British pound sterling. Lots of development in europe, including the 750 billion euro package, a combination of loans and grants. We will get to that in a moment. Essentially, that massive edge helping to narrow spreads, so the italygermany 10 year spread in seven basis points at 1. 91 . Matt the china story obviously a huge one that markets didnt look like they were pricing and until now. The european rescue package was a story that markets had priced in already. It was 500 billion last time arco spoke. Today it has grown a little bit, with another 250 billion euros attached to it or get still, 500 would be the number in grants. Overall, it doesnt look like that is doing much. In terms of the stoxx 600, it is down. The dax is up or than 100 points again. One of the big reasons is daimler. Renault is up 16 . Macron has unveiled a 5 billion euro loan guarantees to renault. No direct help to daimler, but theres going to be incentives in france to buy a new car, 7000 if it is electric, and a cash for clunkers deal that is certainly going to help airmen automakers as well as it helps french automakers. To help german automakers as well as it helps french automakers. Vonnie such a good point. Package. A new not a done deal yet, though. Ecb president Christine Lagarde morning earlier today the Economic Contraction could be as bad as the Central Banks worst case scenario. Youre talking about an economy in the euro area that is, in one given year, going to shrink more so than it has, for instance, during the great financial crisis. Vonnie joining us now is the silly supper i of is vasily ofaya, is vasily sobriety serebriakov of ubs. Talk to us about the package. Will the frugal four allow it to happen, and let enough for countries, even germany and france at that point . Ssili the initial details are quite encouraging. You kind of get to for the price of one. The markets have been hoping for fiscal stimulus and some degree of debt mutuals asia from the euro isnt debt mutualization from the euro zone some time. It seems like we are getting two and one. What the market has been focused on is this ratio of grants to loans, so 500 billion is going to come from grants, which is good news. They have pushed the loan part of the package. It is fairly close to consensus. The question is now implementation, agreement, where do we go from here. We wouldnt necessarily chase the ecb spreads on this news, but overall, i think this is quite positive for the euro zone. Vonnie seven basis points isnt nothing, but will the ecb and europe in general be able to raise this kind of capital in the marketplace at a decent rate . I think you could argue that having the loan components probably would supported from the credit perspective. The fact these loans are part of it would probably be positive in terms of raising more money, so i dont think that would be the issue. I think it is just that the answer of most investors is fine. This addresses some of the underlying structural problems in a way that may be similar to whatever it takes to address the underlying problems in monetary policy, which doesnt really solve the growth problem. Europe is in a fairly big hole as far as growth is concerned. I think investors will still be hesitant to put money into europe, but i think equity wise, given where we are right now, it is still more of a buying opportunity for us to be cautious about how that trade can work out. Why isnt the euro strengthening on this . Do you expect it to strengthen longerterm . A lot of people have been calling this the hamilton moment , at least the merkelm acron agreement. Mark cudmore thinks it is a game changer. This is europe really coming together. The concerns of italy being kicked out of the union must have faded. Agreei i would tend to that this is potentially a game changer. Two reasons i think the euro is not rallying significantly right 2012, thereske not a very large negative risk premium on the arrow. I dont think it is the case that the euro can rally and pull some kind of big risk premium cap. Second, we have been in the situation where markets have seen so many. For the euro rally that they will believe it when they see it. I think we also have to look at ,echnicals a little bit more yaro above the 200 day moving average. I think we just need to see a little bit more upside to convince investors that it is for real because weve had so many false start as far as the euro is concerned. The let me ask you about pound. We dont see any movement, any the story, down 1 on the dollar right now, but britain has a lot more stories than that. The coronavirus pandemic has it that country harder than almost any other in europe. Maybe harder than any other in europe, only second to the u. S. , and brexit is fast approaching, with no progress in terms of negotiations. Where do you see the cable rate . Vassili weve been recommending generally short positions in the pound. We think the dollar is going to get weaker overall from the global recovery, but actually against the euro. 90 levels we approach in eurosterling, theres probably more upside to 92. I do agree that brexit uncertainty is something that is going to hit the markets pretty soon. Secondly, i think the perception was that the u. K. Had a little bit more of a degree of freedom versus the euro zone as far as fiscal stimulus is concerned. That is something that was probably helping the u. K. Early on in this process, but i think now with the eu coming up with a bigger stimulus package, that story kind of traded, and it is more the negatives related to brexit. Structurally, it is a weak currency is a large current account deficit you need to fund, and funding that is probably going to get more problematic as we hit the next round of exit uncertainty. Of brexit uncertainty. Vonnie thank you. I do want to mention some headlines regarding boeing, which is now bouncing up 0. 6 . It will start involuntary layoffs. Members. Ifying 6700 70 boeing starting involuntary layoffs, and notifying 6770 members. It has been working through workforce reduction in international locations, according to the company, and it is notifying the first of those in the u. S. This week. Boeing once again, had been lower, now up 0. 6 . Lets get some Global Market context now with abigail doolittle. Taylor we are seeing abigail we are seeing very interesting divergence between u. S. Markets in european markets. In contrast to u. S. Futures, we have a bit of a risk off tone. The nasdaq down sharply, its worst day in about three weeks. The dollar Index Trading higher, so that could be pressuring stocks. In sharp contrast, the german tax has to do with that daimler strength matt was talking about. The other European Index is flat on hopes of that eu fiscal stimulus, again providing that risk on tone. The german bund is off a little bit. Something interesting is happening. Alltimehe dollar in highs against the chinese yuan ing alltimer eye highs against the chinese yuan. This is a big piece of what is happening recently, rotation out into theayathome more cyclical sectors. There it is in a quick snapshot, the financials and industrials doing well. On the other hand, tech and health care, two of the worst sectors on the day. Longterm cyclical rotation would be very healthy. However, there could be a psychological toll because some of those tech names are well loved, such as microsoft and amazon, where we are seeing very big the kleins. We also have declined for the biotech index and some of the other biotech names, especially moderna. Microsoft and amazon, if we continue to see rotation into the cyclicals and out of some of these big tech names, there could be a bit of a sentiment shift, and we are certainly ,eeing that lay out in the u. S. A bit of a risk off tone as investors move out of those stayathome names. Vonnie thanks, matt. Youve got some breaking news on Boris Johnson for us. Matt Boris Johnson laying down the law when it comes to questions about Dominic Cummings , saying that his views are well known, and he wont say anything more. Wouldntay an inquiry be a good use of time, and he has no reason to change his views. He is being questioned by a number of top lawmakers tonight, so regardless of what he is saying now, we are going to continue to hear more about this scandal in the u. K. Guess, hetantly, i says he is deeply sorry for the anxiety and the pain that has been caused by the virus. This is bloomberg. How frustrating is it for you that you, as the u. K. Prime minister during this enormous piece time crisis, the fact that we have not been able to act as one United Kingdom vonnie live from new york, im vonnie quinn, along with matt miller in berlin. This is the european close on bloomberg markets. One largely symbolic this week was that of the New York Stock ExchangeTrading Floor. A small number of traders returning to the floor, Wearing Masks and following social distancing rules. 23 its closure on march andrew cuomo rang the opening bell. Sonali basak is john the nurse Stock Exchange c the New York Stock Exchange coo. Sonali how did you way reopening at this time with all of the risk embedded . John yesterday was an important day for the country. You mentioned the symbolism of our reopening, and it is a symbol of the country returning back to what will ultimately be a new normal. Over the past two months, while the market had enclosed, we have been closely engaged with federal and state officials like Governor Cuomo and his team, local officials, Public Health experts, and others to help develop a plan for a phased reopening of the Trading Floor. For the New York Stock Exchange, the Trading Floor is important because being online saves investors millions of dollars. We now, by turning the exchange offline, have the data to support that. So when the opportunity arose to bring people back into the building in a thoughtful and methodical way, we wanted to thosehat opportunity to Brokerage Firms because a lot of those firms, while we have some of the large investment banks on our Trading Floor, a lot of those firms are actually small to Mediumsized Companies exit getting transactions on behalf of large Institutional Investors like Pension Funds and asset. Anagers sonali really wondering about your concerns upon reopening. The wall street journal reported about the liability waivers people had to sign, and wondering if that would become the new norm in Corporate America as people start to come back to work. John the New York Stock Exchange is a little bit different because a lot of the folks you see on the Trading Floor are not our employees, so it would be tough to comment on what other Companies May do because it is a bit of a unique dynamic we have on the Trading Floor. But if you look around the floor, many of those broker firms wanted to come back. They are abiding by the strict standards put in place around social distancing, face coverings, making sure they commute to the exchange properly. So theres more demand to come into the Exchange Rate now, so we put these in place not only for our protection, but more importantly for the protection of those folks and firms operating on our floor. Vonnie what was the biggest challenge of the last two months, where everybody was remote for the most part . Is there anything you would want to do differently if they were to be another time around . John theres a lot learned, and i hope theres not another time around where a pandemic closes our iconic wall Street Building in the Trading Floor, but what i will say is we were very how weed with prepared for those two months. We test our systems race really our systems regularly. We completely replatform to our entire market at the end of last year. The switch to an all electronic trading model was seamless, so we were glad we were able to do that because the world looks to the New York Stock Exchange during those moments. Making sure we have a seamless transition is important not only for our business, but for the market. We will work to ensure that is the case should something out this ever arise again. Vonnie any thoughts as to how you will get back to 100 capacity . What kinds of precautions will you be taking beyond the obvious that you already mentioned . John phase one, we are only bringing in 25 of our floor staff. That represents less than 10 of our entire building population, so that is just phase one. It is tough to know when we will implement phase two and what that will look like. As you think about how much has to how over the past as we think about working, how we bring our employees back, and even what we know about the coronavirus, it is tough to project with the longer term will look like, but we will be thoughtful and methodical about it, and we will make sure we have expert advice as we develop and finalize, and ultimately implement our plans. Sonali lets talk about equity offerings, ipos. When we look over here, it is followon, followon, follow one. You see if you ipos coming back to the market, but wondering how Companies Sell new stock to investors when they dont know what the next three months are supposed to look like it to look like. Businesses a lot of found themselves in a stressful position over the last three months, the markets have remained open. That is something really important about our public markets. For too long, people talked about the burden of being a public company. Now we can talk about the benefits because of the ability to access public capital and liquidity during periods of stress. You can see that in the number of companies that conducted followon operations. You look at ipos, some companies did push transactions further out, but the markets did remain open, so we saw a large number of special Purpose Companies come to market. In fact, we had one this morning that raised nearly 1 billion. We saw health care Companies Come to market, and companies that had a more productive more predictable revenue model that were still able to access the capital markets. As things settle down between now and the tail end of the year, look for more companies to ,po, continuing with spacs health care, enterprise Tech Companies where there is a bit more resilient of a revenue model, and then investors are going to look to see how other sectors have weathered the past two months and subsequent quarter to gauge their appetite for investing in other sector ipos. Vonnie to both of you, thank you so much. That is nyse vice chairman and chief commercial officer john tuttle, and our thanks as always to sonali wasik. Some news sonali basak. Some news on disney, making a request for a july 15 opening for epcot and hollywood studios. It says that the Magic Kingdom and the Animal Kingdom will open first. Seaworld is requesting an opening, so basically the message here is that theme park reopenings are being planned. There are requests at work from the biggest, walt disney and seaworld entertainment. Comcast universal have already requested and won the right to reopen to the general public on june 5. I also want to bring up little bit of news about activist investor bill ackman. He says they have sold their Berkshire Hathaway position. Remember that blackstone position that was put on after a tv appearance . Well, that has also now been sold. Hes also sold out of his park hotel and result and resorts position. This is bloomberg. Matt welcome back to bloomberg markets. This is the european close. Five minutes to go until trading is done. Take a look at what is going on in terms of the equity indexes. The ftse up another 1 and change. The dax up another 137 points. The dax adding a solid five or 600 points a solid 500 or 600 points over the last three trading days. The car stocks are powering the dax and other index is higher. Big gains for daimler, even bigger for renault as france passes an 8 billion euro bailout package for the Auto Industry. This is bloomberg. Matt welcome back to bloomberg markets. This is the european close. We are looking at gains across much of the European Equity indexes right now. I am matt miller in berlin. That was vonnie quinn in new york, i am sure you know. Here is the stoxx 600 index. It had dipped a little bit into the close. Is kind of odd with new york time under it. It closes here in local time at 5 30. In any case, coming back to gains. Powered up by the carmakers. Dax,rade in germany on the the trade in paris on the cac 40. Gainer, daimler a big gainer after the french 8 billion euro bailout package was announced in than the European Union came out with a 750 billion euro Recovery Program proposal. Here you see the individual indexes. The ftse up more than 1 in london. The dax adding 151 points into the close after again yesterday and a more than 300 point gain on monday. The cac 40 closing up more than 1. 5 at 4680. Bake gains across European Equity indexes. For the third day in a row, a risk on trade. Vonnie here in the u. S. , we started off like that and then we made a uturn. We saw some of the faang stocks dipped substantially in that brought the nasdaq down. It is down more than 1 , off the lows. The dow is still higher. 75 thanks to boeing. Bad news for its workers. It is sending out layoff notices to 7000 workers, the first group of which will b