greater than anything we have ever seen, so we continue to add to that. We are going to take the u. S. Capacity from 35 million a month to 50 million month by june. We will take worldwide capacity by 100 million and up lit by the end of the year to be able to produce 200 million respirators a month. For us, that is our focus right now. The demand in the nearterm is greater than our ability to produce, but we are going to and, as anments industry, ramp up to serve that as we go forward. Reopening the economy will be the next aspect of that, something that we talk about a how are wecompany, expecting to see that. I would stay there is still a lot of uncertainty about how that is going to play out. Work throughwill the n95s this year. Vonnie you said on the call this morning you would never raise prices during a pandemic. Will you be able to keep your prices fixed, however . What about Raw Materials . What about the supply chain . Critical toreally the ability for us to supply the frontline Health Care Workers and First Responders. We have to manage the entire supply chain back to Raw Materials through our production and through supply and logistics as well. It would say weve had very strong support from our suppliers on Raw Materials. We havent seen raw material price increases, and part of what we benefit from, some of things Raw Materials are that are not unrelated to oil and gas. They are byproducts of refining oil and gas products. Stable,e seeing that and the outlook is we can manage that. Our investment in capital, that is part of our model. We are committed to hold that line as we go through managing and fighting in this battle with covid19. Vonnie you did show some expense controls, cutting expenses even in the quarter. I am curious, now that youve implement it a paid furlough program, do you anticipate at some point, even a couple of quarters outcome i meeting to lay off people in order to keep up the expense control . Say thewould uncertainty about what are we going to have to do in the next steps is just not clear at this point. Reaching, the uncertainty we are facing, this is a different playbook. In past recessions, you might have a good model of how recessions will not only play out, but you can take broader actions earlier. In this case, we are taking stepbystep. It is really a different playbook. The next step has been paid furloughs. Weve managed our cost. Nearterm,ine with what we are seeing a demand from our customers, and we will continue to adjust it. Weve launched a change in our enterprise interactions our enterprise operations. It is serving as well, helping us to adapt more quickly and more agile than ever before. We will continue to depend on that and take it stepbystep. Can i circle back to the issue of reopening the economy . A lot of people are trying to figure out what happens with restaurants, what happens with theaters, what happens at amusement parks. As we try to reopen these parts of our economy, one of the things that is going to be really critical is figuring out how we purify the air, how we try to take some of the risk of going to some of these events out of the equation. What role does 3m play in that process . What can you do to help these customers make it possible that their customers want to come back and enjoy the services that they offer . Say we are guided by three clear principles in the middle of covid19 and this pandemic. The first is focusing on the safety of our employees. That will be true as we look at reopening the economy. The second is fighting the pandemic from every angle possible. That is going to be a big role as we come back to the workplace and reopen the economies. The third one is staying focused on our customers and delivery for shareholders as well. Customers broader then not just our respirator customers, but a broader range as well, taking steps in that around the world, those principles are going to hold us in good stead. We are working broadly with government and health officials, medical experts, other companies, suppliers to really manage a stepbystep move through whatever reopening weve had. Ofve moved through a couple phases in china already as we have come back to the workplace little by little. Will is something that keep us in good stead. Vonnie as you reintroduce workers to offices, are you supplying them with 3m masks . Do they get access to things like respirators from 3m . And have you spoken to the administration recently . Mike what was the last part . Vonnie have you hiding conversation have you had a conversation with the administration recently . Mike regarding worker safety, theres a number of things we are doing. Right now, we are working from home, about half of our employees around the world. In our factories where we have workers serving these critical industries, we have implement it very rigorous and robust protocols around safe distancing, cleaning and disinfecting, ppe. Is ansomething that important part of each step in this, and part of that focus on our employee safety, and we will continue to look at those protocols stepbystep. Regarding the white house, we have been working very closely with the white house on what weve been talking about a lot, which is bringing more n95 respirators from overseas production, primarily china. We have had a close working relationship with the what house , and i would say fema and fda as well. It has really been a good team effort across that to be able to start to bring additional respirators into the u. S. Market. So we work with them on a daily basis. Vonnie got to let you go. Ike, 3m ceo, thank you. Guy from london, im 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. Btps 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