>> good morning, these are the stories that that your agenda. asian stocks and futures pullback ahead of the highly

anticipated speech at jackson hole tomorrow. expect more cuts, the euro area is heading toward further loosening of monetary policy. look had to today's pmi data for that region. and tim walz formally accepts the democratic nomination for vice president, laying out the policy case for a kamala harris presidency. ♪ lizzy: a very good morning, welcome to the program. just crossing the terminal we have some of the aegon results, so let's bring in the results from the dutch insurance company. slightly higher year on year then 14 euro cents, and it says it's on track to achieve its medium-term targets, taking 154

million euros impairment on that banking unit. the full your guns very much in focus. off the back of the higher equity markets in the u.s., our endless at bloomberg intelligence had expected a year on your decline in the operating capital generation. indeed we are seeing the first half operating profit coming in at 750 million euros, so weaker a percent year on year. first half net loss reported a 65 million euros, so down 67% year on year. we will continue to keep a watch on all of that for you. shares down 11% so far this year in amsterdam. we will speak to the ceo later this hour. let's also take a look at these broader markets, jackson hole key off in wyoming today and as

we await chair powell speech tomorrow with got a clearer picture perhaps of where the fed is heading on rates. all but confirming that a rate cut in september is imminent, several members already have -- these minutes not given a real hand that september's going to deliver a .5 move. futures pointing slightly lower on both sides of the pond. if leap flip the board to the cross asset picture, the 10 year u.s. treasury yields steady, euro-dollar still floating around that your to date high. the momentum behind this is strong. gold still near a record high as we head toward the powell speech. it .4% weaker and brent even weaker. monitoring the weekly spot powell -- stockpile data but continuing to watch washington's

push for a middle east cease-fire. let's get over to averill for an update on asian markets. avril: we're seeing asia stock benchmarks mostly moving sideways, as traders, confidence the going to see the fed rate cuts thanks to the dovish fed minutes but also the downward revision on jobs based on preliminary data. despite that positive from wall street is not really moving the needle in this part of the world because investors are keeping an eye on powell and head of that we did get the bank of korea decision leaving things unchanged as expected. and highlighted that risk but also open the door for rate cuts to come and that's why we're seeing its flat on the stock benchmark in the country. offshore again has been moving

sideways against the greenback. something else i wanted to highlight out of china today, you know how the policy easing has been driving me china bond rally, and today were getting these local media reports siding comments from an official from the chinese regulatory body that is not so much about how they want to control yields, is more about financial stability, cracking down on illegal trade in the bond market. that is providing further fuel, were not seeing that much move on dollar-yen but a measure of expected overnight volatility has jumped to the highest in two weeks which is where we saw all that market chaos. so it just gives you a sense of what investors are bracing for. lizzy: we thank you for the

update. i want to analyze those minutes from last month's fed reserve. some officials saying a plausible case to cut rates before the committee votes to keep them steady. the bureau of labor statistics facing questions after yesterday's payroll release was delayed. mark cranfield joins me now for more. we had at least three banks managing to get their hands on these payroll notes yesterday. what is the reaction and markets, it seemed a bit confused, caused by the delay, or because traders decided they just learned that worried about the revision, even if it's the biggest in 15 years? mark: i suspect that they were not too shocked by the time they finally saw them. something like a million jobs will be reduced in total and we were expecting something close

to 900,000. the other point, the gnashing of teeth, it's always a big discussion point. you will be hearing a lot more about that, that's for sure. in terms of the data itself, they were pretty confident going into it that the federal reserve is going to give them a green light pretty much for september, that's how the picture looks, if you take in commendation those numbers plus the fomc minutes, it pretty much all together till she there's nothing really to stop the fed going ahead in september. we do have more data to come, we have a jobs report the first week of september. but it would need something shocking now to really derail it, we've been reporting on bloomberg that is probably the

mildest ever leverage positions we've seen on the treasury futures market and that tells you there's enormous amounts of money concentrating on expectations that interest rates are coming down. they would need something very shocking to dissuade anybody they got it wrong at this stage. lizzy: you talk about the upcoming jobs report, when you get revisions like these, does it take the edge off the importance of that report? mark: possibly at the margin, but whatever way you cut it, every time a jobs report comes out, it's a very substantial piece of information. it's key to the whole picture, as the fed watches jobs and inflation more than anything else. and we had the uptick to the unemployment rates itself. that cost a lot of market disruption. rbc whatever the will respond to that.

we expect something pretty much unchanged but they're still a couple of weeks ago. and it is a notoriously volatile number. even allowing for the fact that maybe the numbers themselves are not perfect, and yet come that day, everybody will have positions one way or another. you have to take into account things like alco systems. they always respond to the headlines whether it makes sense or not. so we will get big movers on the day, and it may start people pushing for another chance of a 50 basis point rate cut which seems to be on the table but it could easily jump back up. lizzy: if anyone wants to send me that jobs data early, you've got me. stick with our bloomberg coverage, for fed chair powell speech at the jackson hole

economic symposium. don't miss any of that. let's focus on day three of the democratic national convention in chicago, back to the politics. the democrat vice presidential nominee tim walz formally accepting his nomination, taking the center stage and he said that camel voice -- kamala harris was the right choice to make. >> if you are a middle-class family trying to get into the middle class, kamala harris is going to cut your targets -- cut your taxes. if you are getting squeezed by prescription drug prices, kamala harris is going to take on big pharma. if you are hoping to buy a home, kamala harris is going to help make it more affordable. lizzy: meanwhile in north carolina, republican running mate jd vance told a large

audience the u.s. needs a donald trump led government to get the country back on track. >> donald j. trump represent something we need right now, we need hoping the united states of america. hope that we can reignite this economy and bring back prosperity to american citizens. hope that we can raise our kids insecure neighborhoods and safe streets. hope that we can renew the patriotism that binds us as a country, together, one nation under god. lizzy: so the perspective bps jostling for the limelight. let's bring in vonnie quinn for analysis. how did you reckon tim walz did today? >> you mention hope in jd vance mentioning a. you heard that at the d&c as well on day three. tim walz daughter is called hope, and she had plenty of

presents there. i think they would say he laid it safe and he also introduced himself to the american public. he mention what kamala harris would do for policies, and then coaching him came out, the personality that he's been exposing to the american public for some time. he said it's the fourth quarter, were down a field goal but were on offense and we've got the ball. our job is to get in the trenches and do the blocking and tackling. it's clear that he knows this is a job is going to have to take extraordinarily seriously, the business of actually getting elected. it's one thing to accept the nomination, it's another thing to move swing states where donald trump and jd vance were today, a critical state for them to win if they want to get to the white house. as we've heard through this d&c, it's going to be a very close election. lizzy: as you say a jampacked

lineup. what are the other messages from the key speakers on day three? >> you had oprah winfrey coming out and mentioning how, there were moments of levity and laughter. bill clinton was one of the speakers and he said 25 years after being in the white house, he still younger than donald trump and that got a big laugh from the crowd. but there were similar messages that there's no reason for complacency and an urgency not to be complacent in this cycle. oprah winfrey said elections have been taken away from under democrats noses for some time in this is not to be a case of that. she also spoke directly to independent voters, beyond the registered democrat center are in the arena. oprah said she had always been a

lifelong registered independent and she urged everybody out there to vote the right way, to vote their values. we also had a bevy of celebrities as you say, stevie wonder kicking things off earlier on and people like keenan from saturday night live and john legend. so does remain to be seen who the d&c will roll out tomorrow to introduce kamala harris which is the highlight of the whole convention when she accepts the nomination. lizzy: we thank you for the update from the d&c. plenty still ahead on the docket today. at 9:00 a.m. u.k. time we get the euro area pmi's. at 12:30 p.m. london time is the ecb july meeting, of course they left the rates unchanged in july, the guidance was as neutral as could be. clearly not trying to rock the boat, but understanding how much growth concerns are outweighing

worries about sticky inflation. and finally we've got the harris acceptance speech to the d&c. around up of the stories you need to get your day going in today's edition of "daybreak: europe." terminal scrubbers can find it by going to dayb . we will bring you the latest, next. this is bloomberg. ♪

lizzy: welcome back to bloomberg "daybreak: europe." controversy in germany this week as the governor's financial support for ukraine was called into question. germany will continue supporting ukraine including a chancellor himself. how real is the doubt that germany's going to stand by ukraine when we've had all of this back-and-forth? >> the reason this is so important is that germany has rbc been the biggest supporter financially of ukraine within europe, only second in the world

to the united states. when you hear things like the finance ministers saying there will be no additional new funds available to ukraine going forward, people have to really pay attention to that. some of the politicians have come out to try to dollar that back saying what they're doing is emphasizing the financial commitments that are already there will continue to be honored. that means there will be a billion euros this year, 4 billion euros next year but when you go to 2027, he goes down to 500 million euros, materially lower. none of these politicians have said were going to change our budget and make room for new money here. they are pointing to what they've already committed and saying going to be paying all this money from the russian assets. that's what the whole g7 agreement has been about, to get those russian assets moving. they haven't really hammered that out yet and the real problem is a political one. when you have germany basically

sending those signals politically to moscow and to put in, but also potentially to trump presidency, it gives a lot of ammunition for trump and vance to say germany is not even pain anymore, why should the united states? lizzy: that's the politics, what about the economic reality? we've got pmi coming out later today. what are we expecting? >> the pmi data is at the fundamental core of the german story right now. part of the reason they are not in such a powerful position economically and budgetary lee, the pmi data coming out later, broadly speaking across europe where expecting services to grow a little bit, the issues around manufacturing which is been contraction for most of europe for most of the year. in germany, manufacturing has been contraction for more than two years. it is substantial because this

is the old-growth engine of germany. this is the thing that has generated well for germany for decades and decades. i saw a survey out overnight about new businesses from the german chambers of commerce where germany has seen record low interest in founding a new businesses. when the old-growth engines are failing, and when you have huge issues on bureaucracy and labor cost, it makes it tough to start businesses. it's now at an all-time low in terms of people one to start businesses nurmi and rates are little higher than usual, which -- start businesses in germany and rates are higher than usual, which doesn't help that. lizzy: where does it all leave the ecb? >> we heard from panetta overnight whose giving us breadcrumbs saying it was reasonable to assume they're going toward loosening monetary policy. what lagarde said in july, september is wide open. now we look at the market

pricing, were looking at a 65% chance of a rate cut in september, that has gone up a little bit in recent days and weeks but let's remember about a month ago we're talking about a 90% chance of a rate cut. so the steady will be super crucial when it comes to what that ecb will do going forward. were looking closely at the cpi data next week. today we will be looking at the eurozone negotiated pay, how much pay has been after go up in the euro zone in the second quarter. in the first quarter, it went up about 4.7%, that's about as close to the highest level it's been in 30 years. this will determine how much disposable income people have and how much more people are willing to pay. we're watching that very closely at 10:00 a.m. u.k. time. lizzy: when you got the likes of europe saying the greedy

inflation beast is no more, we thank you for the preview. later today we will hear from the bank of latvia present net giving his thoughts on rate cuts at jackson hole. i want to stick with german news, deutsche bank saying it expects a 430 million euro boost to its third-quarter results after the german lender said it's making significant progress in talks over the majority of claims, claiming deutsche bank underpaid for the retail bank of china. plenty more coming up, this is bloomberg. ♪

lizzy: welcome back to bloomberg

"daybreak: europe." the hong kong exchange operator has reported a 9% jump in profit in its first full quarter. the new ceo told us mainland chinese investors are turning to hong kong to diversify their poor folios. >> i think it's the normal efforts of the market. it's a good thing that we see volume picking up in the months of april and may. the recent two months, maybe we see a little bit of softness. is simply a reflection of a few things, the general market environment, macro economic conditions. investors are worried about a lot of things these days. but i always say we invest in the market for the long term. i still pin my statement about

being cautiously optimistic on fundamentals. i've mentioned it to you before, the phenomenon that mainland chinese investors are looking for opportunities to diversify their investments overseas. >> that's why southbound was up. >> southbound has been very strong this year. it's grown in the first half compared to last year. we are seeing that kind of interest from investors coming down from the mainland to diversify investments. and i think we're sitting in a very good position in terms of capturing that. lizzy: bonnie chan speaking with

stephen engle there. some of our other top corporate news stories this morning, bracing for a six-month is this band from beijing, according to the financial times, it could start as early as september. more than 30 publicly listed mainland firms have dropped it as their audited this year after scrutiny of its role in alleged accounting fraud. coming up on the program, we will look ahead to the latest euro area economy data but today's pmi numbers due this morning. do stay with us for that. we're looking at futures current

>> very good morning, this is bloomberg daybreak: europe. i'm with you from dubai and these of the stories that set your agenda. waiting for powell, asian stocks and futures pullback ahead of the fed chair's highly anticipated speech at jackson hole tomorrow. expect more cuts. the ecb says the euro area is headed towards further loosening of monetary policy. we look ahead to today's pmi data from that region as well. tim walz formally accepts the democratic nomination for vice president, laying out the policy case for a kamala harris presidency. a very good morning, welcome to the day. we are looking towards the cash open being slightly lower this morning for equities. jackson hole kicks off, we are awaiting powell's speech tomorrow, hopefully a clear picture of where the fed is headed on rates, we got the fed minutes last night confirming pretty much that a rate cut is coming in september, but not a lot of clues as to whether it's

going to be a half-point move, so as we head towards the session, it looks like it will be pretty risk off, but if we flip over to the asset picture, 10-year treasury yield lower 3.8 percent. euro-dollar still floating around that year to date high of 111, we wait that data on the pmi's of negotiated wage front we are discussing with oliver crook. you've got go still floating around a record high ahead of powell speech, but brent even weaker at $76 a barrel. as we continue to see traders prioritizing the demand story over the geopolitics as washington continues to push for a cease-fire here in the middle east. let's dive deeper into the macro. we've had the minutes from last month's federal reserve meeting showing some officials did see a possible case to cut rates before the committee voted to keep them steady. bloomberg's jill disis has been going through those minutes for us. and you had fed officials acknowledging that there was a case to cut rates in july, some

of them. what is it tell us about september? jill: i think you hit the nail on the head when really what this comes down to is a question of whether we are willing to see it cut by 25 basis points or half points. at this point, what the minutes show us is that the fed is open, or as we said, some of the fed is open to cutting rates. futures -- futures markets are pricing in a rate cut but you also have to look at these markets that there will have to be enough cuts by the end of 2024 to apply one of the three meetings for the year is going to be a half-point cut. so, which will it be? what happened in september, will it happen later? i will say i don't really know that we got that much clarity out of that jobs data that came out of the u.s. overnight just showing the downward revision in payroll growth for the year ending in march, that was pretty big on to what we were expecting, a pretty downward sizable revision there, so what

i think this tells us is that a lot will have to come out of powell. we will see what happens and what kind of indication he gives us out of jackson hole because a lot of the data is showing us it will be a cut, but i don't know that we have enough clarity as to tell us by how much for september. >> a mention about the reaction function over at the ecb, kind of moving from focusing on sticky surfaces inflation to the service on growth in negotiated wages, we get the pmi data of the euro area today. what do you expect? how likely do you think it will be that the ecb cuts again next month? >> at this point in a lot of our servers are showing us about that overall pmi gauge. such as the composite figure, you will see it eke down in august. down to 50.1 from july's 50.2. thus the composite gauge. certainly there is some pretty broad expectation for continued weakness in manufacturing. out of the euro zone,

particularly germany, probably a struggle more than france did in the last month tracking those numbers we were seeing in july. i will see at this point we are starting to hear, as you mentioned -- you mentioned a bit earlier, from some of those ecb members about the likeliness for a cut. we also recently heard from -- saying there should be a cut in september, so the data it does seem to be trending in that direction, we will see what the pmi's actually show us. >> bloomberg's jill disis, we are absolutely spoiled for central banks speech. later today we will hear from the president from the bank of latvia at jackson hole to get his thoughts on the ecb rate cut. do tune in speaking to us at 7:00 p.m. london time. i want to get back to the health story, scientists really trying to stop this mpox outbreak in central africa, but what they are finding is a complex mosaic

of different strains in different infections. but our chief africa correspondent jennifer zabasajja has been looking into this for us, what are we know about these various infection patterns? jennifer: it seems public health officials are learning new things about the way that this virus is spreading. and really finding that there's a lot of different ways that we are seeing transmission happening. if we just talk about what we are seeing more globally first, we are seeing sporadic cases popping up across the world and experts believe that we may continue to see that happening just given the way this mutated virus is spreading. if we zero in on the drc, because those are the pictures we are looking at now, what we have seen in the past is that there is an older strain that has been spilling from a humans. but perhaps the good thing is we aren't seeing as much airborne transition happening. there is concern about children on the impact on children and it appears at least on the ground at the drc again, 80% of child

cases has been a subvariant called clay one a. the concern is this clade one beta variant that is expected to be a bit more deadly and a bit more concerning. and really what we are hearing from public health officials is similar to what we have seen in the past with covid and with ebola. this virus is mutating and spreading quite aggressively. so they are trying to do their best to keep up with the transmission and the infections just to understand more about how it's spreading across the world. >> on the vaccine front, the maker of one of the only approved vaccines is reporting earnings. do we get any guidance about how it impacts is going to affect their business? quakes it is interesting, as you mentioned it is one of the only approved vaccine makers for smallpox and for mpox in the u.s. and in europe, we have ready seeing bavarian nordic shares climb almost 30% just in august and we got guidance from

them on wednesday just talking about how because of this order that they were able to fulfill to an unfulfilled -- undisclosed european company, they will be able to reach their topline target for their half-year, but not just that, they made it a point to say that over the past two years since the last mpox outbreak in 2022 and 2023, they have been focusing on strengthening ties with a number of countries around the world. expect that by the end of 2035 they will be able to distribute at least 10 million of their doses by the end of 2024, potentially at least 2 million. good news, at least right now for bavarian nordic, but we should note that these doses are mainly for adults and their next target really is seeing whether or not there is an effectiveness with these doses with adolescen and children. but we will be hearing from the ceo later this morning, so it will be fascinating to see what else they are looking at and

what their expectation is moving forward. >> our chief africa correspondent jennifer zabasajja, we thank you for the update. as you say, 8:40 five london time on the opening trade, we speak to the ceo on how the mpox vaccine maker is responding to the outbreak. now to the other stories making news this morning, italian divers have retrieved five bodies from a luxury of a yacht that sank in a storm off sicily. tech entrepreneur mike lynch and morgan stanley international chairman found dead. italian prosecutors are investigating how the 56 meter yacht, which was built to withstand hurricanes, sank within minutes. in other news, paramount shares rose after the bell with a source telling bloomberg that -- is raising his takeover bid to $6 billion. earlier this week he made a $4.3

billion offer for control of the entertainment conglomerate. paramount had already expected -- accepted an offer from skye dansby has extended by 15 days a deadline to consider other offers. elsewhere, morgan stanley's former ceo, james gorman, will lead a committee searching for a successor to the disney ceo. goldman joined the board this year and disney knows that he also -- also oversaw a succession transition at morgan stanley. disney is weighing internal and external -- true second term as ceo runs to 2026. ford says it's making further cutbacks to its ev strategy, canceling plans for a fully electric sport utility vehicle and the shift may cause the carmaker nearly $2 billion. ford's also delaying a next generation electric pickup and cutting spending on ev's from 40%-30% of its annual capex. those are some of our top stories this morning. let's take a look at the events we are following for you today.

10:00 a emlen in time, we get those the euro area negotiated wages from the ecb, as we were discussing with jill and ali. before the u.s. open, we are cycling through earnings season with peloton coming up next. that leads us onto the latest u.s. jobless claims data at 1:30 p.m. london time and pmi's at 2:30 p.m. london time. both will come up in conversation at jackson hole. that kicks off today in wyoming. all the while, the democratic national convention continuing in chicago. we are expecting kamala harris acceptance speech later on today. right here on bloomberg daybreak: europe, first half operating profit drops, we speak to the ceo, next. we will get his view on the earnings story that we have broken for you on the program. that's next. this is bloomberg. ♪

lizzy: welcome back to bloomberg daybreak: europe. 6:43 a.m. in london. as we reported earlier, the dutch financial services group, aegon, posted its results. first-half operating profit falling on last year. but we speak down to the ceo. good to have you with me on the program. joining us from hey get, i wonder how the macro environment is impacting your business. ask good morning, thank you for having me back on the show. at first we are pretty pleased to report a very strong set of half-year results. powered by strong commercial meant across our u.s. product alliance. strong commercial momentum in brazil and also in the workplace business in the u.k.

in china, spain and the asset management business reversing their outflows of last year to 8 billion inflows for the first half of the year. the overall economy that you are pointing to, i would call it -- sculling off and not collapsing. especially in the u.s. we still see the economy very strong and also in europe, we saw moderate uptick in up and make -- economic growth prospects. now all eyes are on jackson hole. if we could start coverage today. and we need to see what the fed is going to do, whether it will start the easing cycle, which we expect to start pretty soon. the overall economic prospects are still quite ok, and as a result, we expect the commercial monitor to continue. lizzy: what do you expect to be the impact of the looming rate cuts that we expect powell to talk about tomorrow?

x we need to see what they do. i don't have a crystal ball, we need to see what they do but i can sense the expectation is we have reached a peak of the hiking cycle and that now they easing will start in its on the back of data, it will be data driven, we will probably see the start of an easing cycle to more neutral policy levels. but, what it mean -- lizzy: how will in fact -- impact your margins? pixar margins, we are adjusting our products where we need an hour at hedging products at our alm. so we are used to navigating through all types of rate environments, and we do not expect these rates to fall very quickly and as a result our markets will continue to stay in a good place. lizzy: your resorts have taken a hit from unfavorable mortality experiences related to u.s. final assets, and reading from your resource year.

can you just explain what actually happened there? x we have observed over the last number of quarters negative claims experienced post-covid. and we used the second quarter to look at our assumptions and if we have any updates, we usually present them then. so we felt it's only appropriate to -- given the negative mortality experience we have seen over the last quarters, to look at our mortalities and to update them. for that we took a chart today, for in a million. this will imply that the operating result moving forward will increase. the overall capital position of the company is very strong, so we can easily absorb this. if you look at our capital positions in conjunction with a strong capital that we have generated in the first half of the year, we are well on track to our target of 1.1 billion of capital generation this year. lizzy: given that, can we expect

a higher buyback next year? >> we have completed one billion buyback recently and we have just started the buyback program of 200 million that we aim to conclude by the end of the year. but the strong capital position has put us in the position to increase, to announce today we are increasing our dividend per share by 14%. lizzy: and what are the latest trends in your asset management business? >> we saw inflows of 8 billion this half-year, which is on the back of new client onboarding in the netherlands and the united kingdom and money market inflows of our asset management business in china. we are continuing to push on with our commercial momentum that we are seeing their with a focus on alternative fixed income. sustainable investing, and those strategies are well recognized by our customers and it's demonstrated by the good inflow profile that we are seeing

today. lizzy: i know you talked about your u.s. business, what's the latest on the transformation there? >> a transformation in the u.s. business is going very well. we are increasing our agency sales force by 13% this half-year to 17 9000 agents in the u.s. we are seeing across the product line strong commercial momentum in the u.s. with 1.2 billion of new sales in the mid market retirement plans, so we are making very good progress in our objective to turn transamerica as our companies are called, to the middle market leader in retirement solutions. at the same time we have financial assets, which are product lines that we have closed off her new business. we risk manage and wish to shrink those financial assets. this half-year we made good progress by shrinking the

capital of those financial assets by 400 million. so we are well underway of our targets in the u.s. lizzy: is there any areas of your business you might consider some in organic growth? are there any potential markets you are looking out for potential m&a action? >> we are focused on organically improving our business is in the markets where we operate. we really build our business is brick by brick and that is something we do for quite a number of years and our strategy is clearly making good progress. of course, wherever we can find in organic opportunities, we will assess them very rigorously against strict financial and nonfinancial criteria, if it can help to accelerate our strategy in those markets to build leading businesses. lizzy: always good to have you with us on the program, ceo of a gun after those results this morning, we thank you so much

for making the time. we were discussing the health situation with jennifer zabasajja. she mentioned bavarian nordic's involvement on the vaccine front, and we can review those results now for the second quarter. net income coming in at 261.1 million danish krone. the r&d expenses, 209.6 million danish krone. for the four-year it's estimated to be 1.3 5 billion krona. and for the second quarter profit, 420 million. so, a real beat on the estimate of 202.7 million danish krone. so you can see the share price year to date up to 34.4%. over the past seven days. they are expected to benefit even more when it comes to the use of these vaccines. so we keep an eye on bavarian

nordic at the open after those results. 8:45 a.m., london time on the opening trade, we will bring you an interview with the ceo on how the mpox vaccine maker is responding to the outbreak. paul chaplin will be speaking to guy johnson and kriti gupta. we have plenty more on daybreak europe coming up for you. so stay with us. this is bloomberg. ♪

lizzy: welcome back to bloomberg daybreak: europe. i just want to take you through that european data that we are getting, it's a big day for a. pmi's and negotiated wages coming out of the ecb later today. the ecb reaction function, it seems, is already pivoting to focus on this slower wage growth, growth concerns as well, rather than this sticky services inflation. these are almost really important today. he to see that actually euros on manufacturing pmi's have been soft. flip the board, you can see the story of negotiated wage growth slowing at the far right of that chart. but even before all of that data, if we flip the board again, we seen the euro rising to a year to date high. you could see the momentum behind this is strong. currently we are trading at about 111, so weaker .10%. by year to date high. we will keep an eye on the euro as we head to jackson hole. starting out today we are not just going to hear from jerome powell, we're also going to hear from the ecb's chief economist and lisa will be sitting down

with the bank of finland governor, he has already said that the increasing risks to europe's growth outlook have reinforced the case for a policy when the ecb meets next month. so we will learn more about the ecb sinking at its last meeting, not just at jackson hole, but also in the latest minutes are published later today. plenty for traders to be digesting. we also had that payrolls revision last night, just to recap, we had a downward adjustment of 818,000, it really does suggest that the labor market may not have been as strong as initially reported. bad news for the economy, even if it was in line with expectations, but this labor market weakness is something that was noted in the fed minutes for july. a bit of ferocity and confusion off the back. stocks rallying, bond yields ticking higher, for a moment of

uncertainty, investor confidence returning, now we are looking at futures pointing lower in the u.s. s&p e-mini slower. euro stoxx 50 features lower .10% as well. we've got a lot to bring you on the docket today on the opening trade we will be hearing from rafael marciano, who is the director general at the iaea, speaking to him about recent nuclear safety concerns in ukraine. don't miss that interview at seven: 30 a.m. london time. 8:45 a.m. london time we have the ceo of bavarian nordic, and we will also be speaking with the ecb. so much to keep in tune for. do stay with us for the opening trade with guy johnson and kriti gupta. this is bloomberg. ♪ that. sleep number does that. actively cools and warms on each side. during our biggest sale of the year, save 50% on the sleep number limited edition smart bed shop now at a sleep number store near you.

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>> good, i am guy johnson. central bankers from around the world arriving