in new york city is karina mitchell. karina: about 400,000 airline workers around the world have been fired, furloughed, because of coronavirus, according to bloomberg calculations. the biggest losses have been in north america, europe, and asia. likeosses in agencies aircraft agencies, could reached when he 5 million. a $305 million bill backed by authentic brands as simon property group -- the offer we keep the bankrupt men's clothing chain in business. authentic owns and other clothing maker, barneys in new york. and a new ranking of the five richest people in the world. the chairman of india's reliance industries has a network -- a net worth of $477 billion. reliance industries stock is up 135% since march. i's fortune has risen almost $19 billion this year. that is the bloomberg business flash. francine: earlier this week, european leaders came together on that historic recovery. now let's look at the stipulations deeper with the policy and research firm head of research. sylvia, thank you for joining us. twitteryou

for that we go to karina mitchell. pandemiche coronavirus is preventing some hiv patients from getting the medicines they need. the who says more than 70 countries are in danger of having drug shortages to treat hiv because of the pandemic. already have critically low stock. says -- prime minister joining a white house meeting to celebrate a new regional trade agreement between the nation. president trump and the mexican president are due to meet wednesday. judo has been conducting cabinet meeting on lines instead of in person because of the coronavirus. pack,u prays the new saying it will help north america emerge stronger from the pandemic. tosident trump is preparing issue executive orders on a wide range of topics. mark meadows told foxnews the orders will cover china, manufacturing, and prescription prices. he says it is important for the president to provide incentives -- 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. i a

now let's get some headlines from karina mitchell. karina: the trump administration has released details in the largest coronavirus loan program so far. some congress members had voiced concern about the level of transparency. the information does not include details for any loans, names of companies that are less than $150,000. the vast majority of borrowers were not made public. new york state is taking another step in its reopening plans. the city entered phase three today, allowing nail salons and tattoo parlors to open. but the resumption of indoor dining has been postponed indefinitely, following spikes in states like texas and florida after they reopened bars and restaurants. maxwell has been transported to new york for a hearing on friday. she was arrested last week on charges of conspiracy and enticing miners to engage in sex. prosecutors say she is a flight risk. helds currently being at the metropolitan center in brooklyn. the german government has paid $1 billion over the past decade related to the cost of stationing u.s.

let's bring in karina mitchell. an update on the virus cases here in the u.s. >> the coronavirus has marked another grim milestone in the u.s. with confirmed cases rising 2% and topping 3 million in total. that is a quarter of level infections. california reported more than 11,600 new cases. that is the biggest daily jump so far. the state's rate of positive cases has risen. the top health official says president trump's campaign rally last month likely boosted coronavirus infections. the health director says significant events have probably contributed to a high number of cases. the president held has rally despite pleas from local authorities who were already seeing infection rates rise. most of his audience did not wear a mask. melbourne is starting the first day of a new virus locked with restrictions that are feared will deepen and prolong australia's first recession in 30 years. the city is now isolated from the rest of the country as the state shut borders. the state has reported more than two weeks of double

karina: with the first word news, i'm karina mitchell. bloomberg has learned there is a settlement in the case involving goldman sachs and malaysia's troubled wealth fund 1mdb. malaysia would drop all criminal $1.39s and exchanges for billion in reparations. in other news, it is getting more difficult to get a clear picture of the coronavirus pandemic here in the u.s. the problem, testing shortcomings. newth officials warn infections may be significant undercounted. 67 thousand cases may reported each day. the reality is more likely to hundred thousand. the caribbean is reopening to tourism, but not for americans. authorities are afraid they will spread coronavirus. this week, the bahamas will begin barring commercial flights and passenger ships from the u.s. and there is a newcomer to the ranks of the five richest people in the world. the chairman of india's reliant industries, according to the bloomberg billionaires index, has a net worth of $7.4 billion. he just took over from steve ballmer for the spot on the list . risen almost $19 m

karina: with the first word news, i'm karina mitchell. goldman sachs has agreed to settle the long-running case involving malaysians when mdv -- malaysia's 1mdb fund. in exchange, malaysia will drop all criminal charges. malaysia has alleged some of the money raised ended up in fraudulent shell companies run by corrupt officials. china struck back. to close the u.s. consulate in chengdu is in response to the u.s. decision to close the chinese consulate in houston. china says its action is legitimate and necessary response. president trump has given into worries about the coronavirus. he has canceled his floor nominating convention -- his florida nominating convention, the biggest event of his campaign. the president says he didn't want to take any chances. and it is the latest sign that the coronavirus is wreaking havoc in hollywood. disney has canceled the august release of the widely anticipated "mulan," and delayed future star wars and avatar movies by one year. meanwhile, the largest u.s. theater owner amc has delayed its opening unti

let's get to karina mitchell. karina: thank you. global coronavirus cases have race past 18 million. the u.s. remains the focus of the pandemic. infections are surging in asia-pacific. california surpassed new york in total infections. dailyty rates hit a record in indonesia with australia also setting a new high. brazil reported 57,000 new infections in the last 24 hours. worldwide confirmed covid-19 debts are approaching 620,000. hong kong reported a record 105 virus cases. the city's most of your situation. health officials expanding protection measures. more than half the new infections are not linked to previous cases with untraceable spikes, signaling that hidden transmission is widespread. the epidemic has reached its most of your moment. the governor of tokyo is warning that people should prepare for a second wave of the pandemic as infection rates continue to climb. he wants residents to refrain from leaving the city as japan enters a four-day weekend break. the total number of covid-19 cases has topped 10,000. wednesday's

karina: you are watching "daybreak asia." i am karina mitchell with the first word headlines. the united states continues to suffer as the epicenter of the coronavirus outbreak but new cases are rising around the world. florida has reported record new fatalities, and arizona, the most infections in 11 days. the u.k. is warning of 100,000 covid-19 deaths while hong kong is under tightening social restrictions and japan says a new state of emergency is possible. meanwhile, sidney is on high alert for a large-scale coronavirus outbreak as cases linked to melbourne seems to have moved across the state border. confirmed cases in australia have now passed 10,000 with 283 new infections on tuesday. 270 of those are in the state of victoria, which went back into a six-week lockdown on the weekend. australia had hoped to ease most virus restrictions by the end of july. china reports gdp data on thursday with economists expecting a return to growth following the coronavirus slump. ddp is forecast to have expanded to .2% in the june period, reversing the historic 6.8% decline in the firs

i am karina mitchell. this is bloomberg. haidi. , hong kong's government has published additional details about the national security law. an official goes there to revealing sweeping new powers for the city's police. it follows the meeting of the committee for safeguarding national security led by carrie lam. selina wang in beijing. what have we learned more about the national security law? these new regulations were cited to safeguard national security led by carrie lam. alsohief in hong kong attended this capacity as lam's national security law. hong kong police concerts premises without warrants, order internet companies to remove content or seize their equipment, and demand information from political groups operating outside of the city under these new powers granted by the national security law. it the belief that failure to comply will result in a fine of to two12,900 and up years imprisonment. some of the details here, it says that during an investigation into a possible offense of endangering national security, a se

i'm karina mitchell. this is bloomberg. shery: staying on stocks, asian equities opening lower following jo -- u.s. markets. a strategist joins us on the line from singapore. what would be the reaction from numbers? they were supposed to be bad, but they were worse than expected. >> yes, the headlines are certainly shocking. but i don't think anyone who follows singapore too closely numbers, therise numbers telegraphed by the government, were to say they would be as bad as quarter -- a quarter as singapore has ever seen. that's what we have here. willcountries in the world pretty. horrible second-quarter singapore may be worse than some, but there will be others that are worse. it is not a great shock to people who. . closely follow singapore. what it means is not a great deal. the currency is being managed tightly and in a very narrow range. there is an official zero appreciation policy and it is steady against other currencies. the bigger issue for singapore is to make sure the inflation stays down. so much in singapore h

i'm karina mitchell. this is bloomberg. shery: staying with the virus outbreak, president trump continues to play down the coronavirus saying the u.s. has, quote, "the best mortality rate." 's handling of the pandemic is a key topic for voters and medical experts alike. a johns hopkins professor told us the response to the virus has been a failure. >> being prepared for this pandemic, having seen the first large number of cases, we should have been better prepared to deal with the eventual searches and small outbreaks that are occurring now. it's incredibly disconcerting to see the level of cases that are coming up in places and, more importantly, the lack of real responses to get those case numbers down. this is not the way you deal with the pandemic, and we have been prepared, not only from our own experiences, but from the experiences of other countries. we know how to intervene to -- to get these case numbers down. there seems to be a lack of personal or political will to implement those tools. tom: we've seen some good

i'm karina mitchell. this is bloomberg. haidi. haidi: as the pandemic continues to rage across the u.s., executives from jp morgan, citi and wells fargo had to say about their outlook for the economy. >> we are very clear, we cannot forecast the future. we don't know. we are in a completely unpredictable environment. no cycles to point to. >> we are going to have an economic environment going forward. >> the pandemic has a grip on the economy and it doesn't seem likely to loosen until vaccines are widely available. >> we expect the impact of covid to continue to negatively impact our earnings until we see a clear trend of meaningful improvements in unemployment and gdp. haidi: the biggest bank executives with worsening economic outlook to come. earnings season kicks off with those result out of jp morgan, citi and wells, and one of the highlights was the loan loss provisions. those provisions for wells fargo and jp morgan topped even the levels reached during the financial crisis. joining us to discuss all of this is ubs managing

i'm karina mitchell. the founder said americans need to quit depending on the federal reserve to bail them out. they spoke to eric shatzker for an exclusive interview. >> in this country if we rely on the fed to be the fireman all the time and the fed only has a couple tools and the feth can't just write checks and send them off to people the way the government can. the plan is to not always force the fed to be the only guy to do something to get political action and house in order so we can actually show comfort in how we handle a crisis and not just rely on the fed. karina: american express customers are paying $550 a year for a premium travel card in the pandemic but not using it much while stuck at home. amex said revenue and spending on cards fell 30% in the second quarter. the companies tried to rework some of its most popular products and added benefits such as credits for streaming services. and brooks brothers have gotten a $305 million bid backed by authentic brands and mall owners simon propert

i am karina mitchell. this is blumberg. tom: coming up, we will look at electric transport with one of the producers of -- biggest producers of battery-powered scooters. have the market outlook coming up. that is why -- we will ask our guest why market waters are underestimating the global shaped rebound. this is bloomberg. ♪ yvonne: asian stocks, we're seeing some decent gains on the second day of the third quarter. some positive vaccine developments. the u.s. manufacturing data is tempering. with discuss all of that the md of global macro strategy. always good to have you, sue. you're saying that it is time to ofs out these alphabet soups what kind of recovers we can expect. kind of scenarios are you mapping out? sue: great to be here. u, all of these different shapes. this is the larger point, that we won't actually recover a lot of the lost output for sabia decade if you go to the cbo forecasts. the way we have been looking at global macro is this multi-phased framework. phase one being the rapid rebound. exports in a

mitchell, abc news, new york. >> karina, thank you for that report. >>> coming up, one boater gets a shocking surprise. a shark nearly jumps into his boat. >>> also ahead, some of the biggest stars in the nfl voicing big concerns about the upcoming season. what they want the league to do next. s are asking me lately how to get their dishes as clean as possible. i tell them, you should try cascade platinum plus the power of oxi. cascade platinum + oxi penetrates and breaks down food soils some detergents can leave behind, washing away even the sany chlorine bleach,,ut for a deep hygienic clean you can see and feel. cascade + the power of oxi. the #1 recommended brand in north america. where does your almondmilk almond breeze starts here with our almond trees in our blue diamond orchard in california. my parents' job is to look after them.test. the best almonds make the best almondmilk. blue diamond almond breeze. it's very common to havehave sensitivity a gum health concern as well. you know, i talk to dentists every day and they're able to recommend new sensodyne sensitivity & gum. i

i am karina mitchell. this is bloomberg. shery. potentialimism over coronavirus treatment powered u.s. stocks to another day of gains, outweighing concerns over rising infections. the prospect of a successful treatment just is not good enough for some investors. carol pepper is the ceo of pepper international. i understand you are giving your clients two scenarios. fast vaccine, fast recovery, slow vaccine, slow recovery. the market seems to be pricing in for a fast vaccine, especially with good news coming from pfizer. how do you position in this environment? what are your clients telling you? how do you take advantage of what we are seeing right now? carol: thank you. i would say, as i said, we are looking at two potential scenarios. i manage money for families with over 100 million dollars in family offices, so we are preparing both outcomes because it is impossible to tell which one will happen. as you mentioned, the scenario one is fast vaccine, fast recovery. if we get a vaccine in the next 12 months, which is what the market

i am karina mitchell. this is bloomberg. still ahead, hong kong facing uncertainty on many fronts. .e will speak with tommy wu haslinda: up next, we will speak with precious metals strategist, ubs investment bank, joni teves seemingly's unstoppable rally. this is bloomberg. ♪ haslinda: gold and silver have surged this year as the coronavirus pandemic roils the global economy. gold is benefiting from low real and record plays into exchange traded funds and increased allocation. our next guest says the gold market is well supported. joining us from singapore is joni teves, precious metals strategist, ubs investment bank. , 90%nly way is up for gold year to date. i think the market has been driven by the fall in real rates into negative territory. and further declines would extend that higher. that being said, further upside from these high levels does become more challenging particularly in the near-term. investors have built exposure to gold already and are more likely to manage long positions rather than continue to add he

i am karina mitchell, this is bloomberg. haslinda: singapore's trade minister discusses the economic outlook and this cfo, john shrewsberry reacts. plenty to come, this is bloomberg. ♪ rishaad: let's start with u.s. equity futures, climbing. guest believes the path of least resistance for the global economy will likely be an ongoing recovery. let's bring in the head of dynamic markets. is it a recovery? is it a rebound? things will be coming back quickly but is it sustainable? >> as far as markets are concerned, the direction of travel is one of recovery. the bar is very high for a lockdown that we had in march. there are a lot of other ways we can control this other than going into a lockdown. rishaad: tell us about how we got this disconnect. i am looking at the nasdaq, we seem to have records all the time here. is there fear of missing out? is that something that you are cautioning against? >> there is a lot of disconnect in the market. it is the disconnect with the fundamentals of markets. fromarkets have recovered mar

i am karina mitchell. this is bloomberg. tom: a russian rate decision, down they get when the rate. 4.25%. this is something we are seeing with a global slowdowns. if you are lucky, you come out of your academic grind and publish a book. elizabeth economy did that black." river runs she finished up with a third book, "the third revolution," immediately definitive on the fragility of the communist party in china and the new experiment of president xi. she joins us from the council on foreign relations. is the strength of the communist party right now? what is the leadership quality, the leadership strength of president xi? elizabeth: great to be here. the chinese are under enormous pressure, the chinese leadership. even with a small economic rebound somewhat expected in the second quarter, they are facing rising unemployment. program overonal the actions they have taken and hong kong, over there assertiveness in the south china sea, the trade war aren't going with the united states. xi is feeling battered to some extent. he i

i'm karina mitchell. this is bloomberg. shery: the unemployment rate rose to the highest in more than 15 years as the economy remains under pressure from the coronavirus pandemic and the month-long pro-democracy protests. joining us as the founding of a recruitment firm focusing on banking and finance. great to have you with us. give us an update on what you are seeing in the jobs market out there. >> hello. good morning. market has been .nfluenced a lot by covid speaking about the banks -- a lot of companies are adding up this is. it more like replacement of all jobs and jobs --t have been lost or or we are we talking about new jobs? >> [indiscernible] about thee telling us difference in the companies. >> yes. [indiscernible] haidi: are you getting inquiries as it pertains to the job market right now? >> yes, even international. yes. less inquiries from the international candidate base. candidates are actually considered moving out of hong kong. haidi: thank you so much for joining us. a founding partner and ceo. we will g

i am karina mitchell. this is bloomberg. as the dollar shows signs of exhaustion, the yuan is gaining influence as a barometer of global risk sentiment. a worldwide rally in stocks, bonds, and commodities is increasingly mirroring moves as it builds on its best month since tober. for more, we are joined by the economic advisor with silvercrest asset management. patrick, ray to have you with us. ust is it really telling about china's importance in leading the world in this economic recovery? patrick: you are going to see .ome moves in currencies when we talk about a strong currency or a weak currency, what that masks is the fact that there are a lot of trade-offs. china in many ways, during the trade war, was edging towards a weaker currency in order to give them an advantage. skepticittle bit of a that the chinese yuan is going to emerge as sort of the new top global currency in the world. i think there are a lot of obstacles to that happening. that the it is clear united states is stuck in a difficult patch in terms of gett

i'm karina mitchell. this is bloomberg. ' counterpartss closed higher. the fed will reinforce their dovish message. guest says defense matters more now. terri spath. are you sure you will get monetary and fiscal support? >> i do think that is what has led to the support we have seen in the market so far. thank you for having me. it is good to be here. the economic data is absolutely disastrous. the profit outlook is not so great, either. we have seen this big rebound in the stock markets in the u.s., particularly, the reality is that the fed has proclaimed that they are going to keep the french press -- the printing presses rolling. creating this all-you-can-eat buffet. our view is the data to support this. expect volatility. expect drawdowns going forward. the bottoms may be in for the year, but we do expect volatility in the future. >> in the meantime, with all of easing, not to mention the rescue package, we have seen pressure on the u.s. dollar this chart, showing this hanging on by a thread when it comes to the support

i am karina mitchell. this is bloomberg. ♪ thank you very much check in on markets, modestly risk on if you are not looking at china, where there is read on the board, the mainland. hsi is in the red as well. taipei has gone back to its records last in the 1990's, and since those in march it has rallied significantly at the taipei exchange. again, the virus story is a positive in taiwan. asia-pacific, off .7%. japan is closed, by the way. china and the china is lower by by 2%.hina is lower futures in the u.s. are looking modestly positive, up .1%. we are going to be looking at currencies, but also individual stocks in focus today. here are the currencies. the yuan has weakened, modestly at 0.71, the australian dollar has been weakened by .1% of the kospi is flat essentially. the 10-year yield, 60 -- 58 basis points, a move into the tent-year yesterday at the close of play on wall street when it was a risk off move. next board, individual stocks we want to focus on. there has been a comment from xi jinpin

i'm karina mitchell. this is bloomberg. >> u.s. stocks rose. movess are volatile and on headlines like today. it is important to pick the right stocks with the leadership, says our next guest. always great having you with us. we are seeing the clear divergence in the sectors that we saw a rally during the pandemic. consumer discretionary is reading the -- leading the gains. big tex has been gaining ground. -- big tex has been gaining ground. how do we know which companies and brands are positioned to respond to this disruption? >> two ways. we are looking for the companies that have been left for dead or roadkill after covid-19 is behind us. that would include small caps which are still above $1 billion in market cap. , 5000 stores and $3.9 billion in sales and cash flow positive a good. -- they are gone. will make it but sally will not. we also look for the post-covid 19 world. , because car sales are down so people have to take care of the cars they have much more than a new car the comes with the new oil and you have a f

i am karina mitchell with first word headlines. the vice president of the federal reserve says the u.s. can and will do more to help the economy. they will be offering forward guidance and asset purchases to support the recovery. rates aregnaled expected to say the same to stay the same through 2020. shipments fell slightly more than forecast from taiwan to china, leaving a trade surplus. meanwhile, north korea is ramping up tensions with the west, ruling out talks with president trump's envoy. talks were called nonsensical as relations continue to sour. news 24 hours a day on air and on bloomberg quicktake powered by more than 2700 journalists and analysts in 120 countries. haidi: australia's second largest city is going back under lockdown after a sharp spike in coronavirus cases. our analyst is watching all of this. what caused the resurgence of cases we are now seeing? >> the premier of victoria has ordered a judicial review to find that out. 190 one new cases yesterday in melbourne. that far exceeds the early days of the coron

i am karina mitchell. airlines through $40 million a day during the second quarter as travelers stayed home during the coronavirus pandemic. the carrier says it will cut the daily cash to $25 million in the current period as thousands of step put voluntarily. helane becker is a veteran airline analyst. she joins us on the line. great to have you with us. you were already more negative than wall street consensus. how bad was it for united? helane: it has been a really difficult period of time. at one point in this second quarter, there were almost 300 million americans under stay-at-home orders. it has been really hard with the recovery, which has been a lot slower, i think, then people were expecting. and i think part of that slowness has been related to the fact that cases continue to emerge in the south, the southern part of the u.s. because people want to travel but their governments are not allowed to travel. that is a huge problem from that perspective. it would be nice to get back out there. i think

i am karina mitchell. this is bloomberg. those are the headlines. rishaad: take a look at some of these stories that are breaking on the bloomberg. to be talks on a 500 million plus round. that is one line coming through. the u.s. senate has given final approval to legislation that would impose sanctions on china's officials, cracking down on dissent in hong kong. it heads to president trump for his signature or veto with china promising a strong response. our next guest says that while the new security law may benefit hong kong, a balance has to be struck between public order and civil liberties. let's bring in albert chen. welcome to the show. the first question is about that balance it south. what do we have to balance? given that we do not know whether -- where the demarcations are. what are the limits to freedom of information, freedom of speech? terrorism as well. could d facing a bus be seen as a terrorist act? it could be seen in some interpretations. guest: national security law creates four types of offenses. the first relates to secession

i'm karina mitchell. this is bloomberg. ♪ authoritieskong have disqualified 12 opposition candidates from participating in upcoming elections. sophie kamaruddin is on the line. what do we know? theie: in a blow to pro-democracy movement, five sitting lawmakers, four different -- four district counselors and or activists from a resistance camp have been banned from running. in a statement, the government made it clear that objecting to the national security law was grounds for such action, which would rule out most of the pro-democracy camp. lobbying with foreign governments was also cited as a reason for disqualification. the decision was not surprising. opposition candidates have been barred from elections in 2016, 2018 and 2019. end authorities warned more disqualifications -- and authorities warned more disqualifications could happen. 20 other candidates are waiting to be vetted. officials say the election will be held in accordance with basic law. shery: we have seen a response from the internationa

i'm karina mitchell. this is bloomberg. haidi, back to you. haidi: as the world continues to grapple with the coronavirus, we spoke to the johns hopkins foreign policy institute executive director about the difference in approach between east and west and how to control fresh waves of infection. >> it has been difficult to track. i think that's the challenge. as we have been looking around the world, hong kong for example, which used to be ground zero for an excellent coronavirus response, relaxation on travelers coming into the city resulted in a surge in new cases. so i think countries around the world, the u.k. among them, trying to prevent a second or third wave of the virus. but tracking is very difficult because so many people are a symptom addict. >> what is so important here with your expertise on china and broader north asia, they are taking the virus on in a very rules-based way. they make a rule and society has to do it or else. in america, we don't do that. do you think things would be better here if we did it more like what the pa

i'm karina mitchell. this is bloomberg. haidi. haidi: we saw driving market sentiment overnight with positive development on the coronavirus front. promising vaccine data from oxford university and astrazeneca. let's get more with robert. explain to me, for the broader markets listed by positivity over vaccine progress. astrazeneca's stock is actually falling from a record high. is it a mixed set of results and how do these pieces of data compare with the progress made by moderna and pfizer, for example? robert: the way to think of these is these are all very preliminary results. these are and i initial safety trials. if there was not a massive pandemic, the world would not be watching these stages closely. all the investors want to read things very carefully, how these early results predict how they will ultimately turn out in terms of whether they will work or not. the fact is, we don't know whether any of these will work or not and how well they will work or not. the only thing that will tell us that is a much larger phase thre

karina mitchell has the first word news. >> good morning to you. the trump administration is turning on some of america's biggest companies, saying they are ponds of china. attorney general bill barr says they are doing beijing's bidding to amass wealth and are working at the expense of u.s. and western democratic values. he says disney and apple have been manipulated by the communist party into changing strategy to sibley make money. >> if you are an american business leader appeasing the prc may bring short-term rewards, but in the end the ..r.c.'s goal is to replace you corporations such as google, microsoft, apple have shown themselves all too willing to collaborate with the ccp. karina: the coronavirus continues its march across the globe with the u.s. and asia seeing new spikes and record numbers. toppedinfections have 13.7 million. u.s. cases rose 2% with texas and florida posting a record number of fatalities. colorado and arizona are the latest states to mandate the wearing of masks in public. tokyo is reassessing virus a recordter setting

i'm karina mitchell, this is bloomberg. staytesla managed to profitable, even in the midst of the global virus pandemic. positive quarterly earnings. surprising wall street analysts, possibly paving the way for the soaring stock to join the s&p 500 index. our next guest says tesla's valuation will likely have wild swings in the future, but move higher overtime. let's bring in the cofounder that conducts research into, and heavily invests in the tech sector. thank you for joining us. --t were the key earnings what were the key tools for you from these earnings? they did it again. >> they did it again. a lot of anticipation around profitability to get to that important hurdle for the s&p induction. into the long way community that tesla will survive. two years ago that was not as clear. i think that's one take away most people are focusing on. that said, i think that the most important take away is a bigger picture, part of the longer-term trajectory of tesla that is underappreciated. that is that the company is following ama

i'm karina mitchell. the u.s. remains a focus of the coronavirus pandemic with countrywide cases rising by more than the past weeks average. florida and arizona saw new infections below recent levels. new jersey saw the rate jump to the highest in two weeks. mitch mcconnell expects congress will pass one final virus rescue package later this month, saying the country needs and other boost. saudi arabia is rated -- is raising prices for oil chips to asia. amid signs energy demand is covering. aramco lifted its official price to asia for a third straight month. it has raised its price to the u.s. for a fourth month. the kingdom is still asking all producers to keep cutting supply to rebalance the market. fire causeda significant damage and will slow the development of set -- of centrifuges. the cause of the incident has been determined and will be announced later amid local reports the plant may have been hit by a cyberattack. tehran says it will replace the building with a bigger one that has more advanced equipmen

abc news reporter karina mitchell has the details. >> with 30 u.s. states and puerto rico reporting a daily number of deaths white house task force coordinator dr. debra birx comparing the california, florida and texas hot spots to the early days of the pandemic. >> what we have right now are essentially three new yorks. >> reporter: one of those states is organizing 1,200 troops under joint command. the coronavirus taking such a heavy toll on city announcing virtual classes only. the dr. anthony fauci the country's top infectious disease doctor calling for more action from cities and states saying those hardest hit should halt reopening. >> you certainly have to call a pause and maybe even a backing up a bit. >> reporter: new orleans doing just tat. as of 6:00 a.m. this morning all bars and restaurants prohibited from selling take out drinks. the mayor saying, quote, this essentially will mean bars will be closed throughout the parish. in florida cases still skyrocketing. more than 300,000 new infections in just the past month. more than 50 hospital

i'm karina mitchell. this is bloomberg. back to you. haidi: parts of the world grapple with second or third waves of the corroded -- covid-19 infection. taiwan has been praised for its handling of the pandemic. taiwan's digital minister joined bloomberg to discuss how they did it without the invasion of privacy. at ist we're looking challenging the entire civil society to discover better ways in order to make the contact tracing work. one of the winners specifically developed a nap. a person can install it in order to track their whereabouts and temperature and so on. it is billed as a way to protect privacy of the person, their friends and family. memories are not reliable and may divulge more than is required. when it is working for the , itvidual and their family has a much higher rate of being adopted. way, works in a top-down people will be wary of the idea. tohow is taiwan helping protect and secure its data? whether it's data on citizens or other data it may have at the government level. what are the steps taiwan is taking? >> ba

i am karina mitchell. this is bloomberg. global wires cases have exceeded 60.1 million -- level coronavirus cases exceed 16.1 million. asia is hitting grim milestones. our markets coanchor yvonne man has the latest. let's start with hong kong, how serious is the outbreak? >> the third wave we have talked about is worse than what we have seen before where we have seen 100 cases every day for the past four, half of which are of unknown origin. we heard from the finance chief sunday saying the economic recovery is going to take longer than expected, because of the third wave and you add on the global economic uncertainties. he said business and economic activity has been trying to recover and now hit by this fresh wave, the economic situation the second quarter is still severe. the state of contraction appears to have slowed down slightly, he said, and he is urging landlords to offer rental concessions to tenants. keep in mind we have the trade numbers out of hong kong coming out today, expecting a slight improvement for june b

i am karina mitchell. we begin with president trump, indicating cooler tenders with china, ruling out additional sanctions on senior officials for the time being. we are told this decision came before he signed the hong kong autonomy acts on tuesday in contrast with the combative tone he struck in recent weeks. the white house is said to have drawn up a list of officials to be sanctioned including carrie lam. nevertheless, china says it is ready to take action against the u.s. for ending hong kong's special trading status. beijing says the law violates international legislation and is a gross interference in its internal affairs. foreign ministry says if the u.s. proceeds, china will take appropriate action against american individuals and entities in response. china will impose sanctions on relevant u.s. personnel and entities. we urge the u.s. to correct its mistakes, refrain from implementing the hong kong autonomy act, and stop interfering in china's internal affairs. karina: the trump administration i

i am karina mitchell. this is bloomberg. let's check in on the markets. the focus has shifted from the virus, which continues to be a problem in hong kong and victoria and in china in the northeast and chin zhang. for investors is what is happening in washington and what is happening at the fed this week. the fmoc holding its innings and jay powell posting a press conference. markets across the region up .8 percent in terms of msci asia-pacific. in shanghai at risk on mood and the mainland up 1%. president xi jinping speaking 5:00 p.m. local time and we will see if he says anything on the economy, the virus or geopolitical tensions. the futures in the u.s. up .4% with republicans putting forth their $1 trillion stimulus package. they still have to get that cleared by democrats who are looking for a lot more, we .5 trillion u.s. dollars. that debate will continue in washington. in india, the country with the fastest growing virus outbreak now. nonetheless, futures positive at .6% up. run-up, on the back of what is happening w

i am karina mitchell. this is bloomberg. haslinda: looking at the markets, asia is starting off the week in positive territory, adding to two consecutive weeks of gains. there are risks. virus cases rising globally. new cases, over 200,000 daily. the index up 1%. right now, all sectors on the index in positive territory, led by industrials. futures pointed to a higher open after the solid close on friday. the s&p outpacing the nasdaq for the first time since late june. investors support looking to the start of earnings season for further clues on how companies are faring amid this pandemic. futures surging 3%. possibly an indication of activity picking up. flip the page, take a look at where we are in terms of those particular indexes. we are keeping an eye on that benchmark. up by 1%. 2.6%, the most since march. it of course has been in the spotlight, and unprecedented rally that has outpaced global counterparts. they have been wanting to put a lid on it. morning about the dangers of a potential equities bubble. the china s

i am karina mitchell. global coronavirus cases are approaching 17 million. 650,000 people have died and the u.s. has passed 50,000 fatalities. california and u.s. posted a record number of daily deaths, and florida reported more than 200 fatalities. while the number in california and florida appears to have plateaued along with arizona. japan reports another spike as cases surge in tokyo and osaka. there were more than 1000 cases reported and osaka is close to passing tokyo as the nations hotspot. osaka did have almost zero cases for more than a month. thailand is extending its state of emergency through the end of august over fears of a second wave. it has been no local transmissions in thailand for almost two months. sydney has joined melbourne as a cuts hotspot and will be off from saturday. all sydney siders will be banned from entering queens land at the border. this was taken after two people entered melbourne by sydney tested positive. new south wales reported 19 cases on wednesday. global news 24 h

i am karina mitchell. this is bloomberg. shery. shery: twitter accounts of some of the most high-profile business leaders and politicians have been hacked within the past few hours. twitter says it is investigating the incident. shares are down after hours. kurt wagner covers twitter for bloomberg technology and joins us now from san francisco. we are getting a few updates from twitter saying that some functions are still limited while it addresses the incident. when can we expect functions to be back to normal? what is the latest? kurt: unfortunately, you know as much as i do. didcompany -- the company stop people from tweeting if they had a verification badge. at least some of those people are back to tweeting now. clearly, the company is saying they are limiting some functions. the fact that it has now been a couple of hours and they still do not know exactly what has happened or at least they are not sharing what has happened is certainly not a good sign. usually, these types of things are disclosed qu

. ♪ karina: i'm karina mitchell with first word headlines. the u.s. government's top diseases infections expert says he's confident a vaccine will be found before the years and. bioteches as pfizer and began later stage tests of a treatment starting after the moderna trials this week. cases in california and arizona have slowed but there has been a spike in florida and new jersey. the philippines are in danger of eating overwhelmed -- being overwhelmed in hospitals. they have the second highest rate in southeast asia. hong kong has reported more than 100 new cases for the seventh straight day. stricter social distancing measures take effect wednesday. staying on hong kong, the gdp is due out later for three months through june with analysts forecasting a spike in activity on the quarter but still a contraction of more than 8% on the year. herrding to carrie lam and advisers, they are considering postponing september's legislative elections. the united kingdom is considering easing the quarantine restrictions for travelers returning from spain after a

. ♪ karina: i'm karina mitchell. the trump administration has rejected beijing's claims to large parts of the south china sea, reversing washington's previous policy of not taking sides on territorial disputes. freedom of navigation in the waterway while stopping short of it taking a specific position. secretary of state mike pompeo now says china's claims are unlawful. china is hitting back at rising u.s. pressure, sanctioning leading officials including senators marco rubio and ted cruz, for the condemnation of beijing's actions against muslims. the move comes after washington banned three chinese officials from entering the u.s. and frozen any assets they may have in america. bloomberg is being told top advisor to president trump undermining the hong kong dollar to punish china. white house aides and the state department had waived limiting bank access to u.s. dollars to strike back at beijing to drop the idea after it failed to gather support. sources said it would be hard to implement and hurt the u.s. washingto

abc news reporter karina mitchell has more. >> reporter: president trump visiting covid first responders and wounded soldiers at walter reed military national medical center saturday wearing a mask, something he had not yet done publicly, coming amid disturbing new numbers from across the country. the seven-day average of fat fatalities nearly doubles in the last month. louisiana's governor issuing a statewide mask mandate and rolling back reopening plans. >> it's become clear to me especially after the numbers that we saw yesterday that our current restrictions are not enough. >> reporter: in texas state officials reported a record, more than 10,000 confirmed cases, the highest since the pandemic began. governor greg abbott says he's willing to consider further restrictions to stop the spread. a 30-year-old san antonio man died after attending a so-called covid-19 party, a trend where young people intentionally gather with someone who is infected. >> he thought he was young, he was invincible and wouldn't get affected. >> reporter: karina mitchell, abc news, new york. >>> some covid-19

karina mitchell has the details. >> reporter: with 30 u.s. states and puerto rico reporting a growing number of daily deaths white house task force coordinator dr. debra birx comparing the hot spots to the early days of the pandemic. >> what we have right now is essentially three new yorks. >> reporter: one of those states is organizing to support hospitals in multiple hard hit cities. the coronavirus taking such a heavy toll on houston the city now announcing virtual classes only when students return the day after labor day. dr. anthony fauci calling for more action from cities and states saying those hardest hit should halt reopening. >> we certainly have to call a pause and maybe even a backing up a bit. >> reporter: new orleans doing just that. as of 6:00 a.m. this morning all bars and restaurants prohibited from selling take out drinks. the mayor saying, quote, this essentially means bars will be closed throughout the parish. in florida cases still skyrocketing. more than 300,000 new infections in just the past month. more than 50 hospit

i am karina mitchell. this is bloomberg. shery: let's turn to tesla, reporting earnings after the bell on wednesday, posting a fourth consecutive daily profit. the milestone paves the way for the electric car maker to join the ranks of the blue-chip s&p 500 index. joining us now to break down the numbers is the president and ceo . great to have you with us. we have another quarterly profit. free cash flow in the middle of a pandemic. results?g were the >> it is incredible what we have accomplished. we have an incredible impact. in toronto, the factory was shot for over four we expect to be able to run the factory in this environment was incredibly challenging. not only to beach your numbers, but to beat -- to be profitable in this environment. being shut down for a month just shows that the underlying strength of tesla's business is enormous right now and their execution has been phenomenal under the leadership of elon musk. let me turn a little bit to the factors themselves. tesla shanghai production has assumed the role of

i'm karina mitchell. this is bloomberg. ahead, hong kong is taking drastic steps to retain coronavirus and sections of the city. we will speak with a dean of medicine gabriel leung, who says there might be several more cases that have not been detected. next, washington takes a stand on the south china sea, wrapping up tensions with beijing. we will have the latest. this is bloomberg. ♪ s is bloomberg. ♪ yvonne: -- haslinda: imports and exports beat expectations. exports coming in at 3.5%. we had -- sorry, 4.3%. expectations were for 3.5%. versus at 6.2% expectations of a contraction of 4.7%. improving imports indicating demand is recovering in china, the world's second-largest economy. as it battles the virus at home. exports helping support the country's gdp in the second quarter after that historic 6.8% collapse which we saw in the first quarter. imports and exports beating expectations in yuan terms. we are still awaiting for the figures in dollar terms. thene: you are seeing market not reacted too much to those bet

abc's karina mitchell has details. >> reporter: this morning new economic relief possibly on the way for millions of americans. senate republicans are unveiling a proposal today offering most americans a second round of $1200 stimulus checks, but a major change could be coming for people who have been receiving the $600 weekly federal unemployment benefit expiring this week. instead under the republican plan, laid off workers will get up to 70% of their former wages. the trump administration saying it wants to avoid incentivizing people to stay home and may even consider offering back to work cash bonuses. >> it won't stop the assistance. it's going to cap the assistance at a level that is consistent with people going back to work. we have had a flood of inquiries and phone calls and complaints that small stores and businesses and restaurants can't hire people back. they went too far. >> reporter: sherry johnson, a single mother from arizona, says she depends on the extra $600 in unemployment benefits to support her two children. >> there are people that would gladly work but that $2

i am karina mitchell. this is bloomberg. shery: the coronavirus continues to set grim and unwelcome records. global cases are now above 13.5 million, with brazil topping 2 million alone, and india, one million. in asia, hong kong and japan are likewise reporting record figures. cross to our's international editor, jodi schneider. let's get started with places like japan and hong kong come out where the virus seems to be contained. what is happening now? jodi: these are places where the numbers are still lower than in places like the united states. but where there had been at least a feeling that things had been contained pretty well, people are going back to work and to school, no they are going the other way. hong kong, the last few weeks now, there has been a fair bit of local transmission. yesterday there was a record in the daily cases, of 63, which sounds relatively small when you look at arizona, which is in the thousands of cases, that still, this is concerning because it had been under control, and now it is not seen

i am karina mitchell. this is bloomberg. tensions are rising between washington and beijing, as secretary of state mike pompeo calls china's leaders as tyrants bent on global domination. >> president reagan said that he dealt with the soviet union with the basis of trust but verify. would it comes to the ccp, i say we must distrust and verify. freedom loving nations of the world must induce china to change just as president nixon wanted. haidi: let's get more from our international editor, jodi schneider, in hong kong. calling thets chinese presidency as a tyrant bent on global hegemony, these are the latest in these escalating tensions. what does this add to the relationship? jodi: this is a very dark portrait that secretary of state pompeo is painting of what he sees as china's direction. obviously he got personal here in terms of his comments about president xi jinping. this is expected to really raise tensions higher. this is cold war kind of language he is using, language that was used, harkening back to the language us