>> this is bloomberg daybreak you. i'm tom mackenzie in london. these are the stories that set your agenda. stocks fall as tesla misses facilities for a fourth straight quarter. the company c.e.o. urges

understanding on its a.i. investment. deutsche bank and uin credit. and kamala harris attacks donald trump in her first presidential campaign rally. she says the election is a choice between two different vision of america. ♪ tom: a big day for earnings were the focus on bank numbers crossing right now. deutsche bank, the major german learned coming in with a miss. deutsche bank's second quarter fixed income and currency sales and trade revenue coming in below the estimates 2.1 billion you rose. the estimates have been for $2.5 you rose. a modest rate when it comes to

sales for defensive bank in terms of the receive noose coming through the loss in terms of the second quarter for deutsche bank coming in 143 million you rose. that's -- euros that's the net loss. last year, the company, the bank is reaffirming its 2025 financial targets. it is also looking at the details when it comes to the investment banking revenue. it does see 2024 investment banking lending high year year on year. it is essentially flat for deutsche bank. the red head -- this is a miss when it comes to deutsche bank fixed income and currency sales and the stock up 30% year to day we're going to hear from the c.e.o. in just under an hour so stay tuned. we're bringing the results from the french lender as well. it is a solid beat for bnp

paribas. the second quarter coming in at $3.4 billion you rose comfortably above the estimate of 2.95 billion. in terms of commodity sales and trading for this learned coming in softers. $1.1 billion you rose and the estimates were $1.9 billion. net income $3.4 billion above the estimate. let's bring you the interview speaking to caroline connor. >> i am cautiously optimistic. you'll see the growth pick you up. you'll see there is demand so what you clearly see is the e.c.b. is shifting. the whole economy is shifting. inflation is tapering off. therefore the e.c.b. is reducing the interest rate. so the economy is picking up. and as that's basically fueling

a positive spiral. >> we had a lot. to volatility with this months of june until early july. could you please tell us exactly where the volatility is on your business? >> so there was given the -- the political but not only the political actions in europe and in several countries that led to some uncertainty of what would happen. there was uncertainty about the e.c.b. and the fed will do. so there was all that uncertainty that all of a sudden started to crystalize out. you saw the e.c.b. acting. you saw several indicators like the p.m.i. and all the other ones that were evolving positive. and that's the evolution that you saw in all of the countrile you saw what weed that the uk. you saw it in france, belgium. you saw it in many of those countries. yes there was some overall

european volatility related to the elections related to all over the place. but that's what it is. >> last week, the e.c.b. kept rates on hold. and we had the president saying that the september meeting is wide open. what's your statement do you expect to rate cuts before the end of the year? and what impacting could this have on your business? >> our stance is that there still will be two rate cuts year. and so probably the rates will gravitate cards 325 so that's basically what we have in mind. i remind you that for pnp parry back, intrinsically for us that is fine. -- that's pnppariba. and the lender beating in terms of income coming in at $2. a

beat in terms of net interest income for the lender coming in at 3.5. here's the red head. it is raising us guidance for full net revenue above $23 billion you rose. it had seen it at around $22.5. so uni credit raising it value above 23 billion you rose after the beat in the second quarter. also coming in with details of cash to share shoulders buying dividends and a buyback of 1 $1.7 billion you rose. and the lines crossing on this one. is it a beat for santader. the spanish lender in the second quarter net income of 3.2 billion you rose. the estimates have had been for

$3.1 billion you rose. in terms of the net that's the focus. the estimates have been close to $12 be in terms of net income a little soft for santader in the second quarter. but is it the net income that comes through with a pretty decent beat for santader above those facilities. we're going to be speaking to jose garcia cantera at 7:30 uk time here on bloomberg so it's coming in thick and fast in terms of the banks. let's check in on the markets but some of the tech earnings that came through. uninspiring in terms of the alphabet and tesla. they demand patience being asked of ball bet in terms of a.i. and patience for tesla as we weigh out the miss that came through for lvmh with a concern around

china. european futures down .60. nasdaq lower by .9 of a percent right now. concern around the health of tech and those a.i. investments. let's look across assets with a focus on the japanese yen which has shown three straight weekdays of gains. we look ahead to that meeting. 154 in the japanese yen. 424 on the bench mark. $81 a barrel. gold at $2.4 -- 2,417. google reporting a second quarter revenue beach let's bring in kriti gut. a i touched on some of the a.i. story for alphabet.

but they did beach what for you stood out from the alphabet story? criticallyen it looks great but the stock dropped after hours. they're responding to this idea. there's a risk. once you don't hit the a-plus, bar, you get punished for. yes, it did grow. advertising revenue which is what alphabet shares respond more, grew 11%. the analyst saying that yes they're growing but the growth pace is accelerating. another major positive is that the likes of open a.i. are not eating into that search engine positive. they're all trying to make the acquisitions. in the last 28, 48 hours a lot of the focus has been from that $23 million offer. whiz had turn it down. alphabet not commenting on it.

they're talk about the fact that maybe that decline was due to the crowdstrike outage wasn't addressed on the call. but alphabet leaning into the idea that a.i. will be driving the future growth. tom: i love the way that you frame that speaking from experience. kriti gupta. in terms of tesla, it's a challenging story it's hard to describe tesla as an a-plus, student. four straight quarters of disappoint profits what were the key lines if you? kriti: we think of them as a a, b company. you had headlines that tesla had lost a market share. they're dropped down to 50% of. v.'s in the state. so see this as a disappointing numbers is pretty telling but the reason tesla stock keeps rising and hasn't on the long-term is because there are new projects that keep getting

introduced. a lot of the focus is when does that introduction show up? they pushed it back to october. more announcement and clarity was expected and they didn't get. that tom: if it comes through in october. we've seen this before from elon musk purke out the time frames. thank you very much indeed. the opening trade now to u.s. politics. kamala harris has launched her presidential campaign with a rally in the swing state of wisconsin. harris out the her economic agenda and attacked donald trump referencing her past work as a public prosecutor. vonnie whacks did you take away then from harris's first real company. >> he talks about no donald trump because of his problems.

as for playing off the platform, we know she's going to say that she's not going back to the donald trump years that. she wants to build up the middle-class with that being the defining goal of the presidency. reproductive rights, extending childcare, paid family leave, these are important things for kamala harris. we need to hear more about foreign policy and other parts of her agenda what's next is potentially the vice presidential pick. it seems to be for that rogue down two two governors and mark kelly of arizona, the senator. he would be helpful because one to areas that the trump campaign can attack her on is the border. you might get that sooner because the d.n.c. is organizing to have kamala harris be able to step nomination much earlier it

could happen as early as august 1st. donald trump said he wants to debate her. he would be opening to debate her more than once. tom: asian stocks under pressure after an unimpressive start. more market analysis next. and the first major oil gas producers and second quarter results. we're going to be talking to the c.f.o. later. this is bloomberg.

♪ >> welcome back to bloomberg daybreak europe. let's check in on the asian markets. red on the screen, avril. what are you looking at?

avril: the bleed is bad in the region today. early in the session it was how the max 7 two of them coming with underwhelming result. that was the sentment as the session progressed what we saw was japan's stock dragged and this is because of the decline accelerating and the dollar generali. 1.56. look at where it's seated now. let's talk also about what we see in the chinese stocks extending losses and signs that the national team is pulling back support for equities. let's talk japan because there's chatter in the markets that we could see a super-size hype. not just 15 basis points or rather not just 10 basis points but 15 basis points potentially. that's going to be a bad environment for them.

we saw a soggy option for the 40 years and the yield continues climbing. the yen is not just rallying against the green back but also against the aussie and the kiwi dollar because they have the slide in commodity prices to contend with. so we're focusing on tech. we're focusing on japan here at the say sha pacific, to tom: a check on the asian market. we look ahead to the b.o.j. meeting next week. let's get more analysis and bring our strait gist. thank you for joining us. let's talk about the earning story. let's start there. you can move into the banking space in europe. but the tech story seems that alphabet is coming through with a beat. in terms of the valuations are they justified if the a.i. play

-- the a.i. month tie zation is further off into the future. how are they justified when possibly that part of the story has come through? >> we're watching -- i would love the tech earnings that are coming from. in terms of valuations it is indeed quite elevated but the key focus will be on the broad based sectors. we've seen a rotation from the nasdaq. we've seen a strong performance of the nasdaq, 14% of the nasdaq over two weeks' time. we think the short path has been done. we think the long one will come from the earnings. tom: it's been quite pronounced. for that to continue we need to see the earnings story come through? >> exactly. we've got the close party. and we have a own path of the market that did .

that we have an underperformance of the tech. >> and then you would look to reallocate. what would are you looking for to say be the trigger to say we're going reallocate and fund it by selling our mega cap tech? >> the one thing that's important more than the path of the sight -- of the equity market is really when the fed is going to cut rates. how will the economy respond? they're really dependent on the economy. if we have the case -- the fed -- the fed and the rates and the economy to remain strong this is the moment where you can get that done. but if the cycle is ending and then you get underperformance this is when they underperform. >> deutsche bank a bit of a mess. but otherwise we're seeing good

profits from santader and european. >> we've got another model that said it's two on the earnings. we've got the rates that are come down. but the cyclical recovery is still there and we've got good numbers so that tends to be quite positive for the banks. >> there was a goldman line crossing the last day or so sell european stocks to get the bulk of their steals from china. we've seep the impact. we've seen it in terms of burberry and hugo boss. and today, lvmh and the hit there down 14% the most coming through from china. do you agree with that sentiment from goldman? do you want to be looking through your portfolio an weeding out companies that get the bull -- bulk of their sales from europe? >> the level of cash, they're ok. the level of spending should be ok. this is not fitting into the higher spending. the propensity is not realizing

in europe. you should expect something from china. it is what we're seeing, the escrow recovery that we've expect expected that the market has been on the expectation of that recovery is not coming from the stock market as at the moment. >> what does that mean for the discount then? does that persist? there was some expectation that maybe we could get a bet of a close, the valuation gap between the european and u.s. stocks. what is your take when that turns? >> this was our expectation ahead of the -- ahead of the q.2. it delayed the recovery. we had a bit of septemberment that was capped on europe given the political risk and for europe to be outperforming we need to see more coming into the region -- region. and that's a bit -- that's waiting in the euro zone. >> in terms of the european

stocks going for war, the return of cash to shareholders, the dividend story is that a play that you want to be leaning into? do you want to be looking at those balance seats in where they're looking at dividends and buybacks? does that prove to be a catalyst? >> definitely in that path of the cycle, we are in the recovery path of the cycle and you want to look for the higher quality company so this is something that we have on the card. the companies were able to deliver dividend and were able to get the money in their balance through and that's something we're looking for. >> look for quality and that rotation story, the focus on earnings. strategist at bnp paribas. there's plenty more coming up. stay with us. this is bloomberg

♪

>> welcome back to bloomberg daybreak europe. two other stories making the news this wednesday. u.s. scree secret service director kimberly cheatle has resigned for taking responsible for for security failures where donald trump was shot. donald roe will lead as acting director. lawmakers called for her to step down after security lapses. emmanuel macron will not pick a new prime minister before the end of the olympics and doubled down for a political truce following weeks of turmoil. the left wing alliances preferred has been dismissed by president macron. france's far right has signaled it's reare di to support the far left in macron's pension reforms. a slight miss on fixed income and currency sales and trading revenue at deutsche bank.

our interview with the c.f.o. of germany's biggest lender coming up. 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. asia stocks fall as tesla misses

profit estimates for a fourth straight quarter. cloud computing amsurg boost alphabet's revenues but the company urges patience on its ai investments. european earnings come into focus with bnp and unicredit performing better than expected, while deutsche's disappoints. we will hear from the german lender's cfo. china's luxury slump hits sales of fancy fashion and pricey boots. we have the details. let's get you up-to-date on deutsche bank earnings. the german lender suffered its first quarterly loss in four years as trading slowed and it booked a charge tied to a legacy issue at postbank, the retail unit. in terms of buying and selling of fixed income and currencies, ficc, declined 3% in the quarter, that was below

estimates of a 5% gain from the biggest wall street banks in terms of the gap between deutsche bank and its wall street competitors. those were some of the key lines. the redhead across the terminal when these earnings dropped was on those second quarter ficc sales and trading, the revenues at two point one billion, the estimates had been 2.15 billion, so softer, that it an impairment charge. it sees 2024 provision slightly above the basis points, investment banking revenue is higher. we spoke to the cfo, take a listen. >> momentum in the business on the revenue side, also, client engagement, market share growth. we're meeting commitments to shareholders around expense management. we deliver the second quarter in a row at a five million expense base and we are managing to

balance sheet and also capital ratios essentially powering through the setback we had which was the postbank litigation. >> and is looming large over this quarter and the next. what update can you give in terms of discussions where that is right now? >> little to no update. basically, with quarters going through the timeline laid out back in april, we have provided a brief and are waiting for the written conclusion, then we will react and i'm sure the claimants will react as well. it is hard to assess their direction of travel. we will have to see with the next statements from the court tell us. and also, with the posture of the claimants will be. >> is 1.3 the worst case scenario? >> we have booked to the maximum claim, we have interest that became lights over time but we have essentially booked to the maximum claim. >> does this open up a can of worms in terms of other litigation on postbank?

>> there is one other unaffected claim that we think is extremely remote. but what it does open up is some uncertainty in the german takeover code, which is one of the reasons we have been fighting this case for 14 years. there are interesting questions of law because i think the interpretation being pursued here is very novel. hence we're vigorously contesting the claim. >> you can the claim saying deutsche bank has done nothing wrong, do you think that indicates the regulatory system leaves room for it esther soccer take advantage of this and how does that bearing your thoughts on taking over businesses in the future? >> it does introduce risk and this transaction isn't necessarily alone in having the fact pattern we went through, hence, i think getting certainty back into the german system about this type of takeover would be sensible. for us it is about contesting the claim, hopefully, delivering some better news to shareholders

around this, let managing it in the best interest of shareholders and also the legal matters at stake. >> what shareholders will be caring about is how it will bear on your buyback plans, there is ambition for the back half of the year that seems more remote. >> we are really happy with how we have managed in the second quarter, so with the ratio of 31.5%, we have more than offset the impact of litigation provision. that sets us up well going into next year to continue delivering on the commitments we made to shareholders around a distribution trajectory. this year i think prudence would dictate that we step back from seeking a second repurchase authorization. we have already returned 1.3 billion -- 1.5, i'm sorry to investors this year, so we think we are demonstrating an ability to stay on track. >> so, the 8 billion through

2025 is still intact? >> we set a roll over that five-year period of 8 billion, we are in position to significantly exceed that, even with the setback this quarter. >> on the question of postbank, could the settlement mean a buyback and second half? >> the next judgment is affected on the 21st of august. if in the event there is a positive outcome, that would change our position. >> looking at the outlook, what are you seeing in terms of ficc and trading? >> it was an interesting quarter. we are pleased with our performance and we have continued to execute our strategy have building and investing in the business. that is showing in market shares in momentum that we had. for us, the relatively weaker environment in rates and effects , especially in the early part of the quarter offset strong growth in emerging markets and credits rating, so that sort of

netted out to essentially flat last year. looking to the back half of the year, you will see more directionality of the rate environment, and maybe a little more volatility. that will be helpful for the rate and fx complex. tom: the cfo of deutsche bank james von moltke speaking to oliver crook in berlin. check on markets as investors adjust to the earnings story. softness for deutsche bank but wins in terms of beats for preview harbaugh, unicredit and santander. alphabet and tesla slightly underwhelming. european futures pointing lower 0.6%. the ftse 100 in the u.k. down 23 points. that's what is being flagged. s&p futures lower 0.5% after softness by the end of the close at play on wall street yesterday. nasdaq futures down 0.8%. the japanese yen showing some strength, interestingly, some

short positions being squeezed. three straight days of strength for the japanese currency. the boj meeting next week. currently 150 four versus the u.s. dollar, up 0.5%. the u.s. 10-year 4, 24, looking forward to dated this week with a focus on gdp, and pce, core inflation. watch for the fed on friday. $81 a barrel on brent and gold holding onto gains, 24 14 per troy ounce for the yellow metal. let's get to that turning story with a focus now on tesla, where shares slumped after the ev maker reported its fourth straight quarter of disappointing profits, pushing back as well the release of its highly anticipated robotaxi. chief executive elon musk said plans for its gigafactory in mexico are on pause. >> when you see where things

stand after the election. trump has said he would put tariffs on cars produced in mexico, so it doesn't make sense to invest a lot in mexico. if that is going to be the case. tom: let's bring in bloomberg's asia transport reporter danny lee in hong kong. has his finger on the pulse of all things tesla. talking about delaying the buildout of his mexico facility and yet he is a financial supporter of donald trump leading up to november. this seems a bit of a head scratcher to me. >> yet, the contrast around tariffs. because when you look at tesla's business in china with the amount it exports and produces, and six or so the rest of the world, they are very much at risk and trying to renegotiate with brussels on getting lower

tariffs imposed on them. and have this contrast with sukkot where it doesn't -- mexico where it doesn't want to invest as much given the risk of higher tariffs. clearly, there is a bit of a head scratcher, given his full throated backing of donald trump, and whether he is in the best possible seat to seek potential exclusions perhaps should donald trump come into office again. when you look at the broader earnings, clearly, the struggles of having a lower set of q2 sales is feeding into the profitability picture, although revenue was up. bit of a mixed set of numbers however the backdrop is talk of tariffs, which means higher all materials and higher finished goods costs, it does hurt tesla. tom: tesla and musk not for the first time talking about big items like humanoid robots, the robotaxi, is this classic musk hype, or is this the future of

tesla? >> this is all stuff investors really want to hear. stuff around robotaxis, around humanoid robots, laying the groundwork and setting clear targets of one these things come to pass is important for trying to define tesla's future. in the ai space, specifically when you talk about the mag seven stocks, tesla really wants to be up there. the fact that the robotaxi is still delayed. confirming a bloomberg scoop back in october that it will only be a prototype. that with other bits of the product line up being the affordable ev that tesla might rollout by the first half of next year, this will not help earnings over the next coming quarters. this will be feeding into earnings next year. it is still a tough quarter and a tough couple of quarters for tesla ahead. tom: bloomberg's asia transport reporter danny lee with the latest out of tesla and its

potential future trajectory. sales growth at luxury powerhouse lvmh slowed last quarter, as wealthy shoppers in china reined in spending on pricey louis vuitton handbags, christian dior couture. i'm joined now from hong kong by bloomberg's asia global business managing editor rachel chang. we have seen this with other luxury companies. chinese consumers are pulling back their spend. what are the challenges specifically lvmh is facing right now? >> lvmh's earnings are definitely a's appointment because the luxury giant is seen as more resilient because it has so many brands. it is very exposed to china. it is hoping this bellwether would be doing better but what we see in the region that includes china for lvmh, sales plunged 14%. the company is saying it is about regional dynamics. because chinese consumers are going to japan where the yen is

weak to make their luxury purchases. we did see a 57% jump in japan for lvmh. overall that means china remains extremely complex for luxury makers to handle and it is not clear that china is recovering at all. tom: what about the luxury sector more broadly? >> all eyes on kering later today. kering already issued a profit warning. it is very reliant on the brand gucci which has not been doing well in china as well. what people want to see is next week hermes is reporting. hermes is very focused on the ultra high-end, which has been the one that held up throughout the entire pandemic. both lvmh and kering are more exposed to the aspirational upper-middle-class consumer that is more reactive to the global economy, so if hermes holds up, that is good news that the ultra high-end is holding up. tom: hermes will be interesting,

it has been more resilient to this luxury down take in china. not just handbags and posh clothes seeing softness, it is the drinks, the champagne for lvmh, but when it comes to remy cointreau, their sales numbers dropping the last few minutes. cardiac sales being hit by slowdown in the u.s. and china, revenue falling 15.6% at remy cointreau on an organic basis, expectations had been a drop lower than that, shy of 11%. give us your take in what we are seeing from remy and what it tells us broadly about demand for high-end liquor? >> a disappointing outcome for remy, the entire sector as well, luxury goods not just liquor, is recovering from that was pandemic boom last year in china but the picture is looking bad for liquor not just the slowing demand, but we know that remy and its rivals will be exposed to this cognac probe china has

launched in retaliation to what the eu is doing to its electric vehicles, so it is looking at lower prices for cognac in china and whatever tariffs will affect remy and its key brands in china. tom: bloomberg's asia global business managing editor with a focus on the softness coming through from china when it comes to high-end drinks and luxury. we will switch focus to the energy sector because equinor is among the first of europe's major oil and gas producers to report second-quarter results. our interview with the norwegian energy giant's cfo is next. this is bloomberg. ♪

tom: i'll come back to "bloomberg daybreak europe."

a focus on the energy space. equinor saying it second quarter was marked by quote strong operational performance after norway's biggest energy company posted profit in line with estimates after upsetting the active outages at key fields. i'm joined from oslo by the cfo torgrim reitan. thank you very much for joining us. let's focus on the quarter you are seeing right now. i am interested in the lng trading business because last quarter that did very well. this quarter what you see in terms of training when it comes to lng and how that positions the business? torgrim: thank you, tom and good morning. it is a strong quarter with good strategic progress. we had very solid operations leading to a cheaper production growth and strong financial results, 7.5 billion dollars in operating income, and we are well underway to deliver on the

$17.5 billion in operations that we have set for this year. and then capital distribution. we are continuing with a generous distribution. $14 billion for this year alone. that represents 18% of the company in capital distribution. that is coming on the back of a very extraordinary couple of years. we maintain very financially strong with a negative net-net of -2% and a cash position of $32 billion. it is a good basis to continue to build the company. on lng trading, yeah, that continues to be strong. and we see arbitrage opportunities across the global space. and european market is becoming very closely linked to that energy market.

tom: the iea put out a report a couple of days ago suggesting that european inventories will be back to 90% imminently. what is your outlook in terms of the winter season for europe and those gas inventories? torgrim: europe has moved from being a market price on piped gas to now after the terrible war on ukraine to be lng. so, the gas prices are quite a bit higher than they used to be. you are right. there are high storage levels currently, coming off of a mild winter, so it is a comfortable situation. but we see that it is fragile. it is sensitive. and we must be prepared for volatility. it will always be the weather that sort of steers the market in the short-term.

on the downside, a cold winter, clearly high european prices. a warm summer in china as we see now is having positive impact on the european prices. on supply-side, we have a lot of hydro coming into the power market, impacting the gas prices and that is due to a lot of rain this year. so weather is very important. then asian demand we should not underestimate the importance in the european market. that is helping on european prices. tom: on oil, there had been an expectation that this quarter will be the tightest quarter for oil. that's not really playing out, why is that? torgrim: the whole dynamic in the oil market, you know, there is clearly capacity available. but we see that trade flows put

limitations on the pricing. also as an effect of the war on ukraine, received russian -- we see russian flows going to asia and that creates trading and market opportunities for players like us under the oil and gas market. -- in the oil and gas market. we see the oil market fairly priced at the current time. but we are prepared for volatility. as a company, we are set up to manage that significantly lower prices that we currently see but we see the current pricing as sort of fair. tom: you saw it reduced output from your u.s. portfolio. what is your plan to turn that around into the second half? torgrim: the second half, the portfolio and the u.s. is producing very well. it is one of the largest cash

contributors to the company. on the oil side, the decline was related to a maintenance program of specific fields. and some reduced gas production just to respond to the lower gas prices we see in the u.s. that is coming back pretty quickly on the oil side. on the gas side, we will continue to optimize around price. u.s. is become a very important part of equinor's portfolio. it is a significant cash flow contributor and effective in managing low and high prices. and then we continue to invest on the oil and gas side in the u.s. tom: let me ask about the u.k. you have an 80% stake in rosebank. rumors that you are looking to selloff that state, can you confirm that you have been marketing this field?

torgrim: rosebank is a very important development and it is a good development. the last couple of years, we have taken on more. we acquired a position in rosebank currently at 80%. normally we would be happy with that lower percentage, so we will consider farming part of the rosebank development. but rosebank is a very important project for the u.k. tom: torgrim, can you confirm that you are looking to selloff that stake? torgrim: we said earlier, we will be interested in carving down part of the assets. tom: when will that deal come through? torgrim: we will not go into any specifics on those things. but we were not driven by a timeline.

we are driven by value and value creation, so we don't have specifics in that regard. tom: equinor's cfo walking us through the results and how it positions the business after that beat in terms of income after tax. plenty more coming up. this is bloomberg. ♪

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tom: welcome back to "bloomberg daybreak europe." big day in the earnings story for tech names. megan caps with numbers. alphabet was a beat in the cloud business, it was a beat in the core search engine. youtube softer but eps above the estimates, one dollar .89, but

there was patients are urged when it comes to investments around artificial intelligence. do investors have patienc when the valuation ofe alphabet is stretched as it is? there was also patience by elon musk. look ahead and some of those futuristic bets will come to pay off is the take from elon musk looking at robotaxis end of the humanoid robot, but for now, a straight four quarters in a row of disappointing sales for this ev maker. and a time frame once again, with tesla being pushed back around the robotaxi. it will only be a prototype when it comes through in october. let's have a look at another story. a big day in terms of european earnings. we will get a reminder of the challenge of china and the softer consumer and the exposure there. look to lvmh.

goldman sachs saying sell down european companies that get the bulk of their sales from china. here is the gap in terms of the stock performance of those exposed companies versus those that have less chinese exposure. 7:15 u.k. time, we will speak to the ceo of the private taking group efg international, and at 7:30 a.m. on a big day for earnings, santander's cfo will be speaking to the team on "the opening trade," as well. that show coming up next. stay with us. 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.

>> good morning from london i'm anna. we're an hour away from the opening trade. elon pucks calls for investor patient after tesla misses profit goals. and we'll talk tech