manus: good from bloomberg's middle east headquarters in dubai. i am manus cranny alongside annmarie hordern. the bounce back begins. this after the great slump, the rotation into value games -- gains. kathy would -- cathie wood says of broadening market is good news be it -- is good news.

and the shanghai composite clawing back after a slump in the open. and the race for the oecd enters the home stretch. we speak to a candidate this hour. it is 10:00 a.m. in dubai. the great stock rotation, you've got to be brave, that value has outperformed growth 30% since the late autumn pure -- late autumn. if you think a correction was bad and the nasdaq, it is a bear market in the hang seng in china. good morning. annmarie: good morning, there is a moment brought to you, a déjà vu moment, they said the last time the dow gained five tens of a percent and the nasdaq 100 lost 2% was march 8, 2001. yesterday was march 8, 2021. that was when the dot-com bubble

was about to burst. there is that rhetoric going around. but there are different things happening. one is the reopening trade, and the other is the rising bond yields. manus: and if that has further to go. we caught up with a very strong minded investment lady, cathie wood, and she is not bothered. >> when we go through a route like this -- rout like this, the rotation is happening very quickly, and started slowly but it is going quickly. i am happy the market is broadening out, this was the case in late 2016 as well. value took off and left growth behind. whenever i see that happen, i say ok, this will market has broadened out and it is good news. manus: ok, so the broadening is

good news for her. what could spoil it? a spike could go further, and there's more stimulus coming down the pike, $1.9 trillion. that is incremental, it is what comes next. the differential between gdp and the yield is the widest potential he since 1966. bonds could go higher. annmarie: we are going to have more from cathie as well. as you mentioned, we had a bit of bounce back on the nasdaq after yesterday, closing down in correction territory. i want to look at the csi 300. stable this morning, this comes after the chinese state backed fund coming into shore of losses. the communist party seems to be ok with getting rid of the -- but it was a hitting a level that was uncomfortable. the 10 year treasury, a drop, we

had been at the 1.6% level. the dollar-yen breaking through 109. we are seeing a lot of dollar strength continue. joining us to break down all of the news is astrid. a very good morning to you and thank you for joining us. where do you stand this morning, when you look at what's happening intact, the high flyers of 2021. is this a buy the dip moment or is this just the beginning? astrid: good morning. we've been liking the idea of rotation in terms of small caps, and other sectors performing better. we still believe there is some room for this. if you look into europe, we know that europe is behind in terms of vaccine rollout.

we think it probably has further to go. at the same time in terms of tech, structurally if we can project ourselves beyond the near future, it is vital for the economy. we would not be completely in this mindset that it can never come back or it would always be too expensive. we are more in favor than emphatic. manus: good morning and welcome to the show, great to have you as part of the lineup. the question for global investors this morning is whether they agree with cathie woods whose stoicism is -- it is revelry, isn't it? value with a more substantive trend. do you think the pillars are in place to stand under her

suggestion? astrid: we believe that yes, the economy is broadening out, and it should -- in many sectors. we have a lot of monetary stimulus, fiscal stimulus. we have a second package in the u.s.. and this is positive for equity markets. also when we have yields going up, how bad is it, and probably we will see some civilization in yields. we like this idea. at the same time, playing with value versus growth, probably would not have this sector. where do we see further upside in terms of earnings expectations? that's why i mentioned europe. i think afterward we will go more into a steady as you go long growth, and it will be more

balanced across sectors. annmarie: but what does it take to get the tech growth back on track? how do you do that at the same time in an environment when the economy is on the cusp of reopening? astrid: that's really more i would say the near term. you are absolutely right, we do still see economies that are reopening. we do know that domestic demand in more traditional sectors is depressed and they will see a better earnings outlook and probably investors will have more confidence in these areas. when i say more, the structural outlook is further down. it is very clear that tech is at the heart of future economic growth and corporates. it's not just tech, we will see this and a lot of sectors. in my view, you will then consider different areas which

are actually adjusting to things and others that are not. it will be exciting but i think it is rather a structural thing. manus: just when we are trying to absorb 1.9 trillion dollars and 900 billion dollars before christmas, you say pay attention, there's another to trillion eight coming down the pike in terms of an infrastructure bill. -- another to trillion dollars coming down the pike in terms of the infrastructure bill. will it reach 2%? astrid: it will be interesting how the fed and treasury will work together. last year we had this great fiscal monetary corporation and it seems to be working automatically because the u.s. treasury has a lot of money with the fed and they can fund some spending with the cash they've already raised.

going forward, assuming something on the infrastructure shied -- and for structure side comes through, there will be more treasuries issued and the economy will look better. i think it will be much more difficult, and we may be in a situation where a lot of people think -- that if we want to keep yields more stable, the fed has to step up. manus: they certainly have a tough time ahead of them, and if you reflect on what janet yellen said yesterday, she said we are going to have full employment by this time next year. [coughs] excuse me. annmarie: astrid, we are going to leave it there and let manus get a drink of water. astrid is going to stay with us. laura: the future of hong kong's electoral system remains in focus at china's national

people's congress. critics are concerned change will tighten beijing's grip on the financial hub. the city's top legal official is warning residents not just rate too far from the facts. >> criticisms that are fair and rational and fact-based will of course be well taken because in a democratic society, one needs to take those on board and then analyze in order to form policy. laura: a swiss company will begin producing the sputnik covid vaccine in italy, the first european reduction of the russian saw. -- russian shot. it is subject to approval by italian regulators. it comes as the prime minister has about to speed up italy's taxation drive. 100,000 italians have died from coronavirus. the french central bank sees the economy avoiding a second recession. it thinks there could be slight

growth in the first quarter of the year. business leaders and construction are expecting improvement this month. global news 24 hours a day on air and bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. annmarie: thank you so much. coming up, aging intervening, chinese stocks are race -- beijing intervening, chinese stocks are racing losses. we will have the latest next from hong kong. plus, hot on the heels of international women's day, bloomberg building up to the equality summit next week. please note our brand-new equality function is live. it is now on your terminal. this is bloomberg. ♪

>> like all of the -- there will be choppiness. i think you will see sharp correction. demand vanishes based on greed. sooner or later, when the 10 year hits 1.5, 1.7, some will say we should start selling. you get a downward spiral. i anticipate a correction without a doubt. annmarie: the dbs group ceo there he thinks a sharp correction is overdue for global equities. somewhere not seeing a sharp selloff is china's a stock market. they erased losses after state backed funds were said to have stepped into the market. notice china's "national team,"

wanting to ensure stability during the meeting in beijing. sophia, a fantastic scoop. i know this came from you. why did the national team intervene now and not sooner? sophia: good morning. the key point, the key timing is as you said, the npc. china and beijing do not want the market to over correct. what we saw yesterday was the biggest drop since july, and it looked like it was accelerating. selling momentum really picked up yesterday. today was the right time to buy. also the asi is down more than 10%. we had the correction. the key thing also is for a market really obsessed with levels and technicals, the csi

fell through its 100 day moving average yesterday. that was a key loss of support and the market needed that. manus: great to have you with us. i have recovered, everybody, i have a bottle of water. [laughter] annmarie was a little worried. it is the national team, isn't it? we got a message last week, deleveraging, bubbles, etc., etc. but perhaps to walk away from this is to say look, we will deflate that we will not allow an implosion. is that a take away from this? how far will they go? astrid: -- sofia: that's exactly right. let's remember, this year in july, the communist party will celebrate the 100 year anniversary of its founding, and it is a year in which beijing will not want bubbles or a big equity crash. stability is the name of the

game. we saw warnings around asset bubbles, and from officials, saying removing the risk in the financial system will be the key policy priority this year. you don't want the markets to overheat, either. that's what we were seeing before the lunar new year break in february, where stocks are actually very close to a record. we saw the csi index actually pass its record from 2007 in february. that has gone too far. the csi was outperforming every other national benchmark we track at bloomberg in the world at that point. it is about managing risk and expectations in the equity market. you don't want it to fall too far but you don't wanted to overheat in a year when the communist party is celebrating its 100 year anniversary. manus: a goldilocks hand. thank you.

the national team supporting the markets. we have also seen a little bit of a move in the oil markets. let's get to our guest host, we are back in two green on the oil market, branch trade at 68.40. let's bring back in our guest host and talk about commodities, astrid. you look at the oil market. it is moving toward $80. if you look at the oil market, we are still a long way from global recovery. astrid: good morning. on the oil market, we did have the factors, supply has been constrained and demand shot up with texas, and also we have the reopening situation. we think this can continue, but

ultimately there is still supply out there that can come back. if the inflation situation was gone, we would see more of a trend a situation. at the same time, talking about tightening conditions. i wouldn't mind seeing it stabilizing where it is. if it continues with the same speed, i would think we would slow, nothing dramatic, but for those countries that have to import oil, you would probably see a bit of a bit of tightening of financial conditions. annmarie: and we are already hearing the likes of that from india and other big consumers. we have a moment what is your year end target on brent? astrid: as i mentioned before,

we believe there is a bit of a squeeze up. we believe that as we go more into a broad-based global recovery, there is more chances for opec-plus to come forward with more supply and we cannot -- to the downside. annmarie: thank you so much for joining us this morning. coming up, we hear why the ark investment management founder is buying tesla. this is bloomberg. ♪

manus: this is "bloomberg

daybreak: europe." the tech selloff in the u.s. has sent ark investments main etf into the worst of the year. it has wiped 30% from their investing strategy after last month's high. cathie wood says she is keeping her eye on the prize and sticking to her conviction, including tesla. here's what she had to say to emily chang. cathie: when we go through a rout like this, first of all the rotation is happening quickly. i am happy the market is broadening out, this was the case and late 2016 as well, value took off and left growth behind. whenever i see that happen, i say ok, this bull market has broadened out and it is good news. what we do during these periods

is concentrate our portfolios toward our highest conviction names. that is what we are doing. we had extended the number of names in the portfolio from the low to mid 30's at the bottom of the coronavirus and now we are at roughly 55 for our flagship fund, and we are starting to sell the more liquid names and buy some of the more pure play names. the more liquid names are either more mature than facebook, apple, so forth, or they are participating in invasion a -- and in the -- and in innovation but they are not pure plays. in order to have cash like instruments to have at a time like now and also move toward a highest conviction names. emily: let's talk about tesla. you said you are only going to

buy the dip. are you going to continue? cathie: yes, we can buy a stock up to 10% of our portfolio. that is certainly, in the etf's, we report holdings of the end of every day and anyone can see that. yes, we have been building whenever we can. we built up to 10% last week, so the stock behaved in line with our portfolio. again, we can't buy anymore here. if it were to deteriorate at a rate beyond that of our other portfolios, drop low the 10%, we would have the latitude to buy more, of course. emily: you said you would put out a new test the price target and the market is anxiously waiting for that. when will we see that and can you give us an idea of what the target will be? cathie: well, it will be, i will say in a couple of weeks.

we are getting compliance, it is helping us do everything we should do before we send it out. but the two things that have happened to tesla since our last projections are, one, it has increased its market share. when we put out our original $4000 price target, the equivalent of $800 now, we thought that tesla's a share would drop from 17% -- this is share of the electric vehicle market, globally -- from 17% to 11%. instead, it's share increased as others with wonderful brand names started increasing the number of electric vehicles in their companies. that was a big wake up.

in the united states, i think tesla, through the third quarter at least, was at least still 80% of all electric vehicles sold in the united states, so pretty stunning. the other thing that is happening is autonmous. the probability they get it right, we believe has increased from the 30% we had in our base case in the last model. what is interesting about it is the margins in this, the growth margins, are in the 80% range. the margins for electric vehicles alone are in the 25%-30% range. this is a five-year projection. the model changes completely if they get this right. we think they will. manus: ark investment management ceo cathie wood getting ready to

double down on tesla. we have 13buys, 15 hold, and 12 cells. target price, 615. coming up, frank appel joins us. it's about logistics. 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 learn how much you can save at xfinitymobile.com/mysavings.

annmarie: good morning, i am annmarie hordern with manus cranny. this is "daybreak: europe." nasdaq futures higher after an overnight slump. cathie wood tells bloomberg a broadening market is good news. and chinese estate back to funds are said to have intervened as the shanghai composite clause

background after slumping at the open. plus, the race to the oecd enters the home stretch. manus, good morning. great stock rotation continues. i like what mike bailey says. he said it feels like an attitude adjustment for tech and growth stocks. investors have decided the covid highflying are too expensive and it is time for evaluation haircut. all this comes as they become less appealing in the tech space and you have bond yields clawing back higher. manus: but how do you differentiate? cathie wood is differentiating between what she described as the big blockbuster liquidity names, the faang's, and shifting to a pure play technology evolution. but the big question, where will you spend your stimulus check? at the mall, on a vacation, or will it be slightly more nuanced

and less tech? that's the question and the bond market tells us a lot. annmarie: it certainly is and right now what we are seeing in the bond market is yield a little lower. today, i believe it is a threes, tomorrow tens, and thursday is 30's, and that should give us a sense of the appetite of the treasury market. manus: let's get a snapshot of what we've got, nasdaq bouncing back here went into correction yesterday. the hang seng battered yesterday, in a bear market. the national team supporting the csi this morning. they don't want to blow the bubble up too quickly in china. 10 year yields at 1.65%. this is the widest since 1966. the english remember 1966, i think they won a football game. i think of just offended the producer. let's get to earnings a little more. logistics, what have you

murdered online and what has been delivered to me in dubai? this company has probably been part of it. profits surged next to the palmer's -- e-commerce boom. they are up 5.5% over the previous year, and they've been actively involved in the vaccine rollout, committing to flight batches of shots around the globe and working toward zero emissions logistics by 2050. frank appel is currently ceo of deutsche post. express revenue, up 21%. are you all in on this transformation of how we live, how we -- how we order, and will it endure? frank: thank you for the compliments. we are full in. we've said that already for more than a decade.

we see growth in all parts of our business due to e-commerce. consumers are changing their behavior and that's very visible in our operations. we also provide fantastic service and that's why we have seen a great increase in our revenues. annmarie: how sustainable is the surge in e-commerce demand once economies fully start to reopen? frank: if you look in markets like asia, where covid-19 is impacting the society significantly less, even after the lockdowns were over, we've seen the growth in e-commerce. that's why we expect, despite growth rates will normalize in this year and beyond, we definitely will see on a higher level, continuation of the growth. it is so convenient for customers to buy online. we have seen more elder people have joined as well. that's the reason why we believe

on a global trend we will see a continuation of e-commerce growth. manus: you've got competition, having you come on the doorstep with fedex. they are obviously a key competitor to you. has that chipped away, has it been apparent, have you seen any manifestation of the competition? frank: competition is good for business because it pushes companies to do better. we have the best in class quality provider. we have gained market share. we are feeling very strong and we are investing globally and we are the only global player in that field. that's why we think we have a good market position against any competitor. annmarie: we've also seen a surge in airfreight rates given that passenger to man so depressed. at what point do you expect this

time normalize? -- this to normalize? frank: not this year. at the moment is not imaginable that in the next three months we will see a lot of increase in intercontinental travel, and even after people get vaccinated, i think it will continue to only start sequentially to increase, and that's why this year we will see a constraint on value space. it might normalize more next year, it might be 2023 or 2024. manus: i deal with a lot of ceos in this region and they are asking all of their staff to get vaccinated. will you ask all of your staff globally to get vaccinated? is it going to become a request from the top? frank: i think you can't do that. we have said whenever we are allowed to buy a vaccine from the government or pharmaceutical

cool companies in the first place, we would buy that and offered to colleagues around the world. that's the decision of individuals and we can't make it mandatory. i refuse to do that as a company, but i think many people will get vaccinated. as executives, you complain role model and i get vaccines every year, and i show in our in channel communication that i've gotten a vaccination. i will do the same if i am allowed to get vaccinated. i have to wait until my group, my age, is allowed to do that. i will definitely do that and i will communicate that i think more vaccines are healthy and safe and i would strongly recommend to do that, but we would not make it mandatory. annmarie: what has been your role in getting these vaccines around the world, the shipping part of it? frank: we do of course a great job, i think our industry has done an outstanding job already.

we are well prepared for some time. whatever is produced, we will ship to the right place. it makes our colleagues very plowed -- very proud. when the prime minister or president stands in front of the dhl airplane, that makes them proud. we are ready to go for any volume, not a constraint at all. it's the amount of vaccination that will be produced. fortunately, what we can see is the volume is increasing rapidly. manus: can you give us some sense of the impact of brexit? are there major disruptions or things we are not talking about? frank: i think with everything, this was already two years ago, it's not good for the society, for the u.k. or europe, free

trade is better for everybody. we have more red tape at the borders. there is no value for anybody. it is extra cost consumers have to pay. but the processes are now normalizing. once in a while, we have a little delay in customs clearance, but customers are getting used to that. customers are shipping to many places where they have no free trade, so it's always the same. before it was a big mess and we have challenges afterward as things normalize. but again, brexit is not a good idea for the u.k. nor the eu, but we cannot change it any longer, unfortunately. annmarie: there is no going back. frank appel, thank you for your time this morning. i want to get a recap of the first word news with laura wright. laura: u.s. airlines urging the biden administration to take the lead in developing a temporary virus passport to reopen global travel. industry leaders say the white

house has to act quickly to develop these standards to support the industry. it comes amid a significant slowing of infections in the u.s. despite an uptick globally. president biden's giant $1.9 trillion stimulus bill is set to sail through the house, and treasury secretary janet yellen is dismissing fears the package is so big it will cause an inflation problem. she tells msnbc she doesn't think prices will run to hide, but if they do, they are tools to deal with that. barclays is set to plan job cuts as part of a cost-saving measure. sources say around 60 positions will go, including senior roles in the u.s.. covid-19 has slammed the lending business, and it seems that continuing this year. no comment from barclays. global news 24 hours a day on air and bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg.

annmarie, manus? manus: thank you. coming up on the show, after months of consultations to narrow the field, ambassadors to the oecd are expected to appoint a new secretary-general next week. our exclusive conversation with one of the two remaining candidates. he joins us next. this is bloomberg. ♪

manus: it is "bloomberg daybreak: europe." let's get to our exclusive interview, the race to lead the oecd narrowed to two candidates. the ambassadors to the organization are expected to appoint a new secretary-general

next week after months of closed-door consultations to narrow the field of candidates. in a moment, we will speak to one of them, the former australian finance minister, mathias cormann. but first, let's hear from the other candidate, cecelia maelstrom, who joined us yesterday. >> there are 37 countries in the oecd and i know i have backing from european and non-european countries. we will see. monday next week, the ambassadors of oecd will formally appoint the new secretary-general. >> the additional negotiations are a make or break moment for the oecd. where do you see it heading? >> they are very important and this is why the world is looking for the oecd to conclude these negotiations going on for many years. it is a trust given to oecd. since a couple of years,, 140 companies -- countries, trying

to find a new architecture for global taxing when it comes to huge companies. where do they make the profit and pay their taxes? it's a lot of work and we've seen signals from the new u.s. at attrition that they really want to work together with others to find a solution by the summer or autumn. i think it is feasible. >> can you talk about scarring? we've just gone through the pandemic and a lot of people are still in and, and we are getting some vaccinations. how can you address these imbalances? >> we will see scars a long time and many people are still in the pandemic. we will have to work a long time to build up money, companies have gone bankrupt, people have lost their jobs, and any countries have put themselves in a big debt trap. that will take a long time to recover.

we must make sure we get the global wheels rolling and global trade working, rules-based trade, i'm happy the wto has a new attorney general to help marginalize -- help modernize that organization. the small companies suffered a lot, and women, there is so much research showing that within suffered -- women suffered so much more in the pandemic than men. oecd cannot solve those problems but it can contribute and assist in the recovery, and hopefully we come out better on the other side. annmarie: that is cecelia malmstrom speaking to us yesterday. joining us is mathias cormann, oecd secretary-general candidate. you are in the race right now with cecelia malmstrom. she said she has the backing of

european and non-european countries. what gives you the confidence you can win this race? mathias: four months ago, there were 10 outstanding candidates who put themselves forward, and indeed they all have strong backgrounds and cvs. we all bring unique experience and backgrounds. i am putting on the table my track record as finance minister. seven years with economic and fiscal policy and experience. i have a somewhat unique background as someone born in europe, spent half his life in europe, and spent the second--- second half of his life across the ocean. i bring the european perspective and the asian-pacific. it is up to them to decide who they think is best equipped to lead the organization over the next five years. in the context of the particular

challenges we are facing right now. one of the arguments i put forward is i believe the oecd needs to strengthen its focus and engagement in the asia-pacific, which is part of the world that will generate more economic growth in the foreseeable future. i bring the particular background to have achieved that. manus: good morning to you, we wish you well in the closing days of this. let's talk about where you garner support. cecelia malmstrom says she hasn't european and non-european supporters. you will need the u.s. to get along the line. we were looking at an interview by john kerry. do you think the u.s. will still back you as an australian with a coal mining heritage and rooted in your veins kind of thing?

mathias: what i would say is i felt very good engagement with the biden administration, in relation to my candidacy. australia is a country fully committed to taking action on climate change. we are and always have been in the paris agreement and we have a track record of meeting and exceeding our emissions targets. indeed, we are on track to meeting and exceeding our 2030 target. i made very clear that should i be selected as a secretary-general, i would deploy every policy and capability of the oecd to help countries around the world to reach zero omissions 2050. -- emissions by 2050. i can't speak for individual countries, but i've had very

good, constructive engagement with the biden administration and other countries. annmarie: you say you have a strong track record on climate, but in a letter to the oecd, climate change groups have protested your record and a government that persistently failed to take effective action to cut emissions while blocking international action. they say you make it not a suitable candidate, because 2011, you said your government push to put a price on carbon was an expensive hoax. in 2014, you wanted to abolish the renewable energy bench. the oecd during your time and government said australia needs to cut more emissions. the science hasn't changed, why has your position changed? mathias: my position hasn't changed. we are in the middle of a campaign and i would look at that in the context of i campaign -- of a campaign. the oecd is about data and evidence.

by any objective measure, australia has achieved significant outcomes when it comes to emissions reduction, 19% reduction across our economy, back to 2005 levels, which is substantially higher across the oecd. we had one of the highest levels of investment in renewable energy of any oecd country, particular when adjusted for population. we have the highest penetration of rooftop solar. if you look at reduction targets through 2030, we end up halving. it is one of the most ambitious targets across the oecd. australia has been committed to ambitious action on climate change.

the focus has not been on whether or not to take effective action, it's how it is best done, in a way that is environmentally effective, that doesn't just shift emissions and other parts of the world. global emissions could be higher. something that is environmentally effective that still ensures reliable supplies and is economically responsible. that's the debate we've been having in australia. by any objective measure, straley has achieved very credible outcomes when it comes to actual reduction outcomes. that ultimately is what matters, the outcomes being achieved. even in different parts of the world by different measures. manus: we understand you are putting forward your defense. there is a long litany of moments where perhaps it sounds

different to what you said. can we close out with the digital taxation? is this a make or break moment for digital taxation for the oecd? how much would you support the implementation of a global digital tax? mathias: it's very important we find a multilateral resolution on this issue, and i agree with what cecelia said. the biden administration has clearly made some encouraging comments in recent weeks about preparedness. the truth is, the combination of the digitalization of the economy and globalization of our economies has created distortions and inequities in terms of the capacity of governments to raise the revenue to fund important services to provide fair and equitable -- annmarie: thank you so much for your time.

i'm sorry, that's all the time we have. coming up, what you need to look out for the rest of the day. this is bloomberg. ♪

manus: this is "bloomberg daybreak: europe." it is all about the csi, that shanghai slide did not last long. we are lower on -- i should say beijing. shanghai down, they don't want a rerun of 2015, an explosion to the downside. annmarie: certainly not, but it begs the question, are we going to get another round, another infiltration of state buying, the so-called national team? these funds stepping in, and they are doing it during a key policy meeting, it is the npc in

beijing. will we see this before the market closes tomorrow morning? manus: yep, and they sent a message last week about deleveraging and bubbles. four weeks of losses and they have had enough. we will have the european market open next. this is bloomberg. ♪ g. ♪

(announcer) do you want to reduce stress? shed pounds? do you want to flatten your stomach? do all that in just 10 minutes a day with aerotrainer, the total body fitness solution that uses its revolutionary ergonomic design to help you maintain comfortable, correct form. that means better results in less time. and there are over 20 exercises to choose from.

get gym results at home. no expensive machines, no expensive memberships. go to aerotrainer.com to get yours now. >> good morning, welcome to bloomberg markets, european open. our markets live managing editor joins me from singapore to take us through all the market action this hour. cash trade is less than an hour away. nasdaq futures climb after an overnight slump as the rotation into value gains pays. it is good news.