A study suggest young people are not as immune as some, including President Trump, have claimed. The bank of new zealand faces a tough policy decision this week. Balancing a rebounding domestic economy against the increasingly uncertain global picture. Shery happening now, President Trump speaking at the white house. He abruptly left, escorted by security. He is back in the briefing room. He says there was a shooting outside the white house and it is now under control and someone was taken to the hospital. Pres. Trump he reported he heard shots. He was outside and he heard two shots. We dont know yet. They are going to find out. Do you know if the individual said something . Pres. Trump we dont know that. The secret service . Pres. Trump it seems to be. Where you take into the bunker . Pres. Trump no, to the oval office. Just told me when he came up, you saw it like i did. Sir, could you please come with me . I was surprised also. It is pretty unusual. But, very professional people. They do a fantastic job, as you know. It seems to me, from what was said, a shooting. Someone,cement shot seems to be, the suspect. The suspect is now on the way to the hospital. I cannot tell you the condition of the suspect. There was nobody else injured. No other Law Enforcement injured. We will get onto the press conference, but i do want to thank secret service. They are fantastic. Was the suspect armed . Pres. Trump from what i understand, the answer is yes. Thats what i understand, i dont know. What type of weapon . Pres. Trump i dont know. Male or female . Pres. Trump they will have a detailed, maybe breathing outside later. I dont know. I didnt ask that question. It might not have had anything to do with me. It might have been something else. It was on the outside of the premises. The fencing, especially the new fencing they put up is very powerful. It was on the outside of the white house. They will have a full report, secret service, will have a full report. Do i seem rattled . Its unfortunate this is the world, but the world has always been a dangerous place. Not something that is unique. The world has been you look back over the centuries, the world has been a dangerous place, very dangerous place. It will continue, i gues,s, for a period of time. Do you think differently about your personal safety inside the white house . Pres. Trump no, i feel very safe with the secret service. They are the best of the best. They are highly trained. I dont know if anybody got to walk outside, but there were a lot of terrific looking people ready to go if something was necessary. People at the highest level of Law Enforcement. There is nobody like these people. They just wanted me to step aside for a little while just to make sure everything was cleared outside. It was right in this area. Thaty did you decide after to come back and continue the briefing . Pres. Trump i didnt think about not coming back. They said i had to wait a little while. I waited a little while in the oval office area. I said can i get back now . They said yes. They have a lot of fortification outside just in case. It was one person. You said the shooting was outside. How far away . Pres. Trump they will be given you a full briefing in a little while. I can only tell you they will give you a briefing. It was outside of the premises, near the fence, but outside. Pretty close. So, i was telling you that the dow jones and s p 500 are now 50 above the march level. Nasdaq is setting new records. It has already broken the record despite the situation of having the china virus. We have new jobs arising and unemployment is falling faster haidi the previously disrupted press conference, talking about how well the markets are doing at the moment. But the president had earlier begun his press conference, come into the room and was then removed or told to leave by secret service before returning. He has given some details about the incident that apparently took place outside the white house premises, saying there was a shooting outside the white house premises. That he was taken back to the oval office by secret service and security. His understanding is there was a shooting that was undertaken by Law Enforcement with one suspect shot. Pointing out what was one suspect, not multiple. Saying someone was taken to the hospital, does not know the condition. There will be more details to come. A little bit of drama this morning at the white house. The entire white house had been under lockdown as this situation with this one person that was shot by security and Law Enforcement being taken to hospital. We will get you more details on that developing story as they become available. Lets get to our top story where china is now retaliating against sanctions imposed by the u. S. Over hong kong. With now counter sanctions of its own. Beijing says it will sanction 11 americans, with no direct member of the Trump Administration. Lets let get the latest with stephen who joins us with the latest. What do we know and how does this seem like a high level, symbolic rather than substantive response from beijing . Stephen yeah, a little bit of drama as well on the u. S. China relationship this week. The latest news on the sanctions, what we got last friday was the u. S. Putting sanctions on 11 chinese officials and hong kong officials, including the chief executive carrie lam as well as the Police Commissioner and others, including the head of the hong kong and Macau Affairs office out of the state council in beijing. That over what the United States says is the oppression of Political Rights of hong kong. Now china has retaliated with unspecified sanctions of its own on 11 american officials. As you said, not anyone directly tied to the cabinet of donald trump. These are mostly republican congressman, including three senators, marco rubio, ted cruz and tom cotton, plus a republican representative, pat toomey, as well as kenneth roth. Roth was denied entry to hong kong back in january when he tried to come here. The Foreign Ministry spokesperson saying this is in response to the sanctions on 11 americans to the wrong behaviors of the United States who in his estimation behaved badly on the Hong Kong Related issues. However, they did not get into specifics on when these sanctions would entail. The sanctions that the United States imposed on the 11 chinese and hong kong officials including the freezing of Bank Accounts as well as any potential assets that those officials might have in the United States. We are already hearing from people close to the matter that some banks in hong kong, including citibank, starting to step up scrutiny of Bank Accounts in hong kong. Anotherf course, flashpoint in u. S. China relations as the visit to taiwan this week of the u. S. Health secretary alex azar. What came out of that . Stephen yeah, that again is another flashpoint. Beijing reiterating its opposition to this visit by alex azar to taipei, especially meeting with the president yesterday. Azar really hailing the democracy shown in taiwan as well as the fight against the coronavirus. Taiwan has been fairly successful relatively speaking against other countries around the world in combating the pandemic. Anx azar said taiwan is inspiration to the region and the world. He was speaking mostly about the democracy that has taken hold in taiwan. Aboutat length as well the u. S. Relationship with taiwan, saying it is highly regrettable that china has stopped taiwan from participating in the World Health Assembly at this time of a Global Pandemic. As i mentioned at the top, the visit has drawn the ire of beijing, calling the taiwan issue the most important and sensitive issue in u. S. China relations. You can imagine how beijing feels about the visit by a zar. The highest ranking official to visit taiwan and more than four decades. Shery Stephen Engle with the latest. We will have more on the tensions between washington and beijing with Stephanie Siegel later this hour. Ahead, live in d. C. To get the latest on the Security Breach at the white house. President trump says the shooting outside the white house is now under control as he explains this the reason for the u. S. Economy not growing at a 20 pace in the third quarter, saying hes looking at cuts for Capital Gains tax, middle income tax as well. This is bloomberg. Karina you are watching daybreak australia. Global coronavirus cases are about to top 20 million u. S. U. S. Infections above 5 million although the rate of increasing is slowing. Countries are tightening travel to stem the pandemic. Three months jail for anyone refusing to comply. Greece is requiring travelers to supply a negative test. Hong kong has reported 67 new local of coronavirus, a third of which said to be of unknown origin. 48e city has a total of 41 confirmed cases of covid cases. Two of the new infections are said to be imported. Hong kong has managed to keep the infection under some control. The rbnz meets wednesday and may hold stimulus as the economy performs better than expected. Policymakers will have to weigh to strengthening domestic picture against rising unemployment and the Global Pandemic slowdown. The rbnz is excited to hold the qe limit. The government of lebanon has resigned after last weeks devastating explosion in beirut. The cabinet quit amid rising public anger for the blast which is now responsible for at least 200 deaths and destruction of a large part of the city. The Prime Minister says it is the biggest disaster in recent lebanese history and blames corrupt political elites for sabotaging his administration. Powered by more than 2700 journalists and analysts in more than 120 countries. Im karina mitchell. This is bloomberg. Shery President Trump has resumed his press briefing after a possible security incident at the white house. Happening right now, President Trump speaking about the economy and other pressing issues. Joining us now for the latest is bloombergs government reporter Jimmy WilkinsEmily Wilkins. The only thing we heard is the shooting happened outside the white house, it is now under control. What else do we know at this point . Emily at this point, we are learning about things as they come in. From what we understand, the president was taken away from the briefing room. He returned after nine minutes. He thanked the secret service, saying they did quick work. The suspect, according to President Trump, had been taken to the hospital. The suspect was shot. It sounds like he was perntially armed, with the president told reporters. This happen all outside of the white house, but fairly close to where the white house fence begin. In terms of what we are seeing between the china and the u. S. , the level of tensions being ratcheted up as we have see a symbolic response from beijing. Where are we at in terms of going ahead to this review of the phase one trade deal that is meant to take place in the latter half of this week . Risingthere have been tensions between the u. S. And china for months now. We have seen this titfortat between washington and beijing. It is very important for both countries. There are a lot of people, if think about President Trump and his supporters. Have a lot of farmers, bluecollar workers, a lot of people who have relied on trump to foster this good trading deal with other countries. It is something that is important but there has been tensions between the u. S. And china. Be a peaksort of v. A between the two of them. [indiscernible] emily, what about the stimulus talks . Because they are ongoing on capitol hill. There is a stalemate, but the president right now saying they are cuts for Capital Gains tax as well as middle income tax that he is looking into. What can we expect on that front . Will he further try to, basically, really go around congress when it comes to the power of the purse . Emily sure. We saw President Trump this we can go ahead and address a number of executive orders. Giving a supplemental 400 to those who are currently on unemployment insurance, pausing student loan payments. There is a question as to what the president can and cannot do. If he wants to spend money, that money needs to be allocated from congress. We are going to see how his executive orders play out. Theres already some potential they wont be fully executed because they are going to rely on state for some funding and states are saying, hey, we dont have the money. The other aspect is trump is still indicating he is willing to make of the with the democrats. There are still attempts of negotiations with the two sides are still pretty far apart. There has not been a lot of progress in the last couple of weeks. A big question mark as to whether anything can get past at this point. Haidi Emily Wilkins in washington with the latest on the stimulus negotiations, as we continue to hear from President Trump speaking at the white house. Coming up next, we will get the Market Outlook amid all the uncertainty with Wells Fargo Asset Management senior manager margaret patel. This is bloomberg. Shery markets around the world continue to rebound but hasnt happened too fast . If you look at this chart, the total market cap of equities have equal the total dollar value of the World Economy which some say it is a sign of overheated markets. Joining us to discuss this Wells Fargo Asset Management senior manager margie patel. Always nice having you with us. Concerns we are overextended right now, but can you really not get into the equity markets when you have the fed and governments around the world supporting not only economies, but also risk assets . Margie i think thats what this chart is really saying if you look at other points in this chart, we had actually been at that same ratio where Global Markets were equal to gdp before. Extremely above historic levels. What is different now is the very low Interest Rates that exist. Its suggesting dont leave an investor with many places to turn. If you look at the 10 year u. S. Treasury at the end of december of 2019, that was 1. 92 . Today, it is. 58 . We have a huge change in relative value. The dividend yield with the Standard Poors is 1. 8. That is really triple the yield of the 10 year treasury. On those measures, it does not look overvalued. Shery what do you do on a day like today when you have the big tech giants falling, but at the same time, some investors continue to bid small claap and cyclical stocks . The you follow this trend that tech stocks look overextended . Margie i think today is a great example of what we have seen for the past few months which is there are lots of shortterm little price moves by segments that look a little undervalued or overvalued. Today, we have those sectors, industrials, the commodity related names, the financial names move up quite a bit. Not because, of any news but a little bit of shortterm, meaningless rotation. I think strength will come back to the tech stocks as we get into the fall of the year. Much substantial impact to uc from the chinau. S. Lines we keep getting . Particularly the focus on tech. Margie even though we had a lot of uncertainty about the relationship between china and the u. S. , as well as the concerns about covid where the amount of covid cases continues to rise all around the world. In the u. S. , more than a doubling of covid cases in the last two months. In the face of that, weve had the Standard Poors index really be increased over the last few months. In other words, it says the market is not very worried about those things in regards to transitory, the underlying Earnings Growth and Economic Growth as we work our way through the covid crisis over the next few months. That, right, and part of i guess lack of opacity over where we see the economy going, we are seeing some uncertainty brewing in the treasury market. Is a selloff in the longer end an inevitability even if we get the announcement of more bond buying and more qe . Is there an argument to making a short position across the 20 year, for example . Margie i think we had a little bounce up in yields and i think it is natural just as a shortterm reaction for these extremely low rates. It is very hard for me to see where rates can go on the upside when the fed has promised and guaranteed to flood the system with the quiddity to keep rates as close to zero as they can possibly do. I think it would be a risky strategy to short treasuries because i think the trend is for stability or lower levels. Shery we continue to see pressure on the u. S. Dollar as well. How does that impact your portfolio . Margie it has and we have certainly seen that in how well some of the industrial names have done. They look like over the short term, it is a change in positive sentiment. I think youve had a big move in the dollar. I think again, that is the shortterm correction. We will see the dollar bounce back. Why . Because the underlying u. S. Growth is improving gradually, but on a sustainable path. I think that will bring back strength to the dollar. Alwaysall right, margie, appreciate your time. Wells fargo senior Portfolio Management margie patel. 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