Down nine basis points. Europe is jumpy holding onto positive territory. Who knows . Brexit conversations throughout this week. Coming up later in the hour, we are going to speak to gregory poland of the mayo clinic to get his perspective on the latest vaccine trial results from astrazeneca and pfizer. What does it actually mean for the market . Eu leaders are reconvening about premuch now for stimulus negotiations in brussels. The goal to seal the deal signaled that they are ready to agree on 390 billion euros of funding be made available. German chancellor Angela Merkel sounded optimistic earlier. Night, wealks last worked out a framework for possible agreement. Perhaps today an agreement will be made. Is underground for us. You have been covering this from the beginning. We understand there is a lower provision for grant and loan guarantees. Are they going to have people checking . Is there going to be an Advisory Board . What i would say is the mood has changed over the past hour. We understand the meeting that was supposed to happen in just a few minutes has been delayed until 6 00 p. M. Were going to have to wait another hour for the summit to begin. Rooted weark put the question to him, what is it exactly you want . He told me clearly we want to have this rebate. We want to have this special break that could potentially stop payments to countries like italy if the money is not well spent. He did not confirm the figure, the 390 billion euros, could seal the deal. There is debate as to whether the 390 is good enough. There is a lot of uncertainty. It is unclear as to whether a deal is imminent because the mood has changed over the past hour. Francine do you get any sense as to what would put every thing on track . It is complicated because it is not just the grants, which the Southern Europeans had repeated they didnt want to see cuts below 400 billion euros. That is 100 billion down from the initial plan. The grant is a huge issue. We do not have a figure on that. If you walk her this plan so much that the dutch are ok, that could become problematic for the italians because they cant take anything that looks like a troika and they cant be lowballed too much. Otherwise, this turns humiliating. It is unclear at this stage what could change and whether we are going to go back to negotiated amounts that will probably delay a deal further. Francine thank you. Joining us to talk more about this is mujtaba rahman. Thank you for joining us. You have great pieces. Your latest one is basically laying out more optimism that maybe certainly yesterday, the most contentious issue is the governments arrangement for the Recovery Fund. Will they be able to find an agreement . Mujtaba bigger than the question of volume is where the money is cut from. 310 billion,is which makes up this vehicle, that is basically going to dole this money to Southern Europe over three to four years. As long as that remains intact, i hope a deal could be done. Aat i hear in brussels from team close to the European Council president is his proposal will bring close to that 310 billion. The jury is out, it is going to be difficult. It is likely we are going to see the emergence in agreements that allows one Member States to kick this to eu leaders for discussion. I think that will ultimately be the price of a deal. The interesting question is what happens at the leader level when there is discussion . Does one country or one leader then get a veto over disbursement or not . That is unclear. What is clear is the leaders are going to get to have a conversation. What is unclear is how that leader discussion will be governed. Francine lets play the if game. What if you say three inch or 25 billion euros of grants thats a good side. The bad side is one member can kick it up the leaders and veto it. Is that a good deal . Mujtaba europe is still crossing the rubicon in terms of cooling risk. That is a big deal. Angela merkel has crisscrossed all over a number of red lines in order to deliver this deal in cahoots with paris and brussels. If you get an agreement, that is a big deal. It means every year there will be a little drama around the time of disbursement. That is part of what it means to business in europe, frankly. I do not think that fundamentally subtracts from the overall positivity of landing an agreement today or tomorrow morning. Or more longerterm, philosophically, is this just a fight of the francogerman alliance against northern countries . Is this about taxation . Really europe speak with one common voice . Mujtaba i think the plan is going to enable substantial borrowing at the european level, doling out that money as loans over the longterm. It is highly redrew distributed. It is highly redistributive. These are principles that would have been met with political opposition in germany even two months ago. The only reason they are being run over is because of the nature of the covid crisis. Given the magnitude and the nature of what we are talking about, there was always going to be politics involved. Folks in brussels suspect needs to do what he is doing to claim a win. He needed to run three to five days so he could go home and say to his parliament he fought hard. On substance, he will win quite a lot. Emergency brake, bringing down the volume of grants. These are all big wins for the dutch and the northerners. They will be able to claim as a win. It does not mean europe is now talking with a collective voice. The nature it is just the nature of decisionmaking. Francine poland and hungary have to go home too. Where are we with rule of law . Mujtaba i think that is norways. I think that is noise. If you look at the press conference, he is effectively preparing the ground for a climbdown. Explicitly blame the dutch for his inability to of rid of any mechanism rule law related or otherwise that would give the eu greater oversight over his territory. At the same time, i dont think the mechanism the eu agrees to is going to have teeth. France and germany have not been aligned on the question of how to deal with rule of Law Violation for the last 25 years. I do not think now is going to be the moment they align because they both agree getting an agreement on the package is more important than a mechanism that allows them to stand up to what the polls are doing. Those rule of law concerns will be sacrificed on the altar of securing a broader agreement. We are not too concerned about the hungarian situation over the polish situation. Have what Francine Francine what happens if we dont have an agreement today . Does it hurt the political standing of the italian Prime Minister that has waged a lot on this deal . Mujtaba first, based on all of the advice i am providing to market participants, if you do not get an agreement in the near future, there will be a market reaction. The longer the meeting is to late, i think the more probably the more problematic that reaction will be. Leaders have now been discussing for four or five days, it is going to be hard to reconvene in a week. If they dont do the deal tonight or tomorrow, youre looking at a longer delay or, probably august or september. In the intervening period, this will hurt. Has invested heavily in an agreement. Any deal that is diluted or not achieved will hurt his domestic standing. The foreign secretary in the house of commons said they would are we going to have a trade war, u. K. Versus china . If we are do not know going to have a trade war but it is clear that you do have tremendous pressure in parliament on the government to secure and articulate and adopt a position visavis china. Obviously we have seen that with huawei. I suspect we are going to see that going forward. G,u will have heard of the er vicki constituency the key constituency pushing parliament into a hardline position. Now we have the China Research group effectively operating in the same way. Coolerin for a period of ties between the u. K. And china. I suspect that will impact all elements of the relationship. Alix great to catch up with you. Mujtaba rahman, good perspective. To thee political side market, the euro slipping back from four year high. Atre going to take a look market obligations of the stimulus package. Uber this is bloomberg. The government leaves and the people of the country are left with the burden of debt. That is a cycle a data cycle we have to get out of. Canpoliticians and leaders benefit from the immediate loan, but it is hard for the people to repay that. Speaking tomopping bloomberg. That dynamic playing out here in the u. S. And europe as well. Jordan rochester joins us. As we grind forward to a potential deal with european Recovery Funds, what is the Downside Potential . Jordan there is actually more optimism than pessimism for sure. Investors, pension funds, insurance funds are long on the euro. That is a worry for anyone who wants to think about buying your on the back of a deal going through. The number is pretty big. The level of positioning we havent seen for a long time. I am not worried. I currently have my long euro trade on. Emergingmarket traits i think just because folks are optimistic doesnt mean it is the end of the francine what move zero if we get a stimulus deal today . What moves euro . Bigan the deal itself is for medium and longterm. A lot of it has been priced, we have been talking about this for months. If the headline hits that a deal has been agreed, i do not think euro is going to move too much because it is a matter of timing. It has comepened is earlier than expected. We did not expect it to happen this weekend. We thought this would go before summit in august rather than july. Good news is it has come earlier. Medium term, you have a common asset. You have a sense that european leaders will come together whenever there is a crisis and do right amount to avoid risks. You talkper long run, about european rate spreads going from near zero between each other like they did a long for ago in 2004 the outlook longterm European Assets is made more optimistic. Short term, what will matter is growth expectation. I do not think this will fundamentally change that. There are things driving that expectation view, which is the virus. Alix the idiosyncratic versus the macro. I was talking with david blum, he is looking for u. S. Dollar resilience. This is what he had to say about the euro. It is either risk on risk when one thing only matters in financial markets, you swing with that. Sophisticationhe committed idiosyncratic moves you get historically. That is something we have seen as outside of the box. It will go back to return. Alix do you degree it will go back to risk on risk off . Actualou think the things happening can move the material . Jordan i have to disagree with david. Euro has been trading idiosyncratically the past few weeks. I do not think that is going to change shortterm. The Recovery Fund does have aspects to it that means there will be european inflows. Even during risk off, we will see the euro not appreciate as much as the pound. Is goinge, i think it to be more resilient to risk on risk off. It is going to be more about growth. Chart ison risk off not working for the euro right now. What is working is expert patients of growth versus the u. S. European growth expectations have improved, whereas the u. S. Have improved as well, but not as much. That ties to the resurgence of the virus, lockdowns in the u. S. , and also the lack of mobility statistics. Unlike european data, it looks like this as normal for european commuters. Transit numbers are back to normal. Dynamic ist growth more important dan risk on risk off. Francine i was looking at some of the european emerging markets, for lack of better words. They are kind of moving on the hope of this eu Recovery Fund being signed off on. What happens once it is done . What will move those currencies . Are a those currencies high version of the euro. If you get good news for europe, those currencies outperform. Also, whats going on in terms of confidence for investors, will they hold back because of the u. S. Second wave . What is joe biden mean for the outlook of the dollar . A lot of factors are pushing year. Igher this those currencies should outperform. Thee will be the idiosyncratic story, but for now, the topic is large, the global pandemic. Willratic stories matter for a day or two, but what is happening in the u. S. Is a bigger driver of currencies than domestic stories. Alix to this point, once we get over this hump of the euro deal and u. S. Stimulus, what is the next catalyst for the fx market . The intoet past august. Weve got the Democratic National convention, republican as well. Who knows how many can attend . We are still waiting for joe bidens Vice President ial pick. He has alluded to picking a lady, but we do not know who it is going to be. Harris . H warren, kamala that will really matter for markets. If we see a farleft candidate, that comes joe biden is more left of center than many folks might assume. Stockight see technology if you see more talk about regulatory reforms. Once weld be a catalyst know that information. We will see how polling goes for joe biden and donald trump as well. Then we have got second wave risks. Would it comes to autumn, whether we see second waves pick up, what kind of lockdowns will be see . The big question is do we get the same response from Central Banks and policymakers . In the u. K. , furlough schemes are coming to an end. You will see a massive pickup and unemployment in the u. K. Just as the risk of second wave might be arriving. It is going to be a tricky winter if the government sticks to the furlough scheme. If they dont and i am talking more broad, fiscal policy makers, if they say we have done enough, it is going to be tough. Alix jordan rochester of nomura. Treasury secretary Steven Mnuchin speaking at the white house, saying he and mark meadows will be reaching out to democrats. He thinks they need a technical fix to unemployment. Not sure what that means, but says they are looking at 1 trillion in the next stimulus, far below what democrats want. President trump says he is negotiating with democrats on a plan for small business. Sticking to his payroll tax cut. That is a redline for him. We will update you. This is bloomberg. Francine a look at some of the biggest business stories in the news. Ritika talks and a potential sale of its u. K. Grocery unit as a potential multibilliondollar deal was put on hold amid coronavirus pandemic. Bloomberg reported that private equity firms tdr capital submitted their for earlier this year. Chevron has agreed to by nova energy for 5 billion. The deal would be valued at 13 billion when you include data. This would be the largest takeover in the industry since it was rocked by coronavirus. That is sure Bloomberg Business flash. Alix we are also following the 200 billion dollars is going to go public in hong kong as well as shanghai. I she was and like look, the market is going to be open. This will be a good indication of that. Francine this is also interesting given what it is. This is a Parent Company of chinas largest mobile payment company. It is interesting because it will pursue this deal in hong kong, but also their Shanghai Stock Exchange is star board, a new place just for it has changed from this online a bidrom food delivery in to get back shoppers lost to tenzan. It is kind of nittygritty fight at its best. We will see if they get the valuation and what it means. To thelmost headed european close, lets take a quick look at markets. Overall, you are seeing a good rally in the equity market. A bit into the bond market as we edged toward a potential deal for the euro group. This is bluebird. Alix the european trading session just wrapping up. Heres a quick check on where we stand. Overall indices solid in the green. The ftse off by about. 5 . The dax 1 . He also have italian equities up 1 . It will be tech and health care leading the way. I want to give you a check in the cross as it landscape. A powerful rally in the bond market across the board, but particularly in ptp. Switch up the board. You can see what i mean. Yields in italy down eight basis points. The spread between the two fell to the lowest level since march. The question becomes how much tighter connect at how much tighter can it get on any deal with the European Union . Kind of jumping around. The same question. How much more upside if we wind up seeing a deal . Francine of course, the big story we had over the last two hours is the Coronavirus Vaccine from the university of oxford with astrazeneca showed promising results in early human testing which is why we are seeing health care up. Technology is the biggest gain or, but he also have construction property on the up your you also have construction property on the up. Astrazeneca giving up early gains so there is caution on the prospects. It was up 10 , then 2 , now it is up 1. 2 . Italy this is one of the big italian banks. Natixix trailing the market after the short lived takeover speculation was shut down. A couple of the stocks we are watching out for today. Alix muted reaction. From more perspective on global vaccine rates, dr. Gregory poland joins us. When we get good news about a vaccine, the markets go crazy and they get excited. That did not happen today with the exception of the move in astrazeneca. Can you give an insight as to why that might be. Is there anything wrong with the astrazeneca news, or is there complacency . The markets are rational in my viewpoints. We have gotten good news. We have gotten reports on three of the front runners. All three are showing remarkably Good Progress and important data that will leave each of them into phase three trials. Pfizer, oxford vaccines will go into phase three trials. The important thing, and people may be beginning to understand is immunological data alone is not enough, that is what the markets are reacting to. What we need is movement into phase three trials to tell us are people protected against . Xposure and if so for how long francine i am not sure the market is 100 irrational. The market is saying we have to be cautious about the prospects of this. To some ofd speaking our folks and Bloomberg Intelligence on the antibody front, may be the pfizer trial was more promising. Is this because we are just in the early stages or 10 you already tell which vaccine trials are better than the others given the amount of immunity you can get . Dr. Poland you cannot tell, because knowing the amount of immunity presupposes you have a correlate of protection, which we do not. There is a strong feeling neutralizing anybodys will be important. By itself, probably insufficient. That may be why people are a little more excited about the Pfizer Vaccine in that they show ample data showing what is called a skewed th1 response. That tells us a balanced immune response. There is not only anybody produced, but in both reports for pfizer and oxford, cellular memory being induced by an increase in certain cells that would lead us to believe that. You are right. At this stage, you cannot look at these results and say this will be better than this one or this one will not work. It is not possible. Alix we have to interrupt you for one second. We are seeing treasury secretary Steven Mnuchin speaking of the white house. Lets listen in. We will alsochin be reaching out to the democrats to begin our discussions. We are committed that by the end of this month, before the enhanced Unemployment Insurance expires that we pass legislation so we can protect americans that are unemployed. The number one issue is we have to fix the technical fix on enhanced unemployment. We will make sure we do not pay people more money to stay home then go to work. We want to make sure people who ,an go to work safely can do so we will have tax credits to incentivize businesses to bring people back to work, tax credits for pp any, and we will have big incentives, money to the states for education, for schools that can open safely and do education. These are the priorities as well as Liability Protection. We want to make sure frivolous lawsuit do not prevent schools, university and businesses from reopening. President trump mike . Pence i would say how much we appreciate the leadership in the house and senate. Todays conversation is a continuation of your commitment to do whatever it takes to get the american people, american businesses and communities through this challenging time. The outbreaks across the sunbelt are serious, but because of the support we have had from leaders in both Political Parties and to congress of the united states, we are meeting this moment with expanded testing, personal protective equipment, and with the development and distribution of therapeutics and a Rapid Development of vaccines. That will all continue, but it is Important Congress comes together and provides Additional Resources for families that have been impacted, businesses that have been impacted, we make sure our Health Care Workers in our states have the resources they need, but also we will continue to advance policies that will make it possible for us to open up america and open up americas schools. I look forward as you do and working with leaders gathered here and members of congress in both Political Parties to deliver another important element of a recovery package that will keep on working until we bring our country all the way back and reach the day we put this coronavirus in the past. President trump . Thank you. Mcconnell tomorrow phrase the process of what weve been discussing with the administration with our members. If youre looking for a theme, it is Liability Protection for those trying to deal with the pandemic. We have inhabited we do not need an epidemic of lawsuits on the heels of the pandemic. Kids in school. Jobs, health care, this is the theme of the proposal we hope to present republicans and as a secretary the treasury indicated , he cannot pass the bill the Senate Without the democrats commit we will talk to them as well. Just to sum up what we are looking at. If youre sitting home and concerned you do not have a job, we want to make sure you can come back. We do not think any federal money should be spent to give you a disincentive to work. For those Small Businesses, we want to make sure you can pay your we want to make sure your kids can go back to school safely, not just for children but for teachers. We continue to make strides to make sure we get to a vaccine, that we find a cure for this virus that did we did not invite and came from a foreign land. That is the focus. Mitch talks about, and i think it is fundamental not just for schools but any business describing whether they can open or not, we should not have an attack from any lawsuits. We need to give the protection we rebuild and restore this country to where we were before. I know we can do it together. That is why we are working here. We will be reaching out to the democrats. I hope for that moment in time we put politics aside. Alix youve been listening to white house officials. President trump, mitch mcconnell, kevin hassett, secretary mnuchin and Vice President mike pence talking about the potential for stimulus. It feels like a very conciliatory tone. Talking about their talking points like liability, payroll protection, but all working together as we wind our way toward a vaccine to try to get people back to work or supportive so they can get back to work. Dr. Gregory poland is still with us. Vaccine, mention of the timeline for that. Lets pretend everything is great and we get a nice vaccine in a couple months. How quickly does that get into everybodys arm so everything can go back to normal . What is the reality of that . Dr. Poland that is a great question because that impacts so many things. Phase three trials have started for three different frontrunners. That is good news. Those trials take months to carry out. Youre enrolling between them 120,000 people that will be enrolled and get two doses of vaccine for a month apart. Then you will look at anybody response. Once you know this is safe and effective, and that takes months, now you start manufacturing the distribution process. That takes months. The reality, unless there is a plan i am not aware of, is we are still looking into the wintertime before we have widespread distribution of vaccine. Know if theen do we antibodies stay with us . , wele who have had covid19 understand the autoimmune response trails off after three weeks. If it is the same, are we going to need a shot similar to the flu every year and does the virus mutate . Dr. Poland the answer is probably yes to all of those questions. We know even in people who have been infected that by 12 weeks, there anybody levels have fallen three to 23 fold. That pretends we know antibody response will be the key corlett. We do not know that. It is a marker we can follow. Likely is the case, then we will need two doses initially and then one or two perhaps every year if this becomes an endemic virus like the flu that comes back every fall. Alix what can countries do today to prep for distribution of a vaccine in 12 months or nine months . What do they need to stockpile and how they get ready for massive distributions . Dr. Poland you have all of the good questions. Im impressed. Issue that many are thinking about. Why do i say that . Of adultentire range vaccines that we have, very few countries have robust distribution platforms and systems to make it happen. Of are probably talking trying to immunize everybody in the globe with two doses of vaccine. We do not have that many class files for vaccines. There has to be a rampup in files, syringes, class all of the paraphernalia that Health Care Workers need to be trained, distribution needs to occur, and finally the vaccine gets into arms. That is not a trivial process. Question onfinal who gets access to the vaccine first. There was a lot of debate about if a country gives money for the research, whether they have access first, or how do we know how they will be distributed . Dr. Poland there has been a lot of discussion about that. I just submitted an editorial on how do we allocate vaccines. Is it going to be to rich countries, is it going to be to who develops a vaccine . Typically what has happened in the u. S. Is this has been done by utilitarian ethic. Who has the greatest need. There are also egalitarian considerations to consider. Uninsured, people with less access to care, minority communities have been excluded in those initial distributions, and yet those are the communities in which we are seeing some of the highest need. That is going to be a key thing in the u. S. The cdc and other organizations have begun those discussions. Nobody has come up with a firm plan yet. Alix it was great to talk to you. Please come back anytime to tell us what a great job we do. Gregory poland, director of Mayo Clinic Vaccine Research group. European markets have settled. Volume superlight, particularly on the ftse and the dax. We did end in positive territory. The upper formers equities. The ftse down. 5 . Overall a positive. Another outperformance day for europe with the exception of having a which is rally, up 2 . This is bloomberg. Alix live from new york, i am alix steel with Francine Lacqua in london. This is the on bloomberg markets. A lot of earnings out this week and we want to focus on u. S. Regional banks last weeks wall street biggest name released some results so lets focus on the guys who did not have trading revenue. ,oining me is brian jordan First HorizonNational President and ceo. The Bank Released earnings and came right in line with estimates. They finally closed a merger with iberia bank, and the bank operates in tennessee and neighboring states like texas, florida, and georgia. Congratulations on finally closing that merger. Can you give us some insight since you do operate in the state seeing another wave of the coronavirus what is going on the ground . Brian thank you for having me. It is an interesting time to say the least. We are all trying to be careful in our banking centers. We have not changed our operating policies for two to two and a half months. We have been and what we would call phase two, which we have our centers open and are trying to limit traffic in the centers and are using driving windows with the Old Technology to serve countries that want to visit centers. We are seeing a tremendous amount of activity in our online channels, Online Mobile banking. And borrowers are being very creative in trying to adapt to a difficult operating environment from a pandemic perspective. They are trying to be creative in the way they serve their customers, the way they meet the needs of the community. Can, we are trying to adapt to that and keep people healthy as an industry, and i think the same thing is happening from a customer perspective. Can you give us any insight into how Customer Behavior is changing . Are people saving more . Are they shopping more online . How have you seen it change over the last four months for the last two weeks when things suddenly got worse . Bryan very early in the process we saw activity drop fairly significantly. That was the stayathome phase that started to pick up mid april. Customer transactions have picked up. The prevalence of Online Transactions has trended up and continues to trend up. We see a good bit of activity online and customers are using remote channels. To take an example of the Restaurant Industry we serve, fullservice restaurants are still operating substantially below capacity, but if you look at a quick serve restaurant, in other words a fast food restaurant, their volumes are up. People are still working in remote fashion, trying to remain social distance and be cognizant of the risk of what is going on in the economy. There has not been a huge change in the last couple of weeks. Alix we have a chart that shows where your loan growth is right now. That includes the ppe program from the government. I wonder as the government is debating the next round of stimulus, if you can get perspective of customers. What they need . What do businesses want in order to survive and what you need to be able to loan even more . Bryan the ppe program you referred to on a combined basis, and ininated 4 billion, an emergency the treasury did a fantastic job working with sba to send that out. Programs that are similar to that that would help create a bridge, critically for other businesses refer to restaurants. Restaurants who are significantly down and having a hard time not meeting payroll but meeting rent. Anything that covers the cap two when we get to the other side of the medical issues allows customers and business to get back to normal will be helpful. I think the creativity the fed has brought to the market is tremendous and i think they continue to do that it will help keep the Capital Markets functioning. In the short run, i think Anything Congress and the administration can do to help businesses, particularly Small Businesses during the divide, and most importantly keep the consumer strong, keep them in their homes, keep their bills paid, keep them in cars, keep things moving as best we can until we get to the other side. So much. Nk you appreciate the on the ground perspective. We will have to get you back to check in in a few weeks and see how things are going. Bryan jordan. This is bloomberg. Francine alex and francine from london and new york. Guy johnson on a very muchdeserved day off. This is what we are expecting from the week ahead on tuesday. A lot of the focus is on the senate and what will happen during the Senate Banking committee. We have a lot of earnings. U. S. , cocacola, lockheed martin, united airlines. On thursday we have Major League Season begins earnings. We have other Companies Reporting earnings. We look the Earnings Companies coming out, on friday we have tmobile, verizon, honeywell, i think i counted 19 companies in the next three to four days. That will be difficult for them to give a forecast given they do not know what a lockdown will be. A lot of investors are looking for dividends and any glimpse into how they see the economy recovering. Alix im interested to drill down more into tack. You had tech fallout of bed last week. We did see the outperformance of small caps. It crushes it and has a profit, that could now be in the s p. Francine tesla, if you look at the stock market and you look at how tesla has been performing, it is pretty volatile to say the least. That is probably one of the big ones to watch out, and then banks with ubs tomorrow. Alix that will be a lot of fun. Francine, thank you so much for joining me. You will be with me the entire week. That does it for us in new york and london. Coming up next, balance of power with david westin. This is bloomberg. Save hundreds on your wireless bill without even leaving your house. Just keep your phone and switch to xfinity mobile. You can get it by ordering a free sim card online. Once you activate, you only have to pay for the data you need, starting at just 15 a month. There are no term contracts, no activation fees, and no credit check on the first two lines. Get a 50 prepaid card when you switch. 5g is now included with all new data options. Switch and save hundreds. Xfinity mobile. 49i 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. David from new york to our tv and radio audiences worldwide, welcome to balance of power world war of politics meets the world of business. Congress is back to work in washington. They have to meet on the new stimulus package. Number four. A lot of things to get through and not much time before the supplemental insurance runs out. We welcome henrietta treyz. Gives and issues of what is separating the democrats from the rubble begins data from the republicans and maybe the white house. Henrietta smart to think of three different baskets, the democrats, republicans, and the administration. The meetings are kicking off in trump party with republicans meeting with the administration. Optimistically they will get on the same page. I would like to see President Trump drop his demand for a payroll tax holiday. It is not happening and is far too expensive. It is designed to benefit pe