The nasdaq is up more than 1 . We got the exchequers plan to boost u. K. s economy, boosting sterling. There canada, the dollar is actually weaker and looking like the central bank will have to cut a few more times in order to get that deficit under control. A deficit that is by the way , was 30 of gdp before the pandemic. The mexican president is coming to washington to meet with President Trump to talk about the trade relationship with the u. S. And mexico as they face a deep recession. Joining us is our head of isearch joining us Kathryn Rooney vera, head of research and strategy at bulltick. Tell us about how the coronavirus is ravaging the mexican economy and how bad it will get. Kathryn ravaging is a good word. Mexico is facing the brunt of the epidemic. The authorities have really not come up to the task. They were nonbelievers at the beginning, which has caused tremendous suffering. We know that 50 of the tests taken come out positive in mexico, which is a world leader. That said, there are not enough tests, so they only test those with clear symptoms. The bottom line is that mexico will be one of the countries that most suffers, alongside brazil, and we expect an Economic Contraction at a minimum of 8 for 2020. Vonnie what is behind the change in heart on the part of amlo, he has suddenly opened his heart to President Trump and seems to want an actual relationship. Kathryn i would not call it a change of heart. Since he became president , he has been amicable in his relationships. He wrote a book called, listen up, trump. Before he was president he was aggressive with regard to President Trump, but since becoming president the truth hit him hard, which was the commercial relationship is so critical to mexico. Yearthan 600 billion last alone for the commercial relationship between the u. S. And mexico. Border, 80 of a their manufacturing is attached to the u. S. So, i think that they are not just frenemies, they are very close at this point and that has been evidenced from mexico stepping up to the plate with regard to the caravan issue at the border, to mexico stepping up to the plate with regard to cracking down on drug cartels after an American Family was killed in mexico. There are so many examples of real working together and resolutions and problem solving between the two. Vonnie what you imagine we will hear . Will we get any developments on the usmca, or will it be a kind of message from each president to their own people . Kathryn i think that donald trump is going to put lavish praise on amlo, because of his help with regard to se nding National Guards to the border after the threat of an export tax. Usmca is a success for both sides, so i think we will hear some mutual praise on the trade agreement. The fact is, vonnie, you have to take into consideration that amlo cares about his popularity. Has been slumping. He faces midterm elections next year. This could help both president s to have this meeting. Mexicans are in favor of the meeting. Mexico is in an Economic Contraction, so amlo needs a boost and donald trump could use it going into the november election. Vonnie so, there have been no questions at these meetings. There will be a dinner at 6 35 p. M. , after a brief statement. Is there the possibility of expanding the relationship tradewise, now that the usmca has already taken root, or is way foropener, a businessmen to come to the u. S. And get to know donald trump . Kathryn i think it is the latter. These are 10 of the most important businessmen from mexico accompanying the president to visit President Trump, so they should be 100 aligned, the Mexican Government with the top businessmen in the country. I think this is the beginning of a new relationship. Theres room for additional cooperation, for example on the energy front. Whether it will be discussed, i doubt it. Theirnnot is but National Oil Company is bleeding gas. There are definitely is definitely room to maneuver, places to negotiate, but i do not think that will be happening today. Exactlyamlo has not been dealing well with the pandemic. In some places, yes, but in other places there have been too many deaths. Het happens there and will reap his reward at the ballot box . Kathryn those midterm elections could be very ugly for him. Mentioned, the Economic Contraction has been severe. Last year, a contractor 1. 2 . We are expecting 8 this year. And people fill it with their paychecks, they feel it with the hospitalizations. So, i think that he must turn page here. Theuld tell you that mexican founded bank, i can tell you that on the ground the mexican businessmen and elite are very discontented with the president s management of the crisis, the Economic Management in general. I will say one thing from the market perspective, most of their debt is longterm and in local currency in mexico, so we do not see any real risk to any defaults on the horizon. So, we do like some Investment Opportunities in mexico, if we do get a recovery in the u. S. That will be positive for mexico as well. Vonnie thank you for that context. Lets get first word news. Been reporting, a grim milestone in the United States. According to data from Johns Hopkins university, the number of confirmed coronavirus cases in the u. S. Has topped 3 million. More than 131,000 americans have died. The u. S. Accounts for more than a quarter of all covid19 cases globally. In the u. K. , the government has unveiled a stemless program to get the economy going again. The chancellor of the exchequer outlined a plan that includes a Job Retention bonus for employers and spending on infrastructure. Taxes will be cut for many homebuyers, and taxes are being slashed for hospitality. The Justice Department moving ahead with its plan to resume federal executions next week for the first time in more than 15 years. Three people are scheduled to die by lethal injection in one week at an indian prison, beginning on monday. Officials say they will be able to conduct the executions safely, despite the coronavirus pandemic commander they have been holding practice drills for and they have been holding practice drills for months. Global news, 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. Im mark crumpton. Vonnie thank you. Today, the u. K. Chancellor of the exchequer laid out a 30 billion pound blueprint to save jobs in the u. K. , and inject confidence into the coronavirus battered economy. Joining me for more on that plan is the u. K. Chief secretary to the treasury. Thank you so much for joining us. Secretary, talk to us about the details of the plan. There are plans to address unemployment, how bad do you think it will get in the united kingdom, even with all of these plans implemented . Tothis is a plan for jobs ensure that we retain as many people as possible in their jobs, to address the risk of unemployment. Clearly, there is a Global Impact in terms of the pandemic and we want to take early action to retain that link between employees and their jobs. That is why we unveiled the furlough scheme, a way of retaining that link between workers and employers. But the chancellor set out was a range of measures, some targeted at specific industries, like the hospitality and tourism and also looking to help those who have been protected by the furlough scheme, and a range of other measures that will help with infrastructure, getting transport built, to accelerate that work as part of our recovery. Vonnie that is great, and you know a lot of relief will be felt. As the scheme unwind, what is your projection for unemployment at that point . Into bens how quickly we get the economy going it depends how quickly we get the economy going. We want to ensure that we protect as many jobs as possible, but we also support those that lose their jobs so they get the skills and get back into the labor market as quickly as possible, to limit economic scarring, particularly among the young. A series of measures around skills, tried and tested schemes that we know work well, but scaling them up and delivering the support to the young. There is a range of measures on the tax side, to cut taxes for specific sectors, but also to get skills to young people so if they lose their jobs we get them back in the market. Vonnie we will get to those issues in a moment. Will you bring in plans to help businesses that might have to go back into lockdown, having already reopened, should there be another outbreak in the country . We broughthe reasons for the track and Trace Program is to identify any flareups from the infection and address them quickly. But what we set out today in the house of commons was a comprehensive range of measures, all about getting demand back in our tourism and hospitality sector, helping out the economy in terms of getting people into our restaurants, but also to get the major transport programs underway and to accelerate that funding. That is good for the construction industry, good for housebuilding indicates those sales and it gets those sales going to my feeding through to the supply chain. Vonnie but so far no plans for localized programs, should local areas become reinfected . Barclay we have different measures that will apply to different sectors. Extensivegrants, loans and that the government has guaranteed. But above all, it is saying to those businesses, how do we get them back and insure it in a way that is covid19 safe. So it is much more about giving wider confidence to the economy. Vonnie of course. Some industries have not been included, like the car industry or Aviation Industry. They were disappointed today. Anything you can say about future plans to address those industries . We spoke withclay th the leaders of the Aviation Industry in march. There have been discussions between colleagues in those sectors. It is right at their own shareholders support them, but within that we do stand ready to help and have discussions with individual companies. We do that through the treasury. And we have a process to do that. Willhat all sectors benefit from is a comprehensive package, three phases where we announce of the schemes to protect jobs through the furlough scheme that the chancellor set out in the first stage, and investment in public services, 50 billion pounds of support for the public services, including our health system. We have moved to a second phase, all about getting the economy underway. The third phase will be where we set out the longerterm fiscal measures. Vonnie mr. Secretary, it is a 30 billion pound Plan Committee you imagine the impact will be pound for pound . Will it be 30 billion pounds in the economy, or what is the Multiplier Effect you are looking for . Secretary barclay it depends, clearly the keeping people in their jobs and avoiding the economic drawdown has a clear value for many. Measure. Very taxing the reason we did not look at aviation, is because that would be hugely expensive, whereas targeting to those that sectors the most hit, the Tourism Sector with regional concentrations, coastal communities at that rely on tourism, so taking measures in a targeted way. The same in terms of stamp duty. When people purchase a house, that is when they spend money as a result of that purchase, so targeting measures to get different parts of the economy moving again. That is the best way to get a good return on the 30 billion that we set out. Vonnie no estimate you are willing to give. Er the stamp duty secretary Barclay Barclay it depends. Vonnie there was no stamp duty on the cheapest of houses anyway, so how is this helping the poorest in society, or those in the larger cities . Secretary barclay it is a combination of things. We took it from 125,000 to 500,000, the stamp duty, so that is good in terms of getting the market moving because people in their first year often spend estimates around 5 of their sale price in that first year with various things that they do as they move into a new home. It is also about the wider supply chain. You take the housebuilding industry, a quarter of a Million People directly employed with House Builders and contractors, so half a million and several thousand more in the supply chain. So it is a combination of measures that was sent out, about getting different sectors of the economy reopened and moving at pace. Part of that is the health market, but it is also the wider infrastructure. The Prime Minister announced a 5 billion of that last week, including Maintenance Programs for our hospitals, a new Building Program for our schools, Maintenance Work in our courts and prisons, and to the announcement from the chancellor today around other schemes, such as to have a Green Recovery where we get, for example, schemes where people can invest in addressing the cost of heat in their homes, good for bills, bringing them down, but also good for the economy, having a green led economy. Vonnie on that, critics would suggest that perhaps this stamp duty holiday is doing more to boost prices. Rather than the perception might be it is helping people and consumers, giving them confidence so they can purchase their first home. But it might only serve to boost prices artificially and that that will increase prices further when the holiday starts to go away at the end of next march. Is about barclay this getting confidence back into the market. We saw for the first time in eight years the house prices fall. That is why we are getting confidence, whether it is in the house market, the Property Market or in construction. We kr construction sites working at full speed again. And we are looking at other sectors like green in the economy commit addressing climate change, and getting that investment to decarbonized, one billion pounds to do that with public services. So there is a range of measures, but ultimately it is about protecting jobs, deporting those supporting those that lose their jobs, getting them coaching to get back into work, in creating jobs by accelerating a number of our infrastructure programs, getting confidence into particular parts of the economy, so we can protect the jobs we support, but also create jobs. That is the best way of avoiding the economic scarring as a result of this health pandemic. Vonnie so, mr. Secretary, people will be relieved, that the same time this will eventually have to be paid for, right . Debt to gdp was already above 100 . So should we anticipate tax hikes in the autumn to pay for this . What the barclay chancellor said today was in the autumn, he will have a budget where we will address the longerterm fiscal position. But that is why we have a threephased approach and today is about reopening the economy. We are able to do this because Interest Rates are historically low, in particular because we have made difficult decisions over the last decade. It was 10 when conservatives came in, we got it under 2 going into this pandemic, so the tough decisions we took in the past has enabled us to take these emergency measures, to give support to the labor markets, to protect and support people with their jobs. That helps to limit the economic scarring as a result of the health pandemic. In autumn, we will address through the budget the longerterm fiscal position. Vonnie thank you for your time today. That is secretary barclay, secretary to the treasury. Coming up next, our stock of the hour. This is bloomberg. Vonnie this is Bloomberg Markets. Time for your latest Bloomberg Business flash. Big job cuts could be on the way as United Airlines has told 36,000 employees their jobs are at risk after payroll aid expires at the end of september. The final number could be smaller. They are weighing offers to leave voluntarily. Retailerig time filing for chapter 11, brooks brothers. The epidemic has hit them hard. Has roughly 250 locations in the u. S. They did get a loan and it says they are keeping most of their locations open. Warren buffett has made about 2. 9 million in stock to five charities, part of his annual giving plan. Fractures says that Warren Buffett has valued donated shares valued at 39 billion and since he started this program in 2006. Hour. Or the stock of the the pandemic or update many parts of the economy commit will homebuilders are seeing a benefit. Some are buying suburban homes at a record pace. Scarlet fu has the story of one companys success. T Taylor Morrison rising as much as 50 , because the builder reported earnings, closing out at Second Quarter with its best sales month ever. Selection us sluggishness gave way to a blistering pace in june with sales jumping 94 versus last year. Orders have been rising 22 in the Second Quarter. The backlog for contracts is growing even more. This includes strength across geographies, price points and consumer groups. Taylor morrison had challenges in its active adult segment. I had to look that up. It is Housing Communities for people 55 and up. It is not a retirement community, but really for emptynesters. That hit a trough in midmarch and has been recovering ever since. The backdrop to all of this is historically low Interest Rates, and also tight inventory. There is not a lot of inventory for everybody moving from the city to the suburbs, and consumers are taking advantage of the low rates. We some Mortgage Applications increased 2. 2 last week, recovering from two weeks of declines. One thing to highlight is according to bloomberg intelligence, Taylor Morrison is one of the most exposed to the resurgence of covid19. The demand that builders have seen overall are being driven by markets as now coronavirus hotspots, places in texas and florida. But the strong showing of Taylor Morrison put that concern to rest, it also takes away some of the sting from kb homes disappointing results at the end of last month. If you look at homebuilders overall, all indexes are up by 1 on the day. Looking at how they have performed since march, when the stomach it hit its recent bottom, as a group homebuilders have gained double their market price, where the s p 500 is up only 41 . Vonnie and in the Mortgage Applications continue to go up, the weekend. G for discussingwe will be usmca with carla hills. That is coming right up. Lets take a look where the markets stand. We have a nice rally, which is paring back a little bit, particularly for the dow, now negative on the session. Gain ofclinging onto a 1 10 of 1 . The 10 year yield is up. The dollar index is weaker by 4 10 of 1 . And a stronger euro day. And a stronger british pound after a package was unveiled to help the british economy. This is bloomberg. Vonnie welcome back to Bloomberg Markets. Im vonnie quinn. Lets get a quick check on the major averages. The s p 500 is trading up about three points, the nasdaq still up. 8 , the dow has turned negative for the session. A stronger british pound, 1. 2605 , and a stronger euro as well as, i should mention. We are also getting a stronger Canadian Dollar, so it bodes poorly for the dollar index, down. 5 . Mexican president lopez over lopez oberador in the u. S. To sign the new nafta. Justin trudeau was absent, citing scheduling conflict and covid19 travel restrictions. Joining us now is the first one thee the secretary of department of housing and urban development. Do weador hill, what expect between the two president s today . Will it be a warm greeting on both of their parts . I am a great believer that whatever we want to do in terms of diplomacy, that regular, highlevel meetings make a difference. The highlevel meetings, if we can get cabinet officials to sit down and talk about the mutual issues, if we can get the governors and mayors and rotary clubs, we will make progress. The point ofis this day of meetings . We know in 30 minutes they are meeting, there will be a briefing, and later on there is a dinner with businessmen, primarily businessmen from mexico. Is there any point to this or is it a big spree, a big facesaving mission on the part of mexicans and on the part of donald trump . Well, i applied it. First of all applaud it. The is the first time president of mexico has taken an international trip, and i think it requires our president to focus on a relationship that in important. Enormously we have a trade relationship in trillion that 1. 3 creates 12 million american jobs. This is something that we have not been cultivating. The rhetoric towards mexico has thealways been kind, and actions of tariffs towards our northern and sever neighbors southern neighbors have created an animosity. Our popularity in both of the countries has declined at a time when we should be joining hands and solving the problems that each of us face, that range from , well, security at the border to reduced crime, to accelerate and enhance our trade across borders speed it up, and to deal with the pandemics. There is a lot of things we could do together. Vonnie and Canadas Justin Trudeau excusing himself, which serves to amplify the presence in washington, d. C. Today. Is this for a domestic audience, nmbassador hill, or a Domestic International audience . Mostly domestic. I will not speak for the mexican politicians, but he has been very moderate in his response to some of the things that most americans would say was not a courteous way of addressing either mexico or their people. The fact that he has been moderate, that he has some of the same views that president ,rump holds, they have not met so this is a good first occasion. If it puts a fire under the forration so that example, the department of Homeland Security works more energetically with the counterpart in mexico, that would be a plus. New do have in the agreement a committee on competitiveness. What are we going to do gap go are we going to have the department of commerce get together . Are they going to have Business Leaders form committees, and how are we going to accelerate. . Accelerate that . To have digital means to speed the trucks and the deliveries back and forth across the border . Aboutow, we need to talk these things and not only talk about them, but implement them. Vonnie now, the mexican economy is really suffering, citi downgrading its Growth Outlook for the year because of rampant coronavirus to 11 point 2 . A contraction of 11. 2 for the mexican economy. Will mexico be able to stick to the terms of usmca, given the pressure it is under that it was not expecting to be under . Usmca isk if the properly implemented, it could actually help mexico. They need to stimulate the economy. Well, if the supply chains are ,ibrant and muscles are certain and investors are relaxed because of the enforcement mechanisms, that should help the mexican economy. But as should say, well as hours, i should say, but the dream of George Herbert walker bush was to have the north american area, canada, the United States and mexico, be a most competitive in the world. And he succeeded. ,ow we have to build on that and we need to implement the modernization aspect of the usmca, but they wont happen unless we take a leadership role. Vonnie what would be the next step . How could the relationships blossom a little further, given there is a lot of pressure on malo right now, and President Trump . I dont anticipate a lot will happen between now and november in the United States, but whoever is elected president should reach out to mexico and canada and try to make the , so thatre predictable it will be more competitive, and again, lets go back to the data. The two median dollars worth of passing over our borders every single minute. There is no other trade relationship we have like it. If we can facilitate that, we will all three benefits. We are really blessed to have friendly neighbors north and east and an ocean west. You know, you look around the world, there is not another nation on the face of the globe that has those advantages. It has 14out china neighbors. Many of which are hostile. Here we sit, on top of a mountain that has the nicest sunshine with neighbors north and south that we could work with, and we ought to cultivate and build on that. Vonnie ambassador hill, speaking of neighbors, what does do when it comes to coronavirus and his neighbors . So manympant in countries now, in bolivia and peru, and brazil is in real trouble. Where do you see latin americas economy coming out the other side of this, whenever that may be . Dont think i am a person to predict when we will conquer the covid19. Our Health Authorities tell us that its not yet solvable. We dont yet have a vaccine. But we should try to Work Together and learn together, and we have done that in prior circumstances of health difficulties, but this is one of the worst. The worst since 1918. It requires even more collaboration. This virus doesnt take account borders. Les unless all are safe, none are safe. We need to have ways that we can handle problems that come up, they are pandemics, terrorism, crime, all those things we will be better off if we Work Together. Hill, aambassador pleasure to speak with you. We will be looking forward to what emerges from the meeting. That was former u. S. Trade representative carla hill there. More pain for wirecards, the Justice Department examining whether the German Payment Company made a Critical Role in a 100 Million Bank Fraud conspiracy attached to an online marijuana marketplace. Heres mark crumpton. Isk President Trump speaking out against the centers for disease control. In that tweet, the president cdcse disagrees with the very tough and expensive guidelines for reopening schools. He said the cdc is asking schools to do very impractical things. The president is threatening to funding to schools if they do not reopen before the next election. On tuesday, president Jair Bolsonaro said he tested positive for coronavirus. He has been downplaying the severity of vale miss for months while bets in brazil soar. He said today his fever had subsided, something he attributed to hydroxychloroquine. The drug has not been proven effective against covid19. A victory for Religious School that the supreme court. Justices say the constitution gives faithbased groups broad power to hire and fire employees who care alley out important religious functions. The court throughout biased claims by teachers who were fired from their jobs at catholic schools. Global news, 24 hours a day, on air and at quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. Im mark crumpton. Vonnie . Vonnie thanks a lot. Coming up, and uptick in demand of the by black movement as gainsy black movement traction. Marl have large o jani founder kimberly smith. This is bloomberg. Vonnie this is Bloomberg Markets. Im vonnie quinn. Lets get a quick check on the major averages. Falle seeing some gains off the wayside, but the s p 500 is holding on in there, up 5 , or seven points. A weaker u. S. Dollar today, stronger british pound and Canadian Dollar on the move to shore up the economys suffering from coronavirus. Speaking of which, retails retail activism has been a lifeline. Owners continue to worry that interest will die down after the spike, and say they need capital and Financial Advising to keep momentum going. Our next guest is founder of an independent beauty retailer catering to women of color. She is also the cofounder of the brown beauty coop and an incubator for brown beauty located in washington, d. C. Kimberly, thank you for joining us. What is your concern, post ppp and post the initial spike in demand after the killing of george floyd caused people to become more aware of what they were doing with their dollars . Thisat i am afraid of is spike that a lot of blackowned businesses are seeing, it is great for business and great for the bottom line, but my concern is, is it sustainable . We have heard that about 40 of blackowned businesses will not survive covid. Im concerned about making sure that all of this investment that is happening into black businesses really sustains, so that we are not only able to survive covid, but we can continue along the path of building true successful businesses, as we were doing prior to the covid crisis. Vonnie how difficult is it, kimberly . You wrote a beautifully written letter on your website to white who are obviously customers of Beauty Products as well. I want to read a portion of that letter. Im going to bring it up here right now the gist of it is that it is much, much more difficult for black andepreneurs to get funding even though blackowned Beauty Brands are out there, we know that far too often, many of these brands do not have the same access to vendor funding that capital the capital as white mainstream businesses do. How does that get changed, kimberly . Kimberly that gets changed by changing the mindset and expanding the network. When it comes to venture angel investors, it is about network. As we try to branch out into different communities, it is important for us to be able to access different circles where we can meet different individuals that are in the positions to invest in our businesses. I think it is important to also note that the level of investment that a black business usually gets is far later into the growth of the businesses, whereas our white counterparts are often given seed money or a money from the idea of businesses. Blackowned businesses are well into making six, seven figures when investors are like, ok, maybe this is more of a sound investment. I think there definitely needs to be a mind shift in understanding that hey, at the end of the day, the dollars are there. Itk women, particularly when comes to beauty, outspend our white counterparts. We are not asking for anything that at the end of the day is not make sound business sense. An incubatorre yourself, so you try to foster these brands as much as you can with your dollars and other resources, but presumably you have been able to figure out what exactly businesses want to hear and what you need to show them in terms of metrics and so on so you can prove the worth of the brands that you are fostering and creating yourself. Is there a secret for gaining access to those dollars . Interesting that you mention that, because even though right now i have a small footprint, a lot of the brands that i have in store are now in national retailers, and as theirted at marjani first retailer. There is something to be said about the maturation that is happening at the level that i am doing it. I think when it comes to us seeking investment, you just see,to look and kind of where our black women spending their dollars . Where our black and brown women spending their dollars and what are they spending it on . Have made good strides when it comes to natural hair, so when it comes to other sectors, we are just as ready and poised to be recognized on a National Level when it comes to skin care and makeup. Is the website right there, and there are so many brands available. Talk to us about any government funding you may have access, whether it bp people you loans or otherwise . I know many people in the bracket, the socalled intended recipient bracket, many were not able to access those loans and it was quite frustrating. Kimberly that was an interesting process. As a Small Business, a true Small Business, like many other Small Businesses in my position, i am a founder led business. When the ppp first came out, i did not fit into the criteria. Three thatntil phase we were able to get some funds from that, or that it opened up or owner ledactor businesses. When it comes to the Small Business association and the other Small Business loan, we are still waiting for that. Now july. See, it is our storefront has been closed since march, and we are just now in the process of hoping that additional funding will be coming from the government. And this is something i am talking about a lot, that access to funds has been very slow to come down to businesses that are owned by black and brown people, and that is something we need to take into consideration. What do we want our businesses to look like after covid is over . Thet now, i want to see completion of businesses that are black and brown owned. Vonnie kimberly, thank you, and the best of luck with reopening. Kimberly smith, founder of marjani and the brown beauty coop. Oil futures. T, this is bloomberg. Vonnie this is Bloomberg Markets. Im vonnie quinn. Oil flipflopping to get up 1 after inventories showed a mixed picture, but a declining gasoline stockpile. Here to join us is robert yawger. It is not often that we get a mixed picture like that, robert. What does it mean for prices . Gasoline is way down, obviously nobody is driving and we are getting healthier food inventories. Robert its driving season. Its summertime. During the reporting period, i did drive from brooklyn to new jersey at one point on a saturday, and it was a parking lot basically the whole ride. It took a good three hours, which for crude oil prices in the energy patch is a good thing. Thats demand is on the rise gasoline demand is on the rise here, but we had the million,rop, down 5 the biggest number since the beginning of march. Day, as long the as you need gasoline, as long as gasoline demand is up, you need crude oil to make gasoline. That is why crude oil is higher right now, despite the crude oil storage number. Wayie are we out of harms now, at least for the producers, given that we have been above 40 a barrel at times . Indeed. Thank god that is in the Rearview Mirror here now. 40 is a cheap level. We have had several big oil energy, theyrsley were putting out publicly that they were interested in returning to the space against numbers that are where we are right now, 35 and 40. You bloomberg folks read a good a good article this morning about Oil Producers returning to the energy patch again. But it does not show up in the Domestic Production number today. If the u. S. Producer was increasing production, it should show up. I would expect to see that in the next couple of weeks if you expect to hang out at 40 for much longer, but it has not happened yet. I find that a bit of a surprise. We are down 2. 1 Million Barrels since the alltime high of 13. 1 million on march 13, so we have taken a lot of barrels off the market. That is one of the things that rally the markets from negative prices. That and opec taking significant barrels off the market. Directorobert yawger, mizuhorgy futures at americas. The s p is Holding Onto Gains by two points. More markets next. This is bloomberg. 49. 50 i found you good job. Now im gonna stay here and you go hide. Watch your favorites from anywhere in the house with the Xfinity Stream app. Free with your xfinity service. Now any room can be a tv room. Stream live tv, on demand shows and movies even your dvr recordings. Download the Xfinity Stream app today to stream the entertainment you love. Xfinity. The future of awesome. Yeah. This moving thing never gets any easier. Well, xfinity makes moving super easy. I can transfer my internet and tv service in about a minute. Wow, that is easy. Almost as easy as having those guys help you move. We are those guys. Thats you . The truck adds 10 pounds. In the arms. Okay. Transfer your Service Online in a few easy steps. Now thats simple, easy, awesome. Transfer your service in minutes, making moving with xfinity a breeze. Visit xfinity. Com moving today. Its 2 00 p. M. In new york, 7 00 p. M. In london. This is Bloomberg Markets the close. Im taylor riggs. Caroline im caroline hyde. Romaine and im romaine bostick. Atoline despite push back home and trudeau standing amassed as the usmca celebration. Choice, thehaven of s p 500 clinging to gains without the big names like amazon and apple almost remain down on the day. Ounce. 1600 an pushing to break big hong kong dollar peg to u. S. Currency. Why traders are not buying it. Romaine lets check on where we stand now in the markets. The s p 500 hitting a little bit of a wall here. We saw that while yesterday that wall