tom: this is bloomberg daybreak: europe. these are the stories that set your agenda. asian stocks are higher but u.s. futures are in the red despite encouraging data out of the u.s. and china. tom barkan says the fed has time to wait before acting more forcefully.

questioning the fed's independence. donald trump says presidents should have some say over interest rates and monetary policy. kamala harris agreed to debate with him in september. oil set to close the week higher as the u.s., qatar and egypt call for a round of cease fire talks. off to a salad day for u.s. equities yesterday, but caution seeping into the space when it comes to europe and the u.s. the nasdaq ending up with its best day since november of 2022. the nasdaq adding around 3%. the s&p having the best day. soft gains coming around,

setting up for a masa -- for a modestly positive session. s&p futures pointing lower after the gains yesterday. nasdaq futures looking at maybe a little bit of profit taking after thursday, looking to drop around 66 points. you had a bit of a more muted treasury auction as well in terms of the 30 year and reception investors gave that, but the jobless claims numbers fueled the equity gains and selloff in the bond markets. treasuries more balanced. the jobless claims coming in slightly lower than expected. that gave optimism in terms of the equity moves. the two year above 4% in the session. the japanese yen remains in focus at 146. brent up .1%. bitcoin rallying after a drop monday. picking up steam. above $60,000.

let's cross over to singapore, where avril hong is standing by on the asian markets. avril: yeah. we are seeing how fragile of a rebound in asian stocks can be because the gauge, as you see, is green. this is underpinned by the gains in the chip stocks thanks to what we saw in u.s. counterparts overnight but they are still heading for losses weekly. on the japanese equity gauges. the nikkei, gains of 2.4% earlier. look now. very fragile, this rebound. we did get some of the optimism from the u.s. initial jobless claims easing recession fears and perhaps prompting traders to pay back some of the aggressive easing from the fed, but we have a lot of data from the u.s. next week, and the fed speak to digest. the cpi number better-than-expected. the core print fell.

the headline cpi is still relatively weak. this is all being digested for the markets on a day when we are going into a long weekend in japan. let's flip the board and take a look at what we are seeing on dollar-yen. it hit 147.7. we are still expecting a weekly loss for the japanese currency. this will be the first since late june. but it has clawed back some declines, firming up now, and there are those who think the yen is still cheap. there is more unwind of the carry trade to go. bmi thinks we could see 100 versus the greenback on the yen. on dollar-china, we are seeing the convergence towards the 716 level. the yen, again above 714, a weak face. this is something we have not seen since november 2023.

the signal may be the chinese authorities don't want to strong of a chinese currency. let's flip the board and take a look at what we are seeing out of chinese bonds. the expectations of policy easing in the doldrums the stock market is and is what's been fueling the chinese bond rally in the past year. we are seeing some expectations that that could continue. authorities announced they began ramping up the bonnie -- the bond rally. across the curve in china today, tom. tom: april long singapore with a check on the asian markets. thank you. chinese stocks are rising briefly and now flat on the csi 300 after the data showed that inflation increased more than expected. consumer prices rising 0.5% last month from your earlier. investors are still concerned. john joins me from beijing for

the latest. thanks for joining us. what does this data tell us about the current state of china's economy? >> on first glance, the number look to positive, rising. but when you dig into it, you realize the main thing causing that rise was food prices. the main thing driving food prices was the weather. we had rain, extraordinarily high heat in much of the country in july. that led to food prices rising for the first month this year since january. that pushed up inflation. if you look, things like cars, home appliances, mobile phones, prices continued to drop. if you look at producer prices, that continued to drop for almost two years in a row. this data characterizes this economy as being one with very little demand and in which companies have weak pricing

power. tom: what is your understanding of how policymakers will respond to that challenge around the demand picture for chinese consumers? >> we will get more action from the pboc. we had an interest rate earlier already. we are looking for things like a reduction in the reserve requirement from banks. we are looking for an additional interest rate cut as well. we are expecting more fiscal policy measures. the state council earlier this month put out a plan that included 20 steps to help increase consumption in china. that plan did not have much detail in terms of what those measures would include an did not say how the government would fund those steps. we are looking for more when it comes to those details. tom: on the details from that, because we have had the rhetoric

and messaging, but it seems it has not worked, at least to the extent somewhat have hoped. what is the assessment as to what are the next steps that will make a difference and move the needle? >> if the government is going to do the things we are expecting it to do, i don't think in the short-term it will move the needle much. longer-term, there's a possibility that china, the government is selling a lot of debt at the moment. it is stocking up its fiscal firepower. there have been additional calls by economists for the government to hand out coupons, almost directly giving money to the consumer. if beijing goes something like that, then you could see a turnaround and see people starting to feel more confident and opening up their wallets. tom: ok. john in beijing with the assessment in terms of the data that's come through on china in

terms of inflation and next steps for policymakers in the chinese capital. thank you very much indeed. following a week of roller coaster trading, stocks are rebounding to some extent after signs of resilience in the u.s. labor market eased concerns about a recession. they rebounded yesterday. tom barkan says the central bank still has time to assess whether the u.s. economy is normalizing before it needs to act. >> i think you have some time in a healthy economy to figure out whether this is an economy that is moving into a normalizing state that will allow you to normalize rates and hit the landing, if i can use an analogy, or is this one where you really do have to lean into it? tom: let's bring in bloomberg's mary nicola to break this down for us.

we have had fed speak pushing back on the idea that we will get an emergency cut from the fed. then the jobless claims coming in low, below what we would expect and below the previous week's numbers. where do we stand in terms of the assessment on the health of the u.s. economy and expectations about next step? >> the reality is we still don't have enough data. so the nonfarm payroll that came through that showed the uptick in unemployment was just one month of data, which is not enough for the fed to even start considering a 50 basis point cut or any sort of aggressive easing at. the fed always looks at some sort of trend in the data rather than just one data point, because you can get apparitions like we have seen in the past. the fact remains that we need to see more data to assess the economy. it's not falling off a cliff as

the weekly jobless claims suggested but it will depend on next week and next week with the retail sales data and cpi. remember, we are concerned about a recession and we seem to have forgotten cpi and whether that is back in the bond. tom: we look ahead to that important data out of the u.s. next week to get more clarity. retail sales and inflation, whether the disinflation trend continues. we have had important auctions of treasury debt, the 10 year and 30 year, not particularly well received by the market. how much should we read into that and what does it tell us about longer-term concern about the ability of the market suit absorb that issuance? >> the main thing here, especially with the treasury market over the past few months is that we have had such a strong run, and then of course when we want to see confirmation of the fed coming through and the fed actually easing, then we could see further gains in the

treasury markets but for now the real concern is that what's happening with the fed and where treasuries are heading, and treasuries are still capturing the bid from the risk of sentiment, whether it's coming from the concern over equity markets or a recession or even geopolitical tensions, so they are still working as a haven bid in -- similarly to the swiss franc or japanese yen or even the dollar like we have seen over the past few months -- month or so. the key thing with what we are seeing and treasuries is that it could be a lot of time with how much they have rallied is investors locking in some of those gain. tom: ok. mary nicola with an excellent take in terms of the jobless claims and impact yesterday and how investors are absorbing this

issuance in terms of the debt. the 10 year at 3.96%. the two-year remains just about 4%. the bank of japan is accused of sending mixed signals on future rate hikes. details on what we have learned about the positioning of the boj this week. that's next. this is bloomberg. ♪

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tom: welcome back. the boj is being criticized for sending mixed signals after the deputy chief said that rate hikes are off the table for now in contrast to what was said last week by someone else. reporter michael wilson joins me from sydney for a take on this. jp morgan putting in a note saying and estimating 75% of that global carry trade has been unwound. where do we stand on that front? how vulnerable are global markets to the unwind in the global carry trade and the linkages to what we have been hearing from the boj ? >> hello. we put out a story in the last half-hour.

the bank of new york mellon there's more to do. it depends on the modeling. what we saw this week was 75%. you know, it passes the sniff test, but there was an element of capitulation there. they didn't spend too much time under the 144 level and came back well, which makes you think there are some people establishing short yen positions already. the way we have had the dollar-yen recover this week, you know, the boj governor and deputy governor have probably complicated the mix a little bit. i think there's a little bit of union yang at the top -- of yin and tang at the top. you are having set such a strong tone on july 31, just on the back of that nonfarm payrolls

data in the states, these carry trade positions have been in place for years, some of them, but they have been at more recent market levels. so that's how you get the snowball effect. you have some heading for the exit straightaway. those with deeper pockets or risk appetite held on. but those in new york think there's more in this. the market has stabilized a little bit in line with the japan-u.s. 10 year spread, which capitulated through 300 points, got down to 285. that's when dollar-yen was at its lowest, but that has now recovered. i think markets will be looking at that as some sort of rough guide. we have dropped 12.5% from the high down to the low, so if people are looking to

reestablish longs and get themselves long, the short-term market has itself long already, which i cannot agree with entirely at. 151.80. if we see some extension, with some data coming out that is decent, we might. but for now we are finding our feet. but i do think that 140-170 will hold, maybe for the rest of next week, but still very choppy in the middle. tom: you talk about the importance of the u.s. data. that ties us to thinking about where the fed goes next. markets are pressing in at least 25 basis points by september. how constrained is the bank of japan by the fed's next steps? what does that tell us about where the boj, whose from here -- boj goes from here? >> we got a little bit of insight there. the divergence between these two central banks, you know, 50

basis point cuts, emergency at the fed, u.s. banks, then you have got the boj, saying we will hike, but it will be incrementally and there is no rush to do so, but at the same time, within the boj, if you look one component at a time if -- time, you know. but if they do, you will see you way -- see ueda will make arguments to not disrupt the market too much. he seen what can happen in the commentary around that. with the fed, when powell talked about putting september on the table, the markets have run with that immediately. they are talking 50 basis points. what the fed is worried about is not starting -- once they start,

they cannot start and stop. they have to keep going. so they want to make sure, like mary nicola said earlier, the inflation genie is in the bottle. that comes next week. i think the guidance will be looked at a lot. once we get confirmation there, the 50 basis points will become more of a done deal. we will look at subsequent cuts from their. that speaks to a dollar-yen going through the 140 level on the way through as more carry trades are flushed out. we have not even talked about repatriation when japanese funds start to bring their money home. that is definitely the next wave, more like a tsunami, when that happens. tom: that is something to be thinking about, that tsunami of repatriated funds. mike wilson with the details and context in terms of what's been a momentous week for the boj and its role in the global financial system. thank you very much. other stories making the news.

barclays has become the latest bank to remove eu era limits on some of its top bankers and bonuses for traders. the company's material risktakers can earn bonuses of up to 10 times their base salary. goldman sachs, j.p. morgan's made similar moves earlier this year. europe braces for the end for its reliance on russian gas supplies. is the continent prepared? how will it impact prices? a closer look next. this is bloomberg. ♪

tom: welcome back. happy friday. a lot of people are still thinking about their summer holidays. gas traders are looking ahead to the winter. one risk they are keeping an eye on his russian pipeline flows.

potentially being cut off. here is irena. really well-placed throughout the story. give us the details. is there a chance that those flows stop? what can the impact be? >> it is unlikely that russian gas will continue flowing after 2024. it is not only the transit deal expiring by the technical interconnection agreement between the ukrainian transmission operator and gazprom. for the gas to flow, that would have to be renewed. the ukrainian authority has made it clear they have no intention of negotiating the extension. for gas to flowing under that agreement, it would have to be renewed. with no renewal insight, european companies still relying on this have made steps to diversify their supply. austria and slovakia have made

deals with others. >> so the contingencies are being put in place already on expectations this will ultimately cease. are there other sources of gas that could come to europe via ukraine? there have been talks that azerbaijan could be one source. how likely is that? >> according to ukraine's president, azerbaijan could be an option. it poses multiple questions. one option could be a swap organization -- arrangement. gas can be swapped. however, this seems unlikely, and would require interconnection agreement between ukrainian dso and gazprom. second option could be delivering azerbaijani volumes via ukraine. the pipeline capacity along this route is limited, and given the distance, the transportation

costs are economically unviable. most importantly, it would require additional gas supplies from azerbaijan, which currently covers only domestic needs and existing export commitments. tom: the other question that would need to be addressed if azerbaijan is to come forward with that potential supply. what is this doing to gas prices? >> this uncertainty could trigger gas price spikes, especially toward the end of the year, as markets remain sensitive to any supply losses. we have seen in may when european gas prices jumped over 10% when an austrian company announced that potentially there russian gas imports could be halted due to the court rulings that can force the company to divert its payment to another european energy company. however, besides this uncertainty, there are other risks on the market, such as geopolitical instability in the middle east. tom: smart analysis. giving us a clearer picture of what could transpire as we lead up to the winter.

iryna, thank you, on some of the challenges facing the continent. thank you for the details. coming up, a conversation in terms of the ng space. this is bloomberg. ♪

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so far in the session, pointing to a muted start in europe. european stoxx 50 futures higher by .1%. the ftse 100 looking to add 11

points. s&p down .1%. nasdaq futures taking a breather as well, around 17 points down, down .1%, again after a strong session yesterday. we had a 30 year treasury auction yesterday not well received by the markets. relatively balanced today after jobless claims came in better than expected, fewer. summer lee for equities. the japanese yen, strength coming through, but broadly weaker. 146 on the currency. $79 a barrel on bent. bitcoin about $60,000 again. the middle east and the details they are as the u.s., qatar and egypt are calling for a new round of cease-fire talks next week between israel and hamas as american fighter jets arrive in the middle east as they brace for a possible retaliatory attack by iran.

joining me is joumanna bercetche. what are the expectations there of reaching a cease-fire deal? >> good morning. it was a strong statement put out by u.s. president, the emir of qatar, and the president of egypt yesterday, pushing is really and hamas officials to attend the cease-fire discussions to finalize the discussions that had been underway. strongly worded statements saying it is time immediately to put an end to the suffering of the people of the gaza strip and hostages and families. it is time to finalize a cease-fire agreement and release the hostages. they add it is only the details of carrying out a cease-fire that remain to be negotiated we found out a while ago that israel intends to send a delegation on august 15. nothing yet from hamas.

it is unclear who will be representing hamas given that the new political leader was deemed to be a shot in the arm for cease-fire discussions and was taken as a potential setback given that that person was one of the masterminds of october 7 and is deemed to be from the more radical part of the party. the fact of the u.s., qatar and egypt are pushing for a plan on sending a delegation is positive. even iran, the new president had a call with the french president earlier this week, and also said that in order to bring down the tension in the region, you would need to get this truce and cease-fire deal over the line. so there is a perception that in order for all of the temperature in the region to come down, you would need it to be accompanied by a gaza cease-fire. tom: we have had this conversation many times about how close they are to a cease-fire. we get that proximity.

we have u.s. officials saying we are close to a deal and it gets caught up. as you say, many pointing to the essential nature of the cease-fire deal to avoid that escalation. what is the u.s. doing to deter those potential attacks from iran or its proxies? >> the u.s. are pursuing a two-pronged approach. they are actively pushing for the diplomatic channels. they want the cease-fire discussions over the line. they want to get the deal finalized. they are also pursuing so-called strategic deterrence. what i mean is they are sending more and more military assets to the region. we know the u.s. currently have about 40,000 personnel positioned in the region, scattered around various bases. they have strong naval fleets and airbases in qatar. but in the past week, they have been sending more military assets. yesterday, the central command said they sent f-22 fighter jets to the region, very powerful in

terms of detecting and surveying should there be that potential iranian retaliation. they have also deployed more warships and fighter planes as well. on one hand, even though they are pushing the diplomatic angle, they are deploying more assets to the region to send a signal to iran and its proxies that the u.s. would not hesitate to come to the defense of israel, similar to what we saw on april 13 with that direct retaliation that took place between iran and israel, when you saw those coalition forces intervene and intercept and shoot down drones that were fired at tel aviv, so there's an expectation that there is a retaliation coming in the u.s. is ready to defend israel. tom: bloomberg anchor joumanna bercetche with the latest. thank you. oil has steadied after a

three-day rebound with traders monitoring developments in the middle east and a rally in wider markets. for the details and deep dive on the oil space is carol, founder and ceo of crystal energy, someone who has a finger on the pulse of these markets. how much geopolitical risk is priced into oil now? >> it is interesting that the risk premium kind of diminished when it comes to pricing crude oil and its derivatives. you can see there is no shortage of geopolitical problems and headaches around the world, including those involving the main players in oil markets. there is ongoing war in ukraine and russia is an important producer and exporter and is the most sanctioned country. on top of that, you have what's happening in the middle east, potential retaliation of iran towards israel, what could happen in the region. the war in gaza is ongoing. libya has shown instability.

venezuela and nigeria have protests. there is no shortage of geopolitical tensions. when you look at the oil price, it feels the market is turning a blind eye to these developments, for the reason that first of all there are fears about not really supply disruptions. how much spare capacity is there in the system? and thanks to opec-plus cuts over the last few years, we have substantial above five-year average spare capacity. that by itself dampens the geopolitical risk. i have to say that nobody really knows how much value to put on the geopolitical risk premium, but it is not seen in isolation from the broader market conditions. the market itself is not tight globally as markets are telling us. tom: part of that lack of tightness will be focused on what's happening out of china. there's a number of components. china is still not where many had expected in terms of demand.

what are you seeing in terms of the demand impulse out of china and what their inventories are looking like? >> all eyes are on china because it's the largest oil importer in the world and second largest economy after the u.s., so the significance of china to the global economy has an also markets impact in particular they cannot be underestimated. people have so far underestimated the potential structural problems with the chinese economy. these have been unfolding since at least the beginning of the year. he started seeing significant structural problems that are unlikely to dissipate. we see growth but not as expected, and not in line with the growth we saw with the growth before covid. oil imports to china have eased in july. that by itself is sending negative signals to global oil markets. the iea and opec, despite the divergencies in recent months and this year, both put emphasis

on china as being the growth engine for oil demand this year. they might will be both wrong. we will see. but so far the news from china is not terribly encouraging when it comes to the economic growth and implications on oil demand growth. tom: your notes to us, they talk about the iea and opec in their research teams being on different planets when it comes to their outlook. apart from the question of china, when it comes to the u.s., we talk about the economic growth and fundamentals, all sorts of scrutiny in terms of risks around a u.s. recession. are we seeing that playing out in these oil markets, particularly at a time when oil is expected to tick up in the u.s. during the key summer season? >> definitely. you would expect that during the summer because people are traveling more, driving more, to see an uptick in oil demand. we are seeing that but not as

strong as we would've expected for this time of the year. what happened to oil markets over the last few days and earlier this week, when oil prices reached their lowest in eight months. that tells you how delicate the situation is and how the demand, wherever it's coming from, is not strong enough to dissipate fears of slower economic growth. even if you look at major economic institutions, they are allocating a higher probability for a recession scenario in the u.s. it may be unlikely but that fear is more considered than before because of the economic data and job market data being not as strong as hoped-for. tom: what is the opec-plus respond to this point? what are we looking for from them? >> as long as they are sticking to their own focus for oil demand, which are the most

optimistic among all market observers for this year, i don't think they will change their policies or decisions in terms of starting to relax some of their voluntary cuts as of the fourth quarter of this year, so only if they really go back and change their forecast for oil demand or something on the geopolitical scene changes drastically, i would expect them to remain loyal to the decisions they took in recent months. tom: is this where the pricing stays, just shy of $80 a barrel on brent? i get the sense you are cautious in terms of the demand picture. you are questioning china's role. what are looking at -- what are you looking at in terms of pricing? >> unthinkable see a major change from the current quarter we have seen from $75 to $80. i don't like to make prices -- make forecasts about oil prices. we are more accurate predicting the weather than a prices as we joke.

under existing market conditions, with the data, we forgot to talk about the sublime growth outside of opec-plus. there's also elections that might change the outcome, particularly in the u.s., by the end of the year. but if i look at the main fundamentals, i don't see oil prices moving away from this corridor are between $75. i bet you tomorrow i will be proven wrong. tom: always smart analysis on these oil prices. caveats around the price of oil under the current conditions for those markets. carol, thank you. now to some other stories making news. eli lilly closing the gap with novo nordisk in the race to dominate the obesity market. it expands its supplies of weight loss drugs. lily reported 1.2 billion dollars in second quarter sales of its glp-1, smashing

estimates. it expects full-year revenue of up to $46.6 billion, up from its earlier guidance of around $44 billion. paramount global jumped after taking a sen. -- a second-quarter impairment charge on its cable networks. the parent of nickelodeon and mtv says it's because of declining profit projections and the recently agreed merger with sky dance media. discovery announced a $9 billion right down on its cable networks, including cnn and t nt. what else to look for? the paris olympics closing ceremony sunday. opec-plus. we have been talking about that. the oil market report is coming. we will get details in terms of their projections. just hearing from carol and the

view that you will be stuck in this range from $75 to $80 a barrel on brent with all the caveats implied. we will be getting traffic figures from heathrow over summer travel. that will come through tuesday and give us a sense as to how much demand there is for airlines. the unemployment data out of the u.k. as we continue to build expectations on the boe's next steps. the german survey comes out wednesday. we will see if there's any sign of a turnaround in the relative softness of their economy. thanks in focus with ubs earnings coming out wednesday. we have inflation data out of the u.k. tying into the boe story. big week in terms of inflation data. the u.k. print wednesday. thursday, earnings from walmart, alibaba. narendra modi will give his first speech of his third term. friday, the university of

michigan consider senate -- consumer sentiment survey and retail sales. from questions fed independence, saying presence should have some say on monetary policy. more details next. this is bloomberg. ♪

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tom: welcome back. republican presidential nominee donald trump told reporters the president should have some say over u.s. interest rates and monetary policy. such a move would go against the practice of keeping the fed independent from political actors. trump has repeatedly complained about the issue and criticized fed chair jerome powell, who he appointed, for being too early and too late on moving interest rates. >> i think that in my case i was very successful and i think i have a better instinct in many cases than people who would be on the federal reserve or the chairman. tom: trump also pitched a series of debates with kamala harris in september. they are offering debates on fox, nbc and abc.

the harris campaign says it's happy to have a conversation on additional debates. according to a campaign official, harris will not agree to the fox news debate from criticized harris for avoiding media interviews since securing the nomination. >> she has not done an interview. she cannot. she's barely competent and cannot do an interview. but i look forward to the debates because i think we have to set the record straight. tom: kamala harris did speak with reporters about those debates. >> i'm glad that he has agreed to a debate. i'm looking forward to it. hope he shows up. i'm happy to have that conversation about an additional debate. tom: and with the democratic party nomination sewn up and running mate governor tim walz of minnesota at her side, harris

is experiencing a groundswell of support, having raised a record 200 million dollars in campaign donations in less than a week. she would represent a series of first for america if she wins. polls show voters reacting positively turkey entered see. one of the big variables will be the u.s. economy. >> i am now officially the democratic nominee. >> president biden was on the ballot and democrats conceded to losing georgia. now that is harris, democrats say all swing states are back and play. >> harris is well but not well-defined. >> she's not somebody i have researched. >> that's kind of what vice president do. >> you will see both democrats and republicans to her in the ways they want those voters to see here. >> success for harris will mean sustaining the momentum that has

been fueling her historic run. >> i get chills when i think about that, being part of history, understanding we have some buddy who represents our communities. >> she is a dynamic candidate. >> if you asked them a month ago, people would have probably said the country is not ready, but now people are rethinking that. they are like this could happen. i could be part of it. tom: you can read more of our big take story on swing states online at bloomberg.com or on your bloomberg terminal. more coming up. stay with us. this is bloomberg. ♪

>> i do believe there is resilience in the u.s. economy. >> we do not yet see any sign of

having the economy moving into recessionary territory. >> there have been calls for u.s. recession that turned out to be corrections with a resumption of growth. >> i think we are getting a correction after a strong run. >> we don't see a recession coming soon or coming. we think the economy is strongly going. >> we will have to live with more volatility than we are used to, but overall, i think it is our friend, the trend. >> ahead of the elections, maybe the market is muted, but all in all, the u.s. was always a market that was resilient. >> the u.s. economy is stronger than people are giving credit for. the consumer will come back. >> the economy will chug along. we probably won't see a recession. tom: executives giving their views on the recession risks around the u.s. we had fed officials

suggesting the fed has time to assess the data before they make any moves. what a could spend in terms of repricing around the fed. monday, expectations of a 60% chance of an emergency cut from the fed. that has been faded. look at the moves you have seen in terms of the blowout and expectations around where and to what extent they cut. expectations, 40 basis points for september. the next meeting would be november. expectations of 30 points there of cuts. you have the final month, december, expectations of 31 basis points. about 100 basis points still priced in. three cuts expected in september, november and december. that could adjust when we get the inflation data out of the u.s. let's see how this is impacted the spot market -- this has impacted the stock market. rout monday. you saw the s&p notching its best day since november of 2022.

futures looking soggy so far. but it was a big day for u.s. stocks. buying the depth it seems, but taking a breather so far according to u.s. futures. let's have a look at bitcoin. that rallied after a drop of 10% monday. bitcoin rallying yesterday, back above $60,000, still 14% lower than its march record high, but getting a relief in terms of the risk assets on softer job claims data. stay with us. plenty more coming up, includin. this is bloomberg. ♪

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>> we are an hour away from the opening trade. encouraging data on labor market. futures are flat after the biggest rally since 2022.