Down today. We will speak with an analyst on this later on. What else . We have claims data today. Pretty stable, which is concerning coming to be brutally honest, so we will talk about that later on. We will discuss what is happening with eugene scalia, u. S. Labor secretary. And we will talk about the people being affected by all this. Alix we cannot get into that without setting the stage for where our markets are. David kelly is joining us. David, you say there is another likelihood of a sizable correction, so when we get the headlines today like the florida covid19 cases are rising at 4. 6 , but new york is going into phase three, and texas is a stopping elective surgeries. How do we look at that . David what is clear is we have seen the northeast really dealt with the program very painfully, but they have pushed the cases down. And provided they maintain their behavior, which when you go around new york people are wearing their masks and people are being careful if you maintain that behavior, you will keep the virus at a low level. The country way, has become divided on the mask issue. But someiculous to me, people have decided that they do not want to wear a mask. They think it will not affect them because they are young and healthy. That is causing it to spread. And we know that this is very infectious. And we know that 95 of the population, roughly, has not had the virus. So there are more people who could be infected. Im afraid that if he were a betting man, you would say chances are we will exceed the peak in cases at that we saw a month or so ago, and we are in the midst of a second wave here. Guy when it does show up in the Economic Data, is that the catalyst for markets to reassess . Sort of know it will show up in the Economic Data in the third and Fourth Quarters, because what is really going on is businesses can reopen, even with restrictions. And that is going on, that is why we see a bounceback in manufacturing, because these companies can do it with protocols in place. But if you have a raging pandemic, you cannot fill restaurants, hotels, sporting events or shopping malls. It is that part of the economy that will not reopen. That is why we are not getting a v. Part of the v, we went down a lot. We know we will see a bounce in the third quarter. And then there will be a call until we crawl until we get a vaccine. So it is only a partial v on the side. I think people have been fooled into believing we will bounce out of this, but we cannot as this is a raging. Alix are you selling all rallies . What is the strategy . Avid i do not think as longterm investor you should try to time this, but you should ask questions about valuations and trends that seem to have persisted into this pandemic. So it is still the case that growth is beating value, that u. S. Stocks are way ahead of international stocks. And the longterm Interest Rates in real terms and make no sense for anybody trying to grow money, as opposed to lose money. But you need to have the discipline to reallocate for impose pandemic paradigm. Think about for a post pandemic paradigm. Think about two or three years down the road. It is not a matter of trying to time when the market will get more pessimistic or optimistic, because there will be volatility until we get a vaccine. The real issue is to diversify, buying things that are cheap based on longterm trends, looking beyond what the pandemic is doing to the global economy. Guy what is your conviction in that trade . I am struggling to know what will happen next week, let alone three years down the road and with the World Economy will look like at that point. Some things are cheap for a reason. And i still do not have an understanding of what the world will look like. So trying to figure out why they are really cheap, will they bounce back or whether or not they will stay cheap i really struggle with the concept. David if you look at individual companies, you have to do the math, do they have the Balance Sheet to ride out an extended recession. Are they in areas where they can grow. And there are plenty of individual companies, when you look at their margins, you ask yourself, given how big the company is in terms of the market, how can they grow fast enough to justify those prices. And what is interesting is the number of things that do not make sense, bitcoin at 10,000, while it is not worth anything. It is a place where people have decided to hoard wealth, it is not a currency. So do not invest in that. We do not know what it will turn into. Most of those longterm objectives, you have those objectives where you can ride out the volatility, and those are things you can make sense of. And you will be rewarded in the long run for that. Alix one thing we also have to factor in is the president ial election. Guy brought this up earlier, if joe biden wins, the secretary of treasury could be elizabeth warren. That would have been a huge w ould be huge, as we could see a tax increase. It could be a very material shift. How do you see that . David i do not think the Vice President has said anything like that. My instinct is if joe biden becomes president , he will want to rule from the center and the biggest thing that has gone wrong the last few years is america has become more divided, so i suspect he will try to rul from the center and whatevere i will not argue about elizabeth warrens qualifications for it, but she is certainly seen as being in the left wing and i think we will see more centrist policy. So i do not know on what intelligence is that perspective is being based, but i have no that the believe campaign would go so far to the left in terms of Economic Policy coming out of this. Guy some of the primaries would suggest that the left is doing a little bit better. We will see what happens. We still have a long way to go. David, we appreciate your time. Thank you very much, david kelly from j. P. Morgan. We are going to be talking about two interviews, we will hear from lebron james and his efforts to protect minority rights. That is a fascinating conversation you want to listen to. We will also speak with the u. S. Labor secretary on job losses caused by the pandemic. Claims data is out. We will look at what is being done to help American Workers and the businesses that they work for. That is next. This is bloomberg. Guy from london, on guy johnson with alix steel in new york. This is Bloomberg Markets the european close lebron james earlier this year launched a Media Company which aims to make and distribute content that will give voice to underserved creators and consumers. He also launched the more than a Vote Initiative that looks at preventing suppression in voting rights, especially in black communities. We spoke with him on these very efforts. Lebron i think success looks like educating the people who are in these cities. Had Voter Suppression for so long, people not understanding how they can vote, where they can vote, if there vote really counts. And in the black community, you butys hear go out and vote, you may not understand where can i vote, how many people in my voting for, what did the votes stand for. What weducation side is are proud about. That is success for us, where we are actually getting the communities out to vote and it they are more educated on who they are voting for how they, can vote and where they can vote. And having that power. People believe they cannot vote because they have had previous convictions with the law or they have been to jail and they have been told they cannot vote, that there vote does not get submitted and things of that nature, which is not true. So to educate and make aware of the people on the ground, who have a lot to do with the future of our country, that is one success we can have. And we will see what happens in november. Alix for more on the labor market, joining us on tv and u. S. Is eugene scalia, the secretary of labor. Thank you for joining us. How do you help black employment . Well, the economy before the coronavirus hit was the single best economy that africanamericans had experienced in this country. Economy that was great for americans all around, with unemployment hitting a 50 year low. Job creation was more than three times what had been predicted when the president came in. But unemployment for africanamericans was particularly low. Alix mr. Secretary, i was going to say that is undoubtedly correct, but nobody expects us to get back where we were. Unemployment has been higher for those black workers. You need to fix that. How do you do that . Sec. Scalia Going Forward, the same policies of the delivered the record low unemployment we had until the virus came will be the policies and that matter Going Forward, making lighter the tax burden, limiting unnecessary tax burdens. That led to job creation. To wagelso led increases greater for those in the low income brackets. Those are good things for africanamericans. A couple other things Going Forward one, the president s proclamation on monday suspending immigrant workers until the end of the year, to provide a buffer to give American Workers a greater opportunity to get back into the workforce. I think that will help africanAmerican Workers. It will help the economy more broadly. And we have more reforms we will make to those immigrant worker programs, that i think will deliver programs help across the board. Usmca will go into effect next week. That was a great achievement earlier this year, that could create as many as 500,000 new manufacturing jobs in this country. And that will be a boon for all working americans. Guy guy johnson in london. What is keeping smart people out of the u. S. Help the u. S. Economy . Sec. Scalia the change that we have made is to give smart americans a better opportunity to get jobs in an economy where we have made progress over the last few weeks with 2. 5 million jobs added in may. We have added a lot since then. But we still have too Many Americans out of work, and we want to give them an opportunity to get back to work. If a business cannot find an American Worker and there is a critical need, there will be exceptions under the order, but longterm we are going to reform the program precisely so it does a better job of bringing super talented workers into this country, rather than the lowwage workers competing with American Workers and undercutting their wages. Guy we talked about the claims data today. Indications from this High Frequency data is that what we are seeing is a stabilization at a relatively high level of unemployment. Do you think we are starting to see a more realistic kind of view of what is happening . Because until now we have seen a strong bounceback. Do you think we are starting to see evidence that the bounceback is a slowing down . Sec. Scalia i do not read the data that way, but i think it is a fair question because the initial claims number was higher than was projected. The number that caught my attention was the continuing claims, people remaining on unemployment. Aat dropped by about 767,000, big drop, but there was also a correction for the prior week. Put them together and we have one million fewer people on unemployment today than we thought we had one week ago. That is progress. The big report will be a week from today, when we put out our june jobs report. And i am hopeful that that will show really significant progress along the lines of what we saw in may, and i think it will be more reliable. Initial claims are claims filed, not necessarily those that will be accepted by the state. Alix even if we get a better number for jobs friday, it will still be bad. And at the same time, at the end of this month, the additional assistance and the unemployment checks from the cares act wears off. I have friends who literally will not be able to live without the extra money. What will you do for them . Sec. Scalia you are right, the 600 benefit that was in the cares act, which was a really important benefit that the president and congress provided when the economy was being closed down, that does expire at the end of july. But we will be in a different situation at the end of july. We know the economy is reopening. We are not in a situation anymore were the government authorities are saying, you cannot go to work. So i do not think that that benefit is the right policy in an opening economy, come august. Alix i wonder if there is a happy medium. I am talking about the service industry. If you are a waiter, you will not get back to where you were, because tips will be going down and you are losing that money. Would you think about an income subsidy, like france is doing . The french president said they will be subsidizing worker pay can you do that . Sec. Scalia something we already have is what we have have is what we call a short time compensation. Some have been brought back on a parttime basis and they can get a blend of unemployment and regular pay. That is being done a little bit now. That is a concept to look at. Obviously, we have continuing state Unemployment Benefits that will be available in we will see if there are federal approaches that remain necessary, but you have the opportunity for short time compensation. And we are focused on growing the economy again, on creating jobs. The president did such an extra ordinary job up until the virus came. And we have no reason to think that the economic fundamentals of the country are substantially different than they were a few months ago, so i am focusing on reinforcing the policies that led to job creation and getting people back to work, rather than focusing so intently on the unemployment system itself. Guy mr. Secretary, there are large parts of the u. S. Where the hospitalization count is rising dramatically. We see it in texas, florida, california did these places reopened to quickly . Is there too much emphasis being placed on reopening the economy at this point, at the expense of Public Health . Sec. Scalia i do not think it is right to say that there are large part of the country that are seeing these flareups, but we are seeing flareups in parts of large states. And it is being taken seriously. Early. Did not reopen too we knew that as we opened that there would be increases of cases, and we know better now how to deal with the virus than we did three months ago. And we have a greater capability to address it in terms of tests available, ventilatory capacity and all of that. So the flareups are a serious matter to take a look at. The virus is out there. Americans need to continue to exercise discipline, so we can stay open. But you look across the country as a whole, the reopening is going well and safely. But we will focus on the flareups as they happen. Alix it is hard to agree with you on that, though, when you have texas, california and suspendingwith texas elective surgeries, and houston is a huge Medical Center and and they are having serious problems. The government seems to no longer have control over the shutdowns. If i am living in houston, i am not leaving my house or going shopping, so how does that trickle through to the labor market . You could have more layoffs, just because people want to stay home because these are huge estates with huge rising cases. Sec. Scalia alix, i have to disagree with you. Ie flareups are serious, but think you are exaggerating the current situation. The local authorities are well aware of it and they are looking to address it. Administration are in contact with them and we are looking for ways to help, but you look across the country as a whole, the reopening has gone successfully. And what is happening in these locations is a reminder of the importance of discipline, of being careful about the virus, that is still out there. It is not a judgment on the reopening as a whole. Guy more on what we have been talking about, mr. Secretary, lets talk about how public money and public pension money, buyer funds, should be invested. You have written that the profit motive is ultimately the final arbiter of whether or not a decision should be made, but it is one of investment versus another. ,o why is esg investing wrong particularly when we see such need for changes in the way that we approach the climate, and changes in the way we approach society . We started the conversation on black lives matter. Sec. Scalia you are referring to rules that the Labor Department put out earlier this week regarding the socalled esg investing in the context of a private pension plan here in the u. S. Obviously, people like the opportunity to, as i put it in my oped, to do good while also doing well financially. Some questions have been raised about the esg rating systems, how thorough they are. Uc systems where one rating is high for a company, another system rates it low. There have been questions about how some of these funds are being promoted. The key under our law for the Pension Plans is simply that they are to be managed with one goal, maximizing americans retirement savings. That is a good social objective and it should not be compromised by fiduciaries to those retirees who are pursuing political ends that cost of those retirees money. That is what the proposed rule addresses. Guy ok. But we have to leave the conversation there. Mr. Secretary, thank you very much. That is the u. S. Labor secretary eugene scalia. ,this is bloomberg. Guy 30 seconds to go and then we are done in europe for the equities day. A bit more positive over the last hour and a half. We have climbed a little bit. We climbed this morning off the back of ecb news, we drifted sideways, and then we climbed as weak came through the close. Part is doing well, banks having a pretty good session. I want to keep reiterating this is on very light volume, which i am yet to completely put my finger on. In terms of the individual markets, this is what we are looking at. 40,ftse, the dax, the cac little bit of underperformance from the ftse 100 earlier on. As you can see, that has continued. The ftse is much more positive than it was. It was flatlining for most of the day. 6 higher. The dax and the cac 40 both up over 1 . The dax lifted by some of the car stocks. Does not seem to be affected much by wirecard. We will talk about wirecard in just a moment. At 4935. 0 trading cars have done well. The Financial Services have done well. Banks have done well. Insurers have done well. Those have been the main drivers on the upside. Only one main sector in negative territory. That is the travel and leisure sector. We are waiting for news on lufthansa. Compass one of the reasons we are seeing weakness in the travel and leisure sector. We have also been watching easyjet as we got news it would be issuing more shares. That has put a little pressure on the stocks good is interesting easyjet has gone in this direction and lufthansa has decided not to go to its shareholders and creditor. Lufthansa down 12. 62 . It seems like it is taking a look at longer. We thought they would be voting for the deal. I am still waiting for news that has happened. Stocks under pressure. Wirecard under a lot of pressure. Premuch done and dusted with that story. Trading down a 3. 62. The company deciding it is going to file for insolvency. We will have analysis on that story shortly. Bankruptcy, icy, had to teach myself a lot of the distinction earlier this morning. We want to turn to another area that continues to get hit. The market has been but mentally changed by the pandemic as company shift work from home. We spoke to several financial and Business Leaders during the Bloomberg Global investors summit and ask them about returns to office space. Technology is changing things and people are staying home more. All businesses are learning ways for their efficiencies. That will have a toll and an adjustment on workforces more broadly as we get into 2021. I do not believe most companies will have 100 of employees back to the office. , you arel better off almost better off everybody not in the office and the worst is if you have a halfandhalf hybrid where some people are in and some people are out. Eventually they will bring them all out. The offices about the social interaction of people. It creates a culture and a business. The spontaneity and collaboration that comes from an office is incredibly important to a business and you cannot create that by videoconference. Alix joining us from frankfurt is christian ulbrich, jl l global ceo. In late early stage stage Venture Investments in real estate, hardware, software. We want to focus on the real estate market. What are you noticing . What areas are coming back, what is still struggling, and house that affecting your investment profile . Little bitit is a about the situation of the pandemic in the specific markets. You can see that nicely in europe but also the u. S. Those markets which have seen numbers coming down on people being effective in reopening, people are coming back into the office. Those markets where they are struggling, they are more hesitant to come back into the office. You have to look at the one by one market approach. Alix talking about one market, i want to point out breaking news. The Texas Governor is halting new phases of reopening the states economy after they have gotten hit by the virus. Houston in particular. The s p now down. 25 . Guy absolutely. Christian, picking up on that point, is it too early to get a clear idea of what is happening in terms of the return to work, in terms of the way we will utilize office space and real estate more broadly . We were talking to a doctor earlier on who said it would be impossible to tell phase i from phase two in terms of the virus. What is happening in terms of planning right now. How much visibility you have and your clients have about what kind of investments they should be making . Christian i have always had my line that it is early to make longterm predictions. We can only speak to the facts we have at hand. Peoplemoment we have asking us for more space to deliver on the social distancing , which is needed to get people back into the office. Then we have clients saying we have to shed office space Going Forward. People want to get back into the office. That depends on the buildup of your workforce. , and the people below 35 years old, they are all desperate to get back into the office. On what kind of situation they have at home. They have a separate home office, are they alone in their apartment or do they have small children at home . There are so many factors playing into it. We just have to keep in mind that for services business, 60 of the percent is common is is,n and only about 6 oditization. It is probably important to offer your employees what they want. Smallerevancy is much than the cost for your employees. Alix the answer to your question is no, no, yes. I do want to get to the office, i do have small children, and i do not have a door. The overall sentiment seems to be negative towards commercial real estate. I wonder if that creates good valuations and opportunities and what is your topic . What is your top pick . Christian i believe there is a disconnect between what is publicly talked about in the reality. We see the transaction is very low at the moment so there is not enough evidence. People are cautious to see whether the market is selling. On the other hand, we do not have enough pressures on most of the profit holders that they are forced to sell. They are not willing to reduce prices, especially in the office sector. We have a different situation in other sectors if you think about hotels or shopping centers. In the office sector, the situation is still very much under control. People are saying i am comfortable, i do not need to sell at a lower price. We stopped to wait until we have more of that evident in the third and Fourth Quarter of this year. It looks like Central Banks around the world will keep rates very low for a very long time. What does that do to commercial real estate yield . Seentian what we have over the last couple of years is yields trending lower. More and more investment is coming in to real estate as an asset class. Caution has been the proportion has been growing, and now 12 of asset allocations to real estate. I think that trend is going to continue, and therefore we will see ongoing low yields in real estate. The yield in real estate is also dependent on your expectations and markets. That rentalpecting levels will trend down over the coming years, you have reflect that in your ingoing yield. If your opinion is rents will continue to rise as they have over the last couple of years, then you will see yields coming down. Before we can answer what yields will do, we have to form an opinion on the rental levels good i would expect we will see yields climb slightly up for the near future because of the uncertainty around the rental level. The general trend is more money is coming into real estate as an asset class over the next five years. Alix how does that affect your return profile . Christian the return profile is impacted by the initial yield of the underlying asset, but then by your refinancing structure. If youre able to pick up debt at lower levels than you have been in the past, that may mean your overall return profile is not impacted that much because the two different trends are upsetting each other. Real estate will continue to be attractive if you compare it to bond yields. The point which i like to tell clients, real estate is something you have to operate. It is not like a bond you can put in and wait for the next couple of years. Real estate is an operating business. You should either have Service Providers help you with it or you should be very knowledgeable yourself. On that note we will leave it. Thank you very much, indeed, for your time and sharing that knowledge. Christian albrecht, jll ceo. Lets check it on first word news. Ritika new york city is on track to start the third phase of its reopening on july 6 according to mayor bill de blasio. Indoorhree includes dining and personal care services. Sports blasio says team can also reopen. Another sign the u. S. Recovery is pulling off. The number of america is cooling off, the number of americans seeking out implement benefits is greater than anticipated. Continuing claims fell more than expected. Bidenpulp shows joe leading President Trump and everyone of 60 battleground states. 16w york times poll battleground states. Biden leads by double digits in pennsylvania, michigan, and wisconsin. He has advantages in florida, and north carolina. Avestor barry stern like sees real estate apocalypse in new york. He tells Erik Schatzker the combination of the pandemic and the riots has been disastrous. I think rents could drop 25 in new york. I think a third of hotels in new york city could go bankrupt. Retail is the 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. Am ritika gupta this is bloomberg. Thank you very much, indeed. Recap a number of headlines and bring you a new one. The new one is arizona virus case numbers jumping 5. 1 . That is versus the seven day average of 2. 3 . That is a significant take higher. I want to recap the news surrounding texas. The most important bit of that news is the Texas Governor has decided to halt new phases of the states reopening of the economy as a result of the expansion of the virus within that space. In terms of the way this is affecting markets, European Equity markets is pushing higher into the close. That was the case with the ftse 100 and the other continental markets. Highera little tick during the auction. These are your final numbers. 6147 for the ftse 100. Dax nd. 8 on the those numbers do not jibe with what i am seeing on my screen. We did see maybe a little dip into the close. Maybe that was generated by some of the headlines i talked about just a moment ago. We will continue the conversation at the top of the hour with the cable show on dab digital radio. Jonathan ferro is in new york. I will be joining him in london. This is bloomberg. Guy from london, i am guy johnson with alix steel in new york. This is the european close on Bloomberg Markets. Thats turned to the story dominating headlines. Week has ended with the Company Filing for insolvency. An account scandal with official loss of 1. 6 billion euros. Joining us is neil campling, cohead of Global Thematic Group at mirabaud securities. Youve been saying for a long time this company is worth zero. Are you feeling vindicated today . Neil in a way, but sadly in some respects. We have to remember there are plenty of people who have lost money in this stock. That ouro caveat thesis has borne out, but there are innocent victims that have played out from it. Question onlyhe because the german regulators and the Company Pushback strongly, there was great reporting from the financial times, credit where credit is due, and a number of analysts did suggest there is a problem with the accounting. That is the reason i ask the question. Lets talk about those people that have lost money and the people that work for these businesses as well. Is there any residual value in wirecard . Neil i am afraid we do not think so. There are a couple of reasons for that. Analysis when we got hold of reporting accounts of 21 subsidiaries in the past, we get to around 240,000 customers they claim they have accounting for less than 1 of revenue. When we try to analyze those customers, we cannot find business lines that go into that. We think they have a very small piece of legitimate business, which is effectively the pos terminals and some asian countries. This is where you will use your chip and pin in a retail outlet. You go around and find other companies machines and verifone machines, is a low singledigit margin business, it is not a big business, and it is something retailers can swap out quickly. That is partly why we became suspicious in the first place when we met the company in october 2018, because the company year after year posted almost identical growth rates every year. In 2016 and 34 in 2017 and 36 in 2018 and had grown at a rate for the first nine months of 37 in 2019. It did look to us like it was too good to be true. The more we investigated, that is why we came to that conclusion. Alix do you think this spreads to all of fintech in germany and europe, they will have more regulation and oversight and skepticism, or can we isolate this to wirecard . Neil i would like to think we will hopefully have high levels of regulation. We have to remember that unfortunately the decision was taken in february of last year to ban the shortselling of the stock, just this one stock, which was unprecedented in our view. We have seen examples in the past over the gnc where entire indices prevent the selling of all of the stops, all of the stocks, but never just one company. I do not think this is something that is a wider issue for the entire industry. Im afraid within Capital Market and any industry there is always scope for bad actors regardless protocolsh regulation or auditing are there. On this occasion there were lots of red flags and we can ask the questions as to why they were not acted upon, but i do think this is a specific case rather than indicative of the entire industry. What does it mean for visa and mastercard . Are you surprised they did not take action earlier . The having gone through 300 30 pages of mastercards ates and having had a look the 900 pages of visa rules, i was surprised they did not act sooner. They talk a lot in those rules and regulations about things like antimoney laundering, clients, the kind of rulings of all Financial Firms across the industry. It was clear to us and many others that wirecard had breached the terms of those licenses. Perhaps this action prevents visa and mastercard for making that decision to revoke the licenses, which i think would have been inevitable. I am surprised they did not act quicker. I am supposedand, you could say the company was a 20 billion euro company not long ago, and the pace at which it has unwound headshot many. Alix good to chat with you. Do not envy your job at all. Neil campling, cohead of Global Thematic Group at mirabaud securities. This is bloomberg. Ritika time for the Bloomberg Business flash. A look at some of the biggest business stories in the news. Macys will cant 30 macys. Ill cut 3900 jobs the Department Store is struggling with the impact of coronavirus. The ceo says the company will be smaller for the forcible future and its cost base world like that. The proposed government bailout of lufthansa has an important boost. The German AirlinesBusiness Investor says he will vote in favor of the 10 billion plan. It comes up for a vote today. Billionaire investor barry star lek sees new york city as a dangerous tipping point. He tells bloombergs Erik Schatzker that is because of the pandemic, the riots, and the high cost of living. He is putting his money elsewhere. In general for my private firm, we favor investing in the red states. It is not a political commentary , but the red states are growing , whether it is florida or texas or tennessee, the states with lower taxes are adding people. The states with higher taxes are losing people. They are voting with their feet and their cars. Ritika that is the Bloomberg Business flash. Alix thanks so much. To update you on what is happening within the market, i want to highlight headlines we got on virus cases. The big one, the Texas Governors halting new phases of reopening the economy as the hospitalizations rise. Arizona cases are jumping, florida cases are jumping, in the market you are still seeing cap, energy, and financials outperformed in the u. S. Guy financials will be interesting. Everybody in the Financial Analysis community is sharpening their pencils right now as we await the arrival of the stress test later on. Probably the big event later on. Neel kashkari says all banks should issue capital with the markets being where they are. Others are suggesting we should see a restricting of payouts. The weaker banks can rebuild capital without having the details being published. Obviously a lot of people might like the dividend from the larger banks. We will see where this one lands. Alix i wonder if it goes in the salary, bonuses and payments, if it is not just a dividend conversation . Guy yes. Certainly something a lot of people have a lot of skin in the game over. Upl have some light next in the united states, balance of power. I am on bloomberg radio, the cable show. This is bloomberg. From new york to our tv and radio audiences worldwide, welcome to balance of power where the world of politics meets the world of business. Well start with the markets once again. They are a bit soft, trying to figure out what is going on with the virus. You know who can resolve this is scarlet fu. Scarlet the ego data is fairly mixed. We had a drop at the open. The attempt at the comeback fizzled out. That came as a bunch of virus related headlines across the wires. Taxes halting the newest phases of its plan to reopen the economy jumping 5 . Youre looking at average value at time, which illustrates the extent to which we have seen trading triumph in the s p 500. It has been a slower than typical trading day compared to yesterday when we had the big selloff. We had trading in the nasdaq off