to jackson hole. actually not. a virtue is chairman powell will speak to a virtual conference on the virtues of lower for very, very longer. markets stuck in the august doldrums. there is no stimulus, no income support. how to calibrate economic growth in the next 12 months. the secretary from jerusalem, the first lady from the rose garden. convention asnal the president goes in search of the suburban voter. good morning, everyone. "bloomberg surveillance." anna edwards tour of duty here for francine lacqua. the going to mention remarkable story of the decline ath in the united kingdom of this pandemic. it is an extraordinary success for the nation to see those deaths come down. anna: it looks good in

comparison to the united states. i think comparisons across europe may be a little more challenging to make and put in a positive light. that has certainly been the focus and the delay to locking down the country certainly was an area of real criticism for the government. i suppose this morning, we are also focused on what is going on near to you in terms of hurricane laura building across the atlantic and a ready to make landfall. we are watching louisiana, watching texas. we get this red headline across the bloomberg from the hurricane center saying laura is seen rapidly strengthening to category four hurricane. this is new information this morning. >> that is a big number. hurricane 4 is much bigger than a hurricane 2. 4 is getting very, very serious. this is the acceleration north , west the gulf of mexico of new orleans as well. in new york city, always quite

good with our first word news. >> on the second night of the republican national convention, speakers tried to humanize president trump and highlight his leadership. first lady melania trump spoke from the white house rose garden. first lady trump: i don't want to use this precious time attacking the other side, because we saw last week, that kind of talk only serves to divide the country further. i believe that we need my husband's leadership now more than ever in order to bring us back once again to the greatest economy and the strongest country ever known. meanwhile, secretary of state mike pompeo says the president has made his progress towards middle east peace. as we were discussing, hurricane laura is threatening the texas and louisiana coast. winds are expected to peak at 120 miles per hour when the

storm comes a short late today or early tomorrow. there hurricane has already disrupted oil and gas production in the gulf of mexico and it could keep some of america's biggest refineries shut for months. in wisconsin, the governor has declared a state of emergency. there was a third night of violent protests in kenosha over the police shooting of a black man. businesses were vandalized and businesses were set on fire. meanwhile, shots were fired in a confrontation between protesters and a group of armed men. one person was killed and two were wounded. that trade deal with china may pay off for farmers in the u.s. beijing is set to buy a record amount of american soybeans this year. the total would probably be about 40 million tons. that is around 25% more than in 2017, which is the baseline year for the trade deal. china's taking advantage of a drop in soybean prices. 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. anna, tom francine: tom: thanks so much debt tom. tom: thanks so much. doldrums in the market. renminbi comes in stronger today, really breaking down. 6.89 right now number of yuan per dollar. see is a big deal to strengthening chinese or nimby. here is the equation. a little bit of wednesday math. the nominal yield is higher, inflation expectations are higher as well, and equally, so the real yield, the residual of that is the same, -1.01% right now. inlived in the yield, a lift and inflation expectations and that gives you a stable real yield. was that too much math, anna? anna: never too early for a

little wednesday math update. i have got the response we are seeing in european markets to confirmation of an extension to the furlough scheme that we have seen in germany supporting those employed in businesses that have been hurt by the pandemic. they have extended it for another year commotion significant. does it set a precedent for your -- year, which is significant. does it set a president for europe?- precedent for the euro weaker as well against a flat dollar this morning. also, i slotted in iron ore. our colleagues are talking about how they see signals that prices may drop your. they see a less tight supply story when they look at brazil, australia, and the stockpiles in china as well. let's get to max kettner, hsbc multi-asset strategist, who joins us now. how significant is this?

how investable is this in terms of the german response? max: yes, perhaps. what we have seen in the last couple of weeks and months is that the german dax was outperforming quite a lot against all the other peers, whether that's france, against the broader -- in equity market and that probably is also partly due to the very outsized response from the fiscal side in germany. if we look at the last 8, 9 years, we have not gotten used to it. perhaps that has a little bit more room to run, yes. overall for euros and equity markets, i doubt that there will be this very strong rotation out of u.s. equity markets into euros and equity markets. , think that's where the signal just an extension of a furlough program in germany is not as investable as it seems i think. anna: ok. is this something that only happens in germany? because germany was

well-prepared for this, and the sense that they already have this furlough scheme up and running as part of their general infrastructure. it has been employed before, hasn't it? is this something that only germany does because it had a before and as the fiscal debts to go ahead with this kind of extension? max: you have given the answer. that is exactly the point. germany used this after the global financial crisis quite successfully, together with the 009, 2010.d 29 -- in 2- that really help germany get out of the woods faster than euro zone peers. the problem also with other countries, you have asked before, can other countries do that as well? i doubt that other countries have that kind of fiscal debt to really deploy that much physical aid to extend any kind of -- fiscal aid to extend any

programs until the end of 2021. i think that's quite unlikely. that is perhaps a little bit more of a german special case. tom: german special cases about income substitution. i guess it's about social policy as well. we have seen a huge deterioration in the united states just in the last 10 days here as this stimulus runs out and the success of unemployment amounts have drifted away. how simply, max, define economic growth, gdp will be different given income substitution in germany and europe versus the process in the united states. max: there interesting question. if we go -- a very interesting question. if we go into the third quarter and the 2021 data, think of the effect of the stronger euro no. the trade-weighted euro has been up more than 7% since the low. that obviously will probably put a little bit of a lid on

inflation in the eurozone. it will put a little bit of valid on growth. what we have seen, when you look for example at the bloomberg consensus numbers for 2021, consensus expectations for u.s. growth in 2021 have consistently been revised lower in the last couple of weeks, whereas it is in fact opposite for the euro zone. i think for the euro against the u.s. growth, not only from a substitution perspective, but particularly from a consensus perspective, it seems perhaps sensus has become a little too jubilant on european growth and a little bit too down be on the u.s. tom: michael mckee with special coverage on jackson hole. if that's the case, max, how does jerome powell address the inflation conundrum given the markdown gdp growth that we seem to be -- in gdp growth that we

seem to be observing now? max: to be quite honest, i think the job is relatively easy right now because it is going to turn perhaps in the next couple of weeks already that the u.s. is not as bad as we feared, particularly relative to europe and the euro zone. we wrote a note a couple of weeks ago where we questioned really the end of this u.s. exceptionalism. so the idea of u.s., let's call u.s. equity, but also the dollar really getting into massive bear market. we are kind of questioning that. i think powell has a relatively easy task. i doubt there will be a massive, massive change in policy announced from jackson hole. i think it's probably going to be much more sort of a nuanced tweaking towards what we really been seeing over the best part of the last two years anyway. i think powell right now has a fairly easy job to do because consensus has become so

incredibly bearish on the u.s. whether that's with regards to the handling of the writers, whether that's with -- virus, whether that's in regards to relative growth or political risk, it seems that consensus is saying that everything is fine in the euro zone but everything is bad in the u.s. that's just not the case. tom: this is fascinating. max kettner will stay with us with hsbc. with a category shift in the hurricane, the hurricane has been off my radar because of a sudden, it has gone -- all of a sudden, has gone from category two to category four. a category one hurricane is a minimum 74 miles per hour, then up to 96 miles per hour. 111 miles per is hour. we are in anticipation of 130 mile an hour minimum winds for hurricane laura. all of a sudden, this becomes more than serious for the

territory between houston and new orleans. coming up, michael wilson, morgan stanley, their chief u.s. equity strategist. futures mixed, red and green on the screen. stay with us. this is bloomberg. ♪

♪ >> the president has held china accountable for covering up the china buyers and allowing it to spread death and economic destruction in america and around the world. he will not rest until justice is done. he has ended the ridiculously unfair trade arrangement with china that punched a hole in our economy. those jobs are coming back home. tom: for our international audience, i cannot measure how , toual what you just saw is

see a sitting secretary of state, foreign and abroad, speaking within a convention of political convention format is truly original in america. there were many first last night ats the second night of the republican national convention. one of the great agreements of last night and frankly with the democrat party as well is with china. max kettner with us from hsbc. we had this off our radar the last number of days. glad to catch up on this. how much will trade change between china and europe and china and america? >> i think with regard to the u.s. elections, i think very little will change. very little will change with regard to u.s.-china trade relations. perhaps there is a little bit more in terms of trade done. we have talked about germany. germany has traditionally been one of the most exposed to chinese trade. if you look, for example, just

think we as a percent of exports to gdp or percent of exports of total exports to china, so that's where germany is coming in. i doubt that will be a transformative process in the very short run. i think it will be a long run, drawn out process that we simply have to get used to over the next couple of years. it's not going to be suddenly going away with either of the candidates. tom: i don't have a chart available but there is a world trade, the volume of world trade , which is simply rolled over to the last decade. it is a painful chart. do you continue to see world trade struggle? where in the aggregate and based on history, it diminishes? probably was one of the point that also contributed to this lower for longer period of the last 10 years.

if you just simply look for example at world trade relative to world industrial production, you can see that world trade has always been lower. there has also been other measures, for example, it's very often really presented that actually with trade tensions between the u.s. and china of the last three years, everything just started then, but that's not the truth. if we look at trade liberalize measures versus trade restricting measures, ever since the financial crisis, we can see that every single year since the financial crisis, you could actually see that trade restricting measures have always surpassed trade liberalizing measures. the sort of demise of trade or slow it down trend of trade has been going on for quite a while already. really interesting to trace the deglobalization impulse back to the financial crisis. that said, the poster child for european global trade in terms

of indexes for stocks that we look at is surely the next. it is the dax -- the dax. it is the dax that is the closest to turning positive year to date in europe. what does that tell you about the relationship between europe and china on the strength of it, given the strength we are seeing in the dax right now? think that's necessarily really related to u.s.-china. reflects is that perhaps a transformation of european benchmarks as a whole. if you look at the euro stoxx, a couple of years ago, we would have said it is pretty natural because when you're invested in the euro stoxx or eurozone equities as a whole, you are overly financials, you are overweight the struggling sectors, whether that's financials, autos in germany. that has been underperforming so much for the last 5-10 years that their weights have become less and less. tech, for example, has become

much, much bigger. in the german dax, that's what's helped the german dax i think much less so than the u.s.-china trade relations in that instance. anna: when you look at europe as a whole, are you excited about investing in europe versus the u.s. thinking about the balance of the value versus growth that we have here in europe probably? max: over the very short-term, there might a little bit of rotation because real yields have to climb so much in the u.s.. if we get a backup in yield, that is a bit of a rotation into value. also benefit from that. really looking 3-6 months, i highly doubt there will really be a substantial rotation from europe -- i'm sorry, from the u.s. into europe. just simply because we talked about in the session before, where actually a consent since expectation for europe -- consensus expectations for europe are extremely high,

whether that's regard to political risk, whether that's in regards to the eu's recovery fund, the handling of the virus, whether that's also for example relative to growth compared to the u.s.. baked into expectations and the price already. i doubt that there will be this huge rotation. one thing we have not talked about, if you look at eps revisions and put them together with annual change of euro-dollar outlook against eurozone against u.s. earnings revisions, you can already see that u.s. earnings revisions are highly benefiting from this weaker dollar. anna: ok. max, thanks very much. max kettner, hsbc multi-asset strategist, joining us here on "bloomberg surveillance." the conversation around inflation will be very topical at jackson hole. that is coming up thursday this week. stay with the bloomberg for our full coverage of the jackson hole economic symposium, including fed chair jerome

powell's speech. this is bloomberg. ♪

♪ >> this is "bloomberg surveillance." let's get your bloomberg business flash. of expenseen years by filing to go public trade domestic -- direct listing.

the data mining company applied to list on the new york stock exchange. alantir will not raise any proceeds in the listing and does not have a traditional underwriters. the company has never been profitable. shares of salesforce are rising. the software maker tops quarterly revenue and quarterly estimates. that's considered a sign that many corporate customers responded to the economic slump by upgrading critical technology systems. salesforce also raised its annual revenue forecast. -- rejects u.s. government allegations that it conspired to raise prices of generic drugs. it is the most significant case to come out of a years long investigation of price-fixing by investigators. that's your bloomberg business flash. tom, anna? anna: thanks very much for that. we are seeing a bid for some of

the risk plays in europe. risk sentiment getting a boost essentially from the fiscal injection we seek commenter from germany, the extension of their scheme really substantial and adding to appetites in europe. tom: quiet market in europe but tech still elevated. coming up, we are going to continue with the pandemic. we've got a wonderful guest. she is in the united kingdom but she is decidedly american out of overland and she is looking at the debate of science and non-science across america on this pandemic. dr. rohn will join us. anna edwards and tom keene. this is "bloomberg surveillance." good morning. ♪ you doing okay?

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that there is -- and spain and germany that there is a new circulation of the virus. the increase in cases and the data should not surprises. the pressure on these countries is very low compared to recent months. it highlights that we have to learn to cohabit with the virus. my opinion remains the same, we have to be quick and rapid to isolate cases, do a lot of tests , try to govern this transition which will last a few months at least but will hopefully lead us to a vaccine. that was the italy health toister speaking exclusively bloomberg. let's continue our conversation around the virus. for more the latest, we're joined by jenifer rohn. you.good to speak to we were hearing from italy about the use of local lockdowns to tackle the virus. it is that going to work through winter? is that a solution for winter

and in the northern hemisphere? >> i hope so. it appears to be a good strategy. it seems to be working in the united kingdom. once you have flattened your curve, you can keep flattening it as little sporadic outbreaks ,, use a localized approach and not penalize the entire country. in theory, it is a great idea. in practice, we don't know what is going to happen when the cold winter months,, when the flu virus begins to circulate. i think it is a good strategy for now. anna: yes, because in europe, many people are able to socialize outside. what happens when everyone disappears indoors, jennifer? let me ask about the difference in the uptake with case numbers at the moment versus the earlier spring surge, the earlier -- original outbreak. youngould we treat people? should we be telling them to stay at home or is the fact we are not seeing deaths associated to such a high degree of

comfort? interesting, this phenomena of the younger cohorts getting infected, but still it is an awful lot of people being infected and these people can spread to more vulnerable people. it is a nonstarter to have everybody stay at home, especially young people. but i do think social distancing and mask wearing will make a big difference. the u.s. curve right now is starting to flatten a bit but there are still a lot of cases. we could have a lot of really bad effects in younger people that are not necessarily showing up in the stats. you can get serious, long-term illness and we don't even count these numbers so we don't know how many there are. rohn.jennifer absolutely best in class. jennifer, were on fire on twitter. fahrenheit 451

illusion. you have been writing about science and non-science as well. the non-science crew has a timeline in patients. they just don't want to wait. what is wrong with being impatient about getting to a good outcome? done so much really good work with lockdowns, flattened curves all over the place, and the minute you let up at aside, oh, it is all over, it will keep coming back into we all get it under control. i'm not saying we should all be sitting on their houses for the rest of our lives, but the people who do not want to wear masks baffle me. even more, people refusing to get a vaccine if we get one. it is nonsensical. why not wear our mask? it is clear that it is reducing the number of cases. i don't understand this argument at all. tom: tell me about this debate,

this confusion, rather this conflation of the search for a vaccine with antigens and also with plasma. these seem to be the words that amateurs talk about too much. to a pro like you, what are the risks of the conflation of different processes? >> it is important to be clear, plasma, convalescent plasma, there's a long history of using it but it is limited. you take plasma from one person, you can't inoculate the whole world with it. we don't yet know what the convalescent plasma is. it is something to try people are doing tests, but certainly there is no hard and fast evidence that is a good thing. vaccines, you can inoculate the world. with the high boost of indigence. it is pretty much understood if you get a natural infection, it is not good to give you as good an immunity as if you had a vaccine. it is specifically designed to ramp up your immune system. they are two different things. anna: jennifer, one of our

colleagues writing an opinion piece this morning say what we really need that would change the game is a more effective treatment. we have a couple of things being used that have been developed, found to be useful in treating coronavirus. are you looking at anything -- we talked about plasma, but are you looking at anything that could be really significant? >> at the moment, we still have these two drugs, one that is very hole that seems to save a fraction of lives who are critically ill and then we have remdisiver, basically shortening the recovery time but no magic bullet. that is all there is at the moment. we are looking at empty immune compounds, things that might quell or try to quiet down the immune system, which is causing the series complications for people who -- serious complications for people who in up a bit to letters. we still do not have new leads on that. rohn, thank you so

much. let's get up-to-date on the bloomberg first word news. the warning today from national hurricane center, in now says hurricane laura will rapidly strengthen into a category 4 storm with winds of at least 130 miles per hour. it is expected to make landfall later today or early tomorrow along the louisiana-texas coast. secretary of state mike pompeo highlighted president trump's leadership in his speech at the republican national convention. he said the president had " pulled back the curtain on aggression of the chinese communist party." china president has held accountable for the china virus. he will not rest until justice is done. he has into the ridiculous unfair trade agreement with

china that punched a hole in our economy. those jobs are coming back home. >> pompeo speech appeared to violate state guides that onhibits activity while official travel. he spoke from jerusalem. the food and drug administration commissioner tells the ", a mistake." theade -- overstating plasma therapy for coronavirus patients. willsays he worries it hurt the public perception of the fda. he also said the agency would not rubberstamp a vaccine. hasunited nations, the u.s. lost its bid to impose sanctions on iran over its nuclear program. the president of the yuan security council rejected the trumpet administration's demand. he comes yuan secured rejected the trump administration's demand. global news, 24 hours a day, on air and at quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries.

this is bloomberg. tom: thank you. it is her party, esther george in jackson hole, the kansas city fed has territory over wyoming. it always has been about the kansas city fed. really, really valuable conference. mckee george with michael and the 7:00 hour. this is "bloomberg." ♪

>> donald will not rest until he has said all he can to take care of everyone impacted by this terrible pandemic. leee has ended the nicholas

unfair trade agreement with china that punched a hole in our economy -- ridiculously unfair trade agreement with china that punched a hole in our economy. >> right now our economic health is coming back with emergency spending and tax cuts. americans are going back to work. looking at, more tax cuts and regulatory rollback will be in store. >> i don't use this precious time attacking the other side. because as we saw last week, that kind of talk only serves to divide the country further. i believe we need my husband's leadership now more than ever in order to bring us back once again to the greatest economy in the strongest country ever known. tom: a vision of day two of the republican convention. it continues tonight. david westin with our coverage here at 10:00 p.m. as well. someone taking this in is someone who has earned the credibility on covering president trump and the many paths of his advisors.

she's a senior writer for bloomberg news, stephanie baker. she is definitive on the campaign of donald trump in the governance of donald trump as well. stephanie, i want to give you an open question as i can. after this convention, what would you expect from the republicans and the democrats into september and into the heat of october? well, it is a very odd campaign because of the coronavirus pandemic and it has changed the whole nature of campaigning and changed the way the convention was held. the whole night really felt like a reality tv show. indeed, the republicans used producers from "the apprentice," to help them stage this event. i think there will be reverberations from this convention. there was a lot of criticism of mike pompeo speaking at the convention, secretary of state had spoken at a convention --

had not spoken at a convention indicate did so apparently while on official business in jerusalem and already democrats have begun an investigation into whether that speech was about elation of state department roles and the hatch act. tom: my phrase for this is the trumpian palace. the white house is being used as a set for convention. whether it is vice president pence or senator rubio or whoever runs for the republican party four years from now, are they going to pick up elements of this to advance forward? think sort of stylistically, yes. i think they will definitely use trump's style going forward. i think the other take away from the convention so far is how much the trumps now dominate the republican party. we already heard from three of trump's children and we will hear from a ivanka trump on

thursday. i expect them to continue to dominate the republican party. and they spoke in a way that was very political rather than personal. i think that is the real takeaway. they were not giving personal testimonies about what a great got the father was but making very political statements, which i think is unusual for members of the president's family when campaigning or giving speeches at a convention. the decision by president trump himself to speak every day, every evening at the event going down? that is not usual, is it? >> no, it is not. the other unusual thing he did last night was he issued a link and hedeo presided over this naturalization ceremony at the

white house where no one was wearing masks. it was very politicized infomercial in an attempt to court the votes of minorities, even though he has pursued a very clearly sorted anti-immigrant policies while he is in office. i think it is very much about being front and center. this is definitely trump's party . in some ways, it should come as no surprise he wants to appear on every night. u.k., we seemthe to hear a lot from non-trump republicans. is that a false to be -- force to be reckoned with in the u.s. at the moment, stephanie? >> you do have fairly vocal group of republicans that are actively campaigning against trump, the sleek and project, for instance. this lincoln project, for instance. i think they were much more vocal than 2016.

i think it remains to be seen how that is out and whether or not that does help tip the balance. -- trump enjoys extremely high ratings and republican parties according to most polls. the number of republicans that have broken away and opposed him are still relatively small in the greater scheme of things. whether or not they play a crucial role with swing voters in the swing states that are so important for him to win for reelection, that remains to be seen. tom: the theme last night was to go after the suburban vote and particularly the suburban female vote. did they succeed? a trying to look at this as neutral observer, yes. they did achieve some of that melania trump speaking. we don't hear from her very often. i often wonder why because she does effectively soften trump's edges. she was the only one to address

directly the coronavirus pandemic and the toll it has taken. her speech i think was a clear attempt to target women voters, the majority of whom have broken for biden. she staged this rather dramatic cat, runwaymost walk entrance into the rose garden from the white house. again, stood in front of a lectern with the presidential seal, something i don't think is ever been done at a party convention before. she was dressed in the sort of green military almost dress. she did speak to women voters come as did tiffany trump in a way that i think they clearly particularlys according suburban female voters if they are to going to win the election. tom: stephanie baker. that noise

you hear in the background, this is something we can impede. knocking out the walls, making the east wing larger as well. how is that construction going, anna? a bit itpologize i'm isn't my fault. it is not our construction project, it is the neighbors. i apologize if you hear that on air. tom:, on, you're putting in one of those greenhouses that i see. call it the tom keene extension. tom: lisa abramowicz had the same thing a couple of months ago as well. you can remain calm tonight. david westin with thoughtful interviews in conversation wrapped around what we observed for mr. trump trump's convention. the republican convention at 10:00 p.m. tonight. futures mixed stuff tomorrow, drone power -- jerome powell. this is "bloomberg." ♪

>> behind you looks like a replica of a basketball championship trophy. >> it is not a replica. it is almost 10 years old. the nba is playing in a

bubble in orlando. how's that working out and are you surprised it has worked out reasonably well or do you think you can be done better or what is your view? >> it is shocking how well it has gone. there's so much risk just bringing such a large group of people, thousands of people together in one area. and have zero cases? that is stunning. stunning. literally, we were concerned about what might happen because, primarily, you're talking about a population of twentysomethings. if you could see outside the bubble, twentysomethings in any city, they are not the most conscientious when it comes to wearing masks and following social distancing and other protocols. to our players and staff at disney and the nba, everybody has been really, really careful. it has paid off. tom: mr. cuban with david

rubenstein. an important conversation. much more on that here. look for that at 9:00 p.m. tonight just before the republican convention coverage. right now we digress. i was briefed by jonathan ferro. mr. massey of barcelona once out. -- wants out. we went to our expert on english football in brussels and she joins us right now. the foundations of barcelona cracking is, well -- i guess the basic idea is he is unhappy and maybe he will go to man city for more money than god and the number i have is $826 million. $826 million. ok, great. but what does that mean for barcelona, maria? it is tom, for starters, a shocker because messi is one

of the greatest players ever, no question. when you look at the relationship between messi and barcelona, they scouted him when he was 13, he comes from argentina and they launched his campaign and have it working together for 20 years. this is almost -- the brain has become one, messi and barcelona. not only he ones out, but it is the way he is leaving. this is all happening publicly over twitter. the team is imploding. you're probably going to lose your star player, someone you thought was going to retire on your team, a legend for your team. and it signals the end of a style. everything around the way barcelona plays is around messi. if he goes, what will happen next? tom: anna edwards, do you see the difference in maria talking about messi versus when she is talking about eu conferences? it is stunning, the difference. just i have seen maria but

as much enthusiasm into a conversation about eurozone debt, frankly. how could we suggest otherwise? maria, this is fascinating and has lit up the twittersphere in the way you would expect. plenty in the u.k. calling for him to come to the u.k., hoping you would come. peter crouch is on twitter's income if he comes to the u.k., that would be -- we talk about where he might go. is there any clarity on that at all? maria: there isn't. there's a lot of speculation he could go to italy. the u.k.. what you need to factor is not just the team. any team in europe would love to have messi. the question is, who can pay 700 million euros? that is the buyout because they would have to pay to get him on the squad. this is going to turn into huge label battle because messi says i want to leave and i want to

lee free. i don't want the buyout clause to be an issue. barcelona saying, not so fast. i'm not good to lose my star player and also not make money on this. tom: maria tadeo, one of 99,000 people ensconced to watch barcelona all too often. maria tadeo, thank you for that impression report on mr. messi. jonathan ferro giving me notes here from tuscany on what to say because i have no clue what i'm talking about. futures, flat. dennis gartman is next. gartman on gold. this is "bloomberg." ♪

tom: this morning, all roads

lead to jackson hole. actually, not. it is a virtuous german powell. groupl speak to a virtual on the markets. we are stuck in the august doldrums this morning. there is no stimulus. no income support in america. how to calibrate economic growth in the next 12 months. the secretary from jerusalem, the first lady with four flights from the rose garden. it is an original convention as the president goes in search of the importance of urban voter. good morning, everyone. "bloomberg surveillance." i thought max kettner was absolutely brilliant in the last hour on this growth dynamic difference between europe where maybe it is better than expected and the u.s. where maybe it is too good to be true, and how they may recalibrate here in september and october. anna: that will be interesting

to watch.