♪♪ ♪♪ >> good morning, dr. bloomberg's european headquarters in london, this is bloomberg day break europe and these are today's top stories. johnson and biden put their brexit differences aside of the g-7 summit, an outbreak for attending the final g-7 meeting. it turns to climate, a draft

plan sees the richest countries making transitions. u.s. consumers prices jumped the most in 13 years, gaining 5% from a year earlier. asian stocks are steady after a rally in treasuries. good morning, everybody, welcome to bloomberg day break. nice to be here with you annmarie as you serve out your quarantine, i'm sure that's how it feels. g-7 gets underway. biden meets johnson, that's all happened. northern ireland not mentioned in public just yet, but the real action of the full g-7 takes place today and over the weekend, from a market perspective, the climate really jumps to the fore. annmarie: with covid yesterday, the headlines reaching the united states and u.k. talking about donations around the world and climate and come to some sort of resolution when it comes to coal emission, and china, the

three c's are dominating the discussion in corn wall. >> a briefing on those three c's shortly. let's keep everyone up to date on the markets. we saw some substantial reaction particularly in treasury markets, not what you would expect with levels of inflation not seen since 2008, we would see an yield on the u.s. 10-year, 11.43%. that's a substantial reaction coming in there, the market really believing this is transitory, the fed believes this is transitory. let's look at some other assets. the euro, 12188, they increase their estimates at the e.c.b. renewing the pledges for faster bond buying. that was pretty much as expected. keep it on the pound and broadly u.k. ledger assets, june 21, questions asked about whether we can move to the next level of

reopening on that date. oil prices, w.c.i. did drop overnight below the $70 a barrel market. it's climbed back up in the last half-hour or so and trying to hold its head above $70 and driving data out of the u.s. and e.u. lots to talk about then this morning, when it comes to the inflation aftermath and the g-7, lots from the g-7 overnight including the talks between prime minister bories johnson and u.s. president joe biden. at the cornwall summit is guy johnson. good morning. thanks for joining us once again. nice to see you and cornwall on the program once again. we were talking about the three c's shall the focus before the meat of the three c's were these bilaterals in the preambl boris

johnson and joe biden met yesterday, what came out of that meeting? guy: a positive that boris johnson will want to take away from it. the conversation didn't dwell too long on brexit, the british may be relieved about that. there was some concern about some sort of rebuke, that didn't happen. the body language was incredibly positive. there was a positive narrative around covid vaccine to nations, that takes the story forward into today. to start boris johnson was looking for that joe biden was as well. he is here to talk about the fact that america is back and put the trump years behind american diplomacy, boris johnson is looking to put it on the front foot, post-brexit britain. the body language seemed to reflect that. it was interesting, boris johnson so often aligned with the trump administration talked about the biden administration being a breath of fresh air,

annmarie. annmarie: interesting. guy, also with covid lines in play given the fact that the countries want to deliver more to the developed world, covid is hitting to the center of cornwall, especially for german security. there was an out break at a hotel they were staying at. angela merkel, her final g-7, will she make it, guy? guy: absolutely, no way she is derailed from this event. this is a hotel, start of the hotel positive, that had an i am i- impact on angela merkel's security detail. this is her last summit. there is a desire among the europeans to project power at this summit. she is pivotal in managing such

vaccines. we got emanuel macron turning up as well. they will all face challenges going forward. angela merkel is going to be stepping down. we don't know how long the administration is going to be there in rome, so they're taking advantage of that power play they got here at the moment. i think the european narrative has changed. i think the trump administration and the era, the trump era changed europe's approach to the united states and how reliable it is as a ally. they want america prove it can walk the walk, not just talk the talk. they're here to project the european agenda and make sure that is heard loud and clear. anna: we have seen it, to annmarie's point, plenty of news lines around covid and climb change and a draft announcement for help for the poorest nation

in tackling climate change. this isn't the first time that this body has made commitments on this front. guy: i think covid probably has changed that. you could put the covid vaccination program next to the green agenda as well. i think the two things definitely mesh, definitely coinciding. it will be interesting to see how it works its way through. on climate, anna, there is frustration amongst the european side and there is a sense that europe and the united states aren't completely on the same page. the united states doesn't have a carbon tax plan, the frustration that the u.s. is meddling in north stream, too. there is definitely a feeling here there is an opportunity to make progress on climate, but not everybody is on the same page. making sure that the poorest nations have vaccines will allow them hopefully to be able to deliver on the climate pledges, the two definitely going hand in hand here in cornwall.

annmarie: the u.k. is feeling that pressure. that's going to be coming up in november, boris johnson is really the preamble to that big meeting in edinburgh. joining us this morning is sammy char, chief economist, sammy, thanks for joining us. china, covid, all on the agenda as well as climate. what are your expectations for the g-7? sammy: well, you know, first of all, it's about getting together, it's also about reviewing the corporate tax that has been debated up to now. it's going to be how the u.s. is going to place itself between the u.k. and europe. we know that europe about try to

discuss with the u.k. about the northern protocol. there is plenty to discuss securing the recovery, insuring that vaccines are available particularly to the large hard hit emerging markets. so it's really about trying to come together, settle some of the disputes and try to move forward and secure the recovery. anna: good morning to you, samy, the investment community is committed on the agenda, investing around those themes and say the pressure is coming both from governments and also from clients. i suppose on the climate agenda then, what investors will want to see, some certainty, some framework, some collaboration handwritten climate to sort of get things moving? samy: true, we need now to see the investment. we moved forward so much and we just need to continue the road that has been present. again, when we think about the

recovery funds, when we think about the fiscal agenda that has been together to offset, it's totally different nature than what we have seen with the crisis which was a very conventional response to a crisis. now the response to covid has a lot sustainable features, green energy, it's close to a third and for some countries half that has been announced. it's a huge leap forward. we need to see the investment. we need to see the implementation go well. there is the money, there is the will. now it has to be done and implementation is absolute key here, something that cannot fail. anna: samy also a discussion at the g-7 with china and what it has to do with the tax plan that they want for a global tax rate.

we know beijing wants to push expenses for some of their tech companies, how do you think this will go down in cornwall, what could the response be from a multilateral approach? samy: well, the mechanics here, it's particular in our view that at some point, they are going to agree for a 15% minimum corporate tax. the effective collection of that tax is actually years away. so they're going to move forward. in the g-20, it's going to take some time before they can eventually sign the deal, but, again, the implementation and the tax colleges is really years away. so the cost of that measure is going to take some time. there is an immediate benefit. and the immediate benefit is now that the americans are onboard, you remember that the europeans went ahead with the digital tax.

you had a negative response from that from the u.s. and now they're getting together for a global corporate tax. it does mean that the likelihood that we get a dispute went the u.s. and europe and escalation in terms of tariffs has reduced. you have an immediate benefit of that tax discussion and basically postponed into years ahead. it's actually, there is something to gain while the cost is not immediate. anna: a really interesting take, the multilateral corporations back for all to say. samy thanks very much. he stays with us a little longer on this program. the first word update, here is annabelle. >> the u.s. government has reportedly halted new shipments of johnson and johnson's covid vaccine to help clear a surplus of supply.

the c.d.c. has temporarily stopped making the one dose shots available. earlier j and j announced that the vaccine can be kept in the refrigerator for 4 1/2 months, amid the shots could spoil before they're used. amazon wants office workers to return at least three days a week by september in a more relaxed stance from its previous position of returning to an office centric culture. the seattle-based company follows other peers to have a hybrid model to apiece employees who are used to working from home. republican and democratic senators say they're open to considering the first change in the national gasoline tax since 1993. this to help fund an infrastructure spending plan posed by president joe biden linking the gasoline tax, 18.4 cents a gallon to measure inflation has been discussed. the white house has rejected

that plan calling it a tax increase on the poor and middle classes. bloomberg powered by more than 2,700 journalists and analysts in 120 countries, this is bloomberg. annmarie. annmarie: thanks so much. u.s. consumer prices the most in 13 years, we get into the inflation debate next. this is bloomberg.

anna: this is bloomberg day break, i'm anna edwards live in london with annmarie hordern. a month's long buildup in inflation that risks becoming more established as the economy

strengthens, the figures are disstorlted by the pandemic given some credence to the theory that the rise to be transitory. samy, what surprised you most about the inflation numbers. most pointing that this is just transitory, the fact that was used cars, one of the big opponents are the optic, a substantial number. even if you were expecting weaker years or stable, you might expect them not to drop as far as they did. what surprised you? samy: a bit of a surprise when it comes to the fixed income markets. i would say this was not a report to settle between transitory and persistence. what we are looking for is confirmation, low in the inflation report, a limited number of subcomponents that is driving the headline number higher. when there is persistent

inflation in an economic system, it's usually everywhere. it's narrowed to a couple of components, a lot of these distortions will be digested through time. talking about inflation everywhere, usually when we shift inflation regime, it has to be global as well. the fact that it's just in the u.s., inflation has opened ahead china, israel, doesn't seem to show a regime shift. i think this is why the bond market was comfortable despite the fact that the headline number was relatively high. annmarie: what do you think, samy, for your view for the fed, what is your timeline talking about tapering, is there any risk at all that they even show that, the market agrees with them that it is transitory? samy: for now, clearly, this is an inflation report that will

not change the fed's policy outlook. i think they have started communicating the kind of sequence they want to go through, in the second half of the year potentially at the symposium, they will announce tapering. that tapering will probably take place in 2022 at a very narrow pace, let's say $10 billion a month. it will take the whole of 2022 for the taper to actually happen, which means that you need to see a lot before the fed can actually raise policy rates, you need employment to improve. you need to announce the tapering, do the tapering and wait a bit to make sure the economy is ok. we see how liftoff can happen before q2, 2023 and the market is relatively comfortable with that sequence as well. anna: samy, i'm quarantining in

from the united states and we're wondering what is going to happen with the u.k. delay, june 21, that is now in question in whether the u.k. willfully reopen. take a listen to this quickly. >> most of inter-european travel and from the u.k. to europe should be able to recover and start because it is safe to do so. i'm very concerned about the fact that the u.k. is now isolating itself and cutting itself from the rest of the world for no scientific rationale behind that whatsoever. anna: with concerns of this delta variant, what are the risks of this reopening on the 21st? samy: i mean, you need to accelerate the vaccination within the people who are young haven't been vaccinated where the virus is spreading.

it's acceptable to be extra cautious, a short term economic cost. we have seen that our economies are able to deal with limited restrictions, even if they are extended, obviously it's a bit sobering, but we can understand why they want to be extra cautious. cases are rising. the young population is not yet vaccinated. the virus is spreading. it's understandable that the rest of europe is issuing concerns as well. get the vague nation up, you will prevent yourself from having these kind of setbacks. anna: very tricky by age group, very good for saving life and complication when it comes to reopening the economy. so many younger people unvaccinated. headlines from the bank of france talking about inflation remaining below the e.c.b. target from 2021. even as they upgraded

expectations for the eurozone economy, the overshooting inflation story is not a eurozone one not yet. samy: there is comparing the euro area with the u.s. the u.s. has just been through three very strong quarters of economy growth, q32020, q42020 and q1 of this year when europe has just had two negative quarters of economy growth. they are barely starting to recovery, the second of this year to make the recovery in europe. it's perfectly acceptable that the e.c.b. goes through the same sequence that the fed has gone through, be patient, a couple quarters of positive growth unfold before they can start discussing the gradual lifting of emergency measures. this was a meeting that was

uncomfortable to upgrade the assessment, do not change the policy setting. it will be more difficult in september. anna: thanks for joining anne-marie and myself on this program this morning. a key ruling on bitcoin, could it change the game for cryptos, we'll discuss next. this is bloomberg.

anna: very happy friday morning, this is day break europe, i'm annmarie hordern. it proposed a 1250 risk rate to bitcoin and several other

cryptos. adam, what did the committee mean to the future, is there an investor in bitcoin? adam: you can look at it as a bit of a double edged sword. on the one hand, it kind of brings crypto currency and bitcoin further into the landscape, which has been a long progression and ramped up this year with more institutional interest. banks will need to essentially hold a dollar in capitol for each dollar's worth of bitcoin they have on their books. that is another assessment of risk they will need to take. a lot of the risks flagged is around regulatory uncertainty continuing, crypto as well and potentially money laundering and

those issues which need to be ironed out. on the one hand, there is more adoption of bringing this into international finance, it's still a work in progress. annmarie: what has the reaction been from investors, disappointment? adam: some disappointment, but for many and those involved within this space, be them at banks or firms involved in the trading operations, they see it as welcoming. it's kind of another step in the evolution of the fact that crypto currencies are becoming far more mainstream for all of us. annmarie: continuing coverage of what is going on in the crypto space when it comes to regulation. the g-1 summit kicks off, we're live from cornwall all day-long as we wait for the arrival of other leaders including her last g-7 as leader, chancellor angela

merkel of germany. stay with us, this is bloomberg.

♪ annmarie: good morning from london. i am annmarie hordern. this is "bloomberg daybreak: europe." i am alongside anna edwards. here's what you need to know today. johnson and biden put brexit differences aside ahead of a g-7 summit. a covid outbreak in a cornish hotel is not derailing angela merkel's plan to attend her

final g7 meeting. the richest countries supporting the energy transition and the world's poorest. u.s. consumer prices jumped the most in 13 years, getting 5% from a year earlier. asian stocks are steady after a rally in u.s. treasuries. good morning to you. 90 minutes away from the start of european trading. thank you for joining me on my fourth day of quarantine. tomorrow, i will get a test and hopefully be released. what a 24 hours we are going to have ahead of ourselves. the g7 will be dominated by covid, china and climate. the markets will be completely dominated by consumer prices, something i imagine g7 leaders are a little worried about as well. anna: absolutely. we will see what comes out of the g7, kicking off in earnest today and all across the weekend. there will be plenty of coverage coming on monday as well. we have talked about the tax

indications, what the finance ministers managed to agree to, plus coronavirus, the ongoing fight, the way the rest of the world needs to be helped on that front. and how much can they come to a consensus on climate and china? we will see. you mentioned the inflation picture, so let's get to a data check. we still have the aftermath of that u.s. inflation data print in the 10 year yields, but perhaps not what people would have expected. we did see an initial spike up in the yield on the back of that strong inflation number but many people saying that it was anticipated. the fed was expecting it. the fed will concentrate on the jobs picture instead. not only did we have flat treasuries, we had more than flat treasuries, we had yields that actually dropped. on the currency markets, a lack of volatility there, certainly around cpi number, leading lots

of people to conclude that some are really has started. euro and pound in focus as we think about the ecb's renewed pledge to faster bond buying. a lot of questions being asked about june 21 for the final stage of reopening. oil and focus -- in focus as we have seen it take out that $70 per barrel mark this weekend it is struggling to maintain that, down around 0.5% this week. annmarie: let's get back to the g7 summit, which starts today in earnest. prime minister boris johnson and joe biden have already had their first meeting. world leaders are set to discuss ambitious plans on vaccines, climate, and a multilateral approach to china. joining us now is stephanie kelly. thank you for joining us. vaccinating the globe really was

top of the agenda yesterday and will be so today. how imperative is it for the developed world to vaccinate the developing world and those struggling? not just as a humanitarian crisis, but also for their own continued success when it comes to economic growth? stephanie: i think you hit the nail on the head. it tends to be talked about like some kind of gift you are giving to the emerging markets, when actually, as we have already seen with the delta variants, they spread to others. if you've got lots of em"s that have been vaccinated but you still have emerging markets with virus continuing to run rampant, much more strongly, it's that there's this risk that you get a new variant that escapes your vexing to developed markets. that means you go into lockdown all over again. it really is an economic

self-interest as well as the right thing to do for the world. how much are they willing to contribute? and crucially, the timing. i cannot see the vaccine getting to emerging markets very quickly. it's probably more a 2022, maybe 2023 story. anna: thinking about the multilateral cooperation signaled by these kinds of meetings, you make the point that after the financial crisis, we remember seeing a great deal of international coordination and cooperation, and perhaps that was something that saved us from the worst fallout that could have happened. and yet, during the covid crisis, we certainly did not see that at its height. do we return to that cooperation now? was the last few years a blip on that front or has the way that these nations cooperate changed? stephanie: it's part of a reflection of where we are. we find ourselves in a world where countries are not just looking at insular. in some ways, i think the covid

crisis has exacerbated that. because of the nature of supply chains, not being able to get enough of certain materials has kind of reinforced this idea that big markets like europe and the u.s. want to be able to source their own vaccine, their own technology. i think that is something that will continue. however, what has been the case for the last two years, until this year, has been a different u.s. president. we know president biden is much more politically multilateral ist, and i think that will lend to a more, constructive approach. that comes down to political self-interest at the country level. annmarie: certainly, it's a lot

of pleasantries and talk but we don't always see the fruits of it. china is also going to be on the agenda. joe biden once a multilateral approach to china but all these countries are entrenched economically with their ties to china. what's this line as a group that they need to work? -- walk? stephanie: that's the challenge. that's a theme we will continue to see for the coming years, which is not just around the u.s.-china relationship, which has been the focus of markets for the last couple of years, but actually we are going to move more to, in a world where we continue to see the u.s. and china decouple, how do allies tread the line? how do you tread the line where you want to be politically and in some ways security aligned to the united states but you are incredibly tied to the chinese economy and chinese supply chains? places like germany or europe more widely, china is a huge investor in the european green

story. how do you tread that line? i think it's going to be challenging. we are not expecting any major coalition to come about as a result of the g7 against china, nothing like that. you might might get more criticism on the human rights. the u.k. is pushing for a climate-industrial policy. anna: biden's policy versus trump changing at the margin, as we saw with the tiktok really this week. stephanie kelly, aberdeen standard investment deputy head of research. here is annabelle droulers. >> the u.s. government has reportedly halted new shipments of johnson & johnson's covid-19 vexing to help clear a surplus of supply. dow jones reports the cdc has temporarily stopped making the one dose charts available.

earlier, j&j announced that its vaccine can be kept in the refrigerator for 4.5 months, extending its shelflife by 50%. that's after concerns the shots could spoil before use. the billionaire behind a british department store is considering a 4 billion pounds sale of the company, following an approach from a potential buyer. the weston family has asked credit suisse to advise it on the future of the business, according to bloomberg sources. amc gave its retail shareholders popcorn. and turn, a give the movie theater chain a path to stability. meme stock status has led to a credit upgrade. the company cashed in our share price gains to raise about $1.25 billion through equity offerings. that, combined with the approving outlook for movies, moved s&p to upgrade amc's rating to triple c minus from a triple c plus -- triple c plus

two a triple c minus, rather. the company is still deep in junk territory. global news 24 hours a day, on-air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. annmarie: thank you so much. annabelle droulers in hong kong for an update. blackstone president and coo john great says it's still a pretty good time for real estate. he gave his insights on the booming property market on the first episode of "bloomberg wealth." take a listen. >> there is a public market where you can invest in some excellent companies in the united states. that is one way to do it. another way to do it today is we have things called private re it's.

we have a reit. it is a product that we are very proud of. because historically, people did not do a great job offering private real estate to individual investors and we really focused on trying to deliver a first-class product and done by our people in the right way. that's another way to do it. there are others who offer similar products. for some who are more adventurous, they can partner with local developers, let's say. the challenge i worry about that is just misalignment of interests and liquidity. how do you get out at some point? and you are generally not getting a lot of diversity in the upper edge. >> are you worried about the economy now? if i say i want to invest in real estate, is now a good time or should i wait a while until the economy corrects? jon: i think it is still a

pretty good time for real estate. the warning signs for real estate are two-fold. too much leverage, too much capital, and we really don't have than the real estate system these days. the other, too many cranes, too much building. we are below historic levels in terms of new supply. if you looked at the s&p 500 index, it has delivered something like 4 times the return of public reit's since the beginning of 2020. real estate is lagging coming out of the recovery. people have been concerned about the physical world. i think real estate, as the economy reopens, people go back into spaces, is going to see a little bit of a bounce. i think the risk is, you know, do interest rates move a lot? that's a bit of a threat. one positive thing about real estate also is inflation drives up the replacement costs for buildings. that gives you a little bit of a

cushion on existing real estate. anna: that was the blackstone president and ceo of speaking with does coo speaking with -- blackstone president and coo speaking to david rubenstein. interesting to hear what he had to say. see more from the interview on july 6 at 9:00 p.m. im new york when "bloomberg wealth" debuts globally. we hear from the lse ceo on the importance of being your authentic self at work. that is part of our money and equality special. this is bloomberg. ♪

>> i became an investment banker in the 1990's, at a time when it was still legal to -- people

from being gay in the u.k. i remember sweating myself through the barrier after i got my id card and thinking, i leave the real me on the outside and pick her up on the way home. i had this absolute sense of exactly that separation. and then you realize, you spend so much of your life at the office, colleagues trust you with information, and you are not sharing an equivalent amount of information with them. it becomes an an equity of trust, actually, and that felt increasingly uncomfortable. i was invited to come out by my md. i had had some surgery, i was in the hospital, she came to visit me. while i was dosed up on morphine, i introduced her to my partner. i suddenly realize i had outed myself at the office. she came to visit me for my and of your review -- end of year

review and said we think we may be promoting you a year early, very great congratulations. if you are promoted to associate, we are going to evaluate you on what you do for the wider organization. she took a perfectly time to beat and said, have you thought about joining the lgbt society. i am not that dense. that was a goldplated invitation to come out and participate in the society of the organization and do so with my management's blessing. i did, i took that lead, organize one of the first ever lgbt dedicated recruiting events in the city. from that point on, i've effectively had a platform to talk about these things. annmarie: ceo of the london stock exchange on what prompted her to come out at work. she spoke to francine lacqua, alongside deutsche bank's

ceo for u.k. and ireland on creating an inclusive environment, retaining female talent, in the future of work. you can watch it on bloomberg tv this weekend this saturday. eu stocks have edged modestly higher today. a jump we signed inflation yesterday is likely to be transitory or fleeting. i hate saying transitory. have you found another word for this? generally positive on the stocks, but you have been on for hours more. i imagine you have been able to think of some other vocabulary for this transitory inflation driving the market. juliette: where is manus when you need him for another word or a resource. we have been -- thesaurus. asian stocks have been trading in these narrow ranges for 8 sessions or so. what has been interesting to see has been somewhat domestic

issues, particularly coming through in china. the government asserting sweeping powers to seize assets and blood business transactions -- block business transactions. mark cranfield making a good point that the csi 300 looks like it could start to break out of this range and move higher in the coming weeks. we have sing the hang seng close in the red for seven consecutive training sessions. we've seen gains in the likes of south korea, vietnam. my chart is a bit more of a narrow range, as i mentioned, over the course of the. asian stocks having a small gain after a couple of weekly gains around 1% to 2%. anna: we are going to be focusing on what the g7 has to say about china, whether we see any common ground reach on that subject. it's going to be a big week next week when it comes to china's activity data. we will get a further sense of

the extent of the rebound from covid there. what are we expecting? juliette: this is coming hot on the heels of that ppi read, which was the fastest pace since 2000. it is expected -- since 2008. it is expected to show that this data is gathering momentum. the supply and demand recovery should remain on track. we have the bank of japan june meeting, where we have this potential double-dip recession looming, but not expecting any change from the current stimulus. the australia jobs report perhaps showing a bit of a stall in the recovery. india inflation also coming through. this is expected to pick up further from the rbs's midpoint target -- rbi's midpoint target. anna? anna: juliet, thank you --

juliette saly, thank you very much. i mentioned the g7. we will be back to the g7. we will be talking to guy johnson. the g7 summit kicks off. guy is there, he is live on the ground for us and cornwall -- in cornel. does the -- cornwall. does the sun not know that it's the g7? live shots of cornwall. this is bloomberg. ♪

♪anna: welcome back to "bloombeg daybreak: europe." i am anna edwards in london with annmarie hordern. lots of lines crossing overnight about the g7, including talks between boris johnson and joe biden in cornwall at the summit.

guy johnson brings us all the details. what came out of this bilateral meeting as we build up to the book of the -- bulk of the g7? >> it was incredibly friendly. boris johnson and joe biden got exactly what they wanted. it was the signing of the atlantic charter. there was history involved. boris johnson did not get to have tea on a remote island. unfortunately, the weather was a little inclement. it's a little chilly again today. maybe that's an indication of what we've got going forward. it was a good start certainly for boris johnson. he got what he wanted. he wanted the optics to be right and he got exactly that from joe biden. mrs. biden wearing a jacket that had "love" on it.

it was exactly what boris johnson wanted. annmarie: i am told you are wearing a -- guy, but covid front and center, and not just about vaccine distributions. this could derail or impact the security agenda for angela merkel. guy: yes. first of all, let's talk about the weather. it is a little bit chilly so we have to dress appropriately. you can send that message to the producer, who thinks that maybe the weather down here is a little warmer than it actually is. it will be nice over the weekend. i think people will leave with the lasting memory of cornwall looking very sunny. the issue of angela merkel's security detail has caused a few waves. it was a hotel where a number of her security detail were stank. some staff tested positive but

it will not derail angela merkel. anna: guy johnson, thank you so much. guy johnson in cornwall throughout the day. this is bloomberg. ♪ (announcer) do you want to reduce stress?

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♪ anna: good morning. welcome to "bloomberg markets: european open." i am anna edwards live in london. mark cudmore joins me in singapore to take us through the market action. here are your top headlines. johnson and biden put their brexit differences aside i had of the g7 summit. a covert outbreak in a cornish hotel is not derailing angela merkel's