That is really interesting, if they are allowing them to take on risk, you would presume that would help the economy and funnel more money out there. Later on, speaking with a buyer ceo. There has been a 10 million settlement after the acquisition of monsanto. So lets get into the bigger story of the day, what is happening with infections. We want to bring in a doctor to help us understand everything. We have with this a senior scholar from the Johns Hopkins school of Public Health. This after records have been anden in florida, texas california with hospitalizations. , whatmarket participant are the figures and numbers we have to Pay Attention to to understand the feedthrough of infections into the economy . Amesh it is the percent positivity, meaning how hard has a become to find cases. We are seeing places like arizona, florida and texas where it is about 5 , now going into the 20 range. That tells you the outbreak is not under control in those states. The other thing to look at is hospitalizations. Are the increasing . Are the bed capacity numbers looking stressed . All of those are important. And i think this is what we will see as we go through the pandemic, without a vaccine, that there will be flareups. The key will be controlling them through aggressive Case Management and contact tracing. I do not think we will see economic shutdowns, but targeted interventions to those activities at that are driving the spread, not blanket recommendations alike in the past. Like in the past. Guy will mortality rates rise . Are the hospitals Getting Better at treating those that are ill . Amesh they are Getting Better at treating covid19. We have learned more about the disease, how it affects the bodies, strategies to use when you use the ventilators. We are also using other experimental therapies, like steroids and immune system modulators. So we are Getting Better at treating it. We will see some increases, but we expect deaths to improve because some people will still succumb, it is deadly in those in a highrisk group. Alix is it fair to say that houston, florida and arizona are the new london, new york and milan, or can we not make that kind of comparison . Amesh it does not seem to be as dire as in march, but those are the hot spots right now in the u. S. , making sure those cases come under control and the hospitals are supported to be able to maintain their capacity and continue to do other procedures and operations. That is the new focus. This is not the same alarm as we saw with milan in march, but something concerning because this is a setback in the pandemic control that we have been trying to achieve for several months now. Dr. , if it is a failure of public policy, the case count rising in these places, or do you see it as a failure of the public to adhere to the rules that have been set what is happening . Amesh i think it is a failure of the public. Many people thought when orders were lifted by governors, that meant that they could go out, not realizing that they were in place to preserve capacity, it was not to say the risk was gone. This virus is not going anywhere until there is a vaccine. So every activity that we do is going to have risk of transmitting or acquiring the virus. We cannot behave like the virus is not with us. That is what you are seeing, people not understanding that while Hospital Capacity is preserved in many places in the country, you can still get the virus, you can still put these tracing teams in dire straits to keep up with a number of cases. This is simply we will have to learn to live with and take proper precautions and not allow the virus to put hospitals back into crisis, as it did earlier in the year. Alix Austan Goolsbee had an interesting note out last week. He said basically that the real economic and put cam input came when consumers lost confidence, not necessarily because of the lockdown. We we understand the psychology of people in those estates with outbreaks, will they selfquarantine, will they stay home, or does it have to come from the state or government . Amesh we have seen the cases are skewing toward younger individuals, which tells me the dingr individuals are ten to be mindful of social distancing and not partaking in all the activities at that are suddenly available. So that is one thing that is definitely happening, that people are selfselecting and younger people are being more risk tolerant, as we would expect. Manyhere is a real issue, people will not venture out to stores or any activities if there is danger in transmitting the virus, because it is not something that they want to take on. So i think it is important, whether or not the government issues a new policy, but getting control of the cases because nobody is going to want to go back to the way of living we had if this is an intolerable risk to them. Guy do you think we will be able to tell the difference, given what you said, before the first and second phase . I think people are worried about a second phase or wave crashing down upon us, do you think of and what is happening in the states there will be a first or second wave, or just one wave . Amesh we have not even finished the first wave. I do not think we will even get a trough before the second one starts in the fall. We have to prepare for a spread in the fall because of environmental conditions, but i do not know if we will have waves. It is not so useful to continue to count what wave we are in. We still have a lot of work to do to get through the beginning of this pandemic. We really appreciate the update. Thank you very much. Something that we are watching and trying to figure out, and it is useful to get that input. Is amesh adalja. Healthe Public School of. Lets go back to breaking news. We are getting some details coming through of some for the banking sector, related to the volcker rule which came about after the great financial crisis. Basically, there is an easier group of rules in place as there is a 40 billion reprieve when it comes to the swaps. Banksnure has left a boost investment. So in theory, they should see the economy may be a little but more bit more. Coming up, the equity market reacting to the worsening virus around the u. S. We will talk with the chief equity strategist from btig. That is next. This is bloomberg. Ritika first word news. Chancellor ofhe the exchequer under pressure to open up the checkbook. Businesses are urging the government to ramp up public spending to protect jobs. The confederation of british industry wants an extension of grants and tax deferrals. They are suffering and recovery from the lockdown. A realy sternly sees estate apocalypse in new york. And it says that the combination of the pandemic and to the riots have been disastrous. Rents couldnk that drop 25 , office rents. I think that a quarter of the hotels will go bankrupt. Retail is like 9 11, it is a hurricane. Ritika global news, 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. Im ritika gupta. This is bloomberg. Alix breaking news from earlier, banks getting an easier volcker rule, a reprieve on swaps and they can invest in capital fund investment. That is all boosting financials higher. We want to get more insight on the and of the overall markets from btig. Emanuel now banks can take on more risks, what is your take . Julian i think there is concern coming into the afternoons announcement that they would be here would be punitive restrictions on capital return, and i think this is the first sign that that is not likely. Banks had an amazing run in may. And they sort of peaked out after memorial day. The fact that banks are performing well on a down day today is a, a positive and b, not surprising. And something that we think, when the news comes out, will be factored into the price. And when looking at financial strength, will be supportive of higher stock prices down the road in general. Banks are trading around their 50 day moving average. I wonder what is priced in in terms of the stress tests this evening, is a story of limited returns or no returns . What do you think . Julian more light limited returns. When the volatility index is trading at 35, investors have in the back of their minds this really bad sort of left tail outcome, and that is the prospect of no returns whatsoever. And i think that part of the entire narrative of the fed being as incredibly supportive as they have been, is to ensure that what is an economic crisis and in Public Health crisis doesnt become a financial crisis, and to that extent i think they have done a good job with respect to where the financials are and where the Capital Markets are. In all likelihood, it is going to be better than the sum of all fears. We sitt feels like where between 10 00 a. M. And 12 00 p. M. , the markets live and die by the headlines around covid19. New york is facing phase three of reopening by july 6. How closely do you track these headlines . And how do you trade off of them . Julian you certainly have to look at the covid19 headlines. If anything, what the last week has shown us, from a market perspective, is that the nasdaq alone could not the broad market higher, first off. But more importantly, because of the resurgence of the virus in the southern states, what we are seeing is this whole idea that she concept of an economic v i not realistic. Part of the problem of the law of large numbers, is economists have actually missed incredibly in terms of thinking of how quickly the market or the labor market would recover. But we have recovered to abysmal instead of cataclysmic, and that does not get us to an economy that looked like 2019, until 2022, and that is why the headlines with regard to the virus are still so important. The virus is still in control and we have forgotten that the last couple months. Notes and youur are mediumterm positive on stocks, but given what you said about the virus and moments ago about the vix sticking around 30, what is your level of conviction around what happens next . Julian the amazing thing about the last several months is that for the most part, whether you are a billionaire, strategist or a day trader or whoever you are, your level of conviction has becauseven to be wrong volatility is as high as it is. And it is very hard for us, youi know, to say that there is nearterm potential for the s p hs, despite thegh fact that we expect stimulus this summer and for the fed to still be there. And despite the fact that we expect to see some sort of medical progress this year or next. So, we add it all up and we think it is volatile around the 3000 level. Two thingsst got crossing that exemplify the point you are talking about. One is the july 6, phase three for new york city. The Texas Governor is suspending elective surgeries in the biggest cities, something new york saw as we went into lockdown. Where can you hedge . Where is the best of volatility trade right now . Julian it is basically, look at your portfolio, understand your portfolio, is it skewed towards the nasdaq or faang . Downtime because volatility is so high. You can protect yourself. You can do the same thing with small caps, which has proven to be vulnerable with the resurgence of the virus in the southern states. But as we look at it, the biggest thing here, and we do not want to hedge out past the election because election hedging is expensive and there is a fear of all political outcomes, so we want to stay close to september or august maturities. Because volatility is so high, you can buy downside and excel upside and sell upside into still participate if these big moves, if they end up happening. Guy you brought up the election, so lets talk about that for a moment. I read a note earlier talking about the fact that if joe biden is elected, he will pick Elizabeth Warren as treasury secretary. That will really alter things. How do you hedge that risk . How would you be positioning in that run up to that election, in terms of being different from where you are now . Julian for us, the message is clear this level of volatility is likely to be with flows, into the election. So could we see a test of the lower end of the range . 2965 for the s p in the coming weeks, absolutely. Is it something to get really concerned about . Unless the news on the virus or economic opening continues to deteriorate, we would not be s o ruse to hedghed rushed to hedge. But those talks running 150 of the march bottom, you can sell and still earn your premium, even if those names rally 15 or 20 from here, which we think is unlikely given the fact that, as we said, what we have learned over the last several weeks, the combination of the virus resurgence and strength and the nasdaq is not sufficient to carry the broad market higher. Guy and has been great to talk with you. Thank you for joining us. Julian emanuel, thank you very much. We are going to be talking about bayer. The ceo will discuss a 12 million settlement. That is coming up. This is bloomberg. Ritika it is time for Bloomberg Business flash, a look at the biggest news stories right now. A billionaire investor sees new york city as a dangerous tipping point. He told Erik Schatzker that is because of the high cost of living and the pandemic. He will be putting his money elsewhere. Wein general, for my firm have favored investing in the red states, not a political commentary, but those states are growing. Whether it is florida, texas or tenancy, those with lower taxes or adding taxes are adding people. People are voting with their feet and cars. Payments froman has been rocked by the arrest of it ceo and the disappearance of 2 billion from its balance sheet. Wirecard cited too much debt is the reason for seeking protection. Shares are down as much as 80 in frankfurt. The proposed government bailout of has gotten a boost. Lufthansas biggest investor says he will vote in favor of the 10 billion plan. It will come up for a vote at lufthansas special Shareholder Meeting today. That is your Bloomberg Business flash. Guy thank you. I am watching the headlines closely to see what is happening with futons a. With lufthansa. We are getting some commentary on how they will restructure. The ceo talking about the fact he is making a deal with the pilots union. This is a heavily unionized airline. It does need some deeper structuring. But the headline we are waiting for is whether or not the deal has gone through, whether or not we will see the government bailout going through. Because if it doesnt go through and it is blocked, all bets are off. It is fascinating. We are expecting that news around now. Alix it does seem like the reporting is indicating that he will back the deal. I have to wonder, is 10 billion enough . Uh, probably. It would probably be enough to stabilize the airline, but lufthansa is going down a different road to the u. S. Airlines. Therican community, wi american and united going down the credit road. Lufthansa did not go to credit. It went straight to the government. We talked about this yesterday. They have gone to government, and government will have a big influence on what happens with the airline. It will be interesting to see why or how they changed their minds. They are saying they will not cancel aircraft orders. They have a big order at the so certainly7s, airbus and boeing having skin in the game on this story in terms of what will happen here. Alix it is amazing, considering that some airlines did not want to ask the government for funds, they did not want the strings attached. Airliners, the airline association, now they want the government to purchase seats on planes. So it is interesting. Coming up, we have an interview withthe gibran james lebron james. You do not want to miss this conversation. This is bloomberg. Guy from london, im guy johnson, with alix steel in new york. This is bloomberg markets. Black lives matter have become one of the biggest social movements of the year with thousands marching across cities in the u. S. , and for that matter, the world. They are demanding change. Lebron james is a supporter of the movement and we got his thoughts in an interview on Bloomberg Businessweek. Lebron we have always had the plan for this moment. It is something i always had a passion about. And having people understand how important we are as black america, and the powers and creativity and language and the struggle that we have had for so long, we have been through a lot this year. And you look at the death of kobe bryant that we had to deal with, and obviously our prayers are still with vanessa and their two daughters. We have dealt with that as a city and organization. But that was a tragic moment for us. You come to the point where playoffs are around the corner and it is all stopped because of a world pandemic in covid19. We are at bay, we have been waiting around to see what is happening, while understanding the health of every individual is so much more important at that point, than worrying about chasing a championship. Because lives are at risk. No one has had an answer to it. Then bring us up to speed to the george floyd killing. And seeing the video and how many people were hurt, not only in minneapolis, but all over the world, especially in the black community. We have seen this over and over, about Police Brutality and the things that go on in the inner city with being racially profiled as an africanamerican man for black woman, those things going on. So it has been a lot in 2020. And we are still trying to make the most of it and continued to be powerful and continue to be heard, and using this opportunity for the better of change. I think it is a special moment in the sense that you can be heard. Activism and activists have always been around, but people had a closed ear and mind and they didnt want to recognize or hear or be knowledgeable about what they were speaking, where they were coming from and the passion they were speaking with. Now, it is being heard. People can be heard. Black americans, africanamericans can be heard, men and women can both be heard of what they are passionate about and the calling for help, calling for we are just tired. I do not want to say activism is something that now everybody is doing it, because it has always been around. But in the case of george floyd and other innocent lives being taken away, they have put up a stand. And now we are being heard. And everyone is being heard, not only from muhammad ali, who said there were so many who came before him and after him, but even the local people in the communities, because those are the people, they are walking the streets, they are being racially profiled, judged every day they walk in their cities, they are the ones at that need to be heard. And they are being heard right now, so that is great to see. Guy lebron james is speaking exclusively to jason kelly. If you want more on the story,ew and fantastic basically we had a great conversation with lebron james and his business partner. Find the story on your bloomberg terminal and in the latest issue of Bloomberg Businessweek. Lets turn to the fed now. Lets make that pivot. It is an important one. The biggest he was banks it will get the feds annual stress test. 34 institutions with 100 billion in assets have been tested on their ability to weather a financial crisis. Feels close to what is happening right now. A federal Financial Analytics managing partner is joining us to talk about this. I want to go back to the black lives matter story in a moment, but karen, start with the stress test. What are you expecting . And are we going to get the full story, given the fact that the fed is unlikely to release company by Company Details . Karen good morning. I think you put your finger on the question. And i do not think we will get the full story. The fed to be more transparent, and i hope it will be, because that is the best antiseptic. Sunshine is the great antiseptic. And we saw that in 2009 when the banks were in disastrous conditions. The fed released the stress test and the market took confidence in that. I think if they do not release results, this will spook the markets. We need to know what the industry really looks like. And i fear we wont. Alix we also got headlines this morning that talked about how banks are getting easier vocal rules, they will be able to invest more capital, 40 billion reprieve on swaps. And i wonder if he can help us tied together where the banks are now and how we can specifically open them up to lend more to black business people, to really enhance that. If you do not have that foothold, it will be difficult to reach racially quality. Help us draw the lines. Actually have a book coming out early next year, and it will talk about the engine of inequality. You just put your finger on an important point that is not really well understood, which is that the low end and moderate communities, those communities with hispanics and africanamericans are disproportionately low and income into the worse it gets, the worse it gets. You need to stop the engine to put it in reverse. And you do not want to stop it so fast that it crashes like another financial crisis, but you have to stop the engine. Justnless the fed stops talking about economic inequality and racism, jay powell did it last week, but the fed has many tools and it needs to stop talking and start walking. Guy i will play devils advocate. Why is this the feds job . Maximumb is clear, employment and price stability. Where does this narrative fit in to that . Karen i disagree. The fed has talked about the dual mandate, but it has three mandates under law. One is maximum employment. If you read the law, it actually says full employment. And the fed has mistaken one measure of employment, the overall unemployment numbers it gets from the borough of labor bureau ofor labor statistics, for actual unemployment. Before the crisis, one in five americans said they wanted to work more. We had tremendous numbers of underemployed people. The fed looks at people as employed, even if they are just parttime. All of those workers that went from fulltime work to gig work, they may be employed but they are far behind where they were before 2008. So the fed has failed that mandate. It has failed its price stability mandate. There has been no price stability for a low and moderate income communities. The price of education has gone up 600 in the last few years. Care, care, rent, child these costs are unaffordable. The average americans wages do not go any further than they did in 2001, that is not price stability in my opinion. Alix you can definitely see in the wages how the minority populations wage increases have not cap up with those kept up with those. What can the fed literally do with banks to help funnel money . Karen there are a lot of things the fed can do with monetary policy. Focusocus on markets, and on the ground up macroeconomic growth, because we have seen this. The markets have risen enormously since 2010 and may have made americans unequal. The top 1 has more wealth now than the entire bottom 90 of this country, thanks in part to the fed. So they have those tools. But the fed is also the most important Financial Bank regulator in the nation, and it has a number of tools. The capital rules now are prejudice against low to moderate income people, therefore against africanamericans. Weights tod wait eho the banks lend to ar discriminatory end of fed it should fix that. We talk about banking while black, the fed can make that bearable. Every black person that goes into a bank, they wonder what will happen to him or her when they cash a check. That is not right. Alix it has been good to get that perspective. Karen, thank you very much. Coming up, we will look at bayer striking a 12 million deal to resolve lawsuits over the weed killer around up. We will talk to the ceo of bayer, next. This is bloomberg. Guy from london, im guy johnson with alix steel in new york. Bayer shares have dropped today. Erasing an earlier gain. This is a day after it struck a deal to settle lawsuits over its around upper weed killer. For more on that settlement, we are joined now by Werner Baumann , the ceo of bayer ag, coming to us from the headquarters in germany. Thank you for joining us. Look, we understand that shareholders are relieved that we have seen this settlement finally done. We waited a long time to see this news develop. Yet, i went to a Garden Center yesterday and round up was still on the shelves. Is this the end of the story . We have found after a negotiations,us with a a lot of uncertainty, a process and a structure now that will bring closure to the litigation. And our shareholders are relieved. People our customers and in the company are relieved, that we can now put this behind us and it set a course for the future. And, of course, it will be available going forward, round u p, to professional farmers. It is an important product for farmers. And for the consumer come on the back of the recent epa ruling, that it has been and continues to be a product that is a safe for its intended use. And importantly it is not carcinogenic. You think that there will have to be further financial settlements, and if so, on what scale . Frame we announced yesterday, with a range of about 10. 9 billion, covers not only the quota we have already achieved with some signed agreements with about 75 of all claims out there, including the entire leadership and almost all the cases that would otherwise go to court over the next 18 months, it also contains an allowance for the cases that yet have to be settled. D were in negotiations, an are optimistic that we will bring the negotiations to a good closure over the next month to come. About 1. 25ve billion to cover feature cancer claims. How confident are you that will really be the limit . Werner we have always talked about the need to take the product, the the safety of the product, and bring that discussion into the arena of science. And with the support of the plaintiffs, those who are looking out for the interest of future claimants, we have agreed that there will be top scientists who will look at the body of science and regulatory documentation, and also some evidence, to assess whether this is a safe product and whether it is carcinogenic. So we take comfort in the fact that we now are back to a scientific position and discussion. And both parties are abound by the assessment, which will take a few years until they render the assessment. And then we can take it from there. But we have a high level of comfort also based on the fact that the overwhelming body of regulatory evidence and support around the product has confirmed and reconfirmed over and over again, not only that this is a safe product, but most importantly that it is actually not carcinogenic. Alix does that mean that you will not be making any ingredient changes . Can i infer that from what you are saying . Werner yes, the active ingredient and formulations are safe. They do not cause cancer. There have been and continue to be available are farmers are in desperate need of the product in because it is safe, there is no reason to change the formula. The same holds true for the consumers that rely on the product. This may feeling ancient history, but feel like ancient history, but how much has monsanto cost bayer at this point . Werner the acquirement was for 63 billion. It is not about the cost of the acquisition, it is about the benefit that we are going to bring to farmers in the next decades. This combination has always been predicated on the strength of both companies, particularly in innovation. Bayer is a premier Chemistry Company with world leading chemists. Monsanto is on the other side, and down the best when it comes to technology, and the leading company in that field, and the far, most advanced platform in agriculture. So, bringing those companies together and their foundational innovation efforts will allow us to speed up the development of tailored solutions and to get them into the hands of farmers earlier than we would otherwise be able. And that is the only way we can cater to 800 Million People that still go to bed hungry every night, and the 10 billion people that will need to be fed with a healthy and good diet in the decades to come. That dealhose people may make sense, but for shareholders i think that the question is a different one. With the benefit of hindsight, do you still think it was a good deal . By the sound of things, you still think it is a good deal. Would you have done anything differently from a shareholder perspective, to which you do have some degree of fiduciary duty . Duty, it wasiary extensively analyzed and assessed on not only by a board, but also by expert legal assessments, and it became clear actually, the entire board got a huge vote of confidence in the recent Shareholder Meeting that actually exceeded 90 . So i think there is no question that, you know, that that vote of confidence the combination in the businesses we are in has made sense and continues to make sense. If we look at other industries these days, i think it is without question that running businesses in the areas of health and food, the only source that is typically open during lockdowns here, so you can go to the food store or pharmacy, or you can go to the hospital. These are the businesses we are in, and why we are so optimistic for the future of the company, our stakeholders and for our shareholders. Alix in order to move on from the round up issue, what pressure are you going to be under to may be split up the company . One analyst has talked about a conglomerate, all with the structural issues and may be having to unlock value. Give me your insight on that. Onner our strategy is based three very strong pillars in the areas of health and nutrition. Over the last 15 years, we have focused the company into these areas of health and nutrition to build and run leaning businesses. I think there is no question around our crop business being by far the most powerful competitor in the industry, within innovation budget that is 1. 5 times as big as our next competitors budget. We continue to see growth in our farming business with a portfolio that is maturing. We are investing behind the development of a new and maturing pipeline going forward. And we are also seeing a very strong path of recovery that are consumer business, which was the problem child over the last for years, has been on now since joined. With it, everything we expect the portfolio to do, that we can deliver against in the future, of course always within the frame of market conditions, and with that it is a good set of businesses to run going forward. We have many other industries. Many industries are struggling these days. Is your future at the company . Have brought this company through a difficult period and it probably would have been unwise to make changes with Senior Management as the Company Negotiated this massive settlement. What happens next with you . Will you continue to lead this company or will you step down . Can you give shareholders some clarity on what your thoughts are . Werner as a mentioned before, the most recent i mentioned before, the most recent gm did not come so long ago, only the end of april. That sent a strong vote of confidence to the Supervisory Board and we see it as an endorsement of the hard work we have been doing over the last 15 months, two years, even longer. So, i enjoy doing what i am doing, together with my colleagues, and relative to my future, this is a question that has to be addressed by are Supervisory Board. I and not the right person to talk to and i am not the right person to talk to. Alix thank you for joining us. That was the ceo of bayer werner , baumann. We are breaking down the news. On covid cases around the u. S. , florida cases are rising by 4. 6 . The previous average was 4 . We i continuing the narrative of increasing cases in certain states. Now, if we do not get a shutdown, do consumers stay inside and we have a defective shutdown anyway . Guy Consumer Behavior will determine all this. Consumers need to behave responsibly, and if they do not, we will see more outbreaks. And other consumers will look at what is happening and make behavioral changes, which will have a meaningful impact. Government policy is critical in some ways, but at the end of the day it is up to us to make these decisions, whether or not we want to be willing participants or not. I think that will be the ultimate determinant. Alix it is unfortunate when the data just started to turn around. I in looking at the Manufacturing Index in kansas city, beating expectations, way off the lows. The numbers are rising among employees, less negative. Now, does that have to flip over as we deal with the issues of potentially more lockdowns . All of that is going into jobless claims, coming in worse than estimated. We will break that down with the u. S. Labor secretary. That is coming up in our next hour. This is bloomberg. Save hundreds on your wireless bill without even leaving your house. Just keep your phone and switch to Xfinity Mobile. You can get it by ordering a free sim card online. Once you activate, youll only have to pay for the data you need starting at just 15 a month. There are no term contracts, no activation fees, and no credit check on the first two lines. Get a 50 prepaid card when you switch. Its the most reliable wireless network. And it could save you hundreds. Xfinity mobile. You say that customers maklets talk data. S. 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. Alix in new york im alix steel , in new york with guy johnson in london. This is the european close on bloomberg markets. It is quiet. The s p 500 cannot decide whether it is red or green as we digest news about the virus. Guy european markets spiked, then went sideways. Stoxx 600 up. The s p is fairly flat. What is the same as yesterday, volume again is super light in europe. Im not sure i should take anything away from it, other than the fact that it is sunny people are a result saying, i will not work from home today. This is the most negative we have been. We continue to debate whether we will see negative rates in the u. K. The bank has indicated no, but we will see. Wirecard