recovery of the whole of europe. >> president trump invokes a wartime law to get more swabs produced as he rebukes accusations from impov ngovernoy don't have enough testing equipment to reopen their states elsewhere the uk government is reportedly split on easing of lockdown restrictions, as it appears the health secretary matt hancock wants to defeat the virus before easing measures phillips' first quarter numbers drop 33% as they suffer the effects of coronavirus in all of their markets the ceo telling this station, though, they do see growth coming back in the second half of the year. >> our order is strong and we expect a gradual resumption of consumer sentiment, as we could already start to see in china. light crude prices get crushed amid concerns the u.s. is about to hit storage capacity, sending the may wti contract to its lowest level since 1999 well, a very warm welcome this morning let's get into our top stories of the day a number of u.s. governors have clashed with president trump over his claims that states have sufficient coronavirus testing in place as part of their floon reopen the u.s. economy. both republican and democratic state leaders called trump's xlents delusional and absolutely false. trump hit back at the criticism, tweeting he was right on testing and calling on gov no ares to get the job done out breaks broke out over the weekend. the protests, many organized by conservative groups, called on governments to relax lockdowns and reopen the u.s. economy. president trump defended the demonstrators, calling them, quote, great people. mayor de blasio criticized president trump's response to the outbreak, asking if trump is telling the city to, quote, drop dead andrew cuomo said virus deaths in the state have declined but warned against reopening the economy too soon >> it's no time to get cocky and no time to get arrogant, right we still have a long way to go and a lot of work to do. and this virus has been ahead of us every step of the way we have been playing catch-up from day one in this situation >> so, that's the latest in terms of what's going on stateside. what's going on here in europe germany has reopened parts of its economy today while in spain the government has chosen to extend but ease the lockdown in the uk, disagreements over how to lift measures are dominating the headlines steve is in the center of london charlotte joins us on spain. and annetta is joining us from frankfurt. germany, they have been very aggressive, very early on when it comes to testing and it appears as though they're reaping the benefits of that approach tell us what's going on in germany, what parts of the economy are actually now reopening? >> well, it's a very specific nature of the economy, which is actually reopening it is retailers, which have less than 800 square meters in public area and also parts of the car production is resuming their production in germany, that's about it like social distancing rules, all other restrictions will remain in place. we're just hearing to angela markle that germany is taking it easy and we could see a resurgence in infection rates if we are not sticking to the strict rules, which are still in place, meaning we are not allowed to have big social gatherings in public or in private. and social gatherings are big public events. we won't see that until august, that tells you how much success the government thinks this current situation is angel markle, chancellor of germany, reiterated multiple times this is only interim success and the virus could spread again very much faster if we are loosening the -- loos loosening the rules too fast that is why every two weeks they're convening, the cabinet and coronavirus group, they call it, to really -- yeah, to reopen parts of the economy even further but if we can go full on with open schools, for example for now it's just a very gradual approach we can't call it a victory for now. what germany does very successfully is testing, testing, testing now what they're also doing, they're starting to have more scientific research into antibody tests, which are not very reliable right now, but they are trying to make them more rereliable, perhaps even before we get a vaccination, we can antibody a large part. population which could then give them some sense of security. back to you. >> thank you so much we will be talking about those antibodiest tests later in the show thank you for the latest on germany. let's shift over to spain now where charlotte reed will join us for more on that country. charlotte, it looks as though we're seeing green choshooting t of spain as well give us the latest >> no, you're right, they gave another tv address this saturday to talk about how the rest of the situation might be behind them, behind the country, but there's still a lot of challenges for the country ahead and the economic situation is one of them. he mentioned he was going to seek extension until may 9th and in the runup there might be easing about children being able to go out as for now they have to stay indoors the whole time spain started easing the measures and the confinement just a week ago when some nonessential workers have been allowed to go back to work but now the prime minister this weekend talking about the new another malty and how the unlocking of the lockdown will be very gradual and very slow. it's said there will be an -- could be a group, didn't give details but hinted at this gradual lockdown and spain has been hit very hard in march alone 900,000 people have lost their jobs there are forecasts of an 8% loss in gdp for spain this year. to put it in context, the financial crisis of 2009 was 2.9% 8% of gdp loss is a huge number in comparison. so, a little earlier the spanish finance minister spoke to cnbc and spoke about how the country has learned its lesson from the financial crisis and how they hope measures put in place will help a quick rebound of the spanish economy. >> the spanish government moved very fast in an effective matter from day one to try to provide two sources of adjustment to the economy to stop the same mistakes we provided ample liquidity for the economy to exist and flexible mechan flexible mechanisms in order to allow the unemployment level ramp up because of the closures for some weeks we see these measures are being quite effective to ensure there is no destruction of the economic tissue and we have a good basis to recover to kick start growth once the health crisis is behind us. >> that was the spanish finance minister speaking to cnbc earlier. sailing the government has put in place for quick rebound but the spanish prime minister saying the situation accidents the worst is behind us but big changes ahead for the spanish economy. >> thank you so much for joining us with the latest on spain. let's get over now to steve who will join us for the latest in uk we're talking to annette and charlotte about how the german and spanish governments are beginning their exit strategies and how to ease. in the uk, the government has been reluctant to acknowledge what their exit strategy is. what's going on? >> and et cetera becoming annoying for the british public which, by and large, has been incredibly supportive of the government restrictions, lockdown, social distancing, despite there's been valuable criticisms about testing, about the protective equipment for the national health service and for care homes and, indeed, the reporting of deaths as well. lots of big questions. this comes as jenny harris, the deputy cmo, believes we're moving in the right directions, past or during the peak and things are looking better on the infection rate and the hospital admissions rate. as you say, there are lots of questions over strategy. this is the day when schools should have gone back, including the city of london school behind us and the city of london school, one of our correspondents on twitter said it's fully online,s as are a lot of schools there's nothing like getting physical teaching, as we all know and questions over that and, indeed, the opening up of the other parts of the economy that could be done sooner rather than later there are a lot of questions over being as the sunday times and other press say they have good sources saying the government were looking at a whole host of smentz, including a traffic light systems where you have green for getting some parts of economy up and going, and medium and red areas will take longer from the other side of the coin. the government, the education secretary or the cabinet secretary, one of the senior members of boris johnson's inner circle, so to speak, both strenuously denying there was a strategy which could see the schools opening as early as the second week of may this seems incredible that various detailed reporting came out from various sources only for the government to deny it. it reminds me of the time, dare i say it, stories are leaked for the sunday paper, so companies, governments and institutions can see what the reaction is the old flying a kite via the friday night drop, as journalists will understand those concepts michael gove was saying, no, it's not direct. the uk does not have detailed planning available at the moment the public has been very supportive so far, despite the fact that the death toll continues to be absolutely horrendous here in the united kingdom and 596 people died up until sunday evening that takes the total death toll to 16,060. people want to know what's going on but the government is adamant, and dominic raab said there were five key tests, whether there was enough equipment and if actions taken if they loosened restrictions would create a second wave the government is sticking to its guns certain quarters are getting very restless how the strategy will look when there is a lessening and we're finally past the peak back to you. >> your point about the friday night drop, it reminds me of what you see in m&a markets, the drop to see how stocks react to potential m&a news definitely a concept to be aware of here. we'll get back to you later on "street signs. let's bring in graham secor, chief european equity strategist thank you for being with us this morning. if you look back, equity markets have been on a bit of a tear, rebounding from the lows in march. i know you put out a note on march 24th saying we were close to peak uncertainty. if i look at the way markets have reacted, it seems as though you may have been right. have we actually reached and past peak uncertainty here >> yes, good morning, everyone we think the point of that note back then is we past peak market uncertainty. and what we were arguing is that is the point when policy makers around the world basically got ahead of the curve, or no longer behind the curve they've done huge amounts of policy response from central banks and governments, stabilized the situation from the market's perspective and the markets bounced very strongly from that i think in terms of looking forward to make more progress from here, because obviously we've had a large bounce in global equity markets now, it's more about the extent of the -- sorry, the macro uncertainty, the economic uncertainty, how quickly we can recover for myself as a strategist, what we're focusing on now is how bad the earnings damage is going to be and whether or not we can still create upside from equity markets at this point when we think about how much earnings are going to get hit and where we are on valuations as well we think europe is up 17% from the lows, the s&p is up over 25% from the lows. we do think we've had a pretty strong recovery already on a market perspective. >> from a valuation point, one metric that stuck out to me in your latest research is valuation discount of cyclicals versus defensives. this has narrowed from 26% to 5%, suggesting the valuation gap for cyclicals is much, much narrower is it too late for investors to buy into these value cyclical plays given the rally we've seen >> not necessarily it's quite a tricky message from the cyclicals because there's a very -- we have a bifurcated market in general, let's call it, the tech stocks and quality stocks people want to own and the cyclical value names like and autos that for many people people have not wanted to own. when we look in the cyclical universe, we get a quite severe bifurcation so european capital goods look very expensive to us. mining and autos look cheap. within the cyclical space, we would argue there are some sectors where valuations suggest there's quite a lot of good news priced in and other sectors like mining and auto where you would say the good news extent is priced in. in the note we published bas week, we think from an investor perspective it's interesting to look for single stocks or subsectors where things are down there. it doesn't look like lots of upside cyclical to rebound over the nextthreeweeks but when you drill down during the universe, we think you can find subsectors and the like where valuations look quite attractive. >> i wayour colleague, andrew sheets, had a terrific piece about the risk of countries trying to reopen their economies too quickly and the danger of a second wave of the pandemic or potentially problems around that reopening. is there, perhaps, a reason to believe that even though we may have passed peak uncertainty, we might have limited visibility around the impact on the global economy way into the second half of the year? if that's the case, can't we afford to wait a little bit before re-entering equity positions? >> that's a good question. i think it's the right idea as well from our perspective. when we wrote that, europe traded ten times close to pe and now trades at 14 times pe. that's the largest ever one-month rerating in markets. this is my point we've come off an awful lot in a short period of time i agree with you, our experts at morgan stanley believe it's quite possible we have a mini re-escalation in virus waves as we look over the next months it's a cat and mouse game. we relax restrictions and then a pick up of cases as we've seen in hong kong and singapore over the last few months, often it ends up with some restrictions being put back in place i agree. the market here seems to me to be pretty fully valued on the basis that there will still be some uncertainty going forward about how quickly we can sort of relax restrictions and support the economy and the risks we get, new escalation. so, i think that's why i'm a bit nervous about buying, shall we say, cyclical shares where valuations are quite high because in my mind they're pricing pretty quick normalization of the macro environment and things getting better quite quickly, whereas if you're buying cheaper shares and you don't think the business models are broken, be you have a margin of error if, as we suspect, this will be two steps forward, one step back approach to trying to reopen economies. >> talking about reopening economies, one of the things that concerns me is we get that read across from china at moment is that this is an economy now meant to be giving us a v-shaped recovery as it's closely managed by chinese authorities, and yet retail sales recovery numbers are lackluster and if things are going so well, why have the chinese just cut rates on one and five-year lending? that's troubling, it seems to me >> i think we're still in the face when policy makers are effectively going all in you're looking at the current growth data. the market is basically saying the second quarter is going to be terrible from an economic and earnings perspective, but i know that, so let's move on and look to the future. and the future is it's really bad now and will get less bad going forward and markets are forward looking. perhaps the policymakers in some respects are looking at what's happening today rather than the stock market looking at what's happening tomorrow and that's why you still get the policy responses coming through and i expect across many different regions we'll still get further policy announcements going forward, even if perhaps the majority are behind us you're right, and again this is why we're a bit more hesitant than we were, let's say, a month or so ago because the instances in china, the example there is that even in an economy, you know, it takes time for consumer behavior and the like to start to normalize >> an important distinction between what policy makers and what the market are looking at in term of time frame versus the future that's all we have time for. graham secker, thank you for joining us jeff, we'll get back out to him a little later in the show. coming up on "street signs," crude craters as u.s. storage facilities start brimming over we look at the may market moves after the break. i know that every single time that i suit up, there is a chance that that's the last time. 300 miles an hour, thats where i 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storage capacity concerns. the june contract for wti is holding up better. that's up around $23 a barrel. pretty big moves overall as demand concerns obviously weigh over the whole energy complex and then storage concerns weighing in particular on the wti may contract let's get a look at oil majors in europe what the share price has been a little mixed picture bp and shell trading above the line and then a little red on the board for total, ross northwest, and a little mixed picture. fairly contained move, certainly in the context of the massive step lower we're seeing in the underlying oil price china has cut its benchmark lending rate for a second time this you're after the economy shrank for the first time in decades. the one-year prime rate was lowered to 3.85% beijing has started to reopen the chinese economy after data showed 6.8% drop in gdp growth for the first quarter. in european central bank news, the ecb is reportedly pushing for the creation of a eurozone bad bank, which would help a possible surge of nonperforming loans due to the covid-19, according to "the financial times" but the european commission is reluctant to advise state aid rules for len doors. europe needs to secure an additional 500 billion euros in a second phase of funding to mitigate the impact of coronavirus according to the head of the european fund. last week eu finance ministers signed off on a $540 billion euro package the bloc's leaders will meet for a virtual eu summit this thursday now, italian prime minister conte has renewed his call in an interview, he said that germany and the netherlands need to change their views. we're going to squeeze in a quick break. coming up on "street signs," volvo cars will reopen some production sites we'll speak with the ceo hakan samuelsson after this break. . welcome back to "street signs" and i'm julianna tatelbaum. spain extends but eases restrictions spanish vice president tells cnbc the continent has the right processes in place. >> these mechanisms are being quite effective to ensure that there is no destruction of the economic tissue and we have a good basis to recover -- to kick start growth once the health crisis is behind us. president trump invokes a wartime law to get more swabs produced as he rebukes accusations from governors they don't have enough testing equipment to reopen their states light crude prices get crushed amid concern the u.s. is about to hit storage capacity, sending the may wti contract to its lowest level since 1990. and phillips' first quarter earnings since 33% as the virus weighs on all its markets but the dutch company's ceo tells cnbc, the growth will return the second half of the year. >> the order book is strong and we expect a gradual resumption of consumer sentiment, as we could already start to see in china. let's get a check on how wall street is expected to open the fresh week of trade. looking at u.s. futures, thinking back to friday, we saw wall street end on a high note advancing all sectors in the s&p 500 were higher with energy leading the way, about 10% tech was the laggard we're looking at a little pullback, dow jones looking to open 200 points lower. the s&p and nasdaq both poised to come under a little pressure this week. u.s. earnings coming sharply into focus the highlights will be coca-cola, netflix, intel, a number of other companies reporting. the question for markets, will the near-term earnings picture provide any meaningful insight or is it about further into the future profitability prospects for these companies? we all know the earnings are going to be very, very grim. we know there will be more pressure in q2 the question is, how will these companies come out on the other side what kind of balance sheet repair will they have to undertake in the wake of coronavirus once we do see these lockdowns begin to ease. you can see the ftse 100 and dax are trading in positive territory. ftse 100 up 12 basis points. germany is beginning to ease its lockdown restrictions but a very long road ahead in terms of lockdown of that economy europe's power house the cac 40 down 0.3% we have an eu leader summit coming up on thursday where we'll see how close they can get to joint bond issue. a lot of debate among european leaders about the right way forward, the right coordinated policy response needed from here let's get a check on auto stocks this morning we are seeing green there for the most part across the auto majors bmw and daimler are bucking trend, trading in negative territory. volkswagen up 8% renault up 1.7%. we are now seeing some au automakers who stood down production as the coronavirus hit begin to reopen their factories. a few announcements to highlight for you, but that's a theme auto investors are now factoring in when it comes to trading those auto stocks. on that note, let me give you a bit of detail around what we've heard over the weekend and the last 24 hours. volkswagen will begin gradually resuming work at two of its major european factories today its decision to open replants in germany and slovakian capital how they can bring the industry back to work after the shutdown. bmw plans to reopen european factories. the germany auto giant reported an 81% drop in first quarter profits and withdrew its outlook for the year the germany premier and prostive successor to angel merkel, he said he wants to see more support for automakers volvo cars is set to reopen factories and offices in sweden after sites were closed down for three weeks due to the coronavirus pandemic the carmaker says it will still use shortened working hours and introduce new health measures to prevent infections volvo cars ceo hakan samuelsson joins us with more jeff and steve will also join the conversation thanks very much for being with us this morning. you are now moving forward into the reopening phase when it comes to the factories you were forced to shut down because of the coronavirus. tell us what you're going through right now. what led you to the decision that now is the appropriate and safe time to reopen these factories? >> good morning. first of all, you have to listen to the experts to monitor the situation in the country and the euro has stabilized with some indication of an improvement most importantly, we have to secure the safety of our people in the workshops and offices we have really used the time to introduce extra safety measures in the company we are doing that. the prime responsibility, i feel, our production, many people are really responsible. we are responsible for many peop people's jobs or future, our retailers and suppliers. i think it's important for us to start up as soon as possible we feel we can do that right now without risking any health issues for or people >> you know i'm a real fan of volvo but i have concern on where the demand will come from. i look from germany's biggest side and uk's biggest side, 90% of volvo are diesel. i see your recharge and recharge pure electric cars, they all look fantastic but i don't know where demand will come from at this stage given people's personal situations coming out of this crisis >> no, that's, of course, the factor here. i mean, what type of demand are we going to see? right now we start up production when we produce, we produce at full speed so this week we will produce three weeks and two days we will send our people home on short-term unemployment from the government right now it looks like 40% down and orders that are coming in, of course, we have orders from china. the market is back there and then we have quite a big order book for our now recharge cars, which i think right now are the cars you really want to bring out to the market as a plug-in hybrid which has considerably lower co2 level than normal diesel and petro. >> i want to pick up on the decision to restart production just a couple of things, it's interesting to get clarity from you. one, are you being pressured to do this by geely the stoppage of production for three weeks will have an impact on the owner as i understand it, testing the factory gate in your plants in china is compulsory, but it is not compulsory in europe it's only being offered. why the difference in standards? >> thael is really why we have to take responsibility of our people here and i think it's not a problem. anybody that feels in any way sick should, of course, stay home if somebody has doubts, they should take their body temperature and oxygen level i did that this morning, by the way, and i was 36.7 and 90% oxygen, so i was approved. but the culture in this country does not require any -- that you act like police. i think this is not a problem. anybody -- it only works if people take responsibility and, of course, not entry and the question, if we are in any way pressured by geely, absolutely not we have been closing down three weeks and we can only open up when we can really guarantee the safety of our people generally i think all of us as business leaders need to think about the development of the economy generally because if we left this country near down wards, i think we will experience something even more negative than this virus so, i think we need to, in a safe way, come back to normality and that's really what we're trying to do and that's with prime responsibility to our customers and people and suppliers >> let me ask you, just before coming out to you, we were talking about a story, one of the prospective successors to chancellor merkel calling for more support for the auto industry that's in germany. curious of yo you are views, do you think we should see and do need more state support for the industry here? >> yes and know. i think the industry has to stand on its own feet, basically. supply good customers customer wants to buy short term we are very glad we have this government, support for short-term layoffs we send people home on the dates when we don't produce, two days a week and then they get temporary unemployment from the government that's really positive otherwise we would have to talk about layoffs. fuel for demand of car, if there were incentive for electric cars, environmentally friendly cars that would be a good combination, to really kick start the market again if we open our factories, that doesn't help if we don't have any demand >> hakan, let me come in on that we now have the headline wti price down around $15 a barrel that's a huge incentive for people to continue using ice engine vehicles going forward. do you think this experience has set back the development of electric motors in the market by two, three, five, ten years? >> no, i don't really think it has that big influence because always price goes up and down but the product development i consider much longer i'm quite confident that long-term customers like to go to electrified or electric cars. and it's just a better solution for the environment. also very attractive car to drive. it's really difficult to believe that people will go back to all these and then petro engines again. i don't think so but, of course, it's less profitable to go electric right now as gas prices go down. i think long-term, no question that the development will continue >> well, thank you very much, as always, for joining us, hchlgakn samuelsson. let's push on this morning the vivendi posted first quarter rise out of universal division they say their publishing were hit by the coronavirus outbreak. it says it will likely affect the second quarter as well. phillips reported a 33% fall in core earnings they warn all regions will suffer in the first quarter but growth is expected to pick up in the second half of the year. the group's health business has suffered a steep deline. phillips ceo told cnbc that the beginning of the year hasbeen defined by two opposing stories as they rush to buy critical care equipment but consumers stayed home. >> we first saw it in china, then europe and across the world. we expect this impact to become a bit bigger in the second quarter as we will see the depth of the pandemic. our order book is strong and we expect a gradually resumption of consumer sentiment as we could already start to see in china. and that also gives us confidence to say that the second half of the year will likely be showing a positive revenue growth >> still ahead on "street signs," president trump faces a backlash to his lockdown lifting plans, but his supporters take to the streets more on that after the break these days staying connected is more important than ever. so we're working 24/7 to maintain a reliable network, to meet your growing internet needs. we're helping customers who are experiencing financial difficulties stay connected. we're increasing internet speeds for low income families in our internet essentials program. and delivering self-install kits to your door. nos comprometemos a mantenerte conectado. we're committed to keeping you connected. for more information on how you can stay connected, visit xfinity.com/prepare. welcome back to "street signs. disney will stop paying around 100,000 staff or almost half of its workforce as the entertainment company struggles with forced closures of its theme parks and hotels due to the coronavirus. u.s. employees have been advised to seek benefits through the government's stimulus package. the move is expected to save disney $500 million, that's despite the media giant raising $500 billion in fresh debt last month and slated to pay $1.5 billion dividends this summer. another company, no doubt, going to be part of that big dividend debate happening across markets. a number of u.s. governors have clashed with president trump over his claims that states have sufficient coronavirus testing in place as part of their plans to reopen the u.s. economy both republican and democratic state leaders called trump's comments delusional and absolutely false trump hit back at the criticism tweeting that he is right on testing and calling on governors to get the job done. street ghdemonstrations broe out across the united states over the weekend the protests, many organized by conservative political groups, called on lawmakers to relax lockdowns and reopen the u.s. economy. president trump defended the demonstrators calling them, quote, great people. new york governor andrew cuomo has announced plans to roll out covid-19 antibody testing this week. cuomo pointed out scientists have no way of knowing how many people actually had the virus and these tests would give the state, quote, a first true snapshot. >> they're going to sample people in the state, thousands of people in the state, across the state, to find out if they had the antibodies that will tell us for the first time what percent of the population actually has had the coronavirus and is now at least short-term immune to the virus >> cities say governments around the world are faced with the unpalatable choice of putting lives at risk or facing a prolonged and damaging economic recession. experts at the bank argue antibody tests will allow a gradual return to economic activity rather than taking a switch on approach andrew baum, managing director of equities at citi is joining me now steve will also join us. andrew, thank you for being with us i think it's clear when we learn and hear what these antibody tests could do it could be a game-changer for the way the world is responding to the coronavirus pandemic w.h.o. warned last week there's no evidence these antibody tests actually can detect coronavirus immunity so, where does that leave us >> the w.h.o. is stating something factually correct, just as it stated on the 5th of january that cov2 had no evidence of person-to-person at the transmission at the time that was factually correct. our job is to look forward and to look and try to extrapolate from other viruses that may give some indication of whether high antibody types may confer some immunity just looking at that one particular use of antibody testing, there's a reasonable degree of evidence to suggest that for those patients with high enough titers, there may be a immunity of a year or, perhaps, more. there's certainly uncertainty and questions here the second point of doing antibody testing, and you referenced it in andrew cuomo's comments, it enables you to give some snapshot, albeit not a perfect one, the extent of the infection rahistorically in a given country and geographically without some way to characterize the enemy, you can't begin to fight it for two separate reasons, both the potential to use it as a de-risking strategy to get patients or individuals back to work, but also to help characterize the extent of the geographic spread. there's enormous value in pursuing this, despite the challenges that exist. >> let's talk about that pursuit and your assumptions what percent of the population can realistically be tested with these antibody tests and when? what's the kind of time frame you're looking at? >> well, there's a number of different tests available on the market but the ones available historically have largely been -- they all come out of china. these are effectively like self-administered pregnancy tests. the problem is, these haven't been validated and many of them really -- they don't do what they say on the label. some do, but they're the minority there's a large enough degree of volume but in realitity what i think will form the bed rock of testing in the u.s. is tests done in laboratories based on a blood draw in terms of the scaleability of these tests, roeche announced a couple days ago their assay would be able to test up to 100 million patients a month from june we imagine maybe half that during may they'll be scaling very, very fast of course, you don't need everyone to get tested on day one, they'll first prioritize health care workers and key personnel and then prioritize the young, fit patients who don't have pre-existing illnesses. that's the cohort you want to send back knowing the risk of harm will be less than, let's say, a 68-year-old patient with a history of cardiovascular disease. >> the antibody tests, whether it's vaccines or some form of cure, whatever it may be, everyone in the pharmaceutical sector is chasing something at the moment as well whether it's as tra ztrazeneca,e is too much money going into this sector to justify the valuations even at these levels, andrew >> look, no. i think that even when you anticipate the negative scenarios for the industry associated with covid-19 and there are many delayed launches, delayed pipelines, the tragic loss of patients due to covid-19 who may be on the industry's drug, the valuations still reflect a significant degree of upside to where the stocks are currently trading. the second question, which is going to be important later on, which is what is the impact of widespread unemployment. commercial insurance accounts for a significant part of the revenues of many of these companies, more for some companies than others. for companies like advi and lily, users of rheumatoid arthritis are diseases of young so if we end up with 20% plus unemployment rate, many of these patients are not going to be able to afford that drug and end up on medicaid - >> andrew, be i have a -- we have to -- we have to leave it there, andrew. thank you very much for being with us, andrew baum, head of global health care and managing director of citi we'll leave you with a picture tus..s. fure that's it for today's show i'm julianna tatelbaum awesome internet. it's more than just fast. it keeps all your devices running smoothly. with built-in security that protects your kids... ...no matter what they're up to. it protects your info... ...and gives you 24/7 peace of mind... ...that if it's connected, it's protected. even that that pet-camera thingy. [ whines ] can your internet do that? xfinity xfi can because it's... ...simple, easy, awesome. [ barking ] no deal as they look to hammer out second round of small business, as big business snapping up billions of dollars in loan programs taking a rather unexpected turn. a crude crash this monday morning. oil prices falling 21% right now to under $15 a barrel as producers simply run out of places to put it big trouble for big technology experts warning that users could be left out of google and apple's big plans to track the spread of

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