>> good morning. this is bloomberg daybreak: europe. these are the stories that set your agenda. countdown to the crucial u.s. jobs report as investors i've fresh clues on policy outlook. traders have upgrades cut bets on softer data. the ecb diverges from the fed, cutting interest rates, but christine lagarde leaves markets guessing on the central bank's next move. >> we are not pre-committing to a particular rate path. we will follow a data-dependent and meeting by meeting approach to determining the appropriate level and duration of restriction. tom: emmanuel macron pledges to send fighter jets and military trainers to ukraine as he and president biden rally support

for kyiv's fights against russian aggression. let's check on the markets as the focus shifts from the ecb cut, not a big surprise, moving from forward guidance to data dependency, to that story to the story around nonfarm jobs, nonfarm payrolls out of the u.s. after some of the matrix have suggested things are starting to cool. the estimates expecting a print of around 180,000. to what extent numbers could change that. markets have pulled forward the cuts to around november. the fed meets next week. a holding pattern ahead of the crucial data out of the u.s. you are looking at modest gains. s&p futures down after breaking through the 25th rally record high. nasdaq futures looking to add

nine points so far as we look at the session. let's lacrosse asset. the benchmark 10 year head hovers around the 4.30% level. the 10 year currently had .429. euro-dollar 1.08. interesting that you had one member on the hawkish end of the spectrum who decided not to vote for the cut. brent $80 a barrel. gold edging up to 2386. let's crossover to singapore. avril hong standing by with the check on the asian markets. what is standing out to you? avril: it's interesting how we are keeping a close watch on the u.s. jobs report, but the markets in the asian pacific going their own direction. chinese equities along with those in japan flashing red while south korea is playing

catch-up with markets back from the holiday. yesterday was a tech driven rally fueled by nvidia. doing quite well. we are also keeping a close watch on chinese trade data. let's take a look at some of the stock market movers today. the drags on the nikkei include toyota. we have a scoop saying that some of the biggest bats are set to diverse -- divest their holdings to the tune of about $8.5 billion. this would be a sign of a winding of those cross share holdings. it could foreshadow movement. the bloomberg scoop indicated that according to sorcerers this move is designed to limit the impact on toyota stock because it comes at a time when toyota

is buying back its own shares. still, we are seeing the stock accelerating with declines as it came back from lunch. we are seeing mixed from the japanese banks. we are a full keeping an eye on the china trade data. the exports numbers came better-than-expected. the bigness was in imports. i think that speaks to how external demand is holding up well. you cannot say the same for what's happening within china. and it reinforces the idea of how important more policy support is, especially after last month, we saw the rescue package. there's not been follow-through for the real estate sector, which is at the heart of the issue. let's flip the board and see what we're seeing in the currency space. we got a yen fix. not much movement terms of dollar china. we are keeping an eye on the rupee.

the rpi today leaving rates unchanged. there's focus on monetary policy as well because there are concerns about how growth- oriented policies in india might take a hit given the election results. will the central bank smooth things over? the yen is the other thing they are keeping a close watch on, paring the losses from earlier in the session, when it was hovering closer. there are expectations that the bank of japan next week will keep readings unchanged. priming the markets. it also announce the cut and bond purchases. tom: interesting that you highlight what's going on in terms of the trade flows out of china, what it tells us about the outflows out of the domestic economy versus the global economy, suggesting maybe demand

is starting to turn around. thank you. let's switch back to this region. european central bank delivering on its promise to cut interest rates, but left investors asking where policies headed next while saying it will take longer for inflation to reach that target. >> we are not pre-committing to a particular rate path. we will continue to follow a data dependent and meeting by meeting approach to determining the appropriate level and duration of restriction. in particular, our interest rate decision will be based on our assessment of the inflation outlook in light of the incoming economic and financial data. tom: let's crossover to lizzy burden, on the ground for us in frankfurt, who covered the action from the ecb yesterday. what for you where the key takeaways from the decision and press conference from christine lagarde? >> good morning from frankfurt, tom.

if you squinted at christine lagarde's necklace, it said in charge. those are real -- there's a real sense of disarray yesterday, both around the decision and the rate path ahead. it was a head scratcher. you have the ecb cutting rates by a quarter-point, as expected, but they raised their inflation forecasts for both 2024 and 2025. and you can tell the market read it hawkish leah initially at least because of the rise euro-dollar. you also had economists saying the ecb had talked itself into a corner by telegraphing that june cut. only robert holtzman of austria felt he could to send on this. that's because of the recent economic data. sticking inflation and rapid wage growth. our defense was to say that

there are going to be bumps in the road. these are bumps in the road and there will be more to come and things are moving in the right direction, hence the cut. the imf came to her defense. they said it was the appropriate thing to do. tom: ok. they were telegraphing this cut from january. now suddenly they are data dependent again. hence your comments around head scratching from the ecb. where does it leave the great path ahead for the central bank? >> very much back to data dependent. lagarde said the ecb is not pre-committing to a particular rate path. she would not confirm an answer to bloomberg's question at the press conference that the ecb is in a dialing backstage, a phase. so traders are still betting the ecb will cut rates again this year, but the timing is up in the air. they thought there would be to move arms -- there would be two more moves this year.

july is all that off the table. september now seen as the most likely. but confidence in that is shakier now. tom: ok. lizzy burden with the detail and analysis on the back of that from the ecb. thank you. the focus, turning to the u.s. jobs report later today, bloomberg economics expect may's dated to present contradictory views of the labor market. let's bring in mary nichola for details. what are markets going to be scrutinizing from this? nonfarm payroll data taking center stage today. >> yeah. there's obviously some expectation that you can expect some softening. of course, you don't want the data to be too soft because it triggers a selloff across markets, so it has to be just enough to get the markets going or excited that a rate cut is coming.

the other key thing to acknowledge is what's happening with earnings. average hourly earnings will be crucial. the other thing that could set off in a negative way is if we see that jobs are cooling while average hourly earnings are sticky, so that idea of stagflationary pressures coming through will weigh negatively on equities if we see that happening. so for the market, it needs the right balance. you need a little bit of cooling but just not too much. and of course you need average hourly earnings also coming off as well. tom: ok. just the goldilocks jobs report is what this market is looking for. as you look back on the data we have had so far, and of course this is book ending the data story out of the u.s. this week, in the market interpretation of where that leads our views on the fed and timing of cuts, get

us up to speed on how that story has adjusted. >> of course we have seen a lot of cooling in some of the data, whether it was the ism or other data we have seen. the jolts reports as well. the expectation is the fed could move as early as september and of course again december could be another option for the fed. so every time, this is the problem with focusing on data dependency. every time we get data, you see the market swaying aggressively in one direction. so nonfarm payrolls comes out to be not so goldilocks. you see it swaying the other direction as well. this is going to be the problem. the main launcher for the markets because of data dependency is volatility. that means also the pricing on the fed is going to sway with each data point that comes through.

tom: ok. really nicely setting us up for the nonfarm payrolls data out of the u.s. and the implications for the federal reserve. mary nicola, thank you. here's what else be thinking about. on the economic data front as well, in the euro zone, germany, industrial production data coming out sunday. the previous month, you saw a contraction of .4%. the expectations for april, the most recent data, is growth expansion in industrial production out of germany of .2%. does it build on the story that there are now green shoots in the economy of europe? the ecb thinks so so they have raised their forecasts for the euro zone. industrial production out of germany at 7:00 a.m. u.k. time. 11:30 u.k. time, russia. at 1:30 p.m. u.k. time, the u.s. jobs report, estimates landing

at around 180,000. we will see how the data lines up with estimates and how the market reacts to that. you can get a roundup of the stories you need to know to get your day going in today's addition of daybreak. terminal subscribers can go to the terminal. coming up, french president main omicron pledges to send maras fighter jets to ukraine as he and president biden rally support for kyiv in its war against russia and those jets could be on the ground as soon as the end of this year. we will discuss the future of european policy as 27 nations vote in those eu elections. sophie of europe shock to lower joins us. stay with us for that conversation. this is bloomberg. ♪

tom: welcome back. benjamin netanyahu has accepted an invitation to address a joint meeting of the u.s. house and senate on july 24 as israel ups its rhetoric against hezbollah in lebanon by threatening you could be forced into a war with the iran-backed group.

present biden has called for a rate -- president biden has called for a pause in fighting in gaza. >> we need a cease fire. >> is benjamin netanyahu listening to you? >> i think. we will see. this is a difficult time. tom: turning to the war in ukraine, president emmanuel wilson fighter just to kyiv and train thousands of soldiers to help the country repel russia's invasion. >> we will launch a new cooperation with the transfer of french fighter jets to allow ukraine to protected soil, airspace. they will start a training program and transfer of planes tomorrow. tom: let's get more on this story with roz matheson. what has emerged? we had the meeting.

some progress it seems in terms of european support, from the french side at least. what are the details? >> we saw the agreement. france wilson fighter jets but interesting thing from emmanuel macron's he said they have to train the ukrainian pilots first. so that's telling because that means he thinks the war will still be going on at the end of the year but they will also not arrive immediately. as we know there's a crunch point going on now for ukraine where they are running short on weapons, including fighter jets, repelling these fresh russian advances near the border. france is among those countries now allowing ukraine to use western made weapons to make targeted strikes inside russia. so we had the announcement about that in terms of fighter jets but we still are waiting to see the bulk of this aid arriving in the ukraine as the signs are that it will take many months to get there. tom: micron asked whether that

would be seen -- macron asked whether that would be seen as a sign of aggression and he said no. there are further meetings. what can we expect from that? is anything material in terms of what moves the dial for a ukraine military that is challenged? >> it's probably more the conversation around monday. this is keeping the lights on in ukraine. this is around was to do with these russian assets that have been seized since the start of the war sitting in central banks and elsewhere. do you use those assets? in the meantime, how do you put them to work? we are edging towards and possibly it will come up at the g7 is can you use the interest from those assets to loan money to ukraine? do you send the money now funded by the interest from these assets? at some point that means those

assets have to stay available and not under sanction. so it's tricky but that's probably what will be up for conversation at the g7. tom: so two components, the financial part and the military support. roz matheson with the context, thank you very much indeed for the analysis. hydrogen is a key part of the e.u.'s plans to reach its climate goals. we will ask if they are doing enough to hit those goals. this is bloomberg. ♪

germany, iberia, some locations where hydrogen will be cheap, but there are subsidies encouraging the uptake of hydrogen. that's where we see the momentum. tom: on the topic of blue hydrogen, unpack with it is and the potential around that and how you think of splitting it from green hydrogen and how that evolves. >> blue hydrogen is another way of making hydrogen low carbon. it's producing hydrogen from natural gas and adding carbon capture and storage to it to remove the emissions. it is the more conventional way of it. it is easy for most producers today and it's cheaper than green hydrogen. the challenge is you will never

get to zero omissions to blue hydrogen. we see about 60% of the supply this decade coming from green hydrogen using electrolysis and renewables and the remainder coming from blue hydrogen, particularly in the u.s. tom: so a 60-40 split is forecast. thank you very much. interesting in terms of where the u.s. -- the e.u. is. andy, thank you. thank you. if you would like to hear more from that analysis and team of valves -- of analysis, download the switched on podcast. staying with the renewable shift, a really interesting story evolving around see atl, one of the key suppliers and biggest maker of electric

vehicle batteries, taking a big hit in mainland china today, down close to 6.5% on calls by some in the u.s. to have imports of their products band into the u.s.. early days in terms of this story but the impact is being seen on the stock for catl. a reminder that the companies based in china, many of them involved in the renewable space, remain vulnerable to these geopolitical tensions. we look ahead to the elections in november and the prospects of a president trump, who has suggested he would put in place more tariffs on chinese goods into the u.s. market. biden has not unwound the original trump tariffs. the geopolitics and one name in particular taking it, a company that is and does play a monumental role in terms of the supply of electric vehicle batteries globally, so we continue to watch the fortunes of catl and the implications.

coming up, elections are underway for the european parliament. a vote that will set the policy direction of the eu for the next five years. the transition around climate change and those goals is part of the discussion. as is the need to build out europe's own defense capacity. we will have analysis from brussels. that is next. this is bloomberg. ♪

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tom: good morning. this is bloomberg daybreak: europe. i am tom mackenzie in london. these are the stories. countdown to the crucial u.s. jobs report as investors i clues on the fed's policy outlook after a week in which traders have upped rate cut bets on softer u.s. data. the ecb diverges from the fed, cutting interest rates from record highs. christine lagarde leaves markets guessing on the central bank's next move. >> we are not free -- not pre-committing to a particular rate path. we will follow a data-dependent and meeting by meeting approach to determine the appropriate level and level of restriction. tom: emmanuel macron promises to fend jets and trainers to

ukraine. president biden rally support for kyiv's against russian aggression. let's check on these markets for you on the day when arguably many investors will be sitting on the sidelines or not taking big bets until the data comes through on the nonfarm payrolls print. the jobs data out of the u.s. with estimates of 180,000 in terms of nonfarm payrolls for the most recent month with unemployment around 3.9%. if those numbers, and above or below those estimates, you could see volatility. markets putting forward their bets on the fed cuts from december to november this week on cooling, softer labor market data. whether this builds on that picture and leads to further adjustment is a key question. european futures flat. looking dad 11 points. s&p looking to gain .1% after notching the 25th record high this week.

nasdaq future at 19,000, looking to add .2%. let's lacrosse asset. 4.30% on the u.s. 10 year. the 4.30% mark looks to be holding until the data comes out of the u.s. around the benchmark. euro-dollar 1.08. you did see some strength on the back of the decision from the ecb and commentary they will be data-dependent, not flagging the inevitability of further cuts. brent up. gold seeing upside as well, of .3%. breaking news out of tsmc. the chips manufacturer with a significant a primary -- significant primary footprint in taiwan, coming with sales in taiwanese dollars of $29 billion. we got news from tsmc yesterday

in terms of an upgrade and buyback story. the details on this may sales of 200 29 billion taiwanese dollars versus what we saw this time last year, 176. significant growth in sales year on year for the month of may from tsmc. this is an essential manufacturer of chips and benefiting from that demand around ai accelerating, the kind of chips built and designed by the likes of nvidia. elections are underway. the european parliament. a vote will help set the policy direction of the eu for the next five years. the netherlands, ireland and the czech republic are voting today with the remainder of the 27 nations pulling over the weekend. let's turn to stephen in brussels. >> good morning. the political landscape of the

european union will shift in the next couple days as voters pick who will represent them in the european parliament. they will then have to go on to tackle some of the major policy issues facing the 27 countries that make up this union, whether it be security challenges after the war in ukraine or competitiveness or trade tensions with china. to get a better understanding of how these elections will impact the policy going forward, i am joined in brussels by sophie. thank you for being with us this morning. 27 countries going to the polls. can we talk about common issues in this european election or is it countries voting on national issues? >> good morning and thanks for the invitation. it's true you don't have a european public sphere so you have 27 member states voting separately on different agenda issues. overall, you can see there are european tendencies where cost-of-living played a big role. climate is not going away.

there are some common tendencies. the european commission and the political guidelines, the council and european parliament will decide on the priorities for the next mandate. >> there's focus on how parties will perform in this election. if there representation were to increase, what does that mean for policymaking in the european union? what does a differently composed parliament mean for some of those challenges? >> it would not -- i would not be to alarmist. according to polls, you will have a slight increase of far right parties. what will increase is how center parties will react to the change. it's interesting to see what kind of alliances they are looking for, especially the european people's party, which are the conservatives deciding whether they want to have a bigger collation disch coalition with the centrist parties or for the right parties. it is up to the conservatives

really. i would say that we will have a bigger share of the far right but it's not to the point where they will decide completely upon the next eu agenda. >> they would describe themselves differently to that. i wonder on policy areas like the green deal, for example, five years ago all we were talking about was climate policy in these election. is the green deal in danger? >> i hope not because it would be quite erratic policymaking and that's bad for businesses who already did the investments. i think policymakers are aware of this but it's true we are in a completely changed to: bierman -- changed political environment. so there are some crises coming up, which mean that other priorities are now more important, such as defense, competitiveness, rule of law and democracy also being part of the strategic agenda. elections are important for the incoming parliament but they

would really be final. if you look at the priorities, the green deal is not completely going away because there's a lot of enforcement and compliance, which is required from initiatives that have been taken. the question is how much new initiative will be taken. on the issue such as the carbon adjustment mechanism, which also affects a lot of import-exports into the single market, there's still a transition period. it might not be at the top of the decision-making priorities overall but, in the background, it will continue to be a topic. >> you are an expert on the franco-german relationship. how is that shaping the dynamic in europe? because the leaders have an important role to play after the elections as well when it comes to selecting the commission president. >> we know that at the highest level in the governments of france and germany they did not necessarily have the best

relationship, unfortunately, but it seems to be shifting. macron laid out his european program and expectations for the next commission and olaf scholz, you had a few statements as well. they seem to have more of an understanding that the two investing competitiveness, investments, and also make sure that we have a good industrial base in europe, because that's really what they are looking at. >> ok. great to have you with us to discuss some of those issues in those european elections. back to you in london. >> stephen carroll on the ground in brussels. thank you very much indeed. he will continue the coverage of those elections over the next few days. to the ecb now and that decision is historic. the first cut of the cycle, promising though not to give us further clarity in terms of where they go next.

they came through that reduction yesterday as expected, leaving investors guessing on where policy is headed next. let's bring in ven ram for the analysis on this. where do we go from here than with the ecb? what is your take on ultimately where the terminal rate plans for these -- for the central bank of europe? >> you have got -- [ indiscernible]

if you put all that together, what do you get? the rates, interest rates, will be than high -- will be higher than interest rates expect. it showed the neutral rate in the euro zone is about 15 basis points. a real neutral rate of 15 basis points. it will be 2.2%. that's the best case scenario, mind you. that means the lowest rates the ecb could get to is 2.75% or 2.7%. that means that just four rates

cut from here. tom: ok. ven ram on the neutral rate. ven ram with the analysis. thank you. we have some audio issues but appreciate the insight. some clarity coming through on potential next sex for the ecb -- next steps for the ecb. a u.s. jury has found british tech tycoon mike lynch not guilty of criminal charges that he pulled off silicon valley's biggest ever fraud 13 years ago's. he was accused of duping hewlett-packard into buying his software startup. his victory in court came after he lost a civil trial in london and 2022 over allegations he and autonomy's former finance chief

used accounting tricks to inflate the company's revenue ahead of its sale into 11. he has been given a pass and the court in san francisco deciding he is not guilty of those charges. data from property shows tenants in the u.k. got a smaller spike from spiraling rents in april with competition for properties slipping from the fiercest levels in years. annual inflation from new let's is 2.6%, down from 10% a year ago, some of this due to the cost of the mortgages going lower, enticing more people into buying properties. coming up, saudi aramco set to raise at least $11.2 billion in its share sale. we break down the numbers and what it could mean for the saudi government's ambitious investment plans. that is next. this is bloomberg. ♪

tom: welcome back to bloomberg daybreak: europe. we have some lines crossing from the ecb members on the back of that decision by the ecb to cut interest rates yesterday but not giving any clear guidance on next steps. the latvian central bank governor and a member of the board of the ecb saying any further cuts should be gradual. next steps are data dependent, meeting by meeting, echoing what we heard from lagarde yesterday, also saying the victory over inflation not yet on hand. that mirrors what we heard from lagarde, who also suggested there has been significant progress but they cannot yet claim victory. some lines crossing from under these ecb officials. bloomberg understands saudi

ariba will price its aramco offering at 27.25 riau. joining me is joumanna bercetche, who has been following this. what is the latest on this deal? >> we have obviously been tracking it closely throughout the course of the week. it was lunch sunday to strong initial demand. a lot of that came from the local investment community. the process is continued through the week, opening up to some of the international and foreign demand. we found out the deal is looking to get priced at 27.25 riyals per share. they are selling 1.5 5 billion shares, so it is priced around $11.2 billion ballpark, close to what they were looking to initially raise, about 12 noon dollars. key this time around is how much

interest this would generate from the international community. remember when the ipo launched, there were questions about the ultimate market capitalization of aramco and questions about future cash flows. this time around, it looks as though the deal has garnered a lot of international interest. we don't know the full allocation but from what we gather, investors have been drawn to aramco's high dividends. this has been a consistent policy out of aramco the last fears. the dividend yield is attractive and they are committed to providing the dividend. in addition to the fact that this time around there seems to be demand coming through from asia, from clients in india and china, which also underscores some of the recent developments in the geopolitical leaning of saudi arabia towards the east as well. tom: so the dividends pulling in those international buyers. an opportunity there. as you well know, this is a corporate story but also a

national story around saudi arabia's funding ambition. how does it tie into that and position saudi arabia in terms of meeting those goals and target? >> yes. i think the funding aspect is key. aramco's number one product is still oil. even the company itself is looking to make a transition from upstream to downstream. saudi arabia have so far sold only about 2% of the company so there is more they can still sell to generate more funding for this, but this is part and parcel of the saudi 2030 vision, diversification of the saudi arabian economy from being so hydrocarbon reliant and branching out into other sectors, torahs him, hospitality, health care. to do that requires outlays. they are estimated to have a 21 billion dollars fiscal shortfall so how to the meat that? in addition to selling down, we have seen plenty of bond issuance out of saudi arabia, be it at the sovereign

level, and even last year they issued a bond in sterling directed at some of those bond investors. it tells you they really are ramping up funding in light of where oil is trading, around $80. the imf estimated the breakeven is $100. hence why we will see more issuance out of saudi arabia. tom: fascinating, isn't it? on the story of saudi arabia and share issuance, joumanna bercetche, thank you. to south africa, where leaders of the sea have met to discuss how will work with its lighters -- the anc have met to discuss how they will work with its rivals after the election failed to produce an outright winner. >> with a 40% return of votes, the anc cannot really set up government without cooperating with others. we will not preclude the possibility of working with any party so long as it is in the

public interest and it is in keeping with the principles that have articulated -- that i have articulated. tom: more on this evolving story with jennifer zabasajja in johannesburg. what kind of coalition is south africa looking at now? >> tom, you know, as one of our reporters put it earlier today, the anc has put the ball back in the opposition parties court, because they have said -- we just heard from president ramaphosa -- they are committed to working with any party that are committed to shared values, nationbuilding and social cohesion. the question is what are those parties? this ultimately gets the anc potentially away from having to form a coalition, an exclusive coalition potentially polarizing voters. the question is which parties

will come on board. we have heard from some of the parties saying, namely the d.a., saying they would not work with the left-leaning parties like the eff and mk. the question is who will ultimately come together and how will they form a government? tom: what have we been hearing from jacob zuma, former president, whose own part or cause such a ripple effect and shock in the selection? >> it was the wild-card of this election. we did hear from the anc saying they have tried to engage with the mk party, because as you saw it's now the third biggest party in south africa but they have not been able to get much response yet. they are waiting for some direction from jacob zuma. we heard from the party, posting on x that the expectation is there will be engagements with

the anc sound but they're prioritizing is -- the south africa majority. the question now will be what will those engagements look like and what sort of demands potentially will that party be asking for. again, the anc has said clearly that one of the mk's top demands, having cyril ramaphosa resign, is not something they will consider. so it's going to be interesting to see how these develop going forward. tom: jennifer zabasajja, thank you. this is bloomberg. ♪

tom: welcome back. it is nonfarm payrolls day, and as we look ahead to estimates of 180,000, jobless rate of 3.9%,

those of the estimates, reflect on this. data suggesting the previous numbers around nonfarm payrolls may need to be revised down by as much as 60,000. that coming from the quarterly census employment and wages figure. those are used to readjust the nonfarm payrolls data on an annual basis. so which adjusts this is a cooler -- so it suggests this is a cooler labor market than some expected. that suggests, again, a picture that this is may be a calling -- a cooling labor market. the nonfarm payroll data out later today. one is the estimate but bear in mind what we're hearing from bls on the potential revisions of up to 60,000 per month for this data. let's put the board and switch focus to a different story.

the meme stock story is back in focus with gamestop rallying yesterday on the news and expectations that roaring kitty keith gill will be back with his youtube livestream at 7 p.m. -- 12:00 p.m. u.s. time on june 7 later today. this is a move in gamestop worth reflecting on. let's flip the board. it does seem we -- does seem that he has about 120,000 options at $20, $27 now, so he's sitting pretty. it looks he may have loaded up on those options and may. bear that in mind as we look for that. the meme stock story back. next, it is markets today. this is bloomberg. ♪

her uncle's unhappy. i'm sensing an underlying issue. it's t-mobile. it started when we tried to get him under a new plan. but they they unexpectedly unraveled their “price lock” guarantee. which has made him, a bit... unruly. you called yourself the “un-carrier”. you sing about “price lock” on those commercials. “the price lock, the price lock...” so, if you could change the price, change the name! it's not a lock, i know a lock. so how can we undo the damage? we could all unsubscribe and switch to xfinity. their connection is unreal. and we could all un-experience this whole session. okay, that's uncalled for.

guy: good morning from london, this is bloomberg "markets today ."