When we reopen, that is the time to stimulate. How do you see the policy effort changing in the months to come, adapting, larry . Larry i am not here to negotiate, but i will simply say this. Had a set ofmp has policies that worked very well before this pandemic. The first three years plus. Indeed, in january and february the economy was growing at 3 or better. I think that he wants to extend a lot of the ideas. He wants to be a Free Enterprise economy. He wants to reward people for their success and their initiative and their efforts. He has talked about from time to time, talked and tweeted about payroll tax holidays, he has talked about Capital Gains taxes. He has talked about tourism, restaurants, traveling deductions that might work. We have talked about capital and business expensing. There have been covid related adjustments, whether you are a large factory in detroit or a small town in the heartland a restaurant in the small town in the heartland. All of that, every nickel of that should be completely expensed, 100 percent deduction, so people will not have to pay extra for that and open the door. We have talked about fair trade agreements. We talked about on shoring. We will continue to that. A lot of people have learned we probably went way too far in our off shoring of factories, either manufacturing and pharmaceuticals. President trump has talked about making it much easier to come back home to america. That is a smattering of the policy ideas that he has put out there. We have got to negotiate with the hill. That will come into host in due course. Month,a reopening jonathan. It will spill into june in phases. We have seen the federal guidelines have come down. The states are doing the same. We had Governor Abbott of texas yesterday. With theen in meetings president and the governors. That is a big plus for the economy. We have to open safely and that get people back to work, and i think the temporary layoff will show that they will go back to work. Then we have to move ahead and make sure that the incentive structure of this economy remains intact so we can have the bluecollar boom that we had. So we can have the entrepreneurship, so we can have the fair trade and the energy independence. Themes, and ipian think that is where the president is going to move. Jonathan i know you want to talk about trade. When it comes to reopening, i want to understand i know you are optimistic whether you have done any Contingency Planning for a second wave and other shut down. Are you doing that Contingency Planning now . Larry yes, we are. It is a subject that comes up. Im not going to go into detail. It is outside my lane. I have talked to ambassador burks on that ambassador birx on that, dr. Fauci. One of the senior people in that group, i ask that person, what happens . Right now the virus numbers are flattening out. That is a really good thing. That means we can reopen this economy. So i asked this person what happens if you get a jump back up in the virus numbers, and the response was simply, look, we wont have to reshut down because first of all, we know more, we have more experience, and second of all, we are much better equipped with the right tools. President trump deserves some credit for putting together a massive infrastructure, whether it is testing or face masks or gallons, running the whole or gowns, running the whole gamut. I am an optimist. I think the governors and the mayors are well aware of the safety needs, as we reopen. But when we do reopen, that is going to get this economy a tremendous boost, and we will see that in the summer and autumn quarters, spilling into 2021. 2021 could be a fabulous year if we keep the right policies in place. Isathan larry, i hope that the case. I truly do. I know you want to talk about trade, so let me give you the opportunity to do so. When it comes to the administrations trade stance, you mention supply train supply chain repatriation. Will you be looking at companies that repatriate their supply chains . Dory yes, i think we will it by creating incentives. It is not a matter of punishing, it is a matter ofs incentivizing. On shoring is a very important theme. Coming back to america, i think we have learned too much emphasis on supply chains overseas, too much emphasis is not safe and not reliable. And not Good Business practices. I do not want to unveil or get ahead of our own policy process, but the president is very keen on on shoring. There are many ways to do that. Are you rethinking your relationship with the Chinese Communist party . Larry well, i dont think we ever stopped thinking about it. Know, froml, as you reports today, ambassador lighthizer, secretary mnuchin met with the vice premier of china. It was a very constructive meeting. The communique, if you will, was very positive. China continues to tell us that they have every intention of meeting the requirements and the implementations of the deal that was signed formally last winter. It seems like a thousand years ago, but it was only a couple months ago. They are a little behind on commodity purchases. That may be a function of market and economic conditions, but the vice premier said they are pledged to continue, including remedies for intellectual property theft and related measures. Those talks seemed to go well and were constructive. However, the chinese relationship is complex, then we know that the virus originated in china. We are investigating, the u. S. Government, the intelligence agencies, the national, state department, etc. , are carefully investigating what happened and what did not happen. What may have happened and what actually happened. China has been not transparent. A lot of people are concerned. I saw this with the president at the g7 video teleconference meeting a couple of weeks ago, and the other World Leaders felt the same way. They will be held accountable, jonathan. They will be held accountable. When the final studies are in. All i can say this morning is the trade relationship, and it is going to be a pretty good deal, a lot of exports coming out of that when the economy has recovered. The trade relationship appears to be on track. Like a lot ofds talk, larry. I have heard a lot of talk over the last week about this, about Holding China accountable. Can we talk about accountability . How does the United States hold china accountable . By doing what . Larry jonathan, i dont want to disappoint you or create otherwise emotional upset, but im not going into details about this. This is National Security stuff and we will have to leave it at that. Jonathan i understand it is a delicate topic. Quite clearly, the United States and other countries do not trust the Chinese Communist party. I am not sure how much weight we should put on a Statement Released overnight about working toward this phase i agreement, because clearly the United States is looking to hold china accountable. How can i reconcile those two things, two countries working on a phase one trade deal, two countries that does not trust each other, and one country that wants to punish the other . Larry without accepting your premises there, you put out quite a lot. I will just say the relationship with china is always a complex relationship. It covers trade, he covers other economic matters. It covers it covers other economic matters. It covers National Security matters, espionage matters, Cyber Security matters or the lack thereof. It covers on shoring and off shoring matters and is a complex relationship. Problems in one end does not necessarily mean everything stops. But President Trump has said any number of times, they will be held accountable, we continue to investigate the problems , andding the coronavirus the lack of transparency. We are trying to get to the bottom of what actually happened in china. Iose efforts are ongoing, and believe the president in the oval Office Yesterday said the next couple of weeks, we are probably going to have a lot more information to share. Jonathan larry, i look forward to getting the answers and more parity from you. More clarity from you. Larry kudlow, i appreciate your time and i hope you and yours are doing well. Larry kudlow, the National EconomicCouncil Director will suffer from new york city, that does it for me. Thank you very much, and i hope you are safe and at home as well. The worst payrolls report we have ever seen, and lets hope it is the worst we ever see, and lets hope in the months to come we see some record breaking reports going the other way. From new york, this is bloomberg. Vonnie live from new york, i am vonnie quinn, along with guy johnson from london. This friday, this is bloomberg markets. Nonfarm payrolls this friday, we are not seeing much reaction on the stock market because we were expecting a that number. 20,500,000 people out of work now. We see a rally because we had some good earnings. 1. 4 , the nasdaq up 1 . Stocks like uber being raised at goldman, morgan stanley, guggenheim, more signs that the economy is getting refer it better reopening, although honestly, who is to say what is to come . Crude oil at 24. 57 a barrel. We are not seeing strength for the euro but we are seeing strength for sterling. Guy absolutely. The london market is closed today. It is ve day. The u. K. Is having a holiday. That means the equity markets are closed. The dax is up 1. 4 at the moment, up on the session, it up onust up around. 5 the week. It is fascinating to see volatility coming down, as you say, vonnie come on a day we have had such a historic number coming in the form of the u. S. Payroll number. It is a matter of all of us digesting the economic damage being done and done deliberately. We are waiting for a moodys rating review. Keep an eye on btpss. There is a lot of pressure swirling around europe at the moment, and you wonder if that centrifugal force will kick out some countries. We are not there yet, and the ecb in the form of Christine Lagarde reiterated that she would do everything to fulfill her mandate. Brent crude going up by 2. 5 . The big number is that payroll figure. Jobs lost in0,000 march, the Unemployment Rate more than tripled to 14. 7 . The Labor Department is saying because of quirks and how reporting is done, the figure should be five Percentage Points higher. That would be 19. 7 . It is not as if we did not know this was coming, but that is still eyepopping. Stripping details include things like disturbing details include things like Hourly Earnings going up. The reason that happens is it reflects the substantial job loss among lower paid workers. So there are disturbing dynamics at work. Lets get into it with allie wolf. Acting likearket the economy is about to reopen when there are millions, multiple tens of millions of people out there with no job, likely noconfidence, and even if confidence does begin to return, it is always a lagging indicator for when people actually spend any again. Ali thank you for having me. This report was historic but not a surprise because we have had jobless claims reports for the last few weeks. If you look at the share of workers furloughed so they are likely to come back as we reopen the economy. 80 . N january to over we see a lot of temporary layoffs in this report from april. Inequality,conomic is there anything the treasury can do to target those that are unfairly disadvantaged by the sudden stop in the economy, which was dictated, obviously, by necessity . Ali we have really seen the tugofwar with the virus and the policymakers when it comes to economic growth. We saw in the march report that the hospitality sector was crushed. When we look at the report that came out today, we are seeing job losses spread across a wide range of sectors, not just the lowest incomes. The focus needs to continue to be, do what it takes to hold baseline, make sure that the money gets effectively and quickly into the hands of the businesses that needed the most. Right, ali continues with us. Thanks for joining us. Tonight on Bloomberg Television get vonnie, hopefully will sorry, the delays are causing us havoc today. Hopefully allie will be coming back. We will try to fix or audio sin. Wall street week is coming up, some fantastic guests going to be joining david westin larry summers. The to the moment for links for the moment to the biden campaign. And kathy would will be joining us as well, the cio looking forward to catching up with that program. You can catch wall street week eth david westin at 6 00 tonight. This is bloomberg. Guy i am guy johnson, with vonnie quinn in new york. This is bloomberg markets. Lets get more into what is happening with u. S. Economy. Before the break we were talking with allie wolf. Lets carry on that conversation. Thanks for sticking with us. The number we got today is incredibly bad, postsecond world war low in terms of employment, a real hit for the u. S. Economy. My question is how quickly will these people be reemployed . Normally in an economic cycle, we would expect unemployment to drop 1 per year. Is this cycle going to be different . Can these jobs come back more quickly . Of i think there is a lot hope as we start to reopen the economy that all the businesses with go back and open up social distancing measures and that we would get closer to normal. We have seen from the states that are early to open up, they are still just reticent, both from the business and consumer sides. As we research the Unemployment Rate, we think we will still end the year at a 10 level. How quickly do you think how long will it take us to get back to a 2019 level, to those historic lows we had in terms of unemployment . Are we going to have to live with a structurally higher level of unemployment as a result of fear of the virus, fear of what could happen next, social distancing, the impact and the legacy of jobs that are going to be lost . At the moment, it kind of appears as if the damage that has been done to the u. S. Consumer is limited. I assume that is because of things that the government is doing at the fed is doing. I also suspect underneath that there is some damage being done the confidence, both in terms of Health Confidence and economic confidence. Ali exactly. The virus really determines the fate. At first we thought a vshaped recovery was likely, but the longer this goes on, we noconfidence has been battered both by the Financial Impact we know that confidence has been battered both by the Financial Impact and the the personal savings rate jumped from 8 to 15 in one month. The highest level since the 1970s. We think this is going to look more like a bumpy swish rather than a rapid vshaped recovery. Vonnie you have a background in housing economics and brokerage economics. We are seeing that sector decimated, too. Financial services, which include that segment of the nomy, lost 262,000 262,000, mainly in leasing and interesting about the Housing Markets. The fear was that the Housing Market was going to zero. We found home sales went down 50 . Everyone expected that. At now for april, it is just 30 to 40 . I know i said just, but it is better than april and march. Everyone has been forced to work from home and look around at the space that maybe they have learned to hate. We think housing is going to be one of the better sections sectors to grow in this economy. That is important because housing represents 50 15 of gdp and it can impact other industry. Vonnie how can people buy houses and sell houses if there is no work . Doesnt that presuppose that we do get back to the type of Unemployment Rates we have been seeing . Ali it is the craziest thing ever because i agree with you, when you look at the Unemployment Rate, we are nearly at 23 , and yet we are still seeing some home sales happen. I think that is because we do still have a large share of the workforce that is working, and if they have enough confidence to continue to go out, we know that demographics, millennials are having kids. They are looking to move. We know Mortgage Rates make housing an attractive option compared to rentals. At least on the builder step aside, there is not much supply, so anything they have they are able to sell quite quickly today. I am nervous that that could go away if the duration of the unemployment, and we do not see people coming back, that will be an issue. The problem i have with all of this is that at the moment we find ourselves in a situation where we have a great deal of people, a great many people sort of unemployed but still with purchasing power. That is because of the safety nets provided by the states, by the federal government, and by effect. At some point these are going to run out, and the purchasing power has the potential to evaporate. It feels at the moment we are in that wily coyote moment, where we have gone over the cliff, but we have not dropped yet. It, yes, and as we look at we do think that the may report that comes out for nonfarm payrolls will continue to see losses. Weve seen losses into may. So we are seeing uber and airbnb doing some corporate layoffs just this week. So we are watching for right now we are holding steady, a backlog of demand. There is definitely a concern that things could go lower from here. Guy thanks very much indeed for joining us. Ali wolf. This is bloomberg. This is bloomberg. Vonnie live from new york city, i am vonnie quinn, along with guy in london. Etfs time for our weekly friday segment. Companies taking aim at coronavirus vaccines about treatments, some of the top performers. The exposures to these different stocks has caused a wide range etfs. Rns among biotechs james, biotech stocks have been one of the best sector plays, but what are the best etfs to aim for in this market . James it has all been about big tech and biotech. It is pretty hard to pick individual names. You want to bet on potential treatments or testing . Makess specific area, it it an interesting prospect. What bph does is holds the artist 25 biotech companies. Essentially it is the year to date winner because it was down at least when the market went down. If you look at the mid market it is up nearly 50 . Laggards, the bb h is one of the laggards, but still up over 15 . We are guy we are all focused on covid19, but there are companies that will be at the forefront of that. Is the differing performance down to covid19, or is covid19 one factor which is determining the disbursement to some of these funds . James covid, coronavirus is a major contributor to this, the different in really comes down to the rules that they follow. Had someiotech etfs kind of exposures to the companies that rose. Companies that are providing drugs or products that have positive earnings, and the other etfs are companies that have Clinical Trials and negative earnings. Other ways are markets are waiting. You are outperforming market readings by 14 . And now just holding broader holdings like 210 versus 25 holdings. The more smallcap exposure, the better chance you want with biotechs. Vonnie what are the specific companies driving these returns . Obviously there is huge volatility, so even cummings up hundreds of hundreds of percent so even these companies up hundreds of a percent can come down, too. James the companies that are betting on vaccines one is typically up 350 year to date. Up 170 . Other companies are working on treatments like antibody treatments, like 140 . Etf,ally, if you are an whatever etf has the highest exposure to these types of clinical based trials, that is most that is the Going Forward. Guy even if we are invested or not invested, we hope that these comedies come up with great products. James seyffart of bloomberg and televisions of bloomberg intelligence. Lets turn to the tech space, the German Company that has scrapped its 2020 forecast and is saying that orders in the second order have slumped. Still, the engineering giant which makes turbines, provide supplies to carmakers, did manage to keep most factories open during the lockdowns. Joe peyser,ourse is and he spoke to bloomberg earlier on. See that thereo is a good response to what we have been saying. Siemens has been early in restructuring the company to the syrian portfolio, be it health care and also the actions we have taken on the energy side. We are right on plan with our energy business. So by that time you will have a very well focused company focused company portfolio. So i think that is what they are looking at. Of course, times are terrible and they are complicated, and they are very hard to deal with because there is so much uncertainty from other partners and areas, at the fact of the matter is there will be a time after corona, and that is also the time to look at to get prepared for the upswing and how we can benefit from that in a proper way. I always say to my people, the night is darkest before dawn, so think about the future without neglecting what needs to be done now. Anna comforting words, sure. ,n terms of the Balance Sheet you have recently secured another 3 billion euros in credit lines. Do you have concerns around liquidity echo joe around liquidity . Joe no, we dont. Cfoave a very experienced who holds things together very well. As you know, we have had our etm early february, 2020, paid out the dividend, which was up . 10 from the prior year. So we are up with we are done with that one by the end of september we will bring the Siemens Energy asset to the market as a spinoff. That means this is a dividend in kind of material size, so that means that the shareholder value associated with that tool for fiscal 2020, on the liquidity side, this is to secure a 3 billion loan, but that loan actually supposed to transfer to the Siemens Energy asset so that they are wellfinanced and in a intoposition for start their Public Company environment by the end of september. Anna you have managed to keep a lot of your factories and plants open through all of this and employed social distancing. As other businesses get ready to go back to work, what advice can you give them on that social distancing, and how you have prepared the business . Not first of all, we are going back to work, we have been working. Many people have been working from home in a very efficient way. It also brings me to the point that once we are through the worst and have more certainty about the future, then we need to review everything the way we work in our country in our company. We have seen that digitalization is not something that we just successfully sell it to our customers, we also can apply that and we have very good experiences if you work from home remotely, decentralized companies. So you think about what that will mean for productivity and efficiency. Having said that, obviously we all of ourly factories opening except the ones we needed to close due to regulatory matters, which is still30 factories are closed as we speak. We have been very mindful about our people, and i always said priority number one, that is not negotiable, is the safety and the health of our people. Our employees as well as the people of our partners. ,e have very good experience with distances, we have been highly tenseom a environment to a twometer distance environment. They have been giving out masks, closing down in those areas where people have been socializing. Guy that was the siemens ceo, joe kaser, speaking early on this money. We will be talking about the retail industry, getting a hand amid the pandemic. We will have details on how that is working next. This is bloomberg. Vonnie live from new york, i am vonnie quinn, with guy johnson in london, and this is bloomberg markets. Lets get an update from viviana hurtado. Viviana we begin with the human toll on the economic toll of coronavirus, and the question that ceos, government prime ministers and president s, are wrestling with how to move forward. The u. K. , Boris Johnson on sunday, he vonnie Boris Johnson . Right, we will return to viviana if we can get her back. Lets turn to michael mckee, because as viviana mentioned, we are talking about a definite human toll. Onis never more obvious than the nonfarm payrolls day. We got a whopper once again today. Michael mckee is our economics and international correspondent. 20,000,005 hundred thousand, the Unemployment Rate did not even reflect the damage because as the Labor Department said, it need to be five Percentage Points higher. We were anticipating this, but it is still a head scratcher when you see it. I cocoa there is no way to process this. It is nothing like anything we have seen and hopefully nothing like we will ever seen a ever see again. The unappointed rate will certainly go higher. There is no good news in this report. Some people are trying to spin million at 18. 1 18. 1 million of the 20 million reported they were on temporary layoff. 88 of the people who lost their jobs say they were on temporary layoff and think they will be rehired, but it is going to be really slow. It will be hard to get people back to work. People are not going back out to eat right away or two bars right away. If there is not a lot of demand to buy things that factories that open up, that they cannot sell a lot, that is the case in china so far. The job loss is horrific in most areas we saw. The leisure and hospitality space, 7. 6 million that is bars, restaurants, hotels. Retailers losing over 2 million jobs. These are jobs that maybe wont be coming back if restaurants dont reopen. We have already seen a number of bankruptcies in the retail space. Just a dismal, dismal number and report today. Yeah, every one of those kind of people been affected by this are having lifechanging moments, potentially. Lets talk about what you were referencing, potentially how some of these people could get their jobs back. There is a degree of optimism that people will get their jobs back quite quickly, but in a normal economic cycle, slowly. Ment drops very is this time going to be different . I havenything here heard the phrase before, and it is something that should worry you. Michael there may be a quick drop in employment because a lot of companies will reopen but then find they dont have business and lay people off again. So we might see a bit of a w and the unimplement numbers. After that, we will see a slow ratcheting down as employers try to right size their business for the economy that they have. We can also see a very slow companies not rehiring back right away. It is not clear exactly how well this will work out. What for workers, you probably have the right model, the idea that we are not going back to anywhere near what for employment is considered to be, somewhere in the 4s for years. Vonnie 47 of employees have been laid off in the restaurant industry. That does not mean that some of them will not be hired back. People to tryof to rehire back. Presumably some of them will not be rehired. What happens when Social Security benefits run out in july as they are right now supposed to do. Behael that is going to real policy question for members of congress because they have set up a cliff where people are hired back and maybe companies do not reopen by then. Or they find that at this point they do not need as many people. You are going to be dumping a lot of people back into unemployment, so do they extend that . And if so, for how long . What is the projection on how long it would be needed . There is a decision that has to be made by people taking ppp loans. This week, are they going to take the money and rehire people back without knowing when they can reopen or how many they are going to need . If they do, then it becomes a question of, we have to hire everybody back, or it becomes a loan and you suddenly have to pay interest. There is a real question for them as to whether you want to keep the money, even if youve got it. A real dilemma here. Guy lets dwell on that for the moment. One of the things happening in the moment is that employment is crashing, but purchasing power is not because of all the things that have been put in place. Cliff, have reached that once we potentially start to see some of these schemes being rolled off, government funding i would assume is not infinite, how much could we potentially see purchasing power coming down by . I coco it is hard to put a number on it because a lot of this will and like michael it is hard to put a number on it because a lot of this will a lot of people after the depression did not spend a lot of money. There is nothing to spend money on except groceries at this point and liquor. Once we do have stores open again, do you want to rush out and buy that new dress or even a new car or Something Like that, or do you want to say that money because you are uncertain about what is going to happen Going Forward . Also you have a large number of people who are unemployed in the lower socioeconomic areas of the economy. People who live paychecktopaycheck who will go into debt. They are going to have to pay that money back. While they may have more purchasing power in terms of money coming in, it is already spoken for. It is hard to know exactly what kind of spending we get when this is all over. Guy the u. S. Consumer is so important to the global economy. Michael mckee, digging into the key details of the report. A similarrry on with subject. Fed fund futures pricing and the possibility of negative rates. This is bloomberg. Vonnie live from new york, i am vonnie quinn, along with i johnson in london. It is time now for our stop of the hour our stock of the hour. Kailey lower by 7 today, giving back some gains after what had been a remarkable rally. This is a stock that had more than doubled since the march low. Retreating before the coronavirus proved to be a doubleedged sword. On the one hand, roque who benefiting from the fact that people are stuck at home and streaming content. They posted a 38 gain in active accounts and 13. 2 billion streaming hours. That was up 80 . Both of those numbers roughly in line with expectations and revenue came in higherthanexpected with both of 55 . But the ad business is under pressure. The company saw a higher than normal cancellation rate through march and the rest of the year is looking trouble as well, the company acknowledging the pandemic is weighing on advertising and expenditures are expected to fall in 2020. They expect the ad business to grow on a year on year basis but it will be slower. Analysts think this will be temporary. On the street saying this morning they still view the company positively. Its longer term prospects are good because the pandemic is going to accelerate cord cutting. Roku will be a beneficiary and will continue to add accounts and also more advertising dollars are going to shift toward streaming. That is your stock of the hour. Guy . Guy thank you very much indeed. Lets talk about what is happening in the futures market. Futures in focus traders pricing in the possibility that u. S. Central bank that the u. S. Central bank potentially could cut policy rates to below zero. Early 20contracts for 21 surging above 100. That normal that level normally marks the boundary between positive and negative interest rates. Is this in any way realistic or just a quirk of Market Pricing . Joe joins us out of chicago. What do you make of this . Is it just a markets pricing quirk, or is this the market realistically signaling that the fed may decide to take us into negative rates in the United States . Joe we believe it is more of a pricing component. I know that implied pricing came in this morning, looking like he could potentially go negative, but the fed has already done the background on this. They have looked at what has gone on for 30 years in japan, what has gone on in the e. U. , and it really is not going to drive what we need right now. It is not something that we think there will be negative interest rates, in the negative territory, it will hurt the American Population more than help get things open and get people back to work. Fed tould you expect the take action to stamp on this . Because even if it is just a quirk of Market Pricing, it sends a signal about future guidance. One would have thought the fed would not want that message to be out there. Are you know what, they doing a great job of going in and looking at the components of the market right now that need that backing. The american worker, making sure that the programs are up. Looking at the ecb programs and so forth, coming up on july. But at the end of the day, the fed is going to do everything that they possibly can, but as the philly fed governor said yesterday, he pleaded not to go negative interest rates. They are going to look at corporate bonds, government bonds, etfs. I dont think they are going to look at stocks, but that could be on the table leaf we get something later this year where the virus resurrects itself and we have to shut are place again. Totwo shutter we have shudder in place again. Guy we have seen a horrendous report. So Many Americans are out of work and that is a huge strain of stress on the economy. Yet i am looking at an empty market that is going higher. What is your take . I am curious to ask this question. What is your take about the dislocation at the moment between Economic Data and Market Pricing . What is your perspective on this . Joe people are pricing in temporary. It is kind of like what we saw on the Commodity Markets initially, where is this true demand destruction, or is this just temporary dislocation . , think right now the jobs data it is horrible. I feel for those that dont have jobs and it is looking uncertain going into the future. But right now the market and specifically the equity markets, and we are starting to see it, that they are anticipating that once we get further down flattening this curve, people will have more states opening up and we will start to see the demand increasing. That is what has been priced into the markets right now. We will have to wait and see, that is going to be based on the virus being under control. Get peoplee got to back and convince that they want to go out there and spend money, and that is going to be an interesting conundrum to solve. Thank you for your time today. Joe cusick. Brent is up 2. 5 this week. Do not forget to tune into our special this evening, coronavirus special, crude in crisis. Take a look at the markets, because you might be interested to know that stocks 20,500,000 though people were put out of a job last month. We got some dire statistics about education, restaurant workers, leisure. Also financial services, which for the most part was real estate. We had a chat earlier on with our economist about that. If you interesting stories, including news corp. , which had a good quarter. We will dive more into the markets reaction throughout the day. This is bloomberg. Guy live from london, im guy johnson, with vonnie quinn. En bloomberg markets. London is closed today. It is ve day, and the u. K. Is having a national holiday. Denmark is the only other one that is not treating today. The dax is up by 1. 12 . Volatility continues to fall, which is amazing in terms of what we have seen from the payroll number. We are watching carefully what is happening in italy. Yields are coming down. We have a moodys review coming after the close. It is already rated on the lowest ig rating. Brent crude up