♪ dani: good morning. it is 6:00 in the city of london. this is bloomberg daybreak: europe and here are today's top stories. guidance on stimulus. the ecb holds the first policy meeting since overhauling its strategies. investors watch for any tweaks. company earnings drive wall street. the s&p 500 with its biggest

back to back gains in two months. cheerleading crypto. elon musk bumps up the digital coin. scott minerd thinks it could climate below 15 barrels -- $15,000. it's almost like that major selloff on monday never happened. we made a round-trip. the bulls are back in charge because the corporate earnings season is back in the driver's seat. what an earning season it has been so far. we've had a busy week. 87% of companies in the s&p 500 have beaten on earnings expectations. this allows us to overlook some of the delta variant fears that dominated in the start of the market and give credence to the arguments of those like jp morgan who say that you should buy cyclicals. here's the argument from michael purves. he says, this is part of the reason why he's optimistic on this equity market. we are seeing estimates for earnings coming in 2022 and

further. the biggest increase in some decades. this might elicit some fears of peak growth, peak earnings. usually when this happens, history tells us that the gains in the equity market can continue on. this isn't a deterrent for continuing to buy. speaking of earnings, i want to bring you lines just crossing the bloomberg right now on roche first quarter core etf's coming in and beating analyst estimates. 10.5 swiss franc. that's exceeding expectations of 10 cents. they say the demand for covid-19 test kits is likely to decrease in the second half. it is something analysts expected. it's a good thing, les covid, less testing. they are confirming that 2021 outlook. analysts had been hoping for an upgrade. let's see how the rest of the market is doing so far this

morning following those roche earnings. the indexes powering higher. japan is closed today. it's up 1% without the topics indicate stocks trading. european future session is stronger. ecb meeting today. that could change things. we could see volatility. at the same time, brent crude down 0.5%. that is helping cyclical trades as well. bitcoin bulls coming into full force. in europe, the ecb will start a potentially heated today meeting later with officials meeting to decide how their monetary strategy affects near-term policy. the central bank raises in -- inflation goal to 2% this month and pledged should be first for -- forceful or persistent. let spring in manus cranny.

-- let's bring in manus cranny. what's the mood now over at the ecb? are we expecting this to be an exciting meeting or will it be boring, technical implicate -- limitation of this new target? -- implementation of this new target? manus: they are hoping for something more exciting. it will be divided. this is what christine lagarde does best, a coalescing of mind around the common good. for me, it's a rrr. the european side. it's about a revision to language. raising the bar on that commitment to get above 2%. we will perhaps get more understanding about what running hot means at this institution. the european central bank raising the bar on transitory. we are going into this meeting with yields at a five month low.

might not sell as many testing kits going into the second half of the year. i doubt that very much. delta variant is the most prescient issue for global markets. redefining what is the morphing from emergency stepping -- setting, which has a march 2022 for the end of the pandemic. it's a rrr that we are looking at. they have to make today count. we need to understand what running hot looks and sounds like. how split the targets might be. dani: we might learn what running hot really means. will we learn what the future of the bond buying program will be? manus: i think they will set the table for that. i think that they are going to give us a good meal. today is the moves boost -- amuse bouche.

we are in an envelope land. one point eight 5 trillion euros. -- 1.8 5 trillion euros. i don't think that they will exquisitely tell us today how that will morph. i get the sense that in the forward guidance discussions, we will hear more about the flexibility. we heard this from lagarde, the transition to a new form. we have the envelope. we know what some of the definition is about when that might run out. the coalescing of the markets mind is that they will take what's left over in the emergency bond buying and transfer that into the after purchase program. the market wants to know if there's capacity to grow and balloon the asset purchase program. this market wants to know that the central bank is on a slightly different trajectory to bank of canada, rbnz, the bank of england, even to the

non-autopilot status that bullard talked about last week at the fed. dani: thank you so much. you will be outside the ecb covering the decision day for us throughout the remainder of the day. that's manus cranny outside the ecb in frankfurt. let's get into this further. joining us now is derek halpenny. thank you so much for joining us this morning. in your view, is the ecb meeting today alive one or is it just a technical implementation of this new inflation target? derek: it is certainly a lot more significant than what it was before we had the announcement and the details of the monetary policy strategy review. when we listened to christine lagarde and press conferences explaining the outcome of the review, she tried so hard to emphasize this as being a major

event, a very significant change in terms of the monetary policy strategy going forward. markets didn't really buy it. i think the effort will be there again today. we are certainly going to get some changes that we wouldn't have got if we hadn't had this review. the guidance and communication will be the real focus for the markets. it will be difficult. you end manus were talking about running hot. what does running hot mean? running hot is what we have. [laughter] that's the reality of what the ecb has done. it has largely confirmed what they're already doing. they formalized it, if you like. it will be quite difficult to impress the markets today, i think. dani: yeah. i mean it's pretty remarkable. running hot. christine lagarde has told francine lacqua that this will

be an interesting meeting. you asked, will the ecb's upcoming policy meeting prove more of a market mover? you say it will take a lot to impress the markets. what would be the thing that could move the markets? if you could answer the question that you laid out in your research. derek: well, i think it has to hone in on what the markets don't know that much about today. that alternately is what's going to happen next year, and what will happen specifically after the pet program expires at the end of march 2022. the markets fully expect something to fill the gap. we are going from around 70 billion per month -- we won't go to zero and carry on with app at 20 billion. there has to be some new framework. the difficulty today is that lagarde is going to get indications of continued

aggressive stimulus beyond march 2022. she now has the reason to do that, which is the new framework which allows for a temporary transitory time over 2%. she has the formal framework to give that more aggressive guidance. in terms of detail, there are many within the ecb governing council who would be strongly against laying out specifics at this early stage, given march 2022 is still some distance away. dani: right. you know, that conflict within the ecb, it's natural that it would crop up anytime you start to have this emphasis on inflation yet again. what does it mean going forward here, if we continue to seek a german response that is that conflict with madam lagarde? derek: well, i think the net

result is that perhaps in a year, 18 months time, we will look back and wonder, what is the ecb doing that is so fundamentally different to what they were doing before the monetary policy review? i go back to the conclusion probably being, it was more a reset to formalize what the ecb was already doing. you know, if you look at the time from the last review in 2003 until the great financial crisis, ultimately ecb hit its target or above target practically 100% of the time. since the great financial crisis, it has been 25% of the time. you ask a question, what more can the ecb do apart from keep doing what they're doing? it's very difficult to envisage. dani: thank you so much.

you will stick around with us. that's derek halpenny. let's get over to the first word news with annabelle droulers. annabelle: hi. president biden has dismissed concerns that the u.s. will experience persistent inflation as the economy were -- emerges from the pandemic. while cautioning that restaurants may take longer to recover. inflation has become a political liability for the white house. republicans blocked debate on the presidents and for structure package. -- infrastructure package. >> the experts including wall street are suggesting that it's highly unlikely that it will be long-term inflation that will get out of hand. there will be near term inflation because everything is now trying to be picked back up. annabelle: china's -- is bracing

for more heavy rains a day after a day lose sparks the evacuation of 100s of the 5000 people and left -- 100 city 5000 people. -- 165,000 people. cars swept away. eight months of rain is said to have fallen in 24 hours. 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 so much. coming up, the impact on fx from delta uncertainty. get into how markets are watching the u.k.'s reopening and the rise of case counts throughout the world. this is bloomberg. ♪

♪ dani: welcome back. i'm dani burger in london. let's look at the pandemic where uncertainty from the delta variant will have reverberations throughout the foreign exchange markets with data on cases and deaths set to determine risk appetite. that's the view from derek halpenny. he is with us this morning. i found it interesting that you talked about the delta variant in the u.k.. we will talk about u.k. assets specifically later. your view that you are watching how the variant plays in the u.k. to determine what risk appetite looks like. what exactly are you watching to give you guidance on allocation? derek: well, i guess in terms of

the delta variant wave in the major developed economies in terms of most of europe, the united states, the u.k. is ahead. that's the first point. the second point is that there has been a clear shift in strategy from the u.k. government. ultimately, the strategy is herd immunity. therefore, success in achieving herd immunity would certainly remove some of the uncertainty that we have that's been coming into the financial markets in recent weeks because of pickup and delta variant. in other words, the next three or four weeks are going to be really important. daniela just in the u.k. suggest that we might get to a peak around the second half of august. we will go through some nasty figures in the meantime. some suggesting up to 100,000 cases per day. a time of uncertainty ahead but then ultimately, if herd immunity evidence starts to come

into the data towards the end of august, that's a good potential turning point for the markets believing what happened in the u.k. could ultimately happen in europe and the united states. vaccination rates have come up in europe. u.k. is still ahead but the u.s. and europe are not too far behind. there's the risk, as biden has been talking, that vaccination rates are slowing. that's a risk as well. herd immunity success in the u.k. would be an important turning point in the covid crisis. dani: if i can dig into that tail risk a bit. if there are concerns about the delta variant, variants in general, where you hide out? where do you want to own and that type of uncertain environment? derek: as you mentioned at the top of the hour, price action in the u.s. treasury market before

this rapid turnaround, that's your obvious port of call in terms of if things start to worsen and we have a drop in 10 year yield as treasury markets tailed. a massive turnaround. 17 basis points since the day before yesterday. the corporate earnings results are quite positive. we are going into august. historically, on a seasonal basis, that tends to be favorable for the u.s. dollar, the japanese yen. we are into an environment where risk could remain quite fragile. under those circumstances, the currencies that have been doing well so far in july, we could see those continuing to perform

well. dani: yeah. definitely interesting to see those fears hit the market. it's bouncing back as well. you will stick around with us. that's derek halpenny. coming up, the eu says it won't renegotiate the brexit deal governing northern ireland. u.k. government warns it could suspend the agreement if the union doesn't budge. more on that, next. is bloomberg. ♪

♪ dani: welcome back to bloomberg daybreak: europe. let's turn to the u.k. where the

british government has demanded that the eu agreed to rewrite a deal overseeing post-brexit trade involving northern ireland just a year after it was agreed to. brussels has categorically ruled out the renegotiation, placing it on another collision course with london. we are joined from dublin by darl doyle. what is the u.k. proposing at this point? darl: they are unhappy with the amount of disruption of trade. they say there are too many checks. in terms of what that detail amends, they are talking about an honesty system where a good that is moving from britain to northern ireland should not be checked, only goods that would be declared as moving on to

public ireland. it's an honesty box system. it gives you an idea of the level of planning that is going on. another key thing that is very interesting is that they want rollout of the court justice gone from the protocols. all in all, it was a very threadbare plan. dani: this is something we thought perhaps have been resolved. it's fascinating that were -- we are still discussing brexit tensions a couple years later. i can't imagine that dublin and brussels have received this well. what has the reaction been? darl: it's fair to say that they are absolutely exacerbated in brussels. it was agreed over a year ago. it's fair to say that almost from the moment that the deal was agreed, we've seen the u.k. trying to backtrack on parts of

it. there's a real sense that the u.k. only agreed to this protocol system because they wanted to get the trade deal. almost immediately after that wider deal was agreed, they started to backtrack on various parts of the deal. they are looking for checks. it's fair to say that this is the reason why few of these proposals will fly. the u.k. must know that few of these proposals will fly. it's not a realistic basis for future negotiations. there's a sense of puzzlement. why did the u.k. go to such lengths produce proposals that are going to work? exacerbation would be the response. dani: got it. a little bit of exacerbation --

exasperation. thank you so much for joining us. mufg bank ltd, head of research -- derek halpenny. what does the cropping up of tensions over brexit issues due to a bullish sterling call? how does that change the calculus? derek: it adds that risk that had started to subside -- to subside. markets were more focused on communications. some of those have been reversed. that's another case for not being as bullish as planned. the good news is that the u.k. didn't tear up the protocol. there was speculation on that yesterday. at least they didn't do that. exactly what they are demanding is very close to that. that's a real problem. what they are asking for, in particular the ecj.

it's going to be problematic. maybe this is a strategy for the u.k. government. they've asked for a lot in the hope of getting something small and then possibly with a way forward. if not, this is a fundamental, genuine request of exchanges, we'll to mid and point -- the old smit endpoint is very disastrous -- ultimate endpoint is very disastrous. dani: unfortunately, we are out of time. we have more to discuss so please join us again. that's derek halpenny. thank you so much. coming up, can christine lagarde find consensus at the ecb and what many expect will be heated to date meeting -- two day meeting of its policymakers?

not too much movement on the asset side yet. the reaction from markets. more on that coming next. this is bloomberg. ♪

♪ dani: good morning. it is 6:30 a.m. in the city of london. this is daybreak europe and here are today's top stories. guidance on stimulus. the ecb holds the first policy meeting since overhauling its strategy. investors watch for any tweaks to the toolkit. company earnings drive wall street. the s&p 500 sees its biggest back to back games in two

months. the bond rally fizzles. cheerleading crypto. bitcoin bulls talk up the digital coin. guggenheim thinks it could plummet below $15,000. good morning. another positive start. washing out those monday concerns with corporate earnings in the driver's seat firmly. 87% of companies in the s&p 500 beat despite the fact that expectations were high. asia-pacific index, japan off-line at the moment. it's a holiday. powering higher, matching gains of wall street, up more than 1%. optimism shining through europe as well. up 4/10 of 1%. bitcoin above 32,000 after cheerleading from bitcoin bulls elon musk and kathy woods. ecb officials will outline later

today how their new inflation target. it marks the start of a potentially heated to day meeting later with ecb president christine lagarde promising interesting variations and changes. let's go to manus cranny in frankfurt for more. what do you have for us? manus: very good day to you. we are waiting to hear the language, the tonality from the european central bank. he brought in the experts. global head of macro. let's get his take in terms of where we are. great to see you. a beautiful morning. the sun shining over the ecb. how high is the bar for this institution and christine lagarde to move to a more dovish stance? we are already uber easing. >> we are extremely easy. looking at the strategy they announced, the stranger so that they will not target 2%.

lagarde sounded extremely committed and determined to make this work while the ecb missed the target for the last 10 years. i think we could get a really dovish surprise today. forget about tapering and having the ecb announcing that we will be in a kind of qe, low for longer environment. manus: you've been calling out this forever. what could that dovish do you -- do you think they want to deliver a dovish shock? they are already running hot. what does the dovish shock look like? >> no tapering, no reduction of the pandemic emergency purchases program until march 2022 because it runs until march next year. there will be a heated debate today. we know that there were some members of the ecb already asking for a reduction of the asset purchases at the june meeting. i'm very curious how this will end up. the more dovish would mean, forget about any reduction of

asset purchases this year. maybe next year. manus: there's a benign outlook on inflation expectations. 1.4%, 2023. is that what emboldens lagarde? >> it does. that 1.4% means that they are far from reaching that target. in their own logic, if they remain consistent, they would have to do more. lagarde said, we have to be participant -- persistent. they will have to run the current for even longer. if they are really consistent, they have to step up qe. manus: you say that forward guidance -- to me, it's all about, you said it's fake. how could forward guidance be improved upon to add to the dovish narrative? carsten: in all honesty, it's an ancient concept. it doesn't work. we see that currently with the fed. how could it work with the ecb? saying that we will prolong our

program beyond march 2022. the ecb will make sure that asset purchases in 2022 will at least last until we've got broad inflation at the target. manus: this is about the morphing of pandemic bond buying and the asset purchase program. the consensus in the market is that they will demonstrate the ability to raise the capacity of asset purchases while fading out the emergency. is that the transition that you want to hear more about? carsten: the emergency pandemic purchase program will have to be reviewed at some point. with the old program, app, edges purchase -- asset purchase program. currently, we talk about 100 billion euros per month that the ecb is purchasing. we thought that they would reduce next year. i think it will be less.

we will see reduction to make it 70 next year. manus: the bond market watch. i'm looking at yields collapse. quite aggressive in the united states and europe. many people says that sets a nice stage for them. why do you think yields are at a five-month low? you are the expert. carsten: people are afraid of delta. people are afraid. these optimistic growth scenarios have to be put into the garbage can again. delta is ruining the economic output -- rebound. the fear would help the ecb today to be externally dovish. manus: two bund yields the lower? do you think that we could go aggressively lower on yields than where we are now? carsten: though forget, the poverty rate is at -0.5. no aggressively going lower. i think we will see the economic rebound.

we will see bond yields go slightly off. manus: we've run out of time. let's see what madame lagarde delivers for the news conference. that's it. operation twist from the european central bank. not just the americans that have the dexterity to make a great martini. i leave it there. the first of a number of people to join me throughout the day to discuss what could be delivered by the ecb. good morning. dani: good morning. inc. you so much for bringing us that fascinating conversation. keep your eye on manus all this morning in the run-up to the ecb decision. he will be on top of that, giving you the fascinating conversations. if they are being current -- persistent, they would have to step up qe. let's get over to the first word news with annabelle droulers. annabelle: andy is actual covid death toll could be as much as 5 million. that would make it the country

with the highest death toll in the world. figures from research models and local authority data range from three to 10 times the official count. adding evidence of massive underreporting. skepticism has grown over the 420,000 total deaths claimed by the government. in chile, the government is offering covid vaccinations to children under the age of 12 as soon as september. the nation presses ahead with one of the world's fastest inoculation campaigns. >> we expect to expand. vaccinating that population probably around august or september. now, we are vaccinating teenagers. annabelle: texas instruments fell in late trading after it forecast a wide range for its revenues. the chipmaker indicating uncertainty about whether the increased demand during the

pandemic will continue. the run-up in sales has analysts concerned about panic buying, which has led to crashes in the past. 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. now, the nasdaq has formed a joint venture with citigroup, goldman sachs, and morgan stanley to establish a trading venue for shares of closely held companies. alix steel spoke with the nasdaq president. >> we've been operating the private market for about seven or eight years. however, after we've looked at the evolution of the private markets, companies are looking to bring more liquidity

opportunities for investors and employees. as we've developed this partnership, we thought about what the ecosystem is that we want to create. we want to bring venture firms and middle stage private companies into the platform. we have a lot of relationships with later stage private companies. we want to bring large-scale institutional investors, draw them into a fair marketplace for private company liquidity. that's why we chose the partners that we have joining us in this venture. in terms of the long-term impact on nasdaq, we are always happy when private companies choose to go public and list on nasdaq. having relationships earlier in their lifecycle makes us the venue of choice for that. we also see a huge opportunity in the private company liquidity landscape as well. anywhere from 500 million to 1.5 billion. it's hard to know exactly what

the total market opportunity is. it's very large. alix: will that marketplace look any different? will it feel any different with the bank's involvement? do you have a sense yet? >> we have been doing this on our own. avenue -- the banks see more institutional investors being interested in private company shares. the private companies themselves accepting the notion of liquidity as part of their life as a private company in new ways. what we've been seeing over the last year, continuous market programs for companies that might be thinking of going public through eight elect listing -- a direct listing, block sales. private companies are getting more engaged. before, they were happening behind the scenes. private companies are now saying, let's create an efficient way to allow liquidity to occur. dani: really fascinating to hear a company synonymous with public companies going to the private

space. that was the nasdaq president and ceo. coming up, time to step up. john kerry calls on nations to do more to hit net zero. we bring you some of our conversation with the u.s. climate on five -- envoy ahead of the g20 climate summit. this is bloomberg. ♪

♪ >> i'm very hopeful because the stakes couldn't be higher for every country in the world. this is an existential issue. we already see people in various parts of the world losing their lives to the impacts of climate. we need to respond. that means every nation.

that's what paris contemplated. five years ago, we made this determination to come together. now we have to implement further. >> what real hope is there of getting something ambitious, giving the challenge -- given the challenges we have seen so far? >> i think the g7 put out a very important statement. it was very far-reaching, calling for an end of coal-fired power plants abroad, outside of one's country. it set a very aggressive goal for 2020-2030 reductions. it embraced keeping the 1.5 degrees limit on the rising of temperature. keeping it alive. those were aggressive goals. i'm hopeful. i can't tell you yet. we haven't had the interaction yet with the full g20. i look forward to that in the

next couple of days. my hope is that every country is going to step forward. in recent days, i was in saudi arabia. the saudi's signed onto adjacent -- joint statement that is forward leading and aggressive. president putin has committed that there are steps that they have to take. step-by-step, we are growing the support for the aggressive effort that the world is demanding. i would emphasize, young people all around the world understand that this is their future. adults today not behaving like adults. they are demanding that we do. i think we have to live up to that. dani: that was john kerry speaking to bloomberg's francine lacqua ahead of the g20 time at summit in naples this week. let's get more into this. we will continue to get more into this.

the climate debate is so important. major economies from china to the u.s. to europe engaging in what they should do and what sort of mandates there should be. coming up, bulls versus bears. scott minerd things we could see bitcoin at $15,000. we bring you some of our interview with the guggenheim global cio, next. this is bloomberg. ♪

♪ dani: this week, the debate around climate change heats up as g20 meets over a climate summit in naples. we were hearing from john kerry in his conversation with racine the claw about the u.s. effort. less get more into some of the key issues going into the

meeting with asha rossi. how much do some of the more recent extreme weather events from flooding to fires, those sorts of things, how is that playing into policy right now? >> we hope that it would make the urgency clear. now, it's very hard to take one extreme weather event and think that that will sway minds. we can see that over the last decade or so, a number of extreme weather events and intensity has increased. that's why we are seeing legislation of climate flavor in place, being debated either in the u.s. or in europe. or putting the carbon market in place in china. there's clearly something being done. the question is whether it will be enough.

dani: on that question, whether it will be enough, what is enough? what do we need to see in terms of action to achieve any sort of progress? >> there are some low hanging fruits that could really make a difference. one that has been talked about at the g7 is cutting out fossil fuel subsidies. that number is in the hundreds of billions of dollars globally. there is no reason to really be pushing for fossil fuel subsidies when clean energy is cheaper. another one is providing rich countries providing finance to port countries. core -- poor countries need the financing to be able to do it. dani: always a pleasure to have you on. thank you so much for joining us. now moving from green to gold,

digitalglobe. let's turn to crypto. we heard from some of the key bowls speaking at the crypto conference yesterday. >> i really do believe that bitcoin will be much more environmentally friendly certainly than traditional gold-mining or the traditional financial services sector. in many ways, it already is. >> what about advertisers paying and crypto? >> any form of payment that they want to use, they should be able to use. absolutely. i'm more focused on how we create economic consensus in the network itself without having to rely on advertising. dani: elon musk, jack dorsey, and kathy would all speaking there at the crypto conference. perhaps not too surprising that they've had such a bullish

outlook on crypto. on the other side of the digital currency debate, scott minerd is less impressed. he sees bitcoin falling further. a lot of cryptocurrencies are junk. >> the market had gone parabolic. there was a surge from 10,000 to over 60,000. we pulled back to the neighborhood of 31,000 today, give or take. the support level is really being tested hard. the breakdown, we got to 29,500. that could be a false breakdown. i don't think so. i think that there is storm -- still more air to come out of this. ultimately, i think something in the neighborhood of $15,000 is where were going to end up. the standard bull market -- bear

market, i'm sorry, for bitcoin has been an 80% retracement. given all the uncertainty and the new competition from new coins and everything else, i think that there is more downside to go. when do you buy it? i don't think any time soon. i would make that decision based upon price action in the future. >> let's broaden this out a little bit. maybe talk about the correlations that you see right now out there in the market. that would either give you pause or encourage you about dipping into some of these other assets. >> sure. it's interesting. everybody talked about crypto being a diversifying asset. they likened it to gold. it does have some of the came -- same characteristics. the price behavior has really reflected that it's a risk on

asset. ever since the stock market momentum began to fade, we've seen crypto come under pressure. i think that that could be the canary in the coal mine that's telling us that we have more problems ahead for risk assets. in particular, stocks. dani: scott minerd there, guggenheim partners global cio. his call is that bitcoin could go below $15,000. that's more than half of where it currently sits. let's take a look at some of the other big events we will have today. we have the ecb, a key one. manus cranny is going to be outside of that all day. the sides that, a whole host of earnings. we are speaking to the roche ceo later. to that ecb, we have the decision. it will be followed by a press conference with christine lagarde shortly thereafter.

in other central-bank action, we have the south african reserve bank holding its monetary policy meeting today as well. it will post its rate decision at 2:00 u.k. time. an hour later, we get the u.s. existing home sales report. they are expected to rise. that will break a string of four consecutive declines. finally, twitter will publish its second-quarter earning results after u.s. market closes today. a lot is hinging on those earnings results because it's really what was able to power the market higher yesterday. we are continuing to see gains in the premarket session today as well. japan is fine the msci asia pacific index without japan is up more than 1%. you have some of the u.s. indices up as well, 1/10 of 1%. european futures up a quarter of 8%. so far, it's a better

environment. that's it for bloomberg daybreak europe. the european open is up next. they walk you through that. this is bloomberg. ♪

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to "bloomberg markets: european open." i'm anna edwards. mark cudmore joins us from singapore. the cash trading is less than one hour away. company earnings drive wall street. the s&p 500 sees its biggest back back gain in two months. the ecb holds the first policy