We were seeing a bounce. A few trade and tariff exclusions will now apply on chinese goods. We are closer to reopening, and oil rallying. Some permian drillers are cutting output even as the Texas Railroad commissioner ryan sitton told us yesterday that quotas were down on arrival. We are seeing diamondback,s diamondback,seeing centennial, and others cutting output today. Guy that is feeding through into the china story, and also into what is happening here in europe. Oil and gas the best performing sector. Brent is up 11 . Higher the00 gapped first thing this morning. Eurodollar taking a knock earlier on, that big hit coming through from the German Constitutional Court calling into question the ecb qe program. That also had a fairly significant effect on btp yields. Currentlying higher in italy. The combination of the positive and the negative coming together here in europe today. Stocks higher, but we are seeing the currency coming under a little bit of pressure. Coming up, we are going to speak exclusively to the European Union trade commissioner, phil hogan. We will talk to him about the impact covid19 is having, and much more. That conversation very shortly. This is bloomberg. Guy live from london, im guy johnson, was vonnie quinn in new york. This is bloomberg markets. Lets get you caught up with the bloomberg first word news. Heres ritika gupta. Ritika President Trumps Reelection Campaign is focusing attention on the production that a post coronavirus world. He will campaign on the idea that he can rebuild the economy better than joe biden. British Prime MinisterBoris Johnson is running into criticism from both his allies and opponents. Neither are happy with his coronavirus plan. Lawmakers from Johnsons Conservative Party won him to ease the nationwide lockdown. Labor unions and opposition politicians demand that there be a proper protection for employees. The top court in germany has given the European Central bank three months to fix its 3 trillion quantitative easing program. Judges ruled that some parts of the program arent backed by European Union treaties. Under quantitative easing, the ecb buys bonds of eurozone governments. Is on its longest winning streak in nine months. New york crude is up for a fifth day in a row. There are signs that the worst of the Global Supply glut may be over. Theres been only a modest rising in inventories at cushing, oklahoma. 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. Guy thank you very much, indeed. Lets talk about what is happening in the trade environment. We clearly have a market responding today to more positive comments coming through from the administration in washington about whether there will be an extension in terms of the tariffs being applied to china. This is a 3d game of chess because the eu is also finding itself caught amongst the various stories developing here. One is to figure out how to deal with the United States. And how it ultimately deals with china is really tricky. You wonder whether or not the eu and the u. S. Are going to become more on the same page when it comes to dealing with beijing. Vonnie right, and you wonder how much the pandemic has changed what each side is willing to negotiate about. Before, there was plenty of something that might now be in short supply. Global supply chains have come under a lot more scrutiny since the pandemic started, and someone. You mentioned some of the exclusions. The ustr is considering a possible extension to products that would have been part of the 200 billion in tariffs, so we will see exactly what they are and whether that could be broadened wider. We are seeing reaction in the offshore yuan, trading a little stronger today. It had been weakening. Lets get to another best of bloomberg interview weve been doing. Erik schatzker, and another fantastic conversation, exclusively to sam zell, the billionaire investor and equity group chairman. They talked about how sam sees the market right now. Sam despite the fact that we have been in lockdown for six to seven weeks, theres very little activity, very little transactional activity, very little opportunity to do anything. I think everybody is in kind of staturen the headlights at the moment. At least so far, just sitting here watching, and we are not seeing anything happen. Erik why do you think that is . Is it because prices arent low enough yet . That rather than referring to it as prices arent low enough, i think that theres been very little opportunity of price discovery. Sellers is that those that want to sell still remember the prices that were available seven or eight weeks ago. The buyers are looking at a very different world, and expecting to see significant this counts from where we were seven weeks ago. When youve got that big a spread, nothing happens. I think that is an accurate description. Erik what about you . What do you need to see before you feel motivated, even excited about putting capital to work . Sam i think we are all faced with an extraordinary level of uncertainty on how the reopening will go, uncertainty as to win the reopening will happen, uncertainty about how people will respond, how soon will anybody get on an airplane, how soon will anybody stay in a hotel, how soon will anybody go to a mall. The fact that these places may be open doesnt necessarily mean that they will be doing business. So i think that level of peopleinty, rather than taking actions, i think everybody is sitting on the sideline waiting for more clarification. Think is the you greatest misconception many are under right now as they look to this uncertain future . Sam i think that too many people are anticipating a kind of vlike recovery. You know, weve been through this terrible period. The. End inperiod is going to the world will go back to normal. I think that all of us who have isolated form, one form or another i mean, i havent shaken hands with anybody in eight week. I have no frame of reference for that. Thats never been the case before. So weve seen our whole lives change. I think your ability or that isod of forgetting going to take a long time. He who fails to learn from history is condemned to repeat it. I think we have a lot we are going to have to be learning about and remembering, and that is going to affect everything we do. That is why your opening question to me, answered you was saying it is going to take white a while. And it is not going to be to return back to where we were. Erik my grandparents were permanently scarred by their experience in the great depression. You are old enough to have known a lot about that generation. Using this is going to be some do you think this is going to be Something Like that . Yep. Its funny you say that area i was in high school in the 1950s. Even in the 1950s, which was 20 years after the end of world to come at five years after the ii,ian end of world war 25 years after the end of the scarred isrmanently exactly the right word. I think theres very little doubt that we are all going to be permanently scarred by having lived through this. Guy sam zell talking to erik schatzker. Of thats at the end conversation certainly to ponder, when you think about the great depression. The virus clearly has forced the European Union to take a long, hard look at the regions reliance on Global Supply chains and individual countries. Andalk more about this where we go from here, we are joined exclusively by phil hogan , the european trade commissioner, who joins us now from brussels. Think you for your time today. We really appreciated here on bloomberg. How will global trade be altered by covid19 . How do you see the changes coming, and what kind of effect do you see it having in the longterm . Shorti suppose in the term, what people will be looking at is how we can lift the restrictions that have been imposed because of this global pandemic. Understandably in the beginning, there was a lot of crisis management, and the temptation is always there to put on barriers and restrictions. So we have to remove all of those restrictions and return to an open, rulesbased approach. At the same time, i am sure every country will look at how they can look at their vulnerabilities in the context of this pandemic and how they are vulnerable at this particular time, in terms of pharmaceuticals and medical oreplies, and want to resh some of these materials and ensure local production. That is why we need some rethinking in terms of working together. I have been reaching out to the United States, reaching out through wto members in the last couple of weeks to see how we Work Together to have more speedy recovery than perhaps if we were working individually. Guy lets pick up on that. So you have been talking to, i would have thought, ambassador lighthizer in the United States. One of your key jobs before the arrival of covid19 was to try to put the 2018 trade truce that Jeanclaude Juncker negotiated back on track. What is the tone of the conversation you are having with washington right now . Is it m people to making is le toable is it amiab make that happen . What kind of feedback are you getting from washington . Last fewarly over the weeks, people have been concentrating on trying to save peopless lives, both in the European Union and the United States. What we are expecting in the next two weeks to get back on track. The mandate that we have in the European Union is to negotiate with the American Administration based on the 2018 mandate that still exists. We have been making some progress in the early parts of 20 20, and i am looking forward to makegaging in order more progress, hopefully in the coming weeks. Vonnie you have visited d. C. Several times, commissioner hogan, during that time. One of the sticking points at the time was agriculture. The u. S. Wanted eu to put agriculture on the table. That was firmly offlimits. Post pandemic, is it now on the table potentially . Phil we continue with the mandate of july 2018, and i think both the United States and the European Union are happy to do so. Were looking at the Industrial Products of the future with the commerce secretary. Theres a big agenda, and i think theres an open minded spirit to try and make some agreement here. I hope that the attitude of the toopean union will continue be constructive. I have invested a lot and trying to refresh the relationship with the United States, and the boesler lighthizer and i are certainly having a constructive relationship at the moment. Vonnie you did talk about vulnerability of supply chains. How can you have a less globalized Global Economy, and at the same time cooperate with the United States and with various European Countries to have a speedier recovery . Phil i suppose europe is looking at what we call strategic autonomy. We want an open rulesbased approach, fair competition that can be implemented by the wto, and we are doing a lot of deals around the world and freetrade agreements. Of them. Nt to do more at the same time, there are vulnerable sectors we have seen during this pandemic, particularly in the health sector. The brixon of metta supplies are important and essential for our the medical supplies are important and essential for our citizens. It is one of the areas we have to diversify, and we are going to do that, but that does not mean we cant do both. Equally, and balance to that, we have to have a rulesbased approach for the entire economy. Steel fit into that bailiwick, commissioner . You have been put under pressure by european steel producers to maybe look at cutting quotas on what can be imported into the European Union. This is kind of a legacy of the steel tariffs that were put on by washington visavis china and the eu. But you are now being put under pressure by eu steel manufacturers to make sure that steel quotas are cut area do you see that happening . Are you amenable to that idea . Phil we put a safeguard mechanism in place for steel and aluminum two years ago. This is now up for review, and i expect to make a decision by the end of june. We have to take into account the fact that a lot of product has been produced, looking for a home post pandemic and in the context of the economic recovery. I am sure that various countries in the world are looking at going into low costs to remove the surface product they have. But the safeguard mechanisms support reasonably well up to the time of the pandemic outbreak, and again, we are not going to delay making a decision to rebalance things in the context of the covid19 pandemic , and we will be making a decision before the fourth of july. Guy one of the other decisions youve got to make relates to the wto disagreement between airbus and boeing. The United States already imposed tariffs as a result of the boeing side of the ruling. We are about to get the airbus side of the ruling, but a lot has changed over the last few months as a result of covid19. I guess my question is a straight one. Are you in a position given the economic background at the moment to impose extra tariffs on the United States as a result of what the wto is likely to rule . Will you do that, given the economic background . Phil my courage is based around the fact that i dont agree with tariffs. I think we should reduce costs and eliminate tariffs where possible in order to ensure that we have our economy is recovering as quickly as possible area that is what i would like the United States and the European Union to do. We need to negotiate a settlement as well with airbus and boeing to remove this dispute from the agenda because , ats going on for 15 years a time when the airlines are in great crisis financially. That we have a different solution, which is to eliminate our tariffs, to make our economies competitive again, and to ensure that our economies recover more quickly. Vonnie can you really be in a position to illuminate tariffs given the economic backdrop, commissioner . Phil certainly i feel that the United States and European Union can look at sectors where we can reduce tariffs significantly, and we could start with the health area. The public are very concerned about the cost of medical supplies, equipment, and pharmaceuticals. This is an area we could start , and this is where like my did members of the wto would work the European Union to a knowledge the vulnerability we have just experienced and related to Health Related products. Tariffs on anated temporary basis. This could become more permanent if we actually worked together. Vonnie do you anticipate having problems with china . The u. S. Announced it was going to give an extension for some tariff exclusions for another 12 months. What about europe . It is a very distant situation now than it was a few months ago, when trade was all anybody had to focus on, and the game theory of it all was i can outlast you. Now the mathematics in the game theory is very different. Erik there was a lot of excitement phil there was a lot of excitement. This was celebrated when i was in the United States, and unfortunately for this deal, it seems that the pandemic is going to make a big difference in terms of its and limitation. In terms of its implementation. But at the same time, the United States, the European Union, and japan made a very important statement on how we were going to tackle foreign subsidies and the impact in terms of economic competition in the way it was affecting our companies in relation to competing in a fareway. We are now working in order to advance these particular statements to likeminded countries, and to deepen the cooperation in terms of how we of deal with these issues enterprises inc. Subsidized and competing unfairly. Has anopean union Ongoing Investigation in terms of china, and these issues like forced technology transfers, subsidization of state owned companies to compete unfairly, and generally the imposition of industrial substances across the board and so many areas of Economic Activity in china is of great concern to the European Union, and we would love to work with the United States in a more cooperative way in order to deal with these issues, and we stand ready to do so. You have talked about an end of 2020 target for achieving that accord with china. Is that still realistic given what youve just said . Phil the big issues that ive are very that wellknown to the United States and the European Union, like the industrial subsidies and the soes and technology generally, these are not resolved, neither were they resolved in the phase one negotiations by the united so theyso they rave are very much on the table. There are issues that will have to be discussed, and hopefully we can reach accommodation with china in the coming months. But we are engaged. We are making progress with china, and i hope we will reach a deal at the end of the year. But it will be substance overspeed, based on dealing with these issues in a very fareway. In a very fair way. Guy commissioner, thank you very much for your time today. We really appreciate it. Phil hogan, the european trade commissioner, joining us from brussels. Next, we are going to pivot to what is happening in the auto sector and the ai sector. We will talk to the ceo of mobileye. This is bloomberg. Vonnie live from new york, im vonnie quinn, along with guy johnson in london. This is bloomberg markets. That was a very interesting conversation we just had with the eu trade commissioner phil hogan. The message he is putting out is he would love to resume talks, and while keeping agriculture off the table, he feels that there is still a lot of room there to talk about steel and other tariffs. Guy it is amazing that the market is refocusing on the subject now, the china narrative that the president restarted a couple of days ago. Certainly refocusing everybody back on the trade narrative. I thought it was interesting as well that the commissioner talked about the idea that maybe this would bring the United States and europe a little closer together in terms of harmonizing their views when it comes to dealing with china. I think that is going to be a really interesting narrative that could potentially develop from here. Clearly the president is likely to ramp up the china story as we head towards the november election. It is going to be interesting to see how europe may be fits into that. Maybe he takes some of the pressure off europe. That would certainly help where i am sitting right now. Vonnie and you know the economic pain is global right now, and is only going to get worse, so it is in everybodys interest, at least according to the commissioner, to Work Together. He certainly intends on continuing to try to revamp the wto and have that be the mechanism by which world trade is organized. We will have to see if it all actually plays out. Meanwhile, the oecd guy i couldnt quite work out, vonnie sorry, carry on. This is definitely worth listening to. Vonnie hold that thought. We will come back to that in a moment, but for now, the oecd chief economist spoke about the recovery after the pandemic with bloombergs anna edwards and matt miller. It is clear we are entering two ofme sort of phase this economic episode, so there were confinements, and now we are seeing many countries thatning, but i would warn this is going to be a very process with more activities that will not reopen for a long time. You may think about restaurant accommodations, airlines. It is going to be very slow and not the bounce back to where we were before. What do you think about the stimulus measures we have seen thus far . Could they have been better . It has been a very impressive response from governments, as you highlight. They fired in all phases. They supported peoples income. They supported business liquidity needs. They have done the maximum i think that they could do in this phase one of the pandemic and the economic shock that goes with it. Enter a moreing to difficult phase, where the support will have to become more thed so that they can allocation of sectors and capital. Perhaps we are going to see some firms that have difficulties and entrepreneurs that have to restructure, close, and start new business where necessary. Despite all of those actions taken by governments and central banks, are you concerned about permanent scarring to the Global Economy . And if you are, what are the scars you think of . I think that is a very good question. I think there are ways we can look at this. The first is that some sectors will be really affected as long as we havent found a treatment or a vaccine, and that is everything that is related to close social relationships. So the things that i have traveled, but also because the pandemic is everywhere, so if you want to move freely across countries, it needs to be controlled in every part of the globe. So these are sectors that will likely suffer for a long time. Seeother thing is we will in those sectors where life will be changed. Employment will drop, and there will be losses and that, and for all of these we need a very prompt action and support, especially because these can happen in emergingmarket and developed economies, which is unique for an economic crisis. Vonnie that was the oecd chief economist oren spoon economist laurence boone. One deal in focus today is the acquisition of move its by mobileye, driving forward with a 900 million acquisition of the app that provides access to data from Public Transit mapping. For more, we are joined by amnon shashua, mobileye ceo. Thanks for joining us, and congratulations. It seems like potentially a difficult time to do a deal like this, and yet you are motoring ahead, so to speak. And it is possible that if these types of and mix recur, the technology could actually be very useful in the future. Did that inform your decision to go ahead right now . Amnon good morning, vonnie. Somemes of crisis, pullback and some lien in. I think this is some example of leaning in. We are in a business that requires some longterm strategy, and the timing of our decisions are based on what is happening with our technology and where we are. We came to the conclusion that the maturity of our Self Driving Technology and our confidence in meeting the timelines of 2022 for first launch, this is the right time to make the acquisition. Vonnie you had said the end of next year, 2021. Youre moving that now to 2022. Can you give us a little bit more precisely of a goal . Is it second quarter, third, fourth . Amnon the first joint venture we had with volkswagen to supply service in tel aviv, it is going to be First Quarter of 2022 with a few hundred vehicles without the safety driver. Our technology is on track. We have similar arrangements in south korea, with paris, with china. All focused on 2022 as the first launch. Guy a quick question for me. I am fascinated. You guys are mainly focused on public transport, and how that can be improved in terms of the mapping and technology around it. What are you seeing right now in terms of the way Public Transit is affected by covid19 . How do you see it being reshaped longterm, and how does your Business Model fit around that reshaping . Amnon i think when we think about the fundamentals of mobility and automation, they have not changed. Covid19 is unlikely to change those big trends. Regarding the ability, people still need to move from place to place. They will be using all sorts of mobility infrastructure like public transport, micro transport, shuttles, taxis, and so forth. This is unlikely to stop. Automation, the move from laborintensive to capitalintensive, this is an unstoppable trend. When you think about the future of mobility, it is relying on compute, lots of compute. This is where intel, this is the core asset of intel and mobileye come both Silicon Software sensors. It is all about taking compute to the next level, and mobility is really the place where we will need lots and lots of compute. Guy were going to leave it there. Thank, indeed. Amnon thank you very much, indeed. Amnon shashua, mobileye ceo. Coming up next, the impact covid19 is having on the retail industry. Over the last few days, we have seen a wave of bankruptcies coming through and really highprofile names, and definitely not the last. We will get them next. This is bloomberg. Vonnie President Trump making some comments now on his way to arizona. Lets listen in. Pres. Trump frankly, when the people report back, they are going to be social distancing and washing their hands and doing the things they are supposed to do. We wont be going into stadiums soccer andnts, football and all of the different events. I hope baseball can get going. Yet. Hey wont be going in hopefully sometime in the nottoodistant future. But that report is a no mitigation report, and we are mitigating. [inaudible] pres. Trump i think we do, but we will be reporting on it over the next period of time. Plenty of people asking me that question, and we will be reporting if in a deadly over the next period of time. [inaudible] pres. Trump no, i dont have any. Everybody traveling has been tested. We have great testing, and literally, they have been tested over the last hour. The test result comes back in five minutes. We have great tests. They wouldnt be allowed to travel with me. Its not my choice. Its a very strong group of people that want to make sure they are tested, including secret service. So they are all tested. Everybody traveling on the plane. The only question i cant answer, has the press been tested. I can guess maybe. Has the press been tested . Well, i trust you. [inaudible] mask trump i think its a facility, right . If it is a mask facility, i will. I dont know if it is a mask facility. But we are going to see honeywell. They have done an incredible job on many fronts, so im going to pay my respects to a Great Company and the great state of arizona. They make n95, and they make them good. They dont like the ones that dont work, like we got sent from certain other countries. No, like other people got sent from other countries. We are making massive number of masks. We are making our ventilators. We have the best testing anywhere in the world, not even close. The antibody tests, you see what is going on with that. Look, we have so much testing, i dont think you need that kind of testing, that much testing, but some people disagree with me. And some people agree with me. But we have the greatest testing in the world and we have the most testing in the world. [inaudible] well, the governors have its a fair question. I have given them great discretion. I respect the governors. I have given them great discretion. If, however, i see somebody doing something that is egregious or wrong, i will stop it in two seconds. Many of the governors have called me up and asked my opinion. And really, a lot of them have. The relationship is very good. Come on avernors story like that, when they are going down and going down rapidly, but may it is sort of the 14 days, they are given a certain amount of discretion. If i see something wrong, we will stop it. [inaudible] pres. Trump no, no i am not. That assumes no mitigation. We are going to have mitigation. We are letting people out. But the fact that we are letting people go to their jobs, they have to do it. If they held people any longer with the shutdowns, you are going to lose people that way, too. And you already have, im sure. Between drug abuse, and they say suicide. A lot of different things. Theres no win. Just so you know, theres no great win one way or another, but ill tell you where there is a win. We are going to build a country. I did it once. We had the best economy in the history of the world, the best employment numbers weve ever had in history. Even cnn agrees with that one. But i will say this, we are going to do it again. I view these last couple of days is the beginning. We are going to build the greatest economy in the world again, and it is going to happen pretty fast. [inaudible] pres. Trump well, thats with no medication. We are doing mitigation. Theres a lot of mitigation. The fact that they are out, they are mitigating. They are social distancing. They are washing their hands a lot. But we have to get our country open. We have to open our country. Look, models have been very inaccurate. Ive seen models that are very inaccurate. But you know, one model that is very important is that if we did this a different way, we would have lost much more than 2 million people, and we did it the right way. We did everything right. But now it is time to go back to work. Im going to arizona. I will see you there. Thank you. Thank you. [inaudible] pres. Trump we want them to be transparent. We want to find out what happened so it never happens again. [inaudible] vonnie the president there leaving the white house on his way to arizona. He will be visiting a honeywell factory a little later on. Just answering some reporters questions there. He talked about the New York Times report that said there might be double the number of deaths in june. He said that was based on data that did not include mitigations. He also said he has been speaking with president xi of china. He wasnt particularly come lament three of china, but the market is higher today because of the extension of some tariff exemptions on about 12 goods that had already been granted an forption, so it is a delay another 12 months on those particular tariffs. The market is taking that pretty well. Live from new york, im vonnie quinn, along with guy johnson in london. You are watching bloomberg markets. Right now, indices are higher by about 1. 5 to 2 apiece. The s p 500 up 1. 4 right now, led by energy. We had some of the permian producers cut output, and that has crude at 22. 70 a barrel. This is bloomberg. Guy from london, im guy johnson, with vonnie quinn in new york. This is bloomberg markets. We saw Services Data earlier on, betterthanexpected, but retail still very much under pressure. The pandemic causing massive upheaval in this sector with a wave of bankruptcies, including highprofile names. Weve already had j. Crew. What comes next . Catherine dockerty joins us now. She covers distressed debt for bloomberg, and this is definitely a big focus of hers right now. Catherine, thanks for joining us. Weve had j. Crew. Walk us through what else is expected over the next few days. Stories are wer going to end up seeing . Reporter thank for having me. We are waiting any moment on a few retail situations, including Neiman Marcus and jcpenney, both of which we have reported have been in discussion with their lenders, trying to get together their bankruptcy restructuring plans in place. Those have been delayed by days, by weeks, depending on how Market Conditions are changing, but we are expecting to see at week,nieman come this jcpenney probably right behind it. Vonnie were these bankruptcies like . Waiting, if you we know that this has been in talks, and j. Crew was pushed into it by private equity. So would this have happened anyway . Katherine you make a really good point there. These situations had been evolving and were kind of seeing trouble, writing on the wall before the pandemic hit. So with the store closures, that has put even more pressure on these retailers that were seeing sales decline before, and were also dealing with heavy debt loads from leveraged buyouts years ago. Neiman marcus is one that negotiated a debt deal with their lenders last year, and 2018, actually, that gave them some time. Since then, things have accelerated. There debt didnt really get cut the way it needed to, so they are still dealing with a heavy storesad, and now some are closed, and most rulers are adjust toshift and the new norm. The debt has become an issue for retailers like neiman. We saw it with j. Crew filing. And we will probably see more Companies Come that are having to decide whether or not bankruptcy is the best option for them. This frome look at the investor perspective . At the moment, we simply dont know what the retail landscape is likely to look like on the others out of covid19. We know that ultimately, consumers are going to need to shop at some point, but the patterns of that retail story have changed and have change significantly. Nobody really knows what the longterm picture is going to look like. From an investor perspective, how risky is it putting money to work in this space, and how many are some plea deciding that the risk is too high given the lack of visibility . Katherine thats a good question. We have seen a number of retailers come to the market and issue new debt that is giving them more stability financially. These are companies that werent necessarily distressed before the pandemic, but because of the closures, have just needed to look to other avenues to basically increase their liquidity. So we have seen gap issue new bonds recently, and when they are asking market purchase offense to show exactly what youre Market Participants to show exactly way are asking about, which is their confidence in a company that may not have been experiencing the issues had it not for the closures, we will see if other retailers follow ask credit Market Participants to buy in now, knowing that in the long run, they are going to turn things around. Vonnie just very quickly on macys, obviously we are not suggesting it is in any trouble or anything like that, but it is reopening stores, and that is a risk. It will have to bring back employees. What are creditors and people in this space talking about when it comes to macys . Is it a good risk . Katherine macys is another one that issued new debt. It remains to be seen whether or not you are bringing up the questions of safety. Onlinedoes have presence. It is the retailers that dont have strong Online Presence that will suffer probably the most. So you have to see how sales were doing before this pandemic, comparing that to the instore sales versus the online sales. And a lot of companies will continue to be pushing their marketing, trying to capture the customers that are at home and scrolling on social media, online, and sending me that way sending money that way. Vonnie our thanks to bloombergs Katherine Doherty there. Guy. Guy up next, the european close. This is bloomberg. Guy from london, im guy johnson, with vonnie quinn in new york. We are counting you down to the european close here on bloomberg markets. Higher first thing this morning, carrying on the moment and we saw out of the United States yesterday. As youve been pointing out, we also had some trade headlines which have been helping out sentiment. We are up by around 1. 9 . Crude is also sharply higher. That means oil and gas is the best performing sector in europe today. We had a court ruling from the German Top Court a little earlier on which caused a little bit of concern around the ecbs qe program, and certainly provides some uncertainty to the markets. That is why we are seeing the euro a little weaker today. That is why we are also seeing btp yields moving up by around 12 basis points. Vonnie it is really fascinating. We will be talking about that as well,