Activity in the Second Quarter of 2020 we are going to see eyepopping forecasts in the third quarter. We cannot lose sight of what that means for people who are struggling, businesses who are struggling, in the fact we still have a deep hole. Recovery,led k shaped and those who do not have options to work from home, is already fading away. We see a hollowed out downtown. [indiscernible] what does that mean for city revenue . In high rent districts employment is still at that 45 of precovid levels. Colleagues and i have a clause looking at what this means for cities and how it depends on revenue structure, industry, and exposure to covid as well as federal and state policy response. If i could get the next slide, please . Go. E we going into this there were a lot of things we thought we knew about city economies and finances. Much of that has been upended by covid. You are thought to be a Success Story if you are a service economy, and now they are under threat. We used to think cities
Dow and about 11 higher than the nasdaq. Lets check in with our reporters. I would like to take a look at one area of underperformance, china tech. Down 2 , lower on the open. But, around the time of the scoop and those headlines, the fact that tariffs will still be in place after the president ial election. Netnet, the worst day since september. Even to the untrained eye, this is somewhat absurd. Unlike u. S. Stocks, not going higher. There was a period of time when these were above the 200 day moving average. Over the last few months, gaining well more than 25 . A very overextended situation. Sometimes, these things go further than you think. There is good reason to think that we will see a reconnection at some point back down to the 200 day moving average. One group that sort of weathered this mini selloff was transportation stocks. Dow jones transportation average gained about 1 . It broke out to the highest level since october. Delta airlines gain a than 3 . Earnings came in well
About we works toxic phone booth. Jason and a special summit on security. They have got a new exhibit called revealed the hunt for bin laden. We begin with our top stories. In the politics section, it is lights, camera, impeachment. Jason House Democrats count on public hearings to bring to life testimony that has already been given behind closed doors. Your is billy house in d. C. What we saw was concern on the part of state Department Officials about back channel diplomacy by rudy giuliani, and evidence, hearsay evidence, secondhand evidence of what they were hearing trump was up to. Kailey how long can all of this really go on . What is directly next is this upcoming week of four hearings, four separate hearings, including what could be the biggest one, that of Eu Ambassador gordon sondland, who is the one who may have had the most direct contact with President Trump on whether or not he wanted to withhold aid in return for investigations. The House Intelligence Committee is hoping
We sell or receive. It is about the transfer of data. It is about royalty payments, licensing deals we have dealt with. The world is much more global than we think. And globalization is a kind of and mucher force softer force. David to what extent does the Trump Administration embrace what you are talking about . Is that why they are embracing intellectual property . A they really pursuing what you are suggesting . In one sense, they are. Intellectual property is a huge part of where the 21st century economy lets. But at the same time, we have a huge this is from this administration in washington on manufactured goods and on the Manufacturing Center sector, bases tariffs away to boost manufacturing when the fact is there are more Disruptive Forces in the World Economy and the world of manufacturing. And the simple fact that i can listen to whatever i want on my whatever music i want on my iphone. I do not have to go out and buy a cd. I do not have to buy anything physical to get all my
With a but of Dollar Strength of their in advance of the ecb on thursday. A quick look at u. S. Stocks, i huge day for earnings both good and not so good. Here we have some of the better ones, leading the s p 500 is hasbro, aladdin toys were very successful. After it is up 5. 6 Beat Estimates as well. Those stocks are higher now so you might think why isnt the s p doing even better than that . Still below 3000, but that is because some earnings stories were not so good. This is their worst performer in the s p 500. Guy getting back to our top story, Boris Johnson has won the race to lead the party and by extension become the next Prime Minister and he has made it clear what his top priority will be. Theres a mantra for the campaign the adjustment by case you have forgotten it. Deliver brexit, unite the country, and defeat jeremy corbyn. That is what we are going to do. Bit of insight now on what exactly is going to happen next, for that we are joined by our Bloomberg Government u. K. R