Monetary and fiscal stimulus out there. Oilmarket is focused on given what opec may or may not do. Treasuries are advancing. Stocks edging lower in europe. Also edging lower when it comes to u. S. Equity futures. Investors now trying to look for fresh candidates for gains amid a rising number of Coronavirus Infections in some countries. I would point to oil as well. Annmarie hordern spoke to the russian oil minister. Chinese shares actually pairing losses after we saw the pboc saying they want the flow of credit to the economy to increase 30 trillion yuan this year. Notice bank leaving a key rate at its benchmark at 0 . Good morning, francine. President trump asked for chinas help to win reelection, that is the allegation by john bolton in his tellall memoir. The white house is seeking an injunction preventing the form a National Publishing the book. Bolton is the most senior official in the Trump Administration so far to publish an account of his experience. The president s Campaign Team dismissed the claim as absurd. But he broke the law, very simple. As much as it is going to be broken. This is highly classified. That is the highest. It is highly classified information. Dani President Trump is turning up the heat on china at the same time, signing a bill accusing beijing of imprisoning more than one million muslims in camps. The legislation has broad support from republicans and democrats. It requires the president to sanction any officials found responsible for oppressing muslim minorities. Beijing says it will retaliate if the u. S. Moves ahead with the bill. It is decision day for the bank of england. The central bank is widely expected to boost its support for the u. K. Economy. It will likely up its Bond Buying Program amid signs that recovering from britains deepest economic slump in three centuries will be harder than hoped. Ofo in focus, any hints radical policies like a negative rates and yield curve controls. Boris johnson and Emmanuel Macron meet today. It is the u. K. Prime ministers first bilateral talks with a european leader since calling for fresh momentum to secure a postbrexit trade deal with the eu. It comes as the u. K. Government plans and Information Campaign in shock and awe to prepare companies for brexit. That is in hope of minimizing disruption when the split happens. Global news, 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. Im dani burger. This is bloomberg. Francine thank you so much. Lets kick it off with the u. S. Jay powell is urging lawmakers not to pull back fiscal support to quickly amid increasing debate over whether to extend temporary aid programs aimed at shielding households and Small Businesses from the pandemic. Howell said the economy is also recovering in the record rise in retail sales bodes well. Joining us now from new york is the chief operating officer at thank you for giving us a bit of your time. If you look at all of the bay the debate and concern about the fed, what they can and will do next, you could argue they are doing some of the yield curve control on the shorter end of the curve. What are the chances they go into negative territory . Francine, i think the chances they go into negative territory will always be part [indiscernible] it is probably the very last tool chairman powell will take out of the toolkit. The price that money market funds and financial institutions, Building Societies in the u. K. Is quite high and quite negative. Will usehink the fed that until every other tool in the ammunition is used up. Francine do they actually need to or with the tools that they have and the tools that they can also put in place, can they also achieve a similar thing to negative rates without actually hurting banks . Taimur i think they will certainly go to more extended Quantitative Easing Program and maybe thing about yield curve control on the longer end before they go to negative rates. I think whether this is enough or not is dependent on medical facts and the part of the pandemic. I think what i appreciated most about chairman powell was an honest assessment of the degree of uncertainty of what that path might be. Think they have shown a willingness to combat the Downside Risk that is unprecedented. I think they are going to be extremely supportive of the economy regardless of what the wave of second infections in the risks that are now emerging will now shape up to be. Francine when you actually look at the u. S. Economy, what makes you worried about the u. S. Economy . How long will it take to create quality jobs . How long will it take to go back to a normal jobless rate . About, what i worry francine, is the complexity of figuring out what is the goldilocks rate of reopening the economy . You have the situation where if you go too fast, you risk these spikes of infection, as we are seeing in florida and california. If you go too slowly, you risk this massive economic disruption that has occurred. The Unemployment Rate extending too long and creating even further, deeper longterm damage. Ofhink the complexity economists and policymakers trying to understand the pandemic and being able to move quickly enough, particularly in an Election Year in the u. S. , is probably the hardest part of this. I would say the future path of the virus is extremely uncertain and i think what fiscal and Monetary Policy is doing is adding a bit of a floor and a ceiling to the volatility we are seeing, but the volatility is very much part of how this is going to travel. I think figuring out the goldilocks rate is extremely hard. That is what i worry about. Francine which means what . That we could have locked down which is either too fast or too hard and that messes up with your models . How difficult is it to look at what kind of recovery we will see given the biggest uncertainty is we dont know the second wave of infection . Taimur i think that means that despite all the economic pundits trying to figure out whether it a nike swoosh, in reality economists dont fully understand the many different paths the pandemic can take. It is a scenariobased approach. You may have a base case. In our case, it is sort of a jagged nike swoosh. But you need to look at other scenarios. It means that policymakers need to move with a nimbleness that is unprecedented. I think what happened in the Global Financial crisis has been condensed in terms of months or weeks at the pace at which lows and highs are being hit. Investors have to be very forwardlooking and not be too centered on a single base case. It is not really known what the second wave will look like and what the goldilocks rate it is still unclear. The natural experiments are still happening. Francine thank you so much. We will talk a little bit about the scarring of the economy, as well. Taimur hyat stays with us. Coming up next, as some u. S. States see coronavirus cases sore, we will talk more about fears of the second wave and what that could mean for the Global Economy. That is coming up shortly. This is bloomberg. Francine economics, finance, politics, this is bloomberg surveillance. Lets get straight to the Bloomberg Business flash. Has suspended plans to raise cash by selling new shares that the bankrupt car lender described as potentially worthless. They were hoping to raise 500 million, but they halted the sale pending further regulatory reviews. The extra scrutiny comes amid a mania especially among individual investors for shares of bankrupt companies, which has baffled professional traders. Are facinger and psa a lengthy investigation into their deal to create the worlds fourth biggest carmaker. Regulators say the tie up would reduce the choice for small vans. The european commissioner set an october deadline for the probe. The carmakers still see the merger being completed by early next year. Bank of america says employees can take a personal day off for juneteenth. The day marks the effective end of american slavery. Citigroup has also encouraged staff to use personal days to commemorate the date, while Companies Including jp morgan, target, and nike are closing branches early on june 19. That is the Bloomberg Business flash. Francine . Francine thank you so much. A virus update. Troubling signs in florida. Cases are soaring, increasing concerns about a new wave of infections. New york city, once the epicenter of the u. S. Outbreak, is on track to move to phase two of its reopening. Include thejing worst flareup since wuhan. We were talking a little bit about the effects on the economy because of covid19. Do you worry that there is a deflationary wave coming . Like we have seen maybe from china . Although it is unclear whether this has to do with the price of oil or that there are deflationary pressures that there are at risk for the World Economy . Taimur francine, we divide the coronavirus pandemic crisis into three phases. There is the near term tactical faced with huge uncertainty that we talked about just now. There is the middle phase, the middle game, which will be about the debt overhang. And i worry particularly about municipalities and governments in the u. S. And their ability to finance their way through this period, given the amount of spending and the amount of revenue lost from that first phase. And i do worry about emerging markets in that second phase. Medicalee weak infrastructure combined with a spike in infections and potentially not as strong measures to actually capture the underlying data. And what we have been spending a lot of time now is actually the post pandemic phase, what we call after the great lockdown. We think the effects are already being seen, but the longterm cost of doing business for companies has gone up for a variety of reasons. Francine what are those reasons . And will the reasons stay there . Taimur we think those reasons will stay there permanently and there will be a new tradeoff that Equity Investors will need to make on is there extra resilience that the extra cost comes with . The reasons are triumvirate. I think supply chains are going to bifurcate. People are going to move out of the cheapest supply chain options in china, which they were doing anyway with the geopolitical tensions and rising labor costs, and they are going to move to second destinations for more resiliency in their supply chain. That is going to go for places like mexico, candida, the philippines, bangladesh. Second, people are going to bring their supply chain spat, because National Bring their supply chain spat come. Home. Ins back i think we have substitutes on the consumer side. Third, we are going to have more Government Intervention that happens and we are going to see it here and that intervention will come with the cost. The companies will have a higher cost of doing business structurally after this pandemic is over. That creates winners and losers in the economy. Francine does that also mean that a lot of companies will have to rework on their supply chain . Will it be more localized . And so that would really. 2 possibly inflationary pressures. To possibly inflationary pressures. Taimur i dont worry too much about inflation yet, but certainly there will be supply chain changes and those will be costly. I think there will also be some winners. The companies that are high in intangibles, everything in the cloud infrastructure, i think of all the firms doing Remote Working and videoconferencing technology. We have all become accustomed to online groceries and ecommerce growth. Streaming services. There will be a boom in those sectors. What i do worry about, Department Stores and retail, and the real estate that anchors them. Because i think there will be negative headwinds there. Francine what does this all mean for investors . Investors are trying to look at this new reality. At the same time, markets have been holding up pretty well. How should they view all the differences and changes in the economy . All,r francine, first of investors have to get through the nearterm shock. When they start thinking is longterm investors about what happens next, i think there are three lessons. One, look at Companies Equity debt, private or public. They have to understand resiliency and how much redundancy companies have built into survive downward shocks. Second, i think there will be a far sharper bifurcation or spread between winners and losers. The winners will be companies with deeper Balance Sheets, and countries like mexico and canada that will benefit from near shoring or vietnam and eastern europe. Mortar bricks and retail, airlines, hotels, casinos, those would be sectors where facetoface contact is critical and therefore i do worry about how long it will take. Third, to the extent that there is commercial real estate, urban ,iving, warehouse, cell phones those are the sectors that will grow and where they should focus on. Francine thank you so much as always forgiving us your view. Taimur hyat, chief operating officer at pgim. Coming up, a robust recovery. Greece expect six the recovery expects its economy to hit the ground running. We will hear from the Prime Minister next. This is bloomberg. G. Francine this is bloomberg surveillance. Im Francine Lacqua in london. One european country that has kept their coronavirus death toll low is greece. They have seen 185 deaths. I spoke exclusively with the countrys Prime Minister, kyriakos mitsotakis. P. M. Mitsotakis if things go according to plan and by the fall or winter we have a vaccine or drug and that removes the uncertainty regarding Consumer Spending, because a lot of people right now are hesitant, they dont know what is going to happen i do think we do see an abrupt recovery. Increase in particular because weve laid the foundations for rapid growth, i do think the recovery is going to be very strong. We do have the potential of making 2021, which is an important year for greece because we are celebrating our bicentennial from the beginning of the greek war of independence in 1821 it could be a bumper year for greece. So far, if i look at the market reaction, people feel comfortable with greece in the sense that we spend enough money to soften the blow, but not enough money to roil public finances. I was looking at the 10year bond. We are 21 basis points under. I wonder how many of your people who are sitting in on this call would have expected this to happen a year ago. That people will look into the future and look what is going to happen after the pandemic think that we have an interesting growth story to tell postcovid. Francine Prime Minister, i have a lot of questions from people listening in saying greek deals are so low, how do you take advantage of that . Look, weotakis well, have a lot of debt. We have tapped the markets. We did it recently. We will probably do it again. We have a make sure steady access to the markets, gradually reduced borrowing costs. This is our strategy. This is what we will do. That weto make sure constantly replenish the state coffer with enough money to make sure that we address all our liquidity needs. And i should remind you that we have said set aside about 60 billion for Debt Repayment. We cant access these funds. Debtiven that the greek has peculiar it is, as you know, relatively low Debt Repayment obligations until 2032 i dont think the number you need to look at it strictly the debt to gdp ratio. Look at the pic you particularities of greek debt and that the markets feel comfortable lending money to greece under the circumstances. Obviously, its a vote of confidence for what we do. We are not going to go overboard. We have a very good public Debt Management authority. They advise us on when and how to access the markets and we follow their advice. Francine under what circumstances would you look at esm . P. M. Mitsotakis if borrowing costs continue to go down. The main advantage of the esm is you borrow at a very low cost. Right now, there is no need to access the esm, but it is available until 2022. If things go according to plan, i dont see a need to access it. It is sort of a safety net that is there. It gives us comfort that, should we need it, should something go against what we have planned, there is always the element of unpredictability it is there to be available if we need it. Right now, we dont. Francine that was the Prime Minister of greece, kyriakos mitsotakis,. Coming up, a record slumping gdp inflation. Surging unemployment. The backdrop for todays bank of england meeting. We will discuss the u. K. Economy next. This is bloomberg. You say that customers make their own rules. Lets talk data. Only Xfinity Mobile lets you switch up your wireless data whenever. I accept 5g everybodys talking about it. How do i get it . Everyone gets 5g with our new data options at no extra cost. Thats good. Next item corner offices for everyone. Just have to make more corners in this building. Chad . Your wireless your rules. Only with Xfinity Mobile. Now thats simple easy awesome. Switch and save up to 400 a year on your wireless bill. Plus get 200 off a new Samsung Galaxy s20 ultra. Francine economics, finance, politics. This is bloomberg surveillance. Lets get to first word news with dani burger. Dani hi, francine. President trump asked for chinas help to win reelection. Thats the allegation made by john bolton in his tellall memoir. The white house is seeking an injunction preventing the former National Security advisor from publishing the book. Bolton is the most senior official in the Trump Administration so far to publish an account of his experience. The president s Campaign Team dismissed the claim as absurd. At the same time, President Trump is turning up the heat on china, signing a bill accusing beijing of imprisoning more than one million muslims in camps. The legislation has broad support from republicans and democrats. It requires the president to sanction any officials found responsible for pressing uighurs and other muslim minorities. Beijing says it will retaliate if the u. S. Moves ahead with the bill. Fed chairman Jerome Powell is urging lawmakers not back on fiscal support too quickly. That is admitted increasing debate on whether to extend temporary aid programs at shielding households and Small Businesses from the pandemic. He said the economy is recovering and the record rising retail sales bodes well. Boris johnson and Emmanuel Macron meet today. Its the u. K. Prime ministers first bilateral talks with the european leader since calling for fresh momentum to secure a postbrexit trade deal with the e. U. It comes as the u. K. Government plans an Information Campaign dubbed shock awe to prepare companies for brexit. Thats in hope of minimizing disruption when the split happens. Global news 24 hours a day, on air and at quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries, im dani burger. This is bloomberg. Francine . Francine thank you so much. Lets focus on the bank of england decision and the meeting comes against the backdrop of surging unemployment, a record drop in gdp. The bank ofxpect england to boost support for the u. K. , but could the central bank take more radical steps, including yield curve control when it meets later this morning . Hilliarde now is brian. Great to have you on the program. When you look at what the bank of england can do, is this the right time for another shock and awe package . Brian not really, but it looks like they are going to do it. What i find strange is that they should be patting themselves on the back for having taken such strong action early, and the state of the real economy is dire, but it is not any worse than they were expecting in this scenario. The communication through the governor has made it very clear that we should expect another big package today. Francine ryan, is it because they are expecting the brian, is it because they expect the of it to be deeper, that covids will be longer, or that they will be leaving the e. U. Without a deal . Brian i dont think it is a brexit story so much because that is a story for later in the year, despite getting toward a transition period extension request deadline at the end of the month. I think it is more that they are helping the government to finance its budget deficit, and it is quite interesting to look back at the chronology. The emergency meeting they held on the 19th of march when they introduced this qe of 200 billion was the same day that the dmo just about managed to get away with the guilt auction. The dmo said at the time that if it had not been taking that action, the gilt market would have frozen up. And with the bank of england saying this is justification for their actions, the top of the list is much as it was in 2008 and 2009 when they stepped in with qe as well. You,ine how worried are brian, about negative rates . What would negative rates due to the u. K. Economy, and can the bank of england get away without doing them . Results achieve similar without going negative . Brian they do. Im quite amused by their communication on this. Lets say they take it to 2. 5 . That is a cut of 60 basis points, which is really neither here nor there in the grander scheme of things. We are talking about a collapse in the economy of 20 in the second quarter. They know they can turn on the tap of the qe with a much greater flow, they have plenty of room to do that. They can expand a funding scheme, they can do control as you alluded to. Many of the tools are in the armory, which would be more effective and not create this sort of needless distraction. The debate really is i think at times, our. Francine what does this mean for hound . Is the one that can be the most volatile given the uncertainties. Brian as long as there is this possibility of negative rates, it is going to weaken the pound. If we get a result today where they say we are not going to do it at the moment, we are not going to cut Interest Rates at the moment what is strange is that we know at the very least that they are carrying out a review of the effective low pound, which prevents them from taking the rate negative. They said it is the effective 0. 1 . Und just above zero, webinar a few weeks ago, they admitted they were carrying this out. We get the announcement of the conclusion of this review, and it would seem most likely, they say, well, we have looked at it, and it is not the right time at the very least to go to negative rates. Executive director of markets of the bank of england, a very clear statement a week or two ago where he said the operation is very difficult and it is not on the radar anytime soon. So, you know, that is a good signal that they are not going to do it today, but it will be mentioned. They may not rule it out entirely. They have said they are very ready to consider all possible sources. At the moment, we have ways of taking it below zero if we need to, but we are not ready to do it at the moment. It is important to remember that the scheme was actually designed in 2016 to allow Interest Rates to fall without squeezing bank profitability. Usefulness to extend lending, but the decline is rates fall would be triggered as well. Francine this is a tool that would basically provide some of the much needed credit to companies. The bank ofu england has done quite a lot, but is in money getting to the right places . You always need to make sure works,en if in theory it impracticality is is the money to the right companies, to the right schemes that needs to be pushed through. Brian these schemes need to be effective. It is never going to reach anybody everybody. Focus of therime bank of england is not on pure pure Monetary Policy, it is making sure that channels remain open. In the early days of the crisis, the government said we would have loan guarantees of 330 billion for five with those in of 330 billion. With those in place, that is much more important than some silly cut in rates to 2. 5 . To the extent that negative rates are a distraction, they are not the main game in town. Francine thank you so much. Up next, explosive claims from the former National Security advisor, john bolton. Among allegations that President Trump backed housing this is bloomberg. Francine this is bloomberg theeillance. Lets get to Bloomberg Business flash with dani burger. Dani hertz has suspended plans to raise cash by selling new shares that the bankrupt car renter described as potentially worthless. The company was hoping to raise 500 Million Dollars but halted the sale pending further regulatory reviews by the sec. This comes as Macro Companies have rattled professional trainers. And psa are facing a lengthy e. U. Investigation for their deal to create the worlds biggest carmaker. The type could reduce the call for small vans. An october deadline has been set for the probe. The carmakers see the merger being completed by early next year. Jd. Com has made a debut in hong kong, opening 6 higher before gains. Chinas secondbiggest online retailer is also listed in new york and weighs almost 4 billion from the secondary offering. Did he follows last weeks Successful Listing by netties, amid rising tensions between washington and beijing as threats to curtail u. S. Capitol Market Access for chinese companies. Several British Companies with ties to slavery have apologized and announced plans to pay reparations. According to the telegraph lloyds of london and pub chain green king have pledged to main to make payments to black and ethnic minorities after being identified in a database of slave compensations. Mars is reviewing uncle bens rice brands. That is the Bloomberg Business flash. Francine President Trump asked for chinas help to win reelection, the allegation made by john bolton in his tellall memoir. The white house is seeking an injunction preventing the former National Security advisor from publishing the book. Boltons most senior official in the Trump Administration to publish an account of his experience. The president s Campaign Team this missed the claim as absurd. Pres. Trump he broke the law. Very simple, as much at is is going to be broken. It is highly classified information. Francine for more, we are joined by bloomberg Senior Editor derek wallbank, who was for several years based in washington. There is nothing like an injunction to boost book sales. What is in the book . All right, i think we are having a couple of technical difficulties to get to derek. I was wondering whether he would start speak or not. We will reestablish the connection and bring you the latest on this john bolton book with derek wallbank. This is what the markets are doing, focusing on the number of free infections. I also wanted to show you what is happening with renminbi. There is a bit going on on china. I dont have my board up, but it would be great we could so i could tell you what treasuries are doing. Stocks are edging lower. Possibleconcern about infections in beijing that lullged yesterday after a ky of nearly two months. The one picking up the you up, picking up coming market disconnect. We look at why stocks and the real economy seem to be out of sync. That is coming up next. This is bloomberg. Francine economics, finance, politics. This is bloomberg surveillance. Angela merkel has added her against chinas security bill in hong kong. She was concerned over the erosion of the economy of hong kong and that europe must take on global move stock more global responsibility. Foreign investors are urging beijing to reconsider the move, but the Hong Kong Justice secretary is rejecting the call. Teresa chan said the new law will bring about stability. I can say categorically it is going to be very good for hong kong. National security is fundamental to any state, any softened states. Security legislation is going to bring about stability in hong kong, and bringing about stability in hong kong is going to create as far as business is concerned critic ability and prosperity. I think it is going to be something that hong kong will need and will benefit from. Become many in carrie lams administration, including yourself, have been saying to the people of hong kong, trust us that it will be good for hong kong. But there are not a lot of details, which has led to much speculation on to what will be in the security law, and whether it will supersede local laws drafted by the Legislative Council as prescribed under the basic law. People you convince the that it is going to be ok if you yourself do not have the details for beijing yet . Teresa youre quite right that we dont have the details yet, but then we have the National Peoples congress position, and if you look at the position, they lay down three fundamental points that are very relevant to the question that you have raised. It states im not trying to recite it but it states in safeguarding National Security, the one country, two systems is to be enhanced. Hong kongs stability and prosperity is to be preserved, and the legitimate rights of people of hong kong is going to be safeguarded. So in those positions, which the National Peoples congress has passed, and of course when the when the legislation will be done, they will have to observe these three fundamental and suppose, that is hong kong people we are concerned with. Will be hong kong people get the adequate chance to debate this meaningfully, or will it simply be imposed . Teresa i would not be able to say because the extent and comity of the National Peoples have their own legislation laws that they will have to comply with in order to deal with the enactment exercise. Of course when the National Security law is to be put into basic lawthree of the under article 18, the basic law comity and the Hong Kong Government will be consulted, so at that stage we will do the best we can to convey the concerns, which im sure we mustnt assume that they have not heard from the media, the concerns and the requests of the people. Im sure they are well aware of it, the government will continue to do just that. Why did we have to go through all this turmoil over the last year . The extradition bill was reviled by millions of people here. Lets not mince words there. When beijing and the Standing Committee and the National PeoplesCongress Committee could simply add this bill to article three of article 18, as you just suggested . They could have avoided this if this was going to be the end goal anyway. Anesa one has to make important distinction. When we talk about National Security, like any other country in the world, National Security is within the purview of the central authorities. Within the purview of the central authorities, the central authorities can come as it is now doing, or vied for legislations and other policy matters. So that is different from what you were just discussing. Let me just finish. Why do we need it . Because of what has happened in particular over the last six months of 2019, and of course also the fact of the social unrest with a lot of people chanting slogans of independence, etc. , and there is also the problem hong kong has faced in the past 23 years, that we are not able to for one reason or another pass any take onion that would National Security in any way, shape, or form. So the central authorities need to provide for that. In light of the circumstances prevailing in hong kong. Was teresa cheng speaking exclusively to stephen engle. The2 00 london time, we get bank of england rate decision. Economists predict the bank of england will expand its Bond Buying Program by 100 million pounds. In opec meeting of the ministerial monitoring committee. We will get an update on the u. S. Unemployment situation at 1 30. Initial jobless claims, and later today, Emmanuel Macron marks 80 years since the historic broadcast from british shores during world war ii. Stocks continue to defy gravity, even with wall street volatility. Global equities have generally resumed their upward march. Given fears over a second wave of coronavirus and a still struggling economy, why is there such a disconnect . Dani burger reports. Dani something may be broken in equity markets. Despite the recent selloff, u. S. Stocks are on their way to erase losses for the year, but the corona various pandemic rages on, job losses are steep, and the Global Economy is facing its worst recession since world war ii. Has equity lost touch with reality . Or perhaps the stock market never reflected reality to begin with. It represents the profitability prospects of the particular companies listed, which is a particular subset of a certain kind of company and size of company in the u. S. , not representative of the whole economy, let alone the whole corporate sector. Dani there are signs of strengthening. Job figures are starting to improve, and Consumer Spending has begun to rise. The stock market is a forwardlooking discounting mechanism, and the rise now is telling us things will be better down the line. Dani for some it is not about the economy, it is not about earnings or civil unrest. There is only one factor right now the fed. At the beginning of able market rally, you cannot underestimate what the fed did, pouring trillions of dollars i f liquidity into the financial markets. Dani sitting on the sidelines and watching your peers make money is not easy. There is money sitting there undecided, saying that, you know what, the market doesnt look like it will roll over again, im sitting on too much cash, let me just reallocate. I think that is behind us. Dani with a second wave of coronavirus threatening more lockdowns, how much further can stocks go from here . Dani burger joins us. Another aspect has been the rise of the retail trader chief brokerage account. How often do you hear this as an explanation of what is going on . Dani people love to debate about it. It is an obsession of wall street as of late because it is time, its individual traders are likely at home using these sheep broker accounts, robin hood being one of these cheap broker accounts, robin hood being one of them. We see option volume picking up. They are only 2 of the overall trading volume, so really just a drop in the bucket. Markets did a study and found a negative correlation between stocks that the crowd tends to buy, the price action following after, there is a huge spur of that falling. There is not much of an impact, francine. Francine dani burger there with the latest about some of these markets. 36 ind plunging some frankfurt after renewed reporting. We have brought you a lot of news on wirecard. We will continue following wirecard. This is on spurious Balance Sheet confirmation. This is bloomberg. Francine bolton bombshells. Extracts from john boltons book says the president sought xi jinpings help to win reelection. Trump calls his former National Security advisor a liar. Coronavirus cases rise in china, brazil, and several united states, while optimism about additional stimulus fades in the market. And the bank of england is expected to boost bond buys by 100 billion pounds today as investors watch for hints on curve control. The decision is at noon london time. Good morning, everyone. This is bloomberg surveillance. Im Francine Lacqua, here in london. Tom keene is in new york. The market is focusing on the rise in infections when it comes to covid19, but we have the bank of england and a lot of economist expect the bank of england to do quite a lot, a second shock and awe package today when they meet on Interest Rates. Tom i agree, francine. The bank of england deserves study. Any wonder if there will be a reaffirmation or discussion on the likelihood or chance at