Hong kong and tokyo reporting record tallies. And singapore heads to the polls for an election overshadowed by the pandemic. Voters will be asked to wear disposable gloves at the ballot box. How marketscheck of are trading. U. S. Futures plan at the moment, after a mixed finish in the new york session. The s p 500 and the dow fell. Viruse news of resurgence, not to mention to tensionsnot to mention escalating with china. Financial shares drag to the index. Dragged the index. The Energy Sector was down for a third consecutive session with the worst three days in about a month. Take a look at what oil is doing, because we are seeing it continue to dip slightly and below the 40 a barrel level. Key libyans that a oil field resumed production, threatening more barrels into the oversupplied market. Lets see how things are shaping up for the asian markets. Could beppetite fitting this friday with asian stocks mostly lower. This has we are seeing violence concerns virus concerns you raised in tokyo and hong kong. Its elections. Ng kiwi Stocks Holding about a third of a percent at the start of cash trade, and nikkei Futures Holding steady right now. Check out the hong kong dollar. It has spent 13. 5 billion so far this year to depend the peg. Demand is surging. Turning to china, the rally there has pushed a 14 day rsi for key benchmarks in shanghai and shenzhen above 90, the most overheated ever, surpassing 2015 levels, and that will increasingly put pressure on who want to avoid a bench and bust. The pboc will likely remain cautious on liquidity, and pressure will remain on bonds. Chinas 10 year yield has jumped more than 20 dropped more than 20 basis points this week,. He worst five day stretch chart oncep the more, mainland buyers may not yet be deterred. According to one technical indicator with the csi 300, investor read we reached the second highest level ever on thursday, but the brakes may be tapped somewhat after chinese authorities crackdown on illegal margin financing. Haidi lets get to our top stories. The u. S. Continues to set coronavirus records, with new cases topping 60,000 in a day for the first time. Meanwhile, hong kong and tokyo also setting new marks, with both cities seemingly having, under control when it comes to new infections. Global leaders are being criticized for their handling of the pandemic. The greatest threat we face now is not the virus itself. Rather, it is the lack of leadership. Each and every individual should [indiscernible] lets bring in Health Care Reporter Michelle Cortez for the latest. The who is keeping an open mind when it comes to airborne transmission of the virus, which is really worrying as a lot of countries are hoping to get indoor activities, Indoor Dining back on track. Michelle absolutely. Until this point, they believed it was a droplets of virus that people had to worry about. Indoor settings, if you are seeing or talking really loudly, you might be spewing out some viral particles. But this idea that you might get tiny particles that travel further and sicken people who are not near you, that is really going to damper people getting back into offices and schools and transportation hubs and make opening nearly impossible. Shery we are already seeing this resurgence of virus across the United States, not to mention that even in asia we are seeing new virus hotspots. What is the latest . Michelle exactly what you are saying. When we think things are getting better, it comes back and gets us again. Hong kong and tokyo are seeing resurgent rates. Did an those places incredible top the first time around, not having to close down as much, with contact tracers that are able to find out where the virus is and hunt it down. Social distancing, wearing masks, all those things were embraced and keeping the virus under control. Now it is back, and thats what is telling us that this virus is not going to go away anytime soon. When we look at the United States, there has been this idea that the number of people getting infected were younger and they were not going to diane they were not going to get as sick, and maybe it is not such a bad thing. Now not only are we seeing cases skyrocket across the south, we are seeing deaths follow, which Public Health officials said we should expect, but politicians were hopeful that they would the wrong. Be wrong. Haidi which is sort of dampening hopes. Michelle, we are also separately seeing drugmakers focus on more r d. What are we hearing from this new pool of funding . Michelle right, there was another thing going on as well, which may be a hopeful sign. A group of drugmakers got together and put in 1 billion to start working on antibiotics and antimicrobials. What has been happening in the last decade or 20 years is drugmakers are focused on profits as a place where money is is really in areas like cancer and heart disease, and the place where money is not is in areas like Infectious Diseases and actions caused infections caused by bacteria and possibly viruses. They are getting together and starting to work on antibiotics and antimicrobials. It is not directly tied to coronavirus, but you can see they are realizing that having left the area behind because it was not as profitable can be devastating not only for their own industry and profits, but for the entire world. Shery Michelle Cortez there with the latest on the pandemic. Still ahead this hour, warnings of prolonged misery for the australian state of victoria as it reenters virus lockdown. We will get the views of a deloitte partner. Up next, the Trump Administration escalates tensions with china, sanctioning top officials, including a elite. Of the this is bloomberg. Karina you are watching daybreak australia. The Supreme Court has back to new york ranger is repressed new york grand jurys request for president trumps financial records. The rulings reject the president s view of paris and offering sweeping immunity will logically offer him scrutiny before the election. Singapore goes to the polls later friday for an election that is almost certain to return the ruling party to power. The Peoples Action Party has led singapore to independence since 1695. Voters will be made to wear disposable gloves and will be given five minutes each to vote. The bank of japan has issued a gloomy report just days ahead of its next policy meeting. The bank sees the entire economy still reeling from the virus upheaval despite a gradual pickup after the state of emergency was lifted in may. The boj is lowering its assessments of nine regions, cutting forecasts across the board for a second straight quarter. Chinas leading Auto Industry group says the sector may recover faster than expected, with sources telling us 2020 sales are being revised to a less severe drop of about 10 . The association of automobile manufacturers had seen a fall of up to 25 in may, but the revision would still put deliveries at their lowest since 2014. Global news 24 hours a day, on air and on bloombergquint take taken Bloombergquint Bloomberg quick take. This is bloomberg. Shery the u. S. Is sanctioning a top member of the chinese coming his party over human rights abuses in the province of shandong. Selina, this would be the first time the u. S. Is actually sanctioning a chinese official under the Global Human Rights act. Selina thats right. It includes the province secretary who sits on the 25 member politburo, reportedly the highest ranking person to sit on committee in china. Because of his high level, china is likely to reject very strongly to these actions, despite the fact that these sanctions are not likely to impact these people in any significant way, since it is unlikely they have significant Financial Connections with the u. S. As you mentioned, this is also the first time the u. S. Has sanctioned a sitting chinese official the 2016 human rights accountability act which gives the u. S. Broad authority to impose human rights sanctions on foreign officials. Senior officials in the u. S. Have been pushing for this for months, but trump had been delaying the move over worries they could complicate the u. S. China trade deal. This is part of the broader pressure on china across many fronts, whether it is part of ,he pandemic, hong kong, trade and this rhetoric is likely to increase as we head into the election. We also spoke to the global head of sanctions at oliver wyman, who said that while these sanctions on officials that change on sent a strong message to china unite in applying people involved in these transgressions, the fact that the u. S. Went alone versus unilaterally does take away some of the impact. Haidi this move comes shortly after chinas foreign minister delivered a major speech. What did we take away from that . Selina the timing of the sanctions may be seen as deliberate since it did come just hours after this major speech that calls for better minister. The chinese this speech was a game plan for restoring stability in the relationship, and it is taken seriously on the chinese side. It comes as china faces not just escalating pressure from the u. S. , but from its allies over the Hong Kong National security law and huawei. The foreign minister is the most senior chinese official in months to advocate for warmer ties. Nottressed that china will replace the u. S. As a superpower and the two sides need more dialogue. Coming up, u. S. Equities slump again on concerns over resurgence of coronavirus cases. We will be getting insights with ubss terri jacobsen. Shery we have seen more haven demand, as the bloomberg dollar index rallied again against all major currencies except the japanese yen. We have seen concerns over the virus resurgence, not to mention the escalating tensions between china and the u. S. The yen holding at the 10 seven level as we continue to see pressure on world stocks on the 107 level. We continue to see pressure on world stocks. And some mixed ecodata out of the u. S. We saw initial jobless claims fall but also remain at very elevated levels. Joining us for more on Market Private Wealth Management managing director terri jacobsen. Great to have you with us. With all this makes finishing in the u. S. , we have tech rallying while the rest of the market was a little more subdued. This chart showing the huge divergence we have seen with mega caps enjoying that robust rally, plus small caps continuing to sink. Your notes that you are continuing to see upside global equities. Is this a trend where we are going to grind higher, but it will be sort of a narrow move higher . Terri well, we are constructive on global equities. Seeing in technology is that is really where the growth is. A low growth environment globally because of the pandemic. Being in a low growth environment, companies that in evengrowth become more demand for a portfolio. So we think that the continued outperformance for technology can certainly continue for quite some time. Looking at different sectors, but other areas interest you . We continue to see global trends, especially with the ongoing pandemic that occurred even before the coronavirus outbreak. We had u. S. China trade tensions and supply chain disruptions and even a reallocation of some assets. Terri in addition to technology, we see that even when the crisis passes, the demographic changes going to boost sectors like health care. And the Technology Revolution will present a myriad of options for investment in areas like telemedicine, elearning, 5g,mmerce, automation, factory automation. Those trends are really not going away, and the pandemic has demandsxaggerated those for technology. So we think yes, it absolutely does continue. What are your assumptions with regard to the u. S. Dollar . We saw modest trends among the g7 complex, but will we see continued haven demand if the pandemic does not go away too quickly . Terri right now, we think that the dollar will probably not continue the strength that it has had. The u. S. Dollar appreciated substantially through the crisis. Investors really wanted liquidity in a safe haven, but from the peak in march, it is roughly down 5 . Asdo expect further declines optimism increases over the recovery from the pandemic. Has beenal reserve aggressive in eroding the u. S. Haidi sorry, continue. We do see the u. S. Dollar decreasing over time relative to other currencies. Terri, free to have you, ubs private Wealth Management managing director. Blackrocks former head of fixed income is morning investors that they should worry about china searching market rally. Officials spoke with alix steel and guy johnson. The chinese economy for a long time, one of the few places uncertainty about the future can get expressed as the equity market. The credit slice of the capital structure has been kind of fixed. The government does not allow a lot of corporate default. They have a higher gdp than the United States, but the government sort of anchors that, and more of the volatility is going to show through equity markets, because that is where it can be expressed. Chinese equity markets have been volatile over the last 15 years. I think it is worth thinking about that. Investors have a shorter rise when the future is very uncertain. We dont know about the future income for u. S. Companies are Chinese Companies over the coming years. Yes, i think it is time to worry a bit. Two things. One is authorities did crackdown on margin financing, so the rally continues. And you have copper at its highest level in over a year and gold at its highest level in nine years, so you could argue that physical investors like china coming back into the market means Something Like maybe they are recovering from covid. We dont really know, but you sus you alluded earlier in the show to everything rallying. But we dont know what the future path of corporate revenues is. Equities have rallied in the United States in china and elsewhere around the world. We in the u. S. Have not had the kind of stability of the virus that we would like to see to start having confidence that you know the path of the economy. I would like to emphasize that it is sensible for a certain set of investors to focus on the very short run. Speculativehing activity, that is what they are doing, and bless them, but when we do not have enough information to say much about the future path of earnings, then we are left with a short run animal spirits driving prices higher. Guide in the shortterm, you see liquidity is a significant factor behind the rally. Do you get a sense that when you look at the money supply charts that at some point they become inflationary . Clearly the short term trend at the moment is for disinflation, but at some point, i am curious to get your take on this, do you think at some point that will turn, and at one point do i start buying . Yes, i do worry. First, i will talk about the opposition the fed seems to be in and my own thoughts on inflation. Current and former members of the fat are telling us that the vast expansion of highpowered body and the runup in m2 is not going to be inflationary, because all that money is tapped in the Financial System and they are paying interest on it. These same voices tell us it has nothing to do with why equities are rallying and why all assets are rallying. Really, its leader of those things . Then why are you doing it . I think it is something odd about the way the Central Banks are behaving and talking about what they are doing. I think the reason for us to worry about inflation is it is a little further off at settler inflation comes from too much money chasing too few goods and services. Tois demand relative supply, and of demand elevates more than supply, then we get elevation. What we have now is a stop go economy. This part is shut down for covid, that part does not work, sentiment shuts down this part of global trade. There is a lot of disruption, some of it coming online, some of it not coming online. I think we ought to brace ourselves for the possibility of stagflation. Fisher,eter former blackrock head of fixed income. Another leader of a country now getting coronavirus. The bolivian president saying she has coronavirus. We know that the brazilian president jair bolsonaro, not to mention u. K. Prime minister Boris Johnson also suffered from coronavirus. We are now hearing that the bolivian president also has it. A quick check of the latest business flash headlines. Bankrupt Brooks Brothers is said to have received a competing offer of finance that would keep the chain running during its chapter 11 process. It is not clear who is behind the new bid, but a better offer could overtake the financing plans already lined up. Brooks brothers had arranged a 75 million loan from wap global. But we are told the new offer has lower fees. Tesla skeptics remain undetermined by elon musk confidence, with shares sold short heading for an unprecedented milestone. The stock is about to be the first to hit a Short Interest level of 20 billion. Plenty more to come. What this election is about. Get youyou trust to through the very difficult times . We are off to an encouraging start and i think in this election youll see some of the opposition parties coming together, coming up with a common message. Meeting people, talking to them. We think there are many problems which we have tried to highlight. At the same time we are looking long term in terms of how singapore can emerge stronger. That is what we have continued to work with think like 5g. Relate to encourage our businesses to transform itself, whether locally or internationally, and compete for business elsewhere. This election is going to be not so much about what has happened already, but what is the anticipation of the future, and plans to come to deal with the future of this crisis, as well as our country. There you have singapore politicians and Business Leaders talking about the key issues in todays election, said to be the last for the Prime Minister who has promised to step down before his 70th birthday in 18 months. This is a more symbolic election. In what ways is more significant today . Haslinda it is tempting to dismiss it as symbolic given that the ruling party has been in power for 55 years. It has had a good grip on power in singapore. But it is significant. In the lead up to the elections, the rhetoric has been that it sets the stage for a leadership socalled 4gor the leadership led by the deputy Prime Minister and they are looking for a strong mandate. What that means is unclear. But if you take a look at the track record of the php, they have had as little as 60 ago, andtwo elections this time around the is closer to 60. It would be a disappointment and could prompt the leadership to rethink its policies or leaders or timing of the leadership transition. Bear in mind the opposition is not looking to topple the ruling party. It wants to ensure more checks and balances. It wants to ensure the ruling party does not have two thirds of a majority allowing for various voices in parliament, a greater debate, healthy debate on policies that affect the people in singapore. What is worth noting is that the ruling party has never gotten anything less than 93 of all the seats in parliament and this time around the opposition is hoping that will change. Karina exactly. You said it, they have been ruling for half a century. Always getting the majority. How viable is the opposition, really . Theinda we have to see opposition within the context of a dominant party, a party that pretty much controls the state machinery. From the opposition, lamenting they have no access to the media. If you recall we vet cases were opposition led parties were find, fined, and sent to jail for failing to pay those fines following defamation suits. So there is a sense of trepidation or perhaps fear, that what they say, that criticisms they hold toward the ruling party, may send them behind bars. There is a heavy price to pay. This time around they are looking at 10 opposition parties. They are small. The oldest Opposition Party fielding only 21 candidates for 93 seats in parliament. That is how difficult it is in terms of resources, for the Opposition Party. The brother has joined the Opposition Party and when asked why he said the Current Party does not reflect the wishes and dreams of the party has tohe evolved and it has failed to do that. That it is no longer the party founded by his father, the quite you, the founding father lee quan yu, the founding father of singapore. So you can see the sense of division in the country. What has the mood been there on the ground in terms of the nine days of campaigning, what have we learned . Haslinda nine days of campaigning is probably among the shortest campaigning periods in the world. It is difficult to get a sense on the ground because are no opinion polls and that is not allowed. Everything has been online and all company has been virtual. And some say that goes towards the ruling party and other say it levels the playing field, because now the opposition has greater access to people across the country. But elections in singapore have always been about bread and butter, about survival, about work, the economy, the cost of living, and this time is no different. The pandemic has thrown a different picture into the city, and it has gone perhaps the biggest contraction since independence in 19 625 and an appointment is at its highest in its history, so there are a lot of challenges ahead. That will be key. The people want more transparency and more say, that is something the next government will have to address. Karina Haslinda Amin in singapore with the latest on election day. Checking now the first world headlines. The u. S. Continues to set virus records with new cases topping 60,000 in one day for the first time. Arizona recorded the most new infections in six days, while california, texas and florida saw a Record Number of fish allergies. Arey global virus numbers above 12 million with deaths rising to at least 550,000. A new report says covid19 is bankrupting American Companies at a quote let must pace. The virus is flaring again and parts of asia with hong kong and tokyo party record spikes, despite seeming to have controlled the pandemic, both cities recorded single day highs, hong kong with 34 local cases and choke at with 224. The news comes after weeks of normalized activity and raises the possibility of renewed social restriction. Scientists say covid19s ability to spread is still not fully understood. Sanctioning Top Communist Party officials of human rights abuses in Chinas Shandong province, a major escalation in the tense rivalry between washington and beijing, china cues in the u. S. Of using fake news, calling on the secretary of state mike pompeo to stop spreading quote political virus. He blames beijing for covid19 and being a threat to the world. Pompeo has been concocting fake news to discredit china and sow discord. He exposes his cold war mentality and zerosum thinking. Lies are still lies even after being repeated 1000 times. The southern government he wants loser, post virus rules. Rules. Er, post virus karina measuring the second photo post virus wave in australia, coming up next. This is bloomberg. Says australias economy will recover from the pandemic next year but warned victoria will suffer prolonged misery because of the fresh outbreak of covid19 and the new six week lockdown. Delight partner Nikki Hartley joins us now. Is projectile the bad for victoria because they do not manufacture anything and they are oriented to services, tourism, education, arts and culture and events. So how devastating is this for the economy, in the broader context of how the national rebound happens . Absolutely right. And we already knew victoria and New South Wales are going to be hardest hit, because of that services focus, and some lack of diversity there. As much could be said for all of the s trillion economy, the possible exception of wa and the northern territory. We are looking now at a much deeper and longer recession. And it is not just victoria, unfortunately. States. Th all the victoria is a quarter of the economy and 1 5 of the population. So if we are looking at a downturn there, assuming things last for about six weeks, we could be seeing nationally, to 1. 5 shaved off that September Quarter Growth Numbers now. And we were only just going back into the positive territory for that quarter. Entirely feasible we could and up with three quarters of negative growth. It is hard as an economist and it has never been harder or more important to predict what is going on, but there is a lot here around confidence that we do not know. We are seeing firsttime buyers in the market there pockets of confidence, but much more broadly, there is that lack of confidence that will translate into lower spending, both in victoria and in other states, as they worry about the potential for spread. Deloitteat is expecting in terms of the outbreak in victoria . Are you expecting it to become a fullblown pandemic that could spread to the rest of the country . What are your economic forecasts, based on what sort of assumptions on reopening and controlling this outbreak . Devised three scenarios. The first was a mild taste which is what we were hoping for, and up to a few weeks ago what it looks like we were going to get and the numbers were starting to look better than expected. Then there is a harsh scenario which is what we seem to be a now experiencing, that we have these waves, and then the severe where this keeps on going with wave after wave until a vaccine is found. We certainly hope we can avoid that. Theres a lot of uncertainty, talking about more lockdowns and restrictions in New South Wales. This is different to the first way because it is committed to based. Before it was basically returning people from overseas. From thes different first wave because it is Community Based and it will be harder to repress. Our modeling is based across the three scenarios. Going from that model to every are now, we would probably take a further. 521 on gdp depending on how how far it goes. If we get to the full harsh scenario we are talking about a gdp, maybe inf this year it ends up being down closer to 7 , rather than less than 5 which is what we were hoping for a couple of months ago. At the same time, relations with china, australia biggest trading partner continue to fray, but the offering of visas, and how concerning is this in the sensitive and if we do get the opening of borders or the ability of International Tourists and china to return, that they will not want to because beijing has repeatedly lashed out on what they see as an unfair interference from canberra . Fort is deeply alarming australians. For the last 20 years we have been focusing on china, and asia more broadly, but particularly china, as our chief trading partner and chief export opportunity market. If some of the things we have seen in recent weeks and months, with barley and beef and students and, as you say, telling people not to come here for education or tourism, get that extends more broadly into other areas, particularly into the mining export sector, it would be deeply alarming for australia. 20 of our growth comes from exports. Around one third of that comes from china. We are, this is very significant for australia. Things ao try and get lot calmer. Ago,emed a couple of weeks when other things were happening globally, that people were focusing more on what was happening in the u. S. Or russia. Of course that has now, back with the hong kong issue. I think australia has a very, very tight, we are walking a tight rope here, between a rock and a hard place. We do need to protect our National Interests and stand up to freedoms and voice our concerns, we cannot koto kowtow. At the same time we have to find a way to do that until we can be more diversified in our export market, otherwise it is the worst possible time for us to be threatening one area where growth is coming from. Thank you very much, deloitte access economic partner nikki h utley. We had new Jersey Governor Phil Murphy sang his state will need to bring in more revenue for next years budget to fully recover. Murphy spoke exclusively to Bloomberg David westin about the economic impact. You are absolutely right in the toll has been enormous, 13,000 confirmed deaths and probably at least a couple of more thousand suspected to have passed from covid19. That is the awful tragedy. Our numbers have gotten a lot better. As they got better, we made the decision, based on the facts and the science, to begin stepbystep reopening our state. So we knew when we were doing that, doing it responsibly i hope at every step, that we would take on more risk in terms of increasing the potential for transmission. We were comfortable with that risk. What we were not expecting, was the explosion cases elsewhere in the country. And so the rate of transmission has gotten a little uncomfortably high for us, just over one. Today an improved slightly. So we put in with new york and connecticut, travel advisory for folks to selfquarantine if they are coming back into our state from a hotspot. As your colleague noted, a new jersey resident, we are now requiring face coverings outdoors. Those are two steps we have taken over the past 10 days or so. We have held off on Indoor Dining, which rings me no joy, but it is clear this virus is more lethal inside than outside. So we are watching this minute to minute, and trying to make the decisions at every step, based on the facts. To the we have to get summer and then we have fall coming, in school, which is on the national agenda. What are your plans at this point and to what extent do you plan on people being in the classroom as opposed to Remote Learning . Our department of education and our department of health put out standards a couple of weeks ago, very comprehensive, largely defining the parameters and the basic credibles, and leaving it up to basic principles and leaving it up to districts to develop and come back for our common agreement. Our bias is to get kids back into the classroom. That is the starting point. But we have to do it responsibly. The toughest not to crack is going to be preventing the unwitting passing of the virus ymptomatic, young, healthy kid, to an older educator or administrator with Underlying Health chances health challenges. So social distancing, face coverings, hyper hygiene, doing things outdoors wherever possible, those will be ellen pao immense of what we think it will look like elements of what we think you will look like. I understood your budget is balanced through september 30. It is balanced because it is a constitutional requirement. In order to get our budget balance for three months, we had to cut order for five billion dollars of expenses. We havefor new jersey, estimated between mid this year and the end of 2021, is 20 billion. How is the amount, overwhelming this crisis has been, and expenses that have exploded, and revenues that have fallen off the table. Are you going to have to borrow money and if so what is the access look like to the Municipal Bond market . New jersey has not a waste had the best credit. We will have to borrow money, and we will have to put revenue raisers on the table as we develop our next budget. The first place we will go is to the Federal Reserve special program they have set up. That will be the first port of call. We will go from there. This is going to be and both borrowing in the billions and needing federal cash assistance. We are not alone. This is an american challenge right now. And we are seeing this 56 bloat around the country. The other states are we are seeing this explode around the country, and the other states are in our prayers, and it is a reminder we are all in the same boat together. Karina that was the new jersey governor, phil murphy, on efforts to curb the virus there. You can always find indepth analysis on the days newsmakers on bloomberg radio, now broadcasting live from our studio in hong kong. Listen in on the app. Plenty more ahead. Wells fargo, the largest employers among u. S. Banks, is preparing to cut thousands of jobs and it could start later this year. This is really going against other banks that have pledged to keep jobs . Thank you for having me. Readyings fargo is thousands of job cuts that will start this year. And youre right, banks have taken varying approaches to how they are navigating that coronavirus pandemic. A lot of big banks on both sides of the atlantic set at the outset they would pause headcount reductions, as that pandemic was taking hold of the economy. Now there is divergence from that from banks, especially the european banks. Wells fargo is the first one that made that pledge initially to now start looking at job cuts. We are seeing pressure for wells fargo to follow through with these cuts. Given that we have talked about this industry as being able to withstand mass layoffs so far, does this suggest we will hear this from other financials as well . The answer that question is a twopart answer. What is putting the most pressure on wells fargo now is, a wells fargo issue. They have struggled with their expenses for years, as you might recall that they had the fake account scandal that really took hold for years ago four years ago, in the end suing chaos has left expenses a really big problem for them. The pressure is most acute there. They set a couple of weeks ago they will have to lower their dividend and none of their peers said that, so that is where the pressure is really setting in for them specifically. At the same time, once won bank does something, the other ones start thinking about it. Wells fargo and other banks report earnings next week, what are we expecting . The big story for next week is how much they are going to set aside for bad loans. When they reported firstquarter earnings in april, at had been a couple of weeks of the coronavirus pandemic. And the head that had given to the economy. Now it is a whole quarter we just closed. This will be a look into how bad it is, and how big these things are expected to be. Reporterur finance Hannah Levitt with the latest on wells fargo. Lets get you a check on the markets as we set up this friday trading session in asia. Not much from wall street as we saw the slump on concerns that coronavirus infections, 60,000 new infections in the u. S. , leading to a slow down when it comes to the reopening of economies. We are seeing a mixed picture across asia. The kiwind. 4 higher, dollar holding pretty steady after that u. S. Dollar modestly outperformed across the g10 space overnight. Sydney futures lower ahead of the open. In the next hour of daybreak asia we are joined to discuss the challenges of bringing more people of color into finance. Haidi a very good morning. I am haidi stroudwatts in sydney. We are counting down to asias major market opens. Shery welcome to daybreak asia. Growing concern about a resurgent coronavirus and the implications of a recovery puts pressure on rocks. Old is above 1800. Oil slips on weak demand. Infections continue to rise with local members
comparemela.com © 2020. All Rights Reserved.