nejra: good morning from london. i am nejra cehic. manus cranny is in dubai. this is "bloomberg daybreak: europe." u.s. stocks have their best quarter in over 20 years but futures are lower today. positive data out of both the united states and china contrast with a stern virus warning from anthony fauci. beijing and ask sweeping security legislation for hong kong, saying it hangs the sword of damocles over critics. boris johnson says u.k.'s deeply

concerned about the move. airbus against the biggest restructuring in its history. it will cut 15,000 jobs with the majority impacting the main bases of germany and france. 6:00 a.m. a -- manus: in london, 7:00 a.m. in paris, and 9:00 a.m. in dubai. it is the three f's for friday, the fed, the fact she warning, and i thought i would throw in fedex because it is a nice triptych. i want to focus on the fed. spirit toimbue a new the yield curve control narrative? open interest in the bond market is the equivalent of $36 billion. the bond boys and girls are locked and loaded for yield curve control conundrum. good morning. nejra: good morning. we are certainly seeing signs as you point to have that yield

curve control trade alive and well in the bond markets. if we look at equities, i mean, best quarter for u.s. equities since 1998, manus, and it is interesting because if we look ahead and think about where we go next, you can see the profit forecasts taking higher and some saying that will provide additional support for stocks from here. in 1998, it was a little bit of a turbulent time. we have a long-term credit. it was a tricky year. i love what j.p. morgan has set about the bond market. it is a bit like colby max -- goldilocks. the courage has gone slightly cold. we will need to get a little bit more inventive. never thought you would hear me talk about that. how are your market? nejra: it is interesting because we are seeing a little bit of a mixed picture and not really much indication across assets of what to really read into

sentiment today. you are seeing asian equities giving up their gains, edging into the red right now. be looked -- it might at positively. a little bit of a mixed picture in some of the other asian pmi's we have had. u.s. futures point lower after the bumper quarter that we just talked about. euro stoxx 50 futures unchanged, giving up some of the gains from earlier. the 10-year treasury yield is edging up a little bit. " her rebalancing going on. i have not put the dollar in today because it's nothing. you saw that get to 1800 for the first time since 2011. best quarter for gold and four years and we are slightly positive today. oil on the front foot, rising towards $40 on wti on signs that u.s. stockpiles are shrinking following kpi data. manus. ofus: don't leave too many those gold chains around the desk in the studio.

let's talk about found she. the virus expert in the u.s., the latest dire offerings and warnings on the pandemic from him. he told lawmakers on capitol hill that the country is going in the wrong direction, adding infections could be more than double to 100,000 per day. still, the s&p 500 jumped 1.5%. it's last trading day in the first half rising in the best quarter to 1998, adding to optimism. the u.s. consumer confidence hosting the biggest increase since 2011. nejra. asia, china's manufacturing pmi rose in june to 51.2 from 50.7, signaling the country's recovery is accelerating, supported by external demand. confidence among japan's large manufacturers fell to the lowest since 2009 in the boj's latest survey. the imf warned that asia's loss of economic output will likely

persist until 2022. joining us now is the head of the global portfolio solutions for india and aipac at goldman sachs asset management. thank you so much. lots of different signals that we need to distinguish from noise for the markets as we head into the second half. what stands out for you in terms of guiding where risk assets, particularly equities, are going to go in the second half of the year? >> good morning. great to be on and thank you for having me. i think that it is critical to note one of the key things that is still driving markets is the uncertainty around the pandemic. substantial uncertainty as it relates to the widening of the infection spread, the medium-term damage to the global economy driven by these lockdown measures as well as the willingness of markets to look at the current level of economic

weakness we see in q2 has something that is temporary. balanced against that is this extraordinarily deep and swift policy response we have seen from central banks as well as governments with the fed opening up its balance sheets to the tune of -- global stimulus packages above 10 trillion, which is clearly providing not only a significant support to market functioning, but a significant injection of the quiddity to help companies overcome the challenges here and provide a bridge to get through to the other side. things between those two is clearly challenging given that uncertainty but i think we seeing, asd economies have started reopening somewhat, we have seen improvements. just mentioned that data with respect to china but also seeing some improvements in europe as well as the u.s.

ultimately, we are still being driven by the pandemic. manus: and there's a lot to digest. it is manus in dubai. i started talking about the s&p 500 because it is the global image we have. the bloomberg team says earnings expectations have probably bottomed out and we will be in the beginning of a new phase. would you agree with that, that that perhaps the shock drop contraction in earnings by 40% is the bottom and that we are at the beginning of a new phase of reassessing the earnings momentum? shoqat: sure. i think that clearly, the market is looking through this particular element of weakness in earnings. we see these drops of around 40%, in the u.s. as well as in europe that would obviously translate to a much more challenging picture with respect to equities.

looking into 2021, and therefore, the picture as it relates to earnings suggests that the markets are looking at a reasonably swift recovery now. that, aeeing signs of much improved picture in terms of u.s. labor market data, u.s. retail sales pick up. manufacturing data around the world as well, but we should caution that there's still lots of improvement to see on the services side. uncertainty around the behavior of the consumer. particularly given the disproportionate effect that comes from social distancing measures, the impact on retail measures, sustainment, travel, etc., and as a result, the uncertainty still exists. the positive signs are building in terms of momentum which could suggest a swift recovery and improvement in earnings through 2021. nejra: how does the prospect of

the fence yield curve control in 20 fit into your strategy for the rest of the year? powell highlighted the imperative of curbing the virus to see a rebound, but as manus and i were talking about at the top of the show, you are seeing trades on the belly of the curve and the 10 that suggests some market participants have yield curve control. how does that impact your strategy? has been clear today as it relates to these sorts of policies where it did not seem as if it was necessarily the current focus. it is keeping its options open with respect to monetary policy. they feel as though there is more to be done potentially on the monetary policy fund. it takesing a whatever approach. there is more to be done on that front than perhaps they will, but i think the bigger measures here clearly are now on the fiscal side. buffers not much yield

on the bond side, but as manus just described, there is not much protection from bonds at the moment so i think that the element of fiscal stimulus to support any uncertainty that comes through prolonged periods of lockdown measures is likely the way they will address things. be very have got to fair. that's j.p. morgan. if i was that inspired, i would be sitting behind the trading desk. they talk about the goldilocks scenario. neither much return nor much protection against a client so it would be disingenuous if i reflected it in any other way. they say they will have to reduce significantly bonds and we are going to have to get a little bit more -- a little bit more dexterity so if i gave up my face bonds, where do i go? is it high-yield, is it investment-grade? with that said backstop, which

is absolutely dominant? theat: the focus i think on fixed income side is not necessarily on the high-quality side. investment-grade credit with the feds, corporate credit facility. preference toas a move into higher quality, 10 bonds with the huge level of spread narrowing since the march lows. side, there'seld been a significant amount of spread narrowing there as well. i think we would argue the better opportunities on the high-quality side, focused on maintaining the robust level of liquidity. they have strong balance sheets whereas you are not getting compensated as much on the high-yield side given the likely divide. manus: we will try to keep an eye on those yield

compressions. shoqat bunglawala from goldman sachs asset management had our guest host for the next 50 minutes. let me get you up to speed. 9:11 here in dubai. boris johnson unveiled his plan for the u.k. to build its way back to prosperity, but the package ran into immediate could a schism. opponents claim it offers no new money and falls well short of a roosevelt style no-deal and the government has touted the night before and the rhetoric. the chancellor will set out more details of the recovery plan on july 8. the u.s. federal communications commission says huawei and zte our national security threats. the move prohibits federal subsidies being used to buy their equipment. both companies have close ties to the communist party. china's military as well. the u.s. has repeatedly argued huawei's equipment can be used

for spying. that is a claim the company does deny. almost 90 percent of americans are dissatisfied with the state of the country according to the new study from the p research center and the unhappiness -- pew research center and that is hitting donald trump. he is 10% behind the democratic nominee, joe biden, according to the survey. 54% of registered voters backbiting. biting. trump -- back -- biden. 44 percent back trump. $10,000 of that will come from germany and france. the company says output will be 40% lower than the expected for two years. that is due to a dramatic slump in demand brought about by the pandemic. global news, 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg.

coming up, we will discuss china. we have seen some pretty strong images coming from hong kong again. china asserts its rule over hong kong. beijing passes its security law and the west says it is concerned about the city's autonomy. live to the city of hong kong. this is bloomberg. ♪ ♪

manus: it is "bloomberg daybreak: europe." ♪ i am manus cranny dubai with nejra cehic ♪ in london. through of lines coming from the german foreign minister. hong kong security law will not improve the china-e.u. relations. he has made this statement. he is in a television interview.

he goes on to say -- he talks about the relationship in the recovery fund. he expects something to come in the middle of july. that is the essence of what he is saying. he's our live pictures. are lives -- these pictures that we are seeing in hong kong. 23 years from that hand over to china with new laws that impose life sentences for attacking beijing and the communist party. the u.k. says it is deeply concerned about the new security legislation and that the u.s. is promising strong action. in hong kong's anti-china rallies, they have been banned. some say they will defy the

order. carrie lam says this legislation is the most important development in relation between hong kong and china since the handover. this legislation is considered the most important development in the relationship between the central and hong kong government since the handover and is a historic step in improving the mechanisms to safeguard the country's sovereignty, territorial integrity, and security. joining us from hong kong is bloomberg sophie kamaruddin. great to have you with us. yesterday, when we were sitting here, we were waiting for details from the legislation. what do we know now? six chaptersw have and 66 articles in this document and in it, four are outlined. secession, collusion with foreign forces, all of which could carry a life sentence as the maximum punishment for the

most serious cases. details were sparse leading to this juncture. they were worried over a death penalty being introduced or a retroactive application but there are no such provisions in the legislation. there are ongoing concerns over judicial independence in hong kong and the reach of the bill. number told us in -- the member told us it was much tougher than expected. it couldn't for the bill is intended to be a deterrent but the question does remain, just how will the legislation be implemented as well as enforced? manus: sophie, what are the implications for businesses? that is really what the world wants to understand. shoqat: the underlying -- sophie: the underlying message seems to be to stay out of politics. on one hand, this step by

with possible uncertainty over policy and legal protections. playersht see some further assess doing business in the city. say theof the bill focus is very narrow and it would only impact a minority of the most strident critics but there is a wide scope in terms of who could run afoul of the rules which are extraterritorial and cover hong kong residents any world -- anywhere in the world. manus: great work. ,ut and about in hong kong getting reaction on the streets. coming up on the show, it is the first day of the second half of 2020. what does the rest of the year hold for us? it has been a heck of a momentum so far. we will discuss it right here on "bloomberg daybreak: europe." this is bloomberg. ♪

nejra: this is "bloomberg daybreak: europe." i am nejra cehic in london with manus cranny in dubai. we have time whistle has been blown. 2020 has proved to be as unpredictable for investors as everyone else. the equity selloff just kept going on. we had a second quarter rally which took many by surprise. manus: the second half gets underway. the s&p sitting on gains of just over 20% for the last quarter. the nasdaq, 31 percent. how are stocks going to hold up during the earnings season sent to be dominated by red and gold? towards then ounce haven.

job ongot the tough deciding where to allocate going into the second half of the year. this global economy could come out the other side of it, actually stronger than we went into the cobit shock. i think an awful lot has got to go right for that. your assessment for that kind of statement and that kind of glass half-full. shoqat bunglawala, good morning. shoqat: it is a bit too early to take a directional view that positive. we have adjusted our positioning to reflect the fact that we are seeing improvement in economic activity as economies have begun to gradually open up. as we have seen with the essentiallyread increasing again in the u.s., it has accelerated. the epicenter has moved from china to europe, to the u.s., into large emerging markets, it

is still very present. we are in the midst of a significant public health crisis and therefore, we think it is too early to take a view that they will emerge out of this on a stronger footing. swift expect a reasonably recovery to the extent that the virus is contained. we can continue to see improvements on the economic data front but we have maintained a neutral stance. nejra: neutral overall. most of your positioning is happening below the index level, so talk to me about how you are skewing your positioning. is it to do with relative value trade, is it to do with options? shoqat: sure, let's get to asset classes on equities feared we have maintained a preference for developed markets over emerging markets, and within that, we haved universe, sector composition with a bigger focus on technology and health care companies and the relative

earnings which makes it more resilient through this crisis. side, wexed income maintained a bias towards high-quality investment grade credit and there is value in high yields and emerging-market debt. the bias is on the investment side and recognizing there is not as much protection from government bonds relative to the history, fighting other alternative sources of risk mitigation. it is important we look at incorporating alternatives. writing call options but also focused on safe haven currencies. manus: we read a couple of various notes from the bank side from you guys selling volatility. you talked about writing calls, call options on the top of equities. talk me through your sense of volatility.

very high-risk trade. just give me your perception on how fragile or volatile this next half is going to be? shoqat: absolutely right. we are talking about elevated levels of volatility. call options and that sort of environment. trying to take advantage of that elevated volatility to the extent you think things will likely stabilize at some stage over the medium term. it gives you the opportunity to take advantage of that current level of elevated risks. it may well be we are in this period of elevated risk for a while. it gives you the extra level of return sources. from: shoqat bunglawala goldman sachs asset management stays with us. great to have you on the show. coming up, power play. russia vote to change its constitution in a move that could tighten president vladimir putin's grip on power. that is next. in the meantime, we have seen

european futures give up their gains. u.s. futures stay negative. a bit of risk in markets. this is bloomberg. ♪

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manus: good morning. daybreak europe. your top stories today. quarter intheir best over 20 years. futures are lower today. positive data out of both the united states and china contract with virus warnings from anthony fauci. sweeping security legislation for hong kong. it hangs the sort of damocles over critics.

boris johnson says the u.k. is concerned about the move. airbus begins the biggest restructuring in its history. it will cut 15,000 jobs with the majority impacting germany and france. nejra: welcome to daybreak europe. after a bump for equities, the best quarter for the s&p 500 since 1998, we start july with a risk off tone when it comes to equity futures and asian stocks. the dollar strengthened slightly. the 10 year yield is edging up. mixed signals from markets. that makes sense giving the competing narratives out there. manus: there are. , a warningarrative from the health point of view. the imagery of jay powell wearing a mask. we are three months into the health crisis. it has taken that length of time. if we uae, we are fined

don't where our masks in public. the narrative is very different around the world. the unsynchronized global response, the unsynchronized opening, the unsynchronized city of markets. nejra: i love the idea of the an synchronous of the. they say that will cause problems for the recovery. no longer he -- victory fee. worry w. theman sachs is with us for hour. besays, you don't want to doing directional trades right now. they are doing all their trades below the index level. could that provide some support for equities? manus: the wobble we worry about. let's have a look at markets. s&p futures down. are you going to get that dislocated about a drop of 4/10

of 1%? what will the fed minutes bring to us this evening? foreignhave the german minister. he expects a deal by the middle of july. $36 billion. get ready. i'm so good with the acronyms. these are easier than in the last crisis, i will you that. 0.2 percent gold. what is your haven of choice? saudi's are exporting less. inventories are drawing down in the united states of america. oiled up -- oil up. another huge global story. emirates and russia. the mostoting on sweeping changes to their constitution since it was adopted nearly 30 years ago. one of the amendments would allow vladimir putin to reset his term limit to zero.

potentially letting him stay in office until 2036. he's already the longest-serving kremlin leader since joseph stalin. he rose to power in 1999. the white house says that president donald trump was not briefed on reports that the russian government paid bounties for troops to be killed in afghanistan. there was no consensus among intelligence officials on the veracity of the claim. joining us now is principal russia analyst at risk maple craft. great to have you with us today. thank you for joining. are we going to see vladimir putin in power until 2036? daragh: at the moment, we can rest assured that the constitutional amendment that would allow him to stay in power until 2036 will be passed. notquestion is whether or the conditions within russia

will allow him to do that. he started this year with big goals. one of which was not to leave. the second was kickstarting the economy. it's important to note, since 2009, following the financial crash, you had years of economic stagnation punctuated by occasional crises such as 2014 and now. broadhat has led to is a erosion of living standards that has started to weigh on his popularity. acquiescence for his continued role. manus: good morning to you. 2011 as the last severe challenge to him. discontent. what level of discontent is there in russia at the moment? daragh: not just the level of

discontent. the geographical spread and the nature of it. protest were largely confined to what might be called the urban class. by appealing to what you might call the russian silent majority. that's where you see the kremlin starting to refocus on being social conservatives, opposition to all gbg rights, that sort of thing. living on support outside of moscow. 2011 isve seen since the kind of broad-based economic growth that we saw in putin's first two terms that cemented his popular appeal. it has not manifested itself. we've seen living standards go backwards. foras led to a willingness russians to protest in the streets. just ineeing it not

moscow and st. petersburg, but across the country. a lot of these protests tend to be about public health issues or specific local concerns. you are starting to see russians linking up there dissatisfactions with the shortcomings of the political system as a whole. while you are not seeing any kind of broad turn against putin on behalf of the people, you are starting to see an increasing level of skepticism. certainly, the response to the coronavirus pandemic or the lack of response is another thing content in the political system. we started to see that. um, if we do see putin's

term extend through the 2036 but this discontent starts to ferment even more and grow during that time, what sort of political environment could we see? will we see that discontent follow a -- fall away? daragh: it all depends on how russia emerges from the current crisis. on their current projections, the ministry of economic development is not expecting untilp -- gdp to recover 2023. that's dangerous for putin. even if the amendments pass, he will have to put himself forward for some sort of vote in 2024. if the circumstances of the election aren't free and fair, if you are seeing gathering or strengthening public opposition driven by a poor economy, it provides a handy focal point for

the opposition to rally around the selection. that is something we have seen throughout the soviet state. ukraine provides the most dramatic example. equally in della reese right now , where the political system is more rigid. tighter.o's power is a combination of a poor economic situation. yes? manus: we want to get one last topline from you. especially around the u.s.. joe biden, 64% likely know -- likelihood he will win the 2020 election. that's a lofty prediction. what does that mean for putin, if joe biden was in the white house? daragh: that's our forecast. it does seem to follow along with the polls. is ifg problem for putin there's an intensification of

sanctions. externalss favorable environment, which we expect if there's a democratic victory. allegations new that activities in afghanistan. if you see a united states that is determined to hit pressure harder -- russia harder economically, that delays that internal recovery. discontent with the political leadership. obviously, it's difficult to predict the future with any accuracy. generally speaking, a democratic white house would be one that would provide a much more challenging external environment for russia. nejra: great to have you with us. thank you for joining us. prince bulrush analyst at there is michael croft. let's get to the first word news.

the u.s. is going in the wrong direction when it comes to the coronavirus, the warning from anthony fauci. he says daily case counts could more than double to 100,000 behaviors don't change. he added, we are not in total control right now. he declined to estimate a number of potential debts but said the total would be very disturbing. more details of china's national security law for hong kong were published last night. it allowed for life sentences for crimes including subversion of state power. .t extends the actions it covers nonviolent tactics like those employed by protesters. in the u k, boris johnson unveiled his plan for the u.k. to build its way back to prosperity. the package ran into immediate criticism. opponents claim it offers no new money and fall short of the new deal the government had touted the night before. a chancellor set out more details.

global news, 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. let's take a look at some of the events to watch out for today. a weeklong conclude referendum on constitutional amendments. the changes will allow vladimir putin to extend his hold on power beyond 2024. today, germany takes over the european union's rotating presidency for six months. manus: indeed. later in the morning, the decision from the riksbank. open toy leave the door more asset for searches -- purchases? we get those minutes from the fomc, the federal reserve's last meeting at 7:00. we talked about this new legislation from china in hong kong. we take live pictures now.

sophie kamaruddin was there. this coming from the hong kong police force. these are live pictures. a man has been arrested for holding a hong kong independent flag in causeway bay. violating the national security law. if this is the jumping off point for arrest, walking around with a flag, maybe this adds to the whole there to have. it's the first arrest since the law came into force. that security law sweeping and from beijing. we are live to hong kong throughout the morning here, right here on bloomberg. this is bloomberg. ♪

♪ nejra: this is bloomberg daybreak: europe.

we've got a little bit of a risk off tone coming through into equities. what a quarter we just had for the s&p 500. best since 1998. read creeping through in asia. european futures edging into the red. the 10 year yields moving higher. the dollar weaker against the yen but stronger against most g10. oil on the front foot after that api data. goldman sachs asset management is still with us. we were talking earlier about some of the trade you were taking below the surface for indices and equities. investment-grade in credit. what are the positions you are taking around havens? gold had a brilliant run last quarter. does that feature in the portfolio? are you looking at havens elsewhere? >> elsewhere. the results are around 50% on the year. we prefer more traditional market exposure such as

treasuries. to a market hedged, high-quality bonds are generally outperforming. with the view around the potential debasing of currencies, seeing the potential inflation hedge, and that front, equity is about to be outperformed. gold is safer over the long-term. probably worth noting, given that correlation between gold and inflation, look at it over the long-term. it is pretty unstable. plus .7. not that stable correlation. we prefer traditional market

exposures and risk mitigation. manus: i was drawn to the line in your notes were you say that you want to wait for more information before more aggressively positioning. that will help you position more aggressively. what information do you want to see? what quality of information do you want to see? where are you tempted, but just restrained from positioning more aggressively? there's still lots of opportunities out there, given the unevenness of the recovery from an active management perspective. there's lots of opportunities to position with respect to sectors. there's opportunities, taking advantage of overweight in telcos, in insurance, and banks. being underweight and sectors that are more preserved to services and consumer discretionary.

lots of interesting opportunities. in terms of the overall risk posturing, which is what you are referring to, we've seen improving science. there's still more that we need to deal with in respect to how the economy emerges out of the lockdown. that's the unsynchronized recovery. we will dig into that. head of goldman portfolio solutions and a packet goldman sachs asset management. says the u.k. faces further economic pain from coronavirus outbreak as governments and programs come to an end. he spoke excessively to bloomberg. think there is a gathering storm. the furlough program from the

state is quite amazing to watch. how significant the program is in the u.k.. how that has buffered the impact of this incredible medical crisis. but the government has been very strong in terms of putting small business loans out, guaranteed by the government. we have done over 200,000 small business loans in the last couple weeks. 6.5 billion pounds. all the way to major commercial paper programs being bought. we've done over 10 billion pounds of that type of lending as well. the reaction has been quite strong. that has enabled us to stay focused on the financial integrity of barclays. barclays being a very strong, highly capitalized bank is critical if we are going to play our role in helping the u.k. and the world recover from this virus. you walked in to the highest level of capitalization in the history of barclays.

13.8% capital. very liquid. we have the strength of a very strong balance sheet and a possible underlying business that we can hopefully build a firewall as we get through this economic crisis. >> look at the deterioration of the economy. is it worse than expected? what does that mean for your client activity? >> right now, the contraction in the economy is probably less than we would have expected a month ago. spin has started to recovery. it's not down as it was a couple months ago. aided by the government programs, aided by the furlough programs. i think there's a storm gathering. mortgageave 90,000 payment holidays out there. we have given payment holidays for critical holders. a lot of that will start to end as we come into the end of june and july and august.

it will be interesting to see what happens to unemployment at that point in time. what happens to the furlough program. we are not out of the woods yet. we recovered more right now than we would have thought a little bit ago. there's that second storm coming in a couple months. christian young is under the gun here. there's a massive missed audit at wirecard. i want you to speak for the rigor of auditing at barclays. the you feel there's any mysteries on your book in relation to wirecard? do you think the auditing is tight enough to find simple things? >> we started taking a cautious approach to wirecard quite some time ago. very mindful -- >> weight -- wait. some time ago. like last thursday for a few years ago? >> a long time ago.

not last thursday. wirecard did have questions before. we've been conservative and how we dealt with them. they are a very big business. they have big business in the u.k. as well. it's a very tough situation. it seems like something quite significant was missed. i think the markets will pay a price for it. nejra: that was the barclays ceo. coming up, airbus embarks on the most significant restructuring in their history. this is bloomberg. ♪

♪ embarking on the

most expensive restructuring in its history. we are joined from paris with the details. what do we know? best ofll get the 50,000 job cuts at airbus over the next 12 months. that's 11% of the workforce. a 15 billiongo, euro package for the aerospace industry. clearly that wasn't enough given the travel restrictions, given the outlook for the industry. much of these job cuts will be in europe. one third in france. one third in germany. the french and german states have big stakes in airbus. they have some in china and the u.s.. the european playmaker has seen output dropped by 40% due to the covid crisis. they should remain at this level for the next two years.

manus: staggering numbers. we will track the progress of the airbus story. the u.k. market open is up next. it's bloomberg. ♪

♪ anna: good evening. matt: the market say, bring on the next quarter. u.s. stocks close out their best three months since 1998. will the bold get the proof they need in the weeks ahead to confirm that rally? here are your top headlines from the bloomberg terminal.