which isn't hurting things. all of that cash coming out of treasuries and looking for a place to go. one place going is tesla. another is ralph lauren, saying that half of its stores in china are closed. nonetheless, same-store sales in the u.s. in the quarter were up by 2%, a lot better than the 0.8% analysts were looking for, and that has the stock rallying nicely. facing more privacy probes in europe. guy: no longer a $1 trillion company. i think there is some coronavirus element to what we are seeing in the stockmarket rally on both sides of the atlantic. you also have signs of stabilization in the asian markets as well. stoxx 600 by 1.5%. around 0.5%,p by getting a bounce back in the energy complex. byember, we are still down 21, 22 basis points on the german ten-year this year. today, we are five basis points to the good, as a result of which we are seeing maybe the start of a process of an unwinding of what has been a fairly big bond market move over the last couple of weeks. german ten-year, -40. vonnie: in iowa, democratic officials are working furiously to deliver delayed results of their first in the nation caucus. this after frustrated presidential candidates claimed momentum and plowed ahead in their quest for the white house. we are joined by kevin cirilli, bloomberg chief washington correspondent, from des moines. give us a rundown of where the situation is now. it was a bit of a chaotic night. ketic party. they just put out a statement within the last 30 minutes and documentation, we have been able to verify that the and recorded in the app used to calculate state delegate equivalent is valid and accurate. precinct level results are still being reported, and while our plan is to release the results as soon as possible today, our ultimate goal is to ensure that the integrity and accuracy of the process continues to be upheld." that said, still no clear timetable on when those results are going to come forward, but there is palpable frustration among all of the campaigns. pete buttigieg, who was poised, based on exit polling results, to have a big night last night and to beat expectations, tweeting out, "we are on our way to new hampshire, to the nomination, and onto chart a bold new course for our country, but only if you are with me." i've spoken with several staffers in the campaign who are all very optimistic and bullish about their performance last night. the president still preparing for his state of the union address later this evening, and he tweeted out that the caucus was a "unmitigated disaster." he's trying to say that this is a larger illustration of how the democrats would win the -- would run the country. he brought up the debacle with the obamacare website, and says that the only person who can claim big victory in iowa last night is trump. guy: do we just ignore iowa? how do we deal with this as we thick about who will be the ultimate nominee for the democratic party? how is it going to work in terms of looking back towards iowa and thinking about newhi politically democrats are raising that question today. they say iowa is not a positive illustration nor reflective of the democratic party is all. , senators, governor and republicans releasing a joint statement saying it is incredibly important to iowa's economy that iowa continued to be a bipartisan tradition and first in the nation. beyond that, that is the politics. from a policy standpoint, you are absolutely right. should there have been a result last night, it would have put pressure on candidates to drop out of the race. they don't have that pressure today because they don't have the result. the last point on this, this poured gasoline on a fire that has been starting a conversation in the intelligence community, at the local level, and political circles about how to best protect and modernize the election process. this conversation will continue well after the iowa caucus results are made public, whenever that maybe. vonnie: a fairly inauspicious start to the whole thing come about iowa awards just 1% of the delegates for the democratic thing, but-- whole iowa awards just 1% of the delegates for the dim credit now on nation -- for the democratic number nation -- for the democratic nomination. kevin: it is important to the ethanol industry and agriculture, and it is important to campaigns who are trying to really get battle tested as it relates to organizational structure, caucus structure, campaigning, and when i have conversations about this, it is important to staffers as well because should they ultimately end up at the white house and they have to travel the world and set up and organize, this is the experience to test them for that. whether or not it is iowa or another state, all of those conversations are being held now. i anticipate some new development in the next two hours as it relates to the iowa democratic caucus, but the conversations about whether democrats will stand with iowa in the future as it relates to four years from now, that conversation is about be busted open. vonnie: thank you. kevin cirilli in des moines, iowa right there. a programming reminder, we will bring you special coverage of president trump's state of the union address tonight at nine a clock p.m. eastern on bloomberg television. guy:guy: let's get to the other big story we are covering, the latest on the coronavirus outbreak. the number of cases has topped 26000 and the death toll has risen to at least 425. hong kong has had its first death, confirming the second fatality outside of mainland china. joining us from hong kong is rishaad salamat, coanchor of "bloomberg markets: asia." let's talk about what is happening here. key bounce back we are seeing in stocks around the world would seem to suggest some sort of stabilization in this story. is that the reality on the ground? rishaad: one would think the bounce back we are seeing is with the pboc coming in with another set of reverse repurchases, this time if he $7 billion worth -- this time $57 billion worth. they haven't made a purchase program like that since january 2017. it also helps ultimately to help up, and the fix was stronger than expected as it fell below that seven handle. , they end of this year were hoping to have targeted a doubling of gdp without having an explosion of debt. one of those two goals will perhaps have to go by the wayside. we are also looking at this death toll mounting. with got 427 deaths, no one in hong kong, a man who had underlying health conditions -- , aths, now one in hong kong man who had underlying health conditions. macau also now closing its gaming tables for the next two weeks. really going to be fretful for the economy. 83% down in terms of revenue weeady, projecting that could see 50% falls in growth revenue from those in the first quarter. vonnie: what kind of data did you get from the chinese authorities that might be able to tell us we buy week what is happening to the outlook for gdp growth, where factories are closed and so on? rishaad: not much at the moment because it is the end of the year, which has been extended in 14 provinces by a week, which is something like 2/3 of the chinese economy shut down. economists have been looking at what is going on. ubs, goldman sachs and others saying we could see first quarter growth falling from 6% as projected onto about 3.8% or 4%. it certainly is going to hurt. there's no doubt about that. the whole containment of this pathogen continues. vonnie: rishaad, thank you. guy: thank you very much indeed. rishaad salamat joining us out of hong kong. vonnie: we will move now to the first word news. here's viviana hurtado. viviana: we begin with only one mystery left in president donald trump's impeachment trial, whether any democrats will join senate republicans in the vote to clear him of the house charges. the vote is set for tomorrow. one possible democratic vote for acquittal, senator doug jones of alabama. he's running for reelection this year. the european union rejecting president trump's proposal for securing peace in the middle east. the eu is also expressing concerns about israel's plans to and more palestinian land, saying it committed to -- saying it remains committed to a two state solution. palestinian president mahmoud abbas dismissing it as "nonsense." retail sales falling for the 11th month in a row in december, down more than 19%. stores have been hurt by months of antigovernment protests and the deadly virus is causing more turmoil. shares of tesla soaring again after yesterday's 20% gain. observers are trying to figure out how and why elon musk has done it. the electric carmaker stock this year already doubling. it's market value is at about $50 billion more than that of volkswagen. vw is the world's largest automaker. global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. i'm viviana. this is bloomberg. vonnie: thank you. we are seeing a nice bounce again today. the s&p up 1.4%. industry groups leading again, the autos and consumer durables. the dow up 1.5%, and the nasdaq up 1.4%. a quieter vix as well today. this is bloomberg. ♪ guy: from london, i'm guy johnson. vonnie: from new york, i'm vonnie quinn. this is "bloomberg markets." let's get straight to our guest, jack janasiewicz. he joins us from natixis advisors, senior portfolio strategist. what do you do in an environment like this where you have so many potential challenges to this market rally, and yet we are seeing stocks and indices up 1.5% today? jack: i think the biggest problem we run into is the markets are certainly going to be subject to a lot of the headlines. one of the things we have been stressing to our clients for over a year now, you can't really forget about some of the things in your portfolio that act as a ballast. things that started the shift earlier this year, taking down some of our credit exposure, especially in investment grade. looking to swap some of that into the treasury curve, that's basically looking at our equity offset. we still need to thing about bonds. those bonds are acting like an offset to equity risk. sit tight, try to look through the headlines, but know that we have a strong portfolio behind you. vonnie: what is the correct level for the 10 year right now, given the economic fundamentals in the uncertainty on the horizon, even if some uncertainties have gone away? brexit uncertainty and so on. jack: we do a fair value model based on fundamentals. we have two different versions of that. buzz of those equate to treasuries being roughly 40 to 45 basis points on the rich side. when we get to that level historically, we tend to get a mean reversion. the question is will we see fundamentals catch up with what treasury yields are telling us, or just the opposite, treasury yields moving back towards fun a mental's? -- towards fundamentals? a lot of that is product of the geopolitical risk. as those fade away, we wouldn't be shocked to see treasuries push back up. looking at the end of this year, all things considered, probably something close to 2%, assuming that the virus remains contained , the elections go base case scenario. a lot of caveats, but fair value to us is right around 2%. guy: i don't understand what it's going to take to rock the equity market back at this stage. we had the iran story. we've had the coronavirus story, which is ongoing. nevertheless, there just seems to be this instinct to take equities higher. how big an event do we need to see to get equities being brought back here on a sustainable basis, the kind of sustainable basis that would allow people looking to invest cash in the market find an entry point? jack: that is a great question, and to be honest, a lot of the ball you outlined their have held up a strong as they have. the s&p sold off may be about 3.5% with these headlines. at the end of the day, there's something i think that is very interesting, a function of risk appetite that we've talked about consistently over the last couple of years. people have this idea in the back of their heads that any sort of economic weakness going forward will suddenly become a complete recession. we are at the end of the cycle. values getting stretched. whether you are positioning with the clients we work with, some of the investor surveys we follow, we don't see investors getting over the skis, so to speak, with excess risk-taking. that certainly sets up for any type of weakness still in the equity markets when we see a pretty sharp selloff. i just don't think we are at that level of risk-taking where we see a market drawdown, and that is where the underlying strength of the market continues to grind along. we are not over our skis. accommodative fed, no inflation, modest growth. things are still holding up a case. guy: one area of the market may be over its skis is tesla. i'm curious as to your reaction. tesla busting up through $900 this morning. the stock has gone parabolic. what do you make of that, and is there a signal about the wider market perception of risk from that? jack: i'm not a specific stock analyst, so i might not be the person to be opining on this, but at the end of the day, i think there's a few trading vehicles in the market place that people want to ticket vantage of. in my past jobs where i have been more of a day trader, you start to pay for a couple of individual names you can proxy and heavily day trade. there could be something behind that with regards to what is going on there. at the end of the day, a lot of people would may be .2 fundamentals getting away from the values here -- may be pointing to fundamentals getting away from the values here. i don't think we are taking this much more than we see as an individual name, and i am not going to extrapolate what is going on with tesla across the broader markets. vonnie: i'm sure there's a lot of talk about iowa last night in your offices and elsewhere. does it signify anything broader about the process that we are going to be seen for the next few months before the actual election about who might be the president's opposing candidate? jack: very interesting. when we start to thing about the iowa caucus, the one thing we were spending a lot of time focusing on would-be how wide would we see the dispersion in some of the results across the candidates. we thought that might give us a bit of a clearer direction. after seeing some of the numbers last night and this morning, it is basically as clear as mud. we didn't see any real dark horse or any sort of leader pulling away with a significant gap. as a result, i think what becomes interesting is one, can the democrats actually get behind a single candidate when it comes down to that nomination coming forward to go against trump? the second piece here, we are starting to think a little bit more about mike bloomberg starting to pick up. with think about how that filters in with regard to the overall market backdrop. if we start to see someone like a mike bloomberg pickup in the pulling, is that necessarily a bad thing for equities? as a strategies, that is what i'm focused on, and that might not be a bad outcome for risk assets going forward. vonnie: jack, thank you. i do want to point out that mike bloomberg is obviously the founder and majority owner of bloomberg lp, the parent of bloomberg news. our thanks to jack janasiewicz, natixis advisors senior vice president, portfolio strategist, at -- andmanager fully manager. guy: looking at the market in more detail, here's abigail doolittle. abigail: lots of green on the screen. every index you see heading to or having had its best day of 2020. a rowp 500 up two days in as investors are looking past the coronavirus fears and what it could mean for the economy. the best day since october. the dow transports, which have been hit harder since the beginning of the coronavirus, also rebounding. the best day since november. the shanghai composite, it second day reopened after the lunar new year break and the extended break around the coronavirus fears, of 1.3%. since the start of the coronavirus, stocks are down. take a look at this intraday terminal chart in the bloomberg terminal. in yellow, we have the shanghai composite. most of that was that break, but over the time period, down 10%. dow transports in blue, down 4.4%. the s&p 500 in white, down 1.1%. more work to be done, and some technicals our perish here, so it will be interesting to see how it goes in this regime of more than 1% moves. we also rebound for the commodity comp >> on the day. the bloomberg -- for the commodity complex in the day. the bloomberg commodity index has copper up. brent crude also higher, though off of the highs. soybeans higher. it will be interesting to see whether these gains can hold for both commodities and stocks. some suggest it could be difficult. guy: absolutely. n interesting few days. european markets are trading pretty strongly today. the miners, chemicals, and oil and gas sector. we've got special coverage coming up on the state of union -- on the state of the union from president trump tonight at 9:00 p.m. eastern. this is bloomberg. ♪ ♪ guy: from london, i'm guy johnson. vonnie: from new york, i'm vonnie quinn. this is "bloomberg markets." time for your latest bloomberg business flash. visa is planning big changes to the rates u.s. merchants pay to accept its card. its hoping to persuade more people to abandon checks. . the company is adjusting its charges for new businesses such as ride-hailing services. conocophillips down 1% after forecasting a decline in oil production this year. at the same time, the company announced plans to return more money to investors, boosting its share buyback plan i $10 billion -- plan by $10 billion. this is bloomberg. ♪ vonnie: live from new york, i am vonnie quinn. guy: i am guy johnson. let's check in with first word news. >> we begin an iowa where the first major test for emma craddick presidential hopefuls turned into a technological disaster. the democratic party for not release results from the caucuses until later today. an attempt to modernize the caucus system and make it more transparent melted down. the reason, new tech and more complex rules. they discovered inconsistencies from precincts. cable-television in hong kong says the victim was a 39-year-old man. he had an underlying illness. china says the number of confirmed cases is more than 20,000 people. at least 425 have died. tonight, president trump pivots from impeachment to his drive for reelection. he will deliver the annual state of the union address. the theme, the great american comeback. he will speak before a joint session of congress tomorrow. the senate as affected to acquit him in the impeachment trial. prosecutors say former pimco ceo should go to prison for his role in the college admissions scandal. they are asking for a two-year sentence. he is admitted paying bribes of more than $625,000 to get his kids into the university of southern california and georgetown university. he will be sentenced on friday. global news, 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. i am viviana hurtado. this is bloomberg. guy: thank you. we have been speaking to top names in finance at the london school of economics alternative investment conference. i spoke with jonathan levine. i started by asking him about and whether it has changed as a result of the coronavirus. >> it is difficult to put something like that on a scale of one to 10. people don't know what it is and how bad it can get. the tragedy of people who are dying is something we cannot lose sight of but i think countries are taking steps and have actually been very proactive in trying to contain this. i really think nobody could possibly understand the impacts until we see how it plays out. do they find some kind of vaccine? we are studying it closely and looking carefully. guy: supply chains will be affected. they will probably be a macroeconomic effectiveness. is there a sense that both of those phenomena will be temporary or more a more medium-term story? will this affect that story? jonathan: the best you can do is look for proxies and other examples. sars proved to be temporary. we were able to move on from it. i think it is so early to tell. clearly in the short run i think it is going to have an impact. if are no other reason the uncertainty will have a massive psychological effect. the next two to four weeks will be really important in understanding how long it is here to stay, is it contained and what the impact will be. guy: the other story dominating overnight is what is happening in iowa. how is the clinical landscape going to do to the markets over the next few months as we run towards november? if bernie sanders is the nomination, how will that affect the market? jonathan: the iowa lack of vote count is clearly not a positive. he creates more uncertainty. i think there is only a certain level of focus this early in the process on the iowa caucus. it is obviously in a -- important to establish the lead candidates are. often the winter does come from iowa. i think the markets are going to look for the winner of the field and do a present value calculation of the policies perceived for each of the candidates. i think there are candidates who the markets might be was more in certain. view are candidates will -- the market will view as more certain. then they will take the likelihood of that person beating donald trump. i think the ball will bounce a lot of different ways. one thing to look out for is to be elected you need to be the president of all americans. the question is are we going to see front runners the more ideological people? are they going to have more of a narrative middleground? guy: will the u.s. economy stay on track as we approach november? this is a big story for the president. he needs to keep the economy ticking along around 2%. anything below that will be problematic. late cycle, and will that be a problem in 2020? jonathan: we could be late cycle, but if the cycle is 30-years then we have 10 years to go. i always have trouble putting a timeline on it. things look pretty stable right now. i would put it in the good great camp. longer thed that the cycle gets the more fragile it gets. this cycle has withstood a lot of uncertainty. the question is what is going to be the event that to upset over? will it be the -- that tips that over? will that be the coronavirus? will it be something in the election? will it be a hack or a weather event? based on the available information right now, i think he will continue to bump along for a while. bainjonathan levine of capital. vonnie: great interview. looking forward to hearing more of that online. coming up, tune into our special state of the union coverage tonight. we will bring you the president's address starting at 9:00 p.m. eastern right here on bloomberg television. we will bring you all the analysis and context and the follow-up. this is bloomberg. ♪ vonnie: live from new york, i am vonnie quinn. guy: from london, i am guy johnson. vonnie: shares are up .8% after first quarter results. the company has transformed itself in recent years. it is elevating its 30th year listed on the new york stock exchange today. let's get down there for more on the global manufacturing landscape. steve, congratulations. tell us about results. i'm curious as to margins. how are margins grown this quarter? steve: we are pleased with the quarter. i'll revenue was up 10% year-over-year. 20 --gs per share dollar at $1.20. our backlog is up 6%. you zero in on the most important thing, are operating margin was up over 100 basis points, demonstrating the progress. vonnie: what a journey it has been. you are uniquely placed to tell us about disruption to the global manufacturing landscape from the likes of coronavirus. and the protracted trade negotiations. what have you seen among your clients, governmental clients and governments themselves? steve: the government sector is a big part of our company globally. jacobs is about national security, infrastructure, climate change, 5g. things that impact sealevel rise and getting renewable energy in the right place to address the overall sustainability goals. for us demand is very strong globally, even in the face of some temporary disruptions like brexit. we are seeing an optimistic future on a global basis. guy: just a follow-up on that, do you think governments are entering a phase where they are more willing to spend money on infrastructure projects? there has been talking financial markets about a fiscal push both here in europe and in the united states and potentially in asia as well. d.c. the fiscal -- do you see the fiscal taps open more in 2020? and 2021 for be transformational with government spending. u.k., they have a strategy to increase spending by more than 60% over the next five years to address the needs for infrastructure upgrades across the region. in united states, both parties want to see a federal spending bill. the question is if it will become before or after the election. on a global basis we believe there is a significant spending gap everyone is coming to grips with. guy: to come back to you guys, the transformation you have gone through, would you classify yourself now as an esg company? it does seem it is increasingly having that label, having the higher esg score is a way to improve your share price performance. are you seeing evidence of that? : steve absolutely. -- steve: absolutely. we addressed that about four or five years ago whether focus on all elements of sustainability, climate change, diversity, the culture of the company. i think it has been proven lightly the companies that are the most diverse and focusing on the culture are the companies producing the best shareholder value over the last several years. esg from alutely climate change standpoint. and coastal cities we are addressing sealevel rise, storm surges, earthquakes across the globe. that is right in the heart of sustainability strategy that we call plan beyond. are there other acquisition opportunities this year? steve: i'm glad you brought up acquisitions. the acquisition we made back in 2018 got us on this track of transportation -- transformation. then we had the cw acquisition that put us into cybersecurity and space intelligence. that is off to a great start. we will close the wood acquisition at the end of this quarter. we will strengthen our local nuclear footprint. very much involved in nuclear remediation and technical expertise, scientific expertise. vonnie: what is the prospect of a change in leadership in united states mean for a company like jacobs given there will be issues on the table, including things like the deficit? agnostic.are pretty at the end of the day which party wins or which individual wins, we believe the u.s., republicans or democrats, there is a commitment to infrastructure. it is a crisis in the united states, whether it is bridges, airport, roads. advancing digital technology is important. the government needs to take more risks around innovation. we believe either party, whoever wins, will commit infrastructure. -- to infrastructure. guy: i want to come back to the issue about m&a. ath the wood group spinoff, lot of companies are under pressure to spin out assets. do you see the trend continuing? do you see yourself being a net beneficiary from that? steve: we do. we are not only at acquirer, we made a movie year ago today divest our oil and gas business. the legacy of jacobs, a third of the company. that has demonstrator we are commitme -- committed to growth trends. others are looking to positively transform their portfolios. we believe there will be significant opportunities out there. i think you know today we announced a $1 billion stock buyback. we believe our best investment is jacobs. we should expect from time to time we will be in the m&a market as well. vonnie: congratulations once again. 30 years with your ticker symbol today. steve, thank you. guy: time for the stock of the hour. here is abigail doolittle. abigail: our stock of the hour is bp. shares are popping higher. they did report a better earnings report than expected. the oil giant delivered a big winner, what passes for one of the oil business these days. net income up 26% in the fourth quarter. that is not horrible. the results topic the highest analyst estimates and the 2.57 $2.57 billion total. they did better than their oil peers relative to revenue. aboutallen revenue was half the drop for rival exxon mobil. some may view bp is the best house on a bad block. 2020 is probably not going to provide a lot of relief for the oil industry. bp things the coronavirus could take away as much as a third of oil industry demand growth. although weigh on bp, gulf of mexico payments could help. going to the bloomberg terminal. the fourth quarter will be the last report issued under the 10-year tenure of bob dudley. while the industry has seen its share of challenges, bp under dudley has been a relative leader. bp in white over the last 10 years performing the stoxx 600 and brent crude oil in yellow. investors like we hope this dynamic continues under new leadership. that is your stock of the hour. vonnie: abigail doolittle, thank you. this is bloomberg. ♪ guy: from london, i am guy johnson. vonnie: i am vonnie quinn and this is "bloomberg markets." the electric car maker is double this year. trying to figure out just how elon musk is doing this. joining us is david wells. it has been a phenomenal rally. what is behind this? david: tesla has answered a lot of questions in the last two barricades were poking calls on the tesla story. they said they could not make money or generate cash and they would have to go back to the markets for more cash to find elon musk's ambitions. they have been profitable to quarters in a row. profitable in the fourth quarter of last year. complained that elin could never hit production targets -- elo could never hitn production targets. elon thanks this will outsell all other vehicles combined. they were a year late at least with everything that came out with. they are starting to really operate this company. i think it has many sentiment change industrywide the age of electric asian is here -- electrification is here. i think there will be a big car pileup with these coming to market, but they capture the imagination and tesla is selling the most, practically all of them to the consumers who want them. they also appear to have a technological advantage in terms of battery range and electric vehicle performance. they have everything working right now. there is just a lot of love around the stock. guy: the u.k. bringing forward itsban on combustion engine cars. this comist a tech company? david: it is right now. it is being valued as a growth stock and tech company. it's earnings is many times in excess of what car companies trade for. this may be the medium-term challenge, proving once the growth slows down, they have the margins and cash flow to justify this kind of valuation. tesla does make his money from building its own cars. it's a capital-intensive company. the margins are not great, especially when you put electric batteries in it. he will have to show the kind of cash flow, the kind of earnings to justify a tech company. that will be difficult with more competition gets into the game. vonnie: what is the short intro situation at the moment? it looks like that change has been rather dramatic that it is now very much lower than it was, the number of short interest shares outstanding. it looks like 17.5%. david: it had to come down. a lot of it had to cover and get out. there were people that were shorting the stock when it was trading under $300 and closer to $200. some people took a big bath it had to get out. highert the shares are maybe they will creep up again on the theory that what goes up must come down. some news could bring a lot of the hype of the stock crashing down at some point. right now it is on a rally and it is tough to bet against it at the moment. vonnie: that is bloomberg's david welch in detroit. guy: let's go to the cme. ira, stocks are up sharply. the energy complex is up. my question is why? feari think that the element grabbed them and they saw china pullout all the plugs, put in about $270 billion over the weekend three yesterday. then they stopped short selling stocks again. then they told mutual funds unless you have a reduction, you cannot liquidate what they are holding. that's a pretty big order. because it is a communist country they can control certain things. the problem for all of us is when does the coronavirus leak out? until you know that the question for all of us is, what does it do for supply chains? boyle gets a one-a bounce and opec will meet about cutting oil. so what? it takes five weeks to get oil from saudi arabia to china. what do you do with everything already on its way? guy: the question we are trying to figure out is, what will not the equity market backwards at this point? oil is down sharply so far this year. we have had the iran situation. we dealt with that. now we have the coronavirus. from an equity point of view, it's an event but not a big event. what will it take to him the equity market backwards? ira: i do think you will not get severely backwards. i can see consolidation. as we look at the economic data coming in -- admittedly it is december and january data. the other parties we had geographically protected. areart is we geographically protected. we've had 11 cases in the u.s. we are a well-developed country and on the lookout for it. as much as china bashed the president for being the first of pullout, we were the smartest people at our people. not everyone is pulling out -- now everyone is pulling out. the key is finding -- they already know what is causing the coronavirus. they know it is bats they know it is. it is related to sars. now fix it and the game goes on for the u.s. up, hong kong is reeling from its first fatality. we have a live update from hong kong, next. this is bloomberg. ♪ >> stocks bounce strongly. even oil higher. over 20,000 cases of the coronavirus. tesla on a tear. will car companies ever be able to keep up? post-brexit. banks -- we will hear from the head of the german financial regulator. i am guy johnson with vonnie quinn in new york. we are counting down to the european close on "bloomberg markets." ♪ vonnie: we are getting a break down but the s&p 500 up 1.5%. there seems to be money moving back into stocks from treasuries with the 10-year yield at 160. one of the earnings stories is ralph lauren. up 10% roughly. there are some little flaws in the earnings report.

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