The nasdaq is up more than 1 . We got the exchequers plan to boost u. K. s economy, boosting sterling. There canada, the dollar is actually weaker and looking like the central bank will have to cut a few more times in order to get that deficit under control. A deficit that is by the way , was 30 of gdp before the pandemic. The mexican president is coming to washington to meet with President Trump to talk about the trade relationship with the u. S. And mexico as they face a deep recession. Joining us is our head of isearch joining us Kathryn Rooney vera, head of research and strategy at bulltick. Tell us about how the coronavirus is ravaging the mexican economy and how bad it will get. Kathryn ravaging is a good word. Mexico is facing the brunt of the epidemic. The authorities have really not come up to the task. They were nonbelievers at the beginning, which has caused tremendous suffering. We know that 50 of the tests taken come out positive in mexico, which is a world leader. That said, there are not enough tests, so they only test those with clear symptoms. The bottom line is that mexico will be one of the countries that most suffers, alongside brazil, and we expect an Economic Contraction at a minimum of 8 for 2020. Vonnie what is behind the change in heart on the part of amlo, he has suddenly opened his heart to President Trump and seems to want an actual relationship. Kathryn i would not call it a change of heart. Since he became president , he has been amicable in his relationships. He wrote a book called, listen up, trump. Before he was president he was aggressive with regard to President Trump, but since becoming president the truth hit him hard, which was the commercial relationship is so critical to mexico. Yearthan 600 billion last alone for the commercial relationship between the u. S. And mexico. Border, 80 of a their manufacturing is attached to the u. S. So, i think that they are not just frenemies, they are very close at this point and that has been evidenced from mexico stepping up to the plate with regard to the caravan issue at the border, to mexico stepping up to the plate with regard to cracking down on drug cartels after an American Family was killed in mexico. There are so many examples of real working together and resolutions and problem solving between the two. Vonnie what you imagine we will hear . Will we get any developments on the usmca, or will it be a kind of message from each president to their own people . Kathryn i think that donald trump is going to put lavish praise on amlo, because of his help with regard to se nding National Guards to the border after the threat of an export tax. Usmca is a success for both sides, so i think we will hear some mutual praise on the trade agreement. The fact is, vonnie, you have to take into consideration that amlo cares about his popularity. Has been slumping. He faces midterm elections next year. This could help both president s to have this meeting. Mexicans are in favor of the meeting. Mexico is in an Economic Contraction, so amlo needs a boost and donald trump could use it going into the november election. Vonnie so, there have been no questions at these meetings. There will be a dinner at 6 35 p. M. , after a brief statement. Is there the possibility of expanding the relationship tradewise, now that the usmca has already taken root, or is way foropener, a businessmen to come to the u. S. And get to know donald trump . Kathryn i think it is the latter. These are 10 of the most important businessmen from mexico accompanying the president to visit President Trump, so they should be 100 aligned, the Mexican Government with the top businessmen in the country. I think this is the beginning of a new relationship. Theres room for additional cooperation, for example on the energy front. Whether it will be discussed, i doubt it. Theirnnot is but National Oil Company is bleeding gas. There are definitely is definitely room to maneuver, places to negotiate, but i do not think that will be happening today. Exactlyamlo has not been dealing well with the pandemic. In some places, yes, but in other places there have been too many deaths. Het happens there and will reap his reward at the ballot box . Kathryn those midterm elections could be very ugly for him. Mentioned, the Economic Contraction has been severe. Last year, a contractor 1. 2 . We are expecting 8 this year. And people fill it with their paychecks, they feel it with the hospitalizations. So, i think that he must turn page here. Theuld tell you that mexican founded bank, i can tell you that on the ground the mexican businessmen and elite are very discontented with the president s management of the crisis, the Economic Management in general. I will say one thing from the market perspective, most of their debt is longterm and in local currency in mexico, so we do not see any real risk to any defaults on the horizon. So, we do like some Investment Opportunities in mexico, if we do get a recovery in the u. S. That will be positive for mexico as well. Vonnie thank you for that context. Lets get first word news. Been reporting, a grim milestone in the United States. According to data from Johns Hopkins university, the number of confirmed coronavirus cases in the u. S. Has topped 3 million. More than 131,000 americans have died. The u. S. Accounts for more than a quarter of all covid19 cases globally. In the u. K. , the government has unveiled a stemless program to get the economy going again. The chancellor of the exchequer outlined a plan that includes a Job Retention bonus for employers and spending on infrastructure. Taxes will be cut for many homebuyers, and taxes are being slashed for hospitality. The Justice Department moving ahead with its plan to resume federal executions next week for the first time in more than 15 years. Three people are scheduled to die by lethal injection in one week at an indian prison, beginning on monday. Officials say they will be able to conduct the executions safely, despite the coronavirus pandemic commander they have been holding practice drills for and they have been holding practice drills for months. 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. Im mark crumpton. Vonnie thank you. Today, the u. K. Chancellor of the exchequer laid out a 30 billion pound blueprint to save jobs in the u. K. , and inject confidence into the coronavirus battered economy. Joining me for more on that plan is the u. K. Chief secretary to the treasury. Thank you so much for joining us. Secretary, talk to us about the details of the plan. There are plans to address unemployment, how bad do you think it will get in the united kingdom, even with all of these plans implemented . Tothis is a plan for jobs ensure that we retain as many people as possible in their jobs, to address the risk of unemployment. Clearly, there is a Global Impact in terms of the pandemic and we want to take early action to retain that link between employees and their jobs. That is why we unveiled the furlough scheme, a way of retaining that link between workers and employers. But the chancellor set out was a range of measures, some targeted at specific industries, like the hospitality and tourism and also looking to help those who have been protected by the furlough scheme, and a range of other measures that will help with infrastructure, getting transport built, to accelerate that work as part of our recovery. Vonnie that is great, and you know a lot of relief will be felt. As the scheme unwind, what is your projection for unemployment at that point . Into bens how quickly we get the economy going it depends how quickly we get the economy going. We want to ensure that we protect as many jobs as possible, but we also support those that lose their jobs so they get the skills and get back into the labor market as quickly as possible, to limit economic scarring, particularly among the young. A series of measures around skills, tried and tested schemes that we know work well, but scaling them up and delivering the support to the young. There is a range of measures on the tax side, to cut taxes for specific sectors, but also to get skills to young people so if they lose their jobs we get them back in the market. Vonnie we will get to those issues in a moment. Will you bring in plans to help businesses that might have to go back into lockdown, having already reopened, should there be another outbreak in the country . We broughthe reasons for the track and Trace Program is to identify any flareups from the infection and address them quickly. But what we set out today in the house of commons was a comprehensive range of measures, all about getting demand back in our tourism and hospitality sector, helping out the economy in terms of getting people into our restaurants, but also to get the major transport programs underway and to accelerate that funding. That is good for the construction industry, good for housebuilding indicates those sales and it gets those sales going to my feeding through to the supply chain. Vonnie but so far no plans for localized programs, should local areas become reinfected . Barclay we have different measures that will apply to different sectors. Extensivegrants, loans and that the government has guaranteed. But above all, it is saying to those businesses, how do we get them back and insure it in a way that is covid19 safe. So it is much more about giving wider confidence to the economy. Vonnie of course. Some industries have not been included, like the car industry or Aviation Industry. They were disappointed today. Anything you can say about future plans to address those industries . We spoke withclay th the leaders of the Aviation Industry in march. There have been discussions between colleagues in those sectors. It is right at their own shareholders support them, but within that we do stand ready to help and have discussions with individual companies. We do that through the treasury. And we have a process to do that. Willhat all sectors benefit from is a comprehensive package, three phases where we announce of the schemes to protect jobs through the furlough scheme that the chancellor set out in the first stage, and investment in public services, 50 billion pounds of support for the public services, including our health system. We have moved to a second phase, all about getting the economy underway. The third phase will be where we set out the longerterm fiscal measures. Vonnie mr. Secretary, it is a 30 billion pound Plan Committee you imagine the impact will be pound for pound . Will it be 30 billion pounds in the economy, or what is the Multiplier Effect you are looking for . Secretary barclay it depends, clearly the keeping people in their jobs and avoiding the economic drawdown has a clear value for many. Measure. Very taxing the reason we did not look at aviation, is because that would be hugely expensive, whereas targeting to those that sectors the most hit, the Tourism Sector with regional concentrations, coastal communities at that rely on tourism, so taking measures in a targeted way. The same in terms of stamp duty. When people purchase a house, that is when they spend money as a result of that purchase, so targeting measures to get different parts of the economy moving again. That is the best way to get a good return on the 30 billion that we set out. Vonnie no estimate you are willing to give. Er the stamp duty secretary Barclay Barclay it depends. Vonnie there was no stamp duty on the cheapest of houses anyway, so how is this helping the poorest in society, or those in the larger cities . Secretary barclay it is a combination of things. We took it from 125,000 to 500,000, the stamp duty, so that is good in terms of getting the market moving because people in their first year often spend estimates around 5 of their sale price in that first year with various things that they do as they move into a new home. It is also about the wider supply chain. You take the housebuilding industry, a quarter of a Million People directly employed with House Builders and contractors, so half a million and several thousand more in the supply chain. So it is a combination of measures that was sent out, about getting different sectors of the economy reopened and moving at pace. Part of that is the health market, but it is also the wider infrastructure. The Prime Minister announced a 5 billion of that last week, including Maintenance Programs for our hospitals, a new Building Program for our schools, Maintenance Work in our courts and prisons, and to the announcement from the chancellor today around other schemes, such as to have a Green Recovery where we get, for example, schemes where people can invest in addressing the cost of heat in their homes, good for bills, bringing them down, but also good for the economy, having a green led economy. Vonnie on that, critics would suggest that perhaps this stamp duty holiday is doing more to boost prices. Rather than the perception might be it is helping people and consumers, giving them confidence so they can purchase their first home. But it might only serve to boost prices artificially and that that will increase prices further when the holiday starts to go away at the end of next march. Is about barclay this getting confidence back into the market. We saw for the first time in eight years the house prices fall. That is why we are getting confidence, whether it is in the house market, the Property Market or in construction. We kr construction sites working at full speed again. And we are looking at other sectors like green in the economy commit addressing climate change, and getting that investment to decarbonized, one billion pounds to do that with public services. So there is a range of measures, but ultimately it is about protecting jobs, deporting those supporting those that lose their jobs, getting them coaching to get back into work, in creating jobs by accelerating a number of our infrastructure programs, getting confidence into particular parts of the economy, so we can protect the jobs we support, but also create jobs. That is the best way of avoiding the economic scarring as a result of this health pandemic. Vonnie so, mr. Secretary, people will be relieved, that the same time this will eventually have to be paid for, right . Debt to gdp was already above 100 . So should we anticipate tax hikes in the autumn to pay for this . What the barclay chancellor said today was in the autumn, he will have a budget where we will address the longerterm fiscal position. But that is why we have a threephased approach and today is about reopening the economy. We are able to do this because Interest Rates are historically low, in particular because we have made difficult decisions over the last decade. It was 10 when conservatives came in, we got it under 2 going into this pandemic, so the tough decisions we took in the past has enabled us to take these emergency measures, to give support to the labor markets, to protect and support people with their jobs. That helps to limit the economic scarring as a result of the health pandemic. In autumn, we will address through the budget the longerterm fiscal position. Vonnie thank you for your time today. That is secretary barclay, secretary to the treasury. Coming up next, our stock of the hour. This is bloomberg. Vonnie this is Bloomberg Markets. Time for your latest Bloomberg Business flash. Big job cuts could be on the way as United Airlines has told 36,000 employees their jobs are at risk after payroll aid expires at the end of september. The final number could be smaller. They are weighing offers to leave voluntarily. Retailerig time filing for chapter 11, brooks brothers. The epidemic has hit them hard. Has roughly 250 locations in the u. S. They did get a loan and it says they are keeping most of their locations open. Warren buffett has made about 2. 9 million in stock to five charities, part of his annual giving plan. Fractures says that Warren Buffett has valued donated shares valued at 39 billion and since he started this program in 2006. Hour. Or the stock of the the pandemic or update many parts of the economy commit will homebuilders are seeing a benefit. Some are buying suburban homes at a record pace. Scarlet fu has the story of one companys success. T Taylor Morrison rising as much as 50 , because the builder reported earnings, closing out at Second Quarter with its best sales month ever. Selection us sluggishness gave way to a blistering pace in june with sales jumping 94 versus last year. Orders have been rising 22 in the Second Quarter. The backlog for contracts is growing even more. This includes strength across geographies, price points and consumer groups. Taylor morrison had challenges in its active adult segment. I had to look that up. It is Housing Communities for people 55 and up. It is not a retirement community, but really for emptynesters. That hit a trough in midmarch and has been recovering ever since. The backdrop to all of this is historically low Interest Rates, and also tight inventory. There is not a lot of inventory for everybody moving from the city to the suburbs, and consumers are taking advantage of the lo