say derek chauvin had to know george floyd was crying out. that is what the prosecutor said as closing arguments began. the defense contends the 46-year-old floyd it died of his underlying heart disease and illegal use of fentanyl and methamphetamines. businesses across the city are boarding up and residents are bracing for the potential for more violent protests. russia says it's sputnik five covid vaccine is 97 point 6% effective. officials say that is according to an analysis of the 3.8 million russians who received both doses of the vaccination between december and march. that is higher than the 91.6% rate outlined in results from large-scale trials and published in the lancet medical journal earlier this year. reese is taking steps to revive its struggling tourism industry.

the country's lifting quarantine restrictions today for arrivals from european union member states and several other countries, including the united states and britain. as it suffered heavy losses last year, greece is determined to save the tourist season even though a third wave of coronavirus infections is in full force. a new poll out today says half of new york photos -- voters think andrew cuomo should remain as governor despite multiple scandals. an overwhelming majority of those do not think he should run for reelection next year. his approval ratings in the polls has sunk to its low end point since he took office in 2011. global news 24 hours a day on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in over 120 countries. i'm mark crumpton. this is bloomberg.

romaine: it is 1 p.m. in new york -- matt: it is 1 p.m. in new york. these are the top stories we are following for you around the world. toyota unveils its latest concept car. we will go live to the shanghai motor show and speak about the first of a global series of battery electric vehicles. then we will bring you the latest on cryptocurrency, the crypto stocks with the founder of the chamber of digital commerce, the world's leading trade association for digital assets and blockchain. plus we will have the latest on the vaccine rollout with a doctor from the johns hopkins bloomberg school of public

health. first a quick check with what's going on in the markets. we have gone steadily lower throughout the day. the s&p down about .7%. the bloomberg dollar index continues to trend lower even after its worst week of the year last week. we have been seeing an inverse relationship in those two assets. but today, it's not showing up that way. it is working out that way at the pound. the gain in the pound is three standard deviations away from the average move over the last 30 days, just under $1.40. the ftse is down as well as a result. bitcoin down 12%. this number is from friday's closing price. you can see the big drop for bitcoin. many reasons being speculated right now, although the price is said to have gone up too far,

too fast. let's get to china where the shanghai auto show is kicking off. electric auto vehicles and intelligent driving tech in the forefront. toyota is among the automakers pushing ahead and ev space unveiling in all electric suv concept car. you can see it here -- it is gorgeous. we are joined by bob carter, executive vice president of toyota motor in north america. what's the likelihood of it making into reduction? bob: it is a concept today, but later this year, we will be showing it in a production form and it will be one of two vehicles we will have in the market in 2022. matt: what is setting toyota

electric vehicles apart from a slew of electric vehicles coming on the market this year and next? bob: we have had 20 years of electrified sales. everyone knows about the prius. we started selling that in 1997 and a build up through a number of hybrid vehicles, plug-in hybrids, we have a fuel cell on the market, so overall, we have sold more electrified vehicles as a brand and all other makes combined. we are now with the step of the bz subbrand, we are stepping back into the full electric market that we have not been in since 2012. our first entry back into this market will be a beautiful suv, a little larger than the rav4 which is our number one seller. matt: what do you have that can challenge tesla? you make a slew of cool cars, but nothing in the electric

space that has the wow factor that tesla at least had at the start of its big sales push. how can you challenge the california company? bob: we are developing for different technologies. our hybrid technology, which has been on the market for 20 years, represents about 25% of her sales. we have plug-in hybrids which, quite frankly for many consumers, is a better utilization for them and their families then full electric. we have fuel cells in california and the bz full electric which will be out in 2022. our approach is this -- one technology is not necessarily the best technology for all consumers. a consumer in california versus one midwest versus one on the east coast has different needs depending on the charging infrastructure. our strategy is to offer a

portfolio of technology and let the consumer decide which one is best for them. matt: how do you respond to the most recent tragic tesla accident that appears to have involved self driving technology if i can use that term loosely -- that also resulted in continuous fires that were varied difficult to extinguish. how do you deal with these two issues? bob: i don't know enough detail about the tragedy that took place this weekend to comment, but i can tell you our strategy is a little different. we are also developing autonomous driving technology. we have two approaches. first is guardian and second we refer to as chauffeur. the guardian technology, we view

it as a copilot. we are humans, we make errors while we are driving. our technology is there to correct when those unforeseen instances come up and help the driver be safer. you will see us come with that technology on the market later this year, but full chauffeur technology such as we are talking about is several years down the road. the technology and safety still need to be perfected in our view. matt: you do have a solid-state car coming up -- i think i read about a release in 2025 and its fireproof innocence? bob: one of the things we are spending a lot of time and investment on his solid-state batteries where you are using an organic electrolyte in the battery versus lithium we believe to get the cost down,

the weight down and production capacity up, it made take chemistry beyond today's lithium batteries to support the mass-market entry of electric vehicles. without a doubt, it is coming. it's a matter of time and you can look forward to us showing some demonstration vehicles later this year. we are hopeful to have solid-state technology in the market either in the mid to later part of this decade. matt: the chip shortage has affected all automakers. is it eating into your production capabilities and capacity this year? how do you deal with that? bob: we just finished a record first quarter and had a phenomenal sales month in the month of march and april is very much the same.

demand is very robust, at near records, but supply chains across the industry are very fragile. the number one supply chain issue is microchips. in our case, we have looked into the tates, april and may are fine. it gets cloudier when we move into june, july and the summer months. but our research and development and purchasing folks are very hard at work. we think we are going to be ok. i'm confident the toyota and lexus brands will get through the supply chain phenomenon a little better than other brands. matt: thank you so much for your time. bob carter is the executive vice president of toyota north america. that guy travels. i've interviewed him in new york, detroit, los angeles and now he's in shanghai. he gets around. coming up, we will speak to the

president and founder of the chamber of digital commerce. they say the world leading trade organization for lock chain and the outlook for crypto as bitcoin plunges. this is bloomberg. ♪

>> elon musk and mark cuban are pumping it up -- but doesn't really have a purpose? i would be very worried if one of my friends was investing in does coin -- doge coin. matt: for more on that in the broader kipp -- broader crypto

space, we welcome the founder of the chamber of digital commerce. an astute you are last week pointed out to me that it doesn't matter if it has a purpose. it doesn't even matter that it started as a joke. if it's worth $50 billion, it's a valuable asset. >> there's a lot of demand for bitcoin from corporate and institutional investors because bitcoin has been the best performing asset 10 out of the last 12 years. for the retail investor, global news 24 hours a day on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in over 120 countries. -- for the last 12 years, dogecoin has served in part of the industry and appears to be more approachable because it has an adorable mascot of the dog and

more people see it as a more affordable crypto currency because one dogecoin trades for under one dollar. so most investors can't afford to buy bitcoin, but they can afford one whole dogecoin . but what people don't understand is yes, it is a joke. the creator who i have personally met with. he created the whole thing as a joke, but what is important to understand is it has no developer community and does not have meaningful companies investing in technology. there's no original code. it's largely a copy of bitcoin. the first rule of investing is don't invest in things you don't understand. i was pretty concerned and shared my comments that when it comes to dogecoin, buyer beware. matt: i understand that and i

get you, but i'm going to say there's a heck of a lot of bitcoin investors who have no idea how it works either and who probably -- maybe more who don't understand the use case. what is the purpose of bitcoin? >> bitcoin is serving as a store of value. it is replacing gold. the chairman of the federal reserve at the top of the monetary pyramid is saying it is replacing gold and is acting and behaving like gold and people are using it for that use case. you don't have anything like that for dogecoin. the only thing dogecoin has going for it is a marketing campaign. brands selling it on service -- on social media and celebrities talking about it. there's no real technical people working on this project, it's

just marketing and that is what is dangerous. if you don't understand what it is or how it's valued or what it's worth, don't buy it. matt: let me ask you about the plunge we saw in bitcoin over the weekend. what does it mean to you? is it a buying opportunity? what caused it? is it fears about regulation? guest: that coin is often times criticized for having a volatile price. last week was an incredible week for the industry overall because of the coinbase direct listing and we saw the effect in the market where we saw a bit of a correction over the weekend and a lot of people are speculating what caused that. i think there are a number of factors behind it. one of the things important to understand about cryptocurrency markets is they traded 24/7, 365

-- they don't close and they operate very differently than the stock market. there is liquidity during the asian hours over the weekend. but if you think there was a large correction over the weekend, people are using bitcoin as a long-term store of value. one year ago today, that coin was priced at $6,700. right now, it's at $54,000. you have to look at this from a longer-term perspective and if you want to invest in bitcoin, i recommend being committed to a minimum of five years. matt: got to have those diamond hands. what about coinbase? i know a lot of people got into the stock at 380, 390 and we are looking at 331 right now.

why haven't investors seen the light in terms of the digital banking stock? guest: cooking base made an unbelievable accomplishment last week -- they broke the record for the largest trade and stockmarket history. their opening trade, they had 8.8 million shares and that was a 3.3 billion dollar trade, the largest trade in stock market history. it's currently trading at about an $88 billion market cap. that's an incredible feat for the first true blue-chip crypto play trading in the public market. coinbase tracks with bitcoin's performance. a lot of the activity is based on what is happening in the crypto space. from a price perspective,

bitcoin is volatile and you are seeing that somewhat in the stock already. it will take a little time to establish a beat and this is one of the few products that can be invested in through your financial services firm because you cannot invest in cryptocurrencies with them today. matt: for now, that could change. the president and founder of the chamber of digital commerce. still ahead, the u.s. is likely to announce a decision on johnson & johnson resuming the vaccines. on friday, we will discuss with a doctor from johns hopkins bloomberg school of public health. this is bloomberg. ♪

matt: this is bloomberg markets.

i'm matt miller. a decision on resuming the use of the johnson & johnson vaccine in the u.s. is expected on friday according to dr. anthony fauci. for more, we welcome dr. anna durbin, professor of health at the johns hopkins bloomberg school of public health. of course, michael bloomberg supports that college. let me get your take on this johnson & johnson vaccine and the astrazeneca vaccine which has had similar issues. such rare clotting issues that although it is serious and tragic if they affect you, you are much more likely to get hurt in a lot of other ways. does the u.s. bring it back as quickly as possible? dr. durbin: i certainly hope so. there's a couple of reasons for the pause. one is to get a better understanding of the incident and also to understand that health care providers are aware of the syndrome and treated appropriately.

it's getting out what we know to the providers so if they see a case, they treated appropriately and we get as much information as we can about the incident so we can make an informed decision moving forward with giving vaccinations. matt: is there a problem with the public already being turned off to these vaccines? i know that in spain, their international allergy groups are saying patients should stay away from them and general practitioners, who should be really well-informed have said if you can get another vaccine, don't get the astrazeneca vaccine. that is what i hear in europe and i'm sure similar things are happening in the u.s. with johnson & johnson. dr. durbin: it is really unfortunate. there was a study that the risk of getting clotting is much higher with covid. you have to balance that with your risk of getting covid but the only way we are going to get

out of covid-19 and get back to normal is to have the world vaccinated and we need all of these vaccines. the bottom line is that the risk is incredibly small and i think it's unfortunate because it's going to hamper our vaccination efforts and the pandemic is going to go on longer because of it. matt: the one question i am asked the most often by viewers and guests who are not immunologists, when you get vaccinated, we know you can get infected again. it's not likely to be nearly as serious and it's also not likely , but it happens. can you then transmit that infection to someone else? dr. durbin: that's a great question. we don't have an absolute answer, but my answer is it would be possible. we don't need -- we don't know how much virus is needed and

part of that depends on whether the other person has been vaccinated or not. if the other person has been vaccinated, the risk of transmission is much lower and that's why we need to get as many people vaccinated as possible. because we don't know, that's why we are asking people to even if you are vaccinated, to wear a mask until we get the vast majority of people vaccinated. matt: thank you very much for your time. the professor of international health at the johns hopkins universe -- johns hopkins bloomberg school of public health stop the johns hopkins bloomberg school of public health is supported by our founder and majority owner, michael r. bloomberg. we will continue to follow the markets for you and get look at what's going on in the trial. this is bloomberg. ♪

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mark: i'm mark crumpton with bloomberg first word news. president biden wants to prove to the world that the u.s. is

join the fight against climate change. he will discuss cuts that are achievable. but the u.s. will have a wide credible at he gap to overcome. the international climate summit begins on thursday. texas governor greg abbott could be in for a tough run if a hollywood heavyweight decides to challenge him. a new poll from the dallas morning news gives matthew mcconaughey a 12 percentage point lead over registered voters. republicans still favor abbott and about half of democratic voters say they would like a progressive. mcconaughey has said he's more of a centrist. boris johnson is canceling plans to visit india. cases of coronavirus there are soaring and a new variant has emerged.

prime minister johnson faced growing pressure and put india on the u.k. travel ban. india has the fastest growing covid-19 case load. nasa conducted its first test flight on another planet early this morning. a four pound helicopter named ingenuity ascended to about 10 feet above the surface of mars for about 40 seconds before descending back to the ground. the chopper arrived on mars along with the perseverance rover on february 18th. researchers at the jet propulsion laboratory are planning for more flights. global news 24 hours a day on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in over 120 countries. i'm mark crumpton. this is bloomberg.

>> welcome to bloomberg markets. matt: we welcome both our bloomberg and bnn bloomberg audiences this morning. here are the top stories we are following around the world. a massive shakeup for european football or soccer. we will bring you the latest details on the plan for a european breakaway league drawing heavy criticism from fans, domestic leagues and big politicians. plus we will speak with doug ramsey, chief investment officer at the loophole group for his take on markets. and we will get a preview of canada's federal budget with a senior economist at rbc. amber: ahead of all that, let's take a look at the market action. a bit of a risk off day

following the record highs we saw yesterday. you see tech as the pain point on both sides of the american border. both canadian tech and u.s. stocks pulling back sharply. one stock we are focusing on is manchester united. on that story matt was just talking about, spiking higher on news they will be joining an elite european football league. we have the details on that. no shortage of opinions on this news. but what exactly is going on and what is driving it? guest: you are right. this is a huge shakeup. manchester united getting a big shock off the back of this news. this would, in effect, if it goes through, be ending the rain of the champions league in

europe. we don't know if it is a negotiating play. it would be an aggressive one. it could -- you could look at this as the richest teams getting richer because this is trying to find revenue after struggles during the pandemic. we see this as getting a boost in revenue. look at where they get the revenues from. this is from 2019 and this would be their last full season. these are the deals that make up the biggest chunks here. some analysts saying this could bring in more in tv rights and could bring more in ticket sales and sponsorship deals because the quality of the games could

be that much greater. matt: we have been reporting so much that there is backlash here, that fans are very unhappy about this and everyone thinks it's a horrible idea. does that mean they will vote with their wallets and just not watch? ritika: that is the question because it is drawing criticism from politicians and national leagues push back against this, saying you can't play with our teams if you do this. they have shaved off more than $1 billion because of covid and they see this as a way of boosting their revenues. matt: inc. you very much. looking at the big football deal. coming up, we will have the latest on the markets with doug ramsey. we will get his take and, for what it's worth, taking a look

at virus cases across the globe -- only 19 regions of the 186 tracked by bloomberg reported record covid cases last week. but, of the record cases, all were in emerging markets except for canada. which reported 62,000 new cases. amber: this is not the kind of accolades canada is looking for. but even amidst all this, there's been so much flip-flopping on policy over the weekend and they announced a lockdown of playgrounds and within 24 hours, that was abruptly reversed. matt: that has not worked out well in terms of the strategy. maybe they should take note from all the bad strategies they saw in the u.s. and u.k. in any case, we hope you get your vaccine soon. this is bloomberg. ♪

matt: this is bloomberg markets. u.s. stocks are pulling back from their record highs as investors put a slew of corporate earnings out this week and rates are doing a whole lot of nothing, hovering around 160. doug ramsey joins us with his outlook on the markets. i have to ask about inflation fears. they seem to have subsided substantially. a lot of people predicting a run-up to two a quarter, even 3% by the year's end and now we've come back down to 150. where do you see it? doug: the belief seems to be these hot inflation numbers are

transitory and related to this base effect from the very brief economic blow we had a year ago. i'm skeptical of that. things have been running pretty strong in a lot of sectors for months and even when we get past these easy comparisons, we will see inflation north of 3% the summer. there used to be an old rule in the market that the appropriate pe is 20 minus the inflation rate. back in the age of the dinosaurs, 25 years ago. we haven't heard that rule in a long time but you have forward pes on the s&p 500 depending on your earnings forecasts of 22 tough 24 times. if we get up to 3% or 4% later this year, that would imply 16

or 17. the market, i don't need to tell you, is expensive at every metric we evaluate it at. those valuations will come under pressure if inflation does pick up and prove sustainable. amber: when you hear a stat like 95% of the s&p 500 is trading above its 200 a moving average, do you take that as bearish because i highlights the exuberance you are talking about? some would say it's bullish because it's a market that has good breath, a rally affecting all sectors, not just one sector doing all the work. doug: i am in the latter camp where it is bullish. for us to get more defensive, we are riding the wave like everyone else.

but may the most balanced or tactical managers and maybe within it year trigger finger but you will have distribution where the tape narrows somewhat and people would say small caps are underperforming, isn't that narrowing brett to mark we are still going to go through three to five months where it thins out and we will have a more vulnerable market perhaps later in the summer and end of the fall. matt: talk to me about margin debt. you point out that although we have seen a rise, it's nowhere near previous bubble busts. doug: i think when we get the numbers later this month, it will show a year-over-year increase of more than 50%. you are right on the doorstep of

that now and in the past, that has been a warning flag. three out of the worst five post world war ii bear markets got underway shortly after you hit that 50% year-over-year increase in margin debt. this is different because of the very unusual debt of that bottom we had 15 months ago. the stock market is up 70 plus percent and some measures are double, equally weighted indices are more than double what they were 13 months ago. the fact margin debt is up 50% or more in that context is not so alarming. it is a background indicator and i think we will see it push even higher in the months ahead. it's certainly troubling, but not a mechanical sell signal. amber: i hear a lot of

indicators that it's exceeding the last bubble or last market crash. and yet there seems to be a parallel here that if you pick up to early, you miss out on the next big run. what is your advice to investors who are looking at this, don't want to miss out on the next leg up? where can they hide out and protect themselves when these numbers come home to roost? doug: i think some cash is ok. you are going to be able to buy equities at lower valuations sometime in the next two or three years and may be still within the same cyclical bull market. but i get that, but at lower valuations than today. if this thing pushes higher, if there is yet another leg on top of what we've already seen, which virtually you could take

90% of the valuations we track in-house are at an all-time high. i'm talking cyclically adjusted for earnings and cash flow. all of that stuff is at all-time highs. i would continue framing equities into that. i tickets ok to have a little gold here. if you want to dabble in bitcoin, we can't own it in our tactical fund, so we will abstain from any thoughts on bitcoin but i think it's ok -- matt: please. please, give us your thoughts on it -- you can't own it but a lot of people have been telling us it is a store of value. i can understand the argument, scarcity at all, but at the end of the day, it is incredibly volatile, much more than something like gold. doug: sure. it is a call option on an even

greater mania than what we have today. if you are super bullish on this thing and believe we are still in the first couple of innings of yet a -- yet another decade-long bull market, never mind bull markets in the past have lasted three or four years, the average gain is more like 100%. we are almost there. are we going to have another one of these multi-year, multi-hundred percent bull markets? if that is the case, you will probably do ok in bitcoin because it something that is so loosely tethered to fundamentals that -- it's a very irrational, emotional asset. it is not burdened by cash flow. matt: what happens to bitcoin in a crash -- i don't want to use the word crash. let me reverse. what happens to bitcoin if the

bubble burst and we see substantial drops and other assets? doug: somewhat dependent on how that bubble would reverse and the feds response to it. look at the response we had -- the fed change the world on the day of march 23 in 2020. it's hard to imagine we could see an even greater title wave of liquidity. it seems to of worked with out a lot of ill effects other than having to buy these assets at historically high valuations. we have not seen a lot of economic fallout. i would have to know the nature of the decline, but if it is the big one, bitcoin is going to come down with all the high flyers. so there is that risk. but inc. about that -- if we have something like that, the

fed is going to come in with guns and cannons and bazookas blazing, even more so than they did 13 months ago. i can't even fathom right now -- i don't want to have to learn, but we need big imaginations. amber: we are all learning as we are going. doug ramsey, thank you very much for joining us. we're going to take a quick break. when we come back, canada is unveiling its work federal budget for the first time in two years. we have record covid cases and we are expecting record debt on top of already record debt levels. a preview of what to expect when we return. ♪

matt: this is bloomberg markets. it's time for the bloomberg

business flash -- a look at some of the biggest business stories in the news right now. coca-cola reported first-quarter sales that beat estimates. the beverage maker said it saw early signs of recovery and demand, especially in areas with higher rates of coronavirus vaccinations. global unit case volume unit shows coca-cola has escaped from the slump during the pandemic. sales of peloton -- regulators have warned customers to stop using the company's treadmill if there are young children or pets at home. the consumer product safety commission is investigating incidents of injury and at least one death related to the machine. jp morgan is bankrolling the biggest upheaval of european soccer since the 1950's. the bank has agreed to underwrite a $4.8 billion bet that has drawn heavy criticism from fans, politicians and

domestic football leagues. a group of the world's richest soccer clubs, including manchester united and real madrid plan to break away from the prestigious champions league and formed their own super league. 12 teams so far have signed up. that is your bloomberg business flash update. amber: i love that jp morgan story bankrolling the soccer story because in many ways, don't you think this is a microcosm of what people talk about -- this so-called k shaped recovery where the rich get richer and the poor get poorer and here you have a soccer league where they are saying explicitly the rich are going to form this club and exclude the poorer leagues. matt: i think the problem, they would tell you, as you often

have games where manchester united would play some small, unknown teams with note talent and it's a boring match and nobody wants to watch it. i think the other difference to note is unlike the growing inequalities we've seen between groups of people around the world, this is something that could really backfire or may be just like the growing inequality we see in groups of people around the world, this is something that could really backfire. if the fans don't like it, they simply won't watch it. then these super rich teams won't make any money. on the other hand, if the fans do watch it, there is a market for this and they should go ahead and do it because that's the point of being in business for profit. you do want to make more money and if this is the right formula, i don't see why they shouldn't stick to it. amber: i'm so outside of my

wheelhouse because i'm not a football or a soccer fan. i imagine really polarizing social justice issues don't affect things like ratings. i'm not sure people are going to form a strike on corporate structure and how these leagues are formed in terms of a profit perspective. and frankly i wonder if this would even be happening if they weren't publicly traded companies? manchester united has been very disappointing. they've got to find ways to answer for that. matt: it is a business, but at the end of the day, soccer is just a game full stop and frisk, it's a game where it can end in a tie which doesn't make any sense to me as an american and maybe even not to you as a canadian. amber: it is so un-american. matt: in a hockey game, can the nhl end in the nhl and in a tie?

wouldn't that be super boring? don't you want to see over time? that's how it works. you want to have a winner or loser. even in hockey, they score more than in soccer. you don't have games that are 0-1 or 1-1. amber: there's a reason i didn't become a sports broadcaster, so i don't even know if the nhl can end in a tie. matt: it cannot. thank you very much. we are going to join you again at the same time from the same place tomorrow. as we see markets dropped today, equity indexes in the u.s. are down. i'm matt miller. this is bloomberg. ♪

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♪ mark: i am mark crumpton with bloomberg first word news. former officer derek chauvin

"had to know he was squeezing the life out of george floyd as the black man cried out over and over that he could not breathe and finally fell silent." that is what the prosecutor told the jury as closing arguments began at the murder trial. the defense contends that 46-year-old floyd died of underlying heart disease and illegal use of math. -- methamphetamine. businesses are boarding up and residents are bracing for the potential of violent protests. antony blinken says the united states is falling behind china and making clean industry. that is according to excerpts from his prepared remarks for a speech. secretary blinken says the u.s. needs to lead the world on addressing climate change to create jobs and improve lives. blinken will warn, "we will lose out on countless jobs for the american