>> good morning, i am annmarie hordern in london with manus cranny this morning in zero computer this is daybreak europe. the start of a busy week for corporate results, ubs, hsbc, apple and facebook all reports. attention will inevitably turn to the fed meeting and the release of u.s. first quarter gdp. the international community's of

dust pledges support for india as the covert crisis -- the international community pledges support for india as the covid crisis worsens. you are in zurich because we are going to check ubs results. we also have phillips breaking. first quarter adjusted coming in. bang in line. manus: but the sales are blowout, up 9% in this quarter, and in terms of the actual adjusted, 362. the market had penciled in 326. i think what will be interesting when we catch up, biscuits going up in price but so was coca-cola and i wonder if they still have

that kind of issue. it is great to be back on the road. annmarie: i love to see you back on the road in zero computer i am looking forward -- in zurich. shares are up 15% year to date and this quarter is looking -- the sales numbers especially, are they going to up their guidance for the full year? i imagine that's what investors will be looking for this morning. manus: i've been sitting in the darkness. it's reminiscent of getting up at 2:30 in the morning in london. faxing nationalism, commodity nationalism and geopolitical nationalism -- vaccine nationalism, commodity nationalism and geopolitical nationalism. green infrastructure bill in the u.s.

china will go head-to-head with that. and geopolitical, taiwan and usa. annmarie: a lot of green on the screen, across asia, also u.s. equity futures. s&p 500 up on friday. ursula von der leyen saying americans who are vaccinated could travel to europe this summer. 96.50 per ton for iron ore. the highest for copper since 2011. joining us to break this down is our guest from j.p. morgan. good morning to you. let's start with the start of earnings season. what are you expecting -- great

numbers out of phillips, solid numbers out of the banks. are you optimistic about the start of the earnings season? lucy: for sure, the u.s. with massive feats and i imagine we will see even more in europe because europe is a more cyclical market. we will see -- the banks should see good inflows on the macro level. and the industrials, financial industrials a larger part of the european market that are cyclical. manus: good morning. good to have you back, congratulations on the move. good to have you back on the show. i was beginning to worry. you say overall it is 10 to midnight on equity markets. lucy, clarify that for me.

what are the risks on the 10 to midnight on equity markets? lucy: we are late cycle, we know that. some people are taking the rebound from last year is the beginning of a new full market -- full market -- bull market but we all know it is because of valuation. there is still good support. the earnings we were just talking about, but valuations, it is really only on the extra risk premium you are seeing support from valuations. it is a late cycle markets. you are looking down the various bubble, signs of doubles. there are some signs of bubbles. it is not everything and certainly is not extreme. but it is quite late in the day. i feel you need to be aware of that.

there isn't any real absolute value there. annmarie: morgan stanley last week talking about the reopening trade and that it is time to shift quality. if you're going to shift to quality, what would you have in mind? lucy: i think he is right that you have seen a lot of the reflation trade, but you have only brought up that area -- the market to make up the lag they have had. you have come up to more equal valuations between the more cyclical and steady areas of the market and growth. if you do get upward surprise on earnings, you still get decent performance out of those areas. i just think you need to be more selective going forward and look at the earnings because you have had most of that reevaluation. where would you go?

to the areas where you can see decent returns and growth. i think health care seems to still be an area where you have quite a good, different potentials for growth, diagnostics in particular. all of these areas you are going to see plenty of spending in these areas going forward. i think there are some interesting situations -- we have activist on the shareholder register and a breakup coming next year with the spinoff for consumers. i think there is interest in that sector. manus: another couple of breaking lines coming through on the philips results, playing to the tune you just mentioned. phillips raising comparable sales growth outlook for the year. they will build up the marginalized look as well by

60-80 basis points, adjusted over the margin. upgrading, as you said. lucy, when you see the upgrades coming through, it plays to the tune you just mentioned. the other dynamic and i know you've had a little bit of time to watch bloomberg, we are looking at copper the highest since 2011. we are looking at the debate of a commodity super cycle or not. does that lean you into some of the more bigger commodity place? -- plays? do you play in that arena for value on the balance sheet? lucy: i never really am terribly keen on commodities because i find it credit -- find it incredibly difficult to forecast. there is demand and supply and nobody seems to get it right. but there is a certain amount of consolidation.

in the short-term, it is well supported. and there's always more m&a to come. but it is not an area where i am particularly comfortable. annmarie: lucy mcdonald, staying with manus and myself. we will get a recap on the first word news. simone: one billion coronavirus shots have been given, the latest milestone in the vaccination campaign. that is more than half of the u.k. population, who received their first dose. british people 44 and over will now be invited to book their shots. the u.s. will send raw material for vaccines to india and step up aid for financing covid-19 shots. it is joining european company -- countries in helping to stem the world's biggest surgeon coronavirus cases.

at the current pace of vaccinations, it will take india two years to cover 75% of its population. according to the new york times, the european union plans to open his doors to american tourists this summer, as long as i have been fully vaccinated. this would end the ban on non-essential travel for most countries around the world. the newspaper said it comes after huge progress on u.s. vaccinations. global news 24 hours a day on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. annmarie: simone foxman indo hall. just ahead, first quarter u.s. gdp data this week, expected to show output approaching pre-pandemic levels. we look ahead to that and the next fed policy meeting, and we are in zurich this morning. this is bloomberg. ♪

annmarie: good morning, this is daybreak europe. i am in london with manus cranny in zurich. an annualized paste -- pace of 6.9% that would show output approaching pre-pandemic levels just as the fed delivers its third policy decision of the year. we get that wednesday. lucy is still with us. we will get some good figures out of gdp. we have had seller data across the board. is this as good as it gets for the u.s. reopening trade? lucy: as we mentioned, i think the valuations are closer together now, you have a lot of catch up and valuations.

really now it's going to be down to delivery on earnings and outperformance on earnings. there is plenty of scope for that in some areas. operational leverage is nearly always underestimated by analysts both ways come upwards and downwards. we are in that phase where margins do surprise on the upside. i think you've got more to go, you've had the big reevaluation of that area. manus: one of the debates we are having, we've got the chinese growth numbers this morning, again indicating a strong momentum in china. but bpi and ppi in china, that could be the dictate for the fed. wer, is it important in the stock narrative, the ability to raise prices?

is that part of what you are thinking about? lucy: yeah. it has been an area we know the last 10, 20 years, it has been difficult for companies to raise prices. a little bit of inflation is good for corporates and the equity market. a lot of inflation isn't. where that heads -- people say 3% is beyond that, dangerous overall. when i looked in the past, it looked as if markets could tolerate about 5% inflation without it being a severe problem. but i think if we get to 3%, markets will begin to worry. but within that, he gives more flexibility for corporate, and that's what we are seeing. you're definitely seeing some inflation coming through in a way we've not seen for about 20 years. that's because some of the

supply issues around covid, and in the u.k. because of brexit as well. there are reasons why companies can explain why they are raising prices and excuses them. but it does give more flexibility. annmarie: my mind goes directly to the fed when you talk about inflation. we will get the third policy decision this year this week. how much harder will it be for the fed to continue their accommodative line, saying we still need to prepare for the risks that are out there when you have such good data coming in? what do you expect jay powell to say this week. lucy: i think they will focus on the average inflation. this is the new regime and they have prepared the ground for allowing inflation to rise and that's what we will see. it will be bumpy, the next few months the peak of that

comparison. it will be a bit bumpy and scary and volatile, but they have prepared. no one can say it will be a surprise if they are behind the curve because they said they will be. manus: the 3%, you have a lit a torch you said, raising a number like 5%, but 3% will not scare us to debt and equity markets. do you think 3% is running hot at the fed? we are trying to understand what running hot means. do you think 3% is a tolerance level? lucy: i don't think they know, and i think they are going to play it by ear and see how it works. they are open they are experimenting. they're open to any number from the outside. i think they really don't know and they will see how it goes.

but this is a new regime. it is a clear message, they will let it run further than they would have done in the past. nobody should be surprised if that happens. annmarie: clarida has said they want outcomes not forecasts. the other elephant in the room is the potential upgrade of corporate tax hikes in the united states. what is the impact of this going to be? lucy: well, corporate tax rising is never a good thing, and taxes coming down, corporate taxes coming down, is a must always a good thing. it is a question of how much and win and we don't know the answer to those yet. if we say have of what was given, taken away again, that a single digits.

that's what we should be thinking about. when we've got it the other way around, analysts did not put it into the forecast until it was agreed. i don't think it will affect things too much yet. on the capital gains tax, that shouldn't have too much difference overall, it is more of a shift thing. it could mean acceleration of the shift between active and passive because of the different treatment of it. that could be an impact. and that is obviously something that has been a long-term trend anyway and putting more pressure on the industry. annmarie: our thanks very much for joining us to kick off a busy week, lucy macdonald. manus, the start of a busy week, you are in zurich for ubs. we just had results that were

good, bang in line when it comes to adjusted earnings, but as you say, when you look at comparable sales, the gross outlook they are raising. this is what the street was looking for, to see if companies would increase the growth output for 2021, and the sales numbers up, estimate was only 6%, so early beat across the board for phillips. manus: if you dig and more, just as lucy was finishing talking, i dug into it a little bit, margins of 15%, way more than the market had expected. diagnostics business, just under 9%. when you listen to lucy, i think she puts a great reference out therefore it. the market and tolerate 5% inflation and we will not get an equity shakedown. i've not heard anybody come on this show and say 5% is a

tolerable level. and then throwing around numbers like 3% for running hot is a full hearty of any of us to guess what it is. but a lovely context for where we could get inflation, and healthy inflation. it helps the top line. annmarie: certainly, and what the market can handle. we will be speaking to the ceo of philips in about 10 minutes, his outlook for 2021. but we have to bring you a crucial report, india's coronavirus crisis continues to spiral out of control. we will be live from mumbai next. this is bloomberg. ♪

annmarie: good morning, this is "daybreak: europe." india's coronavirus crisis continues to spiral out of control with one of the worst affected regions in the world, patients turned away because of lack of oxygen. support efforts are underway, the u.s. saying it will send roma tires for vaccine and financing eight. -- raw materials for vaccines and financing aid. jeanette, we hope you are keeping safe, thank you for giving us the update. of us the latest on the ground of what is happening with the virus situation. jeanette: thank you for having me. the situation in india remains as grim as last week. india reported 352,000 new infections animal 3000 deaths in

the past 24 hours. -- infections and 3000 deaths in the past 24 hours. the government says the peak will probably be next month. hospitals are overwhelmed, there was no let up over the weekend, people pleading for oxygen and something as basic as a hospital bed. on tv, there are extremely grim visuals. there are people walking around with portable oxygen cylinders to give people aid, they are waiting on the pavement because the hospitals don't have ads for them. manus: good to have you with us. we watched harrowing scenes the last three or four days on the ground. this takes place against the backdrop of where prime minister modi is doing everything to avoid a shutdown. he has been at a rally.

he is continuing to run election campaigns and gatherings. jeanette: there are a lot of election rallies still on, many have gone virtual, but modi is under a lot of criticism. he is urging states to not have lockdowns. he says this is different because we have vaccines. india's theist state run by a party in opposition to his party -- india's wealthiest state is run by the opposition party and extended their lockdown. leaders on the ground are saying we will defy you and impose lockdowns because that's in the best interests right now. annmarie: the political and financial capitals are in

lockdown, but could we see a national lockdown across the entire country? jeanette: modi was on national tv a few days ago saying that should be the absolute last option for the country. tomorrow, the u.k. is sending oxygen concentrators, etc. it will depend on the pressure on modi. if this continues, and if the vaccination program doesn't get up to speed quickly, he might be forced into another national lockdown. as of now, he is resisting it. annmarie: thanks very much to jeanette rodriguez joining us, our mumbai bureau chief. phillips beat estimates for the first quarter, and the ceo is up next. this is bloomberg. ♪

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♪ annmarie: good morning from bloomberg's european headquarters here in london. i'm annmarie hordern. manus cranny joining us live from zero. this is daybreak europe and here is what you need to know. the start of a busy week for corporate results. ubs, hsbc, apple, facebook report this week. attention will turn to the fed meeting and the release of u.s. first-quarter gdp. the international community

pledges support for india as the nation's devastating covert crisis worsens. we're live from mumbai and new delhi this hour. manus, i know you're waking up a little bit early now you're back on the european continent. i can feel your energy from where i sit. we've had ubs results coming out tomorrow. this morning, all about phillips and a banging quarter for them on all fronts. manus: absolutely, margins rising in the health care business, likewise in diagnostics. you're right. i finally left dubai, nine months since i've gone on a plane. three tests later in the space of 48 hours -- to give you some context, it is important we get out and talk to them face-to-face and get an idea of how the business are going. can rough hammers deliver what

armani delivered in the backwater? what is his stance for being there? we had the phillips numbers. i think there's a lot to deal with, uneven opening around the world. what is the underlying piece in the new york times? annmarie: the fact that americans, if they are vaccinated, could be coming into europe this summer, that goes back to the bank of america piece. i think all of my friends in new york that have been vaccinated now plan on it after the underlying interview to the new york times. manus: absolutely. it gives nationalism a new meaning. let's get to one of the ceo's delivering. he is the ceo of philips. great to have you with us, a quick recap. we've got the numbers. youi're going to make more on the margins, raising the outlook for 2021. and it's a comfortable beat. why want to get a sense of you, where are you beating and how

unequal will the reopening be, and how will it impact your business? good morning. >> hi, good morning manus. well, i classify the quarter as strong and busy. indeed, there's a lot to unpack. 9% revenue growth, driven basically by older segments of our business, and all geographies, from china to the u.s., all geographies were strong. we did see a correlation to covid recovery in the resumption of elective procedures. that helps our diagnosis and treatment is this. for example, late in the quarter in the united states, we saw an uptick of those elective procedures, people going back to the hospital for a cardiovascular intervention. busy quarter also because we were able to, as planned, conclude a deal with hillhouse to invest our domestic appliances business, and two

acquisitions that were announced late last year, biotime entry and capsule, were integrated into phillips. and those acquisitions strengthened further our connected care portfolio to support patients through the cloud at home, which is a topic that's very much accelerating, post-covid. annmarie: what about the potential for high covid spending on hospital budgets? will that drive cuts to your business in other areas now? frans: if you would've asked me a couple months ago, i would actually be worried whether hospitals would have the means to do capital expenditures and investments. what we are seeing developing is actually hospitals do have the confidence to invest in surgical centers and other setups. this also can be seen back in our diagnosis and treatment quarter growth, which was 11%.

so, that all underpins the rate guidance that we gave -- we are raising guidance from low single-digit earth, to low mid civil digit growth on the back of a strengthening economy, and also confidence in the hospital sector. manus: frans, you're raising your margin guidance, as well. i want to get a sense of you, where you are sensing input price rises. are you seeing inflation on the input side? an are you able to raise prices, frans? frans: we do see some tightness on the input side. raw materials, rare earth, and of course, the semiconductor market needs to be discussed. we are a bit worried about the tightness of semiconductors. it's even affecting some of the critical care equipment that the world needs. and i can only wish that semiconductor makers will prioritize health care as we are

in these difficult times. we are not raising prices. that would not be the right thing to do. of course, when your growth is there, it also helps your profitability as such. annmarie: we were just talking about manus being able to travel to zurich. he has had his vaccine jab in dubai. are you encouraging your employees to get vaccinations? frans: oh, yeah, absolutely, definitely. we all should go and get a vaccine. you see how much that helps countries like the united states or israel, for that matter, where infection rates are way down thanks to vaccination. so, and -- annmarie: but would you give paid time off? would you give employees money? frans: no, we would not give them money, but we would encourage them to go and take the vaccination.

and if that takes a day off or have a day off, i would be in support. manus: frans, when it comes to -- everybody is talking about opportunities coming out of covid, opportunities to expand -- health care tech is the buzz word. do you think there will be more margin, better margins in the health tech businesses than the stable pillars you have at the moment? frans: well, let me say, i'm very pleased with the portfolio that we have. so, we have just transformed phillips to be a health technology company focused on diagnosis, focused on interventional therapies, connective care, and personal health. those are the pillars that we see underpinning the growth for the future. within that, we are applying ai, big data, because we are convinced that health care can lead to a better diagnosis, a

more precise intervention, and also support patients while being at home. so, there's a lot of innovation being built into the strategy and portfolio of philips, that we also see accelerating post-covid, is no reimbursement for telehealth, and we see providers wanting to go there, also to safeguard, let's say, their patients' relationships in a post-covid world. annmarie: in this post-covid world, what is going to be the return to office policy for phillips? can you see what we're seeing for these banks, getting rid of their offices and creating way more of a flexible work from office, work from home situation? frans: yeah, great question. we take a different stance. because an innovation company like us really benefits from co-creation in a physical environment, getting people

together in a multidisciplinary environment, working with customers. and you cannot do that from home. so, we are asking our people, when it is safe, to come back to the workplace to foster that creativity and innovation. we will see a hybrid way of working in the future, where the office is the place to meet and interact and be creative. and then you can work at home for some of the quiet time and quiet work. so, the hybrid is situation -- hybrid situation is my guess. annmarie: so you're not getting rid of your office anytime soon. frans: no, we are not getting rid of our office. annmarie: thanks for joining us. we want to get a recap of the first word news from simone foxman in doha. simone: hi, annmarie. and the u.k., prime minister boris johnson is under fire again. the daily mail is reporting he said he'd rather see bodies

piled high in their thousands then order a third lockdown. johnson's office strongly denies he made that comment. it comes as the prime minister is facing a scandal over lobbying and cronyism. the quarantine free travel bubble between hong kong and singapore is opening on may 26. the government announced the move, a long-awaited opening of travel between the two financial hubs. to qualify, travelers from hong kong must have had two vaccine doses at least 14 days before. and a first for the oscars, chloe zhao has won the academy award for best director, only the second woman to win the prize, and the first asian woman. "nomadland" won best picture and best actress for the star. it's a major win. for more about the film industry, had to bloomberg.com/screentime.

global news, 24 hours a day on air and on bloomberg quicktake, powered by more than 2,700 journalists and analysts in more than 120 countries. this is bloomberg. annmarie, back to you. annmarie: simone foxman, thanks so much for that. it is coronavirus crisis continues to spiral out of control, new delhi one of the worst infected rates in the country. international support efforts are underway. the united states says it will send raw materials for vaccines and step up financing eight for covid-19 shot production. -- aid for covid-19 shot production. >> for the fourth straight day, india tele 300,000 cases in a day, bringing the total to nearly 17 million. ♪ >> [speaking foreign language]

>> we are just behind the u.s. as the second most infected nation in the world. >> [speaking foreign language] >> right now, i am in a slum in mumbai. people are loitering around without wearing masks. and the situation is getting worse. >> [speaking foreign language] >> it has made things difficult for print minister modi in almost all states. india is producing -- part of it, 6,500 metric tons is for

state hospital use. states are refusing to let go of their supply to give to hospitals in other states. >> [speaking foreign language] >> on the vaccination front, we have administered 14 million doses as of sunday. but people are having -- finding it hard to book an appointment. nevertheless, modi advised everyone to get vaccinated as soon as possible. annmarie: bloomberg reporting in india's covid crisis. we'll be staying with that story all morning. we're headed to new delhi next. you don't want to miss this report. this is bloomberg. ♪

annmarie: good morning, 645 time in the city of london. i'm annmarie hordern with manus cranny in zurich. unconventional trading this morning. the u.k. based company helps customers combine and manage their pensions. if loaded on the london stock exchange last week. joining me is the founder and ceo. romie, it's a middle of a pandemic. why now to ipo? >> well, for us, it's been an incredibly phenomenal seven years of growth. and certainly during coronavirus, many of the permanent trends that we were seeing towards digital became accelerated. and so people have been increasingly taking control of their personal finances, including their pensions, and this is a great opportunity for companies to accelerate their growth and to help as many people as they can. manus: good morning.

annmarie and i have great discourse on my old pension. i wish you were around when i was bringing the pension pots together. from an investment point of view, how scalable is your business to europe, asia, given the regulatory hurdles? a sense of the scalability, good morning. romi: well, we are incredibly focused on the united kingdom. the united kingdom pensions market is absolutely enormous, over 7 trillion pounds in total pension assets. within our segment, which is the divine contribution segment, there's around one trillion pounds in pension assets being held on behalf of over 20 million consumers. and so within the u.k. already, we have an enormous opportunity, and so that is the opportunity we are currently focused on. and yese we ar, certainly

built to scale -- we are certainly built to scale. annmarie: what would be the first port of call? romi: for us, what we are building is a very long-term business, with our customers staying with us for many years. and therefore, we are incredibly focused on growing our customer base and acquiring more customers so that they don't have the same kind of tension problems that you are alluding to earlier. so, we're very, very focused on acquiring new customers because we know that pension health is urgently needed within the country. manus: so, where's the target -- i presume under assets in management is how the metrics used. is it? romi: we certainly have assets under administration, which reflects the assets invested on behalf of our invested customers. annmarie: what about -- manus: where are you aiming to get to? sorry. romi: that's all right. we are over 1.6 billion in

assets and we been growing incredibly quickly. so, we've roughly doubled in size the last couple of years. and given the size of the market, we expect to maintain very high growth rates in the future. annmarie: romi, i just wondered to ask, are you nervous about ipo reception given the other high flowers -- high flyers and what happened with their debut? romi: i think that we are in a very different position. we're a complete different type of business. i think also, the way we approach our stakeholder relationships is completely different. we are very focused on alignment. and with our new shareholders, we have found a group that is aligned with our long-term vision of living in a world where everyone can look forward to a happy retirement. and so that long-term nature and that alignment, not only with our customers and employees, but also with our investors, we

believe leaves us in very good stead, so we're very excited. manus: i only ever log into my various pensions when i have moments of great crisis or great euphoria. how do you get me -- not very often euphoria -- had you get me to engage more with my pension with you? romi: well, what we have found this because of automatic enrollment within the united kingdom, many people find that they have a couple of old, scattered pension pods. and as you say, they tended to be rather disengaged because those tensions are reflected in piles of paperwork, often sitting in envelopes that are unopened in a drawer. and pensionbee can solve that problem rapidly online. we have a journey that takes only a couple of minutes, and therefore our customers don't have the need to go and open lots of envelopes and dig around

all of their paperwork. and so that ease of access is really, really important as an entry point. and once our customers are with us, they can use our online tools in order to see where they are from a retirement standpoint to add more contributions, to watch their pensions grow, and ultimately to become retirement confident so that they know they're going to look forward to a happy retirement. annmarie: i'm with manus. i check my pension in times of great distress. romi, thank you so much for joining us, pensionbee founder and ceo. just ahead, as india's coronavirus crisis continues to spiral, we go to new delhi for report. this is bloomberg. ♪

annmarie: good morning. this is "daybreak europe." i'm annmarie hordern in london. india is dealing with his second wave, spiraling out of control, growing into a two nominee. we're -- to a two nominee. -- tsunami. give us the latest on the situation. what are we seeing with these rallies ongoing, but cases continue to rise? >> so yes, as you said, this is a health-care crisis, a tsunami of crises in the second wave. over 350,000 daily count. so, we've added a million new cases the last three days alone. the images we're seeing here is

of overwhelmed hospitals. people have flooded to social media, making requests for icu beds and oxygen and clinical drugs. this is the same country that, until a week ago, there was a force election campaign in five states, led by prime minister modi and his second-in-command, both of whom campaigning for the election rallies. now, india sees the humanitarian crisis grow. there's also criticism growing on the ground that modi and his government may have mishandled the virus response. they wasted several months of infections to not have prepared for the second wave. manus: we've seen the harrowing images of people arriving at hospital and dying. politically, can modi avoid a national lockdown? >> so, modi seemed to push back against a net -- a national

lockdown. he came on national television to talk about how a lockdown must be avoided, also urging states like new delhi, where the financial capital is, urging against lockdowns, saying you can't kill the economy at the same time. so, it doesn't seem like the lockdown is imminent. however, what modi is seeing is a strong wave of criticism. modi and his handling has been panned. but modi is adept at deflecting criticism, and he has a committed voter base. so, what the costs will be remain to be seen. annmarie: thank you so much for your time this morning. bloomberg's south asia government editor, please stay safe and continue to bring us these reports.

full swing of earnings season this monday morning. i'm looking forward to your interview tomorrow with the ubs ceo. that's why you're in zurich. manus: indeed. we'll be catching up at the headquarters. dessert'-- zurich's beautiful. good morning. ♪ wanna help kids get their homework done?

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annmarie: -- anna: good morning. mark cudmore joins us in singapore. cash trade is less than an hour away. the international community pledges for india as the covid crisis worsens. earnings season gets into full swing.