Is always virus lurking and last week it took installing the markets. Corporations are upping their expectations to earnings. We might get back to fundamentals at some point. Happens hopefully that because that is what it all comes down to, the u. S. Corporate profit outlook. With the virus still lurking, and the idea we are still in the first wave that hit new york first and is now spreading around the country, that has to make it difficult for countries to plan for the future. To the degree they are able to bring up assets for the future, they were brought down. Still lots of uncertainty. It is one of the cases where the proof will be in the pudding. Lets see how many stores look at apple closing their stores. Lets see how the reopening process goes, lets see how the payrolls report coming out thursday goes for the month of june. So much data, so much uncertainty, quite some time before we have a clear picture. Hopefully we do have a reconnection to what you are talking about, move back toward the fundamentals and not just traders moving on the backdrop of all of the fed liquidity. David we do have those jobs numbers coming out and there is such a wide range of estimates. Nobody knows what will see on thursday but thank you to Abigail Doolittle for that report on the markets. Gois just four months to until the election. It looks like President Trump may have an uphill battle to reclaim the presidency for a second term. We bring in ags investments chief u. S. Policy strategist. Greg, welcome. Always great to talk with you. Give us a sense, how tough a time does President Trump have over the next four months . Greg it is still june, and a lot will happen between now and then. I think you will define joe biden in his own terms. A lot can happen between now and then. You have to say if the election were held tomorrow trump would lose decisively and he would probably take the senate down with him. David how much of this is President Trump and how much is biology. It is a disease and economic response. How much is outside of his power . Greg that is a fair point. The virus is no ones fault but his polls on handling the virus youpretty soft, and then have the racial issues and the protests, and his rating on those are week. I do not think trump leads by 14 points as some recent polls have indicated, but biden is ahead by a lot. David is interesting. He has a new problem on his planner, these reports that there were intelligence reports russia was offering bounties. President trump has denied that adamantly, but we have further reports saying he was briefed on that. How big of a deal is that . Could it get legs . Greg it does not help trump. Both parties want to get to the bottom. Even if there is some truth, it is pretty outrageous. A lot of republicans who made a big deal over benghazi will have to look at this is even more serious. At the same time, we have always thought, and President Trump has thought his presidency turns on his economy. He said i will grow the economy and grow jobs. The pandemic has set him back. In that light, how important is the next round of fiscal stimulus . Where is that, and wise the president put the brakes on it . Greg you make a really good point. There seems to be no momentum right now for stimulus bill. They are on holiday for another week and a half. They come back for three weeks and then they go for the rest of the summer and the first week of august. Is there enough momentum for stimulus bill . I think we will get one. The unemployment report on thursday will be important. There is a feeling the state and local governments have to get more assistance. I think you have Jerome Powell, mnuchin, and the president , all wanting another stimulus bill. I think there will be one, but it will not be a 3 trillion bill like nancy pelosi wants. May more like 1. 5 trillion. David at the same time there is something of a cliff coming up with a supplemental unemployment that expires at the end of july. We also have the specter of layoffs of state and local governments as they come up against their own budgetary constraints. There is a deadline to get something done. Greg that deadline is july 31. You hear more and more anecdotes from cities and states who have run out of money and have to lay off more workers. Going back to your premise that the president needs to see a stronger economy, i think it is crucial for him to get a stimulus bill, as much as Jerome Powell has done, and i think he has been fabulous, you need more from congress. David you said something terribly important, which is basically if the election were today, he looks like President Trump would lose decisively, but also there is the question of the senate. Going back six to nine months, most people do not think there was much of a chance democrats would take the senate. Possibility of that . Greg that is a big deal. We have been telling our clients that is a race you have to watch. Right now it is 5347 republicans. Republicans have three seats that look shaky. The democrats have only one seat that look shaky. If we got the trifecta, the democrats controlling the white house, the senate, and the house. That would not be a good scenario for the markets. The markets like divided government, and if the government if the democrats take the senate, all of this activist legislation that will emerge from the house could have a much better path than if the republicans kept the senate. You say activist legislation, but quite specifically how much of the market you think is focused on taxes . The democrats seem determined to reverse the tax cuts and impose new taxes. Greg that is inevitable. If i were advising joe biden i would say he would want to wait to make sure the economy is back on its feet, but i think at some point in 2021 2022 there would be a significant tax increase on corporations and wealthy individuals. The other activist legislation, green new deal, medicare for all, but that tax story is the big one and that is why the senate outcome is so crucial. David that is exactly right. It will be a fascinating four months. It is a long time in the world of politics. Thanks much to greg valliere. We are on the brink of having the usmca going to affect, so we will talk to the canadian ambassador to the United States about what that might mean. That is coming up next on balance of power on Bloomberg Television and radio. David this is balance of power on Bloomberg Television and radio. It is time for first word news. For that we go to mark crumpton. Mark in florida the coronavirus pandemic is picking up steam. The rate of people testing positive for the first time climbed to 13. 7 for sunday. The miami beach mayor tells bloomberg florida needs more than it is getting from the federal government. The messaging from washington has not been help everybody else, help yourself. It has been do not wear a mask or stand up against this or stand up against that. So unhelpful. When he direction and we need leadership. Than florida has had more 46,000 new cases over the past seven days, the highest since the coronavirus pandemic began. A divided u. S. Supreme court has struck down a louisiana law that required Abortion Clinic doctors to get admitting privileges at a local hospital. The justices divide expectations by reinforcing reproductive rights. John roberts provided a crucial vote, joining the courts 4 majority. G in a 5 he says he was bound by a 2016 ruling that struck down a similar texas law. Iran has issued a warrant to arrest President Trump and 35 others for the killing of a top iranian general in january. Qasem soleimani was targeted in a u. S. Drone strike in baghdad. The incident was a dangerous escalation in the standoff between the countries. The u. S. Called the arrest warrant a political stunt. The Federal Reserve has revealed the names of the Corporate Bonds it is buying as part of its emergency lending program. In the last couple of weeks, the fed has bought debt from at t, unitedhealth, and walmart among others. The central bank has said the goal is to remain retained liquidity in the corporate debt market. 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. I am mark crumpton. This is bloomberg. David . Thank you so much. After a long wait, the usmca, the successor to naftas do to come into effect this week. We welcome the canadian ambassador to United States, Kirsten Hillman good youve been involved in all of the negotiations. On the Effective Date of this agreement, what will be different . Amb. Hillman thanks for having me. I think what will be different is we will have a modernized theement that underpins most important trading relationship during we have to remember nafta was negotiated more than a generation ago at a time we did not even have internet. A lot has changed since nafta was negotiated and the way our businesses operate in the way our three countries Work Together with their supply chain. It was time to modernize, which is what we have done. Rightwas President Trump that nafta needed to be replaced, or is this more a matter of awaiting a breakdown between economic relations between United States and canada . Amb. Hillman the agreement needed to be modernized. It was a very important fundamental agreement to all three countries. It was out of date. For example, we have now negotiated nine new chapters dealing with things like digital commerce, competitiveness of our north american platform, trying to make sure we are responsive to the way in which trade operates around the world and the way our competitors, competitive trading blocs in europe and asia and others are operating to make sure we have the advantages we need in the north American Space to compete and win on the Global Trading stage. That was very necessary. Workve also done important on labor and environment provisions and made them completely binding, strong and binding. Some of the strongest commitments in the world, which is also important to incentivize countries and companies to make sure workers are receiving fair wees for the work we do and are protecting our environment as we are investing our economic prosperity. David trade harmony is something we all want to pursue. At the same time, even before the agreement goes into effect, we have top from the United States about new tariffs on steel and aluminum from canada. Where does that stand . Amb. Hillman we are having good discussions with the u. S. On this and with the ustr on this. Our perspective is there is no doubt that our Manufacturing Sectors and are aluminum sector are feeling the challenges of the economic downturn being caused by covid. Everybody is feeling that. We are all adjusting to that. Now is the time we should be working together and we should be mutually reinforcing. It is not the time to start putting into place expensive additional tariffs that will just jack up the price to our manufacturers. Would, give us a begin to the discussion between canada and the United States. Mr. Drew said today mr. Tredeau said you do not want to do this for your own sake, you do not want to impose aluminum tariffs. Numberllman canada is one importer of aluminum into the United States. You cannot meet all of your own needs, the u. S. Does not have enough production. Canada as a country that is able aluminum hasiable always been an important partner in the Manufacturing Sector for the United States. Smeltersur aluminum were created in the Second World War to supply the u. S. Military with the aluminum it needed for your military manufacturing. Have recognized and have always been as not only a vital partner on the commercial stage, but a vital partner in the north american and u. S. Defense platform. That so, i respect our perspective on this is we are always going to be in important, reliable, dependable partner integrated with the u. S. Manufacturing sector and defend sector and we should be focusing on that and not putting on tariffs that will just jack up the prices for the users of that product who will continue to need our aluminum as we all work very hard to come out of the economic downturn we are facing. David another point of contention over the years between United States and canada has been dairy. We have the minority leader of the senate, Chuck Schumer from new york writing a letter saying this is not working between United States and canada. What is the usmca do to relieve some of that pressure . This is politically important to canada. Amb. Hillman it is very politically important to canada. Sector wesector is a have always been very committed to ensuring our producers are productsroduce their in a way that is sustainable for the sector and the industry and the culture of our dairy farmers. In the usmca, we have granted additional access to the u. S. Producers to the canadian dairy market, and that additional access will come into force on wednesday when the agreement comes into force. Ofare on the verge additional access for many Dairy Producers coming from the United States, and i think that should be welcome news for everyone, including the senator. And talkke a step back more broadly about relations between the United States and canada in light of the covid19 pandemic. What has happened that has people going back and forth across the border trading in goods and services . Where you stand on dealing with United States where we do have a problem, no question about it . Is. Hillman the good news back in march, canada and United States were able to come together cooperatively and decide we wanted to restrict traffic back and forth across our borders because we are both working to manage the pandemic within our own countries. In order to get a handle on that and make sure our systems were able to support our citizens soughte saw while we to reduce the curve, we decided to continue to allow commercial travel, continue to allow transport and trade and keep our supply chains operating, but we asked our citizens each of us, respectively to not be traveling for nonessential and Recreational Purposes at this time. The good news is these measures are working. They are really working. We have, as our economies are starting to come back online, we have supply chains that are ramping up, including in sectors where the supply chains depend heavily on the ability of canadians and americans to cross back and forth across the border to feed the supply chain. We have seen a significant reduction in nonessential travel, but we have seen a small reduction in commercial travel, mostly attributed to the economic slowdown. As ournomic economic recovery continues, what we are seeing is that commercial travel is coming up to historical levels. To my mind, it is a huge Success Story of our cooperation between our countries. One other thing to mention on the border. The actual management of the border has happening credibly cooperatively. We also have canadians and americans were essential workers traveling back and forth, noncommercial workers. We have thousands of canadians who work in the Health Care Field as nurses and doctors, who travel to the u. S. Every day to care for american patients and come back to canada at night. These are people who live in border communities who have had the professions for a long time and we have been able to sustain that through the pandemic because it is important and because taking care of each other at this time is very important. David absolutely. No question. We are so closely related between United States and canada. Thank you so much. That is the canadian ambassador to the United States, Kirsten Hillman. The stock of the hour will be facebook, which has problems with advertisers pulling out. That is next on balance of power on Bloomberg Television and radio. David this is balance of power on Bloomberg Television and radio. Facebook is our stock of the hour. Coming back from worst losses, on the heel of an percent loss friday. Several advertisers are pulling out of facebook. Your report is kailey leinz. They are having struggles. Here to report is kailey leinz. Theyre having some gains today kailey the list of advertisers pulling out of facebook is getting longer and longer. It started with unilever and now includes the likes of cocacola, starbucks, hersheys, pepsico. These are companies that spend 20 billion annually on advertising that are no longer doing on facebook and other platforms as part of an effort to get companies to crack down hate speech. Mark zuckerberg made moves on laboring voted related post, expanding prohibition on hate speech, but apparently it is doing nothing to stem the tide. You have to keep in mind this will already be a difficult year for facebook from the topline standpoint evidence advertisers are pulling back because of the pandemic. Analysts only expect sales growth of 1 this quarter, which will be the slowest since the company went public. One company spent more than 100 Million Dollars in the facebook platform last year and will not do so for the time being. David as you suggest, it is hard to figure about how much of this is how much is advertisers pulling back, and how much is specific to something facebook is doing. Kailey that is a good point. I will say this does seem to be a more targeted boycott, and concern on the part of not concern, but civil Rights Groups suspect other companies will be pure pressured into do these. It is a question of how much of an impact it will have. Even if half of the top 100 advertisers on facebook, that is only an impact of half 1 billion. They are expected to make more than 18 billion this quarter. David thank you so much to kailey leinz. Talk coming up we will talk oom aboutdr. Mark b pressures to the houston hospital. This is bloomberg. This is balance of power, im david westin. Mark House Speaker nancy pelosi has a lot of questions for intelligence officials about a report that russia pay bounties for americans and allied troops to be killed in afghanistan. Speaker policy called the report disturbing and wants to know whether President Trump was given the information. She also wants to know why congress wasnt told of the intelligence. The president says u. S. Intelligence agencies didnt believe the information was credible, and so they did not break him on it. The u. S. Supreme court turned away a legal attack on drums border wall. Justices rejected an appeal that what thea law that Administration Way of more than 40 federal statutes to start construction. The appeal was made by Wildlife Protection organizations who said that was a violation of the constitution. The british Prime MinisterBoris Johnson is a knology the coronavirus pandemic has been a disaster for britain. He also announced a spending splurge to get the country back on track. Johnson has lined up big money pledges on schools, housing, and infrastructure in an attempt to withon from an outbreak the worst confirmed death toll in europe. In greece, the government is using more lockdown measures. Easing more lockdown measures. Greece has had about 300 cases and fewer than 200 deaths. Global news 24 hours a day on air and quicktake on twitter. Powered by more than 2700 journalists and analysts in more than 120 countries. This is bloomberg. Thank you so much. Texas announced it was going to go to the highest level of alert as cases continue to rise and icu beds came into short supply. Youth and methodist, a Hospital System with more than 3300 beds and 24,000 employees. Thank you so much for being with us. Give us an update on where things are. We heard reports that you were full up, but now i hear maybe thats not right. Thats right. Let me start by saying that in houston, the virus is really spreading very fast, and we are highly can earn. I say cominging next to be clear that unless we do something with our leadership and others to stem this spread, we are very concerned about the trends were seeing. The beds are really one of the core things that we measure when we look at how we are able to bond to this. There were reports that we were out of icu beds, but it really came a little more from a misunderstanding of complex data, data that executives, positions, and others struggle with ourselves sometimes. Normally be run at 95 occupancy, and we can run unit 95. The difference now is of course another one in four of those patients have covid19 versus a year ago when none of them did. Weve already been making many adjustments to handle that. Tohad a lot of ability regulate and have additional beds, but of course, thats not an unlimited supply. And so we are working very hard to manage that, but unless we bend the curve and unless we have people across houston, really, every single one of them locking on anything i got you covered, wearing a mask in social distancing and all the other things they need to do, friendly, staying home unless you need to be out, we are worried that we are worried that were seeing very rapid celebration right now based on the testing data that we seem. Give us a sense of the demographics, as it were, of the sorts of patients were seeing coming in. Is it similar to what we saw in new york, the elderly and people with underlying conditions, or is it changing . Vice president mike pence suggested it is younger people now. Thats correct, it is changing. That certainly is a cushion a little bit to some of the dynamics, but it is not going to solve them. In that first wave, we would see about 60 of people being tested positive were over 50. Now, were seeing that completely flipped, 60 under 50. Back in that first wave, maybe one in five other patients who were in the icu were younger than 50. Now, that is rapidly approaching one in three. We are seeing a lot of very young people who do need icu care. There is this misperception that young people dont get sick. The average young person does not get sick but if you have enough young people who are getting the virus, some of them get extraordinarily sick. We had patients with eczema, we who was ableother to go home to her baby after more than a month after she delivered. These are tough, tough situations. We have to have everybody. Friendly, the data we are seeing right now, especially the younger population, recognizing that there is no way to get this under control unless everybody does their part. Is the treatment also evolving . We dont have a vaccine yet and we dont know when well get one. We heard today, its going to be pretty expensive to administer. How are you treating these people who have severe cases . Thats a great question. Conscioususe for some cautious optimism. The outcomes have really improved a great deal. Mortality has gone down significantly. Computert completely just with the age difference, thats a major factor. We have learned so much when we care for patients with covid19 for over 100 days now, clinicians are smart, they learned a lot. We were the first hospital in the country to use convalescent serum, and we been very active in the trials. In both cases, we think those have been quite helpful. Theres a lot of other things, more nuts and bolts. What if somebody on their stomach was a technique that have been used in the past really sick people on a ventilator, now its recognized really for patients who are in an acute care beds, so they are not too sick to the in the icu. It actually preventing people from deteriorating. Over us what we are is even know our volumes are well more the icu utilization is up from that time, but not nearly as much. We are treating people out of the icu. The length of stay is about a day and a half shorter than people who normally stay here. That in thelenges community, this virus is spreading rapidly and a lot of Community Works together to get that under control, we are very concerned that many thousands of people could get infected, people will die, and the economy will take a beating again as either through incremental government workers or frankly just simply because the virus is effectively disrupting organizations and companies and businesses ability to function, that we will see significant negative economic impact. What would you want out of the government . Im talking up the state government, governor abbott, who is relatively eager to get things open back up. What would you like to see out of the governor, what would you like to see out of the mayor, out of the government to try to really curtail this . We were really grateful on friday, the governor shut down all bars across the state. I think that has been a really troublesome area. Clearly, weve seen young people , but i dont what the blame is all on young people, thats not really my point. Thats not a safe setting. I think there are some Additional Settings related to question right now. One of the things im very concerned about is the size of gatherings that are still allowed. Im really concerned about the fourth of july. When we look back at the data, the thing that can become accelerated things so much in our community was memorial day. We saw people throwing caution to the wind, saying were going to do whatever we want, cranny into a slimming pool, having all sorts of barbecues, nobody was protecting himself. That looseness has continued, starting to shift back now, but not enough. And im really worried that we are days away from the fourth of july. If memorial day withdrawing a bunch of wood was throwing a bunch of wood on the fire, this is like a can of gasoline. We really need to figure out how we message that it is our patriotic duty to keep each other safe, and we need to celebrate the fourth of july with the people we live with in our household. Have a Backyard Barbecue with your own family or your household numbers, and watch the fireworks from a car, dont get out of your car. Stay home, watch something on tv, but dont celebrate with large gatherings, we really need to keep people away from interacting with each other that way because we are very concerned that will accelerate the spread. And we certainly need the community to comply with that. Why doesnt the government just order them to stay at home, in new york, they ordered us. Governor cuomo ordered it. It wasnt very popular. Do that inhey houston, why not do it for texas . Is time above my pay grade. We obviously have been in regular conversation with all government leaders about what the situation on the ground is where we are, the good news in the good news is that hospitals are managing this so far. Virus isews, the spreading very rapidly in our community, and of course, we cannot indefinitely continue to ramp up hospital beds. I think we have some run my on that, but weve got to get everyone doing the right thing across our community. Very consistent messaging from all levels of government, all of the press. One of the unfortunate things we ended up with is that masks have become such a political issue. Are one of is masks the best techniques to allow us to open up the economy, and unfortunately, this dialogue started that says they were not the right thing. They are most invalid with the right thing to do right now, and we need everybody wearing a mask when they do go out. Frankly, we are getting to a point where if youre not going for good reason to an important business around town, particularly if youre vulnerable, you need to stay home, and you need to stay home with your family. We have to stop all the connections that are happening in the community to get some better control of this. And that will be in good shape and we can do all the things were trying to do, which is protected, first and foremost, each other, but also protect the economy. This doesnt have to be a dichotomy, there can be an and and of having an economy that the function and protecting people only works if you have set million people, each and every one of them, doing this for each other. Sounds like very sound advice. The president and ceo of houston medical. Coming up, we are going to talk with a former official responsible for International Energy affairs. Were going to talk to the difficult transition away from hostile fuel. That is coming up on balance of power. This is balance of power on Bloomberg Television and radio. The collapse in oil prices put a lot of pressure on the markets but it also did extraordinary things in developing countries that really are not very easy to deal with. To talk about those, we will welcome the special envoy for International Energy affairs under the Obama Administration who is now executive Vice President of a natural gas company. Thank you for being with us. They attention to some of these countries, because they depend critically on the price of oil. Still not the level they need. First, thank you for having me. Discussing the piece is really the challenges we are facing, that covid has really given us a preview to what we are going to face with the Energy Transition world. As the Energy Transitions away from oil and whether or not weve reached peak oil already or sometime in the future, we are to have to Pay Attention to some countries that have a higher volatility with aday already, and challenge where oil prices collapsed to even where they are now in the high 30s, they cannot make their budgets. Over time, thats going to and morere instability risk that we will all face of the Global Community, whether it is in iraq with ice is coming back and increasing their levels of attack, if you cant pay the military intent create an economy, whether its in nigeria where they have that fragile apparatus of security between the different communities, but even in our own neighborhood, mexico and ecuador, what people dont realize is a high dependency on revenues for the government from oil. And its interesting, what you propose. Lets do away with these silos where you have the Climate Change people over here, the National Security people here. We all have to Work Together because sooner or later, we going to move away from fossil fuels and there has got to be an alternative. Thats exactly right. Not only the United States, but globally, we are very silent. We have our National Security experts, or Foreign Policy dilma diplomats, and business and economic leaders, and they dont sit around the same table. When we Start Talking about, i sometimes try to imagine what the next paris accord negotiations look like, we have to have the business community, finance community, the International Financial institutions together with the National SecurityExperts Joining the climate folks and to look at, ok, what happens if we are going to have an Energy Transition over the next several years to these countries, so that we dont have a side effect of a rise in terrorism, a rise in massive amounts of migration, because in Subsaharan Africa and some areas in central and , theyre suddenly critical revenues, sometimes 90 of revenues and even in mexico, its about a third of government tax revenues. If you magically take that away overnight, or even over a short time, thats going to have an impact. If we want to solve some of migration issues in the u. S. , we are going to have to stop thinking about it as building walls, and actually make sure that there is Economic Activity on the other side that incentivizes people to stay where they are, to have economic maturing andhave happy lives, and we have to make sure that is true across the globe. Its going to take massive amounts of investment, and asked why i think the imf and the banks need to come together and say, what are the countries that are most at risk, and how do we incentivizes Economic Activity in those countries to prevent the kind of risks and challenges that i foresee . Obviously its critically important to identify the problem and set some goals. But achieving a something different. This is not the first time in history that an oilrich country is and we need to diversify. Has it ever worked . Russia has in working on this for years. Saudi arabia is trying once again. Has any country ever managed to do that . Goodu bring up a very point, this is not a new issue. But i think that it is a different circumstance we are facing now. I think that before, it only happened during oil shocks, price shocks, the late 90s, when we had the price go down to 10 per barrel. What happens now is different. The corona crisis, the covid19 crisis has given us a window or a dress for her soul for what going to be coming down the pipe, and that it will be temporary, it will be part of a cycle. Its going to be something more systemic and ongoing into the future, and it will become the new normal. Away, itd wont go will just stop growing first, and then it will start declining slowly. And thats why i think we have to think about it a little bit differently. The countries you mentioned have resources, they have reserves, and they are in a different category of needing to spend those resources in order to diversify their economy. Im worried that in the first wave, we have to think about countries that do not have any reserves. That live on a budget knifes edge wear any collapse in price, even a small one or a shortterm one has major invocations. And the longer scenario has catastrophic invocations. And thats where i think we have to focus first. You are right, the world is not done. Weve never done it. Weve talked ad nauseam about it. What needs to change is to recognize what did we do wrong, and what we did wrong is we saw it as development assistance, we were giving charity. Thats not what this needs to be. It needs to the investmentdriven and economic love with the community, the Global Community coming together to achieve it. And your peace is an important first step in that direction. Thank you so much. Up, twon, coming Important Supreme Court decisions, this is balance of power on Bloomberg Television and radio. This is balance of power on Bloomberg Television and radio. The Supreme Court of the United States today issued a really important decision on abortion, our Supreme Court reporter greg. A lot of people are looking at this for some indication of roe v. Wade. Im not sure he got that. And the opinion from john roberts was a key to the case starting with the premise that the planned parenthood decision in 1992 that reaffirmed roe v. Wade, we are starting with that as an primary. Nobody is asking us to overturn that ruling. But it did suggest that the chief justice is going to stick pretty closely to president predecent. First of all, theres no majority opinion. Then chief Justice Roberts by himself joining the judge. And the same time, chief Justice Roberts voted the other way when it came up a few years ago. And he spent much of his opinion when he why he still felt he was right in that case, but he said because the louisiana law in this case requiring all doctors who perform abortions to have admitting privileges at a local hospital was virtually identical to the texas law that the court struck down four years ago, he said the analysis is the same, a significant burden on the ability of women to get an abortion if they want one, and therefore, theyre going to abide by the pr ecedent and strike it down. There was concern about they might overturn roe v. Wade. I would take this as an indication that is not in the cards. I would agree with that. People who would like to see roe v. Wade overturned were really optimistic when they got just as neil gorsuch and then brett kavanaugh. They thought there might be Real Movement in that direction. But john roberts at a minimum really hit the brake pedals here. There will probably be other cases, i would be surprised if there werent other cases where it goes to uphold abortion restrictions that might not have been allowable if you years ago. But in terms of overruling the court and calling into question the Court Legitimacy in his mind, he seems very low to do that in this context. Finally, almost to the end of the term, what the one position you are looking forward to hearing . Certainly come up with actually two. The subpoena case involving the president and his financial records, theres a case involving congress trying to get them, theres a case involving the grand jury trying to get them. The president says i have a significant financial risk here, thats going to be a huge case matter how it comes out. Always great to talk with you. Hes our bloomberg Supreme Court reporter. In the meantime, we are going to have a second hour of balance of power on radio. That does it for the first hour of balance of power. This is bloomberg. Vonnie it is 1 00 p. M. In new york, 6 00 p. M. In london, and 1 00 a. M. In hong kong. Im vonnie quinn. Welcome to bloomberg markets. Here are the top stories we are following from around the world. U. S. Stocks immigrating to start the week, Economic Data showing pending home sales show a record gain, some optimism even as cases for the coronavirus surpass 10 million globally. In just a moment, ill be speaking with al rabil, ceo of. Ayne Anderson Real Estate an and ill be speaking to derrick johnson, ceo of the naacp. We will get his take on several social mediaing and inequality on main street and wall street. Lets take a look at the markets. Indices higher, one more trading day left. The dow is running away with things. Boeing is