Permeate. It has largely been driven by the concern that we dont have a handle on the virus and we dont have a handle on a solution for this difficult situation we are now seeing involving washington. It doesnt seem to be at the moment a landing zone for the democrats and the republicans. They are significantly far apart. The fact that you heard such partisan briefing suggests we are no closer. Thender at some point markets will have to shift from focusing on the dollar to shifting to other Asset Classes as well. That has been something we have been watching very carefully over the last few days. We have been watching carefully what has been happening in europe. Offpean equities are sold because of the resurgence in the virus count. That doesnt make sense if you believe that we are going to see a story developing in the United States. We will try to get an assessment of what is happening with the economy throughout the program as we continue to watch what happens in the United States. Of the speak to the cfo utility giant. Now, around 9 billion in assets. We will try to get her take on what is happening with the euro economy, the French Economy. This points to the eurozone economy plunging into an unprecedented slump in the second quarter. Particularly out of spain today was really grim. Spain hit the hardest. The french numbers were also tough. Joining us now are the chief economists. Im trying to understand what is happening here in europe. The data in terms of what is happening right now. Im kind of comparing and contrasting that with the gdp numbers. What are you seeing in european numbers, what of the realtime numbers telling you about where they work . The data today was undeniably disappointing. , some economists reassured that the realtime databe using data, Energy Production coming in line with the gdp data. That is quite important in terms of understanding where we are right now. In quarter to where all that Economic Activity was down around 30 , weve retraced about half of that. Sitre about 15 down as we here today, which suggests the quarter three numbers will come in with a partial bounceback. I wonder as you look at the partial lockdown again, the u. K. Saying do we quarantine now . Ins that quarter three quarter four revision get revised down even lower . Ona lot of that will depend whether the european strategy, which replicates some of what we saw on the United States of localized lockdowns will hold. One of the problems facing policymakers, the National Governments not just in the u. K. But across europe is a lot of the schemes they introduce incomes and businesses have been across the country. If you localized lockdowns you have a target with the federal government largely being the lever. You see a quarter three or quarter four could parttime indicators or whether we get more economic damages started. Guy Boris Johnson addressed this issue earlier on, lets take a listen. Pm johnson i will not stand by and allow this virus to cause more pain and more heartache in our country. We should squeeze that brake pedal in order to keep the virus under control. Boris johnson speaking a little earlier on. They were done very quickly overnight. And extending the quarantine rules here as well showing symptoms of covid. We will be dealing with influenza, youll be dealing with covid19. It will be very clear that it will take a much more speedy approach to locking. A full economic lockdown if the situation gets bad enough. Economic idea,r if you have to plug those kinds of developments in, what are you expecting to get spat out . Is numberslem here have the foresight, we do know from an Economic Modeling standpoint consumer Business Confidence is already taking a material hit from a rapid responses to localized flareups. We have seen quarantine rules introduced. Just a few hours notice. That has a Chilling Effect feeding into my second half economic model. That has been rebounding relatively well. It starts to turn out in quite significant collections again back in quarter four. The convergence of what is typically High Pressure areas in the Northern Hemisphere coalescing with covid19. You are potentially talking w shape depending on the economic profile. Guy it is going to be another interesting period as we see it rolling off as well. What we have coming up for you later in the hour . We will be speaking to steve randall, the ceo of the Parent Company of vans, north base, timberland. Very much exposed. Talking about a chilling of consumer sentiment. This is bloomberg. York, thisfrom new is the european close on bloomberg markets. Big tech last night, energy coming out this morning. Helping us break it down is abigail doolittle. Abigail we are looking at a bit of a tale of two stories between earnings winners. It is shipping up the way most thought it would. We have energy and some of the other consumer names that are actually losing. After those winners lets start off with amazon and apple. They put up huge quarters and are being rewarded with the stoxx up in both cases getting Sales Estimates by about 10 each. Adjusted earnings beat by true double digits. Here is the fact that apple actually met it pretty pandemic estimate. This is confirming those big tech names are thriving through the pandemic. Chevron on the other hand reporting the worst loss in three decades. Two times worse than what they were looking for. Also sharplyis lower. They beat Sales Estimates but were down 31 yearoveryear. They also warned that the second half will be down. Surprises, sector tech and Consumer Discretionary beating by the most. On bottom we are looking at energy missing by 15 . Utilities by 8 . To some degree. The s p 500 is now slightly lower. Alphabet missing revenues surprisingly. Chevron also there. This is pretty interesting. Suggesting that they be not everybody believes it is going to be smooth sailing ahead as bond yields have gone lower. Alyx joining us is bloombergs cameron crise. I dont understand the euro dollar sitting at 1. 17, 1. 18 with record yield lows in the front end of the curve, help me . Cameron i think it is all pretty much consistent. In theentral bank worlds printing money like crazy. None so much as the fed. They basically told you they are out of clay in terms of any potential prospect of tightening. That is for years to come. The dollar is reflecting that. Everything you see in the spring kind of makes sense if you view it as a dollar depreciation. Terms of financial assets, hard assets like precious metals. Indeed in terms of currencies. Ofrencies are the only sort other asset that could also depreciate or could also debase itself by money printing. Which is why they moved the least against the dollar as opposed to say gold or the stock market. What is the reaction of we dont get a stimulus package out of washing asap . That would mean the fed would have to be more warming through how assets respond . Cameron i tend to think you would see risky assets take a little bit of a tumble. I wrote a piece earlier today that looked at equity Market Performance across a range of geographies. What is the relationship between that . The amount of fiscal stimulus he had we had thus far. The match is almost perfect. Isaac everyone sort of expect there will be some rollover. If this is putback and we start to see next week that those filing for Unemployment Insurance basically get 600 less than they did last week, that could start to have a meaningful impact. The rally we have seen in fixed income in the treasury market this week is to some extent reflecting those fares. Thanks very much indeed, have a great weekend. What a month it has been. We will talk about what is happening in the French Economy. Around 9. 5 may drop billion dollars in assets. This contends with the hit from the pandemic. Also transition to a new economy. Will speak with us. We will get a macro take, this is bloomberg. Lets talk about the french bylity company stock, up around 4 . Today the Company Revealed results that were pretty solid and announced it is going to upload a bunch of noncore assets. Joining us now is judith hartmann, the cfo. Thank you for your time. I want to start macro and then we will get a little more macular. The French Economy paints a grim picture. See a lot of the demand story as a result of what you do in providing power . What kind of numbers are you seeing relative to where you are right now . Judith hi guys, great to be on the show today. Most of our large countries have , obviously inwn april and may. That was the case for france. We are seeing a rebound on energy consumption. Confident onuite the second half. Wonder if you notice that it bifurcated at all. Do you have any window into that . Hand then the other hopefully not repeating the course of april and may. We have seen the lockdown. For assets, not just the energy , it looked like you didnt have access to a customer site. The business in the first half. Collectively, all of us are no better prepared. Masks in thellion new guidelines were put in place with distancing. Ifwill be better prepared there is a new wave. Guy what are you anticipating as we head into it . You talk about being better prepared. Do you think the more positive trend is sustainable as we head towards christmas . We had three big impacts in the first half. One was covid related. All of the countries were in lockdown. It was the hottest winter since 1900. That hopefully all three of those will be better in the second half. That should be good news. You mentioned our share price up 12 at the moment. Guidelines to. Eaffirm our dividends we talked about our strategic acceleration that will bring a lot of clarity for the market. On the call you talked about selling 8 billion euros of assets. Obviously energy will take of moving into alternative energy. Could you tell me what kind of assets you will sell and how quickly you will sell them . One of the biggest opportunities are the relaunch programs. Many of the government are looking to use this money to make their countries more digital and have a green recovery. All of which were incredibly efficient to tap into. It will be a big advantage for us. Have a higherto priority going into renewables. Also into our infrastructure. Assetsll mean certain with the strategic of you with our Client Solutions with a view these areall of linked. On whatthe decision might leave the company. How far along are those conversations . Are you launching it today . Judith we are launching the conversation today. We have a promise to the market to come back in the first half list21 with a more precise of investments. The timing of these assets. Given that, we will have to get a Real Organization that could only do this once it is out in the open. Certain things are more advanced than others. The expectation is the first half of 2021. You guys are partly financing adored stream pipeline to move natural gas from russia to germany. What happens if they sanction the project, what do you do . Judith we are hopeful this is not going to happen. This is a strategic deal for the energy of europe. It needs to be treated that way. We hope the project will not be hit by any sanction. Guy just to wrap things up, in terms of your expectation for the european economy for the way that you will be positioning get the vibeyou that europe is significantly ahead in terms of its recovery in other parts of the world . A lot of investors around the world are suggesting europe has a better handle on this crisis than the United States. Your customers, is that something you get . Do you get that sense that europe is coming out of this . We are seeing reassuring signs of our customers. A lot of our activity is back to people having said that we all know the virus is still there. We need to be prepared collectively for different pockets of confinement in the various countries. I dont think theres any way around that. In toxic where is going to be and when it is going to be. We are much better prepared going into this. We want to be ready in case i believeve hits collectively we are better prepared to go in. Guy we will have to leave you there. Thank you so much. Businesses are starting to bounce back. But what if you could do better than that . Like adapt. Discover. Deliver. In new ways. To new customers. What if you could come back stronger . Faster. Better. At comcast business, we want to help you not just bounce back. But bounce forward. Thats why were helping you stay ahead and adapt with a network you can count on, 24 7 support and Flexible Solutions that work wherever you are. Call or go online today. Save without even leaving your house. Just keep your phone and switch to xfinity mobile. You can get it by ordering a free sim card online. Once you activate, you only have to pay for the data you need, starting at just 15 a month. There are no term contracts, no activation fees, and no credit check on the first two lines. Get a 50 prepaid card when you switch. 5g is now included with all new data options. Switch and save hundreds. Xfinity mobile. Guy it is friday, it is the end of the month. These are the final numbers. Lets take a your could the european lets take a look at the european close. Not exactly the positive story we saw in the United States over last month in europe. Today we are down. 5 . We faded into the close. This as we see the news out of the United States suggesting the republicans and democrats are still far, far apart. Interesting to hear nancy pelosi talking about the possibility of a deal. In terms of what the month has delivered, lets take a look at what the stoxx 600 has has not delivered what we have seen in the United States. In europe we have been much more negative in terms of the way weve been trading. Down. 8 percent. Lets call it a sideways month for european equities markets. We have seen big underperformance over last couple of days in the dax. Today that has been reversed. The ftse 100 down 1 . The cac 40 down. 9 . The dax only down. 2 . A more positive story emerging from some of the industrials in particular. When we look at what is happening when it comes to the sector breakdown, which sectors have been driving us, today it is the real estate story. On both sides of the atlantic it is quite positive. This is the one day sector breakdown. Technology doing very well in the United States. Baraw big solid numbers alphabet last night. Financial services, utilities trading strongly. We were talking to the cfo. The autos still trading lower. The travel and leisure sector remains under pressure. Fresh news out of the u. K. Adding to the angst. We have iag and its rights issue plus numbers out of klm in terms of what theyre are doing with staffing. A tricky story continues. Lets look at some of the individual names we are watching. Weve been keeping a careful eye on iag and all of the Airline Sectors over the last few days. Today it is down 7. 26 . When you are launching a massive rights issue you will see a mechanic issue. Not yet. Trading strongly today, driving the tech sector. The 5g story it seemed for a while erickson had the power behind it, but nokia coming back nicely. Lower despitek the fact it came through even the best expectations. It is the lack of guidance that has concerned the market. The stock trades down 8. 5 . I also mentioned what is happening with the banking sector. A blowout performance in fixed income trade that beat everybody, even on wall street. This allows the french bank to move past embarrassing losses. The cfo was asked if the bank would be able to maintain guidance in the event of a surging coronavirus case in france . We anticipate there will not if youd nationwide look at the results of this quarter and the first six months, it is in line for us to confirm your fixed income activity was boosted by the exceptional relativity in the market. Up 150 poor percent up 154 . Are you worried the market volatility will be less in the coming months . If you look at the high because institutionals but also corporate sovereigns were active. The volumes were probably above what you would have in the normal rate, they would probably taper. However, as we are able to serve customers because of our strong financials, of all the services we have, we have been taking market share in those activities, and that is the market share, being there for clients, something we anticipate having in the second half. French Retail Revenues are down 11. 8 . Do you also anticipate a recovery there . Lars the impact had an impact in april and may. If we look at the activities, the number of activities, the credit Card Transactions or the demands for loans and taper it up again to levels which are to the precovid, that would mean the run rate would be tapering up. This will take time. An overall level, back to the in 2022. Cbo that was the paribas speaking to bloomberg earlier today. s arms Parent Company and owns 25 of it. They are weighing whether or not to sell part of the state or all of it. Alex webb, Bloomberg Opinion columnist, joins us now. With this willie happened with this really happened . . Id softbank own nvidia why would they want to get back in . Alex softbank does not own all of arm, it is the vision fund which owns 25 of that stake. All of it is controlled by softbank entities. Softbank faces pressure from investors, not the least of which is elliott. Some investments are less than the enterprise value. That is something they are trying to correct. Arm is something they acquired four years ago with the intention of holding onto it for a decade or more. On its books it is still valued at the 32 billion it paid. Carrying out a transaction like this, particularly with stock as well as cash brings better visibility into the value of the i