Growth play so it doesnt make sense but we will break it down. Guy we are getting some data out of the United States, wholesale inventories month on and that number has been trending lower. Trade sales coming through significantly better than anticipated, 5. 4 . The prime number was really ugly and that was 16. 9 which has been revised slightly higher but this is late data so in the rearview mirror. The claims data is more highfrequency. We got that earlier on, a little better than anticipated, lets break it down. Were looking at jobless claims coming in above one million for a 16th straight week in while it was slightly better isn what was anticipated, basically double what we saw during the first of the financial crisis. Continuing claims track the number of people claiming ongoing on a plummet benefits and that declined to the direction is encouraging. Of the hotspot states where we have seen covid flare up, texas saw a pickup in claims, arizona little changed and california dropped initial claims and we will see how this plays out. There is a question over whether the july for holiday may have helped push down the most recent weekly jobless claims number. We will see how it plays out. To the market,al you look at futures and you look at how treasuries are trading. We ares like what getting is futures moved higher in the 10 year yield was between 60 and 70 basis points so stocks in u. S. Treasuries are getting a bid. That means by everything or lack of conviction and the equity rally. When it comes to Economic Data overall, since midmay, u. S. Data has consistently topped economist estimates. The surprise index at a record high continues to make record highs because pumping along the top. At some point, you have to look for this to revert because economist will keep upgrading their estimates and the data will not be able to live up the expectation and failed to surpass and we will see a little bit of a rollover. Still moving higher at the moment. Alix thanks so much. U. S. Mortgage rates for 30 years fell to 303 . I thought we caught that bottom in 2012 but thats a new bag of chips. Professor was the treasury undersecretary and with the new york fed. Its good to chat with you today. We will pick up with the economy in the u. S. And jobs because you can make the argument that claims are less bad but on the other hand, we get headlines that there are job cuts coming down. How do you square these two . I think we dont know enough to have a trend especially the claims number. Its not getting worse and its nice its a surprise of what people are expecting but its still a lot of claims. We have to sort out the seasonals around july 4 and whether his layoffs or people not being able to file. The claims number is nice since we get it all the time and that means its more volatile and its hard to get a signal from it. That is an overall message i have looking at the whole economy. There are number of places we can see a big bounce like mortgage applications. There are some construction indicators. Is it just catch up for lost activity or is it telling us something about a sustainable trend . I dont think we know enough yet and there are reasons to be cautious. Good morning, when do you think we will get a trend on unemployment . When will we start to see clear data on what companies are doing . L it be when this tenuous the stimulus runs off at the end of the month and when the act money runs out . Months, next couple of what do you anticipate we will see . I think Companies May not be able to wait to make their decisions on hiring as United Airlines and others are suggesting until the cares act runs out. Extendests congress will some kind of support for income through the election. I will say i think that will happen. There will be some support but probably less. There will also be more permanent layoffs coming through as big corporations adjust themselves. I think that will play out over the next couple of months, augustseptember and by october, the employment report for september, we may have enough data points to think weve got a trend going. Roll the dice and put on your ex treasury hat and fed hat. If we wanted to reverse the trend, what needs to be in that stimulus specifically . Thets interesting to see big debate about schools going on. Lots of people want to get their kids back to school and you can see the president is urging that on because he thinks thats a sign of normalcy and it would be. Not putting things in the stimulus bill to make it easier for schools to reopen my think is a ridiculous short site. State and local governments over the next month, we will start hearing a lot about the holes in the revenues of State Governments. Their fiscal year has ended and that will tells a lot about consumption in america given how most states rely on sales taxes. That will big debts that will be a big hole in states have to swallow hard to see what they have for schools for the fall and people want schools to reopen, both parents and the president. You have to do it right, people want to do it safely. Not to put money in for that would be ridiculous. Im afraid it looks more like there will be a condition a continuation of the income report but they should do more for states. Big u. S. Banks are reporting numbers next week, what do you expect to hear on the consumer and on the health of the corporates . It will be interesting to see the mix of revenues they get. They will have a lot of Capital Market revenues flowing through. That will be good for their income statement. How much we will learn about their credit quality, the vice chairman at the fed gave us a big heads up the other day. He said we should expect a lot of credit downgrades on the Balance Sheets of americas big banks. There will be Balance Sheet damage from lower credit quality and the faults coming through an income statement improvement from a lot of Financial Market volume. I think that will be a mixed message we have to parse bank by bank. Said theysche bank think the longlost preserves will peak in the Second Quarter but in the u. S. , we have the 90 day moratorium on evictions and paying debt rolling off. Do and no doubt evictions will start piling up. I just wonder how that conversation plays out. Is it really going to be in the Second Quarter . I think it will be more slowmoving. The Action Congress took and State Government took and the fed took postponed it. I think the Second Quarter would be optimistic to think that we will see how it plays out. I think it will be a couple of quarters before we can sort out. We have no postponed the bankruptcies and the defaults. I think one of the oddest concept to come out of the last few months is chairman powells statement that the fed is acting to prevent avoidable bankruptcies. Thats an odd concept to begin with. To say. At hes trying hes trying to say we hope people dont go bankrupt just because of covid but this is the same man who told us 12 months ago that the corporate sector was highly levered in america and it was a red flag for financial stability. Parsing at which corporate Balance Sheets are just going to be too impaired to make it and which ones can make it with help will take us a while to sort out because the authorities have thrown a lot of smoke in our faces. Do you think we get more action from the fed . I dont think the fed is done. Say when they will be out of powder and the fed can print a whole lot of dollars. I think they have done a lot and i think chairman powell has rightly tried to say to congress that this is up to you. This is a matter for fiscal stimulus and i think thats part of the motive for the fed to have done so much so quickly is to shift the focus to the fiscal authorities and rightly so. I think the fed is in a Holding Pattern for a while while they see with the trend rate of growth is. Im afraid they been warning us and the imf has been warning us that the trend rate of growth will not be good. The path will be lower and slower. Alix hang with us, we will discuss more with you in terms of china and markets. This is bloomberg. Alix breaking news the Supreme Court has ruled that a new york grand jury can get trumps tax returns. It has not yet ruled in the subpoena case. There are two Different Cases on the Supreme Court decided which has to do with trumps tax returns that have been desired to be released. The s p 500 took a leg lower initially but we are only off now by 1 10 of 1 . New data may ease concerns about another downturn in the labor market. Initial jobless claims fell by more than expect it last week to a little more than 1. 3 million. They were worried unemployment would rise after several large states reported an increase in coronavirus cases. Joe biden will call for a moderate approach toward reviving the u. S. Economy today in a speech in pennsylvania. The democratic president ial nominee will stay away from more ambitious proposals pushed by progressives. His plan covers several areas including a push to buy american and incentivize american jobs, clean energy, childcare, eldercare and other Domestic Workers and racial equity. The u. S. Has set another record for coronavirus cases according to the new york times. More than 59,000 cases were reported yesterday and california and texas accounted for almost 20,000 of them. The rate of tests and california has jumped to more than 7 and the governor warned it could completely spike entering double digits. Has sealed president an Unlikely Partnership with President Trump and a visit to the white house. For more north american trade integration. Forauded President Trump his kindness and respect in mr. Trump remains popular south of the border after calling mexicans criminals and races during the 2016 campaign. Day,l news, 24 hours a powered by more than 2700 journalists and analysts. This is bloomberg. Thank you very much indeed. Chinese equities continue to outperform postup we are looking at eight Straight Days of gains. I want to focus on one stock which i think exemplifies the euphoria we are seeing. Its a company that makes information secured products. It saw tenfold on its ipo today. Number. A crazy the shares closed 924 percent above the issue price. Price whenthe issue they listed today. Far exceeds all previous records. Peter fisher is back with us. That send alarm bells ringing . Seen this before back in 2015 and it had a dramatic impact when the bubble burst around the world. Are you starting to worry we are seeing a repeat of what we saw a few years back and are you worried it could end badly once again . Is time tohink it start having those thoughts and thinking that. The chinese economy for a long time, one of the few places uncertainty about the future can get expressed is in the equity market. The credit slice of the capital structure has been fixed on the government doesnt lot doesnt let a lot of governments a fault and they have a way higher corporate debt to gdp than the United States but the government anchors that. More of the volatility will show through an equity markets because thats where you can be expressed. The chinese agree markets have been volatile over the last 15 years. You referred to the most recent episode. Its worth thinking about that and investors have a short horizon when the future is uncertain. We dont really know about the future income for u. S. Companies or Chinese Companies over the next couple of years. People will focus on a short horizon. I think its time to worry a little bit. Authorities cracked down on some margin financing. The rally then continued and you also still have copper at its highest level in a year and gold at its highest level in nine years. Physical investors like china are coming back into the market and that means something different. Maybe that means they are really recovering from covid. Know bute dont really you alluded earlier in the show to everything rallying, by everything. Maybe thats the case. We have been depressed so maybe by everything. I would emphasize that we know we dont know what the future of corporate revenues are and equities have rallied in the United States and china and elsewhere. We in the u. S. Have not had the kind of stability of the virus you would like to see to start having confidence. I would like to emphasize that its possible for a certain set of investors to focus on the short run. Its Something Like speculative activity. Bless them but when we dont have enough information to say much about the future path of earnings, we are left with the short run animal spirits driving prices higher. You take a look at why that is happening in the short term and make it a significant factor behind the rally. A sense that when you look at the money supply that at some point, they have become inflationary . Is short trend at the moment for disinflation but at some point, i would be curious to get your take on this do you think that will turn . At one at what point to a start buying pips, etc. . I do worry. The fed is in an odd position. Both current and former members of the fed are telling us that the vast expansion of highpowered money in the runup is not going to be inflationary because the highpowered money is trapped in the Financial System and they are paying interest on it. The same voices also tell us that it has nothing to do with why equities are rallying and why all assets are rallying. Really . Its neither of those things . Its not a way to stimulate the economy and generate inflation nor is it a way to pump up asset prices . Why are you doing it . I think that something really ought about the way the Central Banks are behaving and talking about what they are doing. The reason for us to worry about inflation is its a little further off and subtler. Inflation comes from too much money chasing too few goods and services. Its the chasing so its the growth rate of demand relative to supply and if demand just accelerates more than supply, we can get a little inflation. What we have now, what i would like to describe is a stop and go economy. This part is shut down for caught for covid and upper doesnt work on the National Sentiment shuts down on this of global trade, there is a lot of disruption on the supply side, some of it online and some of it not coming online i think we should brace ourselves for the possibility of frankly stagflation, we could have crummy employment numbers and yet still have a stop go economy that gets an uptick in inflation pressures in certain places. That would be a warning sign for us. The final thing about the fed, its on that they dont seem to care about the growth rate of highpowered money on their Balance Sheet. They are pretending and has nothing to do with how Monetary Policy operates. I would suggest zero was the wrong probability in their hypothesis. Alix such a powerful statement, it was wonderful to talk to you, thank you very much. Peter fisher of dartmouth, thank you very much. More breaking news here the Supreme Court says the new york grand jury can get present froms tax return returns. Says the Supreme Court is now ordering tougher scrutiny of trumps subpoenas and they are largely Backing Trump in the house in their bid to get his financial records so we will break that down. This is bloomberg. Alix the Supreme Court blocked the house access to trump cerids, for more kevin lli joins us with more. As it relates to the new york prosecutor case, the president is now going to have to have the Accounting Firm which has been housing his financial tax records for more than 10 years, they are going to have to comply with investigators in new york to hand over those tax records as part of the investigation into hush money payments that were paid regarding stormy daniels. On the house case, this was a win for President Trump because the Supreme Court is telling the lower court to reconsider whether or not the Deutsche Bank as well as other Financial Firms are going to be able to hand over those tax records. A win and a loss but either way, the investigation in new york for the tax records is now in full swing. Guy thank you very much, indeed. Coming up, we will continue to track the pandemic. A doctor of the Johns Hopkins school of public health. That is coming up. This is bloomberg. I got an oriole here. Eh. Common bird. Ooh look over here something much better. There it is. Peacock, included with xfinity x1. Remarkable. Fascinating. Very. It streams tons of your favorite shows and movies, plus the latest in sports news and. Huh run the newest streaming app has landed on xfinity x1. Now thats. Simple. Easy. Awesome. Xfinity x1 just got even better with peacock premium included at no additional cost. No strings attached. Just say peacock into your voice remote to start watching today. Iredefined the wordng thschool this year. Its why, at xfinity, were committed to helping kids keep learning through the summer. And help College Students studying at home stay connected through our university program. Were providing affordable Internet Access to low income families through our internet essentials program. And this summer, xfinity is creating a Virtual Summer camp for kids at home all on xfinity x1. Were committed to helping all families stay connected. Learn more at xfinity. Com education. London, im guy johnson, with alix steel in new york. This is Bloomberg Markets. Hospitalizations due to the virus in new york continue to rise. Exceedy, covid19 cases 12 million. Joining us now with more, dr. Mesh adalja thank you very much indeed for your time today. There is a significant amount of consternation in the United States as to whether or not schools should reopen in the fall. The president is pushing hard to try and make this happen. Are you with him . Is the community with him . How do you see the debate checking out . Amesh i want to separate what the president is saying from what the science is saying and it happens that the science may agree with the president but for different reasons. Children get infected, but they dont seem to be major epidemiological drivers of infection. They are not causing outbreaks, very different from different from influenza. We know that countries like denmark and finland have open schools without problem and we have had Daycare Centers open essential workers throughout the pandemic. There are lots of ways to protect the vulnerable populations that might be there and modify operations. This should be a priority. We know that children not being in school harms them and we want to get schools back open with. Chools following cdc guidance we dont want to throw out the guidance without consideration for what might happen. This should be a priority for the country. Alix oh, yeah. Literally ask every parent, myself included, everyone thinks it should be open. Its not a matter of if, or when, but how. If you were writing a prescription for say a Public School in new york city, what would be the safest way for my fiveyearold daughter to go back to a First Grade Class . Want to make sure that children can do social distancing. That may involve some innovative thinking. You may want to limit interactions in places like cafeterias and playgrounds. You might want children to kinda be in blocks together so they are not mixing as much. Make sure vulnerable teachers have the appropriate personal Protection Equipment they might need to teach adequately. People that dont feel safe, you want to make sure that they can use electronic means to do their work. You also want to think about as thes much outdoors weather permits. You want to encourage hand hygiene. It is likely children will be wearing face shields when they go to school. There is room for variation depending on the school logistics. Those are the general principles. Turn our attention to what is happening in hospitals tor. T now, droc cases are climbing, doctor. Cases are going up, mortality going down. At will we get to the point where hospitals are overwhelmed and does mortality go up at that point . Amesh thats the real fear in places like texas and florida. We know mostly younger people are getting infected, but clearly thats not the only case with icu bed utilization going up. You have to remember the death take, it can be it can up time with factors modulating, we have got a lot more knowledge about the virus, we understand the complications better and we are much better with mechanical ventilators, how to use them, we thattools like remdesivir may have a benefit to certain populations and we know for example that we are much better at dealing with Nursing Homes then we were early on. In new york and pennsylvania they were forcing them and it led to the virus spreading like wildfire and over 40 of the deaths in the u. S. Came from Nursing Homes, so if we can keep them from infecting those vulnerable patients, we might see some modulation, but we have to expect based on icu numbers that deaths will increase in the United States. Hopefully it will be manageable and hospitals will not go into the crisis mode. Is less than the seven day average, but the deaths did rise yesterday. This is a sensitive question and i dont know if im going to ask it right, but what is a tolerable amount of deaths . Amesh i dont think theres a real answer to that but it is important that people realize that this virus is with us and we are going to get cases of hospital asians hospitalizations and deaths. We have to focus on keeping those vulnerable populations as safe as possible, stressing the importance of social distancing and those Nursing Homes and being aggressive with treatment when they get sick, making sure that they are recognized and diagnosed with basic public health. Its going to be difficult. We know that these solution isnt to keep the economy shut down, but there has to be a way to try to find a balance and really think about a way forward while we protect these vulnerable populations and i think that there are going to be an inevitable number of deaths and people really have to acclimatize themselves to that. Alix forte of guy fortifying our care homes. A strange world that we live in now. When it comes to getting people back inside, new york is going to have a rainstorm this weekend, people who are not able to stay on the streets. Are we starting to get an understanding of how we create an environment inside that replicates outside . That allows people to eat and drink inside, maybe with higher levels of ventilation or uv that weever it is, so can take our lives back inside again once the summer is over . Its going to be challenging, we are relying on the fact that the virus transmits less efficiently outdoors but we have to think about how to decrease the spread, which it could include decreasing ventilations or in bars, people drinking drinks out of straws, using face shields. I do think that there are solutions to this. You have to remember that no activity will be without risk and we will not be able to eliminate risk completely. But we have to be able to keep the risk manageable or Contact Tracing teams so that they dont need to change the transition and spill into hospitals. Guy fascinate alix fascinating. Face shields, gyms are reopening, but only on the roofs , creative. Dr. Amesh adalja, thank you very much for catching up with us. For more on the virus response, tune in later today for our exclusive interview with new jersey governor phil murphy. Giving you a check on the news outside the business world, here now. Ddick a goofed , in a case involving congress the u. S. Policy towards beijing was blasted by the chinese , saying that they were paranoid. He proposed a blueprint to get the worlds biggest economies back on track and called for cooperation on the coronavirus. 30 of u. S. Renters have no confidence that they will be able to pay next months rent according to a Census Bureau survey and only 20 have a slight confidence in their ability to pay. Federal and local authorities have imposed curbs during the pandemic that those measures are expiring. Jerome powell says that diversity and inclusion are a light priority but that the numbers show the central bank has lots of work to do at the highest levels. Three of the numbers are white men, two of them are white women. There are two vacancies in which there is a white man and white woman and there are there is amongst more diversity regional vacancies. Day onnews, 24 hours per bloomberg to quicktake. This is bloomberg. Alix . Alix thank you so much. Coming up, its all about building a Sustainable Food supply, which may be even more important after covid. We will talk to the ceo of the largest greenhouse in the u. S. U. S. This is bloomberg. Alix this is bloomberg. Com Bloomberg Markets this is Bloomberg Markets. The Supreme Court allowing the new york grand jury access to the trump tax records, but the house not yet able to do that. We do have a reaction from President Trump, no surprise, tweeting that he called it persecution, that the Supreme Court sent the case back, saying it isnt fair to his presidency thate administration, so battle will definitely continue 100 . Covid cases, hospitalizations, and deaths in florida rising to a record. It is time now for the stock of the hour, we will be breaking down cosco samestore sales with scarlet fu. You can count cosco on a record high as well. Samestore sales topping analyst estimates and putting to rest concerns that panic buying and stock buying items would not carry over into late spring and summer. You can see the drop in april, but cosco posted a rebound in may and it built on that. Looks like everyone still wants five pounds of flour and giant boxes of strawberries. In the u. S. , traffic grew for the First Time Since march. Fresh food rising into the mid20 range. Speaking of food, the usda released its latest export sales and u. S. Soybean and corn sales ended on july 2 with weak sales declining and corn and beef sales also dropping, the chief economist giving an update saying that according to the w geo, global agricultural trade could fall by 6 to 13 this year from 20 and i bring this up because Food Security is top of mind for countries right now. The pandemic showing us that the leavessupply chain everyone vulnerable and inadequately stocked. Some entrepreneurs saying that the Global Community has focused too much on investing in communications and Internet Technology and not enough on improving the food supply chain. I saw one estimates that vc investing in food and alcohol are total 9. 8 billion last year , a drop in the bucket compared to the 4 trillion invested in Information Technologies overall, you cant even compare the two. Alix . Alix thank you so much, scarlet fu. For more on food supply in the wake of the pandemic, jonathan webb, of an agricultural tech company that combines conventional techniques and technology to grow nongmo chemical free produce. Yourhan, great to get perspective today. We can make an argument for food supply security being more important after covid. How has your business changed in the last four months . Jonathan well, thank you for having me, and our business havent hasnt changed. We founded this company on principles that we believe in, affordable fresh fruits and vegetables available for all americans and bringing production back home. Through covid we have seen an increased interest in the company and an increased interest in the overall industry. We think that this coming out of covid is exactly what we need to be doing, building more resiliency and the systems, both food, health, and energy, these basic pillars of society that are weak and vulnerable that we can see through covid how weak and vulnerable some of the systems are. Aboutonathan, you talk resiliency. Automated ishow the process that you have on that site . Do you employe relative to a normal farm . About 300we have people working over my shoulders and we are building one of the largest indoor facilities in north america, it will be one of the largest led installations, running on recycled rainwater. When we talk about resiliency, its Building Systems that can withstand climate disruption and continue to feed our populations through what are going to be upcoming uncertainties on the horizon. For us, this was critical in the design early on and we think that coming out of covid, the governor here in kentucky, we did a joint announcement with him and he is making act tech atop nomic ag tech a top economic priority. We dont think it will be in new york or san francisco, it will be in the middle of the country somewhere. We are positioning ourselves to lead. If you look at the Un Security Council in kentucky with us a couple of months ago, the u. N. Reported that we had enough topsoil for the next 60 years on planet earth. Thats it. That is how quickly we are degrading our soils. We are not talking about it, investors are not talking about it. If we think there are and health care, i encourage your viewers to look at agriculture. There are a lot of in that system and we are trying to do our best to be a strong supplier in the u. S. In the years to come. What are you currently focusing on in farming, why, in the flipside, what is the term life for your farm . Jonathan we will be growing our first crop later this year and we are focused on tomatoes. They are the number one import from mexico to the u. S. And we will do about 40 to 45 Million Pounds in production and we have got to bring produce production back home here to the u. S. We have seen imports triple over the last 10 to 15 years. With secretary perdue earlier this year and his scheme, this isnt a left or right issue, its all of the above. We need to use technology in line with nature to give farmers the tools needed to grow with 30 times more yield per acre and bring the Food Production back to the u. S. We are vulnerable through covid, but it doesnt need to be this way in the years to come and im hopeful that the Investment Community along with leadership in d. C. , we will see farming modeled across the u. S. After what we are doing here in eastern kentucky. Thiswho is leading technology right now . I have seen similar things in terms of the act tech that you are talking about in israel, spain, the netherlands, obviously, a leader in this space. Where is the innovation coming from right now that you can harvest to build into your business and how do i differentiate between the various companies trying to deliver what you are delivering . Its a great question, and the netherlands has all the solutions our world needs. One third the size of our landmass in kentucky, secondmost agricultural exports. They are already doing this. If you look at why they are there right now, after world war ii when they could not feed their own country, their government, private sector and universities, they worked together for decades and built the most resilient farming system in the world hands down. We are simply, and our governor who signed a Collaboration Agreement with us, our universities, the dutch government and their universities, we are trying to knowledge share whats making our regional world leader in the u. S. And the good thing is that areproblems, these problems normas and we need two planet earths by 2050 two have enough land and freshwater to grow our food the way that we are currently growing it, but the good thing is the technology is available and that 20 billion number that you mentioned last years wildly inadequate. We need to dump capital into farming, put technology and infrastructure into farms, and for us this has been very bipartisan, top leadership on the left and right have galvanized around rebuilding farming in america. You can see i am inside our facility here and we want to bring trust and transparency into agriculture. We are going to open source our information. When you say who else is out there, anybody else getting it right is not a competitor to us. Any dirty agriculture player out there using the harsh chemicals degrading our waters and soils, lets get technology on these farms, not use the harsh chemical pesticides, and aligned with nature. We can do it. The good thing for us is that jeff loven, steve case, they were early investors with us. Martha stewart just joined the board. Its starting to get traction in the mainstream and five years from now i think we will see a significant amount of buildout u. S. Forwardathan, we look to seeing what the facility looks like and what the tomatoes taste like as well. Jonathan we will have them on store shelves later this year. Guy thank you very much, indeed. Look forward to it. This is bloomberg. Ritika its time for the Bloomberg Business flash. Im ritika gupta. The Food Alliance is expecting food food lion is going to be with share0 jobs buybacks. People stocked up on , butriptions at walgreens now there are fewer visits to doctors offices and hospitals. Big job cuts are on the way at wells fargo, we have learned that tens of thousands of positions may ultimately be eliminated. Starting later this year. Some analysts predict the bank may predict may show its first quarterly loss in more than a decade let next week. That is your Bloomberg Business flash. Guy . Guy thank you very much, indeed. The job cuts keep piling up. Handles blat is reporting that Commerce Bank will cut 1000 jobs. You saw what united had to say yesterday. You had wells fargo on top of that. For the u. S. Economy, the recovery from this in terms of permanent job losses is going to be something that will take time to absorb. Isx two takes, one it across industries if we take the reporting in europe as true. Its industrial, its banks, here its also banks but more the Retail Banking side with basic consumer goods and airlines. Its a large swath. And when we talk about a vshaped recovery, i wonder on the others if we get a second wave of job cuts that are not coming back. I dont know how you price that in as in investor or an economist, frankly. Guy its tough and now is incumbent on government to think about how they transition to a environment where government is helping people retrain for new jobs and thats a transition we now have to go through, alex alix. Alix definitely, but retrain into what . Thats the thing. This is bloomberg. Alix live from new york, im alix steel, with guy johnson in london. This is the european close on Bloomberg Markets. We have hospitalizations, deaths, and cases arising in florida, turning the leg lower. Even big tech cant seem to save the sentiment today. It . Its amazing, isnt were talking about the by everything rally, everything going up, now everything seems to be going down. Seenight we continued to strong performances generated maybe china, strong csi, we will talk about that a bit later. The dollar at cny continues to remain below seven, which seems to be something of a catalyst for equity markets. But again even that is beginning