manus: good morning, from bloomberg's headquarters in dubai, asian stocks slip as traders await more clues on recovery. all eyes on the key inflation data and e.c.b. later this week

new rules could target its more profitable computing business. game changer. alzheimer's drugs. u.s. regulators give the nod to a controversial therapy, the f.d.a.'s most cons fen -- consequential decision in years. she's very nearly back in the studio she is back in london. annmarie horden, europe reunites from across the pond. good to have you back. i take you to new york, bill dudley, he had hads a warning, i listen to him when he speaks, he ran the new york fed. he said the federal reserve received another recession, why? because the execution of inflation target regular jet stream leaves much to be desired. he's talking about the third leg on the stool, annmarie, not scrust full appointment but running it over, or overheating

and therein lies the risk that could be late to the party. good morning, welcome back. dans marie: thanks mark nuss. i'm glad to be back. i have a lot of -- [newline] annmarie: thanks, manus. i'm glad to be back. one thing that i thought was interesting, he said that what the fed is doing, promising to make up for these part misses, when it comes to inflation, is encouraging people to lower inflation expectations. then you think is this just a self-fulfilling prophecy. in this hour we'll have two sides of the coin. bill street says it's transer to, fiona frick said it's more substantial.

manus: he's changed his mind on inflation. are we running into buffers? they say their survey is very unsure, it's a coin toss as to what's the next direction. we've made it above $70. opec wasn't very much in control the chinese demand is running at a five-month low. and dollar-yen, there's ban collapse in dollar-yen. the question for traders on their mind is what happens next? if we run up the vaccine plan as planned, you can see yen drop further. 112 by the end of the year, 115 by next year, based on a deflationnary japan versus the rest of the world. the bond market, let me show you what's going on there it is c.p.i. week. will we hit 5%, would that

unseattle the bond market? it's targeting 45% by the end the year, they see inflation coming from the supply bottleneck and not the commodities. annmarie, let's talk about the traders. the c.p.i. rating on thursday would be the last piece of the jigsaw for the fed before their meeting next week. therein lies the point. bill is with us, we're talking about bill dudley's warning about average inflation targeting. how sticky is inflation for you? what are you going to be looking for in c.t.i. print that might change your thinking? good morning. >> good morning annmarie and good morning, manus. absolutely the inflation pressure is going to concentrate. there is going to be enduring dryness behind this. the inflation headlines of

c.t.i. on thursday, c.p.i. going forward are going to make difficult reading. it will create volatility in the bond market and will create elevated levels of expectations for risk premium on the back end. as we see this coming through, we've got a heterogenic recovery across the globe. we have got supply and nand constraints and bottlenecks as we open up. we're going to see baseline effects. there are some real -- it's not just baselines. there are some real sort of pressures here. if you look at container shipment, the cost of a container precovid to containers today has gone up five or six-fold. that needs to work its way through the season and it will do. there are other sort of suppressing influences here such as wage pressure. there's relatively sub dude real

wage pressure at the moment. i think that's going to be the area we're looking at unemployment as well. annmarie: i understand you think this is transer to and there are things to work out in terms of supply and demand but at what point do consumers hear all this and war think ry that it could be longer sustained and it almost becomes a self-fulfilling prophecy? >> yeah, i mean that is is a good point. that's the heart of inflation. inflation is as much about expectations and actual sort of realized inflation from a day-to-day basis. i think this is where the central bank will come in. we call it the war of words or power of words. we think the fed will be ing moring expectations, trying to look through the sort of fan chart of expectations in terms of fraud, talk the market through this i don't think there's going to be much move on

actual policy. there's going to be a lot of rhetoric. bit like the old days, bank of england, you would talk about fan charts of expectations, talk the markets through spikes and troughs of inflation. manus: japan is -- will dudley said they're trying to avoid the japanification of the last 30 years, which is the third throfinge mandate about running it hot, loose until overheating begins, means ostensibly they have to move faster and further than it would have had to. do you think average inflation targeting, apropos the fed 2021, will avoid japanification? >> we are running hot, we are running under pressure. we knew about this because the

early pools over the last couple of courses, we talk about the big government, massive fiscal, massive monetary injection into the system. we talked about ultra low interest rates. they are trying to run the system quite hot while under pressure. we are trying to sort of overcome the production deficit through the covet period. we're only just getting on to some long-term trend growth rate. we probably won't achieve that until the back end of the year. i suspect what we'll see is transer to spikes of inflation. we'll start closing the sort of production and the output gaps and what we also think will happen is the longer term structural forces that will -- which was before covid, will rise post-covid as well. don't forget, some of these legacy of covid is this huge expenditure in technology. especially in the labor force.

i suspect even if we get anywhere close to narrow or capacity employment we won't get huge spikes in real wages. and now would be the crux of that enduring inflation concern. annmarie: what do you -- manus: let's turn this -- go ahead, annmarie. annmarie: i just wanted to get bill's take on what this all means for what expectations were after he heard from janet yelling -- yellen talking about a rise in rates could be a plus. do you think she made jerome powell's job easier? >> yeah, in some respects. you know, yellen is sort of transferring accounts over the last year or. so she may not be able to extract her central bank habits. this is what's going to be

happening. they're going to be talking the market through expectations. i think maybe talking about slight tightening helps the fed in that. but realistically, you know, what is the small tightening going to do compared to the huge amount of stimulus in the system? the central banks are going to show extreme fortitude in the face of the short-term spikes and be very, very tolerant. minor tweaks in policy are not going to touch the side if you're in the camp where there is building and enduring inflation. manus: i was looking at a cross app of inflation, the three fx rates and equities. the blended rate, don't want me to use the word trifecta, but it's the lowest since 1992. trading commodities badly in 1992, i'll have everybody know. but let's get your allocation. i've seen lots of people say the

ratio in the states is at 6%. want to be outside of the u.s. blended rate across the three below the 50-day average since 1992. you want to be beyond the u.s. in your allocation taking more risk outside the u.s. than inside the u.s. at the moment. >> we're running hot, going to be sort of still supported by sort of massive fiscal stimulus. i think the economy going to be able to most efficiently use that fiscal fuel will still be barbells, still the u.s. and asia, pocks of emerging markets that will struggle, that's partly covid, partly concerns about potentially the dollar. and europe is the laggard heered, they will pick up.

for the short term, the back end of this year, it's still going to be a u.s. story and an asian story. that will reflect on whether the basket or the credit or your high yielding basket as well. annmarie: bill, thanks so much. stay with us, we'll get more into his mid year outlook in a couple of minutes. let's get a check of our news with simone. hi, simone. simone: good morning, annmarie. india's daily covid case count dropped below 100,000 for the first time in two months but there are concerns the delta variant first identified in that country is leading to symptoms including hearing impairment and severe gastric upset not typically seen in covid patients. data from england suggests the pair vant has high risk of hospitalization. it's now spread to more than 60 countries over the past six

months. the u.s. recovered almost all the bitcoin ransom paid to the perpetrators of the cyber attacks on the colonial pipeline last month. official says they captured more than 63 out of 75 bitcoins traced to recipients of the ransom paid soon after the attack which shut the country's largest gas pipeline, the stoppage causing widespread fuel shortages across the u.s. east coast. japan's economy shrank less than first reported last quarter. g.d.p. contracted an annualized 3.9% from the final quarter of 2020 through to the end of march. that's a much better result than the -5.1% originally expected. separate figures showed wages road in april at the fastest pace since 2018. sources tell us policymakers are crashing the global corporate tax plan to ensure amazon is included. that's despite the u.s. tech profit margin falling below the

10% threshold. amazon has an estimated 7.1% global operating margin this year. one scenario involves targeting individual operations, like amazon's more profitable cloud computing business, rather then the entire company. global news, 2424 hours a day, on air and bloomberg quicktake, powered by more than 127 journalists and analysts. back to you. manus: thank you very much. coming up on the show, big names for bloomberg's summit. the theme is the roaring 20's. investors, insiders share their insight in another virtual event. coming up, e.c.b. policymakers have evidence we need to keep monetary policy in place thanks to the fed, of course. we look at thursday's policy meeting next. this is bloomberg. ♪

annmarie: welcome, good morning. this is "day break europe," i'm annmarie, in quarantine at the moment, alongside manus who is in dubai. the euro's recory is likely to be tested in this ongoing vaccination challenges, in addition to the e.c.b. channels. the central bank will review asset purges on thursday amid a pickup in inflation. what's next? in his latest piece for

"bloomberg opinion," he says, break out the taker tape. it took an unprecedented stimulus to do it but inflation has reached the e.c.b.'s out of reach 2% target. what should the e.c.b. do next? precisely nothing. that's his take. let's see what bill says. do you think we're at that hard target they've been trying to reach for years, nearly getting there, toward 2%? >> yes, so, i suspect that there'll be some celebrations in the corridors of the e.c.b. to your point annmarie, it's been a long time coming. but look, it's taken a significant structural shift or change due to the pandemic to actually create these numbers. but look, to our previous discussion, we still think it's transer to, especially in europe. this won't be enduring.

suspect these headline numbers will ebb away. they may well have some stickiness to them over the next couple of courses. i think the e.c.b. will be reticent to do anything about it, they will be trying to look through these numbers and actually celebrating, even if they thought these numbers were enduring, they'd be celebrating the fact that they have got some more lasting inflation system but i doubt that's actually the case. i think that will work its way out and if we're having conversations through q1 and q2 next year, we'll see the numbers ebb away significantly. manus: part of the constructive story around europe, the value story, the repricing in the bond market as well, bill, is not just easy terms from the e.c.b. but it's a rollout of vaccine. martin malone sent in a lovely chart overnight which annmarie and i were looking at.

this is the weekly rollout of vaccines around the world. china take on 140 million a week, e.u. 26 million. 10% of the rollout of vaccine was in europe globally this week. we're going to go for 6 billion globally by the ovene the year. if things go according to plan how spornt the rollout of vaccine and distribution in the european story and if it's fully priced? >> we know that the sort of european union had a couple of sort of false starts in the sort of covid vaccination rate and the u.k. and u.s. especially stole the march on this sort of initiative. manus: we have seen -- we seem to have lost bill for a moment. we're just pausing, hopefully

we'll get bill back in a second. bill, can you hear us? maybe -- >> i hear you. manus: ok. bill is back with us. let's bring back in and finish his thought. bill, you were paused by the vis cisse tuesday of technology. finish your thought there for us. >> i'm not sure where i left you, manus. the e.c.b. and the opening up but look, in reality, this isn't a typical cyclical recovery. the vaccination rates, of which the -- europe was sort of less -- left behind in the beginning is really important for them. for us, the next stage of this recovery, global recovery, is the mobility. this is -- we've had the opening

everything up but this vaccination we have to all kind of accept the fact that it's going to be a high relationship between the next level of vaccinations and the mobility. for the freedom of movement within the euro zone, that's incredibly important to unleash the next level of consumer spending, the discretionary spending, the bigst items within europe. this is really important. to your question -- manus: bill, we're going to have to leave it there, so sorry, technology and time the two thieves in this. the rollout of vaccine has been immense and the ability to travel inside europe is phenomenal and could be the thing that helps them. you know before the end of the summer you have to play your guitar on the show one morning. he's a great guitar player there annmarie, what have we got stacked in the show? annmarie: well, just ahead, manus, we look at bloomberg is

the first to report that amazon will be included in any global tax deal. new rules could target its cloud computing business. the street wants to know about those details. that's next on bloomberg. ♪

manus: it's "bloomberg day break," i'm manus, annmarie is back in london. they're crafting tax plans to make sure amazon is included,

even though it's below the threshold to have others collect revenues. let's go to eric, this is making sure that perhaps some of the big parts, the channels here, is how these agreements are completed. they do impact companies like amazon. eric, good morning. >> good morning. yeah, the interesting part of the story, of course, is that we're taking a look at amazon's current numbers here but as we've all heard, these are still, you know, early stages for the discussions and we're going to have multiple rounds of discussions in the coming months and it's going to take probably years for these rules to actually be implemented. so for a company like amazon they could look very different five years from now or however many years it takes for them to get to the point. that's probably one of the major challenges for actually crafting a set of rules that targets a company is that you don't know what the company's results will

be like year to year, let alone tiing to forecast something several years from now. and of course the fact that you've got all these countries that all have their own, you know, views on this. and you know, that's why this whole process has take son many years already. annmarie: what does it mean for places like hong kong who have lower tax brackets? >> as i pointed out, there's a lot of different markets in place here. for honging on congress, this is a market that has long been known as a simple tax regime, a low tax regime. the financial secretary, paul chan, was speaking to the city's legislature and was asked that question by a lawmaker. he pointed out some of the city's incentives or tax concessions for big industry might be affected. they might be restrained in terms of being able to offer these things in the future. so they are looking for alternate options.

we are keeping an eye on how this develops for a market like hong kong. annmarie: eric, thanks so much, eric lamb, thanks for joining us this morning. just ahead we look at the inflation debate with all eye ops u.s. c.p.i. this is bloomb in business, it's never just another day. it's the big sale, or the big presentation. the day where everything goes right. or the one where nothing does. with comcast business you get the network that can deliver gig speeds to the most businesses and advanced cybersecurity to protect every device on it— all backed by a dedicated team, 24/7. every day in business is a big day. we'll keep you ready for what's next. comcast business powering possibilities. so many people are overweight now and asking themselves, "why can't i lose weight?" for most, the reason is insulin resistance, and they don't even know they have it. conventional starvation diets don't address insulin resistance. that's why they don't work. now there's release from golo.

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annmarie: good morning from london. i'm annmarie, manus is live from dubai. this is "daybreak europe." asia stocks slip as traders await more clues on recovery. all eyes on key inflation data late they are week. delivering bad news, amazon will

be covered by the g-7 tax deal despite its thin margin. the new rule could target its more profitable cloud computing business. plus, a game changer for alzheimer's drugs. u.s. regulators give the nod to a controversial therapy. the f.d.a.'s most consequential decision in years. manus, good morning from my humble abode in london. to you in the studio in dubai. it's so nice to be back in london. of course i'm doing all the tests and hopefully next week i'll be back in the studio with you but all eyes this week firmly on what's going to happen with u.s. c.p.i. of course, bill dudley sharing some warnings of where inflation is going and what it means for the fed. >> talk about the third leg of the fed stool which is about running it hot. got 2% inflation target and about running it hot. and he says that the cause of their -- because of their policy they run the risk of having to

tighten much more aggressively and faster if and when the inflation comes. they're trying to avoid a low negative rate that you still don't get escape velocity on the c.p.i. and inflation which is where they are at the moment in japan. annmarie: and as you pointed out to me as well, a bloomberg interview with famed economist mr. baddle talked about changing his tune, the man who talked about the death of inflation says it's not going to be like the 1970's or 1980's but we'll see a pickup. manus: absolutely. "death of inflation," written in 1996, i think it was 1996, let me give you a quick check through the marks. i'm going to leave you for the next 30 minutes. let me give you a quick market check. s&p futures just hinting into

the green. oil getting some energy back this morning so to speak. taking a little shine off the equity markets. stocks and bonds rate lowest since 1992. so we're less fearful. when you're less fearful are you greedy? what can unseat a bond market? that's the question. 35% of the c.p.i. is unlikely. 2% is still their target for the end of the year. bitcoin down by 5.3%. seems to be that part of the ransom that was paid by colonial has been recaptured by authorities. is that a wound to bitcoin? i don't know. 5% to bitcoin is hardly what you'd call a flesh wound but we're down by 5.%. it's an institutional product now. i'll leave you, the -- i don't

have any bitcoin, i hope your mom is well. good morning, mrs horden. annmarie: full disclosure, my mom -- my mom recently bought the did bith which i shared with manus about. we're going to continue on for 30 mins. traders counting down to the latest u.s. inflation reading on thursday. one of the last major data points before the fed meeting next week. also on the docket is the european central bank meet, the same day we may get lieu clues on inflation and stimulus in europe. joining us now is tee oh in a, i want to start with the inflation outlook in the united states. you're taking a con trarne view. you think it's something more sustained, not quote-unquote transer to. explain why you're taking this sue? >> we have the beginning of the

recovery and in fact the inflation that's happened for the moment is mainly linked to production and industry. and consumer has not yet. people will be more free to move. we believe that consumer inflation and service will be going up which will have an effect on unemployment. so we believe we have seen the first leg of inflation but not the second one yet. annmarie: what are the implications then if this view is correct? you think the fed needs to be taking into account? >> i think the fed will accept longer inflation because the target of 2% taking into account the fact that you were under 2% for quite a while but if inflation stays durable at 4% obviously they will have to act sooner rather than later. we see tension starting to arrive in q4 this year while the

market is prr micing for transient inflation which will make yield and central bank policy more move next year. >> if you are correct how did the fed and other policymakers get it so wrong? >> i think the the fed doesn't get it wrong. i think what the fed wants to avoid is the lesson of 2008 when where they want it to go up too quickly which has caused some growth. so they want to make sure that growth is solid and there's in the a fourth wave or fifth wave or whatever which would put it back into recession. i think they want to give some leeway to make sure the growth is stable. europe is a very different situation. i would say although u.s. is at 4% inflation, europe is at more 2%.

the fiscal situation is not the same ample tude but we -- and we believe that europe will remain accommodative for quite a while still. annmarie: how concerned should the central bank be of spiking in the united states? >> obviously the united states have a huge impact because they have the u.s. treasury which is the risk free rate for a lot of things around the world. so yes it's true that the u.s. yield will put pressure on everything from high yield, from corporate bond and also for the differences are great between u.s. and europe. i would say they would be happy to have yield lower than the u.s. annmarie: what about europe?

is it caught in thed my snl >> i think it's in isolation for the moment, the vaccine rollout is better than what was expected a few weeks ago, i think growth is starting to re-emerge where it was late before. so europe has been going fine for the last week and obviously in comparison to u.s. stock markets, european marks are more tissue less highly valued. i think there's a nice trade there which could be the benefit for the euro and stock market. annmarie: what did do you expect from the e.c.b. this week. do you think it's time they start drawing it down? >> i think it will remain relative in the discussion. they have different tools they can use.

the balance sheet, the yield control, they have a lot of things they can do to keep yield at the level which is accommodative because the growth in europe is more fragile. what we could see is some friction between different countries in europe which will have different growth strategies, typically germany being advanced compared to other countries like spain etc. so you could see friction. we believe the e.c.b. will remain accommodative for the rest of the year. annmarie: accommodative for the rest of the year. i want to turn your attention to the united kingdom. i just got back from new york to london yesterday. the signaling from the government seems to be that june 21 is not jet set in stone, potentially letting everyone the this timeline can be delayed. what are you expecting? what are the risks of that?

>> very positive in the last three months because u.k. vaccination was sansed compared to europe. therefore -- people are much more free in the u.k. to do things, consumers can consume much more, etc. so i would say it was nice for the u.k. that they could start to reverse. we've seen the numbers of cases in covid, there's been a pickup due to the variants. this could have an effect on the g.d.p. for sure. there's also tension with europe about the brexit deal. annmarie: you hold little exposure to the u.k. what keeps you away from this market? >> volatility, i would say and it has performed quite well in the last last three months,

catching up in the vaccine. the differential is not justified anymore. annmarie: all right. the differential is not justified. fiona, short and sweet. thanks for joining with us the transatlantic view. still ahead, biogeneral surge that was f.d.a. gives its alzheimer's therapy slert approval, a possible game changer for treatment but some scientists are skeptical. our conversation with the c.e.o. coming up next. this is bloomberg. ♪

annmarie: good morning, this is "daybreak europe," i'm annmarie,

manus left us for assignment. p biogen took a risk and revived a -- an alzheimer's drug it left for dead after it failed two clinical trials. biogen had poured years of effort into developing the therapy and was counting on it as its next big therapeutic advance. yesterday it paid off. the f.d.a. yesterday granted a controversial approval for the drug. stocks soared as much as 54%, triggering a brief trading halt. biogen needs to continue to research the drug for it to stay on the market. it's faced skepticism from scientists after mixed results. bloomberg got the take from the c.e.o., take a listen. >> nowadays you have three treatments that have shown that binding characteristic to the plaque that is toxic around the

brain and accumulates over decades. the way blood stops -- gets to the heart we are able to get to the brain and remove the black. now there are three compounds, the next compound in the line is the one we have in collaboration that is 24-1 which is now in phase 3 for which the phase 3 readout will be in a bit more than a year from now. so the f.d.a. has done a thorough analysis of the entire data set. we had more than two million pages of scientific data being shared with the u.s.. it was thoroughly evol waited. >> i understand that but there's also pushback by some scientists who question whether amuloids

themselveses are the key to solving alzheimer's. off drug that may be successful in targeting amuloids, how confident are you that that's the problem that needs to be solved? >> well it removes the underlying cause of the disease. down the road there might be additional ideas but this will take many years before we see the scientific proof. as i was just saying today, you have three compounds with similar activity and we are the first one on the market in a few years there will be others. we invite them because the market is so large. >> talk to us about the pricing strategy? of course you're saying that it's about $56,000 a year for the cost, for an average consumer, including multiple year visits for a transfusion, required m.r.i. scans, what would it cost the average consumer? >> i think to go things in

perspective we need to consider that the starting point is a $600 billion that society is spending in direct and indirect cost on this disease. in the u.s. only. and that the epidemiology is planned to trip bill 2050. so yes, there will be some investment finally on treatment, on diagnosis. and i wish we had diagnosis reimbursed soon. and technologies progressing very fast in that space. i hope soon we also have a blood diagnostics that will help, that will ease the broader population to have a biomarker in addition to the clinical diagnostic. this is important. >> do you think we'll see other decisionmakers, other regulators look at the decision made in the u.s. and fast track too? >> i believe. so i believe so because the u.s. has been so important. they are the ones that are worth

the most -- have worked the most on the global data set in more than two years but we are also with a similar level of scientific engagement and respect working with the europeans, with japan, with australia, with canada, with sweden work brazil. where the product is currently under review. our aim is to make the product available everywhere. annmarie: biogen's c.e.o. speaking us to. switching gears, the u.s. recovering almost all the bitcoin ransom for the colonial pipeline hackers. colonial paid 75 bitcoin after the cyber attack caused fuel shortages across the east coast last month. joining us now, reporter jamie carraday. what do we know about the u.s.

government clawback of the ransom? >> i think one of the things that was clear just from reading the documents that the department of justice released overnight is that colonial clued in the government pretty quickly and pretty early on in the game. that allowed them to help track down at least if not the hackers themselves, then the way in which they were getting paid. what was really interesting is clearly bitcoin and crypto currency, there's a lot of criticisms about the way the payment system is anonymous, it's unregulated, and you know, officials are able to sort of watch the mungo through, you know, over 23 different channels or wallets as it was being sort of laundered, you know, in that sort of, for want of a better expression, before it would reach the hands of the hackers themselves. the government was able to recoup 63.7 bitcoin of the 75

bitcoin that colonial paid. unfortunately, with the way that bitcoin has been behaving lately that money was obviously $4.4 million, of that they were able to get back around $2.3 million, just over half of what colonial paid. annmarie: where does this leaf the outlook on all this? is it considered a victory for the government? >> it's definitely, you know, it's definitely a show of strength if you will, for law enforcement to show that they have the capability to devote resources and they have the talent and the technology basically to investigate and try to track down these hackers. they've made it clear that they're not going to allow financial technology, anonymous payments, to block them going after ransomware payments. but at the same time we haven't seen indictments. the hackers are still at large. they have whatever remains of

the payment that the officials weren't table recover. and from the country that we believe they're operating from, that still goes quite a long way. annmarie: this is something everybody has to be worried about, this doesn't let company office the hook. what are they doing in terms of trying to plan and prepare and thwart this? >> you're absolutely right. i think even at the same time as he praised the government for getting back half of his money, colonial c.e.o. said they need to do more to beef up their investments and their defenses against cyber security threats. not for nothing but j.b.s. which last week suffered a major ransomware attack said its global facilities are almost fully operational because they said they actually had a robust i.t. system and encrypted backup servers that aloud for rapid recovery. this is going to be an

expectation that if you are critical supplier that you are going to have the cyber security to back up your systems in case something like this comes for you too. annmarie: thank you so much for joining us this morning. our very own cyber security reporter jamie carraday there. e. rumplet set to issue cloveed certificates or some call them passports, to aid travel in the bloc. stay with us. this is bloomberg. ♪

>> this is a huge move at j.p. morgan. it's a shock. annmarie: good morning from

london. i'm annmarie, this is daybreak europe. good tuesday morning to you. the european parliament sent to give final aprufmente to the digital covid certificate that could facilitate travel within the your peen union. the bloc has surpassed 470 million vaccinations and is now on track to hit herd immunity by the end of next month. joining me now from brussels is our correspondent. maria, has europe officially turned a page? we're talking herd immunity, passports, travel. >> yes, annmarie. it is reopening for summer. getting the vaccine. when you look at the numbers they do speak for themselves. 270 million people in europe have had one shot of the vaccine. the eligible population is 450. you can see why herd immunity by the end they have july looks doable now. when you look at the overall amount of people, a quarter have had roughly two doses of the

vaccine. that is full protection. i'm 31, i already have an appointment for my vaccine. it really does show there's been really big chatchup in europe to get to that point of herd immunity. the question to this is who is going to benefit from this? at the start of the year the european commission were taking a lot of heat, a lot of criticism for the contract, the lack of industrial capacity. all of that has changed. it'll be interesting to see how that plays out in germany which has an election in september. a lot of the campaign around this has to do with getting the vaccine and going on holiday, having a nice summer, when you get back perhaps be ready to go for the c.d.u. there is a political angle to this annmarie: it's great to hear you'll be getting your vaccine soon. i did get a dose of my vaccine in new york. talk about excitement to get our first dose here. i got my first dose in new york, i was online with children, 12 and 13-year-olds getting their

second dose. still a lot more work to do. that does it for me. manus and i are back tomorrow. beautiful day in london, i'll be safe here in quarantine. enjoy the rest of your day. this is bloomberg. ♪

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to "bloomberg markets: european open." i'm anna edwards live in london. mark cudmore joins me from singapore to take us through the market action. cash trade is less than an hour away. stocks in asia slip while the u.s. and european futures trade mixed. investors look ahead to the key inflation dates. delivering bad new