manus: good morning from bloomberg's middle eastern headquarters in dubai. it is daybreak europe. the reflation trade gathers pace. janet yellen pushes a robust stimulus package. global infection slow but joe biden says don't expect. immunity before the end of the summer. christine lagarde suggests a

soft exit from stimulus once recovery takes hold. >> good morning. let's check in on the markets. a few minutes ago we did see brent go through $60 per barrel. right now, $58. equities globally, we are seeing this risk on momentum. a fifth day of gains on wall street. s&p 500 index futures up 0.4%. who was the fact that it was the bad news about the jobs number giving this fresh impetus to the invited administration to push through this stimulus plan. 10 year yield, ever so closely inching toward 1.2 percent, a level that we have not seen since february, before the march meltdown. reflation flavor is back in play. manus: the breakevens are

breaking aggressively higher, the highest since 2014. it is between larry summers, who one would say is probably more on the left, and janet yellen. janet yellen saying we are in a deep hole, you need to do more, and you need to spend to get us out of this. larry summers warning that it is about the quality. he is not arguing about the 15% of gdp but he is warming, don't -- he is warning, don't squander money unless it is built back stronger. he warned, i am paraphrasing, but it is like pouring paraffin on a lit fire. annmarie: one of his biggest complaints was the output gap. yesterday, in the washington post opinion article. but it is not just larry summers. it is a number of economists saying there is risk to this kind of spending. one economist's worry is that we

could be pushing up asset prices. unsustainable levels is what he thinks. it reminds him of what we saw in 2000 with the equity markets and 2007 with the housing markets. manus: let's get to jane foley, the head of fx strategy. great to have you with us. in terms of this debate. larry summers, janet yellen. larry summers warned you could spike inflation. how big a risk is that for you and what does it do to the dollar? good morning. >> good morning. i think this is a really interesting debate. i think it is one that economists have been having for years really since the global financial crisis. we did see some of the crude measures, quantitative easing,

etc., really bringing in the debate about asset price inflation, intergenerational wealth inequality. one of the issues we have now with a lot of the policy stimulus is many people may have more money if you kept your job, particularly if you cut a stimulus check. the savings ratios go significantly higher in countries such as the u.s. and also elsewhere. they have come down off their peaks. one of the problems is that consumers may have the extra money but they can't spend when they restaurants or shops are closed and they cannot go on holiday, for instance. what you need to do is protect the economy longer term. take businesses that could otherwise go under. this is not a normal keynesian type stimulus plan that you might have. it is about pinpointing parts of the economy rather than blanket

bombing people with cash. annmarie: you saw the debate at the top of the show, whether janet yellen is correct. if you had to choose, which side would you be on? >> it is all to do with timing. theoretically, i would normally be on summers's side. he is not against spending the money, per se. the problem is particularly with timing. yellen is looking at the labor data, very concerned about underemployment, for instance. she is saying, if you delay, you will make things worse. summers perhaps thinking coming through into policy. that is the dilemma. it is all about timing. perhaps in this sort of scenario, maybe yellen is right. maybe if we wait and try to get the policy spot on, we could be

too late and we could see more scarring through the economy. i think it is a very difficult balance. manus: if we take the view that inflation could, -- some people are talking about a catch-up spike in the second quarter. but the market re-prices rate hikes. does that turn the dollar stronger in this second half of the year? is there a risk that the fed reprices on the back of an inflation spike? jane: this is interesting. this is what we have seen coming to the dollar verrilli the first half of the year. many people said to the dollar is the reflation trade right now. have got to bear in mind that the reason the dollar has performed better this year than last year is that the market started this year very short of

the dollar. it has changed enough for people to really question that. if we sound out what the fed has been saying, powell has been saying, he has been very, very cautious. saying, don't get ahead of yourself. we have a long way to go. i think if you get through this quarter, wall street optimistic about vaccines, what we will see is quite a bit of disappointing economic data. i think the market is in danger of perhaps getting ahead of itself and the fed will continue to push back on that at least six months, maybe longer. from this point of view, i think this will be a little bit of a choppy ride. annmarie: do you see an upswing in the dollar as a head to inflation? i'm sorry, gold. jane: for gold, that is quite interesting. we have seen a big run up last year.

i think the market is probably quite long of gold. with yields pushing a little bit higher, i think that will subdue the gold polls. back to the 1990's when gold lost favor, yields were so much higher. why would you have this negative yield for gold when you could have a positive yield in safe government paper? with yields heading higher, if they do had higher, i think that will subdue a lot of the bullishness. annmarie: certainly we are seeing the yield pushing higher especially on the 10 year. let's get to the first word news. >> oxford university and astrazeneca are developing a new vaccine to tackle the south africa variant of coronavirus. it comes after early data shows the shot has limited effectiveness against mild cases caused by the mutation.

the scientists leading the program say it is very likely the new vaccine will be available by the autumn. myanmar has seen its biggest antigovernment restriction in over a decade as people determine that people demand the release of aung san suu kyi and other leaders. according to a confidential assessment from the u.k. foreign office, the coup is irreversible and any action beyond sanctions is unlikely. one of the biggest sport events of the year of the super bowl, the tampa bay buccaneers beat the kansas city chiefs 31-9. it is the buccaneers second nfl title and the first in decades. 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. manus: i will pick it up from

here. we have got some breaking lines coming in on softbank. for the third quarter, net income at 1.1 7 trillion. the estimate was ¥98.51 billion. on the vision fund itself, you are looking at that portion, the prophet, 844.13 billion yen, just up over 8% quarter on quarter. annmarie: $8 billion if you look at what it is in u.s. dollars. it is a record for the vision fund. this is all to do with the ipo problems and stockmarket rally toward the second half of the year. manus: the rebound, if you think about it, $18 billion loss in the last fiscal year end that was at the height of the pandemic slump. you have had tech rallying and of course you have got their

stake in uber, you have doordash in december as well. portfolio companies readying for ipo this year. big turnaround in that story. coming up on the show, playing the long game. the ecb president christine lagarde warns against rushing out of support for the euro zone, saying the soft exit from stimulus is needed once the crisis allows. we look at the details. this is bloomberg. ♪ (announcer) back pain hurts, and it's frustrating. you can spend thousands on drugs, doctors, devices, and mattresses, and still not get relief. now there's aerotrainer by golo, the ergonomically correct exercise breakthrough that cradles your body so you can stretch and strengthen your core, relieve back pain, and tone your entire body. since i've been using the aerotrainer, my back pain is gone. when you're stretching your lower back on there,

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annmarie: good morning. this is "daybreak: europe." ecb president christine lagarde says policymakers must make sure monetary and fiscal support is withdrawn gradually once the economy recovers from the pandemic.

authorities have a difficult job weaning the economy off emergency support. that certainly is true. jane folly, head of fx strategies, still with us. i want to get your thoughts on the euro. is it euro weakness due to the vaccine, or relative strength just recently with the u.s. dollar? >> i think it is some of those factors all modeled in together. the market was really bullish on the euro last year. the market is really long on the euro, at least at the start of the year. starting to see the vaccine rates, if you're looking at the reflation trade. if you consider countries where currencies have done well, we have seen the dollar and sterling do well. again, you could see the dollar

overlay this with the vaccine result. this is something that is lagging i think on europe. the euro zone and certainly germany, that should be slightly reassuring. i think the market has some way to go before was back into the reflationary trade. manus: if we think of the context for markets, mario draghi's biggest red collapses. but what supports the euro apart from a slightly hawkish ecb according to james over at -- over at aberdeen standard? jane: i think if we consider where the euro has been this year, it does not look as healthy as it was last year. what is quite interesting, if we look at the market consensus toward the end of last year, the

home market was assuming the euro-dollar would continue going higher. we have not really seen that at all. we have seen a pullback in euro-dollar back to the 120 level last week. it was back above that level because of the payroll data being disappointing. i think it is fair to say that the euro has been on the back foot. if we were to talk about what parameters would we need to see euro-dollar push lower, i think in that frame of mind we would have to see the fed doing what many are beginning to speculate they might do, become slightly more hawkish a little bit earlier than anticipated. i think they would have to see real yields continue to move in favor of the dollar. i think as it is, the market is holding onto the hopes last year

that the euro could still be the currency that could outperform. markets really beginning to second-guess that trade. annmarie: the euro-pound has really been the vaccine trade. do you see momentum? right now, we are at 1.36. jane: if we look to some of the commentary we are seeing, there are a lot of rules out there. that suggests that i would be very, very wary. of course, we have got the vaccine trade coming through. we do not have brexit anymore. we have the trade deal in place. but i'm worried about the side effects. over the last week, concerns about northern ireland. that could become more of a medical issue. in may, we have scottish elections and that could promote

the poll in scotland for another independence. that come back entered the prime minister. i still think there are lots of hurdles that sterling took. whilst i would not necessarily stand against the bulls in the short-term, it is possibly another two steps forward, one step back. manus: we are seeing a spike in yields, a pricing in the dollar. what does that do for 2021. doesn't like the spark of a form of fx war towards that move by perhaps g3? >> again, i think the fact that the dollar strengthened a little bit, so it takes the edge off some of the currencies.

relief that the dollar has found a little bit of a firmer footing. if you imagine we are in a low inflationary environment, which from a wage perspective, we certainly are. we might see some asset price inflation this year but wages and demand are likely to remain quite weak. in that environment, nobody wants a stronger exchange rate. with the dollar weaker than it was last year, many central banks would be worried about the impact. australia's one we have seen in europe, certain signs of currency wars. the dollar being stronger does take the edge off that. certainly, if we look at sweden, new zealand, they are going to be pretty worried in case their currencies strengthen further this year. they are economies that perhaps the market is thinking they are better positioned than others in the g10.

those central banks will not want to see that at least until inflation edges higher. manus: thank you so much for being with us. jane fully, head of fx strategy at rabobank. the question, does the dollar morph into a risk on currency. coming up, it is the seventh heaven for tom brady. he takes the tampa bay buccaneers to victory over the kansas city chiefs in the nfl biggest game. the occasion will be remembered for marking a series of first. what are they? we bring them to you. ♪ so you're a small business, or a big one. you were thriving, but then... oh. ah. okay. plan, pivot. how do you bounce back? you don't, you bounce forward, with serious and reliable internet. powered by the largest gig speed network in america. but is it secure? sure it's secure. and even if the power goes down, your connection doesn't.

so how do i do this? you don't do this. we do this, together. bounce forward, with comcast business.

manus: it is your monday edition of "daybreak: europe." it is seventh heaven for tom brady. he steered the tip of a buccaneers to victory over the

kansas city chiefs and the super bowl. tempe's victory makes them the first team to play the finals in their own stadium. who do you support when you support when you're at home? annmarie: i always support a new york team went they are in it. let's be honest, i did not even know who was playing in the super bowl before this weekend. my dad was very excited about it. he was supporting the cheese. lebron james called it tompa bay because this was all about tom brady. i think it was his fifth super bowl mvp award, inking his legacy as the greatest all-time or as the goat. manus: when was the last time you saw 114 million people watch television? i know people to into our show, 114 million per day, but that was 2015. this is what advertisers have to ask themselves.

$5.5 million for a 32nd commercial. bud light, i loved the advert. it is the bud light legends. it reminds me of the producers of the show every morning when they change the production of the show. going to change the direction and sort of take hold of the narrative. annmarie: i think i said a goat, it is obviously the goat, the greatest of all time. private equities actually changing the world of sports. here on bloomberg, we are able to intertwine sports and business every day. europe's largest buyout shop is in talks to buy a minority stake in the san antonio spurs. the move comes amid a rush of capital into everything from soccer club step volleyball and rugby. tracking this is dani burger. why is their sudden interest in investing in the nba?

dani: private equity has not really gone into the nfl yet. really, the issue at stake is just how expensive the nba has got. you have a lot of very wealthy people buying teams as sort of a vanity project. a source familiar with the nba thinking, buying minority stakes is hard because they are so expensive. that means if they want funding, they have had to turn to institutional players. last year, the nba approved private capital, they approved specifically dial capital. the reason that on the private equity side you would be interested in the nba, that yes valuations are expensive, but this is almost like a fixed income asset. you have these content streaming rights that will continually pay out for you. not to mention that in four years, the broadcasting rights

contract comes up. traditionally, players like disney bid on the sort of things. in four years, you will have amazon, netflix, streamers. they are predicting a bidding war, meaning that the value of these broadcasting rights is going to skyrocket. manus: that is what i love about you. you get the victory on the field down to a discounted cash flow. steve ballmer, he bought come a couple of years ago, he bought the clippers. everybody is grappling with what covid means. no. issue than sports. it brings together. on terraces, we are able to be together. where are we in the ticket sales? dani: ticket sales have been depressed. these talks were happening

before the coronavirus pandemic struck. that is not necessarily the case for american sports. when you look at what is happening in europe, for things like, let's say football, rugby, even volleyball. the reason we have seen bids for those sports is because ticket sales have fallen so drastically and a lot these clubs are desperate for funding. we have seen things like cvc and advent bidding for the serie a italian league. there is much more risk in these european clubs. one source involved in these bids told me that if you look at the broadcasting value of a championship team, if they are able to get upgraded to the premier league, it is five times the earnings you would usually get. if you have that demotion risk, you could end up losing a lot of money. manus: now you are talking annmarie's language, soccer over football. she is happy now.

the only thing we care about on this show on a monday, keeping her happy. because it sets the pace for the rest of the week. let's have a quick look at the futures market. stocks are higher. are we greedy or fearful? this is bloomberg. ♪

annmarie: from bloomberg's european headquarters in the city of london. this is daybreak europe. here is what you need to know today. the reflation trade gathers peace as janet yellen pushes for a robust stimulus package. global virus infection slow but joe biden says, don't expect herd immunity before the end of the summer. christine lagarde suggests a

soft exit from stimulus once recovery takes hold. very good morning to you. 6:30 a.m. in the city of london. 10:30 i believe or use it. reflation trades are back and play this morning. manus: breakevens at the highest since 2014. you've got equities rising. we are in a risk on narrative in these markets. stimulus aplenty and abound. that is the view from janet yellen. we rallied by nearly 5% last week. we take up nearly 5% now on day six. do they get traded down on the back of this supposedly robust inflation narrative? oil, we did smell above $60. i take you back to a year ago, standing freezing and vienna when we imploded. i bring you back that memory. when they have gone a little too far, too fast. annmarie: better you than me.

i remember i was in new york, it was cozy and warm, you are out there chasing the ministers. the debate today will be what janet yellen said over the weekend across all the sunday shows. she is talking about the week recovery in the labor market. the job number about 56,000 short of what the street was expecting. right now, the debate is about inflation. that is what larry summers has been worried about. janet yellen says she has the tools to deal with that if we were supposed to have this fast, quick inflation that summers says is quite worrying. manus: she says we are in a deep hole. one would expect larry summers to reflect back to 2008 and the scale. the scale of what is being posed by the height and now is six times the out gap. that is where larry has a problem.

he says, spend this money, but be judicious of where you spend it, how you spend it. do not squander the capital that you might need. if it is not billed big and real. then it could be folly in the making. the bond market, that is manifest. 5% last year to just over 2% now. the alarm bells ring at 2.40. annmarie: let's get to those alarm bells. she is sounding quite stern on the tone for the need for this big stimulus support. >> i am afraid that the job market is stalling. we saw that in friday's employment report. we are in a deep hole with respect to the job market and a long way to dig out. manus: treasury secretary janet yellen. we spoke to the head of the u.s.

council of economic advisors. she told jonathan ferro that the number underscores the cost of inaction >> the numbers that we got this morning really do underscore the cost of inaction. the january numbers are quite disappointing. they show that the pace of job growth is slow. over the three months, it is a lot slower than it was earlier at the end of 2020. it underscores that without further aid, our economy is going to continue to struggle. we need to get that aid to the family and businesses that needed. we need to spend the resources we need to contain the virus so we can get back to work. manus: you used that word aid. given the size of the package, some would it stimulus. why is that word different than the word stimulus? >> at this point, in this crisis

of our first goal is to contain the pandemic. a lot of the funds in the american rescue plan are about making sure schools can reopen, getting the vaccine out, doing all the things we need to do to keep americans safe and healthy are the first priority. while we do that, we need to make sure that distances and importantly families have the resources they need to weather this crisis. we are still really thinking about this as relief until we can contain the virus. >> larry summers is in the washington post today asking questions about the size of this package relative to the output gap. can you weigh in on what the right size of the package should be? >> this package was built from the ground up. we looked at the needs all across our economy and calculated how much it was we would need to spend to contain the virus, to make sure schools could reopen, childcare centers

could reopen, to make sure workers had paid leave. and then to make sure benefits for direct checks. we built that in that way. the goal here is to make sure that families and businesses can weather this crisis. annmarie: jonathan ferro catching up with heather boushey, from the u.s. council of economic advisors. of course, this was in the aftermath of that disappointing january jobs number. the market was looking for 105,000. they ended up missing that by 56,000. president joe biden says it is unlikely the u.s. will reach herd immunity before the end of summer. logistical delays and vaccine shortages mean only about 10% have received a shot so far. the president told cbs news that

he expects medical guidance within days of students returning to school. new data suggests exports to the eu collapsed in january, the first month britain was out of the single market. the volume of goods going to the block via u.k. ports fell by over two thirds. it is warning of red tape and said there were only about 10,000 customs brokers to help firms with the bureaucracy but about 50,000 are needed. the top u.s. diplomat of the cold war, george schultz, has died at the age of 100. he oversaw the decoupling of the dollar from the gold standard in the early 1970's and was secretary of state to president ronald reagan a decade later. another secretary of state, condoleezza rice, described him as a true american patriot. he died at his home on the stanford university canvas -- stanford university campus. 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. manus: thank you very much. cryptocurrencies. bitcoin is trading at around $39,000. it has peered back some of the gains it made over the weekend. saturday, it must in a move above $40,000. with all the volatility, there is uncertainty about where bitcoin could be headed. >> a decade ago, less than a cent. now, millions of times higher. but, what about bitcoin's future? >> our fundamental work shows that bitcoin should be worth about $400,000. >> it does not have any fundamental value. >> people in the know just do not seem to know where it is headed next. once the province of nerds, libertarians, and drug dealers, today, the one trillion dollars market is drawing billions from

hedge funds. it is not the only crypto game in town but it is the biggest and the best known. bitcoin first mega run was in 2017, rising to almost 20,000 but that it fell off a cliff. it was mostly retail traders back then as many and finance would not trade bitcoin in a hazmat suit. >> if we have a traitor trading in bitcoin, fire them in a second. for two reasons. it is against our rules and they are stupid. >> today, it is gaining respectability. even jp morgan thinks it will hit six digits. >> john maynard keynes once said the market can remain illogical longer than you and i can remain solvent. >> the question is, will bitcoin continue to shoot for the heavens or, crashing back down to earth? annmarie: a look at the future

of bitcoin after the cryptocurrency jumped above $40,000 over the weekend. this morning, we traded 39,119. coming up, european bank shares gained for five straight days. it is the longest rally in more than a year. what is in store this week as earnings season continues? that is coming up next. this is bloomberg. ♪ ♪

annmarie: 6:42 in the city of london. i am annmarie hordern. alongside manus cranny in dubai. earnings season is wrapping up this week. on thursday, it is the turn of unicredit, commerzbank. on friday, we will be watching out for the dutch lender ing. next week, credit suisse and barclays.

the following week sees numbers from hsbc and standard chartered. joining us now is the head of think research at city. great to have you this morning. how would you rate european bank earnings so far in absolute terms and versus u.s. peers? >> thank you for having me. earnings season so far has been really good. the news in the last week or so is that investors are looking at the sector again. we came into the year with a lot of investor interest there were some concerns around the economy, around the virus, and around whether the sector had run too fast in q4. political risk came down and there was a lot of interest in the sector. there were no big blowups in the earnings season so far. >> one of the things that stood

out to me, there were some big standouts on our side of the pond in terms of investment banking. the french, some of the swiss. is that capturing market share inflow? what is the driver of that kind of found relative to the u.s., and will that old? >> the big picture for the last couple of years is that europeans lost market share to the u.s. banks. that was the trend particularly in fixed-income, global flows. better balance sheet, stronger capital positions. you have had a relatively strong 2020. in certain areas, including equities, turned out to be pretty good. there was quite a bounce in q4. some of the european banks could have benefited from coming off a

lower base. also, maybe we discounted them too much. people have generally been so negative on european banks that any kind of good news has been a surprise. annmarie: what about the set of the ecb dividends? has it set back some of the lenders compared to some of the nordic peers? >> that is a really interesting question. last year, when dividends got banned, it did put europeans and the u.k. at a disadvantage. the americans, some of the agent -- some of the asians did not ban dividends, they limited it. for some investors, this is like another negative. toward the end of last year and into this year, the delta has been positive and that we are now heading back. you have seen some european pig banks, bbva with their buyback announcement, you are seeing

some big banks make positive statements. european capital returned this year will still be lower than the u.s. or the scandis. the delta, the trend is positive. we head into 2020 one, q4 2020, things are moving, this is becoming a positive again. that is the key to remember. everything is coming off a very low base. any kind of momentum is good news. manus: turning to the italian story. a new home at unique. the banking landscape consolidation, how prominent will that be this year, and what will you expect? >> my colleagues who cover italian banks have written about this extensively. we have had some relatively

positive news out of italy recently. political risk premium came down. we are getting interest again in the italian is. m&a is needed everywhere. it will start, and already has done, domestically. italy, spain, germany, it will be domestic. absolutely, i believe m&a will be a big support and a positive in the coming years. we have got overcapacity in the industry. it has to shrink. whenever you have overcapacity, even the rates are beginning to go up at the long end of the yield curve. rates are still very low so it makes it hard for banks to make on a. i think everyone is getting on the same page now. policymakers, bankers, that we need to shrink capacity. annmarie: what about the

creation of a european bank? >> it is possible. you have national bad banks. you could get some kind of synthetic bad bank. but he goes into issues of fiscal policy as much as monetary policy and basically cross subsidization within europe, which raises big political questions. there is still not a single market, a real single market. i think everyone recognizes that. china has a big single market. having more support, tactical flows, liquidity flows, is a good thing for the euro zone. it will help. manus: thank you so much for being with us. that is ronit ghose global head

of bank research at city. coming up on the show, as sustainability rises, what specific moves can we expect from the business in the years to come? our colleagues at bloomberg nef know a thing or two about the trends. this is bloomberg. ♪

annmarie: good morning. i am annmarie hordern in london. 2020 was a pivotable year for -- a pivotal year for climate pledges and sustainability narratives. more tension as -- more attention of course as a result of the coronavirus pandemic. talking about what to watch out for in 2021 in sustainable

finance. take you for joining us. let's start with zero commitment. what do you see happening there? >> good morning. zero is now the symbol of corporate climate emission. climate change is the next shock and the pandemic has really taught us the value of resiliency. over the last 18 months, we are seeing a real flurry of net zero commitment. big tech came in first and they have the most ambitious targets. apple, amazon, facebook, google, microsoft all have these goals. banks as well as setting zero emissions goals. in 2020, we saw a lot of the activity from the oil and gas sector. occidental, throw china, to name

just a few, have set some kind of net zero goal. the level of emission may vary a lot between companies and sectors. net zero in some industries has become this point of competition just like product's, just like price. that is raising the bar fast on climate ambitions. last year's gold standard. i think in 2021, we will be moving into a world where we will not be celebrating new zero targets but we will be expecting them and questioning companies that don't have them. as an industry, we think mining and metals will catch this bug. >> we are still waiting for the u.s. majors to come out and talk about it. what about finance flows, specifically sustainable debt?

>> both of these are really clear signs that there is more demand for sustainable products than there is supply. for sustainable debt, that market has grown to three quarters of a trillion dollars. 30% growth in 2020. 80% growth in 2019. we don't think that demand will slow down. we think biden will cause an increase in u.s. demand in the market. social bonds, we think that will stand on their own feet. every bank that i talk to these days seems to be setting up a sustainable market team we think sustainable debt will go to $1 trillion, or approach $1 trillion this year. around etf's, again, this real hockey stick kind of growth in the market, most of the growth

has come in 2020. our colleagues county new etf's in the first quarter of 2020 alone. the problem is, they do not really have any new regulations or standards around what qualifies. so, there is huge risk of greenwashing. we predict that buyers will get more savvy to this and start having healthy skepticism toward these funds and there will be more scrutiny. that can come from a variety of places. the biggest one i want to leave viewers with, the eu rules for so-called taxonomy, what qualifies as green. there is just no hiding from those. annmarie: this all plays well into the question of the day today on out m blog, best

bets in the esg world. talking us through what to watch out for in sustainable finance and companies' climate ambitions for 2021. just an hour away from the start of equity trading. i want to recap some of the corporate results. softbank vision fund posting a record 844.1 billion yen profit. the quarter was bolstered by the stock market surge that lifted the value of its investment and help companies like doordash go public. it rebounded from a 223.6 billion yen loss a year earlier. it beat the record set in the preceding quarter. as we get into the open of the european equity cash trading, let's take away where futures trade.

we are higher. a lot of green on the screen. european stocks normally welcoming the reflation trade. it is a on after janet yellen talking about over the weekend the u.s. returning to full employment in 2022. european open up next. this is bloomberg. ♪

♪ anna: good morning. looking to bloomberg markets: the european open. i'm anna edwards alongside matt miller in berlin. matt: good morning. today, the markets say can't stop, won't stop. global stocks hit fresh records as futures point to big gains at the open. an tom brady list the super bowl trophy for a record seventh time, wi t