♪ dani: good morning. it is 6:00 in the city of london. this is daybreak europe and here are today's top stories. not tightening early. that's the message from the ecb, saying it will maintain support until inflation is more transitory. diverging fortunes protect. twitter and snapchat be on revenue. intel suffers. chip woes drag on.

a unique olympic opening ceremony. we are live in tokyo for the first-ever games to be held without spectators. happy friday everyone. gains yesterday heading into the market. we still are near all-time highs. don't let that fool you. underpinning these gains is a sense of anxiety. maybe even doom and gloom, considering we continue to see lower yields on both sides of the atlantic pushing these equity markets higher. you had a record low real year old on a tenure tip auction yesterday. look at what happened to bund. a more dovish ecb that is willing to be patient as inflation over shoots. boones now it is -43 basis points. that's the first this -- furthest it has been from zero since february. how does monetary policy fall

into a dovish trap? that's the argument made caps off john. by accepting the risk of an overshoot, the ecb should have assess the costs of possible u-turns and forward guidance. now, is this a bond market that is possibly signifying a policy risk? speaking of signify, earnings jumped. the company formally known as philips lighting, a leading company, they are seeing their sales at a growth of 14%. that beats a 13.7% estimate. however, it looks like it misses estimates ever so slightly. they are backing their 2021 view. no change on that. margin coming in at 10.9%. costs are a big factor for any

company that has to do with manufacturing. we will get into that and more with our interview with the signify ceo, coming up later this hour. definitely stick around for that. also, north hydro earnings crossing the bloomberg as well. second quarter record results, continued positive. they are seeing a beat of expectations. 6.6 norwegian krone. the expectation was just about sex. some of those -- just about six. net income beating is well here. don't miss our interview with the north hydro cfo, coming up on bloomberg surveillance at 9:30 u.k. time. earnings continue to hit the water. let's see if that's having any sway on the data. msci asia-pacific without japan.

japan is closed. happy birthday of the olympics for everyone. we are leaving losses in asia. hong kong tech. that has to do with what's happening with the china government perhaps putting on record penalties. that's what our bloomberg reporting said. it fell more than 10% in yesterday's session. tech in asia also falling today. higher open of about 0.25%. the euro-dollar also significantly not moving. the ecb decision, solidifying the euro. sticking with the ecb, christine lagarde says it has learned from history and want to rail the recovery by tightening too soon. in the first morning -- meeting, she said the inflation expectations are rising but

there is still some distance from the 2% target. >> it's not intended to keep interest rates low for longer. it's intended to deliver on our objective. it's intended to reach the target of 2%. this is what we want to do. frankly, the quicker we can do that, the quicker we can use those other tools that we have not used a lot in the last few quarters which is the interest rate. we are not there. dani: what does this all mean for markets? joining us now is janet mui. thanks for joining us. happy friday to you. does the market now, especially in europe, care about the economic fundamentals? is it all about ecb and asset purchases at this moment? janet: good morning. things for having me. the central bank acts like it's

really important. it gives more certainty on the direction of monetary policy. they expect qe2 continue and negative rates to continue. it's not a major surprise. it is something that they should know about markets. i think the economic fundamentals will remain very important. the reflation trade lost momentum. that momentum is definitely something important for those cyclical investors. the delta variant will be closely watched by investors. economic fundamentals should not derail. it should continue to recover. investors are expecting roll over slowdown. we will have to see if the trend continues to be good. dani: if the recovery is what's

likely in the cards, we are still seeing inflation expectations perpetually low. if you look into the library, we have a chart of five-year forward. yes, they are slightly climbing. they still miss that 2% mark. the market is saying, we aren't going to get any height any soon from the ecb. given this to her, house -- picture, how fragile is the market right now? janet: yeah. inflation expectations and the euro area has been struggling to go up. it's not necessarily a bad thing. it suggests that the inflation that we are seeing across the globe is basically transitory in nature. i think the market gets that. we will just have to see how it

develops. ultimately, it's a haven for equity markets. inflation is indeed transitory. i think our view is that the cyclical value trading in europe indeed has lost momentum. that pick and inflation expectations and yields. that's not in the near term. i think your it -- european investors will be more cautious on that. we will just have to see what the next catalyst is for that trade to go on. very accommodative monetary conditions. we think it will be a gradually up trending market. dani: ok. that near-term weakness in value, do you buy that? will the long-term trend shakeup differently from that? janet: we are already positioned

for reflation at the earliest part of the year. we kept that position. at this point, we are reviewing. not at the moment. the momentum is lost. i think it will take a bit of time for markets to reevaluate that proposition about performance. in this environment with bond yields going down quite low, 1.2 at the moment, it's the path of reach -- least resistance. we've been saying that we have a balance here. we are positive on growth in the last couple of months because of the retrenchment and bond yields. dani: great. also that retrenchment in bond yields. how important is that in terms of diverging central-bank policy between the ecb and a more hawkish path from the fed?

how important is that in determining the direction of 10 year yields in the u.s.? that is differential between the two central banks. janet: yeah. i think that that would be a driver of the performance of the bond yields. ultimately, u.s. bond yields have retrenched. over the next year or so, the cycle is going to be better in the u.s. versus europe. whether you are talking about the actual economic growth or the inflation development and expectations. the u.s. still looks better. we expect -- expect that it should continue to pick up. right now, it is fluctuating at 1.2. we don't doubt that will -- it will go up in the next 12

months. in the euro area, because of that ultra dovishness from the ecb and the fact that inflation is going nowhere, we believe that that differential between u.s. and europe could divert. dani: i have to say, it's nice to hear optimism on the economic picture on a friday morning. we will's -- you will stick around with us. that's janet mui. another take on inflation. john great things price pressures will persist for some time. setting a higher level than even before the pandemic. >> we are definitely seeing signs of inflation out there. commodity prices have moved up. that's impacting costs. we are seeing it in wages, particularly in areas like hospitality and leisure. finding workers is difficult. competition is going up.

we are seeing it in the high-end like technology. i think as you look at earnings going forward for companies, you have to take into account input cost going up. it's a clear area where there are some challenges today. our instinct is that this will persist for some time. >> that implies you don't believe that it's transitory. do you think that the markets are not discounting this risk enough? >> well, it may be the search itself today, more transitory. 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. our best instinct is, the surge will be bigger than people anticipate. just as we saw the economy coming back faster and stronger,

markets came back faster and stronger. something similar with inflation. at some point, it should come down. our best guess is that inflation will be at a higher level than where we were pre-pandemic. that reflect the fact that we put a lot of stimulus into the system. dani: that was the blackstone president and coo speaking with sonali basak. carlisle is about to surpass blackstone for the largest ever private equity fund at $27 billion. let's get over to the first word news with hannibal drillers. -- annabelle droulers. annabelle: the first olympic games in history without any spectators kicks off in tokyo later today. an opening ceremony at a nearly empty national stadium will mark the start of the games which will see winners place metals around their own that and socially distance in the limbic village. it has been mired in drama and controversy for nearly a decade.

the white house it has accused china of being irresponsible and stonewalling a world health organization investigation into the origins of covid-19. including the possibility it came from away hand lab. beijing will not participate in any inquest, insisting that zero evidence to support the lab hypothesis. global leaders want to examine the theory further. as you mention, bloomberg learned that the carlyle group is seeking to raise as much is $27 billion for its latest flagship fund and what would be the industry's largest ever private equity pool. success would break the $26 billion record held by blackstone. carlisle cofounder david rubenstein is the cohost of the david rubenstein show which airs on bloomberg television. 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. coming up, want to dine inside and italy? get a vaccine. we get the latest from rome as the prime minister decides on vaccine passports and whether they will be necessary. this is bloomberg. ♪

♪ dani: welcome back. let's turn to the covid picture in europe where italy will restrict many leisure activities for the unvaccinated citizens. or those who haven't recently tested negative. this will be required to dine indoors or enter crowded venues. the prime minister says a surge

in virus cases means vaccine certificates are needed to keep the economy open. for more, we are joined by our bloomberg reporter in rome. alessandro, what exactly are the details of this green pass? how do you get it? what venues will need to use it? alessandro: good morning. it's a strong incentive to get as many people as possible vaccinated. 50% of italians are fully vaccinated. the government wants to push it further before the winter season and reopening of schools. you will need the past to dine indoors, to go to cinema, museums, theaters, to the gym, to the concourse, and so on. for now, it will be needed to board public transport. it will probably come later in the summer when more people have

time to get vaccinated. dani: thank you so much. hopefully, that goes seamlessly. i tried to download the nhs passport as well. thank you so much for joining us. janet mui. it's very fascinating to see that some economies are starting to reopen. you have things like vaccine passports in the u.k.. there's the pandemic were so many people including me have been paying and told to stay home. how much will this hamper the economic recovery or the pace of economic recovery as places open up? janet: yes. that's a market concern. indeed, we face that impacting the economic recovery. we have the concern. in the u.k., many people are

isolating which is not great for economic activity from a supply perspective. yes. there is some risk. if you talk about derailing, probably not. first of all, there are many evidence that the vaccine works for the delta variant. if you look at the hospitalizations and deaths, despite cases rising, the deaths and hospitalizations are actually still ok. it's nowhere near what we experienced previously. it seems that the vaccine is providing a health benefit. it suggests that as we progress, more people get vaccinated, hopefully things will get better. in the u.k., the pandemic is not all over the headlines. after august 16, people with two doses will no longer have to self-isolate. that should improve the situation. in the near term, i see some concern. dani: it's interesting you say

that. earlier, we were talking about how tech shares were being driven higher by these covert concerns. do you think that those gains are unsustainable? eventually, it will play out that it's not cases that count. the vaccine helps protect against hospitalizations. does that start to fade once that link is clearly broken? janet: yeah. i think for tech, the key reason why we like it is that we think that bond yields have come down. a lot of that upside has already been done in the first quarter. people fear growth and inflation staying very strong. i think there's evidence that growth is picking. inflation is likely to peak. it suggests that in the near term, it's likely to remain at

these levels. we are not going back to where we started. tech stocks should continue to do well in this environment. if people are worried about inflation, i think tech stocks are more resilient to high prices. consumer staples being scrutinized because people worry about high commodity costs. they worry about the impact on margin. that worry is less for tech companies. it does seem that in the near term, tech stocks can compete and do well. dani: right. seeing the nasdaq 100 yesterday hitting all-time highs. thank you so much. that's janet mui. happy friday and enjoy your weekend. coming up, the text theme. twitter and snap pushes revenues that blew past analyst excitations. users are glued to their phones.

we get the latest next. this is bloomberg. ♪

♪ dani: welcome back to bloomberg daybreak: europe. let's talk tech. screen times surged. twitter sort after beating expectations on revenue. advertisers turned to social media platforms to reach people stuck at home during the pandemic. joining us for more is alex webb from bloomberg quicktake. why is it doing so well? i thought snap was the unloved child of the social media apps since everyone is on tiktok and instagram now. alex: snap has managed to pivot its technology in a way that appeals to appetizers -- advertisers. it's difficult for advertisers

to know exactly who they are reaching on digital platforms because of changes to apple's privacy settings. snap has augmented reality tools that are quite sexy. it has managed to translate into consumer revenue growth. it more than doubles in the most recent quarter which is fairly unparalleled at the moment. dani: intel, another company that reported, pretty negative reactions to their earnings in terms of share price. what was driving them lower? alex: intel's stellar performance has been in its chips for servers. that's the data centers. the boom in the cloud has helped intel. it has managed to report growth,

largely driven by the peak --. it wasn't as positive. that has led to some concern. what you are increasingly seeing is the big cloud operators, amazon, google, microsoft, alibaba, they are increasing developing their own ships. there's concern that these massive, profitable server chips that intel has benefited from, the competition is rising that. the prospects don't look so great. dani: definitely something to keep an eye on. thank you as always. that's alex webb. we are seeing that tech is doing better, up 3/10 of 1% and the nasdaq 100. coming up, we speak to the signified ceo after the company reported sales that beat estimates. we shed some light on those

figures. great lightning pun. this is bloomberg. ♪ [ "me and you" by barry louis polisar ] ♪ me and you just singing on the train ♪ ♪ me and you listening to the rain ♪ ♪ me and you we are the same ♪ ♪ me and you have all the fame we need ♪ ♪ indeed, you and me are we ♪ ♪ me and you singing in the park ♪ ♪ me and you, we're waiting for the dark ♪

♪ dani: good morning. i'm dani burger. this is daybreak europe. not tightening early. that's the message from the ecb, saying that it will maintain support. social giants twitter and snap jumped after beating on revenue. intel suffers as its chip woes drag on. a unique olympics holds its

opening ceremony. we are live in tokyo for the first ever games to be held without spectators. happy friday. a weaker start to this morning in the asia session after u.s. equities neared all-time highs. japan is closed because it's the first day of the olympics. the msci asia pacific index without japan. heading slightly lower this morning. some of those economic fears acute in asia and china, dragging the index lower. the hong kong tech index down by more than 2%. european futures up higher by about 3/10 of 1%. the euro-dollar very fractionally down versus the dollar. earnings season rolls on. lightning company signify beating estimates this morning. the company said it's all an

acceleration in the pace of recovery in comparison to the first three months of the year. but that lockdown and supply constraints will continue to impacted. eric rondolat. thanks for joining us this morning. you beat on expectations. what has been the main part in your business that is allowing you to exceed were analysts saw this quarter coming in? eric: good morning. as you said, we've seen in improve recovery in q2 from the crisis of q1. it is a performance that is very resilient. very disruptive environment. it's a performance very much in line with our strategic priorities. they are our strategic businesses. we think wrist by 3 million points to 86 billion.

also, our growth platforms. we had fabulous wins in q2. many different applications. we are talking about sea otters, retail. we've launched a new micro boat that you can take on holidays. as you've seen, we've been able to improve our operating margin by 190 billion points versus the same quarter last year. it's 230 basis point improvement versus 2020. the strategy being executed in a very disruptive environment, as you mentioned. dani: let's unpack some of that. you mentioned the uv light's, the ones that are popular in this covid era to help get rid

of some of the bacteria and viruses. do sales of those tell you anything about the pace of the recovery? have those sales remain strong? have they waned as economy start to reopen and we adjust to what will hopefully be a more normal type of environment? eric: that's a good question. it's been a bit up and down. at the begin of the crisis, we had a very high level of growth. especially on the components. many other manufacturers use them on their own. it slowed down a little bit. a completely new portfolio, not only for the consumer with desk lights but also boxes. for the professional customers, we had the full range. over there on the ceiling in the room where i am, we have the

full catalog which is getting a lot of traction. dani: how is that change between people buying at home and supplying to businesses? eric: there's a very big difference in our consumer business. it has been performing much better than our professional business. the professional business is very much sensitive to lockdowns when our consumer businesses allowing the consumers to buy from home and to buy through the online channels. in countries like canada, india, indonesia where the lockdowns have been very severe, we have seen a big impact on our professional business. dani: you mentioned a bit ago improving margins. i'm wondering what sort of cost pressures you are singing.

this is something we've been asking all ceos. it's more acute with signify considering the supply chain is so important to your business. what sort of inflationary pressures are you seeing? eric: we see -- when we talk about inflation, we sued -- we see two different types of inflation. one is transitory. the capacities are not in place at this point in time to support the demand. on many different types of commodities but especially electronic components. we also see a lack of containers at this point in time. transportation is an issue. prices have risen. that's a transitory path. i would add a bit of speculation . we can buy components up to 40 times the price that we used to buy them before. that's part of inflation we see

as transitory. there's another part of the inflation that is more structural. doing things in a different way. we've increased prices as we see costs increasing. in line more with the structural parts of inflation than the transitory one. dani: interesting. there's that structural element. you keep prices high and you see consumers willing to pay higher prices. we don't have too much time here. eric: yes. we see that the pricing that we are capable to green -- bring to the markets is excepted today. we don't overdo it. dani: very interesting. always a pleasure to have you on. that's eric rondolat. now let's get over to the first word news with annable drillers. hi annabelle. annabelle: in italy, the

government is restricting many leisure activities for those not vaccinated or without a recent negative test of the virus. amid a surge of the delta variant, the company's cabinet says a green pass be required to dine indoors or enter crowded venues such as theaters, cinemas, or gems. christine lagarde says the ecb has learned from errors of the past and won't and the current economic policy. the central bank of limited new policy measures, including tying policy shifts more tightly to the banks inflation go. include -- as well as being patient if growth exceeds that target. jp morgan is planning to double the traditional broker business as it expands into wealth management. the u.s. bank is aiming to hire more than 500 advisors in coming

years, bringing the total 1000. citigroup and deutsche bank are among live or -- rivals growing their unit offerings. 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 tokyo games officially kick off with today's opening ceremony. looking at live pictures of tokyo. the challenges of the covid olympics are far from over. we give you the coverage, live from japan. this is bloomberg. ♪

♪

>> the games are going ahead but they've already been described as the weirdest olympics ever. fears that a global gathering of 90,000 athletes, officials, and volunteers could become a cauldron of covid variants. strict measures aimed at stopping a potential super-spreader event. most of the athletes are vaccinated but they will still have to test daily and stay in a bubble within the olympic village. socializing and group meals are banned. win or lose, athletes must leave japan within 48 hours after their last event. japan wanted the olympics to mark a turning point for humanity, a light at the end of the tunnel for a world stumbling through a second year of the pandemic. those ambitions have crumbled. tokyo is under a state of emergency through the entire games. dozens of athletes are set to compete in empty stadiums with no chance, bands, families to offer support. the premise are 's political fortunes are tied

to a successful games which were supposed to symbolize japan's recovery from the 2011 earthquake, tsunami, and nuclear disaster. athletes have had to brave a cascade of calamities just to get to the opening ceremony. an uncertain legacy awaits the entire olympic movement at the finish line of tokyo 2020 that could mean a very different looking games in paris in 2024. dani: that was juliette saly with the recap of what it took to get the olympics to the starting line. with the opening of the ceremony, let's get to bloomberg quicktake's -- who is outside the elliptic stadium in tokyo. obviously a very strange olympics this year. what is the mood like? >> yeah. tokyo is under a state of a virus emergency. no bars or restaurants can serve alcohol. people can't root for their team

or their country at bars and restaurants. that means that people are probably at home, rooting on their teams. on the ground here, we saw the streets starting to fill up because there were five fighter jets flying across the side to mark the opening ceremony. the crowd has died down now. it has been swamped with some of the protesters of tokyo 2020. the mood is mixed. it's a muted sort of excitement. i think we are getting there. -- team japan won a game last night and it boosted the mood here. it's really unfortunate that there are no spectators at all. dani: really interesting, that tension between the protests and the excitement around the games. you get to go see the opening ceremonies because journalists are allowed to do that. what do we know about the opening ceremony and what it will look like this year? kurumi: yeah.

it is scaled down, way down. there will be about 950 people in attendance. that's officials and journalists. the rest will be the athletes on the field and performers. a way smaller opening ceremony than expected. they wanted to have an amazing ceremony with a full packed stadium. the new stadium conceit 60,000 spectators and cost $1.6 billion to build. it's not as planned. we are here. the opening ceremony is happening. it is what it is. dani: what does the covid situation look like at the moment? obviously, a state of emergency. what is the current state of play in terms of cases and hospitalizations in japan? kurumi: yeah. like i said, we are under a

state of emergency. we are seeing another wave of infections. tokyo yesterday reported nearly 2000 daily infections. that's the highest in six months. not a good time in terms of the olympics. the tokyo 2020 organizers themselves have their own count for infections related to people who are working on the games. those numbers came out an hour ago. it's now at 110 cases. that's been climbing steadily. again, some of those athletes have already had their olympic streams dashed before the opening ceremony. dani: thank you so much for staying on top of the story for us. everybody should continue to follow her as she ventures through the opening ceremony. it will definitely be interesting to see. thanks again. coming up, european banking giants including barclays, deutsche bank, and credit suisse

return -- report earnings. we break down what to expect after we had some of the giants release the reporting. this is bloomberg. ♪

♪ dani: welcome back to bloomberg daybreak europe. we start the day with a more tepid and frankly quiet mood. you have japan close. the cash trading in japanese equities, bond markets, and u.s. bond markets aren't necessarily trading. future volume in treasuries is down by 30%. here's what the rest of the market is doing on more tepid

volumes. msci asia-pacific index down zero .5%. really dragging us lower here his hs tech. -- an unprecedented find from the chinese government. shares down more than 11% yesterday. you have a higher euro stoxx 50 future session and a little bit of a weaker euro-dollar. the ecb will look at asset purchases and autumn, speaking on french business radio. that might be driving action we are seeing in the euro. let's get over to the first word news with annable drillers. annabelle: twitter boosted its sales forecast for the current. second-quarter numbers went beyond estimates. it's now expecting revenues moving up to $1.3 billion as global events like the olympics drive up advertising. social media snap saw sales

double in the second quarter, coming in ahead of estimates. daily active snapshot users also exceeded expectations at 293 million. intel gave a lackluster sales forecast for the third quarter, indicating its data chip business is continuing to lose market share in the face of stiff competition. sales will be about $18 billion, slightly below analyst projections. the new ceo said growth will resume in the second half when he expects the global trip shortage to bottom out. the white house has accused china of being irresponsible and stonewalling a phase two investigation into the origins of covid-19. including the possibility it came from a wuhan lab. beijing says it will not participate in any inquests, insisting there is zero evidence to support the hypothesis. global leaders want to examine

the theory further. 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. i want to go to these lines again. coming from the ecb, speaking on french business radio. a question that wasn't answered by the ecb yesterday. what will happen with the asset purchase program? this is hugely important to the market. the ecb will look at asset purchases and autumn. we can expect some news, more excitement around september in that meeting there. keeping that dovish tone, keeping ecb accommodative policy. a weaker euro on those headlines. sticking in europe. next week is a big week for bank earnings in europe.

heavyweights like barclays, credit suisse, and deutsche bank recording numbers. meanwhile, the ecb supervisory board is scheduled to decide whether and how to handle bank dividends. happy friday. what are we going to expect in terms of numbers from barclays and deutsche bank next week? nebula: good morning to you and happy friday. the good news is that european bank analysts have listed their estimates for most of the banks. deutsche bank has raised more than 10%. that's very good news for shareholders. the bank is supposed to be doing a little bit better than its peers. they weren't that good last year so their comps are easier. at barclays, we are expecting a strong quarter from the

dealmakers. that's been a big theme in wall street earnings this season. last quarter, they had a record quarter. we know they will continue to do well. they are number six at the moment in terms of global dealmaking. that's a couple of spots above where they were at this time last year. analysts are expecting that that will translate to a 6% gain in revenue. that business is flagging a 2% gain in equities trading. they are expecting a 32% drop. the other thing that investors will be watching his cost. last quarter, their costs were higher because they were paying more than investment bankers. dani: it's interesting. when we talk about big earnings, we have to set aside the barclays of the world. credit suisse. it's a very idiosyncratic issue happening there with getting hit

with scandal after scandal. what will be the outlook for them? what are people hoping are waiting to hear from credit suisse? nabila: these are the earnings announcements that i'm excited about. that makes me a little bit sad. we are expecting to hear what's going on at credit suisse. since the last quarterly earnings, we've had more of these sockets play out. we had the archegos collapse. they lost $5 billion. we've also had greenfield which has not been good for the bank at all. we are expecting to hear a little bit more about the fallout from that. also, what these defections have meant for the banks. we know that at least 50 senior people have already left the bank. we need to see how that's expecting and whether that's affecting commodities just yet. dani: we will definitely pay attention to that. we will have you back onto

expect -- inspected. that's it for bloomberg daybreak europe. the european open is up next with anna edwards and mark cudmore. this is bloomberg. ♪ (announcer) back pain hurts,

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anna: good morning and welcome to bloomberg markets, the european open. our cudmore joins