manus: good morning from bloomberg middle east headquarters. annmarie is alongside me at bloomberg hq. is that were still to come? stocks trade lower after wall street slides. u.s. european futures shows signs of stabilization, but morgan stanley says there's more pain ahead for equities. the stimulus debate.

the u.s. has already delivered , but jayscal support powell says the economy still has a long way to go. early doors. bars and restaurants in the u.k. ine crackdown amid a surge the virus. boris johnson is set to announce new restrictions today. just gone 6:00 a.m. in london, annmarie, you mentioned that yesterday had the potential for new restrictions and it would be delivered. it is official. at 10:00 p.m. annmarie: that's going to be it for pubs and restaurants. p.m.ave to leave by 10:00 boris johnson set to sound the alarm on this today. i do think it's as loud as an alarm as many expected. i'm in bed well before 10:00 p.m. i don't think this will change a lot of people's habits, but it is a start of potential

restrictions as we do have that are rate increasing in the united kingdom. i watched a number of challenges yesterday afternoon. ands about tests and traits the robustness of the testing system. in dubai we are able to walk out the door within 16 minutes of the hype i can pick up a test. within 24 hours im text and sent a message immediately. question is from morgan stanley. what's next in these markets? you're not even halfway there. this is michael wilson thing there has not been a washout and it's the technician entire to market. 200 day moving average is its interim target. note, on top of the note he had last month as well, he already warned that the top-heavy market. that now appears quite precedent . this is what happens when stocks get so extended. corrections can be bigger when remaining in an uptrend. let's take a look at what's

going on in the markets. we are seeing stabilization after that wall street selloff. msci asia-pacific, japan is closed. we are down 6/10 of a percent. s&p 500 futures have a little bit of stabilization. we are in the red. dax up 90 10th of a percent. the dax closed down more than 4%. european markets spooked that a spreading and fresh restrictions. banks were a huge selloff, and then the dollar this morning was flat. biggest gain in three months yesterday. what we have learned from march is that everything fell and traders just want the dollar. all ofake a look at what these morning markets mean this morning. , and ofr big topic course i am waiting to hear what jay powell has to say. we really have the stimulus , with going on in d.c. bullard saying enough has been done in terms of fiscal stimulus. guestsok at what our

think. joining us now is the senior executive officer at ark capital . there is a lot to discuss this tuesday morning. the bus makes sense. up on thepick it morgan stanley note that manus brought to my attention. you agree with morgan stanley that the tech lead selloff is only halfway done? >> good morning. i think we are having a moment of stabilization. see the only factor. is theer major issue financial recovery in the short term. this is putting pressure on the broad market. especially as it's triggered by hsbc. but what we are seeing now is some money being taken off the table of the election as we in sixh the election

weeks. there will be more of this happening. i am not sure that this is going to be a dip market, but they are now consolidating to a lower range in the market. manus: good morning to you. thisof the debate is about scale of this correction in the markets, and whether we can debate this forever, whether a correction is healthy or unhealthy. one thing robert kaplan drew attention to was that credit spreads are not blown out, in his opinions. yes, they are moving higher in asia. when is it a red flag in high yields for you if the equity markets began to uptick. ? >> it's not saying much given the fed has -- since april. inflation takes a

place in the past four months. gold have growth. we see the selloff in the markets. i think we can stop looking at the growth story being reviewed. the past few months, the main beneficiaries have been in assets. ,nce we begin to see growth in at will move, but not strong degree. we should keep an eye on commodities in the growth story. this morning we will be looking for what jay powell has to say on capitol hill. does powell undermine the fed put when he talks about the need for more fiscal support because

the fed can't do it all? i think it is a testimony to the fed announcement. it is very clear that the -- to hear what they have at the moment. fed helps out the gop for the election. divisionobviously between what the fiscal advocacy is at this point in terms of recovery. but there is a focus, and we site yesterday with the ceo of bank of america. be fiscal packages should going towards service sectors and restaurants. thing i think banks are most concerned about through and through.

sees willal and inevitably happen without any fiscal stimulus. which is the main concern for banks. the concerns for banks in terms of lending and their exposures tend to go higher. there's the dollar index, 1175. the executive officer over at ark capital, our guest host. laura wright is at london hq/ . deal for tiktok is in doubt. donald trump may renege on approving the agreement. they are signaling reluctance toward state owned media. there are still concerns about the data of more than 100 million americans at the hands of a chinese company. president donald trump is moving towards nominating amy barrett to replace the late justice ruth

bader supreme court. she is a favorite of antiabortion rights advocates who have been lobbying for her appointment. she is a judge on the seventh circuit court of appeals in chicago. tiffany has persuaded a judge to fast-track its lawsuit for canceling it $16 billion buyout. the u.s. luxury jewelry maker says they are relying on a full to you legal pretext it back out of the deal. the trial is set for january of 2021. it puts pressure to justify canceling the luxury industry's largest ever deal. they say it's confidence in its case -- it's confidence in its case. local news, powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. inmarie: laura wright london, thank you. u.s. economic recovery will be long and uncertain. that's according to fed chair jay powell. testify before

lawmakers. we will look at what he will say. this is bloomberg. ♪ ♪

manus: this is "bloomberg daybreak: europe." i manus cranny in dubai. annmarie hordern in london. jen -- downs in the u. new restrictions. a quex nap shot of the market. taking amarket also tumble. you see some small reprieve in those markets this morning. we will get back to those in just a moment. let's talk about the other major theme in markets. it's about the fed officials. they believe inflation will exceed the target, and could do so soon. president-- the fed

frank bullard said lifting prices would work as a begins to react a little less aggressively to the virus crisis. we have to act a little less aggressively to the shots. that will lead to higher inflation expectations and we will end up exceeding the target. if there was ever a time when he thought that may the ingredients for inflation are in play is through that gigantic fiscal deficits combined with the and really rapid growth, off the charts rapid growth. you probably will get some inflation. even in the near term over the next year. so i don't think it will be as it was before the pandemic. >> you also said on friday that you see as many people do this

massive rebound in third-quarter .dp people looking 25%, 30%. you saidit is -- another reason why it will help inflation on track to 2%. i will ask you specifics. it does not look like they will be a stimulus package passed before the election. hard to say when it will be passed after. what difference does that make, if any, to your forecast? james: i think that the original passedpackage that was in march and april, several bills altogether. the cares act was really calibrated to a bigger shock been the one that has actually developed. pandemic,tainly in a it's a big shock and is causing a lot of disruption. but not as big as they were thinking at that time. vowing ended up doing is

10% of teen percent of gdp. if you look at current forecasts for this year, it looks like gdp or national household income would only be down 3% to 4%. you really borrow quite a bit here to cover a whole, which now does not look like it will be as big. i am hopeful we still have enough in the pipeline to push us through comic up the growth going in the second half of the year. that certainly seems to be wet happening -- what's happening in the third quarter. that will continue in the fourth quarter and next year. i think we might be ok. i don't think there is as much of an area about a new fiscal package is there may have been in july, or as it might have seemed in august or july. tohleen: you are referring the and. of of congress to do something.

or are you also saying that given the things he said about the economy and the stimulus that was passed, maybe it isn't as necessary as we thought. many officials said more stimulus is needed, recovery at risk if you don't get it. what are you saying? james: my point is, what people 2020, atking was that the end of the year, household income would be down 10%, 8% or 10%. something like that. went out and borrow 10% or more on international markets to try to cover the hole. it now it only looks like will be down 3% to 4%. we still went out and bought 10%. someems like, at least in macroeconomic calculation, we have enough resources to cover this.

of course it is unevenly distributed and there are many issues around exactly how against it the disrupted household. as far as the total size of things, i think we might be ok and we might be able to sustain our recoveries through this. that was st. louis fed president james bullard speaking to kathleen hays. the fed chairman jerome powell is set to tell lawmakers the u.s. faces a long and certain economic recovery. it would begin later today. when he will add that more fiscal and monetary policy is needed to avoid long-term economic damage. this is the senior executive officer at ark capital. bullard thinks there is enough in the tank. kaplan wants to weigh ability in terms of maneuvering in 2023. is there enough there? confidence comes from continuity

, and continuity is delivered by policy. there is a risk here that we get . we get a policy letdown on all sides, fiscally and monetarily. one of the things we have to recognize is the extraordinary easing of liquidity and the markets over the past five months. one of the things that we have to all coal -- also recognize is the fed has shifted their policy. in essence, what the fed is is keeping the status quo and achieving inflation over a certain amount of time. are not sure how long we can continue that. we don't use the inflation target set they actually want to have to increase their qe purchases over a certain time.

i'm not sure that we are going to succeed in that. the problem,lly is was about fiscal spending. the ultimate answer will have to be fiscal spending. issue spending is a major , which will encourage a rebound in the inflationary targets. without that we will have a very hard time to see the fed achieve those numbers. the u.s. election is the biggest isolated risk event in almost a decade. d.c. in this debate about whether or not they should be a nomination to the supreme court. today marks six weeks until u.s. election. how do you position? is this a by the dollar and hide for six weeks?

if you look at the options market, there is a that it will be a daysnged decision over two -- sorry, two weeks after the election. obviously, if you are in the markets, it's going to be a straight win for either trump or biden. my view is that we have to be an volatility. that means you are reducing your risk and risk markets as we have seen the past day, or whether you are actually reducing the positions and anti-volatility. just a quick response on that. which volatility do you want to ?e long

equity volatility is repressed, bond volatility is repressed. do you want to own fx will? saed: i am very happy to own it. i am very happy to own zero yen. it is an extra boost because of the brexit negotiations, which are ongoing. to expressyou want the view, you have to express it against the yen. i think the dollar will struggle to make meaningful moves downward. i think there is definite support and dollar-yen. other side they are moving quite considerably during this time. going to digare into some of those calls, especially your pound call. senior executive officer at ark capital stays with us this tuesday morning.

tiktok's deal with oracle and walmart looks shaky, but will we get a final agreement? we will discuss the state of play with that deal next. this is bloomberg. ♪

annmarie: good morning, this is "bloomberg daybreak: europe." i'm annmarie hordern in london with manus cranny with me in dubai. these are the events we are looking out for. 3:30 p.m. london time. u.s. treasury secretary steven mnuchin testified before the house financial services committee. there are likely to face questions about the cares act. we know what jay powell plans to say but it's the q&a that matters. isn't it, manus? manus: it is. all the nuances. how long and how high is the road? high battery day. never thought you would get excited about batteries.

you should. anticipation has been going ahead of the event linked to the company's agm. analysts see it as a potential game changer for the carmaker. this year's united nation general assembly begins later today. the event will be held at for the first time since its inception some 75 years ago. here.te saly is we are talking tech and we always talk tech on "bloomberg daybreak: europe." stanley, we are only halfway there. there is a song behind that. journey, i think it has my name in it. we are looking at a couple of calls. jefferies talking about the tech and the fact that it could be an election shot ag, saying the -- perhaps this is a trump election strategy. he reckons there could be a de-escalation in the u.s.-china trade war and the back-and-forth spat over the oracle and tiktok deal is something the president

is paying up on. he says the market is overplaying what we will see here, but citing recent developments, such as that report has obtained export licenses to some chinese companies. and that the ban on we chat has been suspended. it really is about this big call from morgan stanley saying that we're only halfway there, as you say, manus, in this selloff on the nasdaq. the nasdaq is down the lowest 50 day moving average, underperforming the s&p 500 for the first time in a year. but if you see the nasdaq fall to its 200 day average, that level would be a 23% decline on the all-time high reached earlier this month. this is what happens when stocks get so extended that corrections can be much bigger one remaining in an uptrend. juliette saly in singapore, thank you for that. the morning calls this morning. really seeing that divergence between jefferies and morgan stanley.

jefferies saying this is an election strategy on behalf of president donald trump. you and i talk about the bifurcation of tech between washington and beijing, don't we. manus: i think we should rename the show, and of the bifurcation show. here is the european equity story. if you look into this he saw the dax down by over 4%. germany is worried. we are up by three quarters of 1%. what has changed between yesterday and today. there is still the stories about the banks. you've got ftse rallying by over a half of a percent. we will keep an eye on those. we will talk about the calls on the u.k.. what have we got? droprie: steepest one-day since june. we will see how it opens today. are we headed for the cliff edge? the heavymists warn cost of the u.k. economy if we see a partial lockdown. we are seeing pubs closing at

10:00 p.m. we will dig into that. this is bloomberg. ♪

annmarie: 6:30 in the city of london. i am annmarie hordern with manus cranny live in dubai. is the were still to come? asian stocks trade lower after wall street slides. u.s. and european futures shows signs of stabilizing, but morgan stanley warns more pain ahead. the stimulus debate. the u.s. has already delivered enough fiscal support, but jay

powell will likely urge congress to take more action. boris johnson sounds the alarm after urging brits to get out and spend money. the prime minister is set to announce fresh restrictions. manus, good morning. let's pick it up on the last headline. it's not a locked down, it's some fresh restrictions, a curfew for pubs and restaurants. i'm well in bed before 10:00 p.m. for me it's locked down white, just a little bit more social restrictions, but not what we saw early on in the pandemic. manus: is goes back to the heart of the criticisms of the u.k. government throughout this process. which is tepid advice without strict rules. and therein lies the point. all of the numbers we were showing across the screens and global news channels was about where he could get to if you don't adhere. one thing that is for sure is that the markets are reassessing across.ht the way

but that lockdown for you, what do you think we should take away from that in terms of the markets? the marketsthink are still just dealing with what it means the next month. october, november, december. obviously it was always this ominous threat about what does the winter mean? there is still some tension and worries. ready when you locate european equity markets. dax closing down more than 4%. biggest drop on the benchmark since june. seeing a little bit a stabilization this tuesday morning. let's have a look at your stocks and ftse futures. it sterling rather than anything else at the moment. s&p 500 down a quarter of 1%. we corrected in the u.s. equity markets down a quarter of 1%. london up a half of 1%. as far as the equity markets, the debate is this. is there any such thing as a healthy correction?

robert kaplan from the dallas fed see is he is not worried until the dallas fed credit blows. longest losing streak since february. have a look at the fx. the fed talks about volatility in the fx markets. this is where he wants to belong. against the point, and against the kiwi, against the -- pound, against the kiwi, and against the yen. aussie down, yen up. yen is behaving much more classic. trade relative to gold in treasuries, morgan stanley says you are only halfway there. jovi, i'mlling bon channeling morgan stanley's equity note in terms of 23% drop on the nasdaq market. now, it is a $250 million date. that is the cost of this lockdown you have been talking about in the u.k. the business of economics and

resource says this. they warned the danger and gdp could be as much as 3% to 5%. dani burger has been crunching the numbers and the details in terms of the scenarios spelt out . what is the story? >> let's be clear. their view is only with the 10 -- 10:00 p.m. curfew. there are not assuming we will have another full second down. but they look debt that china cracked curfew we saw in the northeast of england. the price tag was 70 million per day. you extrapolate that out and that is were you get the 250 million pounds per day figure. clear, that isbe only a 10th of the total cost we saw in the peak of april. and when it comes to the nighttime economy after 10:00 p.m. the hospitality industry contributes to a 10th of the revenue. much more comes from the financial, professional and i.t. industry.

what's the big deal? why is it a damage to the fourth quarter? the first lockdown was bearable because we had this assumption and it was temporary. second lockdown is that they let people go. it will have a knock on effect to investments and business shutdowns. a lot of psychologists say could have effects on people's mental health, which is what people are monitoring. his is his view and line with other estimates and what you are hearing from other economists? dani: it is. i think you nailed it about the psychological impact. jpmorgan comes out yesterday and said the biggest impact was the immeasurable one. that is where we get the damage. they think the two-week shutdown of the hospitality sector, just two weeks when have a 2% knockoff effect on the gdp. they also think it would trigger a boe response in terms of earlier and larger bond

purchases, as well as the government bringing forward the government offering support for affected workers. they do think that even is 10:00 p.m. curfew, there will be big knock on fx and policies from it. annmarie: digging through with the light lockdown, these restrictions mean for the u.k. economy. sticking with the u.k. economy we are back with a senior executive officer of ark capital . let's stick to what's going on in the united kingdom and pick up where danny left off. what do you think we could see if you are going to see an extension of restrictions are potentially another full lockdown. what would be the policy response. one of the things that we learned last week was that it looked to the mechanisms of negative rates. basically the bank of england had negative rates and they

would further fall. that it expands like a bad situation. we see the covid see the extend, we announcement shutdown. it's a far step. stepnk we can see the next beginning to induce this back in office again. in thecontinue to see it ftse. i was looking at the break even. the break evens in the u.k. have not ratcheted this hard since the end of 2016. the breakevens are really beginning to assume a quite hard and chaotic and to the year. to wear sterling

could trade. 120 on a chaotic brexit. a messy brexit. where do you think sterling trades to? is a eurosterling relative to cable? we are basically at 25 plus for the bank of england. i think we could see sterling much lower. 126 on the charts. see there i think you can it seems toan 120 be underperforming. it's increased in the covid shutdown. talking to guy johnson yesterday saying that u.k.

assets may look attractive on a valuation basis, but it's a value track. more than 20% your today. look at that. do you think it's a value trap, or is now the time to start picking up u.k. stocks? >> one of the things i'm very cautious about is that global equity markets had a rebound post covid stimulus package. marketsn the selloff of . we have seen it rally back up. i think this is only the beginning of the short-term. i think we will probably see a bit more in the markets. we had a better situation in terms of negotiations with the eu. manus: very quickly, is at any

measure a hard brexit -- not an extension at the end of the year, but a hard brexit. is that in any way is systemically important event to the world? brexit, specifically if the u.k. goes down this path, it would represent a risk. i don't think it's going to be the end of all. i think it's going to be more towards the u.k. and eu markets. thank you very much. the senior executive officer over at ark capital. thanks for being our guest host with annmarie and myself. laura wright has your first word news. pressure onng belarus. ministers failed to agree on sanctions against dozens of officials as a crisis bubbles up

over how to handle turkey's energy claim in the eastern mediterranean. they refuse to sell unless they expand against turkey. cook says he is impressed by his staff's ability to work from home, predicting some new habits will remain after the pandemic. speaking at the atlantic festival, he does not think apple will return to the way things work, but hopes most effort into the office eventually. vast majority of us cannot wait until we can be back in the office again. sometimesthat occurs next year. who knows exactly what the date may be. we have about 10%, 15% of our population working today and the office. i'm in the office at different points during the week as well. beta isropical storm

moving towards the shore and it will likely linger comic hitting the coast is a has towards louisiana. it is a repeat of some of the most catastrophic storms the areas have faced, but his the 23rd storm this year. it's a second most active season in record dating back to 1851. global news, 24 hours a day on air, and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. annmarie: thank you for that. coming up, it's the biggest gaming deal ever. microsoft is to buy the videogame publisher bethesda and a record $7.5 billion. we will hear from phil spencer, the microsoft executive vice president of gaming. this is bloomberg. ♪

unless boris changes it, we will be up to 10% of people in the office. i don't ever envision that we will get back to, or even try to get back to something that is more than 60%, 70% of the people that were in the office on any particular day in the future. >> i genuinely feel that we have gone forward 20 years in terms of future work. as linda said earlier, we have to skilled people for that. we have to give them to the tools -- give them the tools that are required. people don't want to come in five days a week. i don't tickets good for them. we just have to make the most of creating an office environment, which is difficult. it was very painful and very it was also very defining and really quite helpful to the system. long, bit like taking a cold shower. you figure out what you need to

do. i won't get on an airplane this year and i used to spend a ridiculous amount of time on an airplane. >> i remember in 2008 going out and buying 50 extra sheets to have in the field outside my house, as well as making sure i had something to defend the sheep because i was that worried about what would happen if the banking system and the u.k. collapse. we were within hours of that effectively. annmarie: that was luke ellis and peter harrison discussing the shift to work from home during the pandemic, and also what this crisis has meant in terms of that of 2008. that was on the city week panel i moderated yesterday. that sheep comment was really something quite striking. the fact that he was that worried about the banking system collapsing, luke ellis went out and bought 50 extra sheet. i asked him, have you bought any animals and he said no. i guess a bullish signal. back to think if you go

2008, and i can specifically remember the weekend that it went south. around the dinner table in london. the people around that table had been biking cash from the banks to their homes, i lived in west london, they were biking cash encrypts or whatever they could take out of the bank, and preparing to leave the u.k.. it was a good dinner party. a little bit of breaking news. was not biking cash across the city of london, i assure you. i don't have that kind of capital. the dividend or buy back of at least one billion euros targeting annual sales cuts of 1.2 billion by 2023. .he guidance they are confirming the previous guidance for this year. , utilities is where it's at for exceptional dividends. to microsoft, there are 3 billion gamers. did you know that?

they will acquire the media for $7.5 billion in cash. the biggest videogame deal ever. the company owns the publisher of games, like the elder scrolls and fallout. -- phil to phil spector spencer and what the deal means for microsoft. we view content as being critical to our platform. we are over 15 million subscribers. we have consuls and we are going in a preorder for our next generation of consoles. we watched x cloud into our again cloud subscriptions. content is foundational to what we do. with this move we doubled the number of content creators we have inside of xbox. which is great for the xbox community. will: once inside xbox bethesda make games for only xbox and pc's only and not playstation? this our commitment with

move is that xbox and pc and people on x cloud and game past will get the games. the collection of bethesda studios will come to xbox and that is just a huge commitment from us. in terms of other platforms we make a decision on a case-by-case basis. that this is a move to show the strong commitment to the xbox community that great games will be coming. emily: gaining traffic has soared. have 15 million subscribers on game past. some gamers have been disappointed in some of the gaming offerings. how much of this is pull forward demand given the pandemic? and what do the quarters ahead look like? is a strong gaming growth category. it has been for many years. 3 billion people play video games on the planet, half the connected world. a 200wly -- nearly billion dollar topline business. both of those numbers growing by double digits. trend in a secular

entertainment. people moving from passive entertainment to active entertainment. kids are playing real games, minecraft, fortnite. it strong for microsoft to make it investment with the transformations we are seeing in the business. emily: as you said, content is king. i have to ask about the tiktok deal. how big a deal is it that microsoft lost the tiktok deal? phil: we were pretty public about how that played out. i don't have anything to say with how tiktok is working now, though when i look at our growth aspirations in the consumer oure, i was -- i think investments in gaming will be critical to our long-term success with consumers. emily: the trump administration is pushing u.s. gaming companies on their ties to tencent, and that means fortnite and league of legends, which are hugely popular on xbox. what is microsoft's position in this geopolitical tug-of-war?

what if trump starts cracking down on fortnite and league of legends? phil: we think people should play the games that they want to play with the community they want to play with on the devices they want to play on. that has been central to our strategy. we work with global partners to do that. we hope to continue to do that. our a cornerstone of strength of reaching over 3 billion gamers on the planet. emily: there is a battle royale going on between fortnite's maker and apple and google. xbox has its own situation with apple's app store. you think apple and google are monopolies like epic's says. ? phil: we think gamers should have access to cloud streaming. we are committed to making that happen. we will continue to work with a large mobile operators out there. we will work with apple, google, samsung, we are doing that today.

gamers should have choice with the devices they have on the content they get to play. annmarie: phil spencer, microsoft executive vice president of gaming. we have breaking news out of france. airbus ceo speaking to a radio station. he is saying that the airlines are not taking deliveries. but they are not canceling orders just yet. the one thing that struck my mind is not guaranteeing there won't be more job cuts. manus: he is looking at a lot of different solutions to deliver and save on jobs. life, in terms of the business, he goes on to talk about the juxtaposition between job cuts, cancellations and deliveries. ising up, teslas battery day here. we look ahead to the carmakers highly anticipated presentation. this is bloomberg. ♪

manus: i met manus cranny in dubai. annmarie hordern alongside being in london. we are talking about battery day. the anticipation has been growing ahead of the events linked ahead. the team leader is tracking the story for us. battery day is here. what does it mean? >> this is the first ever battery day where tesla is going to lay out its technology roadmap. ceo elon musk is expected to provide what is a technology update. he is expected to showcase innovations designed to keep the company's lead in electric cars great it has rivals that flood the market with these new battery-powered vehicles. could talk about teslas vehicles are given update on new factories in berlin. a are opening one in austin, texas.

the could be talk of more futuristic things. aboutime last year musk 2020 would be the year of the robo taxi. so will he promised flying cars or will he tao and improved orge for teslas vehicles will he at a more budget friendly car to teslas lineup? all of these things are areas that investors will be watching for when they lay out the strategy. annmarie: thank you so much for joining us. manus, i wonder if one day you and i will ditch tracking oil and start tracking cobalt, which is used for batteries. ind to recap what's going on airbus. airlines are not taking deliveries, but they are also not canceling orders. that cdo is trying to secure as much jobs as they can. manus: i think the most shocking airbus is life

potentially at risk. usually more context around that. tracking batteries will never be like and opec scrub. this is "bloomberg daybreak: europe." the european market open is next. this is bloomberg. ♪

anna: good morning, welcome to "bloomberg markets: european open," i'm anna edwards in london alongside matt miller in berlin. matt: the markets say no need for drama after the dax slid the most since june. european futures pointing toward mild gains, but worries over deeper selloffs are mounting. the cash trade is less than an hour away. here are