Seeing some good things in its earnings. We are also getting a few good out of a study on a gilead drug, sending shares higher today. It looks like this particular duration taking the drug allowing for the same results, which means we will be able to get more testing done to see if it has an impact on covid19. Guy the data are bad, the science is good. That is probably the message coming out today. The gilead news having a positive effect on european stocks. We are near session highs. Today is aial sector prime driver. Volkswagen trading to the upside. Airbus reporting numbers today, trading around 10 higher today. Outve also had a surprise of cycle downgrade for italy. Yields moving up a little bit, not that much. Big volatility continuing in the crude space. Brent trading up by 10. 5 . Vonnie keep an eye is well on the fed decision this afternoon, and the statement, which will be interesting. Jay powell will hold his virtual News Conference in the afternoon. For his thoughts, we are joined by joe davis, vanguard chief economist and head of investment strategy. Whatto us a little about the fed could say this afternoon. What will the market be looking for jay powell to tell us . Joe thanks for having me. Thiss just to a knowledge great fall in activity. I think it has moved well beyond recession. I think they will acknowledge that in the headwinds the economy faces. At the same time, i think they will also reflect i decked ability, and that they are open to change reflect adaptability, and that they are open to change if need be. I applaud the fed. They have been bold and swift, but that does not mean they wont need to course correct, and i think they will see that flexibility in their statement today. Vonnie it seems like the economy is in freefall. We got more data today, and that is just on the first couple of weeks of the lockdown. We havent got to the data that will reflect what happens the rest of the lockdown. What will the fed need to do to course correct . Joe i think they are going to need to see the availability of credit, how effective that is. They are trying to assess the needs, and the needs are immense. Theres is a profound cash flow vacuum across a large swath of the global economy, and the u. S. In particular. I think they will be calibrating two things. One is how large does the extension of credit need to be. Secondly, and i think more reluctantly, do they need to take on greater credit risk through their lending facilities. In wait and see mode. They are just trying to gather more data points in this profound shocked we have all faced over the past six to eight weeks. Guy just picking up on that point, do they have enough data yet to get an accurate assessment of what is going on at this point, or do we need to wait for the next meeting before we start to get fed tweaking and course correcting . Willi think publicly, they more likely wait until the next meeting to have a much greater granularity, but i think what the fed has also demonstrated positively is they will not wait for the meetings to act in making changes or additional considerations to their lending facilities, and i think we have seen that throughout this course of this covid19 health crisis. Secondly, they are in active conversations not only with businesses in the financial markets, but also working closely at times with the treasury. So i applaud the efforts. I think it is understandable that, much like we saw in the gse, there are going to be some programs that are very effective. There are others that are going to be less effective. It is not a criticism. Tois just if one is open modify ones programs to maximize ones impact, one needs to have an open mindset, and i think we will see that from the fed. Guy the fed has been, as you say, just everywhere. Designedams have been with speed and dexterity. Nevertheless, a lot of bullets have been fired. As we start to talk about reopening the economy, the fear has got to be that we get a second wave, and then a third wave of the virus. Given what the fed has done thus far, how sustainable, given the size of the balance sheet, are the current programs . What happens further down the road if we have to go through maybe similar lockdowns . Joe i think that is a great question. I think our operating assumption is that the recession will end this year and it will be shorter than average, but it is going to long going to be a long way back to get to where we were. I think the feds response to date is in the ballpark of being sufficient to help stabilize the situation and ultimately aid the recovery. Recovery is exposed in the unfortunate, and i hope unlikely, event that we need renewed lockdowns, for lack of a better phrase, later this year. I think if we would see that, we would see additional aggressive action, but the fed wouldnt be able to go it alone. We would need additional , and itional reactions is something that we have given some thought to to try to help policymakers here. But in that sort of tail event, we would see more cash provisioning then credit extending because that is where the greatest need would be, but that is neither our hope nor our baseline. But there is still risk to the economic outlook. Vonnie with the s p above 2900 and the 10 year yield now at 58 basis points, is risk being priced correctly . Are investors getting rewarded for the risk within this market due to covid19 . Joe i think if we are brave enough to look out three to five years, i believe we are. Our outlook expectations for the equity markets, for fixed income markets, particularly on credit, they improved right when we were going through the most stress in the system. That also came with a lot of bad volatility and some poor price drops, but nevertheless, we have been fairly constructive on the markets. I think it is reasonable to assume that we are going to have to steps forward, one step, over the coming months. There are going to be some eye watering economic data, as well as some pressures on certain companies. I think we have to take that in stride. It has been surprising to me how oneway the equity market has been over the past week, but momentum is a powerful thing. I thing it is important for investors to say, longerterm, we have seen important policy this too and hopefully shall end. If we have that mindset, longterm investors will be rewarded over the coming two or three years. Vonnie thank you for your time today. That is joe davis with vanguard joining us. Tune into Bloomberg Television later today for our special coverage of the fed decides at 2 00 p. M. Eastern, 7 00 p. M. London time. Lets check in now on the bloomberg first word news. Heres ritika gupta. Ritika President Trump reportedly wants to know what china and the World Health Organization are hiding, according to nbc. The white house has ordered an investigation by the cia National Security council and the Defense Intelligence agency. The issue, did china and the who hide what they knew about the virus at the start of the outbreak . Intelligence officials arent commenting. That gdp willts shrink by 6. 3 this year. Germany figures there will be a gradual recovery, and the growth of 5. 2 next year. In the u. K. , theres a sign that current restrictions are likely to continue until at least the second half of may. The government sees a check, track and trace system as the way to make sure that infections dont take off once restrictions are lifted, but that is about three weeks from being released. 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. What have we got coming up for you here on bloomberg . We are going to hear from kevin johnson, the ceo of starbucks. Stock is down today. Kevin johnson, though, indicating he thinks we could have 90 of his u. S. Stores open by early july. We will hear from kevin very shortly. This is bloomberg. Vonnie live from new york city, im vonnie quinn, along with guy johnson in london. This is bloomberg markets. Lets get a deeper dive into those markets now. Kailey leinz is with us. Kailey a bounce for u. S. Equities. It is a risk on day. We are looking at major averages in the u. S. Higher by around 2 . We are seeing the equal weighted s p 500 outperform once again today, continuing the trade we saw yesterday, but really, what is leading the markets higher is optimism on the treatment front. We saw news from gilead announced thech possible treatment of a virus that seems to be outweighing any kind of pessimism about its economic effects. We got u. S. Gdp data out this morning showing it shrink for percent in the First Quarter. Personal spending plunging 7. 6 , but yet we are moving higher. Another asset moving higher as well as oil after losing about 1 4 in monday and tuesdays session. Wti is bouncing back in a big way, about 23 today, back above 16 a barrel. Russias Energy Minister saying it will cut output by about 19 from february levels. Plus, Major Oil Producers all officially set to start cutting output on may 1. That is leading to some optimism in the oil market. Finally, we have earnings going on. The micro story, the likes of mastercard higher today by about 6 , and travel stocks really leading the way. Some optimism about open economies, people traveling again, sending index is higher by more than 6 . Guy thanks very much indeed. Lets migrate into what is happening in the aerospace sector. Boeing shares are trading higher today after the coming he reported a 4. 3 billion dollar operating cash burn and a 22 drop in revenue in the First Quarter. It is also planning to cut about 10 of its workforce through buyouts. Most of that is going to come into commercial aviation division. Airbus also reporting numbers today, up sharply after of 8ing a q1 cash burn billion. Brooke sutherland is here to give us her take. Is how doesreally this Company Figure out in particular how it gets through the trough in terms of its position right now so that it can get back to growth, yet deal with the liquidity crisis it is currently facing . Does it have to go to governments, or do you think the bond market can supply sufficient quiddity to get boeing through this sufficient liquidity to get boeing for this . We heard earlier on that they are looking at all options right now. Brooke right. I think the bond market has obviously loosened up from what we saw just a few weeks ago, but clearly, but when does need to get cash from somewhere, so what that looks like i think we are still waiting to find out. The ceo pushed back on the idea of the government taking an equity stake in boeing, saying it is not something he would want to consider. That is obviously a condition of the bailout money that did go to airlines, but today he is signaling that option may still be on the table as a possibility for boeing, so they are clearly trying to figure this out. I also wonder if you might see some sort of major Equity Investor providing an injection of cash. Warren buffett is always a favorite that gets talked around. Clearly, they need to get money from somewhere to manage through this, just given the magnitude of the problem they are facing. This is not what the rest of the Aviation Industry is dealing with because you do also have that 737 max overhang on the company. When does that grounding go away now . Now talking are about deliveries resuming in the third quarter. They previously said they were looking at a mid2020 return for that airplane. There had been reports of new Software Issues with the max that boeing is still working through. We also just have the coronavirus causing problems because you need to get regulators to work together, you need International Pilots to fly in order to make this a really global process, so that does create some natural disruptions. More importantly then whenever the max is able to be delivered again is whether anybody really wants it. Remember, theres 400 planes in storage right now that still have to be delivered, and that is before you even think about boeing restarting production. They are now saying they are looking to get to 31 planes by the end of 2021. One of their major suppliers had previously been talking about seeing that by the end of this year, see you do get some pretty significant questions about what is the longerterm Market Opportunity for that aircraft whenever we get a recovery. Vonnie presumably guy presumably the widebody market is where we would see significant downgrading. Most airlines will probably shift to narrow bodies. Boeing really doesnt have a plane it can offer right now at the max being grounded. Is it advantage airbus right now, or because of covid19, airbus cant really execute on that advantage . Brooke i certainly think there clearly theybut are in a better position to benefit once we do start to see that recovery for the very reasons you said. , ay do have the a320 series longerrange version of their bestselling jet that can cover some of these routes that were previously served by wide bodies that are now list desirable because of the extra sickening now less desirable because of the extra seating capacity. And they have the a2 20, boeing called off a takeover because of some of the issues i ,ould imagine on the cash front so i think he will be at a disadvantage competitively coming out the other side of this. Brooke, thanks for your time. We really appreciate it. This is bloomberg. Vonnie lets turn to one of our bloomberg best interviews. The ceo of astrazeneca spoke exclusively with bergs with bloombergs Francine Lacqua about collaborating with gsk and the government to deliver 30,000 virus test today by this friday virus tests a day by this friday. Have a listen. It is going very well. Haveeam and the glaxo team done an incredible job. We now have 150 people working on site in cambridge. We have been able over the last couple of weeks to bring very modern equipment. We redirected equipment to the testing site. We are going to Start Testing this week. We are very much on track, and we believe we will be going to 30,000 tested a very quickly. Francine do we trust those tests . Pascal sorry, go ahead. Know, please finish. Do we trust those tests . Paschal we do trust those tests. We are sourcing from a u. K. So we are very much working with them. Weve just gone through accreditation by the nhs. Everything is very much on track. Actually workill very well, we believe. We have equipment that is very modern, so we think we can really deliver those tests very efficiently with new equipment and the people we have on site. Francine how much time is astrazeneca trying to figure out covid19 in the pandemic, and how it is affecting the development, the marking, the use of new drugs . Pascal first of all, you have to keep in mind that the people are the most exposed to this Covid Infection in terms of the consequences are the people who have underlying conditions. Any of those kind of chronic. Iseases they are going to be more at risk. We make medicines that treat all of these conditions, so it was very important for us to make sure we could supply patients with their medicines so they could keep their chronic conditions under control. We had a surge in demand for inhalers to treat chronic. Ronchitis what is one aspect of weve done. Another aspect has been to look at how can we come up with potential new treatments, and we have looked at this in three parts. One is the virus itself to one is the virus itself. Two is the response, to the extent that they have information developing in their lungs that also attacks their kidneys in their heart. The third part is how we protect organs. So we are creating an antibody that can be used to treat and prevent the disease, the viral infection. We are also in the process of that isa new inhibitor used for leukemia that can reduce the inflammatory response that also testing an agent we are using in the trial to control organ protection. Astrazenecasas ceo speaking with Francine Lacqua earlier. This is bloomberg. Save hundreds on your wireless bill without even leaving your house. Just keep your phone and switch to xfinity mobile. You can get it by ordering a free sim card online. Once you activate, youll only have to pay for the data you need starting at just 12 a month. There are no term contracts, no activation fees, and no credit check on the first two lines. Get a 50 prepaid card when you switch. Its the most reliable wireless network. And it could save you hundreds. Xfinity mobile. David welcome back to bloomberg markets. We have the treat now to be joined the president and ceo of starbucks, kevin johnson. Thank you for being with us. It strikes me that starbucks is an advantage to other companies because you were dealing with the coronavirus in china for 15 weeks now, as opposed to about seven here. What have you learned that can help you and other Companies Back in the United States . Kevin good morning. And you are right, we started working on the covid19 response in china in midjanuary. We have learned some very important things from that experience. The first is there are phases that every market around the world goes through. The first phase, we really refer to that is the mitigate and contain phase. That lasted for three weeks in china, where people were asked to shelter at home, businesses were shut down, social distancing, all with a focus on how to flatten the curve and slow the spread of the virus. Coming out of the mitigate and contain phase, we transitioned to a phase we call monitor and adapt. We begin to reopen stores, but with different protocols. Ample hang safety, often time for mobile order amplifying safety, often time for mobile order or pickup only, and monitor the number of covid cases that might pop up in cities around china. We are now just coming out of the mitigate and contain phase. Weve been in that for six weeks now in the u. S. , and as we transition into this monitor and adapt phase, we plan to reopen over 90 of our stores by early june. In fact, next week, the majority of those stores will reopen. We will reopen use and safety protocols that we developed in china and have adapted for the u. S. , and a provides our customers a safe, familiar, and convenient experience. So many of our starbucks partners are referring to it as homecoming week. Aty too have been sheltering home, and we are ready to get out and do something safe and responsible. That is the balance we were to strike in this monitor and adapt phase. Online,s you came back and you have the vast majority of stores in china up and running, you have modified your hours, how any people can be there. I see that the samestore sales are down somewhat. Can you tell how much of that his reluctance on the part of consumers to come back out and buy things, as opposed to having fewer people in the stores and shorter hours . Kevin it is a combination of all of those things, and i cant necessarily attribute it to anyone. In our store protocols, for example, most stores are not open for seating. They are open for customers to come in for takeaway in china. Some stores have limited seating so that we can enforce social distancing. One of the differences between china and the u. S. , in the u. S. Precovid, over 80 of customer occasions were for takeaway. So the u. S. Consumer was much more on the go, so we think opening in the u. S. , we are going to get a very significant result. ,he positive news is every week we see Continuous Improvement in china as we monitor and adapt. We turn the dial up slowly and start to open up limited seating, and other services. We are very optimistic that by the end of may, early june, we are going to have a much better perspective on how quickly this is going to recover. You have any projections on how the overall state of the economy and the Employment Situation might affect consumers coming back to stores right here in the United States . We now know evidently we now know officially we are in a recession. Is this going to put downward pressure on your volumes . Kevin we have gone through recessions in the past, and if the past is an indicator of how customers behave, we think we are going to be in a very strong position. We work to have a Premium Experience and build longterm, loyal customers. What we offer is an affordable luxury, and even in times of a recession, customers are looking for something to uplift the everyday. If it is their daily starbucks, or maybe they cut back a little affinity thatn customers have for starbucks, and we work hard to earn that loyalty and trust, and that is what has carried us through recessions in the past. But i think competitively, we understand that we differentiate by the work that we do to create a Great Customer experience in our stores, through the beverage innovation, and through Digital Customer relationships. That model was working precovid. The first part of this quarter in the United States, we were posting 4 growth in transaction. Going through covid, being responsible, thoughtful, focusing on that safe, familiar, convenient experience, we think that is going to become the onramp, and as we go forward, we will continue to do everything we can to provide that great experience to customers. In the past, that has gotten us through recessions, and i think that is going to play out through this one as well. David do you have any sense at this point of what might be permanent or longterm changes in starbucks business . For example, the percentage of aged orders, of takeouts of digital orders, of takeouts . Kevin certainly right now, what customers are going to look for is safe, familiar, convenient. We have all been sheltering in our homes for six weeks. People want to get out and do something, but they want to be responsible. They dont want to create an unsafe situation or do things that create and reignite the spread of the virus. That is what we have tuned these initial experiences for. But longerterm, youth think about once we get a vaccine and treatments for this, then Consumer Behavior can start to adapt even more. It will take time. The effect of this experience will affect all of us for the rest of our lifetimes. But the fact is as human beings, we have this natural gravitational pull to interact with other humans. So they need for community is really what the thirdplace is about. It is about a mindset. People have that inherent in the mess just art of humanity. Safe,we focus on being familiar, and convenient coming out of this, we are going to slowly open up stores and provide the opportunity for customers to connect with one another in a safe and social distanced way, but i think longterm, the starbucks thirdplace is going to be as relevant as ever. It is going to take time. David talk about the longterm, about growth for starbucks in this new world. Where do you see growth . You and i have talked in the past about how many stores you are opening in china. Is it going to be fewer stores you are opening in china . Can you take market share there . Kevin i think we have been taking market share throughout this entire period. What is import is we have been in china for over 20 years now, and throughout that we have worked to establish an admired and trusted brand in a way that resonates with our chinese customers. That is by showing respect to the chinese culture, by having stores that are appropriate, that have artwork and built by local craftsmen. Our partners in china are fantastic. They create that magical starbucks experience. We are of that, opening over 600 stores a year. This year it will be 500, but next year we will go right back to 600. We have a longterm Growth Opportunity in china. It is a very large population, primarily 18 drinking primarily a tea drinking culture. We are introducing them to arabica coffee. Our other lead Growth Market is the United States. So we are bullish on those Growth Markets. Then you back it up with the global coffee aligns with nestle and how that becomes a brand amplifier. You put it all together, our growth agenda is relevant, intact, and provides a longterm Growth Opportunity that we are confident in and we believe in. David thank you so much for spending time with us today. That is kevin johnson, president and ceo of starbucks. This is bloomberg. Taylor this is bloomberg markets. Im taylor riggs with your muni moment. Kim withs is eric Fitch Ratings group. You said every state looks challenged, but youre not downgrading every state. In this merriment, what states look healthier to you . What states look in this environment, what states look healthier to you . What states look worse to you . Eric eric we look at eric weve looked at 12 states so far, and downgraded two of them. If they came into the crisis from a challenged position in our downgrades reflect that. Fundamentally, the states that already had lower ratings were probably the most at risk, and that has been reflected in what weve done. Taylor talk to me about illinois, downgraded to ripple be minus, just downgraded to bbb minus, just above junk territory. Eric the things we are going to be looking for our what is the extent of action the state is going to take to manage through this economic dislocation and this crisis. We know illinois is going to have to do things, and every state is going to have to do things in normally would not do. For alan wake, that will be things like voting up accounts payable for illinois, that would be things like building up accounts payable and things like that. The question is, can the state, as the economy does begin to recover, walk back those things and rebuild its Financial Resilience . We have concerns about that ability, and that is why we have a negative outlook. On the flipside, if the state is able to do things in a more structural way in terms of revenues and expenditures and get more towards balance, that could certainly stabilize the rating. Also, the potential for federal help is significant and could also help stabilize the rating. Taylor do you expect to see more bifurcation in this market between the healthy states in the states that are already at the low end of the territory, that came into this crisis with not enough rainy day funds, so to speak . Eric rainy day funds are part of it. It is also general resilience and tools in your tool basket for a state to address the challenges they are facing. I think we are seeing a little bit of more bifurcation and that we had the two ratings that were the lowest of the scale being downgraded, and the number of ratings on the upper end being confirmed. So it is a little more distant between the ratings we have. Taylor we had 10 years of economic expansion. On the whole, were states prepared, or were they really building up some of the covers for an event like this those coffers for an event like this . Had they done enough in the last 10 years . Oneor one point eric point you made was really critical. No one was prepared for this, this level of dislocation, and this level of decline. No one could be prepared for that. That said, we did have a decadelong expansion in a number of states, and on the whole, states generally have been building up reserves, restoring those tools in terms of financial realism its Financial Resilience, and we expect them to utilize those. There are outliers, of course. There are states that were some plea not able to do that. Illinois jumps out there, and that is one of the reasons it was rated so low going into this crisis, and one of the reasons we downgraded it. Taylor taylor our thanks to ratings head of u. S. State government ratings. This is bloomberg. Rg. Guy from london, im guy johnson with vonnie quinn in new york. This is bloomberg markets. Here is your Bloomberg Business flash. Lets kick things off in the aviation sector. The ceo of airbus has called it the greatest crisis the Aerospace Industry is ever known. The european plane maker burning through 8. 7 billion in cash in the First Quarter. Profit fell 49 and it sunk to a net loss. The executive says the company is still assessing the implications of the coronavirus outbreak. It was a blockbuster First Quarter for traders at barclays. The Securities Division reported a 77 jump in trading revenue, but that was overshadowed by a 2. 6 billion bad loan charge stemming from the virus outbreak. Barclays warning that tough times still lie ahead. Parent of mercedesbenz another company hammered by the virus. Daimler closed factories in march to reserve cash. Now it has started a gradual ramp up in production. That is your Bloomberg Business flash. Vonnie lets get to futures in focus now. We are going to chicago to be joined by Phil Streible, chief Market Strategist at Blue Line Futures. We have wti now trading at a whopping 16. 45 a barrel. What is your sense for what the oil market is signaling right now . Phil i think really come of the contract you want to focus on is that july because it broke through 20. June has a lot of restrictions on it. Some are putting june on liquidation only. That seen a lot rollout of june contract, but i think july is somewhat supportive here. We are working your way out of this phase two in the economy right now. This is kind of the bridge between the liquidation going into more of an economic recovery. We think the supply and demand is still in balanced right now. We are seeing some movement into the Strategic Petroleum reserves, but we do think that will prices probably upset their low at the moment. Vonnie you say that about 20, but as we speak, we have twice broken through it, so it looks like you have real pressure on the oil market. What about brent . Brent seems to be calling a rebound here. Brent never settles as low as wti, sort of happy with the 20 to 30 range. The benefit is that if you go over to europe and other parts of the world, Storage Facilities are much cheaper. On thehave a lot still offing at the moment, but with u. S. Equities tracking higher, weve got a nice move up in the dow and the s p. We should see some stabilization and see volatility come down, and oil prices should start to glide a bit higher. Is it a market you can have any money and right now . A couple of months ago, if you had said give me some oil, i am not going to give you anything for it, you would have left. Now that is effectively you would have laughed. Now that is effectively what you are looking at. I mean, practically. Where does it go from here . Tanker relief storage is somewhere around 30,000 a day for offshore. If you were actually to look at the plat map around the globe, dots just splattered with everywhere. So there is plenty of oil floating out there. We just need to supply and demand balance to come back more in line. We need additional cuts out of opec. We need confidence. We need the stayathome orders to be lifted. Then you will start to see demand pickup. Cruise ships, airlines, and travel are probably still going to remain at very low levels, so youre not going to get the economic recovery from oil until at least the third, going into the fourth quarter. I would be really optimistic. You have to be far out on the curve if you are going to trade to the long side. Vonnie theres another market seeing a bit of a freefall right hogs. Nd that is we are certainly seeing fallout from the president suggesting he is going to keep Meat Processing plants opened, and people not seeming to want to trust the food supply. Phil we saw big demand at the counters and everything. We thought there was going to be a situation where the Meat Processing, the packers and everything were going to shut down. There was going to be is run on meat at the grocery store, and that unfortunately, that crop of cattle, of meat that is out there in the field, they are all going to be culled, but now you are starting to see less of that culling, more supply out there. The demand is were many constant. It looks like they are bridging that gap between the farmer, the cattle rancher, all the way to the consumer. Vonnie thank you so much to Phil Streible of Blue Line Futures in chicago. Lets check the latest headlines surrounding the coronavirus now. Heres viviana hurtado. Viviana so many of the vaccines and treatment are being called hope in the form of medicine. Gilead confirming that positive data from a federal study hit a primary target. This is for an antiviral treatment for covid19. It moved u. S. Stocks to the upside. Economies really are reeling as governments are trying to contain the current spread of the coronavirus. In the u. S. Data that was released, u. S. Pending home sales dropping the most since 2010. Remember, this is the Global Financial crisis we are talking about, that date. The u. S. Economys historic economic expansion since world war ii has been halted. In economy shrinking at 4. 8 january through march, according to data from the u. S. Commerce department. That is signaling the start of a recession. The u. S. Economy is not alone in the time in the decline. Germany projecting the economy 6. 3 . Tract in 2020 in asia, where there has been a spike in infections in singapore, employment there is dropping sharply. The biggest quarterly contraction since the sars outbreak in 2003. If you think about it, the treatments and vaccines in development, economies are struggling with when to reopen. Withinlanning to end eight weeks. France is targeting a midmay date. As it stands, global cases are topping 1. 3 million. The u. S. Accounts for 1 3 of it. President Donald TrumpsSenior Advisor and soninlaw jared ushner saying on fox news that the u. S. Is ready to rock again. The question is, without a vaccine, how willing are people to return to normal life . Vonnie thank you. Guy thank, indeed. Vonnie good stuff thank you very much. Vonnie good stuff. Exactly. I am going to take it over on the side of the pond. Guy lets take a quick look at what is happening in markets. Over to you. Vonnie we have a bounce in stocks. We just got word that the gilead out andults which came did meet its primary in target, those results are likely to be released at a white house event. Market bounced about 10 on word of this result. Now it has pared those gains to about 3 , so still higher. Several analysts saying this is a very interesting study. It needed to be done. What it actually shows is that when it is given to patients moderately ill with covid19, it works just as well in five days as it does in 10 days. It doesnt exactly tell us what the efficacy is, and i should point out there have been no approval yet. It is not on the open market. But what this study does tell us is that we now have twice the number of samples to using other tests, so that is positive. Several positive, but genuinely not a game changer. , but certainly moving the market today. I think the market is latching onto any positive news. Lets take a look at where we are in europe. European stocks up by about 1. 4 . The car sector is driving a lot of this, despite some numbers that werent that great from vw. Could have been worse. Anyway, we will carry on the market coverage next. This is bloomberg. Guy from london im guy johnson, with vonnie and in new york. We are counting you down to the european close on bloomberg markets. We are higher. Weve got a number of industrial stocks doing briefly well in europe doing reasonably well in europe. The stoxx 600 up by 1. 41 . The autos definitely outperforming. Weve got names like volkswagen doing really well. Daimler out with results earlier on as well. A surprise fitch downgraded for italy late yesterday. That really cut the market on the hop. We will hopefully talk about the reasons why that happened. And continuing volatility in the price of crude. Brent, 23. 25. Vonnie lets have a look at what is going on in the u. S. The market is looking for green shoots anywhere and everywhere. We had a continued barrage of company earnings