their allies have formally blamed the microsoft exchange cyberattack earlier this year on hackers affiliated with the chinese government. after delivering remarks on the economy today, president biden commented on china and hacking. president biden: they are still determining what happened, the investigation is not finished. my understanding is the chinese government, not unlike the russian government, is not doing it themselves, but are protecting those who are doing it, and it may be a combination. mark: british foreign secretary dominic raab says beijing will be held to account if it doesn't end this "systematic cyber sabotage." senate majority leader chuck schumer has set up two tasks or democratic lawmakers this week. he is hoping to have a first test vote on the bipartisan infrastructure bill on wednesday.

that is the same day he wants all senate democrats to get behind a bigger spending bill that would carry out the bulk of president biden's agenda. fema administrator deeann criswell will make her first visit to wildfire affected states as the region faces another week of extreme heat and dangerous weather conditions. the west is experiencing its worst drought this century and repeated heat waves have officials gearing up for prolonged peak fire season. global news 24 hours a day, on-air, and on bloomberg quicktake, powered by more than 2700 journalists and analysts in over 120 countries. i'm mark crumpton. this is bloomberg. ♪ matt: it is 1:00 in new york, 6:00 in london, 1:00 in hong kong. i'm matt miller.

here are the top stories we are following from you from around the world. it is a risk off day in the markets. we will focus on the equity selloff and discuss what to expect in the second half of the year for m&a, after already seeing $2.8 trillion of deals this year. stephan feldgoise will talk about that. automaker holley begins trading on the new york stock exchange. we will speak to the ceo about going public, tom tomlinson. later this hour, we will speak to the department chair at the smithsonian national air and space museum about jeff bezos' trip to space and the future of space travel, as well as the future of the industry, which everyone wants a piece of right now. let's take a look at what is happening in the markets. this selloff is a little unusual

in that we are seeing drops of about 2% on the s&p, not like what we saw in europe this morning. we saw 3% drops there. may more concerns about the delta variant, continued lockdowns. the nasdaq down less, 1.5%, but still a substantial red arrow. the dollar gains as investors look to it for safety. new york crude down 7.3%. 66.50. perhaps expected after that agreement yesterday with opec and the uae on output. not only the barrels from august but also the higher baseline for the uae, russia, and the saudi's. take a look at rates. this is where it gets interesting. we have real yields down more than -1% right now.

.1.1%, 111 basis points almost. the u.s. 10 year is only yielding 1.55. imagine buying 30-your debt right now. if you see a balance in yields, you are out a ton of your capital. the vix up to 23.40. definitely risk off today. global m&a has already reached $2.8 trillion this year, a real success story. the successful firm leading the way is goldman sachs. you can see they have done $719 billion in total deals. however, this month the biden administration issued a executive order for agencies to promote competition in the industry. read between the lines. that will slow down the bigger deals. what does that mean for the rest

of the industry going into the second half? joining us to talk about that is stephan feldgoise, global head of m&a at cul-de-sacs -- goldman sachs, alongside our ed hammond. we are all back in the studio. how many of your people are back in the office, what does the return to work look like around m&a? stephan: in new york, a vast majority of people are back. it has made a big difference. matt: making a positive difference to have them back in? stephan: no different with the culture and working together. for our clients, we view being with our clients as a critical part of returning to office, delivering what we view as the best client advice. it has been fantastic for the team. we try to make it as enjoyable for folks to return. i think our junior, senior

folks, it's been fantastic for the culture. ed: you have had this record run in m&a, but you look forward. you have a robust pipeline. what do you see going into the second half of the year? is this sustainable or going back to a more depressed m&a environment? stephan: the first half was certainly record. our clients wouldn't say that they got done everything they wanted to do. the repositioning we see coming out of covid -- hopefully we continue to see progress -- is a structured repositioning in many industries around the world. whether that is industry leaders who benefited from covid, or folks that struggled, the lends is different -- lens is different. clients continue to about what is the next move.

their boards are supportive, investors are supportive, and that is driving continue dialogue. ed: what is the competition -- composition of the deal environment going to be? we had this pretty tough dance on regulation, biden wants to improve competition, leader carney is against any big tech roundup. i'll be going to see smaller deals or the mega cap deals that we all get excited about? stephan: whatever year you look at in history, we work with the council and our regulators on transactions. we don't expect that to change. there have been some announcements and changes in transition, but we will work with clients as they go through it. the dialogue we are having continue across the spectrum. we saw some large transactions, one this morning, and we would expect those dialogues and repositioning to continue.

the majority of transactions are in the small or midsize category, but that is no different from any prior year or decade in the m&a market. matt: i assume you are talking about the zoom-five-9 deal. $7.9 billion, and it doesn't seem like it will hurt competition. you can do deals that are not necessarily anti-competition. stephan: don't want to comment on any specific action in the regulatory reviews, but certainly, many transactions across the spectrum have been good for consumers. whether it is taking cost out, improving access, we would expect that to continue. you'll see that benefit smaller and larger transactions as well. matt: what kind of pricing power do you have? king of the hill, but everyone is flush with cash, deals are going for big premiums. are you getting a bigger piece of the pie? stephan: our market share we think has been good, but it

derives from being in the board room, giving strategic advice, having a long-term relationships where we focus on the long-term benefits for our clients. when we see our clients do well, we want to do well, but we want that to be commensurate with our clients doing well. but it takes years of investment, advice, years of helping them think through their biggest and most should you jake initiatives -- strategic initiatives. ed: is this something that we will look back on and think a lot of people got bad deals done , or are people going to think actually this was a smart model, and it will continue to have legs going forward? stephan: hindsight is to be determined on all of the spac transactions. it continues, not in the volumes that we saw previously. it addressed the needs for certain clients. i expect it to remain a part of

the market. how big? we shall see, but it served a part of the market. we have seen transactions today that were spacs. matt: how much is in the pipeline? a lot of what we see on the screens is in the pipeline and money has not been raised yet. stephan: that is true, but there is a massive amount of private equity capital, venture capital, sovereign wealth capital. it is one pocket that is very substantial, but when you talk about the m&a market, it is being driven by very large pockets of capital looking to make investment. that is just one of them but spacs have a timing element to them that some of the pockets don't that is driving the transaction. ed: the more vanilla financing for m&a, you expect that to remain in place for the rest of the year?

stephan: access to capital is ubiquitous, whether it is banks, direct lending, private equity with structured capital where they can play with equity and debt. the financing is there. strategic's looking for partners, private equity, debt, the market is wide open. matt: i imagine some moving parts that you have to have a view on with clients. rates must be one of them. they were very few people who expected to see rates continue to drop the way we are seeing. how does that affect your business, where do you see things going? stephan: no question when you think about rate capital, it has made acquisitions very attracted. we have not seen major moves in the financing cost on the debt side. going forward, we will see how the markets respond, whether it drives interest rates, or the government to take action.

right now, the cost of debt remains as they have been, incredibly attractive. matt: i am sure it is in the smaller subset of deals, in terms of the price tag, the capital gains talk. we heard at the beginning of the year companies say, if biden doubles the capital gains tax, i will sell out now. did you hear some of that talk? stephan: there was some of that dialogue, a lot of discussion going on. there were some sellers who focused on that, but the vast majority of transactions were focused on the strategic and correcting to do, not timing taxes or any specific issue. ed: i want to talk about something you talked about at the top, these companies still doing deals because they did not get everything done that they wanted to get done. i wonder why? it has been such a favorable market, access to capital,

relaxed regulatory environment, and shareholders seeming to cheer on any deal. why haven't they been able to do what they wanted? stephan: markets are evolving, we are still dealing with covid around the world. it was not as if company said i want to do x, and did not get it done. it was, let me think about my strategy. some knew what they wanted to do, others, it's been an evolution. the dialogues continued at a robust level. some people trying to get done what they've been trying to do for a while. others with evolving strategies thinking about what to do next. matt: great to get your insight. thank you for coming by. stephan feldgoise of goldman sachs. thanks as well to ed hammond. auto parts maker holley begins trading on the new york stock exchange.

we will talk to the ceo, tom tomlinson, next. this is bloomberg. ♪

matt: this is bloomberg markets. i'm matt miller. the more than 115-year-old parts maker holley began trading on the new york stock exchange today after completing a merger with a blank check company. they will not be available for the public to buy. here to discuss is the ceo of holley, tom tomlinson. i was excited when i got the opportunity to talk with you. i'm a little bit of a gearhead. holley carbs, some of the most

famous aftermarket products you can buy. you have moved on to other stuff. talk about your business. tom: number one thing to talk about, we focus on our consumers. they love their cars and trucks. they actually enjoy spending their money on our products to modify their cars and trucks. today, we started out in the carburetor business, but the world has continued to advance and we have evolved. we offer a wide variety of products for many platforms, including european vehicles, domestic cars and trucks. great business, fun industry. we have driven growth for quite a few years, looking forward to driving growth in the future and creating value. matt: how does your sales breakdown look like? is most of your revenue still from teams and owners who want

to soup up their cars, building hot rods, do you also do oem business? tom: we do very little oem business. we have a growing direct to consumer business. we also sell through reseller partners. they sell primarily to enthusiast consumers. matt: what would you look at as your biggest growth market going forward? tom: our fastest growing segment of the business, i guess i should say channel, is direct to consumer. since we took the reins of the business about a dozen years ago, we really focused on the consumer. as a result, that is the fastest and highest margin channel we have today. matt: let's talk about the spac.

i don't want to say controversial but it is a fascinating market phenomenon that we have really seen. a lot of popularity that kind of crested, has come down as they are making deals. why did you decide to go with a reverse merger, rather than a vanilla ipo? tom: we worked with private equity for a number of years, a number of different firms. for us, that put us in a cycle of looking for a new group of investors every three years or so. we were at a natural point of our development, we were growing rapidly. we were going out into the market, learned about these spac vehicles. it seemed like a very efficient way for us to go to market. we are working with a group that

has a lot of public company experience. the view is that can ease our transition as a public company. this made a lot of sense for us. yes, there are a lot of spacs out there that maybe don't have revenues or a proven track record. this is a real business, like you said, founded in 1903, iconic name in the industry, brand for consumers. we continue to build on that. real business, real revenue, real growth, real earnings. we stand out from many other spacs out there in the marketplace. as of friday, we are no longer a spac. we are back at holley, excited to be here. matt: we hear from people in the industry, doing a deal with a spac gives you the advice and expertise of people who are used

to dealing with the markets. i thought it was interesting. let me ask you about detroit. it looks to me that there is a resurgence of muscle out of detroit. dodge never stopped, but they have pushed other carmakers to bring back some really big v8 power. it looked like it would go away. what does holley think about that resurgence, and the transition to electric that is sure to come after it? tom: that resurgence is interesting. what it shows is there is a lot of consumer interest and passion around those classic muscle names, truck names in the industry. but to a great extent, electric will be a growing part of our future.

the performance of electric vehicles can just be absolutely stellar. we don't have to mourn the passing of the v8. we can embrace it, but we are also embracing the future, excited about developing products for ev's. working on it every day. we have numerous enthusiasts on the ev side, including me. part of our business is providing products for our enthusiasts that love classic vehicles, including internal combustion vehicles. part of our business is providing these products for enthusiasts of modern vehicles, and more over time, those will be electric. matt: i always thought there was no replacement for displacement, until i met the battery. tom tomlinson is the ceo of holley.

they started treating today on the new york stock exchange. i want to bring you a quick look at the markets. not the greatest market to go out in because we are seeing some drops. s&p 500 off 87 points. it is important to remember, we don't want to oversell this. we are coming off of record highs. but the dow jones is down 882 points. concerns about the spread of the delta variant, concerns about a resurgence of lockdowns. of course, concerns about the yield. the 10-year yield down to its lowest point since february, . with all of that negative news coming out of markets, we have a fairly positive headline. nbr says the u.s. recession lasted two months but it is over, and in april 2020, and we

have been on the rise since then. you have to ask yourself, what does this mean when we see yields this low? this is bloomberg. ♪

matt: this is bloomberg markets. markets trading near session lows. the s&p 500 down below 2%. they started out the week off 89 points. concerns about the spread of the delta virus, concerns about continued lockdowns in europe, and concerns about rates. check out the u.s. dollar rising might now as we see the 10-year yield falling to 1.1855. this is bloomberg. ♪

mark: i'm mark crumpton with bloomberg first word news. opec and its allies have overcome an internal split that threatened control of the oil

markets. they reach an agreement to inject another 400,000 barrels of crude a day into the global economy. saudi arabia met the united arab emirates halfway in its demand for more generous limits on output. coronavirus restrictions in england are being loosened today to the lowest levels since the pandemic started. but london mayor sadiq khan tells bloomberg that even with u.k. reopening, they don't expect a mass return to offices. >> what you will not see is people returning five days a week to the offices or place of work. what i expect you will see is those not being in the office for 16 months, coming back for a day or two days, and then building confidence in the next few weeks and months. mark: he says people should remain cautious even with curbs being lifted. covid-19 cases in sydney remain high, topping 100 for several days in a row.

construction sites across the city had been forced to pause work in an attempt to stop an outbreak of the delta variant. the majority of new cases were reported in sydney's southwest. global news 24 hours a day, on-air, and on bloomberg quicktake, powered by more than 2700 journalists and analysts in over 120 countries. i'm mark crumpton. this is bloomberg. ♪ >> welcome to bloomberg markets. matt: i'm matt miller. we welcome our bloomberg and bnn bloomberg audiences. here are the top stories we are following for you from around the world. stocks slump around the globe and the u.s. 10 year yield drops to the lowest level since february. we will have the latest on the risk off moves as investors start to doubt the economic recovery.

the covid variant is helping to cause concerns. we will discuss the soaring number of cases and how vaccine hesitancy is affecting those numbers. and up, up and away. jeff bezos is the next billing there headed to space. margaret weitekamp of these facility and national air and space museum joins us to talk about the historic trip. amber: let's get you caught up on some of the markets, especially as we are seeing some pretty steep selloffs, particularly in equities. the dow looking to put in its worst single day showing since october of last year. every single one of the dow components is trading down. you are seeing a corresponding rally in the bond market with yields now trading at the lowest levels since february, making a round from some of the gains we saw in the intervening period. oil is also falling, this one-two punch of opec and its

allies willing to increase production, but it is all about today's global growth scares as a result of rising cases in key parts of the world, like the united states and the u.k. certainly a day where we are reminded, we are still very much living within the confines of a pandemic. matt: yes, in some places. i think it's a regional breakdown. some places where people are not largely vaccinated. here in new york, it really feels like things are getting back to business. stock of the hour. travel stocks are selling off as there are concerns about the delta variant spread. for more we are joined by dave wilson. we are seeing these stocks getting hit hard because of concerns about covid, but it feels pretty normal walking around new york city.

dave: these companies have to deal with a whole lot more markets than new york city. that plays into what we are seeing in today's trading. whether you are looking at the airlines or cruise lines, even aerospace companies. boeing heading for its biggest lost since october -- loss since october. there is a concern the delta variant is having on this group. look at it in context, looking at the u.s. jet exchange traded fund, one way to look at the airline industry. it is actually doing worse now this year than a group of stocks tied to the stay-at-home trade. the shoe is on the other foot at this point, in terms of these groups performance. amber: maybe we should zoom out.

on a day that we are seeing a wholesale washout of sex there's, what does this -- sec tors, what does this tell you about a downside move? a week ago it seemed like we would have a correction, but in fact, we went in the opposite direction, making new highs. when you are looking at internals, the volatility index spiking, what does that tell you about the conviction to the downside? dave: one thing that's interesting, you are seeing the dow and s&p industrial leading the way down. if there was a wholesale run away from risk, you might see the smaller companies in the russell 2000 or the tech stocks in the nasdaq 100 leading the way, and it is not like that. even with the s&p 500, we have seen it move back to its 50-day moving average, then bouncing off. that has happened plenty of times over the last several months. there is still some underlying support.

one thing a couple of market strategists have pointed out, you have to go back to october the last time the s&p 500 was even 5% off of the high. we are still not there today. it just goes to show you there is underlying strength in the market, even on a day when things are looking rather weak. matt: things are looking bad but only the biggest drop since february of this year. i guess it depends on your view as an investor, if that is a long time or short time. thank you so much, dave wilson. talking about travel and leisure stocks weighing on the indexes. coming up, we will discuss jeff bezos' trip to space with margaret weitekamp, the smithsonian national air and space museum department chair. this is bloomberg. ♪

amber: breaking news out of canada when it comes to travel restrictions, particularly interesting on a day when equities are gripped by concerns about the delta variant. canada losing its long-standing travel restrictions, particularly when it comes to the border with united states. canada to ease border measures for fully vaccinated americans on august 9. just a couple weeks more. international flights will be allowed at five more airports. right now, there is a requirement, if you are american coming into the united states, that you stay in the so-called quarantined hotels for at least three days pending negative covid tests. that will be eliminated on august 9.

canada plans to ease border measures for other countries for fully vaccinated travelers september 7. it highlights this patchwork of the pandemic, where canada is easing to -- moving to ease border restriction today where today the cdc and others advising against travel, particularly to the u.k., where we have seen an uptick in cases. matt: a lot of people will say why so much caution? if i'm already fully vaccinated and i showed you a negative test, or we do a negative test right now and wait 15 minutes for the result, you should let me in. but of course, there are large groups of people moving back and forth, and a variant that is maybe better able to beat these vaccines is a concern. we will be hearing about this for many weeks to come as policies continue to change and shift.

hopefully we go forward rather than backward. jeff bezos is preparing to launch into space tomorrow with three others in the blue origin new shepard spacecraft which will travel 62 miles into the sky and then detach a crew capsule where they will experience three minutes of weightlessness and then basically float back down through the atmosphere on a parachute, hopefully land safely. i think it is super exciting. for me, even more exciting than the virgin galactic, because i'm an older person, so i like the rockets rather than the winged spacecraft. this also shows if the richest man in the world is willing to go up, it has to be safe for regular people like you and me. amber: we are just missing a couple hundred thousand dollars, that is it, right?

if we can go, we are just a step away from doing it ourselves. i love how people have pitted it as a rivalry between bezos and richard branson. amazon is trading up. whatever is happening with blue origin, ultimately is highlighting consumer space travel. maybe this is a case of a rising tide lifting all spaceships. working on that analogy. [laughter] matt: we play up these rivalries because it makes for more dramatic content when you are reading the story, but i don't really see bezos as a rival to branson. i see him more as a rival to elon musk. they both want to go to space for a prolonged amount of time. branson just wants to take people up to experience weightlessness. let's get to margaret weitekamp,

department chair at the smithsonian national air and space museum. jeff bezos is taking one of those women up there with him. margaret, give us your view on what jeff bezos is doing? is it important, exciting? also with gender equality, other women have been in space, but this is one of the coolest heroes of the space program that has not gone up yet. margaret: this is a really exciting month for space history. space history is being made. we have the flight that we just mentioned of virgin galactic. tomorrow's flight with wally funk, which you see here. then at the end of the month, boeing is doing a test.

i am particularly delighted to see wally funk going up. i wrote a book about the astronauts program that she participated in when she was 22 years old. it is just a stroke of genius in terms of the connection with space history, to include wally funk now. she will become tomorrow, when they fly, the oldest person to go into space. it is nice to see that dream long deferred finally come true for her. amber: she is the real star of the show. 82 years young, heading up into space. we were talking about all of these various space programs, the rivalries and the narratives we assign to it. from your perspective, how different are these billionaire initiatives? in the and, aren't they working toward some kind of common goal, accessibility outside of our

planet? margaret: honestly, this is something people have been talking about since the 1980's, a real interest in having spaceflight moved from something done by nations to something done by private companies. really, now, we are starting to see the full fruition of that with spacex and what they have done. they have really lept out with a philosophy that they would break things often and early and come back stronger. you see a different list topical approach with blue origin, much quieter. founded in 2000 but did not become publicly known until 2003. they started the first tests on this spacecraft, the new shepard, in 2015, and we are only now seeing it fly with a crew. their motto has been step-by-step ferociously. you see them moving more quietly

but really moving, i think, when they are confident. putting their founder on board certainly shows confidence. matt: will go deeper into space and will carry more stuff. how much money do you think there is to make in space? to hear elon musk talk about the potential revenues, it is not really about that, in terms of carrying loads. you cannot make that much money in the foreseeable future doing it. margaret: that is something we are waiting to see where the markets will be. branson and virgin galactic are aiming at an elite tourist market, akin to summoning everest, something accessible only to the rich. that sub-orbital flight expands maybe something that people pay good money for. then you are looking at some of these sub-orbital flight of the new shepard, flight plan for the

new glenn, and then spacex working with nasa as a major client, so shifting some of the relationship between the private public partnership but ultimately working with government entities. those of us in the space history community are interested to see how those marketplaces actually fill out, what that turns out to be, as a sustainable venture. amber: there is a lot of pushback about these billionaires spending billions to go up in space, calls for them to address issues within their own planet. are these the right spokespeople for the kinds of initiatives you have dedicated your life to? margaret: i think these are the people that have the means to do this kind of work. this comes a lot out of the tech bubble that occurred in the late 20th century.

these companies were both founded around the turn of the 20th century. i think they speak to the power of that vision of going into space, and that really grabbed these men as young men, got them excited about what it would mean to go into space, either 50 miles up, as we have with commercial astronaut wings by the united states or the karma an line, recognized by the international group. they are really working on what the business model is going to be, looking to see how that plays out in the marketplace. matt: excellent to have you on, hopefully we can have you back. margaret weitekamp of the smithsonian national air and space museum talking about this launch. our coverage starts at 8:30 a.m. new york time tomorrow.

this is bloomberg. ♪

amber: i'm amber kanwar. this is bloomberg markets. the equity markets are gripped with concerns about covid. we are seeing that play out in real time when it comes to the olympics. all of the olympic athletes are being routinely tested. we have had two cases, two athletes testing positive for covid-19. this is at a time when tokyo itself is on really high alert, declaring that state of emergency. that will last for much of the olympics. of course, tokyo and what is going on with the olympics is just one part of the global covid concern, where we see an increase in cases, particularly in the u.k.

also in the united states. let's bring in dr. rupali limaye, associate director for behavioral research at the johns hopkins bloomberg school of public health. we are trying to get a hold on how this version of the pandemic is different from march 2020, when it seemed to affect everybody. many are referring to this as a pandemic of the unvaccinated. would you agree with that assessment? dr. limaye: it is clear that what we are seeing in the last several months, as we have seen numbers rise with regards to vaccination, we have also seen numbers rise with the emergence of the delta variant. eventually, what we are seeing is those that are hospitalized and more severe covid are those that are not vaccinated. we have heard of some individuals that were vaccinated that contracted covid, but or

the vast majority of those individuals, it is not severe, does not require hospitalization. we are seeing those that are unvaccinated are being targeted by this delta variant. matt: i have heard a number of doctors get angry with patients who come into the icu because they are taking up valuable resources that they would not have had to if they have gotten there -- had gotten their shots. i wonder if that is the right way to view this. dr. limaye: it's a really challenging question. many colleagues of mine who are front-line workers, frontline providers, we have heard fatigue, frustration, a number of things. starting from march 2020 of last year, they were in the trenches every day and night. there was a bit of a reprieve for a while as we started to see cases subside.

but with the emergence of the delta variant, numbers are back to where they were. several states in the midwest are at or close to capacity as far as beds and ventilators. health care providers are tired. they are not only putting themselves at risk by working with these patients, but there also bring that risk home to their families. the biggest story here is this is preventable. there are three vaccines here in the u.s. that have excellent safety and efficacy profiles, but we still see a large proportion of the population here that is hesitant, not willing to get the vaccine. matt: thank you for joining us, dr. rupali limaye, associate director for behavioral research institute for vaccine safety at johns hopkins. the johns hopkins bloomberg school of public health is supported by michael bloomberg, the founder of bloomberg lp and bloomberg philanthropies, owner of this broadcast station. for a while, we were seeing a

little bit of a recovery, and now we are seeing markets head to new lows. the s&p off by 87 points. the dow jones industrial average down more than 900 points. 33,785. the 10-year yield down to 1.1805. these are levels we have not seen, in terms of the s&p and 10-year yield, since february. it really is a risk off day. this is bloomberg. ♪

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mark: i am mark crumpton with bloomberg's first word news. haiti's prime minister, who has been leading the nation since

the assassination of the president, will step down. the move comes amid a power struggle in the country. joseph says he will be handling leadership to the neurosurgeon who had been named prime minister two days before the murder but was never sworn in. president biden says he believes this surge in u.s. inflation is temporary and he has told jerome powell he respects the central bank's independence. pres. biden: my administration understands if we were to experience and checked inflation over the long-term, that would pose a real challenge for our economy. while we are confident that is not what we are seeing today, we will remain vigilant about any response needed. as i made clear to chairman powell recently, the fed is independent. it should take whatever steps it deems necessary to support a strong recover