manus: good morning from the middle east headquarters in dubai. i am manus cranny, with annmarie hordern in n.y.c.. it is "daybreak: europe." a cyberattack knocks out a major u.s. fuel pipeline. there is no timeline for a restart. gasoline futures surge. the jobs report, attention turns

to a big week of data points, including u.s. cpi. and eu leaders urge president biden to lift restrictions on vaccine exports, and worry about ip waivers later. a key u.s. fuel route has been shut down. there was a cyberattack. colonial pipeline says it has a plan to restart the nation's largest fuel pipeline, a critical source of supplies for the new york region. she is living through it. annmarie hordern, good to have you back with me. you went away and a cyberattack occurred on the biggest pipeline in the u.s., risking 2.5 million barrels of oil crude, jet fuel going across the united states of america. this cyberattack is the biggest attack on infrastructure in oil since the saudi attacks in 2019.

i missed you. annmarie: i missed you, too. it is critical for where i am sitting now, new york and the tri-state area. anecdotally, i was in new york this time last year when the strength of -- when the streets of new york city were empty. it was almost apocalyptic. now you see serious traffic. both cars and foot traffic. but this goes to show how critical this pipeline is at this particular moment of a reopening of new york and the tri-state area, and also the fact that towards the end of the month is memorial day weekend, and that is when we have a massive driving season in the united states. annmarie: that driving season is something that is brought to bear. there has been a drawn down in inventories, the mobility factor is back. we are flying more in the united states, more so than the rest of the world. that driving season traditionally. this brings back nightmares. when people say the word crack

spreads to me, yes, that brings back bad memories. but they are tight and they are spiking. annmarie: they are. crude oil, gasoline, all on the rise after the aftermath of that attack. colonial pipelines has no timeline for a restart of the key artery. they said it will go back online when it is safe to do so. this puts traders in a precarious position. joining us is bloomberg's cybersecurity reporter. thank you for joining us. what is the latest? what do we know the next steps to be? reporter: hello, thanks for having me. like you said, we are waiting to see beyond what colonial has said. they are trying to make sure that whatever it is they do, they want to do it safely. we know the main pipeline is still shut down and the and tillery ones are operating. we know the systems have been locked up by the hector's. not necessarily the flows and

pipes, but the i.t. systems. we are waiting to see if they pay a ransom. we know they are working with investigators. we know the white house has put together a task force to work on this. but right now, everyone is waiting to see what is going to happen. manus: good morning, good to see you. good afternoon, i should say. we are trying to piece together the events. there was a data rate on thursday. that led to the shut down. put in context how badly operations have been disrupted. reporter: basically what happened is late friday they had to shut down because the hackers stole at least 100 gigs of data, which is quite a bit. not only did they steal it, they locked it, and they are threatening to release it publicly if there is no ransom paid. in the absence of any kind of

safety or security about their systems, colonial had no choice but to shut down. now they are talking to a cybersecurity firm that has a lot of experience in dealing with ransomware attacks. they are trying to figure out more about what the group is and what their motivation is. it is worth saying that whenever we see some kind of attack on a supply control system on something of this magnitude, it is normally a nationstate. we don't not know what the number is yet. it is really significant on many levels. this is unprecedented. annmarie: it certainly is, but what comes to my mind is 2012. there was a cyber where attack on aramco. it just last month, the iranian had one on their uranium enrichment site. how bad is what we are seeing with colonial compared to others? reporter: i mean, it really

depends on how long this goes on for. one of the biggest things we are focusing on as well is a lot of cyber sabotage, what hackers can do if they are inside the system, if they can get remote control of infrastructure. the possibilities are endless. it really makes sense for them to take their systems off-line. how long they remain off-line, that is what we are waiting to see. annmarie: thank you so much for joining us, and i am sure you will be across this story the whole week. the key question is the timeline. bloomberg's cybersecurity reporter jamie tarabay. let's take a look at where we trade. look at the gasoline futures. that is feeding into the broader commodity market. wti futures are higher this morning, but really when you look at commodities, and the question of whether or not there is a super cycle, you have to look at iron ore. $221 a ton on the contract.

it is a perfect day we will have. goldman says it is a goldilocks moment for the commodities market. annmarie: -- manus: absolutely. if you read through the story, what can you do to circumvent the outage? we spoke with bob mcanally. he is talking about a line mixing biofuels. 2.5 million barrels of jet fuel, and diesel run through this pipeline. if you have to circumvent the pipeline, it will take you 14 days. this is your equity market board that you wanted to talk about. the extra premium you get for those equities relative to bonds is 2007. what else do you make of the market? annmarie: i put australia in there because potentially it is going to see a record high. the stock market closes in on our time. again, australia is a place

where there are a ton of big mega miners, and that plays into the commodities story as well. but it is the jobs data that we have yet to get to this monday morning. it is the jobs data, the fact it was such a disappointment. everyone is expecting more stimulus from the u.s. government, and that is feeding into the stock market across the board. manus: it is the biggest mess since 1998 -- miss since 1998. in the meantime, let's go to annabelle droulers with the first word news. annabelle: thanks, manus. there is no doubt the u.s. has undercounted the number of covid-19 debts. that is according to president joe biden's top medical advisor anthony fauci. he has also warned about the pace of vaccinations flowing, according to bloomberg's vaccine tracker, 46% of americans have had their first shot. melinda gates started working

with divorce lawyers well over a year after the split was announced last week. the wall street journal says the move was partly over concerns over her husband's dealing with jeffrey epstein. the times reports that gates met with epstein numerous times. he claims the meetings centered on philanthropy. it is rare that "saturday night live" is a market event, but it was just that for crypto traders as it was guest hosted by the doge father himself, elon musk. he made these comments on those dogecoin. >> it is will take over the world. >> so it is harmful? >> yeah, it is harmful. annabelle: it was part of the roller coaster ride for the digital currency this weekend. according to coin geico, at one point dogecoin was down a third

before recording -- before recovering. global news 24 hours a day, on air and at bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. annmarie? annmarie: annabelle droulers in hong kong. just ahead, it was meant to be one for the ages, but turned out as arguably the most disappointing jobs. report in history we talk pay worlds and inflation -- we talked payrolls and inflation next. this is bloomberg. ♪

manus: it is "daybreak: europe" with me, manus cranny, reunited with annmarie hordern in our headquarters in new york.

it was meant to be. it turns out to be one of the most arguably disappointing jobs report in history. 266,000 jobs added in april, missing all the estimates on the bloomberg survey. economists have pegged it a miss. a tweet said, oop. total unconstrained fixed income. i am reliant on you to have more to say than just oops. the entertainment, the reopening jobs was up by 331,000 and they got pay raises. should i take some heart from the tragedy that we have not seen ever in the jobs report? guest: i think first of all, let's take a look at the spectrum of expectations. we were going for a forecast

anywhere from 700,000 positive to 2.1 million positive. clearly, this was a huge disappointment. but within disappointments, it allowed for more stimulus expectations, equity markets to reach new highs, and almost an immediate rally in u.s. treasury bonds that was mirrored across the globe. i think this year is a very difficult year for us to take comfort in any of the economic numbers coming out or the forecasts because of the difficulty of where we are. if anything, this is a transition year and we should be wary about drawing conclusions on short-term momentum to give us any insight into where we see longer-term economies as we come out in 2022 or 2023. without hesitation, it was a very weak jobs report and was shocking to most people. annmarie: there is a clear

debate in america right now about whether or not the economy is ill struggling, or the fact that the supplemental unemployment benefits is dampening people's want and need to go back and get jobs. do you believe either of these? guest: i kind of understand this. which one fits the story of a very weak number and trying to understand this? i think it is very true. we have had a huge amount of stimulus coming into the u.s. economy. that money has gone into financial assets as a result of the huge amount of liquidity. yes, if you and i received a nice check that made us want to go out and get another job, for you and i, probably the answer is yes. but for many other people, it

probably dampens the enthusiasm, as has been shown by the jobs report. manus: i like the context you are giving to us. we are trying to square this story away to a piece of data, which is a novelistic bias very data -- by its very nature because we are shocked. we want to see whether we are enduring inflation. but let me show you this chart, which is the five-year swaps. that is saying in the second half of the decade, beyond five years, it is not really going to spike that aggressively. do you come down on the spike and role of inflation narrative? if so, how do you position for that near-term spike? guest: i absolutely think you will see a spike in inflation. it is my perception that the spike you are seeing in q2 this year will surprise even the

federal reserve, and that will cause other events or questions about the federal reserve timing of a taper or a withdrawal, or indeed the stage in which they are going to start raising interest rates. if you look at most investment banks, they profiled the quarterly inflation from now on until 2022, throughout 2022 and 2023 we see a short-term spike, then a return at or around the average target rate, which is set by the federal reserve. many across-the-board is expecting inflation to come back down. it is a transition. people are looking through the near-term bounce, which is sensible to do, as we have seen these implications. it is much like what we are seeing in the oil prices. you have a mean reversal back to a trend type level. this would probably happen with inflation.

i personally believe that if you see the increase as you noted in commodities, you have a 170% increase in corn, 230% increase in the lumbar, you are talking about oil futures. this will naturally move much more into the inflation numbers. you have to remember, this will probably be more of a dampener on economic growth as it will reduce disposable income. there are two sides of the equation when you look at this. annmarie: let's move on to what you expect from the cpi data today. this is the mliv question. the impact of what it could mean for specific assets. guest: there is much in the price with regard to many things. i think it will surprise on the upside in q2 of this year, and this will be an ongoing phenomenon. you have seen this spike. you have seen bonds of guilt move lower -- you have seen bond yields move lower.

we moved up to the top of the range in the u.s. treasury you still have two yields firmly anchored around 15 basis points, 0.15%, and 10 years around 1.6%. we are at the bottom of the range. you would have to see a material disappointment on inflation in this report to start seeing more expectations that the spike and the near-term spike in inflation really is transitory and we are going to return back to the lows. with regard to positioning, realistically, you look at equity markets that are at all-time highs and i can completely understand this. this is excess capital liquidity finding its way back into financial assets. i think if you are going to see a surprise in inflation, then obviously you want to see these levels of long-term bond yields

are in a great position to put some sort of short position on. for me myself, i am absolutely short bond yields. but out of the two and five-year ones, nothing on the long end because volatility is too low. there is lots that have been going through in discounting financial assets. it is questionable as to the performance you will get in the near term or even in the longer-term from these financial assets. manus: with that in mind, dickie, i am struggling to understand how a bond market withdraws by 20 basis points on friday. it did not remain at the lows, which says to me inflation is not far from bond traders' minds. the extra premium i get to hold stocks is 280 basis points. that is the skinniest over bonds since 2007. please don't tell me it is different this time because i have had that at dinner with everyone for 10 days. that is the skinniest margin

that you get since 2007. is that a flashing signal? is that a risk signal? guest: i hate to disappoint you about this. i told everyone in march of last year that equity markets reach all-time highs. you have got to realize that in 2018, the federal reserve raised interest rates by over 100 basis points, and the s&p fell by 21% in 2019. we have very short-term memories regard to this. whether it is bond markets or equity markets, it is the timing of the federal reserve in either tapering, which if you look at the u.k. can be faster than a positive tapering, a dovish taper i think i heard the other day. the federal reserve comes in and it is to do with interest rates. as soon as they start adopting a policy or talking about this, and it could be as early as jackson hole in august, you

could start seeing concerns about equity in light of a future possible rising interest rate. by then, if we have a spike in inflation, people will naturally start talking about the federal reserve being behind the curve. that will cause new stability and an increase in volatility, and i have never known an increase in volatility to make valuations go higher. there is no reason why equity markets should suddenly come for these levels just because they seem to be inflated levels from what we are use and at all-time highs. i am not with your friends, manus. i do completely recognize your views on this. it is a matter of timing. until we get the federal reserve to start talking about discussion of tapering or talking about maybe the future rises in interest rates, that is the time. we are looking at later in the summer as far as i am concerned, before you start seeing weakness, predominately

sustainable weakness. annmarie: i think you just won your seat at manus' next dinner party. manus: i just want dickie to know that some of these people have worked at dickie's shop. don't worry. [laughter] guest: and clever people. manus: very clever people. annmarie: two sides of the story makes the market. thank you for joining us this morning. dickie hodges from nomura asset management. leaders called the u.s. to export more vaccines, but they say no to extending intellectual property rights. why? find out next. [laughter] --this is bloomberg. ♪

manus: it is "daybreak: europe"

from dubai and new york. annmarie hordern and me, manus cranny. let's get to the latest on vaccine exports and patent rules. the leaders of russia, france, and germany have called on the u.s. to start shipping significant amounts of vaccine. at a meeting in portugal, eu leaders argued a patent waiver will only decrease supply in the long-term, saying the world needs a faster solution. maria tadeo has been tracking the arguments from brussels. it does not look like europe will be waiving its vaccine ip anytime soon. why are they taking this position? maria: they are not, manus. there is this idea coming from germany and france, and at the logic from the europeans here is the main issue right now is the lack of supplies, the fact that we do not have enough vaccines. they argue the thing we need to do right now is export more and

remove the blocking of ingredients. they point out there are countries vaccinated their people in great numbers, and they could be exporting more. it is only then that there should be a conversation about removing the ip, a partial removal, similar for what has been done with hiv treatments. for the europeans, it is very much an export story before you get into a debate about whether or not you want to remove the ip from vaccines. annmarie: super quickly, how much of this is politics? manus: it is -- annabelle: it is a -- maria: it is a good question. they do feel this is unfair. the fact that we are debating ip means the united states and the u.k., which hoarded vaccines at one point, which have not really exported a lot, are now seeking to present themselves as the champions of free vaccines for all. the europeans do believe a lot

of this is good pr, but nothing else. annmarie: thanks so much. maria tadeo in brussels. coming up, iron ore turns very hot. futures in singapore surge more than 10% at the open. copper, another wanna help kids get their homework done? well, an internet connection's a good start. but kids also need computers. and sometimes the hardest thing about homework is finding a place to do it. so why not hook community centers up with wifi? for kids like us, and all the amazing things we're gonna learn. over the next 10 years, comcast is committing $1 billion to reach 50 million low-income americans with the tools and resources they need to be ready for anything. i hope you're ready. 'cause we are. (announcer) back pain hurts. you can spend thousands and still not get relief. now there's aerotrainer by golo. you can stretch and strengthen your core, relieve back pain, and tone your entire body. (man) and you're stretching your lower back on there. there is no better feeling.

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annmarie: good morning. i am annmarie hordern in new york this week. manus cranny live from dubai. here's what you need to know. a cyberattack knocks out a major u.s. fuel pipeline, and there is no timeline for restart. gas futures surge. it was a miss for the ages, but after a jobs report, the attention turns to a big week of data, including u.s. cpi.

eu leaders urge president biden to lift restrictions on vaccine exports and worry about ip waivers later. manus, very good morning to you. a key u.s. fuel route has been shut down after a cyberattack. colonial pipeline says it is still developing a plan for restarting the nation's largest fuel pipeline. it is a critical fuel source for the new york region. traders are starting to worry because there has not been clear communication on the timeline. so the more we wait, we are going to see potentially prices surge. when you look at aaa, the gasoline across the nation is $2.92. they say in the summer maybe we will see three dollars. we could get there before the end of may. manus: that driving season kicks in. the prices are a very tight market. with a some context of what flows through colonial, 2.5 barrels. that is at a speed of three to

five miles per hour. if the various products, the jet fuel, the diesel, has to go around it could take 14 days to get to where you are in new york. this is one of the biggest outages since the attack on a saudi infrastructure in 2019. bob mcnally is quoted in the story as saying that. i think this is already a slightly tightening market with inventories falling. so it is a question of can they get it running again within 72 hours to five days? that seems to be the building consensus. annmarie: that is the main question. that is what traders need to know because they will start to shift big tankers to potentially try to deliver this. they need to bring in this product from europe. it depends on whether or not the timing of this pipeline will restart. manus: absolutely. crude oil, crude oil and gasoline, they rise in the aftermath of the attack. colonial pipeline, no start

date. the question about when they will bring it back online, they say it is when it is safe to do so. here is the manifestation of the tightness and the risk my gas up 1.34%. we did make the highest in a number of weeks. the crack spreads are widening, up 2% on friday. they are rolling up higher as well. let's give you a flash across the markets. jp morgan doubling down on the equity trade. the premium you get for equities relative to bonds, 280 basis points. asset managements say even though it is the skinniest deal since 2007, it is not a reason to not own stocks. jp morgan says get ready for an inflation stock. 10 year paper, let's wait for the cpi. we reflected on the conversation we had on the cpi. are we in for a shock? what else doing -- what else do we have?

annmarie: some traders are saying iron ore is very hot right now, on a record. then you have nymex crude and what is going on with the colonial pipeline . it is a big question. it is not just metals and oil and gasoline and refined products, it is agriculture as well. goldman sachs says we are in a goldilocks scenario. manus: let's see whether our next guest things we are in that goldilocks scenario. iron ore ratcheting higher in singapore, ratcheting up 10% in 10 minutes of trade. hitting a fresh record high, up 9.9%. copper extending its rally, soaring $10,600 a ton after the bloomberg gauge of the commodity prices stopped last week at its highest in a decade. we are joined by a global head of the medic investors at

blackrock. -- of thematic investors at blackrock. your assessment, where are we in the commodities cycle? because things have gone in some ways pretty parabolic,. . guest: thank you for having me on. the first thing i would say is when you see these kinds of moves, you have to look at the reasons behind them. what we are coming out of now is a period of depressed demand, but we are also coming out of a very long period of underinvestment in commodities. the entire resource industry has been taking up the cash flows they have been making and using it to pay down debts. the price elasticity of supply is very low. on the others of the equation,

the demand is battling back from the depressed lows of last year. we also have the greening of the global economy, the fiscal spending, etc., which is driving demand at higher levels than what was expected prior to the pandemic. i think the last thing we are starting to see, as you touched on it earlier, we are seeing some signs of financial demand coming into the space, which is always associated with the commodity markets. i think there is still a lot of room to go. annmarie: how long does this price of gains continue? not the level, but this rapid pace we are seeing? guest: when we are in these kind of environments, we are testing the upper ranges of commodity markets to work out what the new price range is going to be. if we go back 20 years ago, the price of copper is $.20 a pound. we have been gradually

moving through different periods. what we are seeing now is a new price high in terms of a trading range of copper. the previous one was breached last week. normally there is a lot of additional time above those highs. then we will see a new lower level. the price of the commodity will trade within that as the market adjusts to new supply and demand. manus: where could that take us? we have various levels. 13000 and 15,000. even at bandwidth for you, would there be demand destruction? is that a risk? guest: i think that latter point you made is a really interesting one because in previous commodity cycles,, what you have always had is the threat of substitution. whether it is in the copper market, people moving away from

copper pipes to plastic types and so on. but one of the things that is likely to be very different in this cycle is the inability to substitute to the same degree we have seen in previous ones for commodities like copper and cobalt, nickel, and others. they are going into this environment where there is very little choice. the manufacturers have in terms of substitution. if you think about battery manufacturing, you cannot substitute let the -- substitute lithium my cobalt, or nickel. it will be growing at a very rapid rate. going into this carbon transition environment, which also signs -- which all signs are pointing toward, governments are in a coordinated fashion. copper is going to be needed in that infrastructure. the probability of substitution is substantially lower in this cycle than it is in revia's

cycles. -- in a previous cycles. manus: saying it is going to be different. but where we do see differences, it is never different and finishes. -- it is never different in how it starts and finishes. demand will cause prices to start to retreat. but we would expect to see prices moving substantially above that. annmarie: in march, they said $15,000. i think he was trying to get a price out of you. are you in that range? are you north of $15,000 for copper? guest: i think it was probably two years ago now that i came on the show and we started to talk about, are you going to see a new high in this cycle?

every single ounce of confidence in me was pointing toward that. we only just got there. we need to assess where the demand is coming from, the sustainability of that demand, and will there be a supply response? the time it will take for that to arrive. your viewers know, it takes time to build. you cannot just turn a tap like opec has to increase supply to accommodate the demand that is coming. that is something the world is going to have to get used to. when we go through these environments, you see these explosive price points, and we are in one right now. manus: so, is china hoarding? our last guest warned us. we were talking about bonds my inflations -- bonds, inflations, spikes and spirals. guest: one of the things you

have to recognize from china, it dominates most of consumption. in the previous price cycle, china drove the commodity markets greater than 100% of the demand growth. in this environment, we are likely to see a more coordinated global impact making the cycle stronger. when it comes to china, you look at the admin tory patterns of last year. you see a lot of movement of material, western warehouses into asian warehouses, and principally into china. that would suggest a lot of material moved in that direction. whether or not it is hoarding that or it was moved there because,, consumption,, time will tell. i think china was very much

ahead of the curve. when others were selling, china was buying. how wise was that? annmarie: i am reading a book right now on climate. they talk about the fact that china poured more concrete between 2011 and 2013 they on the united states did in the entire 20th century. is that the kind of demand we could potentially see? to your point with china being ahead, who is behind the eight ball now? guest: the comments around china being ahead is china has been a most of the time. it's gdp bounced back ahead of most of the world. china is leading the way in many areas. if you look at the ambitions china has come out with as far as greening the economy, they are very big targets. the u.s. and europe also have big ones. shifting the goalposts to 2030

has changed the game. we will see much more aggressive targets happening in a far shorter time period. you will see investments in the intense commodities translate. i think that is what the world is starting to think about, that we've got these very short time periods where enormous amounts need to be done, and that will be commodity intensive. you simply cannot adjust the supply fast enough for those goalposts to be brought forward by such a big degree. manus: we are moving into a new cycle. do you think that is reflected in the equity story, in the reals, in the balance, in those various protagonists in the copper market? i ask you that because we have touched on governance and dividends many times. i am trying to establish whether there is value in the miners

going forward into this new era you talked about. guest: you know that i am invested in this area, and you probably would expect it. i want to put some context there. when you look back at the historical ratio, they are trading substantially below the bottom of those ranges. when you look at the gearing ratios of the sector in the past, most of the companies had 25, 30 5% -- 25 percent, 35%. they have paid it down over the last six or seven years. dividend yields are 2.5 times higher today, if not greater than that, than the historical average. the answer to your question, if you look at the maps, and there is an enormous amount of value in this space, and this space is underground for tw --

under-owned for two reasons. people's memory has not faded from the last cycle, and there is a trust issue. the second is people are wrestling with the sustainability debate. how can you think about having a portfolio that is more sustainable? that is a great question, but you also cannot move the world to a lower carbon economy. the miners are providing the physical solution needed for this journey, and that is why there is a role for them. i think those factors are holding back valuations today, which presents this incredible opportunity. annmarie: evy hambro, thank you so much. what a day to have you on, iron ore hitting records. thanks for joining us. just ahead, more on the cyberattack pushing up oil and

gasoline prices in the united states. no restart date yet. we will have an update next. this is bloomberg. ♪

annmarie: good morning. this is "daybreak: europe." today, i am in new york, with manus cranny in dubai. crude and gasoline futures are higher after a cyberattack with the nation's biggest oil pipeline out of action. joining us for more on the story is bloomberg's oil reporter. thanks so much for joining us. give us a sense of what is the latest. we have not had that many updates from colonial pipeline over the weekend. reporter: yes, that is right. this is a big deal because

colonial pipeline is used as a main source by the oil company and traders to supply gasoline, diesel, and jet fuel to the eastern part of the country. the pipeline has the capacity of about 2.5 million barrels a day to transport these fuels from houston to north carolina, and another 900,000 of those to new york. this massive network has been shut since friday, and we have not heard of any timeline as to when it will be back up and running. this fuel will not be able to be transported in time, which is why we are seeing such a big spike in gasoline and diesel jurors today. there are concerns of a potential supply current. manus: the pipeline we are showing on the screen, 2.5 million barrels a day traveling at three to five miles per hour. if i want to get from houston to the upstate of new york, it is

going to take me 14 days. it is that we are most concerned about or the fact we have this radio silence from colonial? reporter: although we have not seen any major disruptions as of yet, the shut down of the pipeline can lead to piling up fuels, and it can cause shortages of these fuels in the eastern region. it is likely that the oil companies in the gulf coast will need to look for places to store their oil product, or they will need to ship it by sea by a longer route. there may be a rush for replacement deals in the coming days. if it is extended for another five days or more, then self

refineries might need to extend their rates lower. it is at a time when we are about to see up -- upticks in seasonal demand. manus: and may upping the premium to the exports. our bloomberg oil reporter on the very latest squeeze in the commodities factor on the back of the colonial pipeline outage. coming up, who let the doge out? we will talk about dogecoin's wild ride after elon musk hosts "saturday night live. ♪

>> it is the future of currency. it is a non-sample -- an unstoppable vehicle that will take over the world. annmarie: saturday night live. that was elon musk playing a financial expert in a sketch. it was an anticipated episode of the comedy program here in america. dogecoin staged a blistering rally before the show, but what happened after? let's bring in dani burger. what was the reaction? dani: we could not get the sustained rally in dogecoin, but i love some of the commentary that is out there. maybe because he bombed on s&l and that is why does going fell. that is a ridiculous thing to say about any assets, be it a joke or not. dogecoin was already

falling before the start of the program. maybe the takeaway was not the dogefather can do a skit and people will decide to cash out on the gains we have seen. it was quite the roller coaster ride and traded within a 40% range in his show. this is a ridiculous financial assets, and i do not think it is an insult to say that, because that is the purpose of it area but sunday, we get this tweet from elon musk, taking the meme to its logical conclusion. that is sending dogecoin to the moon. he ended this tweet the same way he ended his s&l sketch. manus: it is all in how you say doge. the theory him -- ethereum is making a record high.

what is the name of the dog? annmarie: shiba inu. manus: coin base dropped to its lowest sense the ipl because people cannot get their hands enough on these stocks. dani: the old coins are not on coinbase and that is why some people blamed coinbase. they are on robinhood. robinhood crashed during saturday night live. people were hosting watch parties. obviously, it did not work out so well for the doge fans. annmarie: i think some people are saying to elon musk, keep your job at tesla. do not move into the commodity world of snl. thank you for that wrap up. that does it for manus and i. this was "daybreak: europe." coming up next, the european open. stocks are moving to the upside. manus: absolutely, and

commodities are literally ripping it up. you had the head of blackrock on the air saying get ready for a whole new cycle in commodities. amory, i will see you in a week. london is up 0.4%. this is bloomberg. ♪ so you're a small business,

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anna: good morning and welcome to bloomberg markets, the european open. i am anna edwards live with