Straight weekly gains of more than 3 . The stocks index heading lower given their exposure to china and some of the heightened tensions you have between the u. S. And china. The only one of the major averages in the red. The risk off tone means you are getting a lift up on the long end of the curve, up five basis points. To give us a risk off tone. I want to talk about some of the Economic Data that we saw. To. Manufacturing pmi rose aprilsmay from alltime low. Manufacturing picked up a bit but stayed below 50. For more, i want to bring in our International Correspondent michael mckee. What is some of the manufacturing data this morning telling us about where we are . The basic message is me will not see a recovery. Shaped recovery. The chinese numbers, which came out over the weekend were down a touch. They reopened earlier, so their numbers are higher. Europe is next. Germany is up, italy is down. Here in the united states, some improvement but still below 50. These are basically psychological tests, do you think things will be better this month and last month . While people are suggesting things may be better, they dont see a rapid rebound. To see we are starting some hints of recovery in china before the u. S. That data gives us insight into what our future date and they look like . Mike it may and may not. I hate to sound like an economist with two hands there. Us andference between china, they can order everybody back to work. There was out that nobody to sell the stuff too. But they are keeping the factories open. Here in the u. S. , we may see a slower opening as we wait for parts and customers. It will take a couple months for us to get a read on how quickly the Manufacturing Sector reopens here. Taylor there was a story on the bloomberg today talking about economic crisis facing state and local governments. Withnly are they dealing trying to reopen after the pandemic, but after the weekend, all the news of the protest. How our state and local governments thinking about a reopening as they deal with multiple crises on multiple fronts . Mike we have not heard anybody say they are postponing their real earnings, but some are taking a close look at it. One of the issues with the crowds and protests, they are crowds, and everyone is close together. Some medical experts say this is likely to bring about another spike in cases in those cities where we saw gatherings. If thats the case, governors may be forced to postpone some reopenings. It is also particularly bad timing for the states which are running out of money. They are waiting for a bailout from washington which has not come yet. Now they have the added expenses of police over time, money they have to pay to the National Guard to pay them, the damages being done to their cities. That is money they dont have. It is not a good time for states and cities trying to come out of a lockdown. Taylor we are also getting news casesew yorks new virus 0 for the first time in weeks. Also talking about business is reopening. Target said that they would shut down stores nationally. What are some of the companies saying as they deal with their own concerns about reopening . Mike you can see a list of stores that have closed fully or partially in those hardhit areas. They want to keep things closed down, so they will be closed for a little bit until they can be certain that the protests will not come back and damage their stores again. Again, this happens at a particularly bad time when we are trying to get people to get out and spend, and you have the issue of do i feel safe . Now, not just because of the coronavirus, but also wanting to not be swept up in a protest. At the same time, these closed stores employ people. These people will not be working. Get paychecks, but it all feeds into the problems the u. S. Economy is having this quarter. ,aylor some of those problems as we push forward to job stay on friday, is the difference in unemployment between the White Community and black community, and a community that has been so hardhit why the pandemic. There was a tweet over the weekend, not only are the protests about george floyd, but the struggles of 20 unemployment. What is your analysis showing you, who has been hardest by the pandemic . Mike the pandemic and the riots bring into sharp focus the differences between the populations. You can see unemployment between blacks and whites. You can see how much lower rate is for whites. Even though both spiked, spikedyment for blacks much higher. We have seen the same thing in covid impact. The issue is, what you do about it. The sad thing is, something was being done about it. As the Unemployment Rate began africanamericans, it is sad that that has turned around. If you are at the lower end of the socioeconomic spectrum, some of those jobs will take a long time to come back. That is when jay powell was talking about. So now there has to be a concerted effort by governments at all levels to bring back those jobs, decrease inequality, which does not seem to be getting any better in the united states. Taylor our thank you as always to mike mckee. Russia is prepared to provide hospitals with its first anticovid19 drug registered by the ministry of health. We will discuss this with the ceo of a Russian Direct Investment Fund. This is bloomberg. Mark im Mark Crumpton with bloomberg first word news. , and demanded tougher crackdowns on burning and night byafter another the protests in dozens of american cities. Mr. Trump spoke to governors on a video teleconference that also included Law Enforcement and National Security officials, telling the states that they have to get much tougher. Quoting most of you are weak, you have to arrest people. The president urged them for using the National Guard, which he credited. We are seeing a coasttocoast outpouring of rage in the Police Killings of africanamericans. There have been six Straight Days of unrest. It began last week in minneapolis when george floyd died in police custody. Since then, there have been protest from new york to los angeles. There has also been looting and burning. The National Guard has been called out in more than two dozen states. Putinn president vladimir set a july 1 date on a vote for constitutional amendments that would allow him to extend his rule until 2036. During a videoconference, he argued russia would have 30 days before the vote to control the outbreak to ensure the referendum is fully safe. The 67yearold has been in power since 2000, longer than any other ruler since soviet dictator josef stalin. Global news 24 hours a day, onair, and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. Im Mark Crumpton. This is bloomberg. Taylor i want to stick with russia because they are prepared to provide hospitals with a coronavirus a drug. The treatment was developed with the backing of the Russian Direct Investment Fund after gaining initial approval from the health ministry. This all comes as countries across the globe race to find safe and effective treatment for covid19. Kirill dmitriev, the ceo of the russian investment fund, joins us now. Talk to me about the effectiveness of this drug developed with the backing of the sovereign wealth fund. You are looking to ship it out to hospitals in weeks. What does the data show you about how effective this could be . Kirill we believe it is one of the first effective drugs, the first antiviral against covid in russia. It is only one of two drugs that work against covid in the world. From ninegets reduced days to four days when people are using this drug. You also have 65 of the people that have no virus up to four da ys. We have lots of positive results from this generic version, which was originally a japanese medication for the flu, but we also made some changes to the medication, doses, and proved for the first time in the world that this modified drug works very well in not allowing covid to replicate within human cells. Taylor do you think it will be more effective than some of the rivals out there . Im thinking of gileads remdesivir. Kirill there is enough of a problem out there for all of the treatments that work. It is not really a competition. They showed some modest improvement. Our drug also helps moderate cases but we see substantial improvement in our patients. It can also be taken with tablets, versus injection with remdesivir. But again, the world needs all possible treatments. One of the problems, there was no antiviral against covid. So its a great improvement that we have this drug that has been proven to work well. Scientist Taylor Taylor i am not a scientist, so walk me through something to make sure i understand correctly. It was used in clinics before the third stage Clinical Trial. Case, what are you accepting from the third stage Clinical Trial . Arill we are working with different dosage, but to make it simple, this was a japanese drug that worked well against the flu in japan. But there was the question, covid . Work well against with some modifications, we have shown that it does work well against covid. In our Clinical Trials, we show that the people on our drugs are doing twice as better as those in the control group. It will be shipped, 60,000 doses , to russian hospitals this month. We are producing 60,000 doses every month. We have interest from other nations to start trial of this drug. By the way, that original japanese drug is having some Clinical Trials in other countries. Taylor it is interesting that earlier this morning we got data from gilead. A few weeks ago, some of the studies looked very promising. This morning, they came out and said it only showed a limited benefit in a large trial of moderate patients, not showing as much of an improvement as they wanted. Are you similarly worried about a setback as well . We are open to having other countries test the substance, but the results we have shown so far are very clear. Yes, we are monitoring what will happen with the next several trials, but we are hopeful. A drug that we know how it works, it has known situations where you cannot take the drug, if you are pregnant, planning a family, you cannot take it for three months, but we understand the mechanism of the working of the drug. Of course, we could have some surprises, but so far, so good. Taylor at the end, this all comes down to the health and safety and economics that all of these countries have been dealing with as we face this pandemic. Came out earlier and said he wanted to invite russia back given that you have also been affected by the pandemic. Are you open to that, being a part of some of the meetings of the g7 . Kirill there was a call between president clinton and president tin and President Trump and they discussed many situations. Powerful group, can address things in a more substantial way. Extending g7 to some additional countries we believe makes sense, but it is up to them to make the decision. We believe the coronavirus epidemic shows Different Countries need to work together. We are willing to share information about our drugs, vaccines, testing systems. It is time to put political differences aside, improve the relations between u. S. And russia and many other nations. Things putrus things into perspective. Taylor are you open to some of the production costs, as we look at the impact that the virus has prices, how are relations with saudi arabia going, what kind of cuts are you open to . Kirill the relationship is very solid, we are happy with the oil deal that was struck with the help of the united states. United states and saudi arabia had a positive set of discussions. We already see an improvement of oil prices. 35. We are very hopeful of the alliance. Opec is committed to the deal. We see High Compliance numbers. We believe the oil price will be in good shape. We dont expect a major decline in oil prices even though the economy needs time to recover. We often looky, at the ruble, some thoughts that tourism is not happening as people are not traveling globally. If tors and picks up domestically within russia, how do you see that impacting the ruble . Kirill the ruble was impacted quite a bit with the price of oil but it has regained almost all of the losses, where it was almost three months ago. We will see what happens to oil prices. Definitely, the russian economy is starting to resume. Of course, we have different waves of the virus, but we hope that the ruble will be stable. Taylor our thanks to kirill dmitriev, ceo of the Russian Direct Investment Fund. As major cities across the u. S. Begin to reopen, government officials and Public Health experts are pushing to recruit thousands of contact tracers. More on those efforts with emily gurley of Johns Hopkins school of Public Health. This is bloomberg. Johns hopkins have seen relative success with its free on line Contact Tracing course come along three weeks ago with a mission to train thousands of volunteers for new york state. Roughly 250,000 people have registered. This as new york city looks to begin to reopen on june 8. Joining us now is the courses leading instructor, emily gurley of a Johns Hopkins school of Public Health. Explain to us why you think Contact Tracing is the best way to give us an idea of how comfortable we are as we begin to reopen the economy. Emily thank you for having me to talk about this. Contact tracing is a process where the Health Department gets in touch with people who have covid19,itive for and people they have had contact with, to let them know that they have been exposed. Both of these groups of people could pass on the infection to someone else. Its all about letting people onwardw to prevent transmission to other people, making sure people know they have been exposed, so they can take steps to stop transmission within their communities and families. Taylor what if there is not a Critical Mass of people that sign up for this . Is that the only way that this works . Emily Contact Tracing is not something that you sign up for. Anyone who has a positive test for covid19 will get a call from the Health Department to make sure they know how to keep from infecting other people. They will also be asked about who they had contact with who may have also become infected you will be getting a call if you test positive. The question maybe you are asking is what if people do not want to disclose who their contacts are, or dont want to talk with the help department Health Department . That could happen but most people want to let others know. Many in our community are at high risk for severe disease and death from this infection. I know that no one would want to knowingly infect somebody else. This is our best way of notifying people so that they can be sure to not infect their loved ones. Taylor what has the early data showing you about maybe what Small Businesses are saying about Contact Tracing, they feel this is the best way to keep their employees safe. What are you dream from businesses and leaders on the hearing from businesses and leaders on the ground . Cant say that ive been in touch with many businesses, per se, but businesses are concerned about the health of their employees, and they also want to promote confidence with their patrons, customers. They need to be thinking about how they can do both of those things. Contact tracing is not the only way to do that, but it plays an important part. F you are a business owner, someone managing a business, you want to make sure that your employees stay safe. Its important to know, if someone is infected, to realize that they should stay home. You need to think about your policies and what you are encouraging people to do the right thing, so that your workplace does not become a site of transmission. Taylor we will have to leave it there. Our thanks to emily gurley of the Johns Hopkins school of Public Health. Byt school is supported Michael Bloomberg and bloomberg philanthropies. Coming up, we are taking a look at the global economy. This is bloomberg. When you say what youre in the mood for, the xfinity voice remote will find exactly that. Happy stuff. The groups happy, im happy. You can even say a famous movie quote and it will know the right movie. Circle of trust, greg. Relax, the needles are jumping. You can learn something new any time. Education. And if youre not sure what youre looking for, say. Surprise me. Just ask what can i say to find more of what you love with the xinity voice remote. Mark im Mark Crumpton with bloomberg first word news. Mass testing in the city of wuhan may have eradicated the coronavirus there. Authorities say they found no a sentiment cases for the first time in nearly two months. Wuhan is testing its entire population of 11 million. Infected people that show no signs of being sick can still infect others. Indias death toll continues to climb, surpassing 190,000 for talent is. Mumbai has more than a fifth of itsnavirus cases, while densely populated streets appear like a ghost town, its public culture system, which has become the epicenter of the worsening outbreak, is overwhelmed with staff working around the clock. Country is on track to really open and places of worship next week. Elementary School Children return to the classroom in the u. K. Today for the first time in 10 weeks as locked on measures ease. Safety measures includ