Any mutualization. Vonnie we are seeing a nice bounce for equities today. The dow in the s p both up 1. 5 to 1. 7 . The nasdaq up 2. 1 . All Industry Groups in the s p 500 higher, even though we are off our highs for the day. The one teetering on the edge is the home wherein transportation index, but they are basically flat to down 0. 1 or so. Some good earnings overnight. Many companies, including kimberlyclark, just getting rid of guidance altogether for the year because it is just impossible to know how the rest of the year is going to pan out. The likes of twoputt lake the likes of chipotle up, and Companies Like halliburton up. Diamondback up 8 , bouncing after getting absolutely hammered the last couple of days. Lets carry on the conversation about what is happening in the crude market, a big focus right now. Following that report on inventories. Weve also got the president s comments on what could happen the gulf when it comes to iranian boats. That is having an effect. Brent bouncing back from a 21 year low. Jawdropping numbers being delivered by oil markets at the moment. Joining us on the phone is schork Group President stephen schork. The price action over the last couple of days, is this a shortterm phenomenon or something that we can take longerterm messages from . Absolutely take longterm messages. Mondays event of going negative was clearly not a oneoff. To that point, the cme is now listing option prices in the oil comp lets as negative strike prices, so clearly the nymex with the cme suggests we could see negative prices going forward. As we look at the situation now, is atorage situation capacity at this point. Demand is continuing to fall, so as we go through the summer, we are looking at a situation where we are Still Producing too much oil, we are obviously not consuming near enough oil, and we are going to have no place to store that surplus oil. Going forward structurally, we are in a perpetual bear market for the foreseeable future. Guy ok. Do you think brent could do the same thing . Could we have negative prices on brent . Stephen no we could not. It is a much different situation because the storage in the middlestates is in the of the country. We have oil to the north of us being produced in canada. That is landlocked. So you will see ongoing negative prices in the dakotas and in canada because there is a dearth of capacity to store and transport it, and they are going to still produce. Therefore, you will have perpetual negative prices in those market areas. Marker forarket is a the global price of oil. Therefore, the storage situation dynamics are much different, much fluid. Negative in some areas is because of a lack of ability to store. The brent market is still in perpetual bear market, but i am not concerned about the brent going negative. Vonnie i love how you put it in your note. You said if you thought the debacle in nymex may contract was bad, that was probably the lounge act for what we see in june. We have to go back to see what happened on monday. Mondays debacle of going negative was not because of etfs rolling. The etfs rolled weeks before, so this wasnt there selling on monday. It wasnt the professional traders who got burned on monday. They know darn well not to go into the penultimate session in a market like this, still owning the spot market. It was the smalltime retail investor. Up to two weeks ago, we are talking doctors and lawyers buying etfs and holding onto the very last day. They are the ones. They owned 11 or accounted for 11 of the markets. They are the ones who got decimated. They are out of the market now. So no, this is not going to happen on the last two days of the contract expiration, which we will likely see the role happening much sooner. So selling in june, the buying of the july will happen sooner rather than later. That said, we are still looking at a situation where, by the time the june contract goes into expiration, if the complex in cushing where you have to take delivery of that oil is not full now, it is certainly scheduled. By the time june expires, theres going to be no place to store the oil. So the dynamics, it is a nasty treadmill to rinse and repeat for the for siebel two or three for the foreseeable contracts through the summer. The demand is dead. Just in the numbers today, crude oil demand dropped by 150 basis operable 67 of capacity. Therefore, in the United States alone, crude oil demand is 26 below where it should be at this point in the year, and it is not coming back. The economic front there the economics arent there. 22 Million People have lost their jobs. Everyone is working from home, so no one is commuting to work. Even if that number stays the same, if you switched on a light switch today and started to drive back to work, those 22 million translate to 15 million that wont be driving to their jobs. The demand destruction is catastrophic, and it is going to take months, if not years to recover from this. Vonnie the trouble is some of the current prices do appear attractive longerterm. We were speaking with commerzbank a little earlier, saying that china might step in to take advantage, or australia, for example. He sees australia trying to rent some of the Storage Capacity at the petroleum reserve. Stephen absolutely. This is something the u. S. Administration proposed about a month ago of taking advantage. Why wouldnt you take advantage of negative or sickle digital oil and max out your strategic or singledigit oil and max out your Strategic Reserve . The funding was going to other parts of the economy that needed it more at this point, but certainly that is a driver. But keep in mind, that is artificial. That is not demand. That is not economic growth. That is just the government taking money from the taxpayers, using that to buy oil. That is not creating demand. The only way we get out of this situation is by growth in demand. Could get artificial supports in the market based on governments, but you are not going to get any sort of longterm list fundamental by the actual consumption of oil, and that doesnt occur until the world is lifted from the government proposed house arrest. Until you see demand coming into the market, this will were main bearish. Guy we are going to leave it on that note. Thank you very much for your time. Schork Group President stephen schork. Lets get an update on what is happening with the markets and a little more detail. Heres abigail doolittle. Abigail we may have a longterm bearish picture for oil, but in the near term, we have a risk on tone. Lets take a look at the major averages in the u. S. We see pretty solid gains. The dow, the s p, and the nasdaq up by 1. 5 or more, and some something with the relief for Wti Crude Oil storing on the day. However, it is still below 15 a barrel, so that demand destruction very much there. But at least on the day, we are looking at relief. Pointing to a more defensive picture when we going to the bloomberg terminal, the s p 500 dividend yield is now above 2 , and that is well above the treasury yield, so take a look at the spread between the s p 500 dividend yield and the 10 year yield. It makes more sense to try to have the dividend of the s p 500 as opposed to treasuries. Probably a pretty defensive sign there. As for some earnings movers on the day, netflix is now down by about 1 . They put up a huge quarter, but they stock was up more than 30 going into the earnings report, priced to perfection. Investors wanted a little bit more, plus on the idea that the lockdown could be easing at some point soon, that their numbers may go in the wrong direction on that. At t reversing an earlier gain, earlier up 3 . They are saying they can pay their debt load in 2020, but investors looking to the fact that they pulled guidance in a mixed quarter. Snap up 27 , its best day in more than year. They talked about better ad revenue growth. Plus, a 10 percent bearish interest, so some of that could be a short squeeze. Finally, lets rounded out with the airlines. Delta had been higher, now down by about 2. 3 . It appears investors are not taking comfort in some of the nuances. United airlines are diluting their current shareholders, it 1 billion secondary offering. That stock being punished, down another 7 . On the year, United Airlines down by 70 , of course on this virus crisis. Vonnie absolutely. Delta planning to apply for 4. 6 billion in u. S. Rescue loans, and also targeting 50 of the cost in its daily cash burn. We are going to continue to discuss airlines next with citis mark manduca. This is bloomberg. Vonnie live from new york, im vonnie quinn, along with guy johnson in london. This is the rp and close on this is the european close on bloomberg markets. Lets cut the first word news with ritika gupta. Ritika last week, 11 gunboats from irans revolutionary guards passed u. S. Boats at close range in the persian gulf. President trumps immigration ban isnt as wideranging as some had feared. Hes ordered a 60 day halt and issuing green cards that allow foreigners to live in the u. S. Permanently, but backed away from plans to spend guestworker programs. Business groups exploded in anger at that idea. Still, the president has hinted there could be further restrictions. The senate has passed a 484 billion relief package that includes money for the tapped out program to aid small businesses. Theres also money for coronavirus testing and hospitals swamped by patients. The house could take up the measure as early as tomorrow. In the u. K. , finance minister rishi sunak says there are encouraging signs the outbreak is slowing. Yesterdays death toll was the slowest in two weeks. Members of parliament are paring to scrutinize how johnson is doing. They will return to a strict down house of commons after layoff, and government ministers will be questioned using zoom. Global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. Im ritika gupta. This is bloomberg. Thank you very much, indeed. Delta stock a little lower today, fluctuating after the carrier said it would cut its cash burn by 50 , possibly as early as may. In europe, delta stake in Virgin Atlantic very much hanging in the balance. Virgin says it remains in a stable position. However, reports suggested is struggling to get government funding at this point. In france, the french finance ister renaud lemaire minister Bruno Le Maire said there will be a grant for Air France Klm probably within days. Citis mark manduca joining us on the line. I want to start with the Virgin Atlantic story. The airline says today it feels it is in a stable position, but those in there are u. K. That suggest it is struggling to get financing. If virgin goes under, we have seen it already in australia. What with the implications be for travel across the atlantic . But with the applications be for the rest of the European Airline sector . Mark if you think about what you mentioned, here in europe, we have been crying out for consolidation for so many years. The u. S. Has about four carriers you talked about, four having 80 market share. Here in europe, because we dont have a proctor chapter bankruptcy process and are less willing to tackle our unions and pensions head on, weve never really had that cathartic cleansing process in the european market, and it just so turns out that this virus is really expediting that consolidation story. What should have been 10 years looks like it is going to become a two or three year consolidation story. You talked on the u. K. Side. The u. K. Market is already relatively consolidated. Atlantic is 83 market share held by three alliances, and as alliances are strong, and will continue as we move out of this crisis to charge higher prices. Guy . Ok guy ok. So virgin fails. Do the slots at heathrow to get picked up by someone else . With the government be ok with iag owning those slots . I dont understand. That is a huge amount of capacity being taken out of the north atlantic. Delta owns a 49 stake. It cant own anymore. Im kind of curious, what fills that vacuum in the u. K. . Mark when you talk about heathrow airport, to be honest, iag already holds 40 of capacity, so needless to say, whenever any slots come up, it is always going to be an enticing proposition. Youve seen it recently in gatwick as well, where we seen bankruptcies. Ultimately, those slots have been bid for very readily. I see further consolidation potentially, as you talk about in the u. K. Market, but i think theres a bigger point. Theres going to be broader consolidation in europe over the next two to three years, which ethic is going to be very good not just for the north atlantic, but specifically for europe to europe travel. In the meantime, we are going to have to slightly go through the variant deaths before we come through the other side. I think you will see a price war after we move out of all the talk of covid and what it means for cash flow and working capital risks. This summer is going to be punctuated by big, aggressive price war, and i dont think it is going to be good news for shareholders. I think it is going to be good news for consumers. Vonnie vonnie you talk about consolidation. Does it happen within segments or cross segment . Do we suddenly see a reforming of the whole geography of the Airline Industry . Mark it is a really interesting points when it comes to how consolidation can take place. What guy was referring to in terms of the Government Entities sitting in these airports, the reality is as they sit there, they are actually absorbing a lot of good spots. Because they dont have a Natural Selection process, bypassing Capital Markets and going straight to the government level, we are almost allowing for these entities to survive in their slots beyond potentially what Natural Market forces would allow them to do. Up with is a slight delay in the inevitable. Yes, ryanair and ways will chip away at these slots, but it will take them a little longer because you are getting this government involvement. I do think the two people here that do well out of this in terms of airlines are very much ryanair and wiz. They are going to be on the front foot as they continue to take market share in both western europe for ryanair and Eastern Europe for wizz. Vonnie do you see some thing like easyjet being gobbled up by ryanair or some of the bigger carriers . How do you see consolidation playing out . Mark i think in terms of easyjet, there are two things that need to be addressed. First, theyve got a major goteholder, but also has strong views. I think the other thing to take into account is everyone talks about the asset value of easyjet , the underlying swap value. They do have a found all fleet in the sense that they have a phenomenal fleet in the sense that they have airbus at a time when it is good to have airbus. It is not a hypothesis i would welcome only because the cost basis are very different. Ryanairs cost base is more on parity with someone like wizz rather than easyjet. Guy ok. Mark, thank you very much. We always appreciate your time. Hopefully we will get you on again soon. This sector certainly moving at the moment per the news flow. Mark manduca joining us from citi. This is bloomberg. Live from new york, im vonnie quinn, alongside guy johnson in london. This is the european close on bloomberg markets. It is time for your Bloomberg Business flash. Turns out all those toilet paper hoarders were Good Business for camberley clark in the quarter. Company sales posted their biggest gain in nearly a decade, and you can give credit to stockpiling products, although it did cut its dividend ands appendeds outlook and suspend its outlook. Netflix lends to sell new junk bonds. Netflix hopes to borrow 1 billion to Fund Acquisition and production. Delta airlines is vowing to cut its daily cash burn in half by the end of june. The carrier hopes to be going through 50 million a day when the quarter ends. Delta has cut flank capacity 85 because of the that in demand and has parked six underage the jets. Part 650 jets. That is here latest Bloomberg Business flash. Lets check u. S. Markets. The nasdaq powering ahead, still higher by 2. 3 . The s p is up almost 2 once again. Ofinitely no shortage enthusiasm today after a couple of difficult days in this market. Chipotle Mexican Grill the best performer, up 10 at this time. Expedia up 10 as well. We have the volatility index above 42 once again. No let up their. Crude oil the current contract after a couple of really occult days for the oil market, trading at 14. 33. The 10 year yield at 60 basis points. Europe as we approach the close, we are at session highs when it comes to european stocks. Every sector is in positive territory. Oil and gas is the lead sector. That is why you are getting outperformance from london. We are also seeing some of the mining stocks do well. These are the exact sectors that took away from london yesterday, and the reason why london underperformed, but the dax is up by 1. 7 , the cac 40 up by 1. 4 . Some stabilization coming through in the crude market, i think adding to a sense of relief today. We are back to risk on, recouping some of the losses we make it. European close is next. This is bloomberg. Guy 30 seconds until the end of regular trading in europe. If you are longer market, it is a much more positive session. We are seeing stabilization in the oil market. The ftse 100 is outperforming. We are seeing oil and gas stocks doing well. Lets show you numbers and give you an idea of how the session has developed. This is the stoxx 600, up 1. 75 . Off our session highs. , tradingeen climbing around 330. I want to show the oil and gas sector. Gas bouncing back strongly today, but over the last few days, a real lola coaster. Yesterday a real roller coaster. Yesterday being dragged down. Brent being pushed sharply to the downside and that has had a been affect on the a big effect on the integrated oil makers. Of all the markets around the world, you look at what is happening in terms of the weighting of the ftse 100, very exposed to oil and the miners. You have to look at credit markets to get the same kind of exposure to those two sectors because most markets do not have it. Certainly not in europe, certainly not in the United States. The dax is up, the cac 40 rising as well. We are seeing individual stocks weighing on some of those indexes in europe. Lets take a look from the center point of view what is happening. Everything in europe is in positive territory and we are seeing the minors and the oil and gas stocks doing well. Technology is bouncing back reasonably well. I will show you what is happening with st micro. Retail, insurance, food and but theyat the bottom, are all in positive territory. Lets look at some of the stories we have been focusing on in europe. We are seeing a few cracks appear in the gucci story. China a factor behind this. Kering is being a little cautious on what demand will look like out of china. , we were just going over the pall earlier on, the auto sector for st micro likely to look weak. We are not likely to get a recovery until the fourth quarter. That is what the company has been saying. Heineken withdrawing payouts. We were talking about this earlier on. We are seeing a weak demand story when it comes to the beverage story and the beer story in particular. Heineken down around 3 today. Vonnie in the u. S. We are seeing a nice bounce after two difficult days in the market. The s p 500 up 2 , the best performer being to public which Beat Estimates and pleas to the street. Some of the Oil Companies the best performer being chipotle. The Australian Dollar and the Canadian Dollar are both stronger today. Lets get to our fx guest now. Guy absolutely. Lets bring in Derek Halpenny to give his take on what is happening. He is head of Global Market research. Apologies for that. Lets talk a little bit about the oil story over last couple of days and talk about the implications. What are the implications for other Asset Classes in your mind . What in particular does it mean for the dollar . Derek the first point i would make that given the scale of what has happened in the oil markets, what has been notable in fxs we have not had the volatility repercussions that may be you would have expected. There is more evidence to indicate that what the fed has done in their own prestandard actions to restore fx market functions is working well and the Balance Sheet data from last the facility set up for improving that were utilized much less last week. That is the first point i would make. When you look at fx specifically in terms of the oil related currencies, the standout has been the Canadian Dollar. That has not responded to the same degree as the norwegian krone. Columbia and russia, they are all down. Canada select, the domestically priced crude, did not have the turmoil we have this week, although it is already very weak in terms of price. That might explain the performance this week. I would expected to filter through and prompt Canadian Dollar weakness as well. In terms of asset prices, one difference now compared to years ago is the importance of the Shale Oil Industry in the united the view in terms of the breakeven for shale is around 44, and then you throw in transportation and other cost is over 50. We have had supposing reassuring words from Steven Mnuchin about crude Oil Rebounding to 30. That is still going to be detrimental to the Shale Oil Industry in the u. S. That has consequences going forward. Vonnie such as . What kind of macro consequences . Derek banks have considerable exposure in terms of assets in relation to loans in the oil industry. If prices were to remain at these levels for a period of months beyond the return of youd demand, i think then are talking about that reverberating through other sectors as well. Vonnie what are you recommending people do, both in currency markets and elsewhere . I imagine you have some ideas on where you might pick up a little bargain in fx . Derek i think shortterm equities have had a great run, and a lot of good news is priced in terms of this news of rollback of lockdowns. I struggle to come up with a good macro story for arguing equity markets will advance much further from here in the u. S. In that context, a further correction lower in some increase in risk aversion shortterm, you have to stick with the dollar. When i look at the currencies that are performed best, aussie dollar getting up to 63. 50, that kind of level getting up another couple percent and the entire policy drop to covid night the entire policy the entire aussie drop to covid 19 will have been erased. The other is the swiss franc. The data shows they have been over 40tervening billion swiss francs since the beginning of march. They have eased up on that, but i think the swiss franc remains well bid and the support to limit that strength is fading and could open up the potential for renewed swiss franc strength if we do get that correction in risk assets. Have guy,t sure if we so i will ask you another. The hong kong dollar i presume it is safe. How much will the Hong Kong Monetary policy have to spend to keep it that way . Derek this is a reflection of the policy we have in the u. S. In the extreme measures we are taking. That has placed upward pressure on the hong kong dollar. They certainly could do more, has stoodedged the test of time and we would not envision anymore threat. Certainly more action would have to be taken given the extent of the aggressiveness of that policy at the moment. Until we get through this initial phase of the hit for demand related to covid19. Vonnie treasuries have been quiet. There have been huge amounts of fit action and that had of fed action and that has calmed the market. You have any view on what people should do with fixed income or are there Better Things to be done elsewhere or else stay in cash . Derek based on what i have just said in relation to my view on and givensk appetite that the fed have slowed their pace of quantitative easing, but the one key takeaway from the situation since covid19 has hit is the fed will do whatever it takes. The focus has shifted from Financial Market functioning off to real economy support with its two point 3 trillion lending program. Nonetheless, the support is there for the u. S. Treasury market. Given the oil story will filter into inflation globally, for me i still think there is scope in u. S. Treasury prices going higher and yields lower. I would certainly be comfortable at these levels in terms of holding a long treasury position. Vonnie we have to leave it there, but we would love to have you back soon. Hat is Derek Halpenny next, glenn august, ceo of oak Hill Advisors, joins. This is bloomberg. The welcome back to european close on bloomberg markets. The coronavirus recession is wreaking havoc on Company Income statements and Balance Sheets and may create one of the best buying opportunities ever for Credit Investors. With us as one of the biggest Credit Investors, glenn august is the ceo of oak Hill Advisors which has almost 40 billion under management. Good morning. Glenn good morning. Erik the last time we spoke on television it was almost a year ago. You told me the world is ok. How would you describe the world right now . Is not quite as ok as it was good if i was asked to think about a word to describe the world today, i would have to use the word challenged, but butave a. And a after that. We have a Health Crisis we have not seen in modern times. We have a shutdown of the global economy. Massive unemployment. Shutdown and small business. Mental Health Issues are on the horizon. There is not in there is not an end in sight, although there are certainly efforts being made on the drug therapy side and the vaccine side. We have a humanitarian crisis, and yet i have to say there is a investorcause as an this dislocation is creating interesting opportunities. Ultimately i believe that if we have therapies or vaccines that can solve this, that we will return to normal. I happen to think the market shares the view as witnessed by the last week of incremental volatility bob incremental volatility bump. If you believe that in the next couple of years there will be a return to normal, that i think there is good value across the board, although you have to be incredibly patient and incredibly selective. Abouti want to hear more that glass halffull thinking, but first let me start with this and we will go back to the ok part. When the world was ok, oak hill made investments with the expectation that for the most part the world would continue to be ok. Now that the world is challenged, even if there is a but, have any of the decisions you made back then come back to haunt you in any way . I have always been a believer that no matter what environment you are in you want to buy Quality Companies and Good Industries with Good Management teams. I will tell you i would be a takenf i said we have not or market to market hits assets have gone down in value on a market to market basis over the last year since that discussion. We had a great year last year, but certainly since march it has not been as good. I will tell you i have always believed if you buy quality that quality comes back, and the question of what we do is whether or not there is permanent impairment in do we have the ability to play offense or are we playing more defense . Unfortunately, we are more on the offense, and i would qualify a little bit on this glass halffull. It is a measured glass. There are lots of places where the glasses unquestionably closer to empty. Certainly what happened in the Energy Sector would be one of those. To answer your question, our experience has shown that if you buy quality you do well. If you look in our portfolio in the spring of 2008 and he went on vacation for a couple of years and came back at the end of 2010, we were up 35 and a lot of our portfolios. Then you say i guess nothing happened, but we all know a lot happened. I believe if you own quality and you are in the right place in the capital structure, you can make money. We were quite cautious with our higher return to stress capital for most of the last couple of years because we did not see dislocation. Now that we are seeing it, now that we have seen it and now that we are living it, we are being much more aggressive. Erik Credit Investors are fundamentally value people. You are happiest when things are cheap. A month ago, they were really cheap. Are they cheap enough now . Glenn they are not as cheap as they were. Certainly the combination of the equity markets balancing, which in great part comes from a combination of the fed stimulus, buying, the and obviously the flattening and downturn of the curve, that is taking out a lot of the quality end of the trade. I can tell you that we and many others were very active in march and into early april as aggressive buyers on the quality side. The opportunity to make 10 plus points. We have used the opportunity over the last couple of weeks to sell some of those positions we bought in midmarch until late march. Erik can we scale that . Can you tell me how much you are able to put to work in the most vicious parts of the downturn and how much youve been able to get back . You iswhat i will tell we have purchased since march 1 we have purchased over 3 billion of investment. We sold one billion plus. That equals about 2 billion of net purchases we have made since march 1 as a firm. Erik that is busy. We both know the Federal Reserve is going to buy hundreds of billions of dollars in Corporate Bond and even dip its toe into the junk market. Fedhe Market Pricing that bid appropriately . There is a lot of enthusiasm for investment grade. Or is it getting ahead of itself . Glenn i think the market has done what you would expect it to do. What i like to highlight for our investors is there has been a massive differentiation in performance in the Higher Quality portion. The highyield market is down 10 year to date. It was down 20 percent at the lows. If we look at the separation of bb and highyield, that is only and ccc is down 21 . The statistics are basically the same for the leveraged loan market. I would say the market has priced up the quality end of the Leveraged Finance market and ultimately left the distressed opportunity investors like ourselves to seize upon those names that are more challenged, and those that have more covid related exposure to generate higher returns. Erik where then you think you can find those doubledigit returns . I know that is what you are looking for. Not just double digits. North of 20. Where do you think you will find them with the confidence that the cash flows supporting those credits will be relatively intact a year from now or two years from now . Glenn what i would say is the greatest opportunity that we see is an rescue financing or provision of liquidity to companies on a private or in some cases syndicated basis where Companies Never modeled in a global shut down, never modeled in they do not teach you in Business School to run a case with zero revenue and then a slow recovery. There are fundamentally Good Businesses that have a liquidity shortfall. Weve have been having many discussions with relationships of hours, companies we know well, sponsors we know well, to offer them a range of financing options, multiple safety financial options, tomorrow rescue type style, and those investments can come in the form of senior debt, or they can come in the form of convertible debt, or they can come in the form of debt with warrants. We have made a number of investments in the last few weeks and have many proposals outstanding. Proposal 400 million that needed incremental financing to weather the storm. We have a number of different proposals in front of companies. I believe that ultimately if you have a good company, the most important thing is survival, the most important thing to survival is liquidity. Erik i want to jump in. We only have a short moment left. A quick question. So much money available for Credit Opportunities and so much being raised. You have any sense for how much will be mobilized in the bottom part of the cycle . Glenn there is lots of talks about tens and tens of billions. I have read many of those headlines on bloomberg headlines. In our view is that every one of those investors and our peers and competitors have a strategy, and what makes what gives them their competitive advantage i will speak to ourselves and say weve been doing this for 30 plus years and have deep Industry Knowledge we can find many opportunities. Guy i am erik i am so thankful. That is glenn august, ceo of advisors. This is bloomberg. Beyond the routine checkups. Beyond the notsoroutine cases. Comcast business is helping doctors provide care in whole new ways. All working with a new generation of technologies powered by our gigspeed network. Because beyond technology. There is human ingenuity. Every day, comcast business is helping businesses go beyond the expected. To do the extraordinary. Take your business beyond. Vonnie i want to bring you some of the latest headlines. Deaths in the last 24 hours in new york we have topped 15,000. Governor cuomo giving an update and sounding more positive, saying we are coming down on the others of the curve, but he is still concerned there are more than 1300 hospitalizations every single day. Deathsain, less than 500 for another 24 hours. The death rate is at the lowest since early april in new york. Oning up, balance of power uber television and radio with david westin. Today he will be speaking with nancy pelosi as the house gets right to vote on more pandemic relief funds. You do not want to miss that. Lets take a look at where we stand. The Market Making a rush for a higher high. The s p 500 back above 2 higher. It is being led higher by chipotle, which cheered investors, although like Many Companies it did spend its guidance for the rest it did suspend its guidance. The dow up 1. 9 . The vix above 42. This is bloomberg. David from new york to our tv and radio audiences worldwide, welcome to balance of power, where the world of politics meets the world of business. We start today with a very special guest, speaker of the house nancy pelosi coming to us from the capital. Thank you so much for joining us on a busy week. You have a big spending package pending before the house after this the Senate Passed the 484 billion. You have any doubt the household enacted. You need to do anything extraordinary to get it done . We will be able to in a strong bipartisan way to pass the legislation as it passed in a bipartisan way in the senate. Nothing extraordinary about how we will vote. Pretty standard. We will take a reported vote. In the senate they had unanimous consent. We are 430 members and we will need to have a majority to get it passed