Quickly. And staying strong. The worlds top iron ore prices are among the highest out of china. Shery lets get you started with another check of how markets are trading at the moment. Futures underu. S. Pressure as stocks fell to the lowest level in two weeks. We are seeing it down 0. 7 . Than 2 ,00 lost more same for the dow and the nasdaq. The dow losing more than 700 points. We had the sharp increase in virus cases, adding to economic anxiety. So risk off positioning was very strong last week. We did get positive data over the weekend, signs that the chinese economy is continuing to recover and profits rebounding in may for the First Time Since november. Take a look at what oil is doing because it continues to fall. Actually, we saw a second week of declines, the second weekly decline since april. We continue to have these lower prices after a cautious rebound, now headed towards 37 a barrel for wti. We also had chesapeake filing for bankruptcy in the u. S. , one of the biggest victims of that collapse in energy prices. Lets see how things are shaping up for the asian markets. It is another top peak week of trading for asian markets. Futures point to a soft start. Opening lower to the downside. Bonds ared gaining ground. We wait to learn the details of a National Security bill ahead of hong kongs handover anniversary. Also, they are to report trading data. Ahead of japanese retail sales for may, the yen is gaining ground after capping its first weekly advance in three commodities, though there remains pressure. Gold trading near an eight year high with more gains largely expected after a 17 rally in the first half. Jumping into the terminal, copper continuing to be supported by supply risk, with prices to backwardation with a gap near four dollars a ton, compared to 20 the week before. This is the worlds top copper producer has halted smelting activities at a chilean mine. Disruptions overshadowing concerns around demand. These global virus totals have hit new, grim milestones. Deaths globally have now passed five hundred thousand, with confirmed infections rising past 10 million cases. In tokyo, there was a daily record. Japan just lifted their state of emergency last month. In south africa, they are warning of a spike in cases in the hub of johannesburg. And at the u. S. , hotspots of texas and florida trying to contain cases. Our bloomberg editor joins us on the line from washington. We hit these milestones just four months after the first cases were reported in wuhan. I dont know if we can call it a second wave or a continuing of the first wave. It is taking hold across the u. S. Which states and cities are you watching . Reporter you set them out. Florida, texas, california, and to a lesser degree, arizona. States have belt reported spikes in their new infections and new cases on most a daily basis. Today, sunday in the united states, some of their numbers did not go as fast or high as they did earlier, which is a reflection of weekend reporting from hospitals and medical centers to the state health department. Even so, when you have state like new york where there was an epicenter a couple months ago, their new cases only rose by 0. 2 . Texas was up again. These are the places we are looking at. These are the places the Health Officials are paying attention to right now. Shery we keep hearing from Health Officials in the Trump Administration that there will not be another shut down. What are governors saying, given it is up to them if they want to pause or continue with a reopening . Reporter some of the governors, ron desantis in florida and greg abbott in texas, have taken the first steps two days ago, seeing a rapid rise in infections in the houston area and around the state of texas. Abbott closed the bars, saying you cannot even go into the bars. Desantis, a republican in florida, did not go quite that far. He decided to prohibit onsite, on premises drinking, which basically has the same effect. But these governors are taking severeteps, much less than the lockdowns that went in place in late march and early april. Repeatedlyave heard from President Trump and republican governors that they are pointing to the fact that the fatality rate, the death rate for the viruses, is lower compared to a few weeks ago. What else are we hearing from the white house in response to what has become a new wave of this crisis . Reporter what is very interesting as if you recall for most of march and well into april, the president showed up with his Coronavirus Task force almost every day at the white house for a briefing that went on, in some cases, for two hours. On friday, the Coronavirus Task force had their first public briefing in more than two months and at the president was not there. The message from the white house has been diminished slightly, i think. The Vice President is now carrying the water on the coronavirus response. The white house is not saying very much. The president when he does appear in public is talking more about getting the country back to work, getting jobs were created, helping people who are out of work, but they are not really talking about any steps to mitigate the rising number of cases, the rising number of infections around the country right now. Geimann, thankuy you very much. Ising up next, virus shaking confidence. Tells us whyial they see a sharp correction coming. Plus, protests returned to the streets of hong kong as a new vote on the security bill looms. We will have the very latest. This is bloomberg. Haidi you are watching daybreak australia. Lets get you a check on the first word headlines. Protests returned to the streets of hong kong as lawmakers in china are said to be debating a new security law for the study. The National Peoples congress will reportedly vote on the legislation tuesday. Today, the city marks the anniversary of its return to chinese control in 1997. Hong kong police have refused to permit the march in the city, citing social distancing and potential violence. Industrial profits rebounded in china last month for the First Time Since november. They signal that the economy is recovering from the coronavirus shutdown. Corporates roast 6 to 82 6 lion corporates rose to 82 billion. The worlds top shipper of iron ore says prices are here to stay for the year as demand strengthens in china and suppliers react slowly. The Australian Department of energy and resources says robust demand from china has pushed iron ore to near 100 a ton. Russian president Vladimir Putin is said to easily win a constitutional vote that would leave him in power for up to 16 more years. This is a made slumping economy, falling al oil prices, and the pandemic. Would be 83 when the new mandate runs out. Markets are tiptoeing into a second half full of risk. Investors facing policy support will be tested as the virus resurgence sets a risk off tone likely to dominate. Some of our guests told us what to expect as we head into july. Covid is very much here to stay until we get a vaccine. , we haveook at markets to see the risk. We have to see as a market revising down. The earnings outlook for the markets as we price in a possibility of lockdowns being extended. Given we are in the middle of a recession and the recovery road is going to be treacherous and long. At this point, for emerging markets around the world, it is anticipated they will take a disproportionate hit. Risk in elections could add up to another correction in the second half, according to madison parker. She is a Financial Planner for Parker Financial group, and joins us on the line from kansas. Lets turn to this chart on the bloomberg for the viewers. It shows how markets fell into bear market in march, but then we had such a swift rebound off the lows. The recovery was pretty fast, even if we go into contraction territory and see a correction. How likely is it we will be bouncing back very quickly, given the central bank support we are seeing around the world . Hi, madison. If you have been with us, i want your take on what you expect when it comes to a rebound later in the year after corrections . [no audio] we do not have madison parker. We will try to get back to her very soon. In the meantime, we have another big voice we are hearing from. Right. Thats we are hearing a lot of investor heavyweights sounding the alarm when it comes to the economic recovery. Pg imc says things will not return to normal for another 18 months amid an uneven recovery. He was speaking to david westin. Take a listen. We believe the full recovery is going to be much slower and much more uneven than most people believe. Certainly that is priced into the markets. I think having some of these sharp increases is quite natural. Will have hotspots and flareups as we go. What we have to decide is that individual behavior needs to change. Far too many people think that goes back up, we can go back to behaving the way we used to. We are in a period where social distancing and masks will be the way we need to look for the foreseeable future. We need to learn to practice those in order to open safely. The net of all of that, there is slow recovery. Think going to have we the economy will be smaller at the end of 2021 than in 2019. Aunt markets are priced for a much and markets are priced for a much sharper risk. The risk off trade you are seeing is likely to continue through the summer. David this is a really important point, because there was a time where we thought we would get back. To be pricingemed at the end of 2021. You are saying that is overly optimistic. Do you have any sense of when we will get back there . No, it is going to be quite uneven and it is very uncertain. The progress on the vaccine will have an enormous amount to do with confidence. This is all going to be about confidence in individuals coming back the way they did and come together the way they did. We believe if we have the normal path of this that people are not going to be, particularly for many of the Services Businesses or travel, are going to be going back to the way they were for at least 18 months. Are going to have to press consumption and demand that will last well into 2021. David the government has already done an awful lot on the monetary and fiscal side. There is a lot of clamor to do more. Does moore need to be done . Where does it need to be directed to make the biggest difference . That is a great point. I think you have to give the fed full marks for the breadth and the power of what they have done to stabilize markets. Packagesearly stimulus were largely on target, even if they were not perfect. But more needs to be done and it needs to be done in two areas. We need to get more money in the hands of small businesses. The ppp plan was a shortterm at tryinghich aimed to keep up employment and paychecks. A realize this is going to be much longer problem and businesses are going to need to be bridged for a far longer period of time. We are going to need a new program that is far more flexible and more longterm for small businesses. Secondly, we have talked about and before, states, cities, municipalities are headed for a world of pain. There are going to be very significant drops in the revenues they have for all kinds of different taxes. That is going to mean they often have to cut services, unless we have another plan. These services are what we care about so much. Emfs health care, education, firefighters. Yorkaw the mayor of new coming out talking about that this week. We need a federal program that actually will stabilize, particularly the cities and municipalities. Is a particularly difficult thing to do, but i am arguing from a pr pragmatic point of view. We cannot have major unemployment happening. David hunt speaking to david westin. We have breaking news at the moment. We are hearing from the finance ministry in china that the enterprise assets for companies fell 52. 7 year on year from the month of january to may. When it comes to soe, revenue fell 7. 7 between january and may. These were the months when china was very badly hit by the ongoing pandemic. Already in may, we saw industrial profits rebounding for the First Time Since november, up 6 year on year. Lets get back to madison parker, Financial Planner for Parker Financial group and joins us on the line from kansas. Great to finally have you. I was just asking you about a potential rebound we may see in the second half. This gtv chart on the bloomberg showing how fast the rebound was after falling to those march lows for u. S. Stock markets. If as you say in your notes, we do see a correction in the second half, can we expect such a swift recovery as well . Madison thanks for having me. Predictions are that we will see a correction. I do not think we will see a quick recovery like we saw a right after march. The reason we will have this is because we had a temporary boost from the stimulus packages, but once this money runs out, businesses and individuals are going to struggle again to pay their mortgages, rent. They are already limiting their spending. Stimulus we have been experiencing has not really increased consumption among consumers. Instead, it led to higher financial asset prices. How much more resilience do we see across tech and to some of the other names that have driven this rally today . Think there are a lot of sectors out there that are resilient to what we are experiencing and what we can expect. Among those is information technology, particularly cybersecurity is one that we like right now because with everything going on with covid and all the additional people working from home, that is only going to be on the rise. It will be a whole new market for employees. A new benefit they will have, with wifi and things like that, working from home. Those are the sectors i like for that. What difference will u. S. Election make if we do in fact get a democratic president in the white house . Madison i think that is definitely a real possibility, and i think regardless of anyones political persuasions that if the democrats do win we will see the tax brackets, higher Corporate Tax rate, higher capital gains, the elimination of the qualified dividend tax rate, and possibly greater restrictions on corporate share buybacks. None of these tend to be good for the stock markets specifically. That can have a large impact and a longlasting impact as well. Haidi we really appreciate your time. Madison parker from the Parker Financial group. Coming up, more companies are joining the facebook boycott as the social media giant faces criticism over hate speech. We get that story next. This is bloomberg. Facebook is under growing pressure as more companies vowed to slash spending to force a crackdown on hate speech. Unilever, cocacola, and a starbucks have hit the pause button on spending. Su keenan has more on this. We saw facebook shares take a big hit on friday. Su facebook was down more than 8 friday. We were expecting to see more pressure as a slew of Consumer Companies from unilever to cocacola to hershey, levi strauss, starbucks, all pledged to halt spending on social media. As you mentioned, it is all part of a growing campaign to pressure facebook and its peers to suppress those posts that glorify violence, divide and misinform the public, and promote racism and discrimination. Can deadene company Mark Zuckerberg responded to the growing criticism friday. He was out with several key points that he says he has been working on for the past few weeks to better inform and create authoritative posts on voting during the pandemic, to take additional steps to fight Voter Suppression and misinformation. He also said he would create Higher Standards for the hateful content everyone is really opposed to. And also enabling newsworthy content, providing links to factual content along with that. Aile he said this is continuation of a prior effort, he also wanted to emphasize that facebook is a force for good. Many analysts say that price could ratchet higher from here. Many believe that facebook can b do better. Haidi on one hand, there are concerns about future revenue growth. But for Mark Zuckerberg, where does this leave him . Definitely could put him in a difficult spot. Revenuewise,ed, facebook was already bracing for a weaker second quarter, even though the stock hit a record last tuesday. Friday, losingon 56 million in market cap off the company and several billion off of Mark Zuckerberg himself. Analysts say, is if the boycott or exit of spending spiraled out of control, you have several civil Rights Groups and others pushing for more companies to join the list. Su keenan with the latest on facebook. Lets take a look at the markets as we set up this trading week. We heard u. S. Stocks taking another low blow to end out the trading week. The s p down by 2. 5 , the lowest in more than two weeks as this resurgence across major u. S. States and cities like florida, california, arizona continue to plague plans for economic reopening. We are seeing a flat trading session to kick off the day when it comes to new zealand. At 21. 16dollar trading. Coming up next, we have the latest from hong kong as protests return. Karina global coronavirus cases have broken through 10 million, with deaths surpassing 500,000 as Health Authorities continue to warn against reopening quickly. U. S. Infections are above 2. 5 million, with President Trumps health is are saying the door is rapidly closing on containing spread. Vice president mike pence says the u. S. Is wellplaced to respond to the crisis. Meanwhile, reports from europe suggest the eu should ban travelers from the bloc. 15 countries are set to be given entry, and that does not include the united states, where cases are surging. Chinese travelers will only be allowed to enter the eu if european citizens are welcome on the mainland in return. Reports from japan say virus infections have soared since early may, wrecking a key threshold level for the governor. Nhk says 57 cases were confirmed saturday, more than a month after japan lifted their state of emergency. The government has abandoned trying to wipe out the virus, focused on limiting it spread as International Travel resumes. Cases have now topped 6000. Criticism is rising of israels plans to occupy a third of the west bank with reprisals from palestinian factions. July 1 is set to see israel move to formally include settlements in defiance of international law. The European Union and several arab nations say that could be the end of a separate palestinian state. 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 karina mitchell. This is bloomberg. Top theith chinas judge slade of body voting on hong kong legislation tuesday toping chinas legislative body is voting on hong kong legislation tuesday morning. Activists and business groups say it could erode the citys freedoms. The significance of the timing, of course, it does not go unnoticed. What new details do we know about this proposal . Reporter chinas National Peoples congress, the Standing Committee discussed the law over this threeday meeting that started sunday. According to local media reports, it could pass during this session as early as tuesday morning. If it did, this would come just in time for the july 1 anniversary marking hong kongs return to chinese rule in 1997. We have yet to see the full effects of the law. Officials have acknowledged they have not seen a full proposal. Local media has reported new details that includes the proposed law, including a life sentence for acts of subversion. They are reporting that prison sentences for the first types of crime, including those acts of subversion, terrorism, and collusion, could range between three and 10 years. This is in addition to new details released by state media last week showing that beijing plans to set up a local Intelligence Bureau in hong kong to take control of sensitive cases. Prodemocracy politicians, including the u. S. , have criticized the law as eroding the one country, two systems thecipal that has kept legal system in hong kong separate from the mainland. On friday, mike pompeo said the u. S. Would be imposing restrictions on chinese officials, including retired ones that are believed to be responsible for or complicit in undermining hong kongs high degree of a tone of me. We arein the meantime, seeing some civilization when it comes to Economic Data out of china. Industrial profits increasing last week for the first time in a few months already. Reporter thats right. Profits at chinas industrial firms increased in may for the First Time Since november 2019. Those industrial profits raised 6 . That is compared to a decline of 4 the year before. For the first five months of the year, profits still contracted nearly 20 amid the coronavirus shut down, and profit contracted even more as the state enterprises, which were down nearly 40 , versus just 11 of private companies. Chinas National Bureau of statistics says the rebound was due to smaller Cost Increases and higher profits at refining, our chemical, and steel sectors. According to economists, domestic growth momentum will with strongere property activities and infrastructure investments. But despite this rebound, he does still expect chinas monetary and fiscal policies to remain supportive. There inlena wonang beijing. The npcs Hong Kong Deputy bernard chan joins us exclusively as we await more details of the National Security bill. Dont miss it. This is bloomberg. Shery you are watching daybreak australia. Lets get a look at how markets are trading. Here is sophie in hong kong. Sophie this monday morning we are seeing futures moved to the downside with s p losing ground, off by about 0. 4 . Nikkei futures in chicago under pressure as may retail sales are due later. In the commodities patch, oil slipping with wti below 38. The demand outlook turning negative with global virus fatalities topping half a million come up ro half a million. I want to jump into the terminal to show you what has been going on amid this risk off move. U. S. 10 year yields getting close to a record low, losing 125 basis points in the first quarter. Treasuries are set for the best first half since 1995. Gold also a big outperform her with a 70 rally in the first six months. At a recorded etf as demand stays supported with negative real u. S. Interest rates. It looks like demand will continue throughout this week. Just a fortnight ago, australia seemed to have the pandemic under control. Rise, covid19 cases concerns are rising about a resurgence in the state of victoria. The state has recorded doubledigit rises in new cases, with 90 cases over the weekend alone. We have a professor at the university of new south wales, a member of the whos covid19 advisory panel. It is really great to have you. Theave a look at grim milestones globally. We are not even calling it a second wave, but a continuation of infections, to know this is a virus that does not react well when people become a complacent. Yet here, nobody wears masks, there is very little social distancing going on. Is there too much complacency going on among the public and policymakers . Guest good morning, thank you for having me. One of the very big problems is while authorities have done very countries, one of the areas i find the fickle to understand is instead of being proactive in their approach, they are reactive. At the moment, they are finally starting to do some testing in the hotspot areas and they are contemplating the idea of what the ideaall adjusts of lockdowns. They are certainly testing and hotspots. They are starting to test in Hotel Quarantine populations. But of course, hotels are not purpose built for covid19. We really need to start thinking about a purpose built facility. Advice on masks is difficult to comprehend. I was on the committee of the who that revised the mask guidelines. We looked at brandnew evidence of the efficacy of masks as opposed to the old ones that were like a hanky. There is no understandable reason why they are not explaining to people who live in those hotspots to wear a mask when they go out and when they cannot keep social distancing in public transport. Haidi to be fair, i think a lot of people have seen inconsistent advice. I know you say the advice has been subsequently revised, but it had been previously that unless you were a medical professional, you dont need to wear a mask. How much does not complicate things as to how you give advice to a pandemic and a virus that we are learning new things about everyday . Guest that is a reasonable question. What i dont think who has been very good at is marketing the idea that it is a repository of evidence. As a group, if we cannot find evidence, we use best practice and professional agreement and laboratory testing, not necessarily testing from the community. So we did that. Initially, we did not want people to wear masks that were medical grade masks because there still is a supply chain problem for frontline workers. I guess it could have been sold better, with the idea that we will change along with countries and their authorities will publicadvice, and the needs to be resilient as we learn new evidence. That is what we were doing, learning best practices evidence that masks were important. Cdc had already supported the idea of masks, particularly in high density studies like new york city. Each country can make their own decision. But mostly, they look towards who. I take the criticism, but we need to be resilient to start changing. Australian authorities could change today. When you hop on a narrow plane, please where it mask. Because at the moment, there is no requirement for a mask in those credit conditions. Shery you mentioned the cdc. We continue to see more guidance coming from the organization on how to safely reopen. The only problem is for cities like new york city, a lot of those guidelines do not really have an impact. They want more people to avoid public transportation. It is not really a reality in new york city, given the reality not only of new york but very crowded emerging market economies. Is quarantine the only or best solution, and what is the next best when you see this resurgence of cases with this reopening . Management,tbreak it is not just one Infection Prevention strategy, it is a bundle. The americans developed this idea of bundling infection strategies within hospitals, and that is what happened with outbreak and edge meant. Social distancing, being tested, staying away when you are unwell, and wearing a mask. It is all of those, and it is home isolation for 14 days. In some questions, we are finding that roving or rolling will help break off the transmission. Somemaybe the par case for parts of america and india, where in new delhi the cases are skyrocketing. Shery when it comes to some of the advice we got from the who, we also had something doing reports on whether or not the spread was occurring by a symptomatically are. Do we have any more asymptomatic carriers. Do we have any more information about the spread when there are no symptoms . In theyou try to rein virus in places like the united states, where it is clearly researching and the where it is clearly resurging and cases are in the millions . Guest 100 of cases will be we think infectious at least two days before they start getting symptoms. Include the presymptomatic people. And a proportion who are asymptomatic and will remain asymptomatic until they finish being infectious. Are a lot ofhere studies that have been put together using measure analysis that include studies that did not follow up asymptomatic patients to see if they eventually became symptomatic. When i was in a group that looked at only those studies, they followed up with asymptomatic cases up to 21 days. We found somewhere between 12 percent to 18 of cases will remain asymptomatic for at least seven to 21 days. That is problematic because it suggests there will be a group that are silent cases. But we still dont know if they are spreaders. Iffind that in clusters, they get tested early and we assume they are infectious, we dont know how important they are at driving this disease. It makes the presymptomatic cases finding that they are infectious two days before and they do drive this outbreak. But those silent ones are difficult to match and that is why testing is so important to flush them out. A professoroke with a few weeks ago, and he had some stark reality checks, saying herd immunity is a fantasy, but an effective vaccine is also a fantasy. People,ld you say to including policymakers, who are banking on the hope we will either get immunity of some longlasting factor or a vaccine that will save the day . Guest i think he is right on several fronts. If we take a look at the immunity after sars 2003, your peak immunity was at four to six months. Then it started to decline, particularly by 16 months. So we dont know at this stage if you have had one covid19 illness and you get a second one if you are actually going to get sicker then you did the first time. There are so many things you dont know. This is why we dont want people to get sick. There are about 194 candidates for a vaccine. Two are being currently started to be trialed in phase three, in safety, in brazil. That will be about 9000 volunteers. He is right in that this may not work. Adjusts the get aologists failed to good vaccine for sars and ebola. This disease may be as difficult to find a vaccine. This is why we need all global citizens to do their level best in trying to keep their citizens from getting sick and from spreading it. Masks, social distancing, getting testing, staying away from each other in those high prevalence areas are really important. Haidi we really appreciate your time. Professor marielouise mclaws. News aboute breaking the future of virgin. Bet in what is a traumatized industry right now. They are up to 1. 25 billion australian to relaunch virgin australia. This is according to the Australian Financial review. Plans to buy the airline came through last week. This as the administrator deloitte saying they are the new owner on friday after the Capital Company had bid. Hasre now hearing that bain committed up to 1. 25 billion australian to relaunch virgin australia. Still looking for clarity as to what this looks like on the other site, given there is talk about it being relaunched as a smaller outfit. This as qantas goes through its own structural pains to deal with these travel restrictions and the complete destruction in travel demand. Virgin australia shareholders are some of the biggest names in aviation. Coming up, falling prices are hurting australias coal miners, but there is one commodity that is defying the slump. That is the continued strength in iron ore. We get the forecasts next. If you are away from the screen, find indepth analysis and the big newsmakers on bloomberg radio. We are broadcasting live from our studio in hong kong. You can listen at bloombergradio. Com. This is bloomberg. Haidi australian coal miners are feeling the brunt of the slump in commodity prices, but there is one commodity continuing to defy the malaise. That is iron ore. Lets get more from our reporter david stringer. Lets start off with thermal coal prices. In terms of the lower pricing, what is the outlook looking like for the aussie producer . It is a as you say, pretty Bleak Outlook we have had for the latest quarter. We had the forecast released this morning, and they see prices for coal shipped out of australia to average 56 a ton. That is down from about 74 a ton last year. That is mainly the result of those contractions in demand, which is the result of some of the coronavirus lockdowns. The commodities are on course this year for the second contraction this century, according to the government here in australia. The implications are pretty bleak. About one third of australias exports are cash negative at a price of 50 a ton. We are getting close to that. We have already seen some producers cut output and disturb growth projects. It is a tight market. It looks like it will continue to be pretty tight for the rest of the year. There is a prospect that we might see chinese demand pickup be a2021, but it will tough industry. Shery iron ore could be facing a similar fate, like that roller coaster ride we saw in 2019. What is the government expecting on prices this year . Reporter pretty positive. As you say, iron ore has been on that roller coaster. We see prices back up in the first half. That is mainly after disruptions in brazil that have curbed shipments, just as at the same time we have seen the chinese steel mills, the steel industry, turning out a record volume of steel. Not too badly affected at all by the lockdowns we have had this year. We are expecting to hold at around current levels for the rest of the year, according to the australian government. They are forecasting an average price for 79 this year. Prices will weaken after that, but expecting things to decline into 2021 and 2022. But there is still a decent outlook for iron ore. David stringer joining us from melbourne. We will get more insight on the fate of commodities for the rest of the year with the senior commodities strategist dan hynes. That is coming up in the next hour. Lets get a quick check of the business flash headlines. Facebook will be under renewed pressure when new york opens later as more advertisers pull back on its policy of hate speech. Starbucks, levi strauss, pepsi, and diageo are the recent to curb spending over posts that glorify violence and disinformation. Facebook then rated more than 17 billion in ad spending in the last year alone. U. S. Shale and gas leader Chesapeake Energy has become one of the most visible price crash victims, filing for bankruptcy as look run of ours devastates parts of the economy. They applied for chapter 11 protection and is entering a deal to eliminate about 7 billion in debt. Coming up, chinas industrial profits rise for the First Time Since november. An update on chinas recovery end of the week ahead in asia economics with our guest. Plenty more ahead on daybreak australia. This is bloomberg. Anchor good morning. We are counting down to asias major market open. Anchor welcome to daybreak hf. Anchor protest return to hong kong as chinas lawmaking body debates security legislation. Police have banned the march this week. Tops 10oronavirus cases million. Debt surpassing 500,000