Bloomberg surveillance. This is what the market is looking at if you look at equities. Is what the focus happened with china. Most european stocks are rising following the rally in asia. The offshore yuan falling after meantinese central bank to restrain the rally. Lets get straight to the bloomberg first word news. There is renewed sparring over stimulus in washington. President trump and House Speaker nancy pelosi hit at each other over the lack of progress on a new rescue package. Kudlow said he expects the two sides to continue negotiations with that a new deal isnt essential for the u. S. Recovery. President trump is no longer considered a coronavirus transmission risk. The white house physician says he has met criteria to end his isolation. He said the president s symptoms have improved but didnt say the president tested negative. The president has a rally planned in florida later tonight. The world bank is still in oil fields despite pledging to fight climate change. Thats binde
The key is to think about it order by quarter. You had a deep drop in the economy last quarter, and you are back up to where 95 of the economy is restored, and then we all work out the high net was one point 2 a 1 to 2 of the economy, it will take a while to grind through that. The audi is every at the reality is every estimate has gotten better rather than worse. Why is that . Consumer activity stayed strong. The fiscal stimulus, the monetary stimulus, the programs the fed has between the government and congress, between what the fed did. To bring the hole economy back up to the level and now we have to let it work out from there and we probably need more stimulus for defined places still in difficulty. Restaurants, state and local governments, schools, performing events, venues, some of the Industries Airlines and other things that you cannot have people do at the rate we have before. The rest of the businesses, Dentists Office are busier than theyve ever been. We saw Consumer Spendi
Francine we will have plenty more on that throughout the day. Lets get to first word news with ritika gupta. Ritika no murder charges in the Fatal Shooting of breonna taylor. A kentucky grand jury chose not to file the indictments against any of the Police Officers involved. A single officer was charged with wanton endangerment for firing into neighboring apartments. The decision has sparked outrage and renewed violence. At least two Police Officers have been shot. President trump says the Supreme Court will likely have to decide the outcome of the november election. Hes arguing he needs to confirm a new justice to replace ruth bader ginsburg. Hes casting doubt on the validity of the election, reiterating his criticism of mailin voting. Idea of challenging the virus is gaining. The study speeding up research but raises ethical questions about exposing people to a potentially fatal virus. Global news 24 hours a day, on air and at bloomberg quicktake, powered by more than 2700 journalist
Jes staley says lets get back to the office. Morei think the banks are of a pressing concern, absolute critical. If you think about the advantage that sector needs to make, the changes in diversity, in terms of gender and race, Corporate Culture really important in a bank as well when dealing with risk. All of these things, i can understand why he wants to bring people back into the office. I suspect it is going to be a little more flexible bringing everybody back to the 9to5. Tom Credit Suisse flexible as well. Francine lacqua in zurich. We will get her in the hour. With our first word news in new york city, here is ritika gupta. Ritika negotiations resumed saturday on a compromise Coronavirus Relief plan. Areblicans and democrats nowhere close to an agreement, under pressure because of people losing Unemployment Insurance this week. A stopgap measure would extend those benefits. Federal reserve chairman Jerome Powell calls it the most severe economic downturn in our lifetime. Powell
Recognize me of my tie was fixed. Just leave it this way. I do not consider myself a journalist. I begin to take on the life of being an interviewer even though i have a day job of running a how do youity firm define leadership. What is it that makes somebody tick . Talk about your career at bank of america and how you became the ceo because i think it is interesting. To go back to your background, you are from ohio and your father was a chemist . Brian my father was a chemist. David you are the sixth of eight children. When you have eight children you share a lot. Brian you have to be very aggressive of always getting your share, lets say that. David you went to Brown University and you are the cocaptains of the rugby team. Rugby is a top sport. Tough asit is not as banking. Brian nothing more powerful to see one of those scrubs. I was never in there, because i was not big enough. It is a fantastic teamwork game. That is consistent. The teamwork, all players participate consistently.