A couple things going on in the markets today. We will look at wirecard. We will also look at the leaders of the European Union discussing what will happen with the package proposed by the commission. , european stocks are actually rising. Offstors are shrugging fears of a second wave of infections that had spurred caution earlier in the week. Treasuries holding onto gains. The dollar slipping. If you look at other things we is watching i know today also quadruple witching, which usually is the rebalancing of major indices and it can spark some of the busiest trading days of the year. We are also looking at crude oil. We will spend a bit of time hopefully talking about wirecard, simply because it has been in the news significantly. Wirecard shares continuing their freefall after two asian banks that were supposed to be holding 1. 9 billion euros of missing cash denied any business relationship with the german payments company. Wirecard in todays trading session down 44 . Lets get straight to the bloomberg first word news with dani burger. Virus expert top has warned against loosening restrictions in beijing, despite authority saying a resurgence in the city has been contained. Cases also surged in latin america with mexico seeing a daily record of new infections. Venezuelas Nicolas Maduro say he would radicalize lockdown measures in caracas. European leaders begin talks over a giant Recovery Fund to help their economies rebound from the coronavirus lockdown. The proposed 750 billion euro program, which needs the backing of every eu member state, would be funded by joint debt issuance. That has pitted some more fiscally hawkish countries against france and germany, which are pushing for a deal to be wrapped up next month. China is planning to step up dying of u. S. Farm goods. Sources say the plan will cover everything from soybeans to corn and ethanol, as it seeks to comply with a phase one trade deal following President Trumps most forceful statement yet on severing ties with beijing. He said the u. S. Could pursue a complete decoupling from china. A quadruple witching is set to add more fuel to a month of u. S. Stock turbulence. The expiration of options and futures in indexes and equities typically spurs Trading Volume as large derivative positions rollover. While turbulence usually happens around the open and close of u. S. Trading, providing windows of robust liquidity, large price swings can happen suddenly anytime of the day. 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 . Francine thank you so much. Ray dalios bridgewater is warning of a possible lost decade for stocks. Corporate debt set to rise due to the pandemic. Coronavirus cases in the u. S. Are spiking across the sunbelt as the economy reopens. Arizona, texas, and florida have reported highest case numbers yet. From goldmanns us sachs. Thank you so much for talking to bloomberg surveillance. When you look at the difference in the market, they started off being worried about a second wave. Now they seem to be much taking it much more in their stride. Is it all about government and monetary stimulus . I think we are having some technical difficulties with christian of Goldman Sachs, but we will actually fix the line. These things kind of happen when everyone is working from home. I dont know if you can hear me now. I think we have fixed of the line. I hope we can talk about the market. Yes, i can hear you. Francine fabulous. How do you look at the second wave of infections in beijing and the u. S. . What does that mean for the economies and the market . Yes, markets have clearly shifted toward the recovery and pricing growth. That has been a story for the last three weeks. There are a lot of fears about the second wave weighing on and stopping the recovery and possibly worsening even the downturn. Sensitive to the virus news cycle. It depends on positioning and sentiment into this type of news. When you have second wave fears with beijing and the u. S. , markets were getting quite excited. There were a lot of signs of call option positioning and Retail Investor positioning. That has cleaned out a bit as a result of the correction. I think the market is probably more able to deal with the second wave fears compared to a few weeks ago, but the market will remain very sensitive, especially to what is happening in the u. S. It is still the first wave and that creates a lot of concerns about what that means for the path of the virus. Francine where do you see value in the markets right now . We have had a good run on equities. Certainly in some of the markets. Credit versus equities . Christian yes, i think there are two things worth mentioning. Value with regard to trades. And growth type obviously structural Growth Stocks and these type of areas. We are starting to see better data. And also momentum shift. More towarda bit fixed cyclical areas across assets. I think that is a very tactical trade. I think the sweet spot on the macro will only last a few months at best, maybe even weeks. A lot are not pricing a Significant Growth pick up yet. The funny thing is most people think that credit is that the margin a safer bet, but what we the that it is very recovery has started and equities. Credit has lagged because of that. The first part of the recovery was boosted by search for yields. Only in the last few weeks have you seen the market reprice growth a bit. Credit normally, especially riskier credit like highyield, is very geared into that. One signal of that is the vix. The vix has been remarkably high considering the strong recovery we have had in equities. Credit spreads on the vix are very similar. As you see growth improve, i would assume that the vix and credit spreads are coming down a bit. You have doneow quite a lot of work, so you were talking about the vix. You look at the return to volatility ratio. What about dividend yields . If you look at Global Corporate bond yields, where do you find the most value . Christian it is really interesting. In this crisis, you have a remarkable shift in power away from shareholders toward stakeholders, like creditors, employees, governments. That has meant that dividends are being cut at an unprecedented pace everywhere. Not only in terms of the kind of magnitude of cuts, but also in terms of the speed. Which means to generate income for investors in equities is much more difficult because you have some Healthy Companies that have been forced to cut dividends because of regulators. As a result of that come that, on a relative basis, we find that the Corporate Bond market will have a lot of opportunities to generate with yields and income. We have moved down in quality selectively. Dollar credit. Highyield credit. Areas which tactically we think are quite interesting. Could carry the potential tightening of spreads. See e where do you when you look at some of the macro backdrop we had assumed may be a couple weeks ago that china because they had gone through covid19 earlier than us would be better off because they got out of covid19 because we are still in this wave of infection, either the first that continues or the second one that has come back to china, what does it mean in for highyield allocated assets depending on region . Christian it is a good point. Generally be more diversified makes a lot of sense because this coronavirus this corona crisis clearly, there will be new outbreaks, hotspots, different policy responses, different policy disappointments. They are all local. Generally, there is a much stronger case to diversify across regions then there was maybe before. That includes the u. S. A lot of investors have been overweight u. S. I think there is a case now even to diversify a bit out of the u. S. Because on the one hand, the virus news flow, but you also might face some political issues. Your question on china, what is interesting about the situation is that at least according to the headlines, it has been under control now. That would also be critical in the next few months to our policymakers able to avoid lockdown on a broad scale . Is it going to be localized . Related to that, there is a lot of news flow on the farmers in the pharma side that can all help alleviate these concerns about the second waves. Atncine when you look Central Banks around the world, christian, i know it is difficult to predict exactly what the lockdown means when economies can fully reopen where do you see animal spirits may be being stronger than we thought . We look at the hard data. Is there anything in terms of softer data like Consumer Spending or chief executives willing to spend some money that makes you think that this will be less ugly than we initially thought . Christian that is a good question. We are clearly worrying a lot about second round effects on the negative side with regard to the Unemployment Rate staying higher for longer, with regard to bankruptcies extending more than we would like considering the stimulus. On the flipside, you can ask, is maybe the stimulus leading to some things which are better than expected . Some animal spirits coming back in a better way . I think so far it is a bit early. The university of michigan ,onsumer Confidence Survey future expectations indicated the consumer is coming back quite strongly. If we look at highfrequency data, which are economists are tracking, we see some very encouraging things. Obviously retail sales in the u. S. What is most interesting is will this time be different with regard to stimulus actually reaching the economy rather than just the Financial Markets . What we have seen is in the past when you had major monetary stimulus, these kind of boost we kind of boosted asset prices more than the economy. This time it is fiscal and monetary stimulus, which is reaching a lot of households. It could actually eventually lead in more consumption and a bit of a boost to the economy. So far, however, to your western, we are seeing animal spirits, but they have been in retail investing, where we have seen a lot of signs of Retail Investor activity picking up quite materially, which worries us with regard to maybe some of the savings you are getting right now because people are not going out and people are getting government support. Not being used to spend, but being used to invest. Francine christian, thank you so much. Christian muellerglissmann from Goldman Sachs stays with us. China plans to step up u. S. Farm purchases as President Trump threatens to completely cut off the worlds two largest economies. This is bloomberg. Francine this is bloomberg surveillance. Im Francine Lacqua in london. China is planning to step up its buying of u. S. Farm goods. The plan will cover everything from soybeans to corn and ethanol. That follows President Trumps forceful statement about severing ties with beijing. He said the u. S. Could completely decouple from china. Still with us, christian muellerglissmann from Goldman Sachs. I want to talk about farm deals. But overall, we have a recessionary environment brought on by a health crisis. We dont exactly know how the economies will play out. We still have underlying everything this trade war between the u. S. And china. How do you view it . Christian it is quite interesting. At the margin, you have this coronavirus is really dominating and the trade war has moved to the background. Brexit has moved to the background. A lot of the issues that were dominating last years macro landscape. At the margin, we are probably having the market being less focused on it. Clearly presented a big Downside Risk if we see an escalation between china and the u. S. You are now getting a positive news flow, im sure that is going to help the market focus on the macro story earlier, which is at the margin. I think at the margin we certainly feel that the risk you continued flat environment where you make slow progress and then have sharp corrections of that news flow. Christian, how much more or how many more bond yields will go below zero . Is that the biggest risk you see out there . Christian it is a good question. Certainly, we have reached a bit the end of the support for bond yields. Getting toward the end of what Monetary Policy can do via rates. Those Central Banks that are not yet at negative rates are quite reluctant to do so. Both the boe and the fed have made that clear and there are limited benefits of negative rates. My sense is the next step is actually not nominal rates turning negative, the next step will be real rates turning negative. What does that mean . It is really about Central Banks anchoring nominal rates, possibly by Forward Guidance or yield curve control and letting inflation pick up, possibly overshoot a bit and then you could see the real rates, the fixed yields go more negative than they are from here, which can actually be quite positive for markets. Francine where do you see European Assets going . There is a big important videoconference between eu leaders to find a way forward for this 750 billion euro package to be signed off on. Thathere any concerns europe will just be a lagger in all of this given where various economies were prepandemic . Christian it has always been a concern about euro. Too little, too late on the policy side and a lot of structural concerns. A lot of gearing into global growth, which has not been a particularly good story even before the corona crisis. There has been a bit of a regime shift. Bighave the chance of a fiscal and monetary stimulus which is actually partially shouldered by all the countries, which means that the margin your concern is on the sovereign side. On top of that, you do have a lot of other places in the world that are a bit more scary. You have elections in the u. S. With potential tax implications. As i said earlier, the potential that the u. S. Could introduce yield curve controls, push real rates even lower. A lot of the benefits which the u. S. Has as an investing area, higher yields, stronger growth, more stable politics are narrowing the gap a little bit to europe. We definitely see more interest in euro. We have upgraded european equities on the tactical horizon. We dont feel that the structural issues are completely solved. It is still in equity market which is dominated by value, cyclicals, financials. Broad momentum picks up and policy initiatives are underway, we think there is a good case. Francine christian, thank you so much. Christian muellerglissmann, managing director of portfolio strategy and Asset Allocation at Goldman Sachs. Coming up, black lives matter goes global as the u. S. Celebrates juneteenth, a holiday marking the freedom of slaves. We look at protests against racial inequality around the world. That is coming up next. This is bloomberg. Francine economics, finance, politics, this is bloomberg surveillance. Lets get straight to the Bloomberg Business with dani burger. Dani wirecard shares are plummeting for a second day after two asian banks that were supposed to be holding about 2 billion euros of missing cash denied any business relationship with the german payments company. Wirecard has had earlier suspended its coo. Of the worst stock slumps in german corporate history. Ing has appointed Steven Van Rijswijk as its new ceo. He is currently the banks chief risk officer and a member of the executive board. He succeeds ralph hamers, who left ing to take a top job at ubs. Facebook has pulled a Trump Campaign at for using nazi symbolism. The post included an image of an upside down red triangle, which the Antidefamation League said was used to identify political victims in concentration camps. The Trump Campaign said it used to the symbol to signal a relationship to antifa, a loosely organized antifascist group. That is the Bloomberg Business flash. Francine stocks are rising, u. S. Equities are up. Investors are focusing on everything that has happened in terms of the economy and monetary and fiscal stimulus and fears of the second wave that had crippled the markets grip to the markets earlier in the week. Sales up, british retail exceed expectations. Up next, we speak to the chief a chieff executive in the u. K. 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. Chinas top virus expert has warned against loosening restrictions in beijing. Thats despite authorities saying a resurgence in the city has been contained. Cases also surged in latin america, with mexico seeing a record of new daily infections. And venezuelas Nicolas Maduro saying he would radicalize lockdown measures in caracas. European leaders begin talks today over a giant Recovery Fund to help their economies rebound from the coronavirus lockdown. The proposed 750 billion euro program, which needs the backing of every e. U. Member state, would be funded by joint debt issuance. France and germany are pushing for a deal to be wrapped up next month. China is planning to step up sources say the plan will cover step up buying of u. S. Farm goods. Sources say the plan will cover everything from soybeans to corn and ethanol, as it seeks to comply with the phase one trade deal. That follows President Trumps most forceful statement yet on severing ties with beijing. He said the u. S. Could pursue a complete decoupling from china. And a quadruple witching is set to add more fuel to a month of u. S. Stock turbulence. The expiration of options and futures on indexes and equities typically spurs Trading Volumes as large derivative positions roll over. While turbulence usually happens around the open and close of u. S. Trading, providing windows of robust liquidity, large price swings can happen suddenly at any time of the day. 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. U. K. Retail sales started to recover in may from their dramatic drop earlier. Sales including auto fuel gained 4 last month, leaving expectations, while these figures came at the same time British Government debt raised above 100 for the First Time Since the early 1960s. Specifically on restaurants, with our next guest, john bert. John bert of five guys. How has the nations up up lockdown affected five guys . I know a couple of your restaurant even remained open. John thanks for having me on. The covid impact has to be the kind of armageddon for hospitality. I dont think there is anything that could have prepared us for what has happened over the past three months. It is impossible to overstate the impact of going from growth and strength to standing still with Stores Closed and zero revenue coming in from many locations. We were fortunate in that we were able to keep 13 stores of our 105 stores open and trading even throughout the entire period, which allowed us to learn and adjust to the new environment as well as to keep our supply chain going, both of which have been key to our ability to kind of bounceback from the lockdown. Francine what have you learned . How will it change the supply chain Going Forward . How does it change what customers want and when they want it and how they want it . Customer behavior has changed dramatically, and their priorities have changed. Five guys obsession with cleanliness, which has always been the case all of our stores are five stars with health and safety is one of our key attributes. But from an interesting stat in may of 2019, we had 6000 online orders for the month. In may 2020 we had 164,000 online orders. 26 hundred percent increase of online ordering. A 2600 2600 so increase of online ordering. So an alternative to the pasta bake. It is harder to cook burgers and fries in your home the way we do it. So Customer Behavior has changed dramatically, and of course so have way. As we start to welcome customers back into the stores, even if it is just for a takeaway basis now before our dining rooms open, we have had to entirely rethink how our restaurant works, how the ordering process works, how do we keep our crew safe, the customer safe, the entire design had to be thrown out the window and revisited. How your Customer Journey happens from when you walk in the store to how you collect your food to social distancing and the whole process, to the handoff of food. Everything has been adjusted. Francine last time we spoke to you, you were talking about expansion, and you have expanded pretty quickly in the u. K. Does the pandemic make you risen visit those make you revisit those plans, or would it be profitable anyway . Great question. Actually the regulations across europe in each country has been different. So germany is our dining rooms are open in germany, and they are talking about removing masks as a requirement for transport and being in retail environments in germany. They are well on their way out of lockdown. And of course we are still just france and spain come also, a little different experience. The impact on tourism has been massive. Piccadilly,es, deschamps alize in france, those best stores. R our store in maidstone is far outperforming what it was before. The secondary stores are actually what is pulling us through what has pulled through a challenging time. Knows when tourism will come back to where it was. Goingne do you expect back to normal the way that we use to and restaurants, or our deliveries and pick up orders just going to rise and not really come back to where it was in december 2019 . John i think it will take a while for us to go back to normal. We are fortunate at five guys that our format is so flexible. You dont typically come to his five guys and spend an hour in the restaurant in the same place, which is kind of the highest risk challenge for food and beverage. So our format really lends itself to i think being one of the better experiences you can have in food and beverage in response to the risks that are out there today. You can come in, take your food and leave, take it home, or eat quickly in the store. We have done a lot of work to create a safe environment for our dining rooms when they reopened. I think it is going to take a while for kind of the entire industry to recover and for back to normal or cup one thing we have done back to normal. We have accelerated our format, accelerated the launch of a new technology called curbside, which allows you to track where coming to picks you up, that same Technology Allows us to track a customer who has ordered from our app. 12 our stores can now track your journey to our store so we can prepare your food exactly for the moment when you drive up, and we can walk out the door and hand you your food as you drive by. So using technology to address the concerns and demands of customers in the covid crisis is certainly a winning strategy. Francine thank you so much. We will get you back on to talk about this incredible technology. John eckbert, chief executive officer of five guys. We will bring you the latest rocking the german payment provider. This is bloomberg. Francine this is bloomberg surveillance. Im Francine Lacqua in london. Lets get straight to wirecard, shares plummeting the second day , banks that were supposed to be holding 2 billion euros of missing cash denied any relationship with the company. The the 2 billion is first brought up by earnst young, their auditor, who said they could not release Financial Results do today because they could not find the 2 billion or so euro hole that is supposed to be held by asian banks. If they cant release the results today, it means that banks can call an end to about 2 billion 2 billion euros of loans and that could be a huge blow. The asian banks said they had no business relationship with wirecard to begin with, so the saga continues to be more complicated. The ceo who supposedly had been in touch and could not figure out what is going on with the asian banks has been suspended. Making things worse for wirecard shares, they have declined 76 over the last two days, one of the worst kleins in german history. Investors have taken out bearish one of the worst declines in german history. And a lot of those options expired today. It is quadruple witching, and that will put more downward pressure on these shares. So you have both a systematic shares systematic reason for the shares declining. Francine Health Care Companies trying to develop covid19 treatments or vaccines have seen some of the best stock performances in europe this year. It has driven four full gains in small caps. How likely is it that that will work anytime sinful . Anytime soon . Thank you so much for joining us. I know today is a pretty big day forou got a payment delivery of antibodies. About what you are working on how that will be used to combat covid19. Good morning francine. We have a vast pipeline working major diseaseeat such as multiple sclerosis as have a covid19, and we method of predicting the risk of Breast Cancer returning to Breast Cancer patients. Covid19 israpy for repurposed thing a drug that we originally requite acquired arthritisheumatoid and multiple myeloma. , we we saw the success realized it was it was responsible for causing the inflammation that leads to mortality and other respiratory organs. We realized we could take our potent, andis more we have now put it in process to be developed for covid19 drug therapy. Francine you have said in the past if there is anything to revive biotech companies, i guess it is a global pandemic. Have you had any offers of ing over at to see anna will it spur Bigger Companies trying to buy companies such as yourselves . Comment on the m a, but we believe that the covid pandemic is causing a major focustion on where people to invest their wealth. Normally big pharma. Some of the wealthiest people in the world lost 30 billion in a month because of the pandemic. We believe that the great wealthy families are going to start focusing more on investing in the Biotech Sector as opposed to just tech because a day thats because they have seen we think there is going to be a huge transition of money going into the Biotech Sector, which going to francine you were talking about some of the treatments that you have, including antiviral and antiinflammatory. Until three weeks ago, the world thought that antiinflammatories could make covid19 worse. Are we wellinformed about what works to treat covid19, what kind of antibodies work . Do you feel where that countries and companies are working together to deal with it come for is it to each their own . I think that one of the things that concerns me just general public with some of the Pharma Companies at that there is only a focus on developing a vaccine. Tohink it is essential develop a vaccine and a drug therapy, because if there is a vaccine developed, there will be a large portion of the population which may not be covid19. And develop they will need an emergency drug. We think it is essential to develop a drug therapy as well as a vaccine. And vaccines are not as easy to develop as quickly as people believe. The public is obsessed with having the vaccine because the word vaccine is synonymous with eradication of a disease, and we all want to eradicate covid19. But if you look at the sars virus, it was discovered 18 years ago and still today we do not have a vaccine for sars. So i think developing in parallel a drug therapy, in our focusedtiziana, we are on that because it has been shown repeatedly to help with inflammation, which leads to mortality in the lungs but also in other organs. Francine to be fair, it is every investor has to understand what is going on. When will you have a trial in the drugmake sure that that you have will be viable . We have had a couple of mishaps with Larger Companies where investors thought that they found something and that the data was there but it was too small to extrapolate. The covid19h pandemic, the traditional long hurdles that the fda and other governments and organizations impose on you have been accelerated tremendously, which has seen Companies Like sure vac, which is going to go like curevac, which is going to go public what has changed is that normally what would be phase three data in order to get the attention of the Investment Community or big pharma has been moved to companies that are in phase one. So at this point we are expediting our trials as quickly as we can. But we have only been working on it for four months. So we have a long way to go. Francine there is certainly a lot of hope for and little bit of time when you look at the timeline. Thank you so much. Matterup, black lives goes global as the u. S. Celebrates the holiday marking the freedom of slaves, juneteenth. The protest against racial inequality around the world. That is coming up next, and this is bloomberg. Francine economics, finance, politics. This is bloomberg surveillance. Americas first black fed president has spoken out about the need to step up against racism. And create more opportunities for minorities. Globally,pread sparking similar movements and calls for change. Corporations have pledged millions in support of the , that has also been forced to reexamine their links to slavery. Bringer, i also need to in a headline out of Christine Lagarde, which is market movement. We know that e. U. Leaders are meeting to talk about the summit, meeting by Video Conference to talk about this package, and madame lagarde moments ago warning these leaders of market risks if there is no stimulus deal, something that seems obvious but it is always good to get a reminder from the president of the European Central bank. We need to go back to juneteenth and the black lives matter movement. Jennifer, thank you for joining us from new york. The protests have gone global. Where have they happened and what are protesters asking for . Jennifer the protests globally were inspired by what happened in america, but then they involve they evolved into countries reckoning with their own entries with their own issues with racism and colonialism. We have seen them in brazil, and south africa, the u. K. , and across australia, where it is fascinating that they are not just asking people to remember that black lives matter, but also that Indigenous Peoples lives matter. Frustration has turned to statues as well now. So people are frustrated by these historical statues and monuments that are all over the world, so brussels, new zealand, in the u. S. Many people see them as offensive and as another reminder of historical oppression. So like you see here, they are being toppled, defaced, and many cities are grappling with what to do with them once they are removed. This really continues to be a global response, a global story, and really a Global Movement that we are seeing against racism. What has been the corporate response to links of slavery . Have they done enough . See a lot ofdid movement this week from corporations trying to make it a point that they are listening to peoples requests. In thearks juneteenth states, which is the official end of slavery in 1865, so several corporations like target, nike, twitter they gave their employees a paid holiday to observe the day off. But also as you see here on the screen, there were several u. K. Firms that decided to come out and publicly apologized for their own historical ties to racism and slavery. So we saw lloyds of london apologize, we saw green king also apologize. We also heard the bank of england plans to take down images of former leaders that had ties to slavery. Those are just a few of the corporations that have come out and said something, and in the u. S. We saw corporations like pepsico saying they plan to change the name and imagery of aunt jemima full us. Mrs. Butterworths also said they are looking at changing their branding because of racial stereotypes. So companies are realizing it is time to act and not just talk. You soe jennifer, thank much. You can also catch our quick take news, especially on racism around the world, on a range of platforms including youtube and instagram. Coming up next, we talk more about the market with Christine Lagarde warning more about market risks. Francine farm deal. China plans to speed up buying those u. S. Agricultural products to meet the phase one trade agreement, this after President Trump threatens a complete decoupling from beijing. A lost decade for stocks. Ray dalios bridgewater warns the pandemic and the trade war could put profits at risk for the next 10 years. And coronavirus cases continue to surge in the u. S. Sun belt, while latin america also sees infections climb. Beijing canceled hundreds of flights amid a new outbreak. Good morning, everyone, and welcome to bloomberg surveillance. Im Francine Lacqua, here in london. Tom keene in new york. We had a stunning headline from Christine Lagarde moments ago that moved markets, and at the president of the ecb has warned e. U. Leaders just convening as we speak in a videoconference to talk about that package, the stimulus package the commission had put together. It needs to be signed off and ratified by each member state. Christine lagarde warning e. U. Leaders of market risks if they do not sign off on that deal