♪ annmarie: good morning from bloomberg's directly in headquarters. 6:00 in the city of london. i'm dani burger. here are today's top stories. traders watch for clues on when the fed might start tapering. stocks struggle for direction after a record in the u.s.. the dollar holding onto yesterday's gains. a historic deal. under 30 countries and territories sign up to a plan on

corporate taxation. hurdles remain. next week's g20 meeting in focus. opec-plus talks break down. they block a preliminary deal forged by saudi arabia and russia. good morning everyone. happy friday. happy jobs day. jobs squarely in the focus of every single trader as we wonder what the fed is going to do from here. when it comes to the equity market, it's a melt up. six consecutive records for the american benchmark. focus is also on the bond market today. hans seymour cautious, concerned about another disappointing figure for the third consecutive months. we are seeing flattening of the yield curve with people buying the long and ahead of the jobs report. it shows that these hunters on the long and are expecting us to

miss when it comes. forecasts around 700,000. will we get that? will we get something worse? the sober voice when it comes to the macroeconomic environment. also warning that he expects another blow consensus number. this is about technical issues, seasonality, base effect. saying that our stance on the economy at this moment in time is really moving even if our below consensus call is right. let's see what the data looks like if we were fading. the u.s. 10 year yield going nowhere. we have to get six decimals out to see any movement. oil in focus as well. brent trading above $75 a barrel. another delay, the second delay we've gotten from oak --

opec-plus. uae holding talks up. we might not get an increase. we are getting higher oil prices. much of the same as yesterday, cyclicals. u.k. ftse 100 futures leading the gains. at the same time, some of those duration bets not doing as well. nasdaq futures down a little bit more. let's focus back in on the jobs report with our next guest, wouter sturkenboom. thank you so much for joining us this morning. what an important morning we will have in terms of the data. let's start there. what we got and what's ahead. what are you expecting out of the job numbers today? wouter: yes. as you alluded to, on a monthly basis, the data is volatile right now coming out of the pandemic. there's a lot of noisy data. we are not pinning our hopes. we are looking at the

three-month average is on a seasonally adjusted and nonseasonally adjusted basis. nonseasonal adjustments are important here as well given the fact that we are coming out of the pandemic. relying too much on those historic things seems to be a little dangerous. we are looking at both sets of numbers, looking for a continuation of the trends. around one million for nonseasonal adjustment. dani: at what point can we start to trust the data for giving us a clear, clean picture? isn't months away? at one point can we take the numbers at face value? wouter: yeah. i'm afraid i don't have an answer for you there. it is 12 months away. it will take a while. early next year, we have a huge fiscal headwind to contend with that will impact the data again. it will take a while. dani: how much of an issue does

it seem that washington is not really coming out with a clear package when it comes to infrastructure? how much does that impact your view? wouter: the infrastructure side of things is more of a long-term structural investment in the u.s. economy, spread out over eight years. in terms of the fiscal headwinds, it doesn't register. what does matter is to what extent the u.s. economy and political side will come together and start focusing on the long-term instead of the short term. that's the more important question here. that is something we don't have an answer for yet. the bipartisanship seems to be fragile to say the least. i want to note that for the next couple of months, we will see that child credit starting to flow. there will be incremental stimulus coming through in the u.s. over the next six months. dani: there's a lot to unpack there. let's focus on the near-term at least for now. how important will they be for

the fed? given all the crosscurrents that you're describing. wouter: on a monthly basis, he won't be two-faced. unless it really disappoints to the downside. they've already signaled in their wording how careful they are in maintaining their current stand. it will be a confirmation of their stance that they already have. if the number surprises to the upside, paper talk will come back in the markets. when and how will they paper? we think it will be a 2022 process. there's a balancing act here. the risk is now to the upside. the number surprises to the upside. dani: if your call is 2022 to start the tapering conversation, what would it take for that to come sooner? wouter: yeah. i think the data would have to

surprise me really significantly to the upside. the trends toward inflation would basically have to disappear. other things would have to offset the baselevel effects we already know. both of those are fairly unlikely. it could happen. we've seen a lot of supply destruction in the u.s. and globally. we've seen the labor market. wages are being pushed higher at the low end of the distribution. there are uncertainties that could play out. if they come together, we -- if we have strong jobs growth, and we have more inflation than is currently expected, the fed would have to bring that taper over to q4. dani: if i can take you on that time machine to when we fast-forward and get to the tapering that begins, we will

taper. don't freak out. is it that easy? is it that easy that we can start the tapering program and not see too much of a negative reaction and markets? wouter: in terms of what he is messaging is, markets are prepared for it. what happens with the taper tantrum is that the markets didn't see it coming. then you get the sharp reaction that reverberates across markets. that's what dudley is trying to prevent. making sure that markets have the taper on their radar and they don't get spooked when it actually occurs. that's the important lesson that is learned. that's what we expect as well. that's why we think 2022 might be a better start date than 2021. it will give the markets three months or more to prepare. dani: interesting. you will stick with us. let's get over to the first word

news with annabelle droulers. annabelle: opec-plus talks broke down. the uae lost a preliminary deal with saudi arabia on output increases. they postponed a decision until friday. the turn of events left consumers unsure whether the 400,000 barrel a day increase will come to pass. wti futures closed above $75 a barrel for the first time in 2018. johnson & johnson says it's coronavirus vaccine neutralizes the fast spreading delta variant. j&j found that over eight months , recipients develop strong antibodies against all variance including delta. it is still not clear what -- whether a booster shot will be needed. delta is expected to become the dominant strain in the u.s. in the coming weeks. -- readying for its ipo lift off and wormed it could turn into a meme stock.

the trading app term profit a last year only to have a surge in the first quarter to $1.44 billion. bloomberg intelligence as the company may be valued at around $40 billion. robinhood signaled its expansion might not be sustainable and revealed looming legal threats. global news 24 hours a day on air and at bloomberg quicktake, powered by 2700 journalists and analysts in 120 countries. this is bloomberg. dani: thank you. i want to stick on that robinhood story because it's very hotly anticipated. really interesting stuff here. they will give 35% aside for retail investors, sticking with the east those of robinhood. 17% of the total revenue coming from crypto. more than one third of that coming from does coin. of course. of course it features in

robinhood efflandt. we will turn to the global tax conversation. 130 companies and overhaul. that paves the way for sweeping international changes but the plan still faces multiple significant obstacles. more on that, next. this is bloomberg. ♪

♪ dani: welcome back to bloomberg daybreak: europe. i'm dani burger in london where it has just gone past 6:13. turning to the tax conversation were officials from 130 countries have endorsed setting a minimum tax rate for international corporations. this sets the stage for g20 finance ministers to sign off on

an agreement next week and a possible implementation of its rules which could happen as soon as 2023. obstacles for the deal still remain. let's get more on the story from bloomberg's maria tadeo who joins us live from madrid. give us what the details are that we know so far when it comes to this agreement. maria: it's 130 countries that --. they say this is a real tax revolution going into the 21st century. we are looking at a two-step solution. the first one would allow for the corporate and mom tax of at least 15%. according to the oecd, we could see an increase in tax revenue of around $150 billion on an annual basis just based on this minimum tax. the second step for both countries is even more important than the effective rate. the fact that it would allow countries to tax based on market

jurisdiction. it could put an end to profit shifting. there's been a conversation for years now that some of the big companies, particularly big american tech, goaded low tax jurisdictions and do not get taxed in the countries where they provide service. that could change if this goes ahead. it's 130 countries, 139. this was something put forward by the g7. it seems that it carries a lot of momentum going into the g20. as you mention, there's a few hurdles to clear. dani: what are those hurdles? are those low tax countries, do they seem to be going along with this idea? maria: there's not been a lot of naming and shaming of those countries that have not signed up for the solution. i'm sure you could guess who they are. yesterday, the irish government already responded to this, saying they would in principle agreed to this relocation of tax revenues. they could not agree as of now

to that 15% minimum corporate tax rate. there's two reasons for this. one is that the irish economy has a competitive edge over that low tax. the other issue is that 15%. if you do agree that at least 15%, it opens the way for that effective tax rate to go up. that's what a number of countries including the french are looking at. they say 15% is the pigging outfit. we could see that number increase for the irish. you would see the gap between their current rate, the potential future rate increase even further. that competitive edge would be removed in that circumstance. dani: that's the conversation now. we have g20 meeting next week. are we expecting anymore news to come out when it comes to the global corporate tax rate for that meeting? ? maria: this is happening next

week. it does seem that there's a lot of momentum going into this summit. we will be there for bloomberg television. we are probably going to get a deal on that front. there will be an agreement. 130 countries already agreed to it. the problem is the holdouts. even on the legislation, this would still need time. we are looking at something in the fall. if everyone agrees. small countries will have to sign up on it. it's not clear that they want to play ball yet. dani: i have to ask, spain, switzerland tonight for the euros. what is the score going to be? how much is spain going to win by? maria: i love that. everyone is now on the same page. everyone is supporting spain. well done. it's a 3-1.

dani: you heard it here first. maria tadeo in madrid. thank you so much for joining us. wouter sturkenboom. our guest is still with us. i'm not going to ask you who you are rooting for in tonight's match. when it comes to this conversation, do investors need to be thinking about this? do we need to start positioning for a higher tax routine? wouter: i do think we should be at the margins understanding that what this does is stop the race to the bottom. it stops this perennial advantage that multinational companies have over domestic companies. it puts a little bit -- it downplays the geopolitical pressures from the american tech side of things. all of those things are positive. at the margin, you should probably lower your earnings

expectations and your profit margin expectations because of tax rates. it's multi-years out. it's not a short-term concern. dani: ok. does that mean that you would not change your positioning on big tech if they are affected by this? wouter: no. we are not. our view is that we are more value when -- value oriented on growth. it is more positioned on the current valuation where we think that the cyclical and value side of things has more perspective given the recovery that's ongoing. that's the bigger story for us here now. not the tech side of things. dani: thank you so much for spending your friday morning with us. really appreciate it. that's wouter sturkenboom. coming up, credit suisse extends its wealth management bankers as the industry competes to keep staff through the pandemic.

banks are doing more to retain talent. we bring you the details next. this is bloomberg. ♪

♪ >> what we have decided to do is be in the office tuesday, wednesday, thursday and work remotely on mondays and friday. that will be up and down. we think this combination is the most attractive. that the best of both worlds. >> we think this is great for people who want to come here. it is both a retention approach and a recruitment approach. there's a lot of competition for bankers right now. >> it will see all of us back in the office.

that's with increased flexibility. we are looking at a much more flexible approach going forward. i think it will be a competitive one for us. dani: that's the citigroup chief executive on their efforts to retain staff and their approach to flexible work. banks are doing more to rent tame talent. the industry competes to keep staff beyond the pandemic. the latest we heard from his credit suisse whose boosting base salaries and wealth management by as much as 20% at the top end. it seeks to hold onto staff after a serious -- series of scandals. we are joined by nabila ahmed. this is the thing for banks to do now. we've heard that they are boosting pay. does credit suisse differ from what we've already heard? nabila: it's all about retention, retention, retention.

credit suisse is a little bit different. the bank is having a pretty bad year. they've already lost more than 50 front office staff including 20 managing directors from their securities unit. march, they ran into that double trouble in the collapse of both archegos and greenfield. they paid some retention bonuses for investment banking staff. it doesn't seem to have done a lot. they are still bleeding a lot of staff from that department. we are learning about their selective pay bump for wealth management staff. what we know is that it's about 20% of base pay at the top end. dani: is there any indication to what degree this will help stem the losses? nabila: the thing i can say about that is that the fink has made a point of saying that the wealth management division is the heart of the bank. the chairman has been very clear in this, going so far as to call other businesses auxiliary services. there are still so many

questions to answer about the future of this bank. what staff really want to know is, will there be further follow-up from archegos and greenfield? greenfield hurt the reputation of their client advisors. what does the future direction of the bank look like? wealth is a booming and very competitive industry. until those questions are answered, money can only go so far. dani: that's a really good point. it comes with this idea of retention, what the new normal world looks like for banks. another big story that we've been so -- following his work from home. goldman sachs is moving into a new building in japan. what does that say about their approach to the pandemic work culture? nabila: the goldman ceo has been very clear that he thinks that working from home is in operation. this is goldman doubling down on the offer. they are one of the more

aggressive banks when it comes to getting people back into the office. it's just another move that shows how permissive they are to the physical office. they've got 800 staff in the country, japan. they will be expected to get back into the office. it's an interesting move given tokyo offers vacancies have for -- sword during the pandemic. this 39 story tower that goldman will be moving to won't be ready for another two years. let's hope that by then, covid will be but a distant memory for all of us. dani: something we are all definitely hoping for. thanks for staying on top of this for us. let's get a quick look at what your day is doing. we are trading in a pretty tight range when it comes to the u.s. 10 year yield. oil basically flat. let's stick on that oil story. coming up, we discuss opec-plus,

the oil deal hanging in the balance. a key member now rebelling, the uae. discuss all things oil up next. this is bloomberg. ♪

>> good morning, everyone, from bloomberg's european headquarters. it is 6:30 a.m.. i am dani burger. this is "bloomberg daybreak: europe," and here are today's top stories. asian stocks struggle for direction after another record in the u.s. the dollar holds onto yesterday's gains. a historic deal. 100 30 countries and territories

sign up to an oecd plan on corporate taxation but hurdles remain. next week's g20 meeting in focus. opec-plus talks break down. the uae blocks a pulmonary deal to hike output forged by saudi arabia and russia. he wti and brent trade above $70 a barrel. good morning, everyone. happy friday to year. what a busy day. two crosscurrents in terms of stories going on. it is that anticipation for jobs. are the figures going to disappoint for the third month in a row? you get more cautious from here on out? opec, the other big story. we are looking at a pretty steady number when it comes to wti futures just slightly out, $75 a barrel and it looks like crude is getting closer to $76 a barrel but because of those gains that are being held onto, we are seeing cyclical stocks outperform. you will see the ftse 100

outperform. the oil majors located there. that means that some of the growth aspects of the market, the nasdaq 100, are not doing as strong today. speaking of opec-plus, talks are breaking down. the uae blocked a print no binary deal with saudi arabia that they forged with russia on output hikes. the meeting has been delayed until later today to resolve that dispute. this unexpected turn of events leaves consumers unsure whether the 400,000 dollars barrel a day increase for august -- through december will come to pass. let's get to the details on this with bloomberg's energy and commodities editor in singapore, andrew james. andrew, we have the uae rebelling but what does that mean for the market? we are seeing oil prices move higher so far. andrew: yes, well, so we had

some brinkmanship from the uae, as you mentioned. they had appeared that opec-plus were on the cusp of a deal to return 400,000 barrels per day each month in august through september and that was kind of broadly what the market was expecting. the uae decided to object to that in the last minute. basically, it wants its baselines increased. output decided at the 2018 baseline and production capacity has expanded by a quarter so it wants a new deal to reflect that and enable it to pump more. the worst case scenario here is that they cannot reach a decision, in which case, opec-plus will have to fall back on terms which would seem no increases until april 2022. now, that would result in a sudden spike in prices and major

inflationary pressure. andrew: if that is the -- dani: if that is the worst case scenario, what is the most likely scenario? what is the most likely outcome when we have them reconvening today? andrew: the consensus for most people is they will reach a deal which will probably look pretty similar to the initial deal that they almost got to before the uae objected. there is likely going to be some concessions to the uae of course. i think, you know, opec-plus has put a lot of effort into steering the market and restoring its reputation following the brutal price war at the beginning of the last year which coincided with the start of the pandemic, so they really do not want to threaten that reputation. dani: andrew, thanks for staying on top of this story for us. andrew james, bloomberg energy and commodities editor in

singapore. first word news with annabelle droulers in hong kong. annabelle: the trump administration -- organizations longtime foe pleaded not guilty to fraud and theft charges. he is facing 15 felony counts from the manhattan district attorney which alleges he engaged in a sweeping scheme to avoid taxes, the first criminal case to emerge from an investigation of former president donald trump and his business dealings. neither trump nor his sons were named in the charges. the biden administration and global allies support a major victory in our push for a more balanced corporate tax system. some 130 countries and jurisdictions back to plan to set a minimum corporate tax rate and establish a new regime for sharing taxes imposed on multinationals. still, a handful of

countries refused to sign on and the bill may face opposition in congress. johnson & johnson says it's coronavirus vaccine neutralizes the fast spreading delta variant. they found that over a month, recipients developed strong antibodies but it is not clear when a booster shot would be needed long-term. delta is expected to become the dominant strain in the u.s. in the coming weeks. global news, 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. dani: thank you so much. that is annabelle droulers in hong kong. let's turn to the u.k. where they are set to begin opening up. cases are starting to rise. they are currently at their highest since january. this includes those detected in schools where many thousands are sending children home into mandatory self-isolation and this has impacted parents and actually working mothers, who are having to stay home with children on short notice.

how are u.k. economy reported joins us now. thank you so much for joining. we would not be bloomberg if we did not ask, what is the economic cost of sending thousands of children home? >> this has a knock on effect for parents, especially working moms and that's not being sexist. the resolution foundation found that moms bore the brunt of childcare duties in the first to lockdowns. working mothers hours fell four times as sharply as fathers and even if they did not cut back on work, they were more likely to adjust their work schedule around childcare duties. in the long term, taking time off work could have an impact on their careers so some companies are trying to help. they are offering five days paid leave in emergency care situations. aviva is looking at how to stop the hybrid working model holding

back women's career progressions because it may be men who are going back to the office but there is an easy win for the government here and that is to stop entire classrooms having to go home because one kid in the class has got covid and that is why the government is considering introducing mandatory testing instead of self-isolation. dani: this is such an important story because even before covid, there were these inequalities. to what degree is this exacerbating current issues when it comes to inequality? lizzy: childcare support was already problematic pre-pandemic. universal credit only offered enough childcare support for london parents to work about half the time and for families who are having to do unpaid leave to look after their children, that is particularly hard if you are a single parent or low income family. they are more likely to have spent or proportionally on laptops, installing broadband so they can homeschool their children, more likely to have

saved less and dipped into debt so this piles hardship on top of hardship in an already difficult time. dani: just emphasizing how important it is to look at what happens with unpaid labor, that that gets factored into the economic picture. really appreciate you joining us, our u.k. economy reporter, lizzy burden. coming up, the uae to be the first nation among opec to set a net zero goal. we will speak with the special representative of the u.n. secretary general for sustainable energy for all on global climate action and the push for green energy, coming up next. this is bloomberg. ♪

dani: welcome back to "bloomberg daybreak: europe." i am dani burger in london. 6:42 a.m.. let's turn to the uae, which could become the first nation among opec to set a net zero goal. it is considering a 2050 target and this is a move that would please western countries who are pushing for stronger climate commitments but it would not be required to sell less oil. our next guest is an expert on this. thrilled to have her. special representative of the

u.n. secretary general for sustainable energy and she is currently in the uae to look at how the nation will achieve its climate goals. she is a commissioner for the global commission to end poverty, cochair of the energy transition council, and an advocate for the achievement of sustainable global development, which calls for access to reliable, affordable, and modern energy for all by 2030. thank you so much for joining us. you are really the expert when it comes to energy, sustainability, so i am so thrilled. their target for 2050, what does it mean to have a petro state committed or at least potentially committing to such an ambitious goal? >> having any country the size committing to net zero is critical but i think what i found while i was here is just how much they are doing towards

that. increase clean and renewable energy in everything that they do. it is a whole economy approach which is why we decided that the u.n., because we are having a high-level dialogue on energy in september, the uae will be one of the first countries that we go into, not just in terms of what the uae is doing, but how they can support developing countries. really set the target also for universal energy and climate. it's really important to note that you cannot achieve our net zero targets if you don't make sure that everybody in the world has universal access to energy, electrification, and clean cooking. dani: on that note, can you expand on how important it is to have these goals in terms of sustainability and climate for developing nations? >> the truth of the matter is

when we talk about the energy transition, net zero, for a lot of developing nations, that also means energy access for people. it's critical because it means the difference between life and death. as we can see with covid, we are all interconnected. the 2030 sustainable development goals targeted, especially for affordable and clean energy for everybody, clearly leaving nobody behind, is important because if you still have 700 50 million people with no access to electricity at all and 2.6 billion people with no access to clean cooking, then you are not being equitable, you are not being just, you are not being inclusive, and you cannot achieve target if people are still suffering. we are in covid right now so having 23% of health centers in africa having electrification just shows you what would happen when we have true proper vaccine rollout on that continent so

energy underpins everything and that is what we are emphasizing and seeing in the uae. there transition with their country and more importantly how they can also help other nations. dani: is there any concern for these developing nations at the push towards green energy might disadvantage them? they rely on things like: cheaper energies to industrialize. lizzy: not all developing countries rely on coal. they tend to rely on decentralized, small petrol and diesel in so the issue is while we tell developing countries, which i am from, to go green and cleaner, we need to back it up with financing and the financing looks really different and the way countries transition also looks really different. in developing countries, you cannot talk about energy transmission without talking about providing energy in the first place to a lot of

countries and this key for south asia and sub-saharan africa as well. you take away south africa, in terms of global emissions, they are only responsible for 0.5% of global emissions and there will be more energy needed there instead of less and we want to make sure it is sustainable so we don't go back and transition again but there is a huge divide just on the energy note itself. you need something like $40 billion every single year and then for the entire transmission, based on the report they released yesterday on the world energy transition outlooks, $131 trillion to transition to get to a point of net zero -- 1.5 degrees by 2050 so these are really big numbers but they are achievable because we have technology and we have the supporting systems to make it work. dani: you have spoken about this

a little bit but we have this in scotland later this year and i know you will be busy leading up to that but what are you expecting to come out of that? lizzy: what i would love to cover for leading the energy transition counsel is what exactly is the clean energy offer for huge economies that want to transition out? emerging economies and developing countries, not necessarily the larger developed countries because we saw that -- how are they going to afford it? how will it be part of a parcel of entire economy electrification, which is what we are asking these countries to do? how is there going to be a good support system for finance, commercial finance, private sector driven initiatives, and it's really important that we have it not just on the regional level and the world level but on the localized country level of

what it actually takes for them to transition because it is really important to put it in the local context unless it will not be sustainable. dani: thank you so much for spending your friday morning with us. that is the special representative of the u.n. secretary general for sustainable energy. thanks again. we are going to stick with a conversation about energy but this time, temperatures in the pacific northwest, which are smashing records, they are unfortunately causing hundreds of deaths. we have the details, next. this is bloomberg. ♪

dani: europe -- >> europe is going to be a partner of ours

and we will remain available to answer any questions they might have about the process which we completed some time ago but what i am interested in doing is making sure that our financial services industry here in the u.k. is something that we all should be proud about because it creates jobs locally and prosperity nationally and that is why today we published a roadmap to deliver our vision for a financial services industry that is more open, more competitive, more green, and more technologically advanced and that is the exciting agenda that we are delivering. >> how will that roadmap stand up to the competition? jp morgan opened a six-story trading hub in paris. the finance minister said to brexit for that. london is the biggest financial services hub in europe but that is being chipped away at. does that concern you? rishi: i think if you look at every survey that is being done,

it still shows that the u.k. and london remain the premier destinations for financial services and that is because we have fantastic strength here but we are going to build on those strengths, not rest on our laurels, and the roadmap we published today i think shows that london and the u.k. more generally will be the most advanced place, the most exciting place for financial services anywhere in the world. we are going to be a leader in green finance. look today at the documents we published around a green sovereign bond and a green retail bond. it's one of the many things we are doing to show leadership globally, create new markets here and new jobs. dani: rishi sunak speaking with bloomberg's anna edwards. let's turn back to the climate conversation. as the heat rises, this is becoming less abstract. this week's temperatures in the pacific northwest are smashing records, causing hundreds of deaths, raising drought fears, and testing the limits of the power grid.

the heat is reaching new york city, where residents are being asked to conserve power. joining us now is bloomberg green reporter al-shater rafe. the question at the top of a woman's mind is what degree is climate change playing a role in this? >> in the past few years, we had to wait probably months and sometimes even a year before we knew for certain that climate change was playing a role in the events that happened but that process has been sped up partly because of the science but partly because of our ability to compute and model these behaviors more quickly so now, we can be quite certain that the heatwave in the northwest u.s., for example, is almost certainly made worse because of climate change. it is considered a one in 5000

year event happening much more frequently and so, this fingerprint of climate change is showing up not just in the heat waves but sort of in the rare hurricane that happened in south america, the unexpected tornado that happened in east europe, the floods that we are seeing in the midwest. it has been a wild summer so far. dani: is this doing anything to increase urgency among politicians on trying to do something? this tends to end in gridlock in washington but are we seeing any movement there? akshat: so clearly, what is happening in washington right now, with the infrastructure, it's making especially climate minded politicians and activists question whether washington is going to push enough on the climate agenda. but we have to recognize that

these extreme weather events are things where politicians also then have to work not just to reduce emissions or mitigate climate change but spend money adapting to climate change, which would mean spending money immediately to make power grids resilient, for example, and those are moves we have not seen yet and would be pressure points that would be put on politicians quite soon. dani: thank you for staying on top of this really important story for us. that is akshat rathi in london. as we head to the european open, let's check on your markets. we have the u.s. 10 year yield at 146.27, barely moved ahead of the jobs report. important to keep in mind what is going on with opec-plus, delayed for the second time. the uae this time the holdout. we are having oil prices holding onto gains a little bit weaker, just eight basis points but that

also means the oil majors in london are set to outperform with the nasdaq 100 underperforming so far. that is it for me for this friday on "bloomberg daybreak: europe." the european open with anna edwards is up next. this is bloomberg. ♪ (announcer) back pain hurts,

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anna: good morning. welcome to "bloomberg markets: european open." i am anna edwards in london. the cast trade is less than one hour away. here are your top headlines. it is jobs day. traders watch for clues on how the world's biggest economy is recovering from the pandemic. asia stocks struggle for direction after another record in the united states. 130 countries and territories sign up to an oecd plan on corporate taxation.