Down sharply, for a third day in a row on fears that these tensions between hon congress and the tension with China Hong Kong and the tension with china is a sign of the tensions in the u. S. , the idea there will be more likelihood the china firms will be delisted here in the u. S. , confirming the risk tone we are seeing for more of the china sensitive areas. Bonds rallying a little bit. This is very small decline for the s p 500 on the day, david. We are going into the long weekend so it feels like a lot of traders have checked out. On the week, it has been very choppy, great point, two down days in a row. But on the week, we are looking at a gain, up 2. 7 . That comes after last weeks loss. That range we have been talking about is in place, the bulls and bears looking for more information on what could be next for the Global Economy and how that will play out through the markets. Stay tuned. We will be talking about that next week. David thank you so much to Abigail Doolittle. The nationals People Congress has gotten underway in beijing but it has made a fair amount of news. The markets are reacting in asia. We will go to our fellow bloomberg anchor, selina wang in beijing. I would like to start first with the chinese economy, the fact they no longer are giving an estimate for future growth. What does that tell us . Selina david, thats right. This is quite significant because this annual g. D. P. Target serves as a guideline, a north star for local officials across the country to really set their own investments and policymaking. The fact that for the first time in decades they are not giving this number shows the depth of the disruption cautioned by the pandemic. That being said, david, we did get more specifics in other areas. China said it would be significantly increasing Infrastructure Investment with a focus on technology through the sale of half a trillion dollars of special government bonds, in addition theyll be expanding, widening that deficit to more than 3. 6 of g. T. P. , which is more than in the wake of the Global Financial crisis. The really big focus area is the creation of jobs. Theyre targeting the creation of nine million jobs. This is as some 130 Million People in china have been laid off or furloughed and this is critical here because rising wages, more employment has been a key part of the communist partys legitimacy. David as you say, there seems to be a shift from growth to jobs. They have a lot of unemployed. There are issues about possible dissension in the ranks. The other piece of news had to do with hong kong and the new security measure theyre implementing. It feels for us here as if beijing has said if we have to choose between a strong hong kong in terms of the economy and security, well go with security, thank you. Selina david, that does seem to be the case. It appears that theyre fed up with hong kong and will take whatever measures, the tougher line, no matter the consequences here. This is highly controversial, this National Security bill. The last time the attempt was to pass it was in 2003 and that led to mass demonstrations in the streets of hong kong. The rest of the world is preoccupied with fighting the covid pandemic. China signaling it will be passing this bill by circumventing hong kongs legislation. We dont have the text of the huh yet but we are expecting it to ban secession and subversion of the government in beijing. While china argues this is key to hong kongs security, not allowing any foreign interference in hong kong, opposition leaders say this fundamentally erodes the independence, judicial autonomy, as well as freedom of expression in hong kong. We are already seeing this strong reaction from the u. S. As well with two senders in the u. S. Introducing this legislation that would impose violations on officials that enforce this bill. David there is the issue on capitol hill of possible delisting of chinese companies. Secretary of state mike pompeo said we will take a hard look whether hong kong should keep its special trading status. It feels like the situation is deteriorating even as li says theyll stay on the path of the trade agreement. Selina its a very tricky situation from the u. S. Side. You mentioned mike pompeos comments. The u. S. Has to toe the line, not undermining the interests of u. S. Companies already operating in hong kong because by revoking the special trading status of hong kong, that would hurt u. S. Companies operating there. Yes, we are seeing a broader spiraling deterioration of relations between the two countries in pretty much every single area, whether its technology, potential delisting of companies, as well as human rights. Hong kong, taiwan, south china, the one bright spot i want to mention is china will uphold the phase one trade deal. We dont know how realistic it is that china can increase purchases of u. S. Goods by more than 200 billion over the course of two years given the state of the Global Economy and the domestic economy but you do have this one thin thread of cooperation between these two countries amid the broader deterioration because, david, neither country has an incentive to restart a tariff war given this Global Economic situation. David not with the recession we are all in. Thank you so much, selina wang, our fellow bloomberg anchor reporting from beijing. Coming up here, we will talk about education in the time of the pandemic. The former secretary of education joins us to talk about Remote Learning. Thats coming up on Bloomberg Television. David identified david westin. We go to karina mitchell. Antimalaria drugs that President Trump has touted for treatment of covid19 were linked to an increased risk of heart ailments in a study. The research was published today by the lancet. It found hydroxychloroquine didnt help patients with the coronavirus and found a higher risk of death when take taken with certain other antibiotics. It has led many people to take the medication without proof of their benefit. India is reporting a jump in virus cases. More than 6,000 new ones were reported in the past 24 hours. The biggest single day spike since the pandemic began. India now has more than 108,000 cases and 3,500 deaths. Lockdown. Its russian president Vladimir Putin is returning to focus. He is now moving to regain the Political Initiative trying to remain as russias president potentially until 2036. Sources tell bloomberg that putin may announce a ballot in weeks on proposed changes to the constitution that allow him to sidestep term limits. Putin says today the virus situation in russia has stabilized. Or world news, 24 hours a day, bloomberg, powered by journalists in more than 120 countries. I am karina mitchell. This is bloomberg. David . David thank you so much. Adults are having a hard enough time adjusting to stayathome business. But how are children coping . We turn to arne duncan, he was secretary of education under president barack obama. Thank you so much for being with us. We have had two monthsplus of experience here. Do we have a sense of how this Remote Learning is going . Arne well, its obviously far less than ideal, david. People are learning, getting better, adjusting. But we have to keep kids safe. Thats first and foremost. Children, staff and faculty. Nobody wanted to do this. We never missed a day, never had a snow day. I know how important it is not just for learning but for safety, for food. But this is where we are. I think we have to be very honest as we go into the summer and the next school year, that while you want to bring kids back to school and do that as safely as possible, my honest take is that in reality every child will be spending part of next school year, maybe a large part of next school year, continuing to do some virtual learning. David given that we will not have a snapback the way it was before, have we learned that what have we learned that we can improve upon . Arne there are so many frankly. I think to start with, the digital divide. The idea that children can only learn when theyre in a physical school building, 9 00 in the morning to 3 00 in the afternn, doesnt make any sense today. Children should be able to learn anytime, anywhere, have access o hot spots and wifi. Closing the digital divide, inner city, rural community, they can find their passion, their genius and pursue their interests. We are seeing so Many School Districts doing great things. In boston, i think about 30,000. In san antonio, they have about 49,000 students total, given out about 47,000 devices. Places like south bend, indiana, theyre parking buses that are wifi enable to create access. Thats one place to start with. Then there are places we can be creative, david, and i think this gets a little technical, but it really forces us to think about competency. My point is you know do we know that a child knows algebra because theyve sat in a class for nine months or do they know it when they know it . They might take three months, might take nine months. It might take 12 or 15 months. Being able to veealt kids not evaluate kids not by how much time they spent sitting in class, by what they actually know, its what we should be doing anyway. Kids really struggling socially and eye motionally, emotionally, kids who had stress before and now this is a different level of fear and concern and worry. Millions of families, people losing their jobs, not just the educational piece, but the telehealth piece of this, social workers checking on kids every day. We have to adjust and meet kids where they are. David as you say, there is a digital divide. There has been a substantial inequality in Public Education in this country long before the pan demk but this has put a spotlight on it. Is the biggest problem the access to broadband and why cant we just fix that . Is it access to technology and equipment or is it actually access to teachers who know how to do this . Arne i guess all three to some level. This has to be about publicprivate partnerships. They have to step up together to close this divide once and for all. This is a terrible time for everybody. I so wish it werent here, but if, this is a big if, if coming out of this we have the courage to close that digital divide, once and for all, that would be a great thing for kids across the country. So that needs to happen. That must happen now. If this is the excuse it make that happen, that would be fantastic. We also see a point, need to do a much better job training teachers how to teach in this virtual world. That is is improving. Its getting better. Clearly it hasnt been the focus in the past. Now it needs to be the absolute focus. Using this time between now and the fall to hone those skills will really help some teachers. I have two teenage kids at home. Some of their teachers, this is as easy as can be. And others frankly its more of a stretch. Just like we have to meet students where they are, we have to do the same thing with teachers, help them improve their skills and confidence to teach in this manner. David the primary responsibility for Public Education in this country has long before on the shoulders of local school districts, like chicago. The federal government has a role. I think you had 1ds00 billion to distribute. How are we doing as we look at the cares package, the heroes act. How are we doing in stepping up at the federal level to support . Arne i hate to be so somber, but have to be real honest with you and your listeners that its hard, as tough as this time is, david, i am worried it will get worse. Ou said it per febtly perfectly. 90 of the funding comes at the federal level. As we move into next school year and sales taxes, property taxes go down, i am doing weekly calls with superintendents around the country. Theyre looking at 15 , 20 budget cuts if theres not help coming from the federal level. Youre exactly right. In 2009 when he had the economic downturn, we put 100 billion in our recovery act behind Public Education, k12. We saved thousands of jobs, didnt save them all. In the bill that was passed, much larger, they only put about 20 billion, a tiny sum of money behind k12 education. This is my personal opinion, i think its not by accident, its not a mistake. The Current Administration isnt interested in Public Education. Theyd be happy to see it starve or suffer. But we need a huge influx of resources, School Superintendents asking about 250 billion. This is a much tougher time as we all know than 2009. If that doesnt happen, as hard as this is, next school year will look much tougher with some devastating budget cuts. Kids dont deserve that. Families dont deserve that. Public education doesnt deserve that. I am very concerned about that. David as you say, this is pretty somber. Leave us perhaps with a little bit of hope. What could come out of this better than it was before . You talked about competency. The kahn academy does that. Are there ways we can come out of this even better off in some respects in Public Education . Arne i am always hopeful. I want to be somber and realistic, but i see what teachers are doing and staff are doing for virtual graduations. I saw a car pull up in front of a house with balloons and a diploma. To see the joy of that student, his parents, that family, people are doing remarkable things now. I think that what we are hopefully learning more than anything is how much we have in common. We are seeing our common humanity. If we can take on these really tough issues, take on these what i call opportunity gaps, not achievement gaps, opportunity gaps, if we can close the digital divide, start to meet students where they are academically, socially, emotionally, schools are feeding children and their families tens of millions of meals every single day now. I am doing calls on that every week, remarkable leadership. The human part of this is extraordinary. I dont use the term social distancing. I use physical distancing because we need toer more connected socially than ever before. The relationships, the care, the concern and the love that teachers and staff and administrators are showing to students now over the long haul, thats what changes lives. Thats what gives me the most hope. David arne, finally, is there one example you have seen in a Public School system that is doing this as well as can be done in a very difficult circumstance . Arne there are many. I am hesitant to give you one, but i will give you one example where in broward county, my good friend, the superintendent there, what theyre doing, rather than a teacher teaching five classes of algebra back to back during the day, theyre doing one big zoom class of algebra in the morning. The teacher is using for all students and using the rest of the day to do office hours and Small Group Instruction and individual tutoring for students. So rather than sort of the repetitive nature of a Traditional School day, get that out of the way first thing in the morning, help meet students where they are individually the rest of the day. That kind of personalized nstruction, personalized attention academically, their social emotional needs, thats the right way to help kids learn and keep them safe. David creative innovation that we need. Thank you so much, really appreciate your being with us. Arne duncan, he served as secretary of education upped president obama. Coming up, we will talk with ressra yer, legendary tour. Thats coming up on balance of power. David this is balance of power. I am david westin. It is time for stocks of the hour. Its the casinos. Theyre not doing very well right now given tensions with china. Abigail doolittle is here with a report. Abigail shares sharply lower, underperforming the overall market. This as china looks to be clamping down on hong kong, wanting to install new security laws and what feels surprising here even though we have had u. S. China tensions escalating, some say this is a move on the part of china to get back or taunt the u. S. It does seem a little surprising in a time of the virus. So its actually they are going to be installing state security laws. The last round of protests, this is not new, we saw something along this line last year where folks in hong kong were very nervous they would lose freedom of speech, press and assembly. It shut the Central Region down for 77 days. Macao is tied to hong kong by a bridge. So the fear is in the time of the virus where people arent doing trips and travel, that if you have a violent protest erupt, that it could be bad for those companies. Certainly bad in the asian session, hong kong having its worst day, going back to 2015 more than 5 . Of dont they get a lot their money from the resorts . Abigail it does. For Las Vegas Sands its more than 60 . If you have protests really shutting down business in those casinos or scaring folks off, on top of the virus, the recession, it could really be a big double whammy. These stocks, david, to make it even worse, theyre among the worst hit by the virus. Down 70 , similar to the cruise lines. Investors, there has been a rally more recently, but at this time, investors perhaps weighing whether or not this is going to be Something Else to worry about. Overall down about 40 on the year, david. David no doubt about it. Thanks so much to Abigail Doolittle for that report. Coming up here, we will talk with danny meyer, founder of shake shack, about the future of the Restaurant Industry given the pandemic. Thats coming up on balance of power on Bloomberg Television and on radio. W . W . Uhiono david this is balance of power on Bloomberg Television and radio. Im david westin. Time now for bloomberg first word news with karina mitchell. Condemnede u. S. Has chinas plan to impose sweeping National Security legislation in hong kong. Mike pompeo called the plan disastrous and urged beijing to reconsider. Affectislation would hong kong. The Trump Administration has repeatedly criticized the agency and is threatening to cut off u. S. Funding. It wouldaid this week start the review when the time is appropriate. Americans are fleeing weeks of home isolation or beaches, parks, and other leisure destinations over the memorial day weekend, and that has Health Experts concerned about a spike in coronavirus cases. Memorial day travel is still expected to be a fraction of previous years. A third of 2019 levels. Global news 24 hours a day, onair, and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. Im karina mitchell. This is bloomberg. At the young age of 27, danny meyer founded the union square cafe, and then he went on to start more than 20 acclaimed restaurants all over the new york area, and that is not mentioning founding shake shack. Thank you for being here. Give us your sense of where the Restaurant Industry is in the new york area and more broadly. To answer the question, we have to acknowledge the Restaurant Industry is not monolithic. There are all kinds of different restaurants. The fullservice restaurant segment will probably have the toughest time coming back. That is where most but not all of our restaurants lie. Fast casual will come back well sooner. Those are businesses that did not necessarily rely on how many people were sitting in a dining room at the same time. They had a pretty robust take out and pick up model coming into this. We will see how all of that goes. David what does that mean for your operation . You are known for highend restaurants. Although you have some of the latter as well. Opening up,look at how will you look at it . Danny what we will all see in the fullservice business is, for some period of time, and we dont know how long it will last, the only way to recover any kind of revenue is to bring people back to work safely. Kitchent means is, in a , which is not designed for people to be working succeed apart from one another, you will items, feweru hours of operation. You cannot bring in a whole bunch of different crews working in a way that we used to. And youll probably see businesses who are finding entrepreneurial ways to cook and share that food, but not by welcoming people into their restaurants. You will see curbside pickup, delivery, businesses doing things that you never would have expected. Turning their restaurants into a wine store. Turning their restaurants into a type of Grocery Store, where the regulars at the restaurant trust the way they purchase produce cheese andd meat and wants to reduce their trips to the Grocery Store but wants to have a restaurant they can trust either providing grocery kits, neil kits, or the finished product. David what does it mean in the meantime . Waiters inries about masks, plexiglass between tables , not as many tables. Is that sustainable for the industry . Do we need to wait until there is a vaccine before we need to go back to restaurant eating and dining . Danny i dont think it will be about waiting until a vaccine. I think it will be waiting until the public at large develops the wef demand that says read the news just like everybody else, we read scientific reports. Largehe public at collectively feels a sense of confidence about going out and dining in restaurants, that is when youll start to see things happen. In the meantime, it will be tough. The way the restaurant economy works, its been pretty hard with decreasing margins for many years to make money, anything less than, i would say, 85 occupancy. To make it safe to bring people inside our restaurants, we are looking at 50 or 40 occupancy. I dont really know how restaurants can do that for very much time. What we are going to wait for is sorry,essarily im somebody keeps calling me. David we are all having this experience wherever we are. Were all familiar with it. Danny at least we dont have a dog barking in the background. What i was going to say is, a vaccine will be nice. I do believe there are many steps that can create that kind of consumer demand and safety before that. For example, if we find we are going to have some type of remedy, so that if people really believed, seeing all the data, if i were to get the virus i have taken all the precautions i know how to take, masks, distancing, washing my hands, and i were still to get the virus, there is a remedy out there that would make me feel that my low ons of fatality are even lower that is the kind of midstep. We will all be looking for this because we dont know when there will be a vaccine. We will be looking for things like what is the role that testing can play, for our own staff coming in . What role will testing our own staff play for you as a consumer to feel more comfortable coming in . Everything that we do can but i do not a lot want to give undue hope. Until we can get to the point where restaurants can have enough business and lets not forget, our business is a big part of what makes even and 80 capacity in a restaurant work. We can sell cocktails out the door, but lets face it, that is a whole lot different than what we are used to having, a full bar with another layer of people waiting for their table. Ass, but itshall p will probably be many more weeks until we get to that phase of thriving like restaurants once did. In the meantime, this is tapping one of the best parts of being in this business. Nobody got into this industry buck. E it was an easy we got into this business because we love taking care of people and we are entrepreneurs who find another way. We are going to find some interesting, new revenue models right now or we can provide our hospitality to you, even when you are not in our restaurant. If we are lucky, some of those methods and business scenarios will indoor and help our industry, even after we get back to serving you inside the restaurant. David will those new ways involve as many people . You had Union Square Hospitality group have always been focused on the employees. So many lost their jobs across the country in restaurants. Are we looking at a industry where you may employ fewer people . Danny in the near term, absolutely. There is no way we are going to go from zero to 100 overnight. We have been as transparent as we possibly can with our team. We have a weekly call with all of the people involved with our hospitality family. Noty, many of them are employed today, but we are staying in contact with them because we want to get to that point as soon as we possibly can , of being able to employ all the people who either choose back to new york. Frankly, many of them have left new york city and are rationally asking themselves, do i want to go back . We hope there will be a point when we get back to full employment, but it would be disingenuous to say, in july or august, or october, we are going to go from zero back to 100. We are going to build a business hopefully with consumer demand. Consumers are going to have a lot to do with this. I cannot tell anyone that they should feel safe sooner than they want to feel safe. A quick analogy. 9 11, we have the technology of metal detectors. We just had not deployed it everywhere. Detectors toetal make an average person feel safe getting on an airplane again. That said, i was willing and able to fly probably within three weeks of 9 11 for a business trip. It took my wife probably a year, a yearandahalf before she got comfortable doing that. I feel like it is the same thing. She was not wrong, i was not right, but different people will feel differently. One thing about this pandemic is lucy istics on the in terms show , here, of mortality, younger people have had a lower rate than older people. Be that, unlike flying, we may see generations feeling more comfortable coming back more quickly to dining and restaurants. But it will be that demand that will make us know when we can do this. The other thing i would add, quickly, in our case, a lot of our restaurants are connected to other activities. For example, we are in art museums, ballparks, hotels. Inare going to take our cues a lot of cases from those organizations. David we are talking with danny meyer, the head of the Union Square Hospitality group. Question ofsly a whether people are confident to come back, not just when they can. We have spoken to others in other sectors who say the same thing. Are you saying that we have to wait for the science as a practical matter . We dont have the equivalent of a metal detector to make you feel comfortable going back into the restaurant. Danny as of this minute, i dont know of a virus detector. We will be deploying everything we can it could be a thermometer and that will give you some comfort. It may be testing our employees. It might even be the kinds of things that im hearing about, like health passports. When you show up at the restaurant, using a qr code or some other means to connect to a reservation system, you can let us know that you are healthy. That would make anyone else in the dining room feel more healthy. This is a twoway street. It starts with our staff. It has to feel safe for our staff to come to work. That involves everything from Public Transportation feeling safe, and our staff, if we are serving you, we need to know that you are healthy. The Restaurant Business is one of a lot of human contact. Adont know how to pour bottle of wine from six feet away. Maybe you will not have somm oliers pouring your wine for a little while. We will adjust as soon as we can. David thank you so much, danny. Delighted to say that he will be with us on the second half hour on bloomberg radio. Coming up, we will hear from nancy pelosi about what she thinks about this issue with china. This is balance of power on Bloomberg Television and radio. David this is balance of power on Bloomberg Television and radio. Im david westin. There is a show done brewing in washington. This time it is not the republicans against endemic rats but perhaps both of them confronting china over their crackdown on hong kong. Something that we spoke with nancy pelosi about just yesterday. Rep. Pelosi this is something we just learned of, passed with unanimous consent, so not much debate. We will review it in the house. I have asked my committee to take a look at what it is. I take second place and no one in the congress, house, or senate in my criticisms of chinas trade policies visavis the United States over decades, human rights, proliferation of weapons of mass destruction. Whether it is the uighurs, the bet,le of hong kong, ti you name it, they had been very oppressive. The fact is, we have to have a relationship with china, and we judge every action what it means to us, as well as to them. Had suchng that it unanimous support, though, in the senate. David i do want to ask about the Inspector General issue. We know the president of the United States dismissed the state department general at the request of secretary pompeo. You have expressed summer junction objection to that. Was that within the president s right . Rep. Pelosi the president can fire any federal employee within his range. There are some who are protected, but he has the right to fire him. It is also essential or him to tell the American People and the congress of the United States why. These inspectors generals were instituted following watergate. ,he purpose was to be watchdogs behavior, whether it is waste, fraud, abuse, or abuse of power that some in agencies might engage in. This is protection for the American People. They are respected throughout the decades since then. Of the a demonstration fear this administration has of the truth. Are, byspectors general and large, apolitical, served parties, one both to the next. There is nothing partisan about it. Every business in the private sector, you have compliance officers. In the press, you have ombudsman. Here, we have inspectors general. Again, they are afraid of the truth. And it is a pattern. This is a pattern of firing inspectors general. It is just wrong, scandalous really. We want to know why. David exactly, that is the question why. Conflicting reports in the press. You have asked for secretary unfair to testify before congress. Are you confident you can get him to explain what happened . Again, the administration is afraid of the truth, so they have muzzled many of those that have a responsibility to report to congress. That does not mean that we are not asking for him to come up, and for congress to actually exercise its oversight responsibilities over policy. There has been talk about personal airings, use of federal funds to entertain that may accrue to his political advantage. Im concerned about the fact that this Inspector General may have been looking into the false emergency that was declared by the administration in terms of arms sales to saudi arabia. Somehow or another, saudi arabia and russia seem to be the pet countries of the president. Always wants to do something extraordinary for them. David that was nancy pelosi speaking with us yesterday. At 6 00 eastern time, we will have the latest edition of wall street week. We will be joined by larry ttmmers as well as jillian te of the financial times. We will talk about the willingness of the consumer to come back into the marketplace. Week,ill be wall street tonight, 6 00 eastern time. This is bloomberg. David this is balance of power on Bloomberg Television and radio. Im david westin. Get into the long Holiday Weekend by starting with a market check. Abigail, stocks have come off their lows. They are not reacting to china as much as i thought they might. Abigail its interesting, there is a divergence between the reaction over this china news. Overnight, china cracking down on hong kong. The u. S. Warning china this is not a good idea. Really, a proxy between the rising tensions between the u. S. And china. That would hit u. S. Stocks, similar to yesterday, but right now we are seeing tiny moves. The nasdaq actually up 1 . That tells you investors are not concerned over all about rising u. S. China tensions. There is a china index, the Golden Dragon china index, down 3. 4 today. This is filled with chinese firms listed here in the u. S. Sharing the conversation with speaker of the house nancy pelosi from yesterday, talking about that bill passed by the senate to delist foreign companies, presumably targeting some of these chinese firms. Investors taking that seriously with that index down sharply. U. S. Stocks remaining flat with bonds remaining higher. David what about commodities . What about oil, for example . News coming out of china often affects oil. Abigail that is a great point. Copper is down, too. Oil have been up six days in a row. Down sharply today. Down 3 right now. Commodities are off of their lows. Also a commodity that is moving. Those traders getting out of that risk asset portion of that trade. Im always cheery about interpreting the markets going into a Holiday Weekend because people are positioning themselves. Some of the moves may just be because of the weekend. Abigail you have to worry about headline risk. Who knows what could come out over the next few days. Week, it is an up week for the s p 500, up more than 2 , and some sectors are higher. Some important cyclical sectors are also higher. Financials, industrials, along with consumer discretionary. I know you have been having conversations about the consumer coming back. Maybe that is a positive sign. David as you say, it has been choppy. Thank you. Have a great weekend. Coming up on balance of power on bloomberg radio, President Trump says that he will have a News Conference at the white house. There has been a backandforth with china, so we will see what the president has to tell us. This is bloomberg. Vonnie it is 1 00 p. M. In new york, 6 00 p. M. In london, and 1 00 a. M. In hong kong. Im vonnie quinn. Welcome to bloomberg markets. Here are the top stories we are following from around the world. U. S. China tensions bubble back to the surface. Officials warning chinas push to introduce National Security laws and hong kong could jeopardize the city special trade status. Chinas scraps its gdp target. We will be speaking with mary lovely about the economic and trade challenges ahead or china. In just a moment, matthew hornbach, head of global macro strategy at morgan stanley, will work but wrap up the week. Lets get a quick check on those markets now, starting with the yuan. Offshore trading send it weaker to above 715 by a good amount. Participants