And twitter adds a fact check donaldor u. S. President trump for the first time. He accuses the media giant of stifling free speech. Manus just on 6 00 a. M. In london. I dont have a big enough following for a fact check. Good morning. Economic risk, Political Risk, and earnings risk. Right now, the markets are ignoring Political Risk, whether they are right or wrong, but they are certainly focused on economic risk. Jamie dimon embolden us with his comments of a fairly rapid economic recovery. He and bullard have come down towards 10 unemployment. I want to remind you 10 unemployment was the top of the Global Financial crisis. I know the stimulus is different, but these are very bullish economic record pieces that inflame the mood this morning. Good morning. Nejra good morning. Yes, it is really interesting with jamie dimons focus, versus what we saw in 20082009. That leads people to question at this point when we do see the rally continuing in risk assets, particularly equities, with the rebound towards 30 since the march lows. Whether now you want to start positioning in the cyclical sectors, and those value sectors, small caps versus large caps. That can continue. In terms of what we are seeing, you are seeing green on the screen in asia. Yesterday, we saw a strong rally for the s p 500 but it gave up some of the gains on the concerns between u. S. China tensions. So we did not quite managed to close above 3000. The 10 year yield is steady. We are seeing some dollar weakness. The dollar yesterday fell to its lowest level since midmarch. Steadying up a little bit today. Oil halting the rally near 34 a barrel on signs russia may ease a supply cuts. The biggest drop in almost four weeks. Turning to the u. S. Considering a range of sanctions to punish china for its crackdown on hong kong. Bloomberg learned as the Trump Administration wait whether to declare the former lost its autonomy. President trump says he will announce action against china before the end of the week. Protesters in hong kong geared up for what could be the biggest day of unrest in months against chinas increasing control over the city. For more, Stephen Engle joins us now from hong kong. Good to see you. Give us the flavor of the protests today. It seems in some way, they have been a little more subdued than expected. Stephen thats right. There was a coffer protests in front of the Legislative Council building today because there was another reading of another controversial bill, separate completely from the National Legislation that is being handed down or imposed from beijing on National Security front. Criminalize the disrespecting chinas National Anthem which is a bill and law that carrie lam says is a priority. It would basically put fines and prison sentences on those who show intent to insult the march of the volunteers, that National Anthem. That, again, really angers the prodemocracy and Civil Liberties advocates who say that is a violation of freedom of speech. It is yet another point of contention. Those protests that were called did not necessarily materialize because local tv news have been reporting theres about 3500 riot police stationed mostly on Hong Kong Island and in areas around the Legislative Council, the government offices, and the nearby pla, Peoples LiberationArmy Garrison headquarters. There was a Strong Police presence that deterred that protest. However, we are hearing on social media that the call is now to go to other places in central hong kong, perhaps starting right now, 1 p. M. Hong kong time. Or if there are too many police, congregate across the harbor. They still want to protest. It still to materialize. There have been some arrests this morning of those who try to disrupt the morning commute. But by and large, even by the reading of that controversial bill taking place in the Legislative Council, the protests gathering did not come as large as they had called for. Manus you have monitored many protests. You have been on the streets physically, etc. This racesense of how relative to 2019 in terms of the protests. Stephen definitely, there is more frustration on the part of the protest movement. Theres also perhaps protest fatigue and fatigue overall in the general public. It is not getting the level of support that the protest movement got from the general populace in 2019 where we saw estimates of one million, perhaps as many as 2 million. That is a large estimate coming from the protest group, but that last summer was a galvanizing force to battle this extradition bill which was eventually scrapped or tabled. Now today, we have had two months, almost three months of coronavirus. Weve had 11 months of unrest and weve had recession, a deep economic pain being felt here. And what we are having is more and more voices coming out in support of this National Security law, including, finally, hong kongs richest tycoon. The men people call superman here. He has broken his silence. He put out a statement today, it is within each and every nations sovereign right to address its National Security concerns. We probably need not over interpreted. Is 91yearold billionaire urging people not to protest and panic. Nejra yes. On the issue of chinas crackdown on hong kong, the u. S. , we understand, is considering a range of sanctions to punish china. Tell us more about this because this is what moved the market in the u. S. Session yesterday. Stephen people familiar are telling Bloomberg News that u. S. Is considering a range of sanctions to punish china, possibly including declaring hong kong has lost its high degree of atomic from beijing. Treasury department could impose controls on transactions. They could freeze assets of chinese officials and businesses. Other measures that we reported include possible visa restrictions for communist party of china members. These are not set in stone. These are being discussed and considered, according to the sources that told Bloomberg News. We did hear from the White House Press secretary earlier today overnight saying that donald trump is displeased with beijing dropping this bomb on hong kong, figuratively, of course, last week with the imposition of that bill, that legislation which could be passed by the National Peoples congress by tomorrow in beijing. Also keep in mind, one less point the u. S. State department is due shortly to certify hong kongs autonomy under the hong kong human rights and democracy act that trump signed into law last year. If they do not determine that hong kongs autonomy is being preserved, then they could take the drastic action of revoking their most favored trade status, the lower tariff environment that the United States bestows on hong kong. Many people say that could potentially kill hong kongs roles as an International Financial global hub. Manus thank you very much. The speciale on status of hong kong from a trade point of view. First word news. Twitter has started Fact CheckingPresident Donald Trump. A pair of president ial tweets making up since nga did claims by up unsubstantiated claims about the male in ballots. Claims,about the including one by twitter staff. The president says the social network is stifling free speech and appearing in the 2020 election. The french president has unveiled measures are aimed at reviving the car industry. The plan includes incentives to buy electric cars, cash for clunkers. A total of 8 billion euros also includes state back loans, 5 billion of which are slated. Jamie dimon sees a good chance of a rapid rebound in the u. S. Economy. The jp morgan chief executive says that the u. S. Government stimulus has strengthened the American Consumer and will drive forward. Dimon pointed to the forecast that unemployment will spike at 18 this quarter, getting to 10 by the end of the year. Russia is determined to start easing oil output in july. Despite saudi arabia trying to prop up the market with additional reductions. Bingoriginal plan so cur july but opec and its allies are weighing whether to extend. Sources tell us russia wants to stick to the original plan. Global news 20 for hours a day on air and on quicktake by bloomberg, by more than 2700 journalists and analysts in over 120 countries. Nejra. Chinas recovery signs, Business Sentiment improves and industrial profits fallout a slower pace, but will tensions with the u. S. Affect tepid recovery . This is bloomberg. Manus i am manus cranny. Nejra alongside me has always in the london studios. Jamie dimon talked about a pretty good recovery possibility. The s p 500 did not choke. Admitted through 3000 and the moving average. They brought the whole military. The vchip narrative takes hold. Oil and the dollar. There is no doubt about it, the market is ignorant of Political Risk at the moment. Bonds are flat. Crudeyen, and nymex shuttering of the thought of russia turning on the tops earlier than promised. That is the headline in the opecplus relations. To china. The economy has continued slow recovery from the coronavirus slump. Small Business Sentiment has improved with reduction and orders both on the rise. Joining us to talk china trade and politics is maria, the senior multiasset strategist at state street. Great to have you with us this morning. As i look at markets this morning, there is clinical risk, economic risk and earnings risk. Right now, my view of whats going on in the market is still ignoring political, real political ratcheting risk from china and the u. S. Whats your take . Maria good morning. Manus, i think you are right. Is singing market really focused on economics and earnings risk, which is probably understandable. Given that the shock coronavirus has put through the earnings, any positive news seems to disrupt any other risks for now. Having said that, we have been looking at the fragility at the market for a long time. That is still true. Is susceptible to big shocks in either direction so it is still there. It does not mean it will not be focused in the near future. Time ande should take see how it builds. Today, it is about economics. It is about reopening. It is about the reduction of without the obvious second wave of infections. Nejra great to speak to you today. What kind of appetite do you have for assets in china or in the greater region given the escalating tensions between the u. S. And china right now, and resumption of protests in hong kong . Marija yeah, thats a great question. I think what we see in china and what is quite interesting is that one of the substantial parts that is a lot larger than any other market is actually technology stocks. Indexes,n dominate the depending on which one you look at. Technology is probably somewhat insulated from politics to a large degree. Thats kind of one area that is probably doing ok. The other area in china that probably do well are domestic stocks. We see quite a lot of stimulus. Thats what we saw in the previous trade war. The domestic stocks do better because thats where the focus is. Theres quite a lot of focus on chinese stocks. Relativelyress politics. There are a few areas in the market that are quite interesting. Nejra marija stays with us for the hour from state street. Great to have you with us. European central bank tells bloomberg tv that policymakers are committed to addressing fragmentation and sovereign bond markets. Take a listen to what elsie had to say. The pandemic emergency program. They have to say it is going to be in emergency parameter and we are going to use everything that is embedded in our roles. We are doing that. So far, you have seen the markets has been positive. So far. But are you open to abolishing the p . That is not what i have discussed. Have talked,you we but simultaneously we have flexibility in the shortterm. Not only in terms of the assets we purchased, but as well in terms of the timing of the purchases that i think is sometimes more vulnerable. The evolution of sovereign markets is much more quiet and calm. It is now but we dont know if we will get a second wave. Theres always the chance of a surprise or shock. One thing you have not yet announced his reinvestments. This is something i think a lot of people expected has got to happen. Does it have to happen . The program lasts and then we will see. We have not decided anything on that yet, but i suppose we have time. Cannot possibly end december 31 because we dont know if it will have a second wave next winter. That is the variable of the pandemic. Now you look at the evolution of markets, the sentiment of the market is much better than before, only one month ago. I think that has to do with the evolution of the pandemic, flattening the infection curve. I dont know whats going to happen. That will be very instrumental to everything but my view is that markets will be doing fine in the recovery of the economy once the worst of the pandemic is over. I think this is going to be very important for everything. You note in the Financial Stability review that low Interest Rates are a burden on banks and insurers. The previous financials to bloody review as well. Now low rates for longer, it is more of a burden. It threatens the solvency of some insurers. Does that suggest in terms of monetary policy, you have to stay away from any more Interest Rate cuts . Focus everything on bond purchases . The approach with respect to in terms off Interest Rates, the real cost and the real drivers of the banks is not our monetary policy. It is much more structural. Asons with resum capacity and the income ratio that is very high. Even when you look at monetary policy, it was positive in terms because the recovery is affected by monetary policy. When you put it together in a balanced way, the pros and cons of our multipolicy. New can see that at the end of the day, the right policy. It is acknowledged to longer those rates last, the bigger the problem goes on. There is no alternative to this multipolicy in terms of the programs, our Purchase Programs. Liquidity we are giving today. Do you see a case for cutting rates more . Well, thats not the approach that we liquidity we are giving today. Have now. Deliveringsed on liquidity to the banks very quickly and with very good pricing. Simultaneously, our Purchase Program will depend on market conditions. Nejra that was European Central bank v. P. Hong kong bracing for protests today. Small groups of protesters have hit the streets and have confronted police in a junction outside landmark. The protest disrupting traffic outside the landmark in central as well, but it was expected to be the biggest uprising for months. We are staying on that story all morning. This is bloomberg. Nejra this is bloomberg daybreak europe. Chancedimon sees a good for a rapid economic recovery starting in the third quarter. The jp morgan ceo says the Government Stimulus Program and consumer strength will aid the rebound. Fed officials have manus fed president James Bullard expects the jobless rate to be below 10 after climbing to 14. 7 last month. He did warn that it could send the economy into a depression. The minneapolis fed president , his fear is we could see waves of bankruptcies, more businesses, if the virus crisis. Fromis the risk, isnt it, Neel Kashkari . You look at jamie dimons comments and bullards, they both seem to come in at this 10 level of unemployment which would be a huge improvement, but still staggeringly high. The level you saw at the height of the Global Financial crisis. I think we need to define what this 10 really is and what portion of society it may affect the most. Nejra yeah, it is a really good point you make and it was something i was thinking as i was reading the comments. Hang on, 10 unemployment is seen as a good thing now . It fits in with comments people have been making. What investors are looking at are not absolute levels when it comes to the economy and different metrics, it is the rate of change. What is also interesting with the fed is the debate around yield curve control. They think we will see that come in by the end of the year and a lot of people see the fed targeting the front end, two to three years rather than further out the curve in terms of keeping those rates anchored because that would signal the rates will remain low, but you still keep the yield curve steepening which is good for banks. Manus exactly. That is the very conversation i had here. We talked about whether they really want the curve steepening further. One of the people i was talking to said you have to remember a slightly steeper curve is ultimately good for the profitability on the banks which are most under pressure. We are taking some live pictures. You chatted over them earlier. This is the scene on the streets in hong kong where the police are making arrests. The protest remains small. And to that extent, we are seeing student groups, trade unions calling for protests. Again, back against the china backed legislation. What will mr. Trumps response be . We debate that and metals and mining and more. This is bloomberg staying connected your way is easier than ever. Youre just a tap away from personalized support on xfinity. Com. Get faster internet speeds with a click. Order xfi pods to your home in a snap. Or change your Xfinity Services with just a touch. All in one place. Youre only seconds away from all of that on xfinity. Com. Faster than a call. Easy as a tap. Now thats simple, easy, awesome. Good morning from bloombergs middle east headquarters in dubai. It is bloomberg daybreak europe. Your your top stories this morning, the u. S. Molding a range of factions on china after its crackdown on hong kong. Global stocks remain in positive territory. Saysmons there there is good optimism around a u. S. Rebound. The ecb is committed to addressing market fragmentation. Fact check labels to tweets from President Donald Trump for the first time. He accuses the social media giant of stifling free speech. To bloomberg daybreak europe we have both honed in on the comments of jamie dimon. What is interesting is the debates coming up in the equity market and bond market. And the equity market, people started to question whether now is time to start favoring values, cyclicals, small caps, all those beaten down parts of the market. In the bond markets, its about whether the fed will implement yield curve control. The question is, will the tensions in the world between the u. S. And china keep those shorter dated papers at lower yields . There is a lovely piece on the mliv blog talking about where we are. Potential tariffs against hong kong and its special status might be removed. You get equities slightly strong. The 200 day moving average, that itself has held. Yields at. 69 playing into that yield curve. S p futures above 3000. The dollar up 0. 1 , as it would appear that the narrative, the political narrative is not being taken on board by the equity market or fx market. Ajra the u. S. Is considering range of sanctions to punish china for its crackdown on hong kong. President trump says he will announce any potential action before the end of the week. Meanwhile, protesters in hong kong geared up for what could be their biggest day of unrest in months against chinas increasing control over the city. Chinas economy has continued to show slow recovery from coronavirus slumps this month. Easily and early available data indicates more Business Sentiment has improved with productions and orders on the up. Gold has fallen for a third day. Signs of improvement in some theomies rolling back demand. Deteriorating u. S. Relations with china and the tailwind from a weakening dollar. Lots to get into the conversation with evy hambro. Somatic global head of thematic investing at blackrock. Lets start off with the Global Growth narrative. It seems to be shifting from jamie dimon to bullard around the world. Has anything demonstrably shifted for you post mpc in china last week . Evy good morning. Thank you very much for having me on again today. I think we are in obviously really interesting times. Saidata from china, as you earlier on, continues to show signs of recovery. There is a significant pickup. I think you could start to see some of the data coming through in other parts of the world. From my perspective as an investor in Resource Companies and seeing some of the commodity prices, this is encouraging. We are seeing better prices filtered through as demand starts to pick up. Growthence of supply means that demand recovery is going to play into the hands of the Resource Companies. Nejra great to speak to you today. I just have to break the flow to bring some breaking news to our viewers, which is that the bourse is mulling its first revamp of benchmark in 30 years. Urse mulling bo the first revamp of its benchmark in 30 years. Just to come back to the china recoveryd in terms of and the impact on commodities, how do you actually expect the sort of distribution between different metals to change . Do you think it will be sort of a comeback acrosstheboard or could we see a little bit of divergence . ,vy within the metals space you always have individual characteristics for each commodity. Today,take iron ore obviously at the start of the year and the start of last year and the year before that, every analyst and expert in the market was anticipating a significantly lower price. Hasng those times, iron ore traded betterthanexpected. The same as playing out in 2020. Prices by now are expected to be 30 or 40 a ton below where the price is trading in the market today. What we have seen in the steel market since the very rapid erosion of infantrys of steel and the Global Economy is starting to pick up, you are seeing prices improve. Demand for iron ore remain robust. Will we stay at this level forever . I doubt that very much. Are we probably going to average this year higher than expected . I think that is likely. If thats the case, the Resource Companies will enjoy another year of fantastic cash flows and strong profitability, which will feed through into the valuations of the equities. Manus evy, the other strand of discussion is all about electric vehicles. Coming out of this crisis, europe pushing a cash for clunkers a story, pushing for people to buy electric vehicles, pushing for guarantees of energy, etc. On some of the bailouts. Is that part of the global narrative when you look at the commodities space, about how much more quickly we might move . I emphasize the word we might, because we dont know. We might move towards new anddigms towards electric Renewable Energy . Evy yes, its a big question. You emphasized the word might. I think what we are seeing today in terms of all the fiscal support being announced around the world is that it definitely has a green element to that. Well other whether it is to do with the vehicles are other investments around sustainability or carbon transmission, i think that is very much the emphasis of this projected spending. You look at the announcement of france yesterday talking about the bonuses for scrapping, the subsidies for electric vehicles, etc. That is going to be very commodity intensive, whether its lithium going into the electric vehicle batteries or the copper going into the charging infrastructure. This will be a commodity to accommodated this carbon transmission transition and move to a more sustainable, Global Economy. Thats very encouraging for us. As you say, the timeframe for which that money in which that money is spent will be absolutely key. The headlines are fantastic but until we actually see the money being put to work, then i think it would be injurious to add to the timeframe. The mites element could take a bit longer might element could take a bit longer. Nejra i want to ask about gold as well. It has started to buckle a little bit over the past few days with some risk on sentiment coming into the markets come across asset, despite the escwa markets, cross asset, despite the escalation of tensions between the u. S. And china. We start to perhaps see a recovery towards the second half of the year, as a lot of people are predicting, including jamie dimon. Evy yes. When i was on with you a couple of weeks ago, the price was an ounce lower than what it is trading at now. 1700 ane at around pounds is a phenomenal price for the Gold Companies. Lower oil prices and weaker currencies around the world, companies are enjoying great margins. Prices should be incredibly beneficial for the equities exposed to that. You cant ignore the factor that we have this very low Interest Rate environment the fact that we have this very low Interest Rate environment. It looks as though that will prevail for several years in to the future, which obviously plays into the hands of gold. Evy, the last time you were on, and we sort of got squeezed for time, we are coming to the end again. He seemed more bullish on gold producers you seemed so much more bullish on gold producers. Did i interpret that correctly . If so, why . Evy yes, so i think it is a question that we have been asked quite a bit of the moment. Hasthe things that is fundamentally changed across the resources base is just the robustness of the industry today. The strong balance sheets, the discipline that management has to deployment of capital and the absence of cost inflation are all protecting the margins the company are enjoying. As a result of that, with no claims of that clash cash flow being product expenditure and debt payment, shareholders will get significantly rewarded for the risk they have taken. I think it is not necessarily a comment specifically to gold. It is a comment across the resources base. What is most encouraging to us is that the Gold Companies are now part of this group, having not been part of this group for most of the last three or four years. May be the patients is going to get rewarded for the longstanding shareholders of these companies. Nejra interesting. Thanks so much for joining us. Evy hambro, global head of automatic and sector and thematic and sector investing at blackrock. Twitter has started Fact CheckingPresident Donald Trump. It takes readers to a page of reports about the claims, including one bite twitter staff. The president says the social network is stifling free speech and interfering in the 2020 election. The European Central bank looks set for another testy debate on stimulus. The governor has criticized of the p. Thats what forces the central bank to buy government bonds in proportion to the size of the national economy. The ecb Vice President has played down the importance of relaxing the rules. That we havere you , but simultaneously, we have flex ability flexibility. As well in terms of the timing of the purchases. Russia is determined to start easing Oil Output Cuts from july. That is despite saudi arabia the market with additional production. Sources tell us russia wants to stick to the original plan. 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. Coming up, a return to risk. Mega cap safety trades go out of fashion as investors look to size if the economy is passed to the bottom. We will discuss that next. This is bloomberg. Nejra this is bloomberg daybreak europe. I am nejra cehic in london with the manus cranny in dubai. Risk on prevails even with the u. S. And china tensions still simmering away. Green on the screen in asia. But didwent about 5000, not close above it. 10 year yield fairly steady. A little bit of a comeback for the dollar broadly. Dollaryen unchanged. A return to risk. Investors are turning away from the safety trades that have dominated, as they focus on tentative signs of a turn in the economy. Hedge funds are buying into u. S. Small caps. Investors are bailing from groups Like Health Care that had led the rally previously. Marija veitmane from state street is still with us. I know that for a long time, you have favored growth overvalued. Is there an argument to be made practically to turn that trade around now, at least for the next three months . Marija its exactly right. I am a big fan of Growth Stocks. Thats the first chart that i checked when i look into the bloomberg terminal, the performance of Growth Stocks relative to value. It has been a decadelong upward trajectory. It has done really well. There is a point in time when the trade will turn. For us, what we are seeing right now is an incredibly strong [rrelation between growth and indiscernible] for a argument has been long time is that Growth Stocks were [indiscernible] we have been able to invest previously to kind of safeguard the business models. What we see right now, those companies are in a lot better position to weather this crisis. The argument to buy value, to youcyclical for small caps, need to get more confidence involved. Once we think the economy is back on track and earnings are going to grow again, that would be a time to go into value and cyclicals. Is the kind of central scenario, that the economy is about to recover. With safe, better quality companies, which are often growth phase still makes a lot of sense. Good morning to you. Good to have you back. The growth versus value stock is about the ability, better earnings, and those Growth Stocks can invest more. You play that theyre in number of longshort positions. We just finished a conversation with the head of blackrock. Evy was very much a longest favorite line about companies who can invest and their cash flows are unencumbered by debt demand and the like. Take us through your strategy. I think that makes a lot of sense, what we heard from blackrock. We are going along similar lines. Technology, very low level of debt, very high margins, very high profitability. Now, they are starting dividends and buybacks. Technology usually wins on pretty much any screen. Care. Ne is usually health that tends to look very attractive. Again, high margins, higher return on equity. We havepside, technology, health care, some consumer staples. One that tends to score quite poorly for us is still energy and still banks. Those sectors are often struggle in a very low Interest Rate environment. That has been a problem for banks for a long time. This crisis makes it very difficult for banks to kind of maintain the quality of their balance sheets. In europe, they are worried about rate on bankruptcies, delinquencies. The way we are thinking in terms of sectors space is i. T. , health care, and staples over energy and financials. We still see potential for that trade to continue. Thank you very much. Our guest host this morning on growth versus value. She is not ready to pull the plug on that trade just yet. Quick flash of the stories that we are tracking on bloomberg today. Time, the ecbon president , christine lagarde, is going to take part in an online q and a event later this morning. Their future in her hands. The European Commission unveils its proposal for a jointly financed response to the recession caused by the pandemic. Nejra throughout the day, oil majors including bp, exxon and chevron will host their agms. Space acts scheduled to launch their first crewed flight with two nasa astronauts on board. Twitter has started Fact CheckingPresident Donald Trump and he did not take it lightly. This is bloomberg. It is bloomberg daybreak europe. I am manus cranny. Started to fact check the president of the United States, President Donald Trump. He did not take it lightly. Annmarie hordern tracking the story. A bit of a titfortat on twitter. Give us the details. This certainly gives a whole new meaning to the idea of checks and balances when it comes to the u. S. Government. Twitter is a Fact Checking the president of the United States tweets. We already saw it yesterday when President Donald Trump tweeted about mailin ballots. President donald trump is not taking it lightly. He is saying this is stifling free speech. This will be a huge issue for the 2020 president ial election. This is obvious he not going to obviously not going to go away. Policy did start this earlier this month when it labeled misinformation that had to do with coronavirus. This is the first time they have taken action on trumps posts for being misleading. The president was annoyed, to say the least. This is something that is not going to be going away. Nejra certainly not. In terms of the developments in the u. S. , reopening new york city, what have we learned on that front . Air travel gotat a little bit of a memorial day bump. The city that never sleeps seems to be waking up from its slumber. Governor andrew cuomo talked about the fact that they want to get some of these projects accelerated. Hes talking about penn station, that ridership is low, and they need jobs. As well as laguardia airport. You need federal permit for this dutch federal approval for this you need federal approval for this. I think many would agree, these need to events. We are seeing these need revamps. We are seeing a bit of a pickup when it comes to air travel. Nejra thats it for bloomberg daybreak europe. We are still keeping an eye on protests in hong kong. They were expected to be quite strong protests today. Futures higher in the u. S. And europe. The hang seng index a lower by almost 1 . This is bloomberg. Matt good morning. Welcome to Bloomberg Markets european open. I am matt miller live from berlin. The cash trade is just an hour away. Unrest returns to the streets of hong kong. Tensions with beijing flare flarer the planned up again over the planet security law. The u. S. Considering sanctions on firms and officials in china, as well as