Texas is making face masks mandatory, while florida yet another record. The u. S. Senate approves sanctions on chinese officials over hong kong, as the u. K. Says it will not back down on a path to citizenship for around 3 million of the citys residents. Shery lets get a look at how markets are trading. We see u. S. Futures coming online down 0. 1 . We had gains across the board. You saw the s p 500 higher by 0. 5 . Materials and energy were up more than 1 . We had more positive Economic Data, betterthanexpected jobs numbers, although the optimism was tempered a bit by concerns about rising weekly jobless claims. To composedid manage again a record high. Take a look at what oil is doing, still above the 40 a barrel level, after seeing its highest finish since march. It was boosted by job Growth Numbers here in the u. S. , but also we have some supply optimism. We saw the biggest weekly decline of u. S. Stockpiles since 2019. Lets see how things are shaping up for the asian markets. We are joined from hong kong. Asian future stocks are mixed but largely higher, putting it on course for a weekly gain after a muted start to the quarter. Plus, we have retail sales from singapore and australia. Most data from the region has come in slightly below estimates, and that has pushed the city economic surprise index for asia back below zero. Risk assets seeing getting it left this friday, but as ray dalio warned, markets are no longer free to allocate resources in traditional ways. During a post pandemic rebound, those are split. The forecast for the aussie dollar demonstrates that divergence. The currency has rebounded from a 17 year low, and Morgan Stanley does see the negative risk aussie raising by while jp morgan sees a tumble into the low 60s on slowing global growth. Shery lets dive into the markets. David, was great having you with us. We continue to see betterthanexpected numbers in the u. S. Are we finally seeing Economic Data catching up to the exuberance that we have seen in the Financial Markets . David the term exuberance is a little strong, i think. We had to be rate in other news today. The Unemployment Rate and other news today. The limit rate inspired the market rallied to continue, but one has to remember that we are coming off such a low level. And we have deception in the data, not intentional deception. It is a mystery. Calculatedple, we all the people who are getting the Unemployment Benefits, and we calculated all the people who said they are unemployed, and there were more people unemployed that are getting the benefits. Another 12, there is million or 13 Million People who are the recipients of subsidy because they are not employed. So, where is the missing people . Is it really, maybe, 30 Million People . We dont know. I would not be exuberant. I would say is it better to be recovering but not . No question. I would add that this data was in the middle of june. Now we have this resurgence in the country, this spike in cases. I am here in florida. We are setting a new record case level today. I dont think this is over. We still have an erratic and difficult task ahead. I was thinking more the exuberance of the Financial Markets, given this huge rally we have seen, david. But given your cautious take, does this mean when it comes to investing, should we still avoid some of those sectors that have taken the biggest hit from the pandemic, like travel or leisure . David we would. We would underweight them or not take positions in them yet. I believe it is too soon unless you want to speculate to participate in a cruise ship company. E dont know how long this is we dont know what the depth of a period will be until we get to curated treatments that are widely available in the world, and until we get to the vaccines. Everybody is working on it. Weve got news about it all the time. We wouldnt. Sector selection is very important here. There is a thing about the stock market, though. The stock market is looking beyond the virus. The stock market is saying, whats going to happen when the vaccine is in distribution . What is the World Economy and the u. S. Economy, what are the business sectors going to look like . That is what the market is grappling with. I do not see the market as focused on todays horrible news about the cases and affections. I see the market looking at 2021, maybe even 2022. Like healthou still care despite the great deal of uncertainty over which coming to get to a vaccine, but that vaccine looks like, the efficacy, partial or otherwise, of any vaccine. Should we be waiting for the Second Generation of vaccines that will prove to have greater efficacy . Do all the uncertainties justified the stretch valuations and speculative bidding we see in that space . David it is a difficult question. Our position, and there are two sides, and the debate is, with most things, our position is the Health Care Sector in the United States will emerge as a larger piece of the total than it heldomy before the virus unfolded. And then it was 18 of our gdp. So we think two things happen. Number one, the Health Care Sector gets bigger. Number two, it participates worldwide precipitates worldwide. Number three, in the new construction in the united wetes between 2022 and 2023, believe the Health Care Sector will be 20 of the gdp. We are overweight the health care. We have been. We continue to be. On pullbacks, we will add to it. We believe it is a longterm secular trend now for the u. S. Stock market, and we want to be overweight health care. Youi david, what are worried about or scared about that is going on in the world right now, that is making you prefer aerospace and defense stocks . David well, it has been a struggle with aerospace and defense, especially because of the on and off situation with boeing. But when we look around the world, we see rising risk and belligerency in a geopolitical sense. The latest evolution being what is happening with hong kong and what is happening with tensions between the u. S. And china. And we have a separate chapter being written with russia. We think there is unfortunately i wish we were different, but unfortunately we think that the United States and its aerospace and defense component has a long, active policy, andican therefore we are overweight the sector. I wish the world were a more peaceful place, but it isnt. Thats why we like the sector. Haidi david, always appreciate your time with us. Cumberland advisors chairman and cio. Coming up, we will dive deeper into the blowout this hour. Is it too early now to declare victory on a robust recovery . Next, President Trump now faces bipartisan pressure to sign chinese legislation. This is bloomberg. Karina you are watching daybreak australia. Stocksvirus numbers hit as investors fear a second wave could hurt a recovery from the sharpest contraction on record. U. S. Reported infections rose the most since may 9, with florida setting yet another hi mark. Masksorder to where face as houston reports a job in texas in intensive care patients. Meanwhile, japan is warning of a resurgence in virus cases, with tokyo recording its highest numbers since early may. The governor says many infections involve people in their 20s and 30s and are linked to evening entertainment centers. The National Government says there is no need to reinstate business closures or curb their movement, but another state of emergency as possible. Meanwhile, a new report from washington says the u. S. Economy will contract more state deep this year but will rebound more than we have seen next year. Gdp shrinking almost 6 in the coming months and nearly 5 the next year. They also specked the job market to improve, howbeit remaining ker than the coronavirus an associate of Jeffrey Epstein has been arrested on sex trafficking charges, accused of helping to recruit victims known to be underage. She had previously denied all involvements. Epstein was found dead in prison last year while awaiting trial for sex trafficking. His death was ruled a suicide. Global news, 24 hours a day, powered by more than 2700 journalists and analysts in more than 120 countries. This is bloomberg. The u. S. Senate has given its final approval to legislation that would impose sanctions on chinese officials cracking down on dissent in hong kong. The bill heads to President Trump. Lets go to selena wong in beijing. What are the details we know of this legislation . Selina this legislation has actually been a high priority for both parties, pressuring beijing over hong kong and human rights has been a rare area of overwhelming bipartisan support. This legislation sanctions chinese officials cranking down on dissent in hong kong, as well as Financial Institutions working with those chinese officials that the u. S. Determines are interfering with hong kong affairs. It gives a yearlong grace period for businesses to stop doing business with those individuals. After that, the Treasury Department can impose penalties, including barring top executives from returning to the u. S. And restricting the ability to engage in dollardenominated transactions. It also requires the state department to report to Congress Every year about officials who seek to undermine the one country, two systems principle, and it gives the president power to seize the assets of those individuals and block their entry to the United States. Ofry we have seen a lot pushback on beijings recent move, not only from the u. S. The uks ban on citizenship from hong kong residents still stands. How has beijing responded . China has hit back, questioning the right under the joint declaration treaty to offer a home for hong kong residents. Chinas Foreign Ministry spoke person says china strongly condemned that in reserves the right to make further reactions, and all the consequences shall be borne by the u. K. Side. Prime minister Boris Johnson has called the National Security law a clear and serious breach of the 1984 treaty between london had promisedand nearly 300 million hong kong others new visas and a path to citizenship. Under that u. K. Plan, the status of British National overseas passport holders would be upgraded to offer them a path to citizenship, and those passports are already held by some 350,000 people in hong kong and another 2. 5 million are eligible for them. What experts say that legally there are potential problems with them limitation. For instance, the foreign secretary set the u. K. Has to be realistic about what british authorities could do in the case that china tries to block people from hong kong from traveling to the u. K. But what is clear here is that this dispute over the National Security law is sending relations between the u. K. And china to the lowest point in decades, and this has wide ramifications. For instance, chinese investments in key u. K. Infrastructure is now being put under intense scrutiny. Intentions are also growing between british officials and banks that have endorsed this new security law. Shery our china correspondent in beijing. Japans liberal democratic ruling party is expected to call the government to cancel xi jinpings state visit. Prime minister abe was supposed to host president xi jinping back in april. That was postponed because of the coronavirus pandemic. We are now hearing from nhk that on theing ldp will call government to cancel xi jinpings state visit. Coming up u. S. Coronavirus cases jump i the most in almost two months. Face masks become mandatory in texas, and experts believe the virus is mutating. Thats next. Continues coronavirus to ravage a divided america as a records the highest single day jump since may 9. Lets get more from Michelle Cortez. We have seen a lot of politicians opposing this mask mandate, but finally we are seeing some governors, like the one from texas, having to do an aboutface on this one. Right. Texas is facing the catastrophic situation that so many other countries and states have faced, where their hospitals are getting overwhelmed, and they realize they have to do something. Seeing as we dont have any sort of a vaccination, and even the treatments we have are only good for people who are already in the hospital, masks fit in. Haidi and we are coming up to the long weekend. What has been the guidance as to what people can do, what are the social distancing measures that cambium plummeted . What are we hearing ahead of this weekend, which could potentially wreak even more havoc when it comes to new infections . Michelle everywhere across the country, we are seeing states and politicians lock things down, everywhere on all the coasts, in miami and california, they are shutting down the beaches, closing off access points, canceling fireworks displays. Some states had opened movie theaters, thats been shut down. There are steps being taken. As you guys know, there are no studies, clear evidence that Wearing Masks does help. So they are saying if you want to have a barbecue, thats great do it in your backyard, do it outside, and wear a mask if you are not in the process of eating , and when you are eating, dont do it right next to someone. Shery we heard from dr. Fauci as well that we could see a mutation in the virus that could make it easier to spread. What do we know . Michelle it is very early when it comes to this mutation, which is why it is interesting to be hearing about it now. He said it rather offthecuff, and he said that we have in vitro studies that show there is a specific occasion developing mutation developing in one of the amino acids that make it easier for the virus to spread from persontoperson. They dont know whether that will actually make people sicker, but with this virus record levels, it being able to transmit more easily is terrifying. Haidi Michelle Cortez in minneapolis, but the latest on the virus front. The virus resurgence has become so bad that many hospitals in hotspots like texas are running out of icu beds. Facilities have begun transferring patients away as occupancy reaches their limits. A Johns Hopkins professor told us how he is dealing with the constraints. , patientsnd foremost in an intensive care unit have more oneonone care. The staff in that unit usually has no more than two patients, preferably one, depending on the acuity of that patient. And we talk about the acuity of care received in an intensive care unit, right . People who are in that setting typically require more frequent contact, more intensive types of procedures, mechanical. Entilation the types of procedures that come on in an intensive care unit are wellversed versed and very procedural in nature. Therefore, they require a high touch from the health care worker. Right. How hard is it to change a regular hospital bed to an intensive care fed . East of los angeles, riverside county, where they are having grievous issues, what is the constraint for making more icu beds . Is it staffing that is trained . Jason we cant underestimate the real here cute never that hospitals are making to herculean effort that hospitals are making to turn normal floors into icu floors. That is everything from changing the way the ventilation structure is in those floors, changing the way in which the training cambium plummeted for the health care workers, a rabbit event setting kind of training, meaning most of the nurses and even the physicians in those units dont routinely manage ventilators. So, when you are thinking about moving other wards and units, you are thinking of everything from staff training to physical space to the types of equipment that they have available land access to, to the types and ways in which the environment, the airflow, those kinds of things actually process, to protect patients room to room from covid19. Every farley, as we see day more updates on the pausing of reopening plans in various u. S. States because of the resurgence of cases in the u. S. , there is a widely read article on the bloomberg talking about covid19 in the usa being increasingly a disease of the young. Many of the young people spreading the disease have been active and asymptomatic. , ineopening is put on pause order to actually pause the spread of the disease, is that enough to wear masks and to adhere to social distancing rules . Now,arley i think right the notion of is it enough is an important question, but enough is all we have at this moment. Everyone has to do their part to wear their mask consistently and continuously went out in public. We also must keep our distance. If people are not in masks, if they are out running and not in masks, they need to keep a wider distance. It is essential that we understand and recognize that ,ou may feel completely fine and we all understand and know the desire to be out in public, particularly during summer months, israel. It helps our Mental Health and our physical health, but we must recognize that with a virus circulating, without feeling fine, you can be transmitting to someone who can be significantly impacted by the illness. Universitys hopkins. Ursing professor jason farley ofs now get a quick check the latest business flash headlines. Shares beat expectations. The electric carmaker has delivered just over 90,000 cars in the three months through june, gaining on the First Quarter and beating estimates of about 83,000. Shares rose as much as 10 in the biggest oneday jump in years, a day after tesla became the worlds most valuable car company. Deutsche bank may buy all or parts of wirecard, potentially throwing the company a lifeline after one of the biggest corporate scandals in recent years. The lender is in talks with a regulator, wirecard management and its administrator. Wirecard filed for resolve last week after admitting more than 2 billion previously reported as cash probably never existed. We will have plenty more of daybreak australia ahead. You doing okay . Yeah. This moving thing never gets any easier. Well, xfinity makes moving super easy. I can transfer my internet and tv service in about a minute. Wow, that is easy. Almost as easy as having those guys help you move. We are those guys. Thats you . The truck adds 10 pounds. In the arms. Okay. Transfer your Service Online in a few easy steps. Now thats simple, easy, awesome. Transfer your service in minutes, making moving with xfinity a breeze. Visit xfinity. Com moving today. Haidi we are getting breaking news from rio tinto in mongolia. We are hearing a cost estimate as to how much they have overrun the price by, saying the expansion delay is in the 21 to 29 month timeframe. Spiking up from 5. 3 billion by an expansion of between 1. 3 to 1. 8 billion u. S. Dollars. Theyve also completed their Feasibility Study with updates to the reserve resources. There have been a number of issues with this project which is about 34 owned by the mongolian government and the rest owned by Turquoise Hill and rio tinto. To have madelated more progress by now, but there is no midst of trying to find power supply to the mine. Now we are hearing what the costs being updated. They had announced a cost overrun of up to 1. 9 million 1. 9 billion a year ago due to what they said was difficult geology and expecting a delay of up to 29 months with that underground extension. Thats get back to that that are than expected u. S. Jobs print now. We will break down. Great to have you with us. Looking under the hood, what is your assessment of the numbers we saw and should we be as exuberant when it comes to interpreting them . Certainly was some welcomed, positive news, suggesting the labor market is continuing to head toward a path of recovery, but broadly speaking, while it was a step in the right direction, when we look at the job gains over the past six to eight weeks, its done little to offset the 20 million jobs lost at the height of the economic closure at the start of the second quarter. So it remains to be seen whether or not we will continue this positive trend of hiring and get to that position of recovery. The latest data showing rapid rises in covid cases around the United States, forcing some states to halt or even reverse their reopening plans. Seeinge jobs that we are come of these rehires we are intog could turn back positions of joblessness if we dont see the reopening process continue. Haidi in terms of the improvement that we see, how much of a threat is it that we see economies in major states and cities across the u. S. Having to shut down . How much opacity does that give to any data that we dont know how much of a startstart process that we dont know what any economic reopening is going to look like three months, six months from now . Good pointats a because the data we are looking at is already stale, its already three weeks old. What we see looking at other data, including initial jobless claims is a significant portion of the labor market file for unemployment. See the second wave that hasnt shown up in the monthly figures yet. Many areas are now rolling back restrictions, putting them back in place, so areas we thought were going to jumpstart economies, looking for some semblance of normal are now heading in the opposite direction with bars, restaurants, boutiques and offices being closed. It has complicated the outlook for the economy and raises the question of whether these earlier job gains will prove temporary if we see a potential second round of layoffs with businesses being forced to close their doors or operate at extremely repressed levels of capacity. Haidi given this background, what happens to the economy given that we will seen the expiration of the federal governments Unemployment Benefits . Lindsey i think at the very least, this complicates the picture and Business Owners and state and local officials realize the economic recovery from an intensity perspective is going to be much more complicated and much bumpier than previously anticipated. We were hearing a lot of claims about a v shape and from a duration standpoint, the recovery is going to be very much delayed at this point, so very tepid growth expected through the end of the year as we turn the corner into 2021, we could continue to see very slow, very tepid growth, a slow and painful process. Haidi we have heard secretary mnuchin saying he has started this. On how much of it has filtered through the real economy . Of it has. Lot we have been talking about the policy support from the monetary and fiscal side, so trillions of dollars being pumped into the economy. We dont have the counterfactual to argue against but we look at the data and see a lot of the money has gone directly into the household balance sheet, the individual balance sheet, and it has helped prop up individuals and businesses during this unprecedented time, bridging the gap. If we do see a second round of closures or restrictions, forcing businesses to close their doors or operate at reduced capacity without a second round of handouts on the government, we could see an even more dire picture from an economic standpoint as we go into the second half of the year. To lookinly is painful at the barriers the economy is going to have to face once we emerge from the pandemic, but in the short term, helping businesses and individuals through this difficult time seems to be the only course of action with congress hopefully coming forward with a second package. Haidi im wondering what your view with regard to inflation is going to look like. There have been studies into whether in fact depending on your income racket, depending on which part of the spectrum you theon, the impact of pandemic may not be as disinflationary as we think it might be . Lindsey i dont know. It is pretty disinflationary at this point when you are talking thet a 30 decline in second, thats going to have a significant Ripple Effect for quite some time. Say is something we could as a nearterm shock and expect pressures to emerge in the second half of the year. This is a lingering impact on consumers, particular a their behavior going forward. Regardless of where you are on the income spectrum, individuals are changing how they are spending, how they are interacting in the marketplace. Until we have some sort of vaccine or way to separate the healthy from the sick, we are going to continue to be hesitant to go into the marketplace and interact like we once did. Some categories can be replaced by others, so dining out, we are not going out to restaurants as frequently, but we are staying at home. Some areas cant, so there will be lost revenue and lost expenditures that wont be recaptured and will continue to put downward pressure on the economy and prices. Haidi thank you for joining us. Lets get a check on the first word headlines. President trumps top Economic Advisory says the administration is increasingly unhappy with china and news trade restrictions could be on the way. New trade restrictions could be on the way. Be phase one trade deal is making progress but the trade deal is under threat and washington will take appropriate action. China is a huge problem. We are engaging with them on trade, but what they are doing in hong kong as well as other problems becomes a larger and larger difficulty in our relations. As secretary pompeo and National Security advisor obrien have said time and time again. Warning western countries of strong reprisals over criticism of reprisals in hong kong. The u. S. And australia have attacked their growing control over the city with london ready to offer citizenship in washington preparing sanctions. Beijing says it will respond and its critics will have to accept the consequences. Brexit talks have roque and up amid major differences that still exist and little immediate chance of agreement. Negotiations will resume next week and discussions havent collapsed, but the eu has submitted officials are working on the assumption a no deal brexit is becoming more likely and has urged the u. K. To become more engaged. Mobile news 24 hours a day on air and on Bloomberg Quicktake powered by more than 2700 turn lists and analysts in a 120 countries. This is bloomberg. Giant,up next, a copper antofagasta, sees only a small drop in output from the coronavirus pandemic. This is bloomberg. Shery recent Central Bank Actions mean Capital Markets are no longer free. Today, the economy and the markets are driven by the Central Banks and the coordination with the central government. The i mean by that is purchases right now of financial or the purchases by the Federal Reserve of Government Security are the drivers of that market so the production of the money if you look at money and look at who is in the market, the Federal Reserve will set an Interest Rate for different types of creditors based on its objective. In the old days, in the 2008 financial crisis, we needed to protect banks because they were systemically important. Now, its much broader than that. The whole economy is systemically important. If they didnt go out and make companies, including what we call fallen angels, those that were just above Investment Grade and fell into Investment Grade, we would lose large parts of our economy. Whereare in a situation they are the market makers. Take the market out, take the Central Banks out and you have a different story. Including the value of money. What is the value of money . Think about it in europe. The central bank will lend to banks at a 1 . Havemeans you dont interest payments. In fact, you have interest credits. The Central Banks will take that that on. They will own it and they have a political agenda, not an economic agenda in which they will determine whether they will be paid back or when they want to be paid back based on how the economy is doing and what will happen. In europe inse, similar situations in the United States and japan, they will make interestt will have credits or lets say zero, you dont have to pay any interest and you may not have to pay principal back. It depends on what the conditions are at the time. Those are markets driven by Central Banks, not only their actions, but their desire to be an owner of those assets and their priorities about that ownership when they buy and when they sell our not the same as the classic free market allocations. As a result, Capital Markets are not free markets allocating resources in the traditional ways. Questionsthe investors are wrestling with this how far Central Banks are willing to go in their effort to reflate Financial Assets to begin with and they hope transmit something through to the real economy that would result in growth and jobs. How far are Central Banks willing to go with this power they have discovered they have . Central banks are willing to as far as ito go takes in order to keep the system afloat. Because we are in these late stages and we have a lot of debt, you are going to see Central BanksBalance Sheets explode. Because a choice is the sinking ship. Copper moving closer to wiping out this years losses, increasing disruptions to chilean operations and adding to supply woes. After entering a bull market in june, copper prices widening its lead from other base metals with lme copper at a fivemonth high after rebounding from a three year low we saw in march. As Production Capacity is looking in pre increasingly constrained with demand recovery in china can be thing to the drawdown we are seeing. At thatve a closer look Global Holdings shrank more than 35 last quarter with total volume lower than a year ago and in china, holding track by the Shanghai Exchange fell for three straight months, falling to the lowest level since january 2019. Its a situation making it more difficult for chinese buyers to make the copper they need. Thats likely to keep the squeeze on smelter markets. Pmi expected to improve further and speculators and analysts turned more bullish. Funds have been exiting short positions providing support to copper along with mounting supply risks in south america and peru. Looking ahead, the worlds biggest copper producer expects july and august will be the toughest months for the chilean Mining Industry during the pandemic, jeopardizing annual targets. Shery lets turn to another copper giant antofagasta sticking to its rains this year pandemic,e covid19 the ceo, Ivan Arriagada told me how they are coping with virus containment measures. Ivan i think what has happened is some part of that workforce has moved to teleworking, so they are supporting the operations and performing the roles, doing that from outside the actual site. From that point of view, they are fully integrated. Nevertheless, as you say, because weve got a lower workforce, some areas can be affected. Mine development, which is developing a mind and or exposure is one. And then some maintenance work. But wen be sustained, are trying to find ways to toress those shortcomings teleworking and gradually returning the rest of the workforce. Is in a month or a month and a half, the number of cases should start coming down. We are starting to see some of that. It is very early days and until we see that consolidate, we will have to continue to operate in this mode. Shery how confident are you that you will be able to achieve your annual production titans of 725,000 tons . Ivan our plan is to be able to accomplish that. To the extent we can continue to operate in this safe way we are doing today, even though weve got 35 of the workforce supporting teleworking, i think we should be able to manage to achieve the range of the market we have guided too. We expect some impact and we think thats in the vicinity of 2 lower production to the one we have guided precovid19. But if we dont stop our operations, we think we will essentially meet our production plans with this small impact. Shery what would factor into a decision where you have to stop operations . Obviously the sanitary condition is what mandates if we operate the current pace. Thats something we have been keeping as first priority. With all the measures we have taken, we do provide a safe environment. Shery we have copper prices rebounding, a huge recovery from this years lows. Where do you see prices in the second half . Are some factors here impacting price. We are seeing the recovery from china and i think thats a factor driving the increase in demand and if that consolidates, that will be a factor that will play a bigger role in the future. What we are also seeing is the impact of some shutdowns which happened in production earlier when the outbreak began. This happened there is like peru who is down in terms of production. Panama, some countries in africa and mexico as well. Its a combination of those things. Shery where do you see the price level . Ivan i think the price has recovered to levels getting closer to what we saw at the close of last year before the outbreak. Its going to be very dependent on this shape of the recovery and how sustained it is. I would expect prices trading around where they are today. About chinaalked and you are a leading supplier to china. How confident are you the recovery there will be sustainable . Ivan the signs we are getting would indicate they are being sustained and if you look at the sectors in which most of the economy is focused like the development of the electrical grid, like housing and residential starts, appliances, we are seeing that as an indication that these are likely factors that would sustain over time. We are positive about the ability that the chinese economy would have to recover in sectors which are especially good for copper. The ceo of was antofagasta speaking to sherry. Some measures in place to counter this nueva virus cases Miamidade County in florida, a countywide 10 p. M. Curfew starting on friday. They also had the imposition of indoorsy face coverings and outdoors. Miamidade, they are saying a countywide 10 p. M. Curfew will begin just in time for the july 4 weekend. Dont forget if you are away from the screen, you can find indepth analysis over on bloomberg radio. To get you another programming note, join bloomberg for our annual broadcast of the boston pops fireworks spectacular. Carrying the fourth of july condition fourth of july tradition from our from your own home. Thats it 8 a. M. This is bloomberg. Haidi lets get a quick check on business flash Headlines Bank of America Planning a wider Office Return after labor day with a limited number of staff making their way back in phases, depending on the apartment and location. Workers will be given 30 days notice in line with a cautious approach. Is London Stock Exchange facing a hurdle after 80 after it could reduce competition in the forex market. Theres concern whether rivals and pence wealth manager as it approaches a measure not seen since the. Com highs. And they count down to the start of trading more daybreak asia had. This is bloomberg. Haidi good morning. We are counting you down to asias major market shery openers. Welcome to daybreak asia u. S. Stocks finished higher but pair gains on fear the coronavirus may be economic recovery. The concern overshadows a big jump in payroll numbers. Haidi tesla stays in the fast lane, having overtaken toyota as the worlds most valuable