Richard we think the additional fiscal support will likely be needed. I think, it is very clear that the cares act, which passed in march was a historic government response to a historic crisis. A thrill that a 3 billion dollar package provided significant support to the economy. The economy has made a lot of progress, about 11 million jobs have returned, but there is a deep hole. Steve, theng us is portfolio manager. I wonder if you can piece those two things those two things together. It seems like there is still a rotation. Fed official after fed official are calling for more fiscal stimulus that we will not get. Steve i think we are going to get it, but not before the election, because i think it is a political football, and now you have the Supreme Court battle that will show us that will suck all of the air out of the room. After the election, or in the new congress if one side or the other scores a victory. You will get additional fiscal support. I think it makes sense, the economy has recovered, we are in thevery, and i think with physicals report what the physical report has meant is that foreclosures are down, and bankruptcies are running between one third and one fourth of they were during the great financial crisis. We need to buy more time until we get a vaccine out, until this economic recovery deepens and and other fiscal support package make sense here. Why fumbled the ball in the red zone . Guy it does not make sense, but this is politics. If we do not get a deal between now and november, what is the Economic Data going to look like, and what are asset prices going to look like . Steve i think we got a little sense of this recovery being self sustainable than we give it credit for. Remember, we had a fiscal cliff at the end of july when we had enhanced Unemployment Benefits runningand ppp funds out. Retail sales was up 60 . Household net worth the Second Quarter had the biggest jump on record, and not only the biggest jump on record, but it was 7. 6 trillion which offset the decline in the first quarter. Again, fiscal support would be a nice condition, something nice to have in order to not lose momentum. I do not think we will rollover and die without it, the recovery will just slow. I do not think the market is worried about the Economic Data over the next few weeks looks like. The market is looking six to nine months out. What weary or march, are likely to have is a vaccine, a president of some kind, some kind of fiscal support that is unlikely fed that is to have done anything in terms of raising rates and yearoveryear Quarterly Earnings estimates that will be positive to the tune of 80 and that is what the market is trying to price and in a very volatile way with the translation transition that has occurred. Inx how do you look at it relation to europe . Is there a winner or a loser and do you shift your allocation shortterm for the election norovirus . Or could the usb a one story trade could the u. S. Ea one story trade . Steve the United States and the fact that we have so much administration is the winner. Europe represents so much value in terms of sector allocations to energy and financials, and industrials. Our view is that as this takes hold, it is broadening in strength. Companies that need Economic Growth to do well will get it. Let us not forget the quarter we are living in, the third quarter, is likely to be the strongest jump in gdp ever recorded. We think that europe will participate in that. When i think about the dollar, i feel a little differently. On the dollar is weaker, that is a sign of spring, not abroad and in the u. S. It means we are healing and people are willing to take more risk. As the dollar weakens it is better for international markets. What you are likely to see on merit emerge after a period of uncertainty, i think international participates in that. On the virus, if it turns out that europes experience over the fall is similar to what we had over the summer, meaning a surge in cases but lower levels deaths, thes and economy becomes more resilient to the virus in the mid in the mediumterm. Guy nevertheless, and i appreciate what you are saying about the need to rotate out of the u. S. And go back later, europes is facing a difficult europe is facing a difficult time ahead. It has just imposed the u. K. Has imposed difficult restrictions. Suggest 10,000 cases on a daily basis. Emmanuel macron is talking about his country learning to live with the virus. They are trying to avoid a lockdown in a similar way from the u. K. , but it might come down the road soon and a u. K. Might have to tighten up as well. If that is the case and fatalities are lower, the economic damage will still be there. Hitting think you are on a critical point, and this is where it becomes more difficult to predict how europe will handle this. What we saw in the United States over the course of the summer, remember at our peak we had twice the number of infections in june and july than march and april. Little appetite to shut back down in the United States. We paused summary openings and in some cases we shut down restaurants or bars, but we did not have the broad shutdowns and there was very little political will for those shutdowns. It was less clear it is less clear how europe will handle that. Ultimately, if you get a pick up in infections without a corresponding pick up in icu visits and deaths, i think we will see restrictions shorter lived and not implemented across the continent. If they are, i think europe will fall behind. That is the unknowable thing, that is not the part of this in the markets. It was clear in the u. S. That was very little appetite to do that and it appears in europe that there might be more appetite to do that. I think the story here is the next couple of months are dangerous for the market. I think we look at uncertainty around vaccine and stimulus which you pointed out, and certain uncertainty around the election, but we would view that in any market declines over that period as an opportunity to enter the market for what we think is a better set up for 2021, which i detailed earlier, the idea that you have the recovery going and rates are low and you have gotten past Political Uncertainty and yearoveryear comparisons look good. We do expect trump between now chopearend chop between now and year end. Guy coming up, we will talk tesla. The day,arks from except the promise of a 25,000 car by 2023. We will get adam jones take. Looking forward to that conversation, this is bloomberg. Let us check in on the first word news. Supreme course Court JusticeRuth Bader Ginsburg is back at the place where she spent 27 years. Her casket arrived at the Supreme Court today. Inside the building, the court remained and eight justices Work Together for the First Time Since the coronavirus pandemic began when they resorted to meeting by telephone. Thousands of people are expected to pay their respects as she lies in repose. A white house aide said President Trump will pay his respects on thursday. The nations top Infectious Disease expert says the coronavirus pandemic is the biggest challenge he has seen in four decades on the job, rivaled only by the hivaids crisis. In an interview, dr. Anthony fauci talked about the efforts to find a vaccine and how the u. S. Will ensure that it is this tribute it fairly throughout the population. We can deploy and get vaccines distributed by the end of 2021, and we combine that with a continuation of a certain level of the Public Health measures, i believe that we can approach, and perhaps reach a degree of normality that closely resembles what we had before this particular outbreak occurred. You can watch this and more from the bloomberg equality summit on bloomberg tv as well as on Bloomberg Radio and that bloomberg. Live go. Tore is news in the race develop a covid19 vaccine. Johnson johnson has kicked off a massive trial to test out its vaccine. Begunmpany has begin dosing up 60,000 volunteers. It is the fourth to move its candidate into late stage human studies in the u. S. The company says the trial could yield results as soon as the end of the year, which would allow the company to seek emergency authorization in early 2021. The British Government is defending itself. The foreign tecra secretary tells sky news that the laws are focus, balance, and proportionate. Ofy include increased use masks and encouraging people to work from home. Many Health Experts criticize the plan saying that the restrictions do not go far enough. Global news, 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in over 120 countries. This is bloomberg. Guy thank you very much. Falling short of expectations. No major sparks despite elon musks plan to deliver a 25,000 car by 2023, and it is a bullish forecast. We were able to see Significant Growth in one of the most difficult, in fact, the most difficult year of teslas existence. Probably well in 2020, somewhere between 30 to 40 growth. Guy joining us now, adam joined it adam jonas. He has an equal weight on tesla with a 272 price target. Your take away from yesterday . So manyu know, with things that elon and tesla unveiled, the reaction is somewhere between that is impossible and holy crap they might actually get that done. Yesterday was a call to arms to governments, infrastructure players, and the whole supply chain to take it up a notch. They have been some criticism feeding off of the reaction that it was disappointing, but when we talk to our experts within the next the Equity Research department in asia, the kind of 70 reduction, 60 type and for the manufacturing of installed capacity, this is not law, you cannot apply it to physics and chemistry, this is real stuff. It seemed like they packed in a decade worth of deflation of Battery Technology costs into a two or three year period of time. If they get it done, it disrupts the cost curve and should accelerate it broadly. Alix can they get it done before anybody else . 2023 as far out. What is to prevent volkswagen from catching up . Understanding, 2023 is not far out it is right now. The scale that we need to watch carefully is from when they scale to one gigawatt, 10 gigawatts and a couple years from now, 100 gigawatts. It sounds small compared to terawatts, but it is a big proof point. Our battery folks that cover the usual suspects say that the type of stuff that tesla unveiled yesterday individually, you would normally need five years plus to test and get wildly wrong and correct, and he is trying to do multiple things in architecture and chemistry within a two year period. It is very fast from a chemistry perspective despite the reaction. Physical and Chemical Engineering is really difficult. To be i believe in tesla able to achieve this rather than the current Battery Companies to be able to achieve it . The Battery Companies are currently doing this and executing on this. They have the guys in house making this happen. A batteryuy tesla as Company Rather than the others . Adam your question is the right one and it was asked when tesla was making cars, what does tesla know that these others do not know . What is spacex doing in space that all of these others cannot do, this is a joke and it cannot happen, and he is doing it. It comes down to getting the best people in the world and your degree and subject matter with the greatest amount of money and lowest cost of capital to do crazy stuff that no one else is willing to do. People,combination of money, and a risktaking culture to do crazy stuff that when you are a part of a storied 1970s era chemical company, this is the way it is done, and many of these Battery Companies are owned by chemical companies, you get expert bias. I think that the story of disruption is one where using the words it has always been done this way or it has been done this way for 100 years is a weakness. Stockit seems like a safe , so how do you value a stock that is inspired in part space . Adam we wrote a piece on the power of hope, and this is nothing new. , westinghouse, and nikola tesla were having their which over the current or manufacturing technique for the lightbulb, you can read the hype of the market and the role of governments. It was pretty dramatic even by todays standards. That was happening with the dawn of the auto, airline, and space industries. That tesla is, worth 400 billion. They are the apex predator in the arms race for battery and getting off liquid fuels. And so, getting three terawatts 100 billiont cost dollars, tesla can spend that kind of money. I think what elon is trying to do is we will spend 50 billion, but for each billion we spend need all of you other people to spend 10 billion or 100 billion for each one we does. That is what he says when he he says we need your help. He says we have the tech but the infrastructure needs to catch up and the gap is money. Guy so, let us talk about that. Teslainvestor, i look at as you say, as a battery company. It was going to make huge leaps and bounds, but it will need an awful lot of money. That money atce risk versus execution risk that tesla does not deliver, because as you say the science is complicated, and the risk of one little bit going wrong is massive. Elon things will go wrong, i think, he wants things to go wrong right now and everywhere. He wants to blow up stuff and have things melt, and blow up rockets on launchpads before other people do. That is part of the challenge and it might seem counterintuitive seem counterintuitive, but that is science. How do you balance that . You cannot have it both ways. Over the next one to two or three years, i think an investor should go into those eyes wide open. Overrun, and competition coming out of the blue, things like solidstate or lithium air, all sorts of challenges from companies who can fund this. I am not going to say that he is trying to suck the air out of the room, but he is trying to make as much more as much noise now before you hear the onslaught of all of these Battery Players coming in. Andyou have to balance it, we have some sensitivities. He talkedillion about three terawatts hours by 2030. If half of that goes to evs then he is implying 20 Million Units of car sales by 2030. That would be 100 of all evs that he expects that we expect globally. We get about 50 per share of value, so, an investor needs to talk about how there is execution risk, but if i can do 20 million, that is going to triple the share price. Alix we are going to talk about graphite and silicon the time, i promise. Always good to catch up with you. This is bloomberg. Having this seat filled right now as opposed to waiting until we know who the president is could very well mean the end of the Affordable Care act, and the loss of health care for millions of americans who have suffered from covid19. That was former secretary of state, hillary clinton, speaking at the bloomberg equality summit. We saw that jp morgan downgraded from hospital stocks because of Ruth Bader Ginsburgs passing. And what that would mean for obamacare. Guy this is the debate we have been having. For the republicans this is a way of cementing their authority over the court for two decades. And that is a price worth paying in the short term visit the vieulus story vis a the stimulus story. I find it amazing that this is the first woman lying in state in Congress Later this week. The first woman that this is going to be a reality for. Amazing that this is the first time that has happened in america. Alix happening right now at the Supreme Court as a private ceremony which is held for late Justice Ruth Bader ginsburg. She will lying in repose at the top of the front steps of the building to allow the public to pay respects. This bloomberg. Look here, its your very own allinone Entertainment Experience xfinity x1. Its the easiest way to watch live tv and all your favorite streaming apps. Plus, x1 also includes peacock premium at no extra cost. This baby is the total package. It streams exclusive originals, the full peacock movie library, complete collections of iconic tv shows, and more. Yup, the best really did get better. Magnificent. Xfinity x1 just got even better, with peacock premium included at no additional cost. No strings attached. Guy live from london, i am guy johnson. This is bloomberg this is bloomberg markets. Let me update you on what is happening in the markets, the nasdaq and tech underperforming. The u. S. Underperforming europe despite disappointing data on the pmi front, and obviously this issue of a rising case count which has forced the u. K. Into further lockdown measures. France is finding it difficult to avoid them as well, and another 10,000 day tuesday out of france. Alix oil inventoried numbers are up inventory numbers are up. You saw a drop of 16 Million Barrels, 1. 6, that is less than aims less than expected. The drop is not as much as we had thought. It is expected because we have a lot of product circulating all over the world and refineries are not running as hard especially when demand is not breaking up. It will not be exported and it will back into oklahoma, and to that point, refinery utilization was down 1 . Refiners are not making the margins so they will not be making the project the product. It brings in the question of the future of u. S. Oil supply, which is really in the center of the policy crosshairs of a binary election. A vice us now is dan, chairman and author of a book that takes a look at the covid19 impact on the struggling energy sector, Climate Change, Clean Energy Goals and where it gets too. He writes net zero carbon will be a challenge of the decades ahead, not just politically, but in how people live their lives. Governments would be hampered in responding to needs in the huge debt they have assumed in battling to preserve their economies. It is always wonderful to see you. I wondered if you could help us with the shortterm outlook and how u. S. Shale manages the pandemic with the longerterm issue of Climate Change and energy transition. Look at china announcing Carbon Neutrality by 2060. Dan you start with the inventory numbers and we surveyed 50,000 stations a week and we see that the recovery and castle gasoline demand has stalled. You describe what happened in europe. Orhink demand is a victim what happened with the virus, and that will continue until there is a wide use of vaccine. The other side of it here and now is that chinas goal for 2060 is four decades away to be Carbon Neutral and, if you look in the new map i have a graph of chinas co2 emissions. It is twice as large as the United States, so they have a bear a very big job ahead and probably saying four decades gives them more leeway than saying three. Alix of course, the lack of clarity was a question mark. At the end of the day, what china wants, the world will have to deliver. If they do not want oil, the world has to respond. In the new world, does the u. S. Fall behind in that . Or do they have a chance to pull ahead . Gained twohas things, less reliance on oil and foreign imported oil, and they have carved out a new position in the new energies. They dominate the lithium Battery Supply chain, 70 of solar panels come from china and etc. Strengthhas the great that china wishes that it had. But the u. S. Has shale because of the security issue. The great thing that the u. S. Has is its ecosystem that goes from National Laboratories to startups to find the new technologies we will need because the current portfolio of technologies is not enough to achieve those goals. Does the last barrel of oil come out of saudi arabia . And if it does where does that see the rest of the oil world . Dan saudi arabia sees itself as a low cost producer with the most value. Otherdoes, it will leave lowcost producers in a position. I think that last barrel is very far down the road. Alix do others agree with you . I feel like there is a big debate developing that the last barrel will happen sooner rather than later as countries try to figure out their energy future. Dan there is no question that you are seeing a shift in the European Oil Companies and the oil demand peeking in the 20 20s peaking in the 2020s rather than 2030s. In the United States, there are 280 million cars and cards stay on the road. Demand will continue. Oil is used for a lot of other things, like many things you have in a hospital operating room, your mask is just not cars , i think that i would be cautious about generalizing the economy and what demand looks like, when we are in the midst of this covid crisis, because we do not know what the full impact will be or what kind of Economic Growth we will have when we come out of it. Learned ise have cars, transport, and aviation it leaves a big hole in the demand story. I appreciate what you say about just about Everything Else that but,e in our daily lives we can create big demand. Dan absolute big demand, but let us look at what that is. We were at 101 Million Barrels a day and this year we will be at 94 Million Barrels a day. It is still a big number, and it has not gone away, but you are right. One big question is what will the future be of work. What will it be for at home . What will happen to commuting, will people go on public transport or own their own cars. We see a surgeon used car sales. Particularly, you point aviation and it will have the toughest time getting back. Domestic airlines are above capacity than last year, but International People get on these planes and they are almost empty. We take a bigger lens and look at the implications of Something Like this, like a deglobalization conversation. He wound up having greece, italy, and israel with a cooperation overt natural gas and they have their own faction. Opecplus, sanctions on iran and in a swale a that seems to get worse. Europe with their carbon green planned, very different from the u. S. China with Carbon Neutrality. What happens to all of these different factions as we transition . Dan i think it is a timing question of what will happen in the next decade in the next decade after. Pole aroundome the which everyone revolves, but we are in a world that uses 80 of its energy from fossil fuels and we do not change. You do not change that economy overnight. I think we will have a much more mixed Energy System as we go forward and we will need new technologies, but also you pointed to something else, which is my book is also about geopolitics and the breakdown of fragmentation of globalization, and that will have an impact both on trading relations and energy, but it could have a big impact on global growth. Guy one final quick question. Alix no, you go ahead. Guy ok, i am going to go. Where does it leave nigeria and producers in the middle to the higher end of cost position that rely on oil . Theas interesting, some of gulf countries were trying to go to the bond market and are finding it tough. I am curious for what this means from a geopolitical point of view in terms of what these countries do and how much internal strife they will face. Europe looks to these countries and worries about migration. Down inegins to ramp terms of demand for it, what does it leave cut where does it leave countries like that . Nigeria,us talk about and that is a big country. For government revenues, that depends on oil and gas. Ae flipside, i have conversation with the Nigerian Energy minister to say that off of natural gas, we cannot do what we need to lift people out of pollards out of poverty with wind and solar. 3 billion people do not have access to commercial energy and they are burning waste and the World Health Organization says that is the biggest source of indoor pollution. For those countries, nigeria and india, there transition to wind and solar is moving from Traditional Energy to commercial energy to improve the health of their people. That is a mixed picture. We will leave it there. Thank you for your time. The author of the book the new map. We will be talking about the airline sector, are we going to need to see further bailouts. We will speak to the former jetblue chairman on how the industry can navigate through these turbulent times. This is bloomberg. This is bloomberg markets, i am live in the principal room. Coming up on balance of power, Deron Williams at 12 30 p. M. In new york. This is bloomberg. Who cares, we are bailing out the airlines and businesses large and small. The government is in the business of bailouts. What do we need to do to get out of the business of bailouts . And number two, how can we get out of this hostage situation in which i think you worked hard where the American People are being compensated fairly for the use of their money for private purposes . In the case of the airlines we struck the right balance, we got proper compensation. Important given what went on in the travel industry. Guy the u. S. Treasury secretary speaking to the u. S. Services committee talking about the aid package that has happened for the Airline Sectors in the question is do we get another one. Joel peterson, former chairman of jetblue joins us now and he is also the Founding Partner of an Investment Management firm. He is also the author of entrepreneurial leadership, he is a busy man. Thank you for your time, we appreciate this. The cares act money expires at the end of the month. If it is not replaced, but will be the impact . A lot ofloughing employees, that is the only thing that the employees can do. You are out of cash and business and you will have to conserve cash, but revenues have come up, but there not a great level. But they will have to be layout. The cash burn is seven to 9 million on a daily basis. Clearly everything is on the table in terms of liquidity. The big surprise over the last week to 10 days is this refocusing on loyalty schemes, and i think it is an undiscovered gem. I think it does seem to be a potential asset that they can use to improve liquidity. Airlines got the that they are not telling us to help get us through this very difficult phase . Back oney have to cut operations, but they have already parked a bunch of planes and canceled routes and consolidated all kinds of costsaving measures. A way torogram was float through money that would go to Unemployment Insurance operationsreally, are probably a big part of your cost structure, it is the cost of equipment, fuel, and personnel. And personnel was the one that was only gutted by that, so you are cutting back on fuel, but not enough to keep you alive in the long term. Alix they already went through all of those boxes in terms of leverage. Europe, whatnd kind of consolidation bankruptcies should we be consolidating in the next few months. I retired in may, but i do not want to make more news, but you will see more consolidation and costcutting. You are looking at scenarios that are looking at the, v, lshaped recoveries. The other thing i say is that i think that friends and family locations would come back faster than business travel. A lot of people have deferred weddings and seeing people. I have two grandkids that were born since covid and i hope to graduate or see them before i graduate from college they graduate from college. Guy congratulations, that is what jetblue does, that is the business that jetblue is in. The more fullservice carriers have Big International footprints, and you take a look at united and delta, they very much rely on the north atlantic and the european carriers rely more on the north atlantic. Is that where the pain and consolidation comes first, or do you think it is a marrying up of the leisure side of the business with those more fullservice carriers. How do you think the consolidation will work . Joel i think you are right that the north atlantic will feel the greatest pain, i think people with large planes are going to feel greater pain than people with smaller planes. I think people will feel more comfortable flying 150 feet 300 150 seat planes than 50 seat planes. Also, the Balance Sheet is not quite as good as southwest or jetblue. There was a lot of preparations and liquidity is probably better with a few of the carriers. I will let you speculate on what happens. Could ask you a different way, so what kind of government help will continue to seek will we continue to see in europe in the u. S. , and the u. S. Is extending payroll aid of it will be some kind nationalization bailout. What do you think . There may be that, but most companies see the airlines as some kind of utility. Andness travel may be down people learned to do meetings over zoom, which means that they will not be travel from new york to london for a business meeting and then a turnaround back again, but i still think that they really are important utilities. We see this in the development of cities and all over. The airlines provoked development, so as people recover they want to get back to having a vibrant economy and the airlines will be important. Guy how long does that process take, and how does it happen . How important will testing be . Airlines are making pushes to get fast testing so people can arrive at the airport, get tested, and go to their ultimate destination which will help open up things like the north atlantic roots. I am curious about the longterm impacts and peoples desire to fly. We might get all of that process in place, and that may satisfy the regulatory authorities, but it will it be enough to convince people to get back on airplanes . Joel how confidence comes back is a great question, and i do not think anybody knows the answer to that. Jetblue is scheduled to go public in 9 11 2001. We were supposed to ring the bell on the new york stock exchange, and that deferred until february, and then it took about eight or nine months for our traffic to get back, and that was because we did not yet have all of the security measures in place that made people comfortable to fly. How long will that take for people to feel comfortable again, i feel like it will take some time, but the revenues have built from about 3 to almost 30 and there is a fair amount of flying going on, and people are understanding that the air in the cabins are clean, planes are being sanitized, people are Wearing Masks and taking temperatures and doing all kinds of things. This is the safest form of travel in the world, so we want to make sure that it is also safe from a health standpoint, and it may take some time for people to become convinced of that. Guy a great challenge for everybody right now trying to figure out how to get people back and willing to travel, and wanting to travel, maybe having two new grandkids is a big reason for doing that. Thank you very much indeed. Joel peterson, former Jetblue Airways chairman. Do not forget to tune in tomorrow for the World Aviation festival taking place. I will be speaking to the coo of ,etblue and the ceo of easyjet the executive chairman of united airlines, and the ceo of alm amongst others. There are some great air interviews coming out and we will bring some of you some of those to you. This is bloomberg. Alix it is time for the business flash, a look at some of the news. Chief executive officer is apologizing for comments he made about struggling to find experienced black executives. In a statement today, he apologized for what he called his insensitive comment. In a geomemo that set new diversity targets and tied executive pay to improving those metrics, he says there was a very limited talent pool of talent to recruit from. Asking employees are them to remove wechat from their phones, and is one of the First Companies to heed the executive order banning the chinese app. In a memo to staff, the company said those who cannot comply will be disconnected from the companys network. J. P. Morgan chase is moving money from the u. K. To frankfurt ahead of brexit. It will make it one of the largest banks in germany. Less than four months to go until the brexit transition period expires. International banks have been beefing up operations in the European Union in case u. K. Based firms are not able to maintain rights in a trade deal. That is your latest Bloomberg Business flash. Alix thank you so much. Into futures in focus. We are looking at volatility. Ferrin franz act joins us now. Where are we heading into the vix . A wednesday, you have an excuse. We still see the jitters into the election, but we have seen a slight change in the structure. If you absolutely look at this, what you are looking at is the white line, the october futures. The bottom portion shows us the spread. Prior to last week we had october trading at a premium. However, november is trading at a premium. This, as concerns grow over a contested election, we know the actual election day is november 3, but will we have a result then . And if how not and if not, how long will that take . You see that showing up now. Guy our people beginning to think this may have gone too far . Sarah not necessarily. I think people are becoming more concerned as we get closer to the actual date. Something that is interesting and is an interesting dynamic for something that has shown up, this is extremely low and some are saying that we could remain high. Guy thank you very much indeed. Jerome powell speaking again today within the last few minutes saying that the fed is has done all of the things that they can think of. This is bloomberg. Guy live from london, i am johnson. We are counting you down to the european close. Here is what you need to know. Citi, big banks such as goldman, and deutsche hit the brakes in london. The british chancellor will announce a new furlough scheme and we are hearing that it could come by the end of the week. Asnces recovery stumbling cases stay above 10,000 pmi and show a drop to a fourmonth low. Emmanuel macron says his country needs to learn to live with the disease. A record high surging back into profits that had european rivals trying to keep up. This look at the markets and figure out what is going on. Outperforming european equities. Ish in the United States underperforming