After the adp report, employment is still a bad number. From 43. 1, so42. 1 that feeds into the narrative that even if the economy opened up a little bit in july, we are going to see fewer people working, and we will probably see adjustments to peoples payroll forecasts for friday. Alix is that the one take away from today, the slower rate of job hiring . Michael that is the important thing. You can open up the economy and get a yield sitting in the middle of the street or a restaurant, but the people who serve you are not coming back as quickly as they would hope. That will slow the economy overall. Alix you mean in new york you literally have tables in the street. I appreciate that take them. One other sign of hope in the race for a vaccine you have shares surging to their highest in five years. I two shot experimental covid19 vaccine generated antibody responses in healthy adults that were four times higher than in people who have already recovered from the virus. I am joined by the president of research and development. It is great to chat with you. The markets are really hinging on what happens on the vaccine front. What is next . It me the timeline. Give me the timeline. We are excited about the data. It is a great platform for confidence to move forward. The next step is to demonstrate the vaccines are efficacious. We were able to learn a lot of things from the vaccine because the immune response was meaningful. We were able to compare them to subject to recovered who are quite ill, which defines the upper limit of what immune response can look like. Great data. Now, we are moving into multiple looks at efficacy. That will be a global trial. The funding we have from operation warp speed is going to enable that. We are fanning out. A big push now to show the vaccine is safe and efficacious in a large way. Alix the next step is that a phase 3 study . Can you give me the size you will be working with . Dr. Glenn we are stepping into several trials. We have a phase two. That will expand safety. That will help feed into a big wsfunded al oh owsfunded trial. We are in other countries looking at efficacy. All those are going to start. Weve course have to work through the fda, and they are reviewing the data. There will be a trigger point once that review is done. They have been very efficient. We expect to start that. Our big dream i think you will ask this is that we can demonstrate a pixie efficacy in the fall and winter am be ready for deployment. Alix could you do it sooner than the fall . Dr. Glenn that is moving fast. You have to immunize people. They develop an immune response. You try to find pockets where there is disease. Imagine if i came and said i have this quarter and every time i flip it, i get heads, and you said, how many times did you do it, and i said twice . You have to really show the vaccine is working. It takes some time. There is a lot of thinking of how to target areas with transmissions. That will drive getting the events needed to prove the vaccine works. These are normally eight to 10 Year Development programs. That is our goal. We know this virus is affecting all walks of life. Believe me. Everyone is completely working seven days a week to make that event happen. The other thing you might know is normally we do these things in series. That includes manufacturing and scale up. Were doing that in parallel. The goal is the moment we have proof the vaccine is working, endorsed by the fda, we have a supply of vaccine that can be deployed weekly. There is a lot of planning going around the deployment already, people anticipating we will have good results. Alix the question becomes, where does it go . Bill gates, microsoft founder, spoke about the vaccine and encouraging lawmakers to consider adding 8 billion to the Economic Relief bill currently being debated for lessdeveloped nations. He said we have only taken care of ourselves, and if we add this, less than 1 of the bill, we could show up strategically, in a humanitarian way, and prevent the disease coming back. How are you thinking about vaccine distribution, in light of the money you received from the u. S. Government . Dr. Glenn actually, the first money we received this was from a coalition for epidemic preparedness, and the Gates Foundation was a big backer of that. We have a very close relationship with the foundation. They are a big supporter of our vaccine. They have seen the data. They have seen how good it is. I will tell you we are committed to deploying in the rest of the world. We have manufacturing in the u. S. We have manufacturers in asia, europe, and india. There is a very aggressive plan to go up to the rest of the world with our vaccine. One thing we found in the results yesterday is that the dose needed is very, very small. You can imagine, if you make a million doses of a vaccine that requires 50 micrograms, or the dose requires five micrograms, now, you are increasing your supply tenfold. It has huge occasions for the ability to deploy this in the developing world. And by the way, we have been working in for your global trials. We have lots of connections on how to test, how to implement. We are committed to that. On that front, does novavax need a profit on the vaccine . Dr. Glenn we are a company. You have to be. It is a big shame that this type of investment had not been made earlier. This is going to establish company. S a vaccine we are particularly good at looking at these emerging infectious diseases. This is an expected event. The magnitude and the duration is really probably historic, but it is going to happen again. We did not have an infrastructure really able to pivot and make a vaccine with the kind of speed that could have been faster. We really i think the u. S. Especially come up a leader in biotech and development and innovation, we really need to establish infrastructure that can pivot on a dime when there is a new virus cropping up. In fact, we do this all the time. We have a flu vaccine. Flu strains arise. The manufacturing, the rest of the infrastructure needed, is going to get established by this effort on covid, and should be sustained to keep us from going through this incredibly destructive event. For spendingou time with us. Good luck on the trials. Glenn, novavax president of research and development. On that note, we are hearing from chicago right now. Apparently, Chicago Schools will begin remotely on september 8. Maybe in the second quarter, they will switch to in person hybrids, half school, have learning at home. Already, like many other areas of the country, preempting opening schools and doing online learning. Please, cuomo, dont do that for new york. We could get that information as soon as next week. Our next guest says golden record highs do not justify a bigger risk off. This is bloomberg. Thats checkin on the first word news. In beirut, rescue workers are searching through the rubble, hoping to find survivors from the massive explosion that flattened lebanons main port, killed at least 100 people, and injured 4000 more. Officials blame highly explosive Ammonium Nitrate that had been stored at the port for years, but they are not saying what triggered the explosion. White house and democratic negotiators are trying to reach a deal on a stimulus relief i could by the end of the week. They are under pressure to act. Millions of unemployed americans just lost supplemental jobless benefits. House Speaker Nancy Pelosi and Chuck Schumer are playing hard pull hardball. They have rejected proposals from the white house. There is a sign that increasing coronavirus cases are putting the brakes on the labor market. According to adp, countries in the u. S. Added just 160,000 in july, well below the median estimate of 1. 2 million. The government comes out with its jobs report on friday. President trump pushing back on critics of his proposal that the u. S. Government should get payment if an American Company buys tictoc. The president told fox that microsoft and other companies agreed with the plan. He has given microsoft or anyone else until the middle of september to make a deal. Global news 24 hours a day, powered by more than 2700 journalists and analysts in more than 120 countries. This is bloomberg. Alix david speaking with Anthony Fauci right now. He says the speed of Vaccine Development does not mean a lack of safety. 50 oes say the vaccine is effective. The Market Reaction over the last few days, very clear. You have deepening real yields in the u. S. , the treasury market fueling a rally in gold, pushing Precious Metals toward alltime highs. The dollar rolls over amtek continues to lead market gains, with the exception of maybe today. Mark connors is the Credit Suisse head of wealth advisory. You have record low yields up to 20 years, a record high in gold, and tech at record highs. What is that . Mark it can give a hint that there is a risk aversion trade. If you look at your monitor with risk on trade on, you see gold up. You see the tenure bid. But we also see the aussie dollar moving from the 58 low to 72 from the march lows to today. Italye the 10 year for tighter to the bond. That does not happen in a risk off move. And you see how yields issuing at a 3 handle, overall yields, Bank Loan Market up, e. M. Running. It is definitely more about dollar weakness. It is two different schools of thought. Some people just look at the real yields. That is definitely 80 of conversation with clients that we have, and across the firm. What popped in the last six weeks was a deficit in the u. S. That has not gotten as much attention. That is it world war ii levels. Biggest u. S. Deficit percent gdp since world war ii. Saying clients are actually asking questions about that . It feels like the market blinks, says record high borrowing, and move on. Mark the deficit is not a concern, but it explains the gold moves area gold being denominated in dollars is seen as an alternative to the dollar. With the u. S. Rn dollar is there concern about the reserve currency . That is definitely a longerterm not necessarily founded discussion. But when you have that, one thing you look at for validity of that argument is gold. Gold is up, with silver slowly attaching to it. You dont see copper. It is not inflation trade. It is definitely a dollarbased riskon is there. You cem. You see equities. Alix how is positioning . Mark positioning is concentrated. When we look at preand post covid, all covid did was accelerate what was already in the market. The positioning has gone into the vital few. It is the fewer companies that are resourced. We know their names. The positioning has gone from say 18 of market cap was in five names coming into covid. , the topof market cap five names. Positioning is narrowed, and they still dont like the value names. They are still short those cyclical names. Head what happens as we for the election, as we get headlines out of covid cases, vaccines, and we have the election coming out . We have seen a lack of volatility in the treasury market, but a lot of volatility in the vix. Mark you nailed it. Area you looke at, it is the kink in the vix curve at the election. Surprisingly, there is not a lot of does russian. I think late august into the second week of september, i think idea formation and commitment to how you are going to hedge your book owing into the election will happen. There is not a lot of hedging now for the election because there are too many variables going on. Alix do you feel like the hedging of the election will be literally the election, when we know the results that week for that day . Or is the hedging wall street considering what a biden presidency would mean for assets . I think this is a show me market. When you has the fed doing such accommodation, some folks are looking through the election and saying that the dominance of the Monetary Policy will pull markets together. , the number said one thing we look at is leverage. If leverage starts to leak out of the system, that would be the signal of concern. It would be a general bloodletting of risk. We have not seen that. Alix i wonder if were ever going to, with the fed in the market forever, or longer. In that case, do yields just keep grinding lower . What is the endpoint . Mark we had this discussion. This is cocktail conversation with clients. The only data point not the only data point, but i point to having abrainard discussion at a new york consortium, i think with new school folks, about yield curve control. That was february 21, before the pandemic in march. Yield curve control was on the table even before we hit the 13 facet. So, to your point, yes, i think that folks are leaning toward accommodation means money has to go somewhere, and they are going to go into risk assets. Alix really good to catch up with you. Mark connors joining us from Credit Suisse. Something else that caught my eye today is People Living here in new york took a substantial financial hit in the last year, according to a new report. Their combined wealth fell 13 . That loss was exacerbated by the impact of the coronavirus pandemic. That report comes from Research Firms in new york. New yorks decline was the biggest in dollar terms among major new york major u. S. Cities. How any friends do you know who fled the city and went to the hamptons . San francisco coming in second. It lost 5 of its wealth. The question is, does it come back, or is it gone from new york for good . Thanks theyisney will bring moulin straight to streaming. We are looking at milan mulan as a oneoff, as opposed to trying to say there is new a new Business Model we are looking at. Alix that was the disney ceo discussing the plan to put its new film on the Disney Streaming service. And it isd by mark super good to talk to you. Is it just a oneoff . He called it an experiment. Experiment does not sound like a oneoff. Opportunitys a real for disney to test a new offering with a blockbuster movie. Mulan is going to be in geographical areas where theaters are not open. There is an opportunity to have something that has not really been done before. When i say it has not been done before, it has been done the last couple of months. It has not been done with a blockbuster like mulan. In thet had a budget 200 million range. Can disney really recoup that with this plan . Mark it is an opportunity to test the waters and see how it works. Have windows, how long it takes to go from box office, to rental, to television. This will give disney the opportunity to test that. But you can also look internationally. You can certainly see the movie there. Alix it is great to put milan there because its already going to be released. But when studios have to go back to making movies, how do they do that right now . Mark that is something that has been thought through quite carefully over the last several months. Many production studios, that is the question right now, is looking at potentially acquiring foreign programming, programming that already exists in the u. K. And europe, to help fill the gaps until they can shoot normally again. They are thinking through how to make it work in light of the pandemic, how to make production work. You are certainly going to see more animation, more documentaries, more unscripted shows. Consumerthere are patterns of actually liking realtime programming. It is also easier. Type ofsier to see that programming, which is already underway. There are lots of opportunities there. To catch up. Good mark boyd men moi mark boidman of pj solomon. Talking about lockdowns, dr. Fauci says it is all or nothing. Medical experts on hydroxychloroquine that is something the president has apparently taken, or said he has, and has been promoting on and off. He says they need to do better in shortening the tests to results. He says durability of the vaccine is not a problem. You can always get a booster. Having to do it every year, he says get a booster and you are good to go. A 50 or 60 rate of vaccine overall helps the Public Health. In the market, we are looking at oil really popping. We are looking at official numbers coming out at 10 30. Will we wind up having oil keeping at a fivemonth high, when it comes to brent . What do Oil Companies do if we actually get to the on brent . We will discuss that. Bps dividend cut. A historic shift for the industry and for bp yesterday. We dig into what it means if oil stays at 40. Alix my from new york, im alix steel. I johnson is off today. This is bloomberg markets. Brent at a fivemonth high after data coming out strong yesterday. The question can we maintain the rally . Part of that is going to be dollar weakness. The dollar dropped like a stone, the dollar Index Trading around 92. You have Company Earnings coming out from big oil in europe. It is interesting how they will respond to 60 oil, 40 oil, 50 oil. Inventory is out. You saw a big drop. That is almost triple what had been expected. Cushing did see a mild build, and the products are building now. Gasoline and distillate inventories are building and final utilization is up about 0. 1 . We are not having a total reopening. We are having regional shutdowns and slower growth. Overall inventories, a pretty strong drop. I have to wonder, are we exporting some of that . Is it going right into product . Are there other issues involved . We are seeing oil hold onto its gains. Wti outperforming, up by 4 . 43. 36, wti. Bp slashing its dividend for the first time in a decade as the virus upended its oil business. Earlier, i spoke to the oil giants chief executive about the transition. In february, we set out in ambition to be a Net Zero Energy company by 2050 or sooner, and to help the world get there. Rightfully, a lot of people had a lot of questions. They said, nice ambition, but it lacks detail. We said we would come back later thehe year and give them march. Thats what we did yesterday. We filled in the details. We laid out a new strategy, which we will talk about, a new Financial Framework, and a new distribution policy. In terms of the integrated Energy Company and how we dont become a utility, so to speak, what this is about is the problems in energy that the world faces are increasingly complex. They are local. They are complex. People are looking for many things from energy. Theyre looking for it to be reliable. They want it to be clean. They want it to be affordable. To do that, you have to knit together lots of Different Energy sources. That is where bp comes in. It plays to our strengths, because we are in natural gas, solar, wind. We have one of the Worlds Largest trading organizations. We can knit this together, giving customers what they want, industries, commercial companies, and enhancing value as we do that. That is our strategy, to be an integrated Energy Company, providing solutions for customers. I think this plays well to our strengths. Alix that does sound like a utility company, even though you might be bigger. What is your differentiator . We do not intend to do Power Generation or Power Transmission in regulated markets. We do not intend to deal with Consumer Retail customers. We dont believe thats where our strengths are. Where our strengths are is what we have been doing in north america for over 20 years now. We are well known, and you know producer inural gas the United States. But people dont know is we sell over 20 of all natural gas in the United States, and more importantly, that we have been providing Energy Management to over 100 cities in the United States as bp for many, many years. What those cities want is, they want clean power. How do you get that . You get that clearly through wind, through solar, and maybe with a blend of natural gas, because wind and solar is not giving them the reliability they need. Natural gas can bridge that. They also want to be able to predict the price of that. Because we have a large trading organization, we can hedge that price for them. And obviously, they want it to be 100 clean. As one of the largest traders in carbon credits in the world, we can do offsets, sometimes on our own and sometimes through the marketplace. If you put yourself in the shoes of a city, or in the shoes of an amazon or a microsoft, each of whom we are working on deals with, they want that solution. They dont really want to look behind the curtain and knit together six or eight angst. They want one person to go to, and that is what we do. Alix dont you still need 60 oil to make that happen . The cash flow is from your oil and gas assets to make this work. The reset, what we wanted to do is consistent with strategy, and this decision was absolutely rooted in strategy. We want to become an integrated Energy Company. We need to invest into the transition. To do that, we want to be able to do it at a range of prices. What we set out yesterday is a Financial Framework that has a balance point of 40 oil. We can do these things at 40 oil. 40, wes less than wont take actions to preserve that. What we have laid out is a very resilient distribution policy that enables us to invest into the transition, while giving shareholders a fixed dividend and the potential for at least 60 of buybacks if there is excess cash flow. Alix that was for my interview with the bp ceo by an analyst from barclays. You are like the first on my phone call when i have to interview ceos. It feels like we are at a place where European Oil Majors are drastically diversion from u. S. Oil majors. What did you learn so for this earnings season from what they are thinking about for the back half in the next few years . Thanks for having me on. We always have fun together. This is great. Yes, i agree that there is a different plan. I would say on the interview you just had both chevron and exxon [indiscernible] i think they are taking on a more balanced approach to it technologies and integrating renewables into some of their current assets. Reallyon, what is topical is the dividend. With everything going on with energy, this is an understandable question for investors, given oil prices, as well as continued volatility that is expected in the trip. Alix lets drill down. With exxon, they have not done the right that other companies have. I wonder how long they can sustain that. If Oil Prices Recover tomorrow, they are in the best spot to capitalize on it. If they dont, how long can they be in this position . Jeanine [indiscernible] good number on safety. There is a huge debate out there. Based on our forecast, i dont think they are going to have to cut it in the near term. The liquidity, they have issued new debt this year alone. Based on our forecast, this would cover their and their dividend through 2021. It is unlikely that is going to be cut in the near term. Last week, exxon announced key announcements that have positive read through for the dividends they see. They are going after savings. And capex is likely to be meaningfully lower in 21, which i think is unexpected from the market. That should help in terms of the dividend. Alix the big question i have, and this dovetails with bp if bp is getting rid of 40 of their hydrocarbon business, im wondering what kind of supply gap creates, which leads me to u. S. Shale players and how quickly they are coming back, and how quickly they are bringing back production. What have you learned so far . Jeanine so far, i think the earnings are a little over halfway rude. Capitalod of discipline, we have to see more than just price signals of oil to get activity growing again. It is not just the price signal. It is about surety that prices are not going to move up, move down, and kind of whip around. What we have learned so far, i think most topical, is last night we had reports that announced a shareholder return framework that increases total dividends over time. It is not much in terms of a base within, but a special dividend. We think these frameworks are positive, because they reinforce discipline. For us, that is a nice way of saying it keeps Production Growth and Free Cash Flow front and center. Do we know if the capex and money they are putting into production is increasing their production activity, or if it is making up for the oil that is drops off mark oil pretty fast. There is a decline rate. Do we know which one it is yet . Jeanine that is a good question. There is a lot in that. We always get questions about when it is going to return. We have a sense we do not have or will guidance yet for a lot of companies. Pioneer, i think the expect next year to grow about 5 . , if oil prices are between 40 and 45, we anticipate they will probably be flat versus yearend 2020. But if oil prices are 45, we expect they will allocate some capex for growth, and a balanced method between growth and trying to increase cash flow and return of capital. Alix what is your favorite pic right now in the space . Jeanine [indiscernible] especially after the announcement last night from pioneer, we think that pioneer is going to be a good Company Moving forward, especially given the election risk we have. We think there is going to be more noise in the church, not less, related to the election risk in november. Pioneer has done well. [indiscernible] out of our coverage universe, with the most consistent activity. As we have found out through the downturn, Balance Sheets matter a lot, and pioneer has one of the strongest Balance Sheets in our sector. Anticipate a onetime dividend, going down after that. We like pioneer. Alix coming up in the next hour, i will have an exclusive interview with the ceo of pioneer natural resources. Their call underway right now. Coming up, south africas stock market outperforming its peers. We look at how it recovered from march lows with the Johannesburg Stock Exchange ceo. Its time for the Bloomberg Business flash, a look at some of the biggest stories in the news right now. Johnson and johnson have agreed to supply 100 million doses of Coronavirus Vaccine to the u. S. , the latest in a string of deals between the government and drugmakers. The agreement is valued at more than a billion dollars. Blackstone is making a bet on your family tree. The alternative asset manager will buy about 75 of ancestry. Com, a business of Family History research and dna testing. The deal is valued at 4. 7 billion, including debt. Bill gates says tictoc data is safe with microsoft. The cofounder of microsoft spoke to bloomberg about the proposal to buy the chineseowned video app. Bill we have engineers from all over the world, including in china. Microsoft is very careful about its data promises. We try to have strong relationships globally. Wontow, we wont we do things that are hostile or viewed as hostile. Has givennt trump microsoft until the middle of september to work out a deal with tictoc. That is your Bloomberg Business flash. Stocksouth africas main index bouncing back to prepandemic levels. You have gold, equities, and tech rallying. The problem is the diversions between the stock market and the economy. South africa is facing the biggest Economic Contraction in nine decades. Im joined by leila fourie, the Johannesburg Stock Exchange ceo. It is great to talk to you. I know what everyone says about seeing a diversions with equities and the economy in the u. S. What about where you are . Leila it is quite to be with you. We have seen our markets bouncing back. In fact, yeartodate, we are ahead on the top 40, relative to others. While o see is that there is a dislocation between the real economy and the capital markets. It is all about what stocks are dominating on the market. What we see is that the tech stocks and data stocks or do virgin, and not necessarily reflective of what is happening in the real economy. In south africa, we have an 50 . Ous company which owns , lastven the gold price night, that really rallied. Our Financial Markets, financial stocks, are down. Vodacom vota come have upheld the economy. Our investors have been cushioned from the dislocation we have seen in the real economy. Alix can that last . I would think that at some point that is going to hurt trading confidence, and you may see less volume, or there may not be the further gains to be had. We are certainly very aware of the challenges in the global and the local macroeconomy. Probably the have largest number of listed stocks in the emerging markets. We punch way above our weight, relative to the real economy. We also have a bedrock of institutional traders within south africa who the funds are contained in the country because of exchange control. There are also important rand hedges. More than 70 of our top 40 derived their income from outside of south africa. Uniqueeatures are quite and apart from our real economy. [indiscernible] is over 250 . Capitalicipation of the markets in the south african environment. Me insightou give into products or new services you might be launching in the back half of the year to capture what is happening within the market to mark leila in the market . Newa we Just Launched a segment in the sustainability and social environment. We had an enormous interest in green bonds. The early signals are that there are a number of local locals and multinationals who are interested in that space. That expansion in tech as a result of covid is also an important area. Investigateng to private markets driven by nextgeneration technology. This could be in the infrastructure space or the [indiscernible] alix do you think the gold rally and how it translates to Gold Companies does that have more room to run . Gold is veryn of much a function of a safe haven mentality. I would say that one of the key drivers, the key drivers of where this will go, is whether we have the second wave of the whether six months on, we have a trade war between america and china, and the swiftness with which fiscal stimulus is deployed to restart the economy. Just my last question, some insight what is it like in south africa to mark how open are you guys . What is the lockdown like . Leila we had a very swift and very severe lot and them which remained in place for probably one of the longest lockdowns in the world. We have now started opening up. Our Financial Markets have coped tremendously well. We remained open for business. We were working from home. There has been a transition by the work hours workforce, working from home across all industries. There is also a very concerted effort governments to deploy stimulus to try to restart the economy. Some areas are terribly hard hit. That is where the focus needs to be, to build back the economy. Thank you for the insight. Dr. Leila fourie, johannesburg ceo. Dr. Fauci i hope it is going to be more than 70 . Even a 50 to 60 effective added, is totally value if you complement it with Public Health measures. Dr. Anthonyas fauci, of the National Institute of infectious diseases. David westin joins me. I saw the headlines. What were some of your takeaways . David you heard that question. It is not all or nothing. We need a fully effective vaccine to put it behind us, but there are a lot of things we can do between here and there. Of course it came back to masks and social distancing and things like that. We talked about what we should listen to when we hear conflicting things, maybe from the president. He said when it comes to hydroxychloroquine and medical things, you should probably listen to me. Alix schools we heard chicago is going to do their first half totally online. Maybe they will think about hybrid in the second half. What did he say about opening schools . David he think there is a need to open schools as much as we can, safely. It cannot be onesizefitsall. He says across the country in chicago, there are not many infections, so what is the problem to mark he leaves it up to the schools. But he keeps emphasizing there are a lot of things we need to do and Everybody Needs to do. He drew an analogy to his daughter, who rode crew. It takes all of the people. You could have seven people putting on masks and one not doing it, and you lose focus. Dos . Any other must david we are not doing enough on testing, but he things we are better than we were. The delay in testing, he says more than half, we are getting back in 28 hours. But the others, we need to get back faster. Did you talk about a vaccine timeline . I spoke to a doctor who said we can move fast, but everyone else i talked to said it is going to be a lot longer. David he would not give an estimate. He said nobody is ahead in terms of efficacious miss. Some people are ahead in terms of time. You know i dont do leila nobody is ahead in terms of david nobody is ahead in terms of whether it will work or not. He did give an indication of a few key things are ahead of the others. He said there are things we need to do right now and we should not wait. A florida headlines crossing right now. Did you talk to him about sports . David i did come sure. I asked, are we going to make it through the major season . He said he cant tell. Was very complement early complement tree. I asked how his arm is doing and whether he will be throwing out anymore first pitches. He says he think he will stay in the stands, but his arm is much better. Alix he got enough flack from that . David line drive to first base. Alix i appreciate you catching me up on those headlines. You can catch the full interview on balance of power coming up later. Do not miss that. More from bloomberg. Taylor live from new york york, i am from new alix steel. Highs, ahe session off risk on day within the equity market. A weaker than expected adp report in the u. S. Lows asar moving near the treasury pushes out issuance to the long end. Ism in the u. S. Came in better than expected but some wrinkles in unemployment, leading to a buy equities, crude, and oil. I will have an exclusive interview with Scott Sheffield on the increasing 2020 Oil Production forecast. Businesses in the euro zone have seen stronger growth in july where output expan