I say that with hesitation because you never know with these numbers anymore. Here is more. Is not highfrequency data. But they are coming in stronger than expected. 6. 2ory orders up by percent. The forecast was for 5 . Percentages dont mean a lot right now because data is always volatile. It is even more so now. We are seeing wide swings in orders for both factory goods, durable goods and nondurables. Durable goods orders, we already got a report on that. That gets revised. It is revised stronger. 7. 3 earlier. Tothe end of july, it is up 7. 6 now. These are june numbers. Orders, that is the one economists like to look at because it tells you what business orders are and what business spending is in gdp and that comes in at 3. 4 . That is up from 3. 3 . Not a lot of new information. Slightly stronger. The reopening started to bring rebound into the economy. At this point, we have no idea if that has continued. The new yorku that ism number which represents this 53. 5 four july. At least for part of july in new york, things were better. Alix thanks. We will see. That leads us to d. C. Nancy pelosi and treasury secretary head into another round of negotiations and there is still no agreement on issues like extending jobless aid. Key, the data has been improvement. Where are we at . In speaking with sources, here is what we know. President trump is signaling he would be willing to bypass congress if they are not able to get a deal on Unemployment Benefits and evictions. He said he could utilize executive orders and take executive action to bypass congress. Yesterday, a dramatic shift in tone from Chuck Schumer and Speaker Pelosi saying they have positive talks. Treasury secretary mnuchin and mark meadows. But they are not just facing pressure from the white house or from their constituents. They are also facing pressure from the business community. Howardks former ceo schultz organizing a letter with more than 100 Business Leaders through leadership on both sides of the aisle saying that there could be more layoffs across the country for small and mediumsize businesses if no deal is met by labor day. This comes at a time in which, according to this letter, data is an opportunity for washington to prove that capitalism works for all americans and not just a select few. Alix we appreciate that. Joining us to help us move it together, peter fisher. He previously served as undersecretary of the u. S. Treasury for domestic finance. Thank you, peter. It is always good to chat with you. Peter good to be here. Alix what is your outlook right now . Getting some bounce in some places. I think that is good news. Shared news is the small of the economy and Services Consumption is still much weaker and down. What i think is important there is we dont really know the mix. The basket of things we all by, goods and services is probably changing rapidly. The longer the covid economy blasts, the more that basket will change. We dont know how we are measuring inflation. We just dont know. Upside, downside. I think this is an example where the uncertainty is acute and we are stumping along with simple areas of the economy bouncing but the really important ones still alix weak. Alix alix a covid economy is the worst catchphrase. When it comes to d. C. , what do you think we need to see in terms of support to avoid whatever worst Case Scenario we might see . Peter i think i understand the concern of some members of congress, the openended federal support feels bad. It feels like something you dont want to do. This is the wrong time to worry about it. The inflectionut point where households that have lost jobs are just going to get really anxious and we are going to get a permit increase in savings rate. It is important to get the stimulus going down. It is late in the day but im hoping that the agreement that they reach will give governors confidence that they can open schools widely. If they dont open schools it is about confidence. We are not going to order kids to school and states will not enforce the truancy laws against parents who do not send their kids. What is really important is to open schools smartly and wisely. That will cost money. Congress better cough it up quickly if we want to see schools reopened in a sensible way. Alix Goldman Sachs had some predictions yesterday saying that in the second quarter, School Closures took 2. 2 percentage point up in gdp because of the sectors it touches. You raise a good point. No matter what, is schools open, there is confidence, people still have to spend money. If there is there anything anyone can do to make it will spend the money without a vaccine . Peter i think it is hard. Is weakness in services worrisome. We cannot order people. It is about confidence. That is why getting the economy going is so important for keeping support income at the same time. I would love to see the federal Government Spending money on investment rather than consumption. It is for next year after. We are at this inflection point. You really have to worry when you look forward to the employment report on friday, i am focused on continuing claims and what happens in july. There is a lot of noise. Maybe it will be bad. Maybe it will be better than we feared. Continuing clumps claims are particularly high and locking in households in a habit of worried about their job and the labor market is something we really have to focus on. I think there is an extra in every book that tells us we have to give get people attached to their jobs. If we lose that, then im afraid the economy is in much more trouble than it appears from weekly data. Alix i want to pick up on something you said, you said you want to see the government spend more on projects. Yesterdayly struck with how much the treasury is going to have to borrow. They are looking at 1. 2 Million Dollars in the fourth quarter. The whole year will be about 5 trillion. That is not even counting a stimulus they are working on right now. At what point does this conversation matter . I feel like ive been asking this question for years. If the fed is pressing down on real rates, we will talk about that a little later this morning. Think congress can keep spending money and borrowing it and probably should to make sure we put a floor under the economy. Yes, we can borrow 5 trillion per year every year for the next 10 years. That will not be sustainable and it wont happen. As a strategy, we have to think about how we switch from supporting income and consumption to support investment led growth. That is for next year and the year after. This year we have to put a floor under household confidence. Alix we will talk about real rates later. Lets go there. What have you made in the decrease in real rates like the. 1 the 1 we had last week . Peter we got the lowest longterm rates in 240 years. There are lots of reasons why rates are low that have nothing to do with central banks. Think the reason it is his store closes because banks are trying to make rates as low as possible for as long as possible. They are pushing down with qe and low rates. I am not sure that is sensible. They decided it is the right thing to do. I think we have to recognize that is what is giving us these exceptionally low rates. It is being driven by qe and continued qe around the world and by the continued threat of yield curve control hanging over the markets head until the market is pushing in one direction. That is bumping up stock and bond prices. I think both the bond and stock market are subject to dependency on the fed. The difficult question is whether it is dependent on the fed continuing to buy as much. Is it ok if the fed pauses here or does it have to keep doing more to feed the monster . That is what worries me. It worries me a lot about how long we can sustain real rates this low because they are not natural. It is something the central bank are doing. The question is why . They say they are doing it to stingley the economy. How does that work . They are stimulate demand for credit, but what about supply . They know they are squeezing margins private lenders can get. Little mindbending to think about this. It is really dependent on the path of the fed and it is really extreme. Alix you set us up perfectly for the next segment. We will be diving into that and how this is sustainable. Peter fisher of dartmouth will be sticking with me. We will take a look at yields and valuations. This is bloomberg. Alix live from new york, this is bloomberg markets. Two thirds of the way through earnings season. We are waiting for media and retailers. Scarlet fu has the latest. Past thewe know we are hump of the season we are talking about retailers. We have a good glimpse of what we can expect. Damage has been done to retailers in the second quarter. Posted a loss as overall sales fell 50 . Down 93 , wholesale. That is sales to department stores. A hit after bars, restaurants and arenas took a hit. Almost 8 billion lost. A 6. 7 billion writeoff. Gamers delivered. Grand theft auto adding the second most users ever in a quarter. Coming up this afternoon, disney is reporting revenue falling 39 in the quarter. Beyond meat is excited to report a loss. And nickelodeon look look or, nicola cork, a short term by. S p companies posting doubledigit declines on the top and bottom line. The second, showing companies posting gains. It all comes down to help Companies Manage expectations. Analyst estimates have come down dramatically and we had a lower bar. Two thirds of s p 500 companies be the topline estimates. Eps estimates. The margin to beat was near on the top line. Cost cut your way to preserve profit which is why you have 22 beating analyst estimates. Alix really interesting. Not so bad in 2021. Slowly starting to see some revisions. Thank you very much. Thats make the connection between the pandemic, the markets and the fed. Lets make the connection. Peter, there was a professor at the university of sydney. Here is he said. He said, u. S. Almost doubled its Balance Sheet i adding 3 trillion of assets in the space of three months. These assets had a substantial effect on stockmarket accounting for one third of the rebound in market march 2020 and can two to the apparent disconnect between stock prices and the economy. We all kind of knew that, but they did all the numbers. I wonder if the fed can ever take anything away. Peter yes, they can. It may change stock prices. Stock prices might go down if they bring down the discount rate a lot. I think we will start seeing, the earnings reports you just went through will tell us, we will start getting some real numbers around priceearnings ratios. Given the week earnings, the comparison expectation will be to prior earnings. The ratios will go up even higher than they are. The question is how are we going to feel about that as that comes through. You have to hope if you are focused on sustaining stock prices which really should not be the feds ambition, but maybe they look out of the corner of their eye, we are going to get a recovery in earnings that will offset whatever increase in the real rate. It might not be a seamless handoff. I think it is likely that the feds reduction of real rates gave a real boost to the equity market. There are lots of people focusing on that. The fed said they are not going to theyre going to let inflation take up a little bit. Thereestion is limited when inflation is higher, how patient will the fed be then. The fed might simply start taking away the expectation that it will sit still. It might not raise rates of year from now, that it might take away the expectation that it will stand for 10 years. That will have a big effect on the market. Alix i wonder what kind of volatility that leads to especially considering that in some ways the portfolio stock bonds, it is kind about the wayside at the moment. Peter i think stocks are much more volatile than we are used to. We have seen that. Looked at look at what has happened since february. We have to recognize there is more volatility in stock then we have assumed. That will weigh on how people feel about holding them, especially at really high ratios. You want to think about the volatility of assets and unfortunately both stocks and bonds will be volatile here given their dependence on the fed. People like to say cash is silly. But it is the best way to dampen volatility for most people and it is an option to buy assets in the future if you think there will be better prices later. It is hard to think clearly about the right portfolio. That is because of how much more volatile stocks are going to be and because of the high ratios we are at. Alix do you want to buy gold . Peter i dont like an asset that i cannot figure out the income stream on. I am sort of a bond guy, as you know. I have a hard time with something that is entirely based many people hold it. Alix all right. Areess my question is, they going to take the punch bowl away at some point when earnings can come through. I have to wonder if you have so many retail people in the stock market and there is a huge spot in the stock market that will affect Consumer Confidence and how much i wind up spending and debt seems to be where the circle of the fed is and they cannot get out. Do you think that is a real thing . Peter yes i do and i think it is a mistake. They think of themselves as having to stimulate financial conditions in order to stimulate the real economy. I think that is kind of a trap they laid for themselves. All of these financial conditions correlate the ball. The fed has adopted a lowball target. Prevents not mean they volatility as we found her on march. It just means they are suppressing it. I dont think it will work in the long room long run. They definitely painted themselves in that corner. Alix what you think the next actual catalyst is going to have to be . It feels like we are digesting what is not happening in the sea or dealing with really bad earnings. What would be the next thing . Peter it is going to take a couple of earnings reports. It is a good six month horizon. We will get it under two quarters of postcode earnings reports. I think then we will start seeing trendlines. It will be much easier. Two dots is a line. Three dots is a trend. When we start pulling apart the equity market and different sectors and their ratios, i think that will be very important for valuations. It is easy to say it is all about real rates now. Eventually it will all be about the cash flows, especially if real rates cannot go further down. We know some people talking about the fed doubling its Balance Sheet again to feed the monster. I hope not. But that might happen. Then we would be in uncharted territories. It is very strange to give up worrying about the power of money. Zero is the wrong probability with the size of the feds Balance Sheet mattering eventually for Consumer Price inflation and asset Price Inflation and deflation. Alix peter, hang tight. Yield, aof 10 year record low on a closing basis. Down 51 basis points. How low can it go . We will take a look at u. S. China tensions. This is bloomberg. Alix im alix steel. This is bloomberg markets. The change at the top of four. C. O. O. Jim hackett will retire. Westin, balance of power host. Why now and why the switch . Jim hackett was brought in three years ago. Ford wanted a lot of changes made. Jim hackett made some changes behind the scenes. 11 million to restructure and redo some things. Andhackett has had his shot bill ford says it is time for a change. Alix does this mean anything in terms of their shift to evs . I listened to the Conference Call today and they say it is specifically not. They gave him a tour of duty for one year to explore new technology and he spent time talking to all of the competitors. They say absolutely not. Jim farley is a car guy. They have a lot of important rollouts going on. They have the bronco, the new f150. Farley knows how to make cars your make cars. Alix i wonder how much of that is behind execution. It is really hard to know. During this two month transition, as you listen to jim hackett and jim farley, they say we are not changing anything. We will see once jim farley gets in whether he is going to make some changes. Alix what else can they do to wrap everything up for them . About farley talked Autonomous Vehicles today. They have an investment. Elective vehicles was the issue. Electric vehicles. They were behind on that. Behind tesla and nissan. They have to catch up on that. They say they will. They have the mustang e coming out. They are very enthusiastic about that. That will be the First Electric vehicle. They have to get the margins up. They talk about that on the call. They have a problem with europe and china. They are behind in china. Alix here you go. David, thank you very much. Bloombergs david westin. Coming up, tensions over tiktok. We will break it down. This is bloomberg. Alix here is the news from you, apple is addressing serious interest in buying tiktok. What does that mean for microsoft tiktok . The government get some kind of kickback . We will break it down. Im just breaking this news right now, what do you make of that, that apple could also be a potential bidder . Why not . Frankly, i was surprised that apples name was not thrown in before. But apple has a strong relationship with china, so well see how that plays out. Obviously facebook is out of the question, google is out of the question, amazon, highly unlikely. Alix what makes the most sense in terms of what they actually would get and what the valuation would be for them . What makes most sense is a that can safeguard the data as well as has the money to do it. There are companies that fit that bill, and you would think that its either private equity or one of these two companies that makes a lot more sense. Alix have you been able to crunch the numbers on how much microsoft or apple have to pay for this . Its going to be very tough wedo that largely because only know that by september 15, if there is no deal done, tiktok is going to be banned, so that is not going to be easy to value from a point of view even if you think about it. Of 500rd estimates million to 1 billion. Billion would be at the low end of it. Highend, it is tough to say. News, microsoft was somewhere around 70 billion, 80 billion. They could take stock in anything they want and still be ahead in the market. I think that it is anyones guess at this point. Alix i guess that leaves the question, we know what tiktok would get, they would get the security we need to make them operate in the u. S. What would microsoft or apple, what would they get . What is it . If you look at the overall assets of social media, facebook dominates the place, but , other than youtube, there isnt another company that has that much. You do get a lot of eyeballs definitely. Frankly, that is not microsofts goal. Their goal is selling software to the enterprise and frankly i would have been stick to that and just focus on that area. ,ou are getting an asset getting into a market you are not part of. People already know this, you dont have to scale it out. Microsoft would be getting a good deal from that point. Alix really great to chat with you, one of the smartest guys in business. Thank you very much. China will not go quietly into the night over this war over tiktok. The china daily newspaper said that china will by no means it and has plenty of ways to respond to the administration tearing out a planned smash and grab. Make of thedid you last four days with this . Well, theres a lot going on. Clearly, theres a complete lack of trust between the u. S. And china. There are reasons for that, we understand. It is getting worse and worse. We kind of see that as more sand in the gears for global trade and global productivity. Im not saying its unreasonable for either side to feel miffed or anxious, but bad news for global trade, it is more tension in the most important economic relationship on the planet. That is one and it is not positive. Step two is about data privacy and i think another really important issue on the line, probably going to just keep driving to nationalism in where our data is . And the answer is probably yes. When i was at the treasury, we negotiated with the European Union over whether we had comparable data standards and as long as they were comparable, would let our data stay on servers were everyone to keep them. But we are moving away from that, that nationalist data privacy. Three, i dont know how i should feel, whether i should care more about the Chinese Government knowing i went to walmart, or microsoft, or apple. Im not sure i happy with either one of those. But i think we got a separate these three strands. Alix such a good description. I do want to tease out something you were mentioning. Douess the question is, how you have a fair platform or a fair rule between china and anybody else when they dont seem to want to play by those rules . I just wonder if it is impossible to avoid some kind of internet decoupling. Weve seen that when it comes to trade or economics, this feels like the next leg. I think there was going to be an internet decoupling. I think china is going down that path and there are other countries that are going partly down that path. I think we may be going down that path. I dont think we should cry too hard, just wake up and face the facts. There is not going to be the free flow of information we are used to and it is going to be manipulated. Look at our elections, we see how our data is manipulated. I think that is the reality at of us. The Chinese Government is no friend of free speech, but the internet is a funny place for free speech anyway, until big platforms can bring themselves up. Alix it is such an interesting point especially right now when esp is taking a lot of the headlines. Try to understand, if you are a u. S. Company that operates in china when they are decoupling now, as an investor, how do you deal with that if you want to capitalize on the growth but you dont want the bad press that comes with it . I dont feel theres an easy answer. Transmission a little bit of your question, forgive me. I think its very uncomfortable. Bagis something of a grab and i think we are going to get better and better at what we care about and i think improving indices is going to be vital. Alix what you think would solvealix china and the u. S. . Is it just that china needs to come down to the u. S. . What is going to be enough to end it . Onoffnt think it is an hundred and. I think its going to take a long time to try to reestablish a sense of trust, which may, very slowly. We may have to learn to proceed independent of trust. There is just two options, trust learningust, theres how to proceed independent of trust. I think we are going to have to do a lot of work on that in relation to china, where we try not to distrust them, but maybe we dont trust them, but we are going to learn how to get along independent of trust. It is very hard, years of reestablishing trade relations. Alix do you think, and this is speculation, do you think if we get a president biden, or is this the way we are headed no matter what . I dont think we are headed to better relations no matter what. The Democratic Party has not in theiendly to china most recent incarnation. I think there will be tension no matter what happens. The Democratic Party has been supporting some aspects of President Trump getting tough on china over the last three years. Hisi think joe biden, attitude is not one of being bellicose. I think he might be the right one to try to get some things done without going too far. Alix as we wrap up our lets readn here, all three segments together because if you look at china and the u. S. , thats going to lead to lower productivity, lower innovation, weaker global trade. At the same time, investors are trying to figure out how to take on risk and where to go for safety. How low do we go in all of this . Have a good forecast. It is worrisome. Economy is,ut the of course covid19 is terrible and the unemployment is terrible, but im more worried about the economy three to five years out with the debt overhang Encouraging Companies to get more debt. 20 of u. S. Companies with Debt Services is just terrible. It is the grinding lower productivity that is something we really ought to worry a lot about and im am bleak on that, i have to admit. I think that eventually weighs on assets unless we can pump up the economy and the fed can get higher and higher real rates all at the same time. Alix sounds like a perfect storm that we would have to make happen. At the same time, is there a credit crisis coming in the bond market, particularly after covid19 . There have been lots of reports about ppe and going bankrupt anyway. I wonder how that fits into that timeline for you. The Zombie Companies are driving productivity lower. Its a terrible consequence of the feds approach to monetary policy. We dont have to have a cataclysmic credit crisis, just winding lower credit values and risk of bankruptcies. We write down how well the we think we are, and all those assets are much less than we thought. But the fed fixing prices in the credit market is part of what is making equities more volatile. I think that is something we all have to keep an eye on. Alix it was such a great pleasure spending time with you today, take you so much. Staying with this theme, in bloomberg tv later today, an exclusive interview with microsoft cofounder bill gates. Dont miss that. Coming up, getting vaccines to the people. The supply chain and logistics challenges. That is up next. This is bloomberg. Alix lets check in on the bloomberg. Nancy pelosi and Steve Mnuchin has signaled the First Progress on a stimulus bill. They had into another round of negotiations today, republicans and democrats still far apart on key issues including an extension of supplemental Unemployment Benefits. Hurricane isaias downgraded to a Tropical Storm as it moved inland. It prompted Tropical Storm warnings including manhattan. Temporary flood areas have been. Eployed in new york city the storm does not pose a threat to any Major Oil Refineries or platforms closer to ending a monthslong standoff with investors. They want to restructure 65 billion of debt for one of the worlds most notorious borrowers to climb out from its deepest hole in two decades. Regulators are looking into investors who got rich when the price of oil took an unprecedented drop on april 20 at 37. It was the first time crude had ever crossed into negative territory. They made as much is 500 million that day in london. Regulators in the u k and the u. S. Are trying to see if any rules were broken. Alix thanks so much. Apple,eaking news for there are no discussions about apple buying tiktok. Literally 10 minutes ago there was a report that they were interested now they apparently are not. The race to produce a vaccine is hard enough, but disturbing one worldwide has a host of other challenges. Companies are already stretched by the pandemic and the lack of his ability on when he next he will arrive makes distribution much more confident. Joining us now is craig fuller widely considered the go to for information on the trade market. Always awesome to catch up with you. Have you been contrasted to move vaccines in any way . We dont, we are not involved , we provide data and analytics to companies. For us, it is a matter of tracking the trends and making sure that our customers, which are providing majestics services, have the information to respond to the demands when they do take place. Alix i guess another way to ask the question, have you been hearing about this from your customers . Weve heard anecdotal information that some of the Large Pharmaceutical Companies are reaching out to their Logistics Providers to make sure that they have an understanding of what resources they have available. There is a lot of Resource Planning taking place, but i think everyone is waiting to see where these vaccines, once they get approved, where they will originate. If they originate in the united states, domestically, we should be in pretty good shape with all the capacity. There has been a lot of discussion around air trade, but most air trade was on the ground, and our trucking networks are pretty sophisticated, so we should be able to come in the u. S. , assuming that the vaccines are able to be sourced in the united states, should be ok. The areas of the world that i am particularly concerned about are some of the more remote areas, subsaharan africa, some of the Pacific Islands where it is much more difficult and they are much sources fornt upon their vaccines. Alix what is it like to transport a vaccine . Is it special stuff that you need to do that ultimately it comes down to temperature. There are two major considerations. One is obviously in terms of safety and security. I imagine when the vaccines become available that they are going to be in high demand and there will be folks who want to target Transportation Providers to get access to those just to circumvent the system. Hat is a concern the security is obviously most paramount. Obviously you want to make sure that the vaccines are not tampered with, so theres going to be a large investment made to ensuring that the vaccines are transported secure at all times. That may include escorts that actually track or follow the trucks or aircrafts as they ship. Aircrafts are a little easier because they are typically going to secure locations, in and out of airports. They are highly secure and as long as they are not disrupted during flight, you really dont have to worry about it. Certainly on the ground we could see escort operations. And in the second, and perhaps as important element of that, maintaining the temperature. These vaccines are probably exposed to some level of temperature sensitivity, so certainthem secure at a temperature within range is going to be also important. The good news is that there are pallets and Pallet Systems that can provide temperature allowances, so basically what happens is when they are loaded onto trailers, the temperature is monitored at all times and they can maintain a temperature range. Sort of like a system you would have for your house. Alix is this all up to the transport guys to do, not the drug guys . Villages to ask industry is going to be outsourced. Essentially, the drug manufacturers dont typically on their logistics operations. They are going to be dependent upon the industry itself to respond. The good news, this is what they do well. The supply chain is liquid because of the logistics industry. I think our logistics industry, particularly not just in north america, but in the west, is actually quite investigated and prepared to handle this and i dont see a major capacity issue in the west. Where i would be mostly concerned is parts of africa or the Pacific Islands where they are much more dependent upon the mainland and may not have sophistication. India is also a concern because theyre legit six industry is fraught with a lot of issues that are not as sophisticated as we have here in north america or europe. Alix thats a really good point. I guess my question was also trying to get in on money. A lot of drugmakers, some have said they want to make a profit at some point of the vaccine, some say they are not going to make a profit. I wonder, they have to pay for the justice, right . Does this same conversation trickled down to the we just six guys logistics guys . I dont see them doing this pro bono. I certainly think they will address it and hopefully be responsive in terms of providing it, but it is going to take a lot of resources to do it. It is a relatively small think about the fact that you can have hundreds of thousands of individual files on a trailer or a million on an aircraft. The cost of the overall vaccine. I imagine that the budgets are there for that, i would certainly hope that the federal government if not the vaccine manufacturers are thinking through the logistics elements. Personally,cerned at least in north america and europe or the west review had a government that is willing to spend money to respond to these events, im not worried about the logistics cost, i am more concerned about places like africa where not only getting access to the vaccine, which transportation thereof, is going to be more difficult. Alix we talk a lot about the inequality of axa nation that we are going to have to deal with and this is another example. Really great to get your perspective, very much appreciated. This is bloomberg. Its time for the Bloomberg Business flash, a look at some of the biggest stories in the news right now. The European Union is launching an investigation into googles takeover of fitbit. There are concerns about how could increase googles data margin in online advertising. The European Union was projecting a december 9 deadline to approve or veto that built. Southwest airlines has scaled back cleaning operations with wiping down seatbelts after every flight. Passengers can ask percent sizing whites if they want to do the cleaning themselves. Passengers can ask for sanitizing wipes if they want to do the cleaning themselves. As many as 3000 wealth planners could be hired in china. That is your Bloomberg Business flash. Alix here is a weird story that caught my eye. France putting Morgan Stanley in the penalty box. The status of the primary dealer of french government bonds has actually been on hold for about three months because of the transactions conducted about five years ago that affected the liquidity of the markets. 24gan stanley has appealed million over accusations he used to pump and dump tactics to rake bond prices. This is an interesting story. Theould point out that french bond yields are now trading at 24 basis points with the rally still under way over in europe. I also want to point out, Governor Cuomo of new york putting more counties on and off the quarantine list. Rhode island put on. Coming up next, we are going to ceo of the Company Takeover of upi. Do not miss that. This is bloomberg. Ar and alix steel. We are counting down to the european close. European stocks up to tens of 1 . Movement in europe. Energy, financials, communication all pushing higher. Tons of earnings coming out. We are looking at google. Hugo boss is looking at a recovery. The eurodollar is losing a little bit steam. Yields are lower in italy. Sam is similar in the u. S. There was a record closing low for the 10 year yield