commodities edge. when we focus on the companies, physical assets, trading with smartest voices in the business. take a look at some of the top market stories of the week. i want to start with u.s. oil inventory numbers. on the one hand, the bearish number was that overall stocks rose more than 2 million barrels. the first increase since may. on the other hand, cushing in the midwest, those stocks are pretty tight and production is flat. but it did raise questions as to how tight this market actually is. let's get more analysis on that. analysts thought that the opec must deal, they took it in stride, saying the 400,000 barrel a day increase didn't do much to disrupt their tight market thesis. but standard chartered disagrees. this shows the global balance estimates. undoubtably the market is tight

in june and july. but he sees the market coming into balance in august and september. he blames groupthink and media coverage for pushing that tighter narrative. ok. here is one market that is actually tight, coffee prices. they are skyrocketing to a six-year high. first you had a drought cut yield in 2020, and now you have two frosts in brazil. that is forcing farmers to prune some trees. it doesn't leave a lot of harvest for next season. worst case scenario, some trees may die completely. inventory is also picking up as cafes reopen. let's get into the ring with oilfield earnings. stocks were hit hard during covid but now oil is trading around 70, and producers have lots of free cash flow. in theory, oilfield services should see some pricing power.

jeff miller of halliburton is cautious. >> what we are seeing internationally today, i described them as short cycle barrels. we don't see a lot of the 40-year greenfield multibillion-dollar investment. we see a lot more producing barrels more quickly. i think we will see that focus more with national oil companies around the world. alix: let's get to our oilfield services reporter. domestic versus international, what was your take away? >> i think he is spot on. you are starting to see the quicker turn, emblematic of what shell is -- shale is, where you are trying to go quicker, you don't want multiyear investments. you look for schlumberger, baker hughes, who are more

internationally focused you handle that sort of thing. particularly pointing to russia and saudi arabia as two areas in particular that may see more of a ramp-up. alix: when you see the ramp-up, who has the ability to have that pricing power? >> it will be the guys with the biggest footprint, schlumberger, baker hughes. halliburton is trying to join that party as well. all three of those guys are trying to pivot away from north america into international markets, where they see better growth. you will have more of that pricing power in international where there is also less competition with the victory oil servicers. alix: thank you, david. always good to see you. time for commodity in chief, where we talk to one executive in the commodity world. we are speaking to the ceo of --

motors. these vehicles need to drive a long time, come along mas, and fuel up quickly. and what may work for your car may not work for a bus. an electric car can charge overnight and drive short distances, but it will not take much for a long haul truck to stress the grid. natural gas is better than diesel but it is not truly green. enter the company that went public. it's solution is to use hydrogen power fuel cell batteries. you pull up and fill your tank with hydrogen. while you are driving, it combines with oxygen and the fuel cells to create water and electricity. water vapor comes out of your exhaust and electricity powers your motor. there is definitely demand. up to 1500 trucks with the new zealand energy company, 70 trucks with an austrian supermarket, and 20 trucks with

a dutch trucking company. it also announced plans to build a fuel-cell material production facility in chicago and manufacturing facility in new york. i recently sat down with him before his company went public and asked what has changed that enabled faster adoption. >> it would not have mattered how fantastic a fuel-cell we build in the lab if the external environment was not ready to adopt it. there are limitations to what you can do on battery electric mobility and the chinese government sponsored hydrogen electric mobility as the next step, to go after the heavy vehicles. that became a fantastic tailwind. it ensured there were a lot of investment and development going into the heavy vehicles. alix: how do see the market developing in terms of demand now? >> we saw the first wave of hydrogen mobility come in asia. japan and korea around passenger

car mobility especially. the countries on the second wave are really australia, new zealand, and europe especially. that second wave, looking forward 18 months, the adoption in europe is staggering now. it is really taking a substantial uptick. there is a third wave, north america. we are really a little bit behind in north america, but north america will benefit from all of that work that has gone before in the first and second wave. adoption will be faster, easier, and more cost on that third wave. for the tipping point, we have to get the total cost of ownership on zero emission vehicles to be in the same ballpark as the total cost of ownership as diesel vehicles. that is hyzon's focus. we believe that within two

years we will have more than one location in the world where we have total cost of ownership for hydrogen powered fleets, at or below diesel fleet ownership, in the same location. alix: on an upfront cost basis it will always be more expensive, but based on usage it is cheaper, is that fair to say? >> that is reasonable to say. right now it is hard to match capital costs of an industry that has been there for decades, has all kinds of cost improvements and optimizations. the cost structures on the capital side -- the capital premium is coming down, so it is getting easier and easier to match total cost of ownership through the savings on the driven mile. if you push heavy vehicles onto battery electric occasion, you'll face increasing costs of adoption.

at some point you must run into limitations around charging, limitations around grid supply. with fuel-cell electric, weak can choose when to make the electric. you don't have to charge the vehicle at the time you need it. we have local hydrogen production hubs close to the points of fleet operations. hydrogen is cheap to make and expensive to move. alix: aside from having a lower cost of hydrogen, is there anything else in this fuel-cell technology that you need to reduce the cost to be able to scale up more? >> we are working hard on our core technology in the vehicle, which is everything related to making the power from the hydrogen, the fuel-cell itself, also the efficiency of getting that power to the wheels. all of these efficiency gains result in a lower cost of fuel, lower cost of operation. if i get a 5% gain between the

fuel-cell and the wheels, i am picking up a 10% reduction in hydrogen usage because the conversion from hydrogen to electricity through that process is roughly 50% efficient, compared to combustion engines, roughly 20%. you get a multiplier effect when you improve the efficiency of how the vehicle operates. alix: that was my interview with the hyzon ceo. the shares have not fallen well since going public. one small step for grain but potentially a big leap forward for food security. chinese scientists are cooking up ways to feed its population. enter space rice. the country is harvesting its first batch of outer space grain from seeds that traveled the lunar probe in november. this is not a new concept. china has been taking staples like cotton and other things to

space to be more stable. these are not the only new entries. jeff bezos and richard branson have recently made the trip to zero gravity, and i outline it all, and what it means for commercial space travel on a special report about the business of space starting tomorrow at 7:00 p.m.. that does it for bloomberg commodities edge. catch us every thursday. this is bloomberg. ♪

matt: i matt miller. welcome to bloomberg markets. here are your top stories that we are following from around the world.

we will talk about the ecb rate decision, their comments on inflation with guillaume menuet. plus, take a look at the state of the ev market with the ceo of faraday future. we will get the latest on u.s. housing as well with john beacham. we are covering pretty much all of my favorite subjects. let's take a look at what is going on in the markets right now. the s&p gaining 1/10 of 1%. we have been swinging back and forth between gains and losses, not really making a lot of progress in either direction. the u.s. 10-year yield trading at1.2582. coming down a little bit as people buy the bonds. not a heck of a lot of movement. crude is gaining, where the look at nymex or brent. 71.55 for the contract traded in

new york. the ecb changed its forward guidance on interest rates in its final meeting since it's your teaching review. ecb president christine lagarde say the inflation pickup may only be temporary. >> the pandemic continues to cast a shadow, especially since the delta variant constitutes a growing source of uncertainty. inflation has picked up, although this increase is expected to be mostly temporary. the outlook for inflation over the medium-term remains subdued. matt: for more, we have guillaume menuet, citigroup euro area economist. what was your take on this meeting? since this strategic review, people are paying more attention this week. >> we got a message from the ecb that they will be taking time

before they really start to apply the conclusions of the news to the strategic review. it was very easy to change the guidance from interest rates. what they did was to replace their definition of inflation, and at a few qualifiers. what was missing was the forcefulness elements. we think it could take at least until december that we get more clarity on how the ecb intends to deliver on the new 2% metric level of inflation they want. matt: they don't address currency directly, central banks tend to shy away from that directly, but it has to be something they factor in because it's so important to the economy. does the ecb try to stay dovish a little bit longer than a drill banks, the fed, and limit the upward pressure on the euro? guilaume: that is part and

parcel of the discussion. i think they were a bit worried about the fact that perhaps people thought they would be erring on the more hawkish side, if there were not to be new announcements on the guidance rate. what is interesting today is the lack of consensus within the governing council about small changes to the definition of flexibility, how the ecb will try to monitor before they move interest rates. that does not bode well in my view for the ecb to be forceful when the time comes to look at the whole matrix of policy tools they have. this will also create issues, i think, within the governing council in the months to come. matt: i agree, the lack of

consensus is probably the most interesting part of this, but i would have expected more of a german distinction. that doesn't seem to be where it is coming from. when i read the comments, i hear about the bundesbank view on inflation, they don't seem particularly worried as you would expect germans to be about rising prices. guillaume: i think they are more worried about the fact that the governing council, sanctions, policy of never ending purchases, and if you raise the bar a little bit on inflation, certainly from an angle where you need to see inflation at 1.5% as a necessary condition to raise rates, and the eurozone has not been at 1.5 for a while. if you have that plus the eurozone forecast of 2% and after that, we could be in a situation where interest rates

are negative for quite a while, but also purchases and the monetary dominance comes back to haunt them. matt: how is the reopening going in europe relative to here? i am in berlin, so i've experienced a little bit of a reopening. but when i came to new york last week, everything is back to normal. guillaume: i think it depends on the country you are in. i am lucky enough to be in france for a few weeks. it looks pretty normal to me. mobility data tends to back that up. people are taking precautions but vaccination levels are higher. i don't think there is a worry about the growth outlook, or the ability of the economy to get back to pre-pandemic levels. i think they have a worry about the fact that it is so large, inflation will struggle to

materialize. matt: i have to ask, because you are coming to us from london, but i see what appears to be chamonix behind you. is that just a little homesick element to have mont blanc in the background? guillaume: i think that is one of the backdrops that we use with the citi logo. i like mountaineering, so i have it there. matt: i do, to. o. thank you so much for joining us, guillaume menuet. still ahead, blackstone president john gray tells bloomberg, he expects inflation to persist for some time. we have more conversation on the rise in prices, next. this is bloomberg. ♪

matt: this is bloomberg markets. i'm matt miller. unilever warning today that costs for raw materials, shampoo, detergent, ice cream, etc. are increasing at the feist test pace in more than a decade, forcing the company to scaled-back profitability goals for this year. that is bad news for investors. also bringing about some inflation as they pass it along in prices. sonali basak spoke earlier with the president and ceo of blackstone, jon gray, about his concerns on inflation. >> we are definitely seeing signs of inflation out there. commodity prices have moved up, so that is impacting cost. we are seeing it in wages, particularly in areas like hospitality and leisure, where finding workers is difficult. compensation is going up.

we are also seeing it on the high-end, like in technology. as you look at earnings going forward for companies, you have to take into account input costs going up. it's an area where there are challenges today. our instinct is this will persist for some time. >> that implies you don't believe it is transitory. do you think markets are not discounting this risk enough? >> the surge itself today may be more transitory because some of this will ease up as more people go back to work, as markets get back to their natural state. longer-term, there are some powerful deflationary forces around technology and demographics. we think this surge will be bigger than people anticipate, just as we saw the economy coming back faster and stronger. markets came back faster and stronger. i think something similar with

inflation. at some point, it should ebb and come down but our guess is inflation will be at a higher level than when we were pandemic, and that reflects the fact that we just put a lot of stimulus into the system. matt: these rising markets have really helped you. do you think we could be at peak growth at all, that valuations may be a little stretched? >> gdp may be peaking because we are comparing against much lower levels. but the question is, our company earning speaking? we don't think that's the case. we think there's a lot of momentum in the economy. when you look at valuations in the stock market, via sleek, valuations are full. but if you look at the market, trading low 20 times earnings or 5% earnings yield. that compares to 1.3% in the 10 year treasury. i think the stock market still reflects better value.

we are not seeing a lot of the excesses in debt markets that we saw in 2006, 2007. this economic recovery still feels like it has room to run. we deployed a lot of capital in the quarter, particularly in sectors where we have high conviction. > you have deployed a lot of capital. the size of your deals are getting higher and higher, but given this new record of capital we are seeing, how are you thinking about hiring talent compared to prior years? >> our business is growing quite a bit. we are seeing significant inflows as we expand beyond private equity and real estate, traditional institutional clients, broaden into retail and insurance. our headcount this year will probably go up close to 20%. the good news is we can attract really incredible talent. this year we will hire something like 125 starting analysts.

we had 29,000 people apply for those jobs. the brand, the strength of the firm, our culture is attracting great talent. that bodes well for the future of the firm. matt: that was the coo and president of blackstone, jon gray, speaking with sonali basak. breaking news on akamai. you may have noticed some important websites like airbnb, home depot are down. those are some of the websites that fell. akamai handles the web content for those sites and says it has resolved the issue, and it was not a hack. natural gas also rising to four dollars for the first time since december of 2018. commodities are on the rise. this is bloomberg. ♪

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mark: i'm mark crumpton with bloomberg first word news. the u.s. house of representatives voted today to allow in thousands more of the

afghans who worked along americans in the afghanistan war. the boat cited the urgency of protecting those on the ground and from taliban retaliation as the u.s. military withdrawal enters its final weeks. german chancellor angela merkel says new coronavirus infections in germany are again rising at a worrying pace. she appealed to reluctant citizens to get vaccinated and urged people who are pro-vaccine to help persuade others. >> infections have been rising for a couple of days. i think a worry momentum. this development is driven by the coronavirus delta variant. the r number is above one, which indicates exponential growth. mark: germany's infection rate remains low compared with other european countries, but it has been rising steadily since its low on july 6. china is pushing back against the world health organization's

call for another investigation into the origins of the coronavirus. the who wants to know if the virus could have leaked from a chinese lab. beijing says there is no evidence for that theory. 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. ♪ amber: welcome to bloomberg markets. i'm amber kanwar. matt: i'm matt miller. we welcome our bloomberg and bnn bloomberg audiences. here are the top stories we are following from around the world. unilever is heading for its worst day in six months as inflation pressures eat into profits. we will discuss in our stock of the hour. plus, we will look at the ev market, as faraday future goes

public by a spac merger. carsten breitfeld, ceo, joins us from the nasdaq. the health of the housing market is in focus. existing home sales rise for the first time in five months. we will discuss the state of the industry with john beacham. amber: let's look at the state of the markets right now, after a sprint higher over the last two trading sessions, we are taking a little bit of a breather. the s&p 500 basically flat right now. where we are seeing action is in natural gas. moments ago, it crossed four dollars for the first time since 2018. it has backed off from that a little bit. a combination of higher temperatures forecast for the next week that are stoking concerns about shortages of natural gas supply. that is leading to the push-up

in prices. you can check your whether app or natural gas prices, both should tell you the forecast this week. matt: it is hot in here. time for stock of the hour. consumer conglomerate unilever is headed to its worst day on the stock market in six months, after saying inflation pressures will cut into second-half profits. this company makes my favorite food of all time, hellman's mayonnaise, among other important products like ben & jerry's, popsicle frozen treats. dave, what is the story? dave: let's not forget the personal-care side of the business. we saw the first half results. sales were up 5.4% but that is mostly because they are selling more stuff. three quarters of an increase was tied into value, the rest

coming from prices. that is positive, but the question goes, how is unilever dealing with higher costs? we saw what is called an underlying operating margin. you take out deals, currency swings, and operating profits as a percentage of revenue. they were looking for an increase this year. the first half was actually down from a year ago. now for the year they are looking for it to be about the same as 2020, 18.5%. they are facing all kinds of cost increases, freight, packaging, soybean oil, you name it. they are raising prices. that said, that expect there probably to a cost to be in the second half. they were looking for a lower figure. they plan to pick up the pace with pricing increases try and offset what is going on with

their cost. it will not be enough to save their margins, at least this year. amber: oil, freight cost, these are not just unilever-only expenses. this is probably going on throughout the industry, right? dave: absolutely. we have not heard from a lot of the consumer product companies here in the u.s., or food makers for that matter. you are seeing declines in their shares in response to unilever. a lot of companies reporting over the next few weeks. it will be a question of how well they can deal with these kinds of issues when it comes to cost versus price, that unilever points out in terms of their outlook. matt: dave wilson talking about the inflationary story at the corporate level. let's get into intel earnings,

after the bell today. we may have already gotten a warning from texas instruments on how those numbers will play out. ti, yesterday, gave a revenue forecast that disappointed some investors. like other chipmakers, ti has posted massive revenue growth boosted by demand that we've been talking about on this program for months. the run-up has caused speculation amongst analyst investors that some of the orders reflect panic buying from customers who are anxious they will not be able to get enough supply in the future, and demand caused by the pandemic is also seemingly boosting production across the industry. the worry, of course, is that with so much demand and these bottleneck issues, you ramp up production to the point where you are making far too many chips for global demand. amber: you get a real mismatch. you have the demand but not the

supply. when you have the supply, all of a sudden your demand falls off. it's a real story about the psychology of inflation tied with the unilever story. this is what inflation does, what inflation fears does to people. it makes people horrid things. -- horde things. all of that was pulled forward for texas instruments, and we could see it fall off, if you believe there forecast. matt: from personal goods to chips to cars we are seeing in the auto industry. ev maker faraday future has gone public today via a spac merger. the ceo, carsten breitfeld is down there on the nasdaq floor. he will talk to us next. this is bloomberg. ♪

amber: this is bloomberg markets. i'm amber kanwar. with matt miller. you may have seen this, mercedes announcing a $47 billion spending plan to electrify its fleet. it says it will unveil a fleet of electric only vehicles, high end luxury vehicles, the ones mercedes are known for, by 2025. even with that spending plan of $47 billion over the next decade, they say that does not affect their profitability targets. that kind of stands in contrast to ev maker tesla, where profitability is a relatively new concept for them. matt: it is very expensive to develop a new car. i'm talking about just an internal combustion engine. it takes a long time to develop

new cars, about five years from idea to production, even for these big carmakers that do it for a living. german carmakers have been late to the party. we heard a similar gigantic investment number from volkswagen over the past couple of years, now mercedes is doing it. i guess at some point we will get a similar story at bmw. bmw really had the jump on these guys from the get-go. they were putting out the i8 and i3 almost a decade ago, and they didn't really follow up on that. we have with us one of the guys responsible for the i8, used to be at bmw, and now is running faraday future. faraday began trading on the nasdaq today. carsten breitfeld, the ceo, joins us now to discuss.

needless to say, i'm interested in this subject. what does this change now? you have this deal behind you, you need more money because cash burn in this industry is big. how soon before we can see the ff91 on the streets? carsten: this is a great day for us, i'm excited to be here at the nasdaq right now in new york city. we passed our first big milestone, we became public today. the next big milestone is, within 12 months, we are going to deliver the ff91 out of our california plant. amber: talk about the market you are going after. i mentioned tesla but in terms of price point, the style of driver, i don't think that is

the market you are going after. you are going for the much higher end, the bentley and porsche's of the world. carsten: correct. we are building a top premium luxury brand. our target is to define what premium luxury means in that category. this means you have to start at the top, come up with the halo product that many people are talking about, desiring, and almost nobody can afford. this is how you build a brand. once this is understood by the market, moving down and other market segments, so we will have a second product, the ff8, a smaller version, 18 months after the ff91, which will compete with tesla. then there will be a third product which will then go into the volume segment, cars starting around $45,000,

computing with the tesla 3 and others. matt: you want to have a bigger interior space than anyone else in your segment, a better digital experience, kind of like an apple experience, but you are also going to try to reach 1000 horsepower, 0-60 in 1.2 seconds. are we really going to see that in dealerships in 12 months time? what kind of figures will you be able to put out? carsten: we will start with the top luxury products fully speced at the high price point, so a limited edition. the first addition will be limited to 300 cars. it requires a $5,000 down payment. then we will launch the base product, which you can then build to your spec.

you will see that in 12 months. the brand has three dna elements, great futuristic design, the other thing is 150 horsepower's. it is fun, really drives like a racecar. and then the passengers all have great seats. they have space, comfort, the greatest digital experience with a 27-inch display on the rear seats. amber: the road to where you are right now has not been a smooth one. there have been a lot of bumps along the way, including a follow-up with the cofounder of the company. missed deadlines, delayed plans. public investors can now access your story. tell us why they should trust that the plans you have going forward are more likely to come true than the ones over the past

couple years. carsten: everything that has happened in the past is water under the bridge. i came in two years ago. the missing link in this company was a team of people who know how to execute, how to transform a big wish into smaller steps which can really be executed. this was bringing a single product into the market, that low-volume but high quality. when i came in, i built the team. i have this experience in the past, i built a team of people before who know how to do the job. we did work on the company structure, introduced governance which meets capital market standards. capital was the last item missing. we are very happy now that we could go through this merger transaction as a spac and become public. everything is in place and we

will deliver 12 months from now. matt: are you sold out of the first addition, have you already taken 300 orders? carsten: almost, we are close to it. matt: i look forward to seeing the car. it looks fantastic. carsten breitfeld, the ceo of faraday future. the ticker is ff you can now buy and sell on the nasdaqie. u.s. existing home sales rising for the first time in five months. we will discuss the state of the red hat housing market with john beacham of toorak capital partners. this is bloomberg. ♪

amber: for the first time in five months, we saw existing home sales in the united states rise. even though sales have been waffling, we have seen prices move higher throughout this

period. let's bring in john beacham, the ceo of toorak capital partners. thank you for being with us. let's talk about this dynamic. sales were kind of waffling, as i mentioned, but those price increases are pretty much continuing. john: it has been an unprecedented time in the housing market over the past year, since the pandemic began. it is fundamentally an issue of inventory. sales would be much higher if there were more houses to buy, but you cannot find houses right now. house is going on the market are selling very quickly, generally in bidding wars with multiple bidders. there is not a lot of inventory for people to buy. it is fundamentally an issue of not enough inventory, not enough people wanting to sell. a fundamental change in how we are thinking about housing in this country is driving the demand. matt: tell me about what you do at toorak capital partners. john: we are a kkr-sponsored

company that provides financing for companies around the country. we do loans for investors that are buying and renovating single-family or multifamily properties, or investors who have already renovated properties, want to rent them out. matt: so to flip or rent? john: both. we provide a full spectrum of products for people that want to flip properties or rent and hold them. amber: one of the questions, because you are so involved in the lending market, there is this idea that the other thing that is fueling this is cheap credit, the availability of that. you actually have some to to sticks showing that is not true. rates are low but that does not sincerely translate into accessibility for those kinds of mortgage products. walk us

through that. john: what we are seeing, which is different from the prior crisis, lending is happening on the consumer side, and it is being responsibly john -- done generally. the people getting mortgages have relatively good credit. we have been pretty responsible from a consumer standpoint on the kind of lending that is going out there. the demand that is driving this housing appreciation is about 70% year-over-year. that is really coming from consumers. -- 17% year-over-year. those consumers, what we are seeing is that they want to live in a different place. nothing like spending a year in your house looking at your home making you realize that you don't like that home and maybe you want to live somewhere else. that experience has been happening to a lot of my friends, people that you know, your guests and viewers seeing that, too.

when people move, they want to move outside of the area, maybe outside the city, may be working from home. so they want a different type of property that is larger. all of these things are driving demand. what is happening right now is a game of musical chairs, where a lot of people are wanting to move somewhere else, and that is happening at the same time. our housing stock has not changed in the way it needs to to provide that. matt: there is not enough inventory. that is the problem. as a lender, either in your business, or also banks lending out for mortgages, credit quality is one piece of it. but the price of the asset is another piece. even if i have great credit quality, you don't want to lend to me if i'm buying something 50% overvalued, and a lot of this real estate looks like it is. john: 17% as a niche, and in certain markets, it is significant above that.

we are cautious about what we think about those markets. fundamentally, it is good to see this is being driven by people wanting to live in that housing. a big part of this is the lack of supply in this country. we have not been building housing in this country nearly to the extent that we need to over the past decade. we are about 6 million houses short of where we need to be as a country. they needs to be a lot of capital invested to build houses in this country. we are seeing a little bit of that happening in the last nine months not to the scope of the demand that we have. matt: the question of the day, no matter what industry we are talking about, is this bottleneck to sort itself out in the next 12 months? john: definitely. you have a group of people wanting to move somewhere else, they are looking at different properties, and they will move somewhere else. that will happen over the next six months. there is a big need for private capital.

matt: as someone who is looking for a place, i hope it sort itself out and turns into oversupply. that would be my hope. not for anyone already holding onto the asset, or for you. john beacham of toorak capital partners. always a pleasure to talk about housing. housing and cars, two of my favorite subjects, and we touched on the ecb. four amber kanwar, i'm matt miller. this is bloomberg. ♪

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are they on the wrong side of history? >> at microsoft we want to be more data-driven. in time, a year from now, we will have more sense of what the real structural change and needs and expectations of both our employees and customers are. we will really think about long-term policies based on having all of the data behind us. otherwise, i think we are trying to come out and be overly dogmatic when i think we need to be more experimental in our approach to return to work. i fundamentally believe the world has changed. >> global markets never sleep. stay connected with francine lacqua in london and kailey leinz in new york. perspective on the day ahead. bloomberg surveillance, early addition. weekday mornings on bloomberg television. mark: i am mark crumpton with first word news. a total of 950 people, including journalists and officials will

watch the opening ceremony of the tokyo the big games tomorrow -- told of you -- tokyo olympics tomorrow. that number does not include performers and athletes. organizers decided to bar spectators from venues in tokyo because of the coronavirus. australia, whose covid zero approach was once zeke gold standard, has been struggling with increased covid cases. the countries trade minister tells bloomberg that there is a new vaccination push. >> we have supplies coming into the country. we are about to ramp up quite considerably the vaccination rollout. we are reasonably comfortable, very comfortable, that we will have a vaccine by the end-of-the-year. mark: the minister also says australia will work with the united states on global trade