manus: good morning from bloomberg's middle east headquarters. i am manus cranny. cure your top stories. >> they are never truly gone. they will be a part of your heart. it seems unbelievable but i promise you, a day will come

that the memory of the loved one you have lost will bring a smile. manus: have a million -- half a million americans are dead the cause the coronavirus. a cautious roadmap for a reopening. investigator -- investors waiting testimony from jay powell all amidst rising numbers. hsbc keeps costs in checks amidst a pivot. it is 10:00 a.m. in dubai. hsbc is rocking it out this morning. the cfo just joined to me. saying we are dealing with a shift in the rate regime. he said they have had to refresh their strategy. there is a caution in the

tonality from stevenson this morning about the growth coming at the back end of the year. they're looking at all of the options in terms of restructuring in the united states and what that will look like and cost cuts leading to more job cuts. more than 50% of their capital will be in asia and it is the holy grail, dividends are live and they will have a progressive dividend. they want a sustainable policy. annmarie: fantastic interview there with the cfo. we are up 1.6%. hong kong trading off the session high. a big factor is the pivot to asia. most asian equities in the green. japan is closed. nasdaq futures in there because of what happened yesterday in the composite. these tech darlings are being

abandoned. a little stabilization. up 0.6%. stocks that were blooming when interest rates were falling off the cliff are the ones that are vulnerable now with interest rates on their way back up. euro-dollar, 1.21. christine lagarde, she had a verbal intervention. not for the currency but when it comes to a long-term bond. we saw that reflect in the boom market. we need to take a moment to what is overshadowing the big picture here and that is coming from the u.s. a half a million americans are dead as a result of the coronavirus that first hit the u.s. a little more than a year ago. devastating numbers leaving families mourning nationwide. in the united kingdom, the prime minister declared the end of the pandemic insight for england. he sets out his aim to ease

locked down roles in a series of stages over the next few months. even with these optimistic scenarios, government at -- government advisers expect 30,000 more deaths. >> every day that goes by, this program of vaccination is creating a shield around the entire population which means that we are now traveling on a one-way road to freedom. we can begin safely to restart our lives and do it with confidence. annmarie: joining us now is sonja laud. very good morning to you. of course, covid is the main driver for the markets. when i heard boris johnson starting to map out the end of the lockdown which is recovering june 21, my first thought was -- what does this mean for fiscal support? when does this and? -- end? sonja: that is an important

question. you are right. we are moving towards a normality within the economic backdrop. this is supported by central banks and fiscal policy and clearly that will lead to a cyclical recovery in the second half. you find this reflected across risk assets. manus: good morning. with that in mind then, the only conversation we have been having is about the repricing in yields and the curves. you think the bond market is reflecting a normalization at this stage? a very cautious note from the cfo of hsbc saying recovery is a second-half phenomena and backloaded. sonja: absolutely and i think i would add to this that for 2021,

there seems to be a reasonable understanding about what the return to normalcy would look like. coming act to emory's question, the question for 2022 and beyond is what will be the growth dynamic in the following year and see if fiscal policy will play an important role and you will have a big impact on bond markets. in our estimates, we will only recover to the pre-pandemic outlook level by the end of 2022. although it may feel like a steep recovery in the second half, we should not forget that the starting point has been massively impacted by what happened last year. the bond market will come out of this at the end will depend on how much governments and fiscal policy can stimulate the global economy to create this velocity that will get us beyond these small cyclical downtrends.

annmarie: the u.s. is far outpacing europe when you look at the fiscal stimulus. do you think and expect that the european union will have to have another injection of eight? -- of aid? sonja: everything i have just outlined is clearest in the u.s. followed by the u.k. right now. here we have the clearest commitments by the government and the central banks to continue with the fiscal stimulus beyond the immediate opening. the interesting one to watch will be europe. we will have the german elections coming up at the end of this year in september and with that, all eyes will be on the debate that might unfold in germany around the constitutional break that was put in in 2009. it is probably the one area where we have to assume that the

debate around removing fiscal stimulus will happen the first. we know as well that with trend growth in the eu around 1% or lower is probably the area that needs a sustained fiscal stimulus the most. that is definitely the area that we are going to watch. manus: what upsets the markets is when you hear janet yellen talking about corporate taxes and you have the u.k. talking about incremental tax. let's talk about the market perspective. back to ground zero for risks in the rate market. the first rate hike is now brought forward to june 2023. at the start of the market, the market was looking at 2024. is this where the market just gets ahead of itself? talking about rate hikes in

america according to the market. sonja: i think we might see quite a bit of volatility around the raised hike expectations. we should not forget that we have not tested the new average inflation target regime in practice. how the fed can communicate will depend on how the market will think about the pricing. if you think about the fiscal stimulus that president biden has announced and you think about the support from the central bank, the u.s. is most likely to stick to the plant and we will inevitably see some inflation. what i said around the global economy only reaching its pre-pandemic level by the end of 2022, there are huge differences. the us is a country that will -- the u.s. is the country that will reach it first. we have to assume that demand will outstrip supply eventually. that will be the moment i think

the market will come back. manus: nicely put in terms of having yet to test what this means. that will take a little bit of mettle inside the fed and beyond. sonja laud will stay with us, our guest host this morning. let's get to laura wright. >> new findings from the u.k. shows coronavirus shots provide a high level of protection after just a single dose. initial data shows it reduces the risk of infection by more than 70% after the first dose and 85% after the second. hong kong's leader says it is crystal clear that beijing needs to reform the electoral system. carrie lam says the political unrest has forced beijing to ensure it is run by patriots.

even more cuts to hong kong's are ready limited democracy. treasury yields -- a blow to some of the markets high flyers. etf drops nearly 6% yesterday. worst performance of the year. tesla plunged a .5%. it was a big winner last year. 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. annmarie: coming up on the program, as hsbc earnings beat the fourth quarter, we have an exclusive conversation with the cfo. that is manus and stevenson. this is bloomberg. ♪

manus: it is your daily diet of daybreak: europe. annmarie hordern is in london hq. we have just had an exclusive conversation on hsbc and their earnings that they beat in the fourth quarter. it signaled bigger benefits to drive its pivot towards faster growing asian markets. earlier, we spoke with the hsbc cfo, ewen stevenson. we are having one of those magical moments. one of those magical tv moments where we both went deadly silent on you. take 2. ewen: dividends were paying out

and returning and of capital to grow. manus: you have quite an optimistic statement in terms of the chinese growth. would you be willing to be more aggressive on the capital returns this year and get to the 55% payout? ewen: i don't think so. we are recovering out of covid. there is some optimism in some markets. china is a good advantage -- china is a good example. we had optimistic statements coming out of the u.k. yesterday evening but it is all very much second half loaded. i think we will be relatively cautious this year and we are not going to be looking to augment the dividend policy with buybacks. we will take a view as we get towards the end of the year going into 2022. manus: that is a hint of caution. we have touched on this -- can

you give me a new bandwidth on what "materially lower" means? ewen: if you look to 2020, we had credit losses of just over 80 basis points. we can certainly see that in the next couple of years getting to act or below 30 basis points. quite immaterial drop. we previously talked about the normalized range of 30-40 basis points. we are obviously double the top end of that last year. i would be surprised if we got to the top end of that this year but certainly starting to trend down quite materially in 2021 and falling further in 2022. manus: if 2020 was hijacked by covid, are you worried about the risk of a taper tantrum? is there a risk with these

markets that we should be more cognizant of? ewen: the next challenge for us is the shift in interest rates. if we look at what happened in the last 12 years and why we are having to refresh our strategies a year on from a big announcement last year, it is driven by interest rates going close to zero. we have let -- we have relatively limited exposure to equities. we are mainly a fixed income franchise. it is the direction of interest rates which is the biggest driver for us on earnings and returns. manus: how do you see that risk in 2021? ewen: we take a consensus view. we are not anticipating rates to show any material improvement until about the 24 or 2025. we are announcing a plan that will generate capital returns in this environment.

annmarie: ewen stevenson speaking to manus exclusively. since that interview, we have had a decrease in the stocks. up 0.8%, off the session high. we get more from stephen engle. this entire report is overshadowed by the pivot to asia, isn't it? >> absolutely. on a local basis, they like the news of the dividend. the broader story is the pivot to asia which is ruminating here since bloomberg broke the story sunday. the pivot to asia. this is the asia headquarters. in 1993 come a they moved headquarters act to london. -- back to london. manus: just one of those -- we just lost stephen for the

moment. we will try to reconnect with him. he is outside hsbc headquarters. let's focus for a moment on hsbc. let's have a shameless plug. on a more serious note, i thought ewen's guidance on the dividend -- when i said, you are aiming for a 40% payout on the dividend, he was quite cautious. i think to that extent, this is about the progress of dividend which jonathan tice would say is a very ambitious target. and the question is, if the regulators allow them, how much more aggressive could they be? i felt he was moderately cautious on his guidance. annmarie: they want to achieve a sustainable balance between

payouts and capital to grow. while the ceo said 2021 is looking much brighter, the cfo said despite that optimism in markets such as china, we are still recovering from covid. that is why i think he remained relatively cautious on the dividend front. manus: you would see immaterial improvement in credit losses. in terms of the growth story in china, 6% or 8%. what about this pivot to asia. in excess of 50% of their capital going to asia in the next few years. going after wealth management. i will give you two numbers. 300 $60 billion per hsbc in terms of assets.

annmarie: a lot of work to do. manus: you and i always have a lot of work to do. annmarie: inflation is a risk that bears watching. an exclusive interview from the white house chief economic advisor. he spoke with jonathan ferro. stay with us for that conversation. this is bloomberg. want to save hundreds on your wireless bill? with xfinity mobile you can. how about saving hundreds on the new samsung galaxy s21 ultra 5g? you can do that too. all on the most reliable network. sure thing! and with fast nationwide 5g included at no extra cost. we've got you covered. so join the carrier rated #1 in customer satisfaction. and get a new samsung galaxy starting at $17 a month. learn more at xfinitymobile.com or visit your local xfinity store today.

manus: the economy has the capability of running at stronger paces but if you put it all together, we are at a very precarious and unique moment of economic crisis and that is why we feel confident that we will be better off if we take these actions definitively. manus: the white house chief economic advisor, brian deese speaking to bloomberg about the

inflation risks. the fed chair, jerome powell is due to testify before congress today. tomorrow, democratic lawmakers are expected to press powell to put -- to press powell about the stimulus plan. sonja laud is the cio at legal and general investment. this is a team we have touched on through the morning. we had a conversation yesterday. no one is stopping this barnstorming fiscal policy and there is no break. that is what worries him. there is no break on this supercharged monetary policy. is a good we don't have a break or could the bond markets halt that dynamic? sonja: i think it is good there

is no break. if you think about the underlying economic situation, very clearly we are still trying to repair the damage that has arisen from the pandemic. if you were to stop talking about removing fiscal support already or likewise monetary support, you would see a lot of uncertainty rising when we are still in the past towards opening up and normalcy. from that angle right now, this is absolutely appropriate. clearly, the u.s. has the best combination right now in terms of the size of fiscal alongside the very supportive fed and as such it will be the u.s. most likely to reach the pre-pandemic output level first. i think the fed will closely watch the immediate base effects that will come on the back of opening up the economy when it comes to pressures emerging. but it is testing the average

inflation target in practice and that will be over a longer term period. the big question for may is productivity. will we have a positive impact on what has been a decline in productivity role in the u.s. and across the developed world? annmarie: brian deese talking about inflation. is the market so hyped on inflation that they are ignoring what the leaders are saying. janet yellen and jay powell saying the true unemployment number is at 10%. is the market not taking that into account? sonja: if you consider the journey to where we are today and obviously, listening to the cfo from hsbc, the journey for the banks has been very different from the investors. i think we have gotten used to

such low levels of yields and interest-rate that any kind of move from a very low base seems extraordinary and as such creates a lot of headlines. what is unusual this time around is the combination of monetary and fiscal support. we should not forget that fiscal was a much more sparsely used resource over the last 10 years whereas we have gotten used to the support and the ever broader range of support measures coming from central banks. if you think about it economically, eventually, demand will outstrip supply but it is clear that you need to look at the affect and working through the post-pandemic issues and unemployment clearly will be one of the areas to look at before we can really see more permanence price pressure emerge. annmarie: sonja laud, thank you

so much. you will be staying with us. copper on a pace, and unprecedented 11th straight monthly gain. we are going to talk about that next. this is bloomberg. ♪

annmarie: good morning from london, i am annmarie hordern with manus cranny. this is "daybreak: europe." >> they are never truly gone, they will always be part of your heart. it seems unbelievable, but i promise you, the day will come when the memory of the loved one you lost will bring a smile to

your lips before a tear to your eye. annmarie: have a million americans are now dead as a result of coronavirus. president biden calls the number heartbreaking. this as the u.k. prime minister sets down a cautious roadmap for reopening. investors await testimony from jay powell as bets on rising in solution -- inflation should send commodities to multiyear heights. hsbc beats estimates in the fourth quarter as it keeps cost in check and a pivot to the faster growing asian market. >> we are trying to make sure we achieve a sustainable balance between the dividends we are paying out and retaining enough capital to growth. annmarie: very good morning, 6:30 in london. we will get to the markets in a moment that we need to first look at what is overshadowing the world right now, and this is the fact that in the united states, half a million americans are dead as a result of the

novel coronavirus that first hit the u.s. a little more than a year ago. it is tragic and devastating numbers that are so big it is hard to compute and leaving families morning -- mourning nationwide. in the u.k., we heard a number of things from boris johnson yesterday. manus: yes, and this is about the roadmap he laid out, declaring the end of the pandemic is in sight in england. he set out to ease lockdown rules in a series of stages over the next four months. it is not a one-way trip to normality, is it? even under the optimistic scenarios, a government advisor said they are expecting another 30,000 deaths will follow the easing of lockdowns. >> with every day that goes by, this program of vaccination is creating a shield around the entire population. it means we are traveling on a one-way road to freedom and we

can safely restart our lives with confidence. manus: the prime minister of the united kingdom. let's check in on hsbc. we've given back a great deal of what we saw first in trading. we interviewed the cfo, the blog is there. profits are down in the fourth quarter but still a beat and they will pivots. they will pivot to asia. we were talking with the cfo. a rush of blood after the lunch break, $.15 a share, but it was about sustainable dividends. there was a hint of caution in that discussion about where the growth would come and win the growth would come, and in terms of the scalability of dividends. annmarie: certainly. he said despite optimism in some

markets like china, they are still recovering out of covid and that is why, it sounded like he was giving that answer. so they can sustain that dividend. i want to know at some point what is happening with buybacks. manus: that will be a 2022 story, a few more earnings to get through on that. let's look at some of the other markets. i asked about whether there were hidden risks in the market and he said growth is the second half of the year, we might be a little bit ahead of ourselves -- my phrasing. you can see the nasdaq is up this morning, a bit of a battering yesterday. let's double psych ourselves, i'm not sure if cash is open. the euro-dollar is up, christine lagarde saying she is closely monitoring bond yields and the oil market is higher. the dollar lower for a fourth day in a row. is there faith and jay powell to

remain dovish despite the spike in real yield? one commodity on fire is copper, 11 straight months of gains and sparking a raft of upgrades of the red metal. juliette saly has the latest on copper. juliette: yes, here in singapore, joining the links of bank and and goldman sachs upgrading the cover forecast as they say we are at the start of a commodity super cycle, ocbc thinks it will last a couple of years due to underinvestment from a number of commodities players during the pandemic and what they are calling exceptional demand from china. they expect copper to surpass previous highs and reach $10.5 million in 10 months, and they say the market is in trump or deficit than previously estimated and there could be a shortage of around 630,000 tons

over the course of this year. ocbc recommending you look at etf's to get in on this trade, particulate as we see what they are calling a commodities super cycle. there top etf pic is copper. we know that it hit its highest level since september 2011 on the lme in london, hedge funds piling in as well, becoming the biggest bullish wager on an asset class in a decade. future saying optimism for the recovery also on track for tightness and the brightening outl is driving what they are calling a panicky rally in copper. annmarie: panicky, yeah, when you look at these commodity markets. thing you for that set up, it brings me to this point with sonja laud. still with us. on commodities, you say for the

first time, we are not due for a circle cycle -- super cycle. we have seen four super cycles the past 100 years. i am astonished what we are seeing in the sense of oil, wheat -- they say this could hit coffee. why do you not think this is a super cycle? what are you describing what we are seeing -- how do you describe what we are seeing in the commodity market? sonja: it is how you define a super cycle. right now it would be surprising if commodity prices would not react to the massive stimulus, the cyclical recovery we are expecting. it is very much in line with what we are seeing elsewhere and covered by other risk assets. in particular for commodities, we should not forget china has been the first country reopening fully post pandemic, and if you look at the export data from

korea and the other early cyclical indicators, they are very much in line with the commodities story. i think alongside the debate around the importance of fiscal policy and how fiscal policy will be used and applied, it will determine to my mind how commodities will fair. you mentioned oil as well. we should not forget the whole debate around the changes to tackle climate change and to make sure we can move the global energy system on a more sustainable path, in line with the paris accord. for the time being, it is a cyclical recovery we are seeing across commodity prices. whether we are in a new super cycle, i would just be cautioning against some of the longer-term trends we are seeing, and even if one of the commodities see a prolonged trend upward, i'm not sure we should generalize too much and say all commodities will be in a

super cycle right now or starting a super cycle. manus: i am always dangerous when i find a fact, but i found one and i would like to share it with you. [laughter] annmarie always gets a bit here we go again. 1972 -- yes, i was around. seven out of nine inflation spikes since 1972 mean energy stocks perform the s&p. when it comes to equities, how much more equity risk would you like to take in energy or commodities? i was looking at billy's and they have not been this high since 2010. sonja: clearly, if you look at energy stocks in particular, they are very interesting. they have underperformed so badly throughout 2020, and clearly if you think about everything we just said mother

is some room on the upside. having said this, obviously there is a countertrend in the context of the understanding that investors are now forming on what will companies in particular have to do to establish a more sustainable business model. it is interesting because you can see a greater separation between those with a much clearer path toward a net zero outcome and those not there yet. you have support from the commodity, support from the cyclical recovery, and the demand picture. you will have quite severe headwinds with investors demanding those companies to show them what the path to a net zero environment is. annmarie: i'm going to move away from commodities for a moment. manus and i want to get your thoughts on what you heard yesterday from the european central bank. christine lagarde, a little verbal intervention, quite worried about the bond market. do you expect the ecb to act?

and you think jay powell will have to sign a little warning as well today when he speaks? sonja: i think the understanding is all central banks will remain on the dovish side and remain supportive. clearly they are very concerned about bond market liquidity and well-functioning and stable market backdrop. i think the verbal intervention is probably what we will expect in the near term until we have more data points and clarity around the recovery, and potentially the inflation overshoot in the u.s.. again, i imagine jay powell will err on the side of caution and support the communication they have had recently. manus: thank you so much. sonja laud joining us with thoughts on the markets and tempering the super cycle mania we have. speaking --

>> hsbc is pivoting to asia in a bid to boost profitability. the lender was able to keep costs in check last quarter with the ceo saying he is cautiously optimistic for the year ahead. hsbc also resuming its dividend after u.k. regulators relaxed a band. the european central bank says it is closely monitoring government bonds and assign it might -- in a sign it might undermine recovery. christine lagarde is warning these matter for finance conditions and debt buildup during the pandemic. the ecb has pledged to keep conditions favorable during the pandemic. global news 24 hours a day on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. annmarie: thank you. coming up, bill gates says tesla

is an amazing company. we will hear his thoughts on the roles of ev's. he has a new book on climate. this is bloomberg. ♪

annmarie: good morning, this is "daybreak: europe. bitcoin tumbling as caution about the rally takes hold. this comes after elon musk tweeted he is concerned the price of the cryptocurrency has risen too high to quickly. the comment also hurt tesla shares and his personal fortune. he is no longer the richest person in the world after tesla's decline wiped $15.2 billion from his net worth. meanwhile, bill gates has spoken about the role of companies like tesla in the climate change battle.

he told bloomberg turning away from traditional combustion engines is a key way the world can achieve net zero omissions by 2050. -- emissions by 2050. >> an electric car is one of the few categories where we see a path to zero. only about 7% of emissions come from passenger cars globally so you cannot declare victory there, but as the cost of those cars comes down, the range goes up, there are more charge points and there is quick charging. you will feel like a gasoline car -- less maintenance, quieter. the market will take care of this and you will not need regulations, even though they have been used, including the tax credit, to get the volume up

to get to that point. every category needs to go through that process of bringing its green premium down dramatically. >> i understand you own a porsche electric car yourself. elon has claimed in the past you shorted tesla -- is there any truth to that? >> i think tesla is an amazing company. i wish i had more on the long side. it is great and i have lots of relatives who own teslas. nothing but positive thoughts about tesla and its role. >> that said, i am curious for your thoughts because tesla could potentially make more money from its bitcoin investment this year than profits from electric cars in

all of 20/20. -- 2020. what is your take on that, you're bitcoin take and the fact that the price can go up or down from a simple tweet from him? >> elon has tons of money and he is very sophisticated so i do not worry that his bitcoin will randomly go up or down. i do think people buy into these manias who do not have as much money to spare. i am not bullish on bitcoin. my general thought would be if you have less money than elon, you should probably watch out. >> why aren't you bullish on bitcoin? >> there are things we invest in in society that produce output. bitcoin happens to use a lot of energy. it happens to promote anonymous transactions, non-reversible

transactions. the gates foundation does a lot in terms of digital currency, but those are things where you can see who is making the transaction. digital money is a good thing. there is a different approach that is local currency and attributed, and deals with all of the money laundering and terrorism regulations, and yet gives you the convenience and low cost of transaction. our foundation is very proud that in the pandemic, a lot of the countries refunded to do this were able to get money out to their citizens very efficiently. that is something that does not have the visibility of bitcoin but the move to digital money we are engaged in is a super positive thing that eventually will get to even the poorest countries. manus: words of caution from the microsoft founder bill gates on

bitcoin with emily chang. coming up on the show, retail results from the u.s. as home depot and macy's report earnings. that is just one of the features of today's trade. we will bring you that next. this is bloomberg. ♪

>> we sized this based on the need we see to get shots in arms, schools reopen and relief to families and businesses. as we look at this, we look at the estimates out there not only of the output cap but the amount of pain we see in the labor market. 10 million people out of work still in this economy. we think this is appropriately sized, and frankly the right kind of economic prescription to what is a unique and really precarious moment in our economy. >> talking about larry summers, olivia blanchard, these are not

exactly republican cheerleaders, they are raising the biggest questions of your administration. are you disappointed that's where the opposition seems to be coming from? >> we are having the debate across the board and we welcome the opportunity to explain the contours of our plan. one thing that is unique about this economic crisis, this is a unique crisis and pandemic driven recession. we think about what the economy needs from the perspective of more akin to a natural disaster than a typical recession. we need to surge resources and support an we have seen in the past year and approach that says let's wait and see and take incremental steps has not worked and put us in a deep hole. we feel pretty confident on the economics that this is the right way to go to make the err in the direction that will definitively get our hands around this crisis and drive us to a stronger and more durable recovery.

>> have you spoken to summers or blanche already -- blanchard? >> we are speaking to experts across the board, including the folks you are mentioning. we want input from all sides, and that we are considering arguments. i want to be clear, we take very seriously the risks, the economic risks out there. we spent a lot of time thinking about them and worrying about them. but as we assess and balance the risks, we believe the risks of further scarring in the labor market, the risks of further extending this economic pain outweigh the risks of doing too much. manus: that was white house chief economic advisor brian deese speaking to jon ferro. fed chairman jerome powell will be testifying today and congress and tomorrow. democratic lawmakers are

expected to press powell on his support for joe biden's $1.9 trillion stimulus plan. the fed chair is likely to downplay the risk of inflation despite the size of the package and therein lies the point. if you reflect on the double j, jay powell and janet yellen, it is the j&j show. it will be interesting to see what he says about running it hot, what that means. our guest says that is yet to be tested, running it hot on the inflation site. annmarie: there was a great piece today outlining everything congress should be asking mr. pal, and part of that is what precisely makes him -- mr. powell, at what part of that precisely makes him sure. they end the piece, the excess

supply of credit. these are the questions the fed will have to start answering. manus: absolutely, and you heard bill gates talking about mania in bitcoin. do you have a melt up or concern elsewhere? the dollar and the commodity move is perhaps the most important. i did warn you i found a fact and i want to say it again, seven out of the past nine inflation specs since -- spikes 1972, energy does well and that is the point let's look at the markets. nest up half of 1%. -- nasdaq up half of 1%. 1.5% on oil. annmarie: what is so fascinating this morning, at least what happened yesterday, the nasdaq composite got brutalized, down

2.5%. everything done well during the lockdown are being abandoned. they are flying into things like energy stocks. ♪

anna: good morning and welcome to "bloomberg markets: european open." i am anna edwards. stocks trend higher. bloomberg commodities index reaches march 2013 levels as the cash trade is less than an hour away. here are your top headlines. half a million america