>> this is "bloomberg daybreak: europe." i am tom mackenzie in london. these are the stories that are the stories this at your agenda. pres. biden: i am determined on running, but i think it is important on allaying fears by letting them see me out there. >> joe biden vows to stay on in the presidential race, but two crucial gaps deep into concerns about his mental and physical health.

renewed intervention speculation after u.s. inflation cooled to the slowest pace since 2021 with traders praising in more than two cuts this year, while equity investors rotate out of big tech. thanks garrett for earnings season with citi, jp morgan on the reporting earnings today. we will tell you what to expect. tom: doors be -- dorsby describing inflation out of the u.s. on this excellent. marcus praising in more than two cuts by the end of the year, 60 basis points, september, december. bloomberg economics warning july

may be a risk. rotation nation, that is the story of the u.s. right now. we will see if that theme continues with moves out of big tech and into small caps. russell 2000 rallying as the nasdaq 100 limits. moves into small caps. ftse 100 futures pointing to gains of the .214%. european stocks offer modest losses, s&p futures flat. at nasdaq futures pointing lower by .2 of 1%. let's flip the board and look at u.s. treasuries. with the move we saw in the back of the inflation data out of the u.s. at the lowest level since around 2021. yields down seven basis points, not a lot of movement to consolidation around 4.21 on the benchmark. we have speculation maybe did

bank of japan will intervene. brent at $85 a barrel. gold that $2409. we have one of the big european corporates reporting, erickson, second-quarter net sales coming in just shy of $60 billion swedish kroner. a little bit above estimates. coming in as a solid beat as well, 3.2 billion swedish krona. erickson saying market conditions will remain challenging this year. they have the deal with at&t and have been cutting costs as demand for their equipment around 5g is softer than cement 04. will get more details out at next few hours. let's switch focus to president joe biden vowing to stay in the presidential race, two critical

mistakes deepening concerns about his mental and physical health speaking at the end it is summit. biden mistakenly introduced ukraine's zelenskyy as president putin. pres. biden: now i want to hand it over to the president of ukraine, who has as much courage as he does -- president putin. president putin. i am so focused on beating president putin. tom: it is painful to watch quite frankly. let's bring in john harney. what does it tell us about where joe biden stands. this presser was seen as crucial. he fielded a lot of questions with skill, but he came through with these gaps.

where do we stand in terms of biden's campaign? >> it was as they say in the theater an uneven performance. he at the very beginning, the press conference after the zelenskyy-putin business he mistakenly called his vice president trump instead of harris, which got a lot of -- caused a lot of fresh concern among his supporters. then he went on to answer a lot of russians about very detailed issues with some confidence and authority. did he reassure enough people? that is the question? right afterward congressman jim himes announced that he too was

joining the chorus of lawmakers on capitol hill who are calling for him to step aside. tom: what is the next litmus test for joe biden? he acknowledge some of those concerns, and i wonder if that is a president at least giving some suggestion, some space to the optionality around stepping away from this at some point? what is the next key test? >> that came toward the end of the press conference when he acknowledged there was a lot of anxiety over what happened in the debate no more than two weeks ago, nds to allay those fears. he is going to go to michigan today, a battleground state and campaign in detroit. he also acknowledged that other

democrats could be donald trump, and this is a hypothetical. he might consider stepping aside if it were proven to him that he could not win the election come but then he said it is not going to happen. so more than two weeks later we are still in a state of i do not want to say chaos, but disarray among the democratic party as the republic intervention -- convention is about to take place in just a couple of days, and donald trump was gleefully highlighting the mistakes that biden made. tom: democratic disarray, we look ahead to that event, the

republicans, but before that the campaign event for the president. the details coming on the back of that press conference. let's go over to singapore, avril hong standing by with a check on the markets. there is a bit of pressure coming through for asian stocks. avril: this -- absolutely, especially tech names mirroring wall street where investors were leaving the safety of big tech. the biggest drag on the stock gauge for the region. the nikkei getting added pressure, further windfall in the sharp moves we saw in the japanese currency. export related stocks do not like relative strength in the yen. we are seeing the hang seng is an outlier helped along by gains in the chinese tech names. maybe there is optimism we will

see stimulus coming through from chinese authorities. certainly the chinese economy looks like it needs it. if you take a look at trade numbers, it looks really good. the imports, the unexpected falling was cause for concern exacerbating the weak domestic demand narrative, the trade balance, it just shows you the balance in the chinese recovery, weakness in the offshore yen despite initially climbing in the wake of the u.s. cpi print. the yen is in focus, the sharp move toward the 157 level that it really sparked the intervention chatter, potentially japanese authorities that stepped in. we will only find out at the end of the month when the

intervention data comes through, but if they did intervene it is worth noting it was not terribly effective. the yen sitting well above the 159 level again. tom: 159.10, a little softer in the session. avril hong with a check on asian markets. let's stay on the question of the yen, because the japanese currency whip selling -- whipsawwing as a check's point about conversations about intervention. mark, talk us through what the game is officials in tokyo are playing, speculation that they lean into the strength we saw yesterday on the back of double weakness. they have not confirmed anything. what is your take in terms of how traders should be positioning around this currency? how much further does it after

run at this point? >> i think it will run a bit further. they are being coy. they do not want to confirm that they were involved last night. it was not only dollar-yen, it was euro-yen the rechecking as well, so it is an overall concern about the yen, not a single currency situation, so that probably tells you that whether they did anything last night or not, they probably have something up their sleeve. do not forget, it is three weeks until the next bank of japan meeting. there is a lot of speculation going on that now the central bank will step in with an interest rate hike and a reduction in bond purchases, but since they have got this window, we have had a soft cpi print. this is an ideal window of japanese authorities to push their it antichild -- push their

advantage home. they used u.s. data there was a lot of optimism in the treasury market that yields were coming down and pushed all the yen down a long wait. between now and the bank of japan meeting it would make a lot of sense for them to continue to help to strengthen the japanese yen. as it happens monday is a holiday in japan, and the last time they intervened was on a holiday. traders are expecting more fireworks on monday in the japanese yen. tom: it will be a busy period for fx traders. you have to wonder what you look back at this moment later on as potentially the pivot point for the japanese yen in terms of moving stronger given everything that is happening with the fed and the pricing. traders are boosting bets of the fed will cut rates sooner after inflation probably cooled in

june. the st. louis fed president called the figures encouraging but cautioned that more evidence is needed. >> this morning's cpi inflation for june points to encouraging further progress toward lowering inflation. notably core cpi increase just 0.1% in june with the decline in goods prices upsetting a modest increase in services prices. tom: your take on what this inflation data means for treasuries? to what extent will there be a further move into the front-end? is that the part of the curve that is most volatile? how do you read and interpret this across the treasury story? >> this will fuel even more optimism for treasuries not just in the short term, but the long

end as well. we started the year when jerome powell was optimistic inflation would come down. the market got ahead of itself, priced in a lot of rate cuts and we had the 10-year yield bid low 4%. that is what traders can see. we are beginning to go in that direction again. they have not quite priced in three interest rate cuts yet, but jerome powell speaks early next week, auntie has the cpi report in the back pocket. he knows finally inflation numbers are getting to the point he was talking about earlier in the year. he also since then would have seen a few cracks appearing at the u.s. employment situation, which were not there at the beginning of the year, so gnocchi will be much more confident when he speaks next week. he will be seeing that the

economy is cooling in the united states, not fast, but it is turning. he is likely to sound pretty dovish. he probably will not promise there will be a rate cut in july, but he is almost certain going to give a strong indication that traders are correct to be betting that september is on the table. the treasury market will go for it, so we would expect yields to decline again next week. tom: always with the valuable insights and context. mark cranfield, go and enjoy your weekend. here is what is on the docket, 1:30 p.m. time, producer prices, so we will see if that builds on the narrative of a more sustained move lower in terms of prices generally in the u.s. 3:00 p.m. u.k. time, consumer sentiment survey. we know consumers are starting

to feel more pressure. and of course, drum roll toward the bank earnings story. by the way, will give a preview of that story coming up. jp morgan, citi, and wellsfargo kicking off earnings season. we will set you up for what to be scrutinizing when those numbers drop. that is next, the preview on the bank earnings story. this is bloomberg. ♪

tom: welcome back to "bloomberg daybreak: europe." shares of the biggest u.s. banks have been on a tear this year with all but morgan stanley outpacing the s&p 500. jp morgan, citi, and wells fargo

kicking off today. focusing on investment banking and the rebound in loan profit. let's bring in charlie wells for the set up. i love the fact that we have been obsessing about net interest margins, but we do not care anymore. it is all about investment banking, because there are signs that they're coming back. >> it is looking like we will enter an new era. we have the cpi number talking about the potential september rate cut, and that is been a positive mood -- momentum story for these red stocks. we are already seeing tales happening, which translates to fees for investment banks, so that is a big one. tom: that is part of the boost in terms of the story. i was speaking to a bank president yesterday and he was saying he is starting to see the

turnaround, so that sounded positive. one of the potential burdens for these banks? >> some analysts are talking about how they are concerned with the consumer. there was a lot of pressure. we are seeing signs of potential increase credit card delinquencies, so that could hurt your price momentum, but some of these huge banks reporting in just a few hours have been talking a big talk about deal increases. citigroup said the quarter could see a 50% growth of fees from investment banking. they have a low bar because lester was so bad, but if they do not meet those expectations that could spell trouble for them. tom: if we get a cut in september, where does it lend in terms of this is good news or bad news, net interest margins not great, but in terms of activity and generating, and you link it to the consumer. what would a cut in september

mean for these banks? >> for net interest, it could take some of the pressure off these banks who have had to increase the amount that they pay for deposits. it could take pressure off the consumer that we were talking about, and that further bolsters the environment where companies feel like they want to do deals and that keeps investment banking fees healthy. tom: charlie wells with a fantastic set up. we will be bringing all of the details when the numbers drop. coming up, switching focus, because kenya's president has fired most of his cabinet element deadly protest in nairobi against his tax plans. we will get the latest in terms of what that means for this country going forward. this is bloomberg. ♪

tom: welcome back to "bloomberg daybreak: europe." can you president has dismissed most of his cabinet after deadly protest against his plan to raise more than $2 billion in new taxes. william ruto and been trying to stabilize government finances and get access to new funding from the imf. >> in line with the powers given to me by articles, the constitution decided to dismiss with immediate effect all of the cabinet secretaries and the secretary-general of the cabinet of kenya. tom: for more on this story let's bring in david. thank you for joining us on set.

why did ruto dismiss his cabinet? >> it is because the protesters demanded it. they have been on the streets for a few weeks note demonstrating against a hugely controversial tax bill that sought to raise everything from bread to diapers, and they are not comfortable with this because economic times are really tough, so they went to the street and demanded that keep withdraw the tax bill, which was in itself unprecedented, but he fired almost his entire cabinet. the only people still remaining are himself, the deputy president and the prime cabinet secretary who debt -- doubles as the foreign minister. tom: this is not something that happens on a regular basis in kenya. what are the next options for

william ruto? >> the challenge he has now is to devise a path forward that balance is not going back to the economic turmoil here inherited as well as finding jobs were many people in the streets. when he came to power the economy was in a bad state. it was heavily indebted. it was distressed, the currency was thinking -- tanking. and he told people it will be tough while i fix this. asking people to pay more at a time when it is really tough. tom: what does it mean for the economy going forward? >> it might probably slow. the imf is an integral part of the story and cannot yesterday saying they are discussing with the current government and they

could find a balance path to take things forward, but whatever they do it looks like the economy might slow, because if they do not spend as they set out to do -- i will give you an example. he had set out to spend a lot of money on his housing program, which means not only providing affordable housing, but also giving lots of people jobs in the housing sector. he had been planning to increase money for the health sector. the economy could end up slowing, but the most important thing is what really happens to the debt. is he going to borrow more, because investors were concerned about kenya potentially defaulting and following ghana, zambia, and some other markets in asia. while they still inspire confidence in the markets that can yield will get it right? tom: we saw one of the credit ratings downgrading.

really important context on a crucial story out of that region. thank you very much on what we have been seeing and the prospects for that economy. a russian plot to assassinate a ceo has been foiled by services. more on that story next. this is bloomberg. ♪ the moment i met him i knew he was my soulmate. "soulmates." soulmate! [giggles] why do you need me? [laughs sarcastically]

but then we switched to t-mobile 5g home internet. and now his attention is spent elsewhere. but i'm thinking of her the whole time. that's so much worse. why is that thing in bed with you? this is where it gets the best signal from the cell tower! i've tried everywhere else in the house! there's always a new excuse. well if we got xfinity you wouldn't have to mess around with the connection. therapy's tough, huh? -mmm. it's like a lot about me. [laughs] a home router should never be a home wrecker. oo this is a good book title.

tom: good morning, this is bloomberg daybreak: europe. i'm tom mackenzie in london. these other stories that set your agenda. president biden: i'm not turning around writing, but it's important that i let them see me out there.

you know. tom: joe biden vowing to stay on in the presidential race, but two crucial gaps at the nato sentiment -- at the nato summit deep in concerns about his mental and physical health. blips on renewed intervention speculation after u.s. inflation called to the slowest pace since 2021. with traders pricing in more than two cuts this year, equity investors rotating out of big tech. thanks garrett for earning city and j.p. morgan and wells fargo reporting quarterly numbers today. we are going to tell you what to expect. so, we have seen rotation out of the big-name tech stocks. he saw the pressure coming through for the likes of nvidia, for the likes of medic, semiconductors state site, nasdaq 100 ending lower by around 2% but rotating into the

small gaps, the russell gaining and gaining silently almost three percent. that rotation was pronounced yesterday, to what extent is that a theme that it will continue to work its way across these markets. ftse 100 futures pointing to gains of 2/10 of a percent. the u.k. set to a decent session as we looked at 18 points. european stock futures are flat, s&p futures flat, downside pressure coming through from the nasdaq after the losses of yesterday pointing down by a 10th of a percent. the moves were pronounced at the 10 year on the back of that softer inflation data core cpi, importantly coming in at 0.1 percent, very benign and building on the view that we are on a sustainable path towards at 2% target. yields down seven basis points on the tenure, the 10 year al avenue 4:21. u.s. dollar versus japanese yen, speculation, did they lean into the japanese yen is the question, 159 right now and we

lead up just a couple of weeks away from that next meeting from the boj, speculation they could raise weights, that currency. brent $85 a barrel, and go down 3/10 of a percent at 2408. the u.s. has announced a new 220 five million dollars weapons package for ukraine aimed at shoring up the country's air defense system. the package comes as deadly russian missiles and drones continue to hate ukrainian cities. for more, let's bring in bloomberg's kriti gupta, thank you for joining us in the studio. walk us through what this package means. there's been a flurry of announcement in tears -- an air defense systems. what are the consequences and the implications, how significant is the support? likes in terms of actual machinery deployed to ukraine, put this in the context of the previous things that have come out. $60 billion of ukrainian a relative to 220 5 million specifically from the biden administration using a levy that is only used for executive

powers. in the broader context, it's far more symbolic than actually helpful when it comes to that ukrainian a story, but it is crucial when it comes to what volodymyr zelenskyy was asking for, which is the air defense story, pushing for more fighter jets. not to mention, some sort of similar to an iron dome defense system, one that would be able to target and detect any russian missiles coming into key for other parts of ukraine, then target them before they even hit the ground. that's something he has been campaigning for and something the u.s. has been hesitant to grant him with congressional powers, so it feels like one more move for biden to help out with. tom: as we talk about arms shipments in ukraine, we cannot ignore the fascinating disturbing story, ux intelligence picking up this plot, russian plot to assassinate the ceo of rheinmetall, a crucial german company within the armed space and a crucial supply not just for ukraine but for europe as well. what do we know?

>> cnn reported this first, it's an occlusive report saying a foiled russian plot was detected and it was targeting not only rheinmetall, potentially other ceos in the armed space, not just germany, rheinmetall was the one that was ultimately targeted but there were others targeted as well. this speaks to your point about the role that rheinmetall has right now. not only have they grown several times in the past two, three years not only for ukraine, but for broader europe as well, but the fact that they have sent so many arms shipments ukraine is a problem for russia. this is a bigger story in the context of the nato summit as well. because now it feels like this isn't just something like coal tar warts -- warfare where things are dried out on the battlefield, it has to do with things like cyberattack and things like targeting the business aspect as well as ceos, this is getting into a much bigger way in terms of what is russia strategy to stop some of

the aid and weapons shipments, but also other technologies coming to ukraine and broader europe as well. tom: this would be a significant gearshift in terms of the hybrid warfare that russia appears to be imposing on europe or waging against europe and its allies. thank you very much with that crucial story, in the context around the additional support coming from the u.s. and the pentagon. switching focus, tesla shares fell after -- a fellow lot, down by 8% after the company postpone the unveiling of its robotaxi until october, pushing back that day to allow more time to build additional prototypes. that's get the details with our tech reporter, annabelle droulers. musk staking a lot on this robotaxi, we know that it's building up to expectations with the excitement around it. the question is what should we read into the postponement, weathered suggest that the project is fundamentally flawed or whether it's just tweaking the design towards perfection

for musk, what is your take? anabel: i think that is really the big question, they've delayed it perhaps by a couple of months to give the team a little bit more time to make some tweaks, but is that really the whole story here because we are seeing, for instance, elon musk, someone with a strong belief and believes that future of the robotaxi is sort of making these timelines and then blowing right past them for several years now. two months or could it be a little bit more? there seems to be more work, perhaps it needs to be done to the vehicle and from people outside of tesla, there's a lot that we just don't know yet, is this a car that's going to be affordable? is it going to have different features like a steering wheel. there's just really a lot that is still to be told. when you look at the landscape around tesla and around robotaxis, you think about the likes of cruiserweight now in the u.s., they have been working wary -- very hard and spending billions of dollars on the

projects and they haven't gotten that far. it is the question of the timeline two months, or is it longer with the caution coming through and that share price reaction? tom: talk to us a little bit more in terms of the market reaction, in terms of what we've been hearing from people, supporters, critics of musk, what has the street been saying about all of this? annabelle: i think it just tempers the enthusiasm a little bit because tesla, we know, has been on a huge surge of the past 10, 11 days. looking at gains of around 40% for the stock over the course of this year. it has just been the bit that elon musk would be able to have this real-world breakthrough, real-world application of ai that a lot had been really waiting for. that is priced into the stock because it's very expensive. it's one of the most expensive in the s&p 500 index. trading around 90 times forward earnings. robotaxis being pushed back at

10% enthusiasm. not for everyone, that should be said because there's well-known rules are the tesla stock. for instance, one of them from arc investment management, we spoke to her today for her views on tesla as well. take a listen. >> that just tells me that we are probably getting closer to this robotaxi opportunity, not further away. he wants to show us something more awe-inspiring that we might've seen on august 8, and he believes it's possible by october. so, yes. what does that mean? it means that analysts will have to build into their models. annabelle: kathy is a longtime bull on tesla and managing to make bad news into good news for tesla, but it is worth noting that tesla is now the biggest are the heaviest in its flagship

etf. tom: she certainly has skin in the game. quite the odd spinning the bad news into the good news. thank you for the latest when it comes to robotaxi in tesla and pushing that date as we count out october for tesla and the details on that. the lead of samsung's largest labor union says their strike action is disrupting production. we were spoke to about why workers walked out. >> since starting the wage negotiations, samsung has never negotiated properly. we haven't been able to get it good negotiation in 2023 and 2024. so if we get a deal this time, we basically need a pay raise for our members. we are not asking for many things. the company unilaterally announced 3% increase, but we are asking for a little higher, 3.5 percent. there is no transparency about

the bonus pay system, so there are many complaints from employees there. so we are saying, let's improve the system with transparency. for the most important holiday rights, we are asking for one day for the union's establishment anniversary. so if we can get a resolution here, i think that's something we could agree on. and i don't think that we are asking for anything unreasonable. >> your union has targeted production disruptions, but samsung says they haven't seen any production disruptions so far. how will you achieve your goals? >> we are getting a lot of reports from the field. like with the eight inch manufacturing, a lot of current shift workers, people who work in manufacturing, a lot of them are on strike right now, so we don't have enough people to manufacture on that line. it's a manual line, so it's not

automated, so that's where you need people and they are taking a lot of people out of the office right now. and i know that they are not responding properly. in another line, i'm hearing that there's a lot of equipment that's shutting down. but they don't have the manpower to handle it. so there's a lot of equipment that's going idle. when you're producing semiconductor parts, obviously you have to do inspections and things like that. and there's a lot of that backlog right now. so there's definitely going to be quality issues. tom: electronic union head speaking to us from seoul. samsung says it remains committed to engaging in good faith negotiations and is currently producing as planned. softbank has acquired british semiconductor startup as the japanese firm seeks to strengthen its investment in chips and artificial intelligence. it will operate as a softbank

subsidiary and keep its management team. it is the second u.k. semiconductor company that softbank has snapped up. of course, softbank took over arm in 2016, the chip designer whose technology is found in almost all of the world's smartphones. that company listed in the u.s. more broadly, retail investors withdrew 1.8 billion pounds from u.k. equity funds in may. the worst month on record. the figures from the investment association and to the dismal trend for british funds, which have seen eight years of continuous retail outflows totaling 54 billion pounds. coming up, president macron's efforts to defuse france political crisis highlighting deep divisions and weighing on economic uncertainty. we get the latest from paris. that is next. this is bloomberg. ♪

>> i'm very confident for next week, so we are collecting our support among the other political families. we are the winner of these elections, we gain seats, we won again these elections and we nominated before the elections our commission president. so it's all a very democratic approach how we do things. we show in transparency what is our content in our lead candidate for the future, now we have to deliver and we wanted democratic europe, which is why the european candidate should support the lead candidate for the epp. >> we talk about having support in delivering, do you think you have support from the greens? and they indicated that they are willing to support ursula von

der leyen? >> we have a key commitment from the three main groups. the christian democrats, the social democrat and the liberals on the european level. we are also linked to the big leaders, we have emmanuel macron , they are representing all the political families of europe. they agreed that we have a common package to create stability for europe. europe must be grounded on the stability in the center, that is what europe needs at this moment in time. i'm happy that we reached this agreement. ursula von der leyen's next commission president and we have to deliver. there's so much uncertainty and instability all over the road to look to america with discussions, that's why i think it is our test not to create stability in europe. tom: that was the president of the european people's party

speaking to us exclusively, staying in europe, french president emmanuel macron's shock decision after marine le pen's party made gains in eu party did not result in a far right government, but it did lead to a hung parliament that could prove challenging for financial markets. so why did macron take the gavel and what happens now? >> it was a historic gamble. tom: following his party's crushing defeat in sunday's european parliament elections. >> and it surprised everyone. just one month later. >> we have hung parliament scenario. this is the first time no one is getting an absolute majority in the national assembly. >> so why did macron risk it in the first place? it was a danger selection a president didn't have to call and would trigger panic in the countries vital bond market. so what sparked his great gamble and what is the outcome mean for europe's second biggest economy?

tom: let's get more from bloomberg's demeanor market senior editor standing by for us in the french capital. thank you for joining us, where we stand in terms of the process of the government, has any progress been made? >> at this point, we are five days on from the election and it looks like no progress has been made. we are basically looking for a couple of developments in the story now, number one could come as soon as today, the left-wing alliance, the new popular front when the most seats in the assembly, they say that gives them the right -- first shot at forming a government, but the problem is, they cannot agree among themselves. that's a bunch of parties that run from the socialist from the centerleft left to the far left. they cannot agree amongst themselves about who did approve for micron as prime minister. they said they wanted to come up with a name. here we are friday, the end of the week. we will see if we get any word from them on who that's going to be. the other thing on the schedule

is, next thursday the newly elected national assembly will be in session for the first time, so that may crystallize minds a little bit and get people focus on forming some sort of coalition that can form a government. keep in mind, macron said this week he wants the centrist parties, his own group, the center-right republicans, the centerleft socialist, he wants them to form a government, i'm sort of broad coalition government, lead the national rally off to the right and france off to the left. no extremes, just center. those parties are not talking among themselves and they are not even talking about talking. it seems hard to see a resolution of this in the next couple of days. tom: not even talking about talking. just to expand on it a bit for us in terms of details, what are you in the team watching for the next few days and weeks ahead in terms of how this could all shape up?

>> i think concrete proposals, what we've seen this week is basically tv interviews, newspaper interviews were heads of various parties say what they won't do. you need to see that rhetoric turn around and people come out with concrete proposals for, we could work with this party and it sort of the contours of a coalition. without that, it's just talk at this point. that's really what we are looking for, concrete proposals. tom: concrete proposals and we look at the market reaction to all of this as well. thank you very much in terms of setting us up on what has or hasn't been achieved so far in terms of attempts to form the new government in france. bloomberg senior editor. coming up, two days until the euro 20 24 final, but it's not spanish or english advertisers spending big this year, we will to you is and why. we are talking football in business, next. this is bloomberg. ♪

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tom: welcome back to bloomberg daybreak: europe, the england men's football team taking on spain in the 2024 final in berlin on sunday, 8:00 p.m. u.k. time. taking advantage of the advertising exposure with a significant advertising presence at the event. let's cross over to the consumer and tech analyst and had a bloomberg intelligence. apac for that region. thank you for joining us on this. i was at an event last night with a number of ceos and they say that we are watching the game england versus the netherlands and they were commenting less on the football and more on the advertising.

the likes of byd and alibaba. alibaba has been a big player in terms of the advertising push at this competition. what would that tell us about the ambitions in europe and why use this platform? quex definitely we have seen alibaba leave it on advertisements and campaigns through multiple platforms to tap into you jerk users and viewers. in the last four weekends we have seen downloads for the outgoing avenue, which is great news, we have seen their weekly active users rising on a year on year basis. we are talking about 133% year on year growth, which is great. they are looking to actually tap into the european markets with

is -- which is a very affluent online shopping mix that could drive more of the international business sales and that is what we are looking for them to retain this momentum over the next couple of weeks and hopefully by next month, when the company reports results, we will be able to see some signs of that. tom: we have the paris olympics coming up. interesting for what it means, the domestic audience in china is a big viewership base but trying to push that brandon to europe as well. before we let you go, the crucial question is, give us a score line, england, spain, who will you be backing? >> i'm going to answer this. got that ghosn live, it was a beautiful morning, so let's see what happens sunday, monday morning, my time here in asia.

tom: i'm taking it as a fan. on the consumer front in terms of the advertising story around the euros. consumer technology senior analyst for bloomberg intelligence, appreciate it. the opening trade is up next with me, creed and anna. -- kriti and anna. potentially focal as well. this is bloomberg. ♪

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anna: good morning from london, i'm anna edwards. we are in our way from the opening trade. here's what you need to know. joe biden vows to stay on in the presidential race with two high-profile guests at the nato summit tell more democrats to call on him to drop his reelection bid. reports emerge that u.s. and german security sensors had a russian plot to kill the boss of one of europe's largest