Complete decoupling from china. China and the u. S. Really in the focus. Decouplingthink that , interesting to hear out of the president s mouth. Definitely a lot of chatter that that could be the trajectory. We did see, even though we finished flat on the day, we did see some strength. A lot of those stayathome names, the zoom info. We mentioned this a little bit earlier, spotify having a monster day. They have been buying up all of these sort of podcast companies. They now have this deal with dc comics. Everyone has a deal except us. Taylor i will just ignore that entire thing. He did mention the retail investor. That leads me into the next thing that i want to talk about. It is thursday, which means we get that survey from the retail investor. They got spooked last week. Sincergest weekly fall january, down to about 47. 8. Clearly, some of the bears coming back out after seeing some of the bull action activity that we have been increasingly talking about. U. S. Off 13 . 50 million in shares to raise cash. Kroger is one of these staple stocks you were mentioning. It is up 19 . Plus, they pulled their guidance. Some domestic cases rising, but not hurting delta or macys at least for today. I wanted to get back to a conversation we were having earlier with this chart in the terminal, all about earnings revisions. Earnings revisions are getting less and less. We are seeing them decline for four straight weeks. We take a look at companies starting not to revise earnings much lower. Of course coming off the big drop in march. Romaine seeing some companies reinstate some of the forecasts they had before. Lets welcome back in jonathan, Credit Suisse chief equity strategist. The way that you build things and put them in terms that the rest of us can understand. Try to help me understand the improvement in sentiment here and whether investors should be a little bit more guarded ,gainst the potential tail risk or maybe just a slower path toward economic recovery. Moream increasingly optimistic. I am a pretty optimistic guy. This very concerned, when the riseme about, that in unemployment was really going to be an issue. I think what the big story is here, that consumers are flush with cash, number one. Number two, that we are not going to have national shutdowns. We may have spikes in different locations, but the shutdown is going to be something behind us. Bounce isarterm going to be pretty good. If i have a caution, it is just that there is a bit of a ceiling to the level of economic activity. You can open up new york city to get a haircut but if people cant go on a train or a subway, it is going to curtail act to video. The same for airports, the same for a variety of other activities. I think we will very quickly get back up to 90 , then i think it is going to flatten out. At that point, i think you are going to have investors that scratch their heads a little bit more. Caroline is there a ceiling for how far the stock market can go . Think can stay at higher levels. But i do think the economy is not going to get back to 100 , which means corporate profits will take about three years to get back to breakeven. 2019,eans the earnings in we will not see that level of corporate profits until 2022. It does not mean the markets cant go higher, but it does become somewhat of a constraint. This idea that we will have the market crash on us or a second wave that will do us in, i think those fears are kind of moving into the past. That is why people are more optimistic or at least why i am more optimistic. Caroline jonathan golub, Credit Suisse chief u. S. Equity strategist. Whatd you miss . Is next, where we will be looking at the inclusion and equality at large with kevin warren. This is bloomberg. Bloombergs World Headquarters in new york, i am caroline hyde. Volumes lower on the s p 500 for rate second straight day. We managed to close in the green. The nasdaq on a roll for a fifth straight day. People finding solace in tech shares. Sayshile, dr. Fauci football may not happen this year. We discussed. How wef the two can ensure that there are more black executives in Corporate America. All that and so much more coming up. Foremost, diversity in the workplace in the workplace being spearheaded by social Media Companies. Facebook announcing that its Company Leadership will strive in 30 more people of color positions of leadership, talking about more money to be focused on blackowned businesses. 1 billion. Also, facebook making news, not only are they out in front of Congress Talking about how to protect the next election, but also a Trump Campaign at being pulled down by facebook violating its policy. Sarah, it feels as though, for you, the key news of the day for facebook really was that they removed a series of ads and post shared by Donald Trumps campaign. Sarah this has been a constant debate within facebook about when and how to act on trumps posts. A few weeks ago, he put out some misinformation about mailin ballots. Facebook did not act on that. In this case, using imagery that was used in nazi concentration with an mark prisoners upside down red triangle, that was a bridge too far for facebook, and it was in violation of their hateful imagery rules. Basically, on facebook, you are not allowed to use hate symbols unless you give some context either denouncing them or explaining why you are using them. Romaine all of this came against the backdrop of this virtual hearing in washington with the executives of facebook and some of the other social Media Companies about fighting disinformation. What is that fight . Repeatede company has some of the same things as before. They have a tighter relationship with each other, tighter relationship with the federal government in finding and taking down foreign manipulation of elections. They have a lot of procedures in place to increase transparency about ads. The ad that was taken down by trump, actually a series of ads, those are all included in the political ad archive. , see anyo, look it up ad on facebook that is political and who it was targeted towards. There is a lot more transparency, a lot more preparation to make sure it does not happen again. However, the congressmen and women were very concerned about broader issues with these platforms, specifically the issue of algorithmic priority for information that is going to rile people up or be divisive, things that have sparked hate or tension in society. So a lot of the questions for Tech Companies were about the structural nature of their products. What are they going to do to make sure they are not causing this constant state of controversy that we are living in. From congress today, who did we learn that might have been the company that was caught most on their back foot and maybe was not taking enough initiative here . Sarah adam schiff started out the hearing by calling out google. He said that google has this reputation for being the least transparent about its policies. And maybe avoiding some of the scrutiny that twitter and facebook have faced because they just dont participate in a lot of the same conversations. A representative from google said that was not true. Then facebook i think got a lot for not going as far as twitter and thinking about the effects of its platform. Of course, during the hearing, the trump post was removed, so they got some questions about that as well. Theine quite a day for social media company. Sarah frier, we will talk to you soon. Lets turn to the european union. Instituting measures that has chinese investors worried that the eu may be closing its doors soon. Maria tadeo spoke a little bit earlier about the Chinese Ambassador to the eu. Working for the international not my job and your job. We cannot do it isolated. As my president announced on the ,ideoconference, china will when we come out with a vaccine, we will take it as a public good. Of course, we will share. Ambassador, i want to ask you about hong kong. This bill has been controversial in europe. There are some institutions including the European Parliament that say they worry that democracy is being removed from hong kong by the chinese authorities. What do you say to that . Kong,n we talk about hong we must keep in mind, hong kong is a special Administrative Region of china. Arehong kong Affairs Chinese internal affairs. Noninterference in Chinese Affairs is a fundamental principle in international law. The European Parliament joined a motion for resolution, or interference in chinas internal affairs. It is not acceptable. So you think the European Parliament, for example, commenting on this, saying that the one nation, two system is the way forward, that is not something that china can fundamentally agree to . This is something just for china to deal with . Upholding country, National Security is the duty of the central government. U. K. Ean countries like the , like france, like germany and others, all have National Security legislation. Yet, in hong kong, there is no such legislation. The legislation aims to close the loophole. We should not look at this issue with double standards. Systems is, two chinas basic state policy. Resolved to fully implement one country, two systems. Safeguarding National Security is a Building Block for sound implementation of the one country, two systems. Kongs ability and prosperity. The legislation will not change system,gs capitalist its high degree of autonomy under the basic law, or the lifestyle of hong kongs residence. Lets talk about trade. Yesterday, the European Commission put out a white paper that does not mention china, but many people interpret it as talking about china. They worry about too much intervention perhaps in european companies. How do you read that . Do you think the investment environment for Chinese Companies has become more difficult now in europe . The white paper. We are studying the paper. That the relevant eu with thewill comply rules. Protectionist creatingd refrain from new trade barriers under the pretext of subsidies. Eu haveeasures taken by got some chinese investors concern, to speak frankly. That the eu is closing its doors. Caroline the Chinese Ambassador speaking earlier with our very own maria tadeo in brussels. Coming up, we will discuss the impact of the pandemic on the Real Estate Market in new york city, right here. The ceo of silverstein and properties. What do we expect from phase two . This is bloomberg. Romaine the new york city metro economy,1. 8 trillion rivaling the size of a lot of countries like brazil, canada, south korea. It has been largely shut down since midmarch. Faye is two of the reopening happening on monday. For more on the demand for commercial and residential real estate, marty berger joins us. Residential, hotel, and retail properties, including the new World Trade Center downtown in manhattan. You have got no answer people here that in the next few weeks and few months are going to start trickling back to work, back into those office buildings. However you prepared your business, your building, and your tenants for this return so that people can get back to their normal routine and feel safe doing it . Thank you so much for having me. We have billiondollar assets that never shut down. We always operate these buildings and our building staff has been there every day through this pandemic, even through the shutdown. But we have been taking every step and every protocol to get ready for everyone to come back into these buildings. Some of our buildings have up to 7000 people. During the pandemic, they have been down to maybe 70 or 80 people. Now, we have to prepare for all these people to come back into the building. We have the high touch areas such as the doors of the elevators, the handrails, all of that. Those get cleaned on an hourly basis. We have our cleaning companies go through it constantly. We have glass in front of the concierge folks so that the doormen and concierge folks are protected, and the guests that come in are reregistered, so there is a seamless system of getting people in and out of the buildings. The elevators have blue circles for where people should stand. Our newer buildings have destination dispatch, which means you walk in, use your card key, it tells you which elevator itgo to, use the turnstile, takes you right to your floor so you dont have to touch anything. The air Filtration Systems are cleaned more often than our newer buildings. That is already taken into account. But a lot of it is just awareness and getting our tenants and their employees comfortable. There are signs up that say you cannot enter through this area unless you are wearing a mask. All of our building staff gets temperature tested and they are wearing ppe throughout the day so that all of our tenants know that they will be protected. Thinkne what do you capacity looks like . Given the focus on flexible working, do you think youll ever be at 7000 again . Definitely. I think it will be gradual. I think people will have to be acclimated back into the Work Environment and that will take some time. Phaseday, we is entered two. We heard from the governor earlier in the week and earlier today that phase two will definitely happen, and that is terrific. A onestein will go to third, one third, and one third schedule. If you are b, you are the next two days. Andou are c, you are five six. At any time, we will have one third of our workforce. We are telling all of our employees, between now and labor day, you dont have to come back if you dont feel comfortable. We believe that Public Transportation is safe. If you dont think it is safe, dont come back before labor day. Taylor with some of the commercial tenants that have leases coming up, are they renewing the same Square Footage, or do you see them renewing, just less Square Footage . People still need to be in office space. This work from home thing, while it has been acceptable for the moment, it is not a longterm solution. You cant get the same results working from home. Decimate we have made do with it. Call,oom call or a web collaboration is not the same thing you cant do a pitch for an advertising agency. The example i gave yesterday, the lawyer coming out of law school, if he or she wants to doesom the lawyer she want to learn from the lawyer working from home or in the office . Way,ine i think either this is a new world, dont you think . I am not sure. At morganalysts stanley, blackstone of the world. They are not sitting next to the associates. Caroline we have to leave it there. Coming up, unrest researchers in atlanta after a black man is killed at the hands of police. We get the latest on the situation. This is bloomberg. You say that customers make their own rules. Lets talk data. Only Xfinity Mobile lets you switch up your wireless data whenever. I accept 5g everybodys talking about it. How do i get it . Everyone gets 5g with our new data options at no extra cost. Thats good. Next item corner offices for everyone. Just have to make more corners in this building. Chad . Your wireless your rules. Only with Xfinity Mobile. Now thats simple easy awesome. Switch and save up to 400 a year on your wireless bill. Plus get 200 off a new Samsung Galaxy s20 ultra. Sawithout evenon yoleaving your house. Just keep your phone and switch to Xfinity Mobile. You can get it by ordering a free sim card online. Once you activate, youll only have to pay for the data you need starting at just 15 a month. There are no term contracts, no activation fees, and no credit check on the first two lines. Get a 50 prepaid card when you switch. Its the most reliable wireless network. And it could save you hundreds. Xfinity mobile. Romaine welcome back. You are watching whatd you miss . Lets get over right now to Mark Crumpton with the bloomberg first word news. Mark a divided u. S. Supreme court today ruled that president the obama erand program that shields 600,000 young undocumented immigrants from deportation. Justices rejected Trump Administration arguments that the deferred action for childhood arrivals program, daca, is illegal. Daca protects people who were brought into the country illegally as children. On twitter, President Trump called the courts ruling horrible and political elite charged. Democratic president ial nominee joe biden is getting ready to unveil his first set of campaign ads. Mr. Biden is spending 15 billion at Million Dollars on advertising. The fiveweek ad campaign will air in six states that President Trump won in 2016. Pennsylvania, wisconsin, michigan, north carolina, arizona, as well as on fox news. New York Governor Andrew Cuomo said he is considering requiring people who visit from florida to quarantine for 14 days. Covid19 cases have been climbing in florida while new york is on the decline. He also said he is signing an executive order that would allow the state to immediately suspend the Liquor License or shut down any bar or restaurant that violates reopening rules. Coronavirus cases are on the rise in california. The state reported more than 4000 new infections today, its biggest ever daily increase. 160,000fections now top in california. More than half of the new infections are in los angeles. Global news 24 hours a day on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. Caroline really, i think today has been a day where the markets have been a b