♪ manus: good morning from bloomberg's middle east headquarters. your top stories this thursday. treasury yields are steady amid a tame rating on inflation. the next hurdle is the market 30 year option today. joe biden's stimulus passes with direct payments heading to americans within days. the president marks one year

since shutdowns began in prime time. how much does a threat to rising yields pose? christine lagarde's words will be watched at today's ecb decision and press conference. 6:00 in london, 7:00 in frankfurt. good morning. the most boushey went fine. the entree was tough to take. we took it all. this bond market can take size. there's a receptiveness to more. good morning. annmarie: good morning. will it be harder to attract that demand on the 30's? cti coming out yesterday. underlying perfect -- pressures remain muted. the inflation scare is missing some inflation. for me, the test comes, what

happens the next few months? many cities and states in the united states are still under lockdown. it comes at a time when we are getting another round of stimulus checks. where does that money go? you are potentially looking at the stock market or the real economy. paying bills, housing, utility bills. where does that money go and what does it mean for inflation? manus: that's the reality. some would say the cpi data was old hat. deutsche bank says 37% will make it into the stock market. a friend of the show, old pal, this is what he's basically saying. without another severe covid driven double-dip, it will be hard, 60% chance of one fed hike by 2023. the bottom i hear -- line here is that we are getting a

repricing coming through in the rates market. whether you believe it or not, it's happening. get ready for spectacular growth. i need to know how to invest around spectacular growth. i won't be with you forever. annmarie: [laughter] let's not say that. back to deutsche bank. jp morgan agrees with them. the question is, we see round two of those animal spirits coming up and letting a fire under those chat rooms the same way we saw at the end of december when the stimulus checks came out. maybe that's where you need to start investing, going on reddit chats. let's take a look at where we trade this thursday morning. s&p 500 futures up. rotation into values. green across the screen. european futures as well. csi 300 up more than 200%. you have state run agencies as well coming out and saying, remain calm when you see the volatility.

some losses earlier this week. it's the final day today of the mpc. a live report out of beijing later. 10 year yields below the one-year high we had on the 10 year. this is all about that lukewarm demand on the 10 year. what does it mean for the 30? it is ecb day. for the first time in a while, the euro is not the focus of christine lagarde today. the focus of the ecb is the language and what it means for the rising bond yields. to discuss all of this this morning is the cohead of public markets at musing niche. she says the fed looks open for the curve to go higher and steeper. i don't think they will raise short-term rates anytime soon. there's an elephant when it comes to the fed on the short-term yields. what do you think remains to be seen in terms of the auction? three years, there was a lot of demand. 10 year, lukewarm. what do you think will happen

today? tatjana: on the 30 year. good morning everyone. that's an interesting one to watch. i think it's a bitterly for investors to go into the long and. there will be an enormous investment opportunity globally, to the extent that yields are rising. for most investors, it's probably too early to really pile in. yes, there has been a significant move. the strongest move up in yields over 50 years or so. it has definitely been spectacular in that regard. i think it is too early. i would expect there to be some caution around the auction and people not piling insignificantly. we will have to see. manus: good morning. great to have you with us. welcome to the show.

i got a bit obsessed by deutsche bank snow it -- deutsche bank's no. $1400 checks, $150 billion of the checks that hit the slate in america will go into the equity market. will that push the dial? will that move the dial? good morning. tatjana: good morning morning. i heard you say earlier, i did not see that note. gamestop and reddit chat rooms. if that was what drove those interest in the stock market and the dabbling in obscure stocks from the earlier similes package, that would be a very u.s. behavior. i don't think many other nations would behave like this. if that is the case, then yes, there would probably be more daytrading and more investing.

that's an interesting data point. it would also explain the unusual behavior of some of the stocks. it's also interesting, there would be an over stimulus. i would've thought that most of the stimulus should go into the basic needs and that that should be supported. not to hand out money to individuals who have enough to go by, so to speak. if that is the case, there could be a continued rally in the u.s. stock market in particular. annmarie: one key thing of that note was ages--- 25-35. if you are younger, you have to take on risk rather than put that money in the real economy. of course, where that money goes could impact inflation. if that money goes towards the real economy like going out and

spending money on a restaurant or paying off your bills. what is your expectation of inflation? the cpi data yesterday was a bit muted. tatjana: i think it is very difficult to vouch. in the near term, it is expected already that inflation will go up. the last reading was muted. it was during the lockdown. it may not reflect what's going to happen in the next few months. when you look at all the commodity prices and transportation costs, there is definitely an uptick in inflation to be expected. if this is only temporary, that may lead to short-term market movement. it makes us get excited over inflation. for the central banks, it will be all about consistency. how do inflation numbers

continually higher? that is something that we won't be able to know imminently. we will have to watch it over the next few weeks. if you go to a restaurant, will they increase prices immediately? they are going to want to have customers back. are they in a position mentally, if it is not, just to feel strong enough that they are in a strong enough position to say, we want 100% capacity and raise prices at the same time. i think that would be quite the daring move by sectors that have been hit so hard. manus: indeed. indeed. getting people through the door and reacquainted with what a tablecloth looks like. the consequence of bond markets when they reprice is that the curve really moves aggressively. do youha this 1.9

trillion and another infrastructure bill that we are talking about is going to push the curves higher? if so, where on the curves are going to be most exposed in the united states of america? how do you play the curve steepen or? tatjana: at the moment, we are in the short end. we expect that that is a part of the market that is most protected. the fed is likely to ease as we just saw. there will be little move. it is hard for the short end move higher significantly unless we see over the next 12 months that there is such an uptick in inflation. clearly, the fed is likely to change its mind and may raise a short-term interest rate sooner. the short end is the way where we are hanging out. and also, it has increased our

euro exposure. clearly, we expect that the ecb will be lacking behind. the boone curve is likely behind what the treasury curve is doing. in the longer term -- manus: hold that thought. hold that thought. all the cool kids hang out at the shortened. we will dig into the torrential -- differential on the ecb in a moment. you have keyed it up beautifully. tatjana greil castro. our guest stays with us. let's get your first word news from laura wright. ♪ laura: the eu is urging the u.k. to come clean about the vaccine exports. it's the latest salvo in a heated dispute with the block accusing britain of having a ban on sending shots overseas. the comments are drawing a sharp rebuke from westerners. boris johnson opposes faxing nationalism in all forms. the war of words is not dying

dump you get the u.s. has ordered enough covid-19 shots to fully vaccinate every american adult twice. president biden is facing calls from allies around the world to start sharing u.s. supply of vaccines. the white house says the priority is getting shots to every willing american before sending them abroad. next week, top diplomats from the u.s. and china will hold their first face-to-face meeting since president biden took office. it will take place in alaska. both swords -- sides are hoping to improve ties. relations hit their lowest in decades under former president donald trump. global news 24 hours a day on air and at bloomberg quicktake, powered by 2700 journalists and analysts in 120 countries. this is bloomberg. annmarie: thank you so much. coming up, rising bond yields and focus. investor attention turns to the ecb as christine lagarde takes

center stage this afternoon. this is wennberg. /-- bloomberg. ♪

♪ >> the central policy of the ecb will be masterful in activity. they do it a lot. >> more words than actions. >> we specked it to be very direct and how she addresses the topic and to lean against the rising bond yields. this is something the ecb will not be comfortable with. not necessarily because of the raising inflation but because of the associated piping and financial conditions which is a source of concern for any central bank. >> i would be surprised if we were to see aggressive action at this side after an economically insignificant move in bond yields. >> if the messaging is clear, we

might see volatility on the right side. more of a test from the markets to see what the ecb's resolve is like. ♪ manus: the reactions from some of bloomberg's guests ahead of this ecb policy decision today. the central bank's view on rising bond yields will be in focus. investors are on the lookout for any hints that it will use bond buying programs to try to contain borrowing costs or if it thinks that may reflect optimism about the recovery from the pandemic. when it comes to inflation, bloomberg sources tell us that the ecb's thanks -- thinks that any pickup will be temporary. does she agree? tatjana greil castro. do you agree with the central theory that any inflation spike in europe will be temporary? tatjana: this is what we have

seen over 70 years. it is very difficult to move inflation expectation higher. we will have to see. it is similar to the u.s. in terms of global commodity prices, transportation costs. that would hit the eurozone just as much as the dollar area. clearly, there is not the same level of stimulus. our consumers going out to start engaging and spend? that is much more muted. in that regard, whatever inflation expectation you may have in the u.s., it is dialed down for the euro zone. annmarie: let's get into what we expect from christine lagarde. it's not about the meeting, it's about the language that they use at the press conference. what are you expecting? tatjana: i'm hoping that she doesn't slip up, first of all. it will be extreme lead difficult.

i don't envy her for that communication. in particular, when you look at the executive council at the ecb , there is such a varied view of what type financial conditions are. there are so many government bonds. it's the right level for germany where the level is much lower. you can see that the communication depends on which country you are in. bring that altogether, not sound to dovish. there's a recovery on the way. there's an expectation with the vaccine, the reopening is going to happen even in europe. slower but still it will happen. longer-term, the central bank is

well and good to have loose monetary conditions. as we saw a year ago, if interest rates have nowhere to go, you are also in a difficult situation. i would not think that longer-term, a central bank wants interest rates to be negative and doesn't have the room to maneuver rates lower or for the market to be able to rally during a recession and moving slower again. whatever you wish for in the near term may really hurt you longer-term. i would hope that she doesn't sound too dovish. and interest rates move higher. to some extent, it was justified. the bund moves are 40%. that's probably where it should be. when you look at the purchases that investors are crying out

for, i think you have to be very careful what you wish for their. -- there. why would you start huge purchases? you really want interest rates to go a bit higher, i would have thought. i would not see negative rates at those levels hurting the economy. me personally, i would not be against a bit higher interest rates. i think the central bank is also saying, what we are watching out for is the volatility. what we don't want is a dislocation in the market. the level come at the moment we are fine with it. manus: it's the same conversation that we had yesterday about the spike in the yields relative to treasuries. it has been nowhere near as pronounced. one saving grace from a demo guard is that the laura -- euro

has taken a breather. is it folly to bank on a temporary reprieve in the rise of the euro? the sensation of hostilities between the euro-dollar trade. tatjana: there are so many different aspects. i would think, given the dynamics, the dollar strengthening will continue with the weakness that is seen. the dynamic is in favor of the dollar being the stronger currency. annmarie: tatjana greil castro. thank you so much for all of that. thank you for your time this thursday morning. coming up, the final day of the mpc. the premier's briefing is coming

up. this is bloomberg. ♪

>> the important thing is that they need to bring back the savings rate. the savings rate has been quite elevated in china. we have seen that they are very committed to the so-called [inaudible] annmarie: bnp paribas senior china economist there discussing china's economic policy. the nation's biggest political gathering, the national people's congress, drawing to a close in hong kong. it could stoke tensions with the west. that's ahead of the meeting between u.s. and china's top invoice in alaska. the highly anticipated once a year news briefing within a matter of hours. a number of things on the agenda.

joining us ahead of that press conference from beijing is tom mackenzie. what are we expecting to hear from the premier given the fact that we know a lot about what's going to come out of the meeting? tom: that's right. in half an hour, we will years a closing ceremony. the most crucial vote will be hong kong and the changing in the election process. very few details yet. we are waiting to see if we get more information on that. critics say could be the final nail in the coffin for the democracy movement in hong kong. the big event is the premier's presser at 4:00 local time. he's expected to address a whole range of issues. over the last week, it has been the national people's congress. they have talked about the economy in terms of how to continue the recovery, how to build out a better quality growth, how to shift from investment and real estate growth that we saw last year to a more consumer led growth and

business investment led growth. what we also saw was plans to develop and build out china's own technology self-sufficiency. that's a longer-term plan. we expect more details on that. in terms of the economy, that's where he feels comfortable. what is he going to say about monetary policy and the deleveraging push year? how far is china willing to go? that is still a debate here for investors and analysts. anything he has to say about u.s. china ahead of this important meeting next week. manus: it's almost as if the rhetoric around the u.s.-china trade relations has been committed. have i missed a big story somewhere? tom: it has been touched on. the foreign minister talked about it on sunday. you had the briefing of military offices here. you headlines from president

xi saying that the chinese military needs to prepare for a complicated fireman. -- environment. broadly, this is a domestic event. that is where the focus has been , on technology in the economy. next week, we will get this first high-level meeting between the biden administration officials led by blinken and on the chinese side, the foreign minister who is the communist party top official in charge of foreign affairs. they will meet in alaska. both sides have really dug their heels in since the biden administration took over. there have been no olive branches. this is an opportunity to start the process of something of a reset. we should moderate our expectations given what we have heard from both sides. at least they will start to talk. manus: tom, thank you very much.

our bloomberg markets china open anchor keeping an eye on all the conversations from beijing. coming up, president biden says he's doubling the u.s. order of johnson & johnson vaccines. this is bloomberg. ♪

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annmarie: from bloomberg's headquarters in the city of london, i'm annmarie hordern. treasury yields are steady amid a tame reading on inflation. the next hurdle is the thirty-year auction. joe biden's stimulus passes with direct payments heading to americans within days. the president marks one year since shutdowns began in a primetime address this evening.

and how much of a threat to rising bond yields actually pose? christine lagarde's every word will be watched at today's ecb decision and press conference. 6:30 in the city of london. it is a busy newsday in the next 24 hours. we have to take a step back and what we learned yesterday about the inflation debate. the inflation scare is missing inflation. the true test will be in the coming months, and what do consumers do with the unprecedented amount of cash? some will needed to pay some bills, go out and have fun as restaurants reopened. but can we see any of that money come back in the stockmarket circuit the end of december, when we had those animal spirits really lighting up the chat room and the nasdaq? manus: yes.

the inflation data is historic. it is what happens next is what i think the market is debating. 20% of the dollar checks are going to make it into the market. that is $150 billion u.s., but it is a global phenomena. blackrock says we've got to get ready for spectacular growth. how do you invest around spectacular growth? what are the risks in terms of inflation? you've got china coming back with a national team. let's see what the mpc says later today. down 14% in 10 days, binding by 2%. the breathlessness of the spike seems to have abated, that we are not over the highest hump yet, although spectacular growth could change the narrative on euro-dollar. a tough job for madame lagarde

today to really corral those naughty bond traders and fx traders. let's get to the rest of the stories. the latest on the vaccination program. president biden has ordered almost enough covid vaccines to fully inoculate every adult twice, as he faces calls from allies to shore up the u.s. supply. he has doubled the u.s. order of the johnson & johnson vaccine to 200 million shots. pres. biden: i am doing this because in wartime efforts, we need maximum flexibility. there is always a chance we will encounter unexpected challenges, or there will be a new need for a vaccination effort. a lot can happen. a lot can change, and we need to be prepared. annmarie: meanwhile, italy's matteo salvini says the european union authorities have failed on a vaccine rollout, and someone will have to take

responsibility. he also said italy would welcome the russian vaccine without prejudice if approved i health agencies. -- by health agencies. korea taddeo joins us from brussels. let's start with the russian vaccine. why is salvini key to defend this vaccine that for others is quite controversial? maria: it is controversial, but it is also very clear the russians really wanted to see this vaccine in the european union. the medical agency secured already production within the european union. i asked salvini that question -- do you trust their motives? do you trust the vaccine? here is what he had to say. >> if all the paid and promised doses had arrived in time, we would not have any problems. i think europe will determine whether the sputnik will be

approved. i hope that if it will be approved, it will be distributed quickly. i think that if something works, it works for us, whether it comes from india, israel, the united states, or from russia. the most important thing is that it works. annmarie: that was matteo salvini speaking to us yesterday. he does raise a point that resonates with many europeans, and that is that we do not have enough vaccines. if you have a product that actually works, why would you not want to use it? the problem is this has questions that the european commission and many other authorities want to see an answer to. first of all, why is vladimir putin sending vaccines across the world when he has not been able to inoculate his entire population? two, it would be a very powerful image for the russian government to see europeans vaccinated with

their vaccine. if approved, this is probably going to be a big political debate before we see that sputnik vaccine being used in the eu. manus: marie, good to have you with us. the whole nuances around vaccine diplomacy are really beginning to build, if you look at even israel giving away tiny amounts of vaccines as a political statement. how is this spat between the u.k. and eu impacting the rollout? maria: manus, there is a whole spat that is happening between the u.k. and the european union. this happens every two to three weeks, but a lot of this this time around is about the narrative. we have seen the european union say, we are not this evil bureaucratic agency. we also have numbers leaking yesterday from the eu in which you do see even though they have taken production cuts, they are sending millions of vaccines to

other countries around the world. to answer your question, how is this going to affect the rollout in any way, when it probably won't. the european union did have to feel to counter -- didn't feel they had to counter -- they did feel they had to counter this and give a different spin to it. it is very politically sensitive. the ambassador to the u.k. set the best way to clear the air would be if the u.k. put its numbers out and see how many vaccines are exported out of the u.k. that could be damaging to the country, given that, they say, they have never blocked a single vaccine. annmarie: maria tadeo all over the vaccine story. let's get to first word news with laura wright. laura: joe biden's $1.9 trillion stimulus bill has cleared its final hurdle in congress. he plans to sign it friday. but the partisan divide over the

package signals the president may have difficulty passing his larger, longer-term economic plan later this year. one of president biden's picks for senior treasury post is getting to work before even being dominated. the process to confirm a secretary for domestic finance is held up, but we are told she is already the point person for financial regulation and stability. roblox has gone public, hitting evaluation of $45 billion. the firm has done well during the pandemic, with its user base growing to two thirds of children aged nine to 12. roblox is focusing on making that a safe space for kids. >> our infrastructure is scaling well. we do not see any issue with scaling that moderation function. laura: global news 24 hours a

day, on airhead at bloombergquint take, powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. manus: coming up, lockdowns and travel restrictions have slashed the earnings of an outdoor advertising giant. we will speak to the ceo next.

>> i think you can look at our vision broadly and say that right now about half of u.s. households -- we would like to get that number up to 95-plus percent. investing should be as ubiquitous as shopping online,

just something that people do. moreover, i think there is an opportunity to expand that beyond the u.s. there is no reason why the greatest financial system the world has ever seen should be only available to americans. we can make that available globally and not just a high net worth individuals and the wealthiest 1% globally, but to the max market. i think that is a huge opportunity. manus: that was robinhood ceo vlad tentative speaking to emily chang for an exclusive studio 1.0 about his mission to make investing accessible to all. plenty more from that interview throughout the day. let's pivot to the world of advertising. jcdecaux, the world's largest advertising company, is taking a steep hit during the pandemic, posting a first-ever loss.

full-year earnings show adjusted revenue down 40% as the collapse of international travel that airports emptying. 2020 was described as the company's most difficult year since it was founded. let's see what the ceo is doing to hold on and steer his ship. it is jean-francois decaux. always great to have you with us. the numbers are tough to digest. there is no dividend. organic revenue down 40%. but are you seeing a bounceback, and if so, where, and are you able to firmly price intimate? jean-francois: we see a stronger bounceback in our chinese domestic advertising business, both in freeways and airports, where audiences are almost back to a pre-covid level. in shanghai metro, for example, during lockdown, the audience went down to less than a million.

it was 12 million pre-covid. now we are at 11 million every day. revenues are almost back to pre-covid levels. at the airport, domestically, in q4 last year, we were up 15%, so it double-digit rebound in our domestic chinese advertising revenue excluding hong kong. that is good news. but it is also important to note that during the pandemic, my company and the u.k. -- in the u.k., where we have the tesco supermarket, the audience was 95%. 95% of shoppers were still shopping during the pandemic. it is very clear that our revenues are linked. let's remember that pre-covid,

the world's largest outdoor advertising company used to deliver 800 million ad dollars every day. our audience jumped by more than 500 million, some more than 60% of the 800 million disappeared because of lockdowns and other mobility would restrictions -- mobility restrictions. annmarie: that is the good news, china coming back to pre-covid levels for your business, but where is the bad news in the sense that, what markets are still really you are struggling to get that recovery underway? jean-francois: the u.k., the u.s., the major countries, london and new york, where people are back to the office. as a result, the city audiences are far from being back at pre-covid levels, either because of lockdown or because many corporations have not asked

their people to come back to the office. in new york, in the empire state building, only 9% back to the office. 90% of the people who used to work in the empire state building are now working from home. as a result of that, we are increasing presence on fifth avenue. london is the same. hodgepodge street is far from being back to pre-covid levels. tracking is very low. the u.k. and the u.s. are among the most affected, again, because of the lockdowns, particularly in the u.k., but if you take germany, which did better than other markets last year, germany this year will also do well [indiscernible] manus: jean-francois,

everybody talks about reopening and getting back to normal. we are not going back, right? what is the structural change and consequence of covid, and how are you going to move forward? jean-francois: take the example of china, of tesco. as soon as audiences return, revenues are coming back. pre-covid, outdoor and dining -- outdoor advertising was the second fastest growing media after mobile advertising. right now we are renegotiating most of our agreements. more than 90% of our airports have agreed to waive the minimum guaranteed payments. most of them have agreed to extension as well.

the first action we took was to renegotiate the contracts in order to adjust the terms and conditions to the fact that there were much less eyeballs due to restrictions decided by local, regional, or national governments. in terms of structural change, we are preparing ourselves still to the world of programmatic. programmatic is now 2/3 of online advertising, which is about 55% of advertising spend. only a few million dollars are being traded out of home media. we launched a platform called view, which is now live in 14 markets. we are the most connected trading platform. about 20 dsb's already

transacting with global inventory around the globe. programmatic is going to change the face of the media landscape, and we are very well advanced. we did not do any cost-cutting on that front, because we believe that being able to deliver not only rich frequency, which is outdoor usd, but also being able to deliver targeted messages, is the future for our industry. annmarie: the targeted messages seem very important. you are talking about less eyeballs in the streets because people are still at home. i think of times square. people just are not there. and on the street, people are not looking up, they are looking down at their phones. is the idea of expensive billboards someday going to die? jean-francois: i don't think so, annmarie. we have a lot of examples. we have a recent campaign which combined online and mobile advertising and outdoor

advertising, which did very well. in the cities where out of home was alongside online advertising, sales went up. it is proven that people who have seen an ad on a billboard or a bus shelter are more likely to go on the internet and to search for the products they have seen on one of our billboards. i am very confident that we will be back to pre-covid advertising revenues in the foreseeable future. as far as lockdowns are totally lifted, i am very confident. but it is going to be slow to recover, the international air traffic. that will take more time. but it is less than 50% of our total revenues. manus: jean francois, thank you so much. by the way, annmarie and i are

available at any time to hop on a billboard for you free of charge. [laughter] annmarie: speak for yourself. manus: that's it. there is no death of billboards. we are all going to be back to normal as the world carries on shopping. coming up on the show, just one more signature is needed as president joe biden's $1.9 trillion stimulus bill hits a final hurdle in congress. we are going to discuss the package. ♪

>> we are moving full speed ahead on the implementation of the bill because we know the american people need help as soon as possible. manus: the white house confirming president biden plans to sign the pandemic relief bill on friday, so almost two months

after the u.s. president unveiled his american rescue plan, the bill will be cleared for its final hurdle in congress. let's get to michelle, the reporter on the bill. great to have you with us. we expect to hear from president biden this evening. what is going to be the overarching narrative of the message? michelle: we are sure to hear president biden cheerlead these benefits that are coming, the $1400 stimulus checks mailed out a few days, and the extension of unemployment benefits set to expire next week. we know that the democrats are undertaking a campaign to highlight 10 ways the bill will help americans, so clearly they want to be sure this massive package does not receive the criticism that big relief bills have had in the past, where they do not get as much bang for the buck as promised. we will also hear more about the

plans for the vaccination drive and for schools reopening, almost $200 billion each. but it will continue to be a message that the risk is far greater than doing too little -- far greater doing too little than too much. but this is hardly a big victory lap. the elephant in the room is not a single republican vote in either chamber went for this bill, so it does raise concerns ahead about legislative priorities. annmarie: of course, especially when president biden campaigned on getting that bipartisan support. you are a recovering fed reporter. what does it mean, this package? michelle: clearly the question of the hour or the year across central banks. we have seen treasury yields calmed down in recent days, but investors are still sounding the alarm at the 1.9 trillion

dollars is being pumped into the economy on top of inflation. it could leave the fed behind the curve. but economists are largely shrugging off that prediction. we see a wide diversions between economists and investors. overnight, bank of america issued a report calling inflation the torches to the growth's hare. talking about, yes, we will get some inflation, but remember after the global financial crisis, we got a bit of inflation and then we had a decade of disinflation. there is a big debate that will be raging ahead. we just have to watch in the months to come to see how the data play out. annmarie: thanks for joining us. there will be another inflation debate today. we had the ecb meeting at 12:45 london. and we will hear from madame lagarde. manus: yes, the question whether

they believe it is a fleeting spike in inflation or not, but certainly it is not going to be an easy job. the european market open is up next with anna edwards. this is bloomberg. ♪

anna: good morning, welcome to "bloomberg markets: the european open." our markets live editor joins us to take us over the market action this hour. the cash trade is less than an hour away. treasury yields steady. tame readings on inflation. next level full markets in the treasury auction.