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tv   Bloomberg Daybreak Europe  Bloomberg  July 28, 2021 1:00am-2:00am EDT

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manus: good morning from our middle east headquarters in dubai. i am manus cranny. it is "bloomberg daybreak: europe." china concerns continue to grip the markets. asian stocks follow the u.s. lower. investors await today's fed decision. a huge beat for big tech. apple sees record third-quarter sales at slide post market after
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warning of slowing growth. an earnings bonanza. the slate of key interviews today. all in this hour. a warm welcome to the show. we are having a classic moment where my bloomberg terminal has paused. we are back in action. the banks delivered their numbers and it is a pretty blowout set of numbers from deutsche bank. they are raising the revenue targets, scrapping the cost goal. ficc sales and trading, 1.87 billion, a very comfortable beat on the estimates. credit losses are declining. the net revenue, it's .24 billion -- 6.24 billion.
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asset management revenue up 14% but the guidance, let me give you a line or two. investment banking essentially flat. corporate banking essentially flat but they are raising the revenue target. manifesting in better numbers. here, we have the spanish giant. they expect to outperform in 2021. that is the guidance on the profitability target. net income comfortably and measurably beating the estimates . it was for 1.71 billion. the net interest income, well ahead of the estimates. we will return and break those banking members down. the u.s. saw a slight drop, one
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could say, on their fixed income. 40% drop on their fixed income trading, etc., so we will put that in context in just a moment. we will be tracking ecuador as well, seeing some of their numbers come in. let me give you that on the oil and gas. i have the ceo joining me a little bit later on. that is below the estimates. capex, 9 billion to 10 billion for the year. it is a raft of earnings this morning but never far behind are the people who drive businesses forward and with that in mind, the ceo will join me shortly. they are set to buy a technologies company. 2 billion euros. when you think, well what is that company? it is involved in project management so this is all about
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i ran technology solutions for engineering consulting, if you will. to billion euro market capitalization. second quarter revenue, 5.2 5 billion euros. 145 million. let me give you a quick snapshot . check in on this, a smorgasbord. i have given you the numbers. if you thought that was breakfast, get ready for the lineup of conversations. we have the come party -- we have the deutsche bank cfo and the ceo of fei company will join later on. the ceo of santander and you have luke ellis joining be fray as well. i will be speaking with a ceo but first, let's get a round out of the market action. juliette saly is there.
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there is a call from the broadsheets and tabloids. it will not be that bad. we will not take all of your money. jules. juliette: indeed. it does not seem investors are listening because we had quite a number of calls from chinese state media. fundamentals remain solid. you are seeing selling coming through in tencent shares which have been plunging once again. down by 4.7% after the lunch rate. it is likely to be the biggest monthly outflow in at least a year, weighing into the hang seng tech index and the overall hang seng which is extending losses and the csi 300 approaching a bear market. let's look at how this has all played out over the course of july. it has been an incredibly bad month. combined market cap falling by $1 trillion this month so the question is which sector is
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next, how long is this contagion and do you buy the dip? jeffries is saying not yet hunt for alternative growth sectors. in said -- anz saying all of this could lead to slower growth for china so a lot of concerns in the overall regional bench mark. manus: juliette saly with the contacts on the markets. the dealmaker and the results deliver. it says it will buy a technologies company. 2 billion euros. it is a french consulting firm that specializes in high technology engineering and according to the statement -- it says it will combine the business with his own engineering and i.t.. joining me now, the man behind the deal. great to have you with me. i look at this deal. why do it now and in technology? are you worried about the growth
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prospects in the traditional industry and you want to bolster a higher output to the group? good morning. the motivation, sir. >> good morning. we have the first pillar which is about workforce solutions. we are the global leader in this field. and then we have a second one which is called talent solutions where we are the number one in transformation helping or people to transform themselves around human resources capabilities. and then we have a third pillar which is the tech solution. thanks to this acquisition, we are announcing today that we will become the number two in the tech solutions and engineering, research, and development service market. 50,000 engineers in 30 countries. a market which is indeed growing
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6% to 8% per year, especially in digital engineering. yes, a market with high-growth, high-margin because this will be a credit for us. double digit eps growth in the second year and positive in year three. manus: indeed. 200 euros of revenue. synergies of 65 million euros in cost synergies. how are you paying for it? how is the funding? is it equity, cash? what is the structure? >> it is quite straightforward. we will have a hybrid bond of 500 million. we will have some cash but we will also make an equity increase up to 350 million euros with boatbuilding principles. the good thing in this deal is the two founders have skin in
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the game. if we buy the share at 49 euro, 42 will be in cash and seven euros will be in shares with a lockup period of two years so it means the two founders are really believing in the deal, putting skin in the game, and it will help us to be very successful with integration because one will be the chairman of the advisory board and the other will be my special advisor in this process. anna: it is always good to get the old management to have skin in the game. it means you are all together with the same issues. and accountability. can we broaden the conversation? i caught up with him yesterday. i know it is important to you in the business. we will come back to the deal in a moment. give me a sense of what is going
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on. the speed of the recovery, is it really your alpha -- italy your alpha? alain: a strong set of future results reflects the state of the economy and we are growing with 29% on the revenue, on the top line in the second quarter so very strong rebound for sure at the back of weaker figures. strong rebounds. not only on the top line but also on the bottom line, we have been able to increase our growth margin with almost 100 at this point and we have been able to increase our profitability to 4.5%, 270 basis points, leading profitability in this industry, so yes, you see that the recovery is quite fast. we are back in high-growth and
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we are looking optimistically towards the future. manus: it is the same thread with ceo's that make widgets. we want to talk about inflation. ceo's around and i'm in, where, if any, can you tell me about wage inflation? alain: yes, we have some territories where we see wage inflation, especially in the u.s., and we see wage inflation in territories and countries where we have on one hand a strong economic rebound, in the case of the u.s., but also where you have still in place a governmental support scheme for covid. what we expect is that going forward, governments will reduce their subsidy schemes and people will come back right julie --
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gradually into the labor force and this pressure on the wage will go down. on the short term, definitely, there is some kind of pressure again in some countries and some wage inflation. manus: do you think that correction will come faster? if we talk about wage pressures, we are trying to debate global inflation. that is every day, so if people return to the workforce, is it going to be wages capped fundamentally around the world? alain: i think the wage inflation will stay limited. that is what we believe. the way the current wage inflation is explained by the mechanism i told you, it is even more true for white collar and skilled jobs but we believe the wage inflation will remain muted going forward, especially once
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all the support schemes will be stopped by the government. manus: good to have you with us. thank you for choosing to join me on daybreak to break the news. good to know that the boys have got skin in the game. i would like to be at the first board meeting with you on the first set of numbers if they underperform. we wish you well on the deal and the future. speak to us soon, alain dehaze, the adecco ceo, choosing bloomberg to break the news. annabelle droulers from hong kong. annabelle: joe biden is reported to be planning to require all that will employees be vaccinated against the coronavirus or submit to regular testing and mitigation requirements. cnn says the announcement could come later today. u.s. health officials meanwhile are recommending fully vaccinated people should go back to wearing masks in some indoor settings. the reversal by the cdc comes as the delta variant continues to
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spread. in the u.k., fully vaccinated forest from the e.u. in the u.s. are said to be allowed to travel to england on the same basis as written returning from abroad. bloomberg understands the policy will be finalized at a meeting of senior ministers later today and could come into force as soon as next week. rio tinto plans to spend $2.4 billion building a lithium mine in serbia as more big miners into the metals tied to green energy, finding themselves with more cash to invest as many books record profits on the commodities rally. mine will be one of the largest industrial investments in serbia, contributing one person directly and foreperson indirectly to gdp. global news, 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. manus. manus: thank you very much.
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we started the conversation with adecco but the interviews run throughout the morning. ecuador -- our guest will join me this hour. i want to look back at deutsche bank because this is important because in many ways, my favorite word is -- as he lifts the revenue target, he dodges a trading some, he abandons cost cuts. this is a bank -- quite literally almost had a for sale sign over the front door barely a year ago. so what you have got here is really trading performance, 43% decline by the u.s. banks, and here you are delivering much, much better at deutsche bank. we will have that conversation later in the day. this is bloomberg. ♪
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>> what is happening is a good thing because what the chinese government is now doing is cracking down on the companies that dominate various sectors at the exclusion of smaller companies. >> i love issues. the more issues, the better it is for us. >> there is always this political risk or tail risk. >> foreign investors will have to have a clear review of sectors which are investable and sectors which are not. >> a little bit more nervousness. they want to sit on their hands. >> for someone like us that has long-term capital, we could end up doing exceptionally well out
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there. >> there is no way any investor can ignore china. >> i don't know what the chinese government is going to do next so you have to be wary. manus: some of our top conversations with investors weighing their china deployments on the policy moves and what it matters and means for their investment outlook. let's get to our chief asia economics correspondent, enda curran, in hong kong. i have had everybody now joined me with their version. i have had passive intervention. i have had a landgrab for nationalization of everything in sight and we are only at the start. you sit there, you live this every day. how do you contextualize the reach of xi jinping and the chinese authorities into private enterprise? enda: it is early stages, manus, but you have to say it all builds into the idea that china
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is looking at the bigger picture and trying to set the economy up for the long haul, trying to reign in those sectors they feel have gotten to big, -- too big and fat are squeezing out competition. on the one hand, tremendous policy shock. really strong and direct intervention by the central government to close down those online autos but on the other hand, you hear people saying this is all about bringing down the cost of education, the cost of living. this is about tackling a core issue for young families and to get them set up so it can be cheaper to grow their families in the future. population growth for china. there's no doubt there are two dynamics. on the one hand, policy shock, a central government reminding everybody who is boss, and you have intervention on a massive scale but you also have a view that, wait a second, china is seeing something in their economy that perhaps the rest of the world is missing and they are trying to set it up for the longer haul. manus: that is called wealth
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disparity and perhaps if everyone in the world looked at it in more detail, you can work out that there is wealth disparity around the world, not just in china. the national call is for calm. declines are unsustainable. misreading policies and venting sentiment of some funds and that china's security journal saying investors should not be pessimistic about the stop plunge. there will not be systemic risks. these are the messages we are getting. we have not seen any evidence yet. what is the risk here that capital really begins to leave china in size and scale? it has not done that yet. i hardly call that a capitulation. what would you call that? enda: we are coming up pretty high levels in market valuations as well. i don't think we are there yet. there is a degree of confusion among the global community
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trying to figure out what is going on here but as you say, the state media, these are the main signaling portals for the government. they are out today saying that you are reading this policy wrong, not looking at the fundamentals of the economy. there is no systemic risk here. they are trying to send a soothing message. concern is where does the crackdown go from here? we already had tech and education and property to some extent. there is concern with the health care sector and others. again, even if that is part of china's longer-term economic strategy and ambition, it is getting lost in translation with the rest of the world so no doubt risk of further volatility ahead, prices going up, and investors selling. it will be important to see whether or not this stuff goes down, whether or not china tells a message that this is about longer-term economic growth or people interpret it as policy shock. we do start to see money movioud basis. manus: i think that that is the
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real risk. they cannot afford another moment like we had in 2015, nondeliverable forwards dropping. can we put it to the u.s.? it is fed day. we go into this with economics of rise. a red hot property market. so many factors at the fed has got to take into consideration. how dovish do you think this meeting will be? enda: as you just said, the whole story with the fed has been inflation and when are they going to start tapering? their support for the economy at a time when they say they don't need it. the chairman as recently as this month made clear that he is in no hurry to taper, that the economy still needs support, and now, we have this relatively recent development with the surgeon coronavirus case is just in the u.s., but globally. he would have to say at the very
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least, given where america's vaccination rate has topped out, you have to say it is a complication for when consumers will get fully motoring again, when there is confidence for the economy to get back to normal, so to speak. it is hard to see anything other than a dovish message coming out of the fed given the backdrop of the surge in cases and what chairman powell himself said. if we were to see that message, it would come as a surprise. manus: let's see what they deliver and what thursday's edition of the china response mechanism is. our chief asia economics correspondent, enda curran, with the latest on the china story. coming up on the show, big tech, big beats. a failure to impress wall street. $57 billion in quarterly profits, but they warned that tails may slow down in the coming months. we will discuss the details and
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good morning's from the cloud. this is bloomberg. ♪
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manus: it is "bloomberg daybreak: europe." with me, manus cranny in dubai. the surge, unexpected heights. the results failed to launch with wall street. why? let's break down the latest results with our quick take reporter, alex webb. it is a smorgasbord, isn't it? apple, microsoft, now worth more than $2 trillion but you have to guide high to get a big delivery from the market. apple tumbles in extended trading. why? why was wall street so underwhelmed by apple? alex: it is something we see a lot with tech earnings.
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with each quarter, the numbers become more and more impressive and each time, investors go, well, is this as good as it is going to get? can they take some profits. we don't know for sure the stock can go much beyond these levels, already trading at generous multiples, perhaps now is the time to get out. but then we see that they managed to outperform yet again. the thing is, with apple, there has been a lot of pent-up demand and they also had a new overhaul of the iphone which drove some of that demand. with the next iphone, the question is whether it will be a blockbuster enough to drive a new wave of trades so that is the substantial reason they might be worried. from microsoft to the cloud, there seems to be a little bit of a dip and then investors get
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a little bit shaky. manus: thank you very much. alex webb in the reporting season across wall street. it is official. the bears have it in asia. the hsi is now down 20% from its february peak. we are in a bear market. i want to give you some context. this is how to get your head around it. alibaba down 43% in the past month.
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in product areas like rates and fx in particular, are relatively strong credit businesses perform very well in the quarter, and you see that coming through in our relative revenue performance. >> what does that tell us about the path ahead from here? trade has been slowing in some areas, but you point out parts of the strong performance. what can you tell us about the normalization and the path ahead?
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>> any of us in the industry have been calling for the normalization. because there is a portfolio of strong businesses we have, rates, credit, fx, emerging markets, we tend to see that weaker performance in one area is offset by market conditions with stronger performance in a different area. we feel comfortable to your question about the forward, because the market environment we see going into this year and next is one we think is still constructive for the businesses, and we see a high degree of client engagement around our capabilities. anna: and you have upgraded your revenue guidance for 2022. what gives you that confidence? james: we have implicitly upgraded our guidance for 2022 because of the numbers we shared in december for each of the core businesses, either running in
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line with or ahead of it. that gives us real confidence going into next year. we also see much less of a headwind, even in today's interest rate curve, relative to what we had planned on as far back as november, december. we see really bullish signs for performance above the $24.5 billion we called for for 2022 when we shared the numbers with investors in december. that has enabled us to recognize uncontrollable costs that are likely to repeat into 2022, to do the resolution fund assessment and also a bank deposit insurance levy here in germany. we feel really strongly about our ability to offset those uncontrollable items while reaffirming our targets for next year, an rote of 8% for the group and a cost ratio of 70%. anna: credit losses down 90%
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year on year, which, given the year 2020 was, might be expected. but how do you expect those provisions to evolve? >> not to over utilize the for normalization, the seven basis point provisions against loans we have been running out for the first half of this year is unlikely to be sustainable in the near term or even -- i mean, in the near medium-term or the near term. what normalized clp's look like for us is still hard to tell. the credit market has been remarkably strong, even surprising to us. we were quite bullish and confident about credit. we are calling for a 20 basis point for the full year clp level relative to loans, but even that, we think, would be conservative if present trends persist. we can see this environment lasting into 2022. anna: let me ask you about the
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cost side of the business. you have had recent headwinds in that area and have given us new targets about some areas of cost today. where does this leave target for cost for 2022? james: we are going to target off the cost-income ratio now, which is much more appropriate for our company going forward, and we have come a very long way in the transition of deutsche bank, and we can now, i think i'm a big making better decisions for the future -- i think, be making better decisions for the future. we think it is a more appropriate measure. in absolute terms, we are indicating the $400 million of uncontrolled expenses will fall through next year, essentially to the bottom line. we do not want to constrain investors mending to offset those expenses. they are out of our control, but they also have an end date in 2024 and 2025, so in a sense
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they are temporary. it as you say, we also see bullish signs in our business, especially volumes and revenues. that will carry cost with it, but we are working to execute on measures to offset those incremental costs, and execute everything under our original $16.7 billion target. every measure that led to those numbers. anna: i wonder what kind of pressure you are seeing on wages at the moment. you boosted the junior banker pay. are you doing in that area to keep up with competition? james: we offer it around the world in a number of misses and marcus -- businesses and markets, and in each of those markets is a labor market. to hire the best talent, we have to pay competitively. in some areas, there have been adjustments. in some markets, a catch-up after some years of relatively stagnant pay. in other areas, there are different dynamics.
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you certainly see some inflation of our labor costs, as you point out, in parts of the business. mark: great conversation there with the deutsche bank cfo with my colleague anna edwards. it is a flat guidance for the rest of this year, but some cake for next year, upgrading the guidance for 2022. when it comes to fixed income, this is important because this shows you what deutsche bank really is, an engine of investment banking. fixed income declined by 11%, but in the united states america across the big five, that number collapsed by 40%. bank of america was the only outlier. dropped by 38%. bullish in terms of revenue for next year, but it is the cost side of the business the market will worry about. coming through on my bloomberg terminal, flat slightly better.
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that is the context from deutsche bank. let's get you a first word news update with annabelle droulers. >> u.s. president joe biden is reportedly planning to require all federal employees be vaccinated against the coronavirus. cnn says the announcement could come later today. u.s. health officials are recommending fully vaccinated people should go back to wearing masks in some indoor settings. the reversal by the cdc comes as the delta variant continues to spread. in the u.k., fully vaccinated tourists from the eu and u.s. have said to be allowed to travel to england on the same basis as britons from returning abroad. it will be finalized at a meeting later today and could come into force later this week. sydney's month-long lockdown has been extended by at least another four weeks after daily
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covid cases hit a new record of 177 infections. the announcement came as lockdowns were lifted in adelaide analyst australia's second-biggest city, melbourne, which reported 10 new cases. around 40% of the population has been fully vaccinated. the house committee investigating the riot at the u.s. capitol has taken testimony for four police officers who fought for their lives against a mob of supporters of than president donald trump. a police sergeant like the events of january 6 to something from a medieval battlefield. he described the physical violence police experienced as devastating. global news, 24 hours a day, on-air and at bloomberg quicktake, powered by more than 2700 journalists he and analysts in more than 120 countries. this is bloomberg. emily: coming up, -- manus: coming up we continue the conversation with telefonica
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deutschland's markus haas. ♪
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annmarie: -- manus: telefonica deutschland has just reported first half revenue of 3.7 4 billion euros. i have the ceo, markus haas. let's start with the guidance. the market has the numbers, $612 billion. your guidance to me looks conservative, slightly positive, flat to slightly positive, revenue.
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why such conservative guidance? markus: we are pleased to report growth on all operating fronts. we clearly cut the lower end of our guidance, so we are now for growth on revenue. from that perspective, we are looking forward. we still want to invest in the second half of the year in order to fuel growth for 2022, so from that front i believe is a really good guidance going forward. i think we will not stop the business going forward. manus: that is the difference between an irishman's interpretation of guidance and the german's. on 5g, i am trying to understand what you will spend on 5g to get growth. you spend a billion euros in this year on 5g -- will you spend a billion euros seeing this year on 5g? markus: our investment for
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growth program is a three year program. we have delivered six quarters in a row, and i think 2021 is a peak year in investment. we want to cover all 20 cities. we are well underway. already we have deployed 2000 5g networks, and from that we are developing a superb customer experience that is cute -- that is clearly a key source of growth going forward on the back of a superb network quality. manus: what i want to know is, will you spend a billion euros? markus: roughly. it could be a bit more than one billion. it could go up to 1.3 billion. we are well underway in order to build a network and clearly have a peak investment year in 2021 and normalize it from 2022 onwards. manus: the world watched with
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horror last week and the week before in terms of the damage brought to germany from the horrendous floods. the scale, can you give the market a sense of damage that was brought to the business, the infrastructure? quickly will you be back to full capacity? what will the cost be to the business? markus: well, i think it was especially in two areas of germany. small villages have been heavily attacked by the flood that you can also see in the pictures right now. roughly 150 mobile sites went down, mainly due to missing electricity, but we only lost five sites that had been destroyed. from that perspective, we were able to rebuild 2/3 of the sites already within 48 hours by bringing back electricity and going forward to full area coverage again.
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i think the mobile sites we can recover quickly, but on the fixed side, it will take months in order to bid again, especially fiber now into the homes, to rebuild the homes. but from that perspective, it is an insurance case, so we do not expect any significant financial impact on telefonica deutschland. it is most important now to bring back mobile coverage that has happened, and that we need to rebuild fixed in these areas. manus: so it is the insurance company that will cover the cost the for you. do you have a number on that? markus: mobile, it is a neglectable number. telefonica deutschland is neglected clean influence -- is neglectfully influenced.
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manus: t-mobile is going to allow emergency delivery through the mobile system. are you talking to governments? have you had talks about delivering an emergency mechanism of communication to the german national people in times of crisis? markus: yes. i think it is a technology that analyzes customers being in a special mobile cell and sins out a text message with the advice to leave home or stay at home, whatever the advice is in the current situation. we believe this could be built up relatively quickly. there is a target date we give ourselves. there is constructive dialogue. it should be implement it soon. -- implemented soon.
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manus: when it comes to 5g, you give me guidance in terms of the capex you expect, but in terms of the thread, i look at your wholesale partner, they've got a 5g roaming package. if you are correct, you are 0-2, you have no 5g. is that a big headwind for you in terms of growth? markus: from our perspective, this quarter we also signed with one and one, a national long-term roaming agreement. on that basis, currently -- if developed with a network operator with national roaming, new customers would not get 5g and up for a certain migration period. we would be competitive in 5g.
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we would have our 5g network and one and one would build its own 5g network, so there would be competition between the networks. there would be no access in case one and one getzen network operator on our 5g network. manus: we wish you well. markus haas, telefonica deutschland ceo on the numbers and the aftermath of the tragic floods in germany. coming, another conversation. equinor's ceo joins me on second quarter development plans, on renewables. the interview next. ♪
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manus: it's "daybreak europe." another set of numbers, this time from the oil and gas sector.
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equinor more than doubling quarterly profits. boosted by higher oil and gas prices and tax relief in its own country. net income $1.58 billion in q2, up from a year ago. but missing estimates. the man with the numbers, anders opedal, equinor's ceo. thank you for joining me. tax and a high oil price is perhaps part of the story. i want to get a story from you. when we last caught up, you talked about a better economic outlook. how optimistic are you as we hit the end of july? how much more bullish are you now about the outlook going forward? anders: we have solid results from the oil and gas quarter,
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but also strong performance despite the maintenance season. oil price has recovered during the year and very strong with record high gas prices in europe. we think the gas prices will continue to be high. we came out of winter with really low storage after a really cold winter in asia and europe. until winter of 2022, we continue to see strong prices in european gas. manus: how much did gas prices rise, and how strong can oil prices remain? anders: i don't want to say exactly the prices for the gas because they will still see volatility, but we see the fundamentals are there. there is less lng coming into europe and there is increasing demand. for the oil price, we will continue to see prices at the level we are seeing now, but we
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are expecting volatility. we are still in the pandemic. there will still be close down seeing some parts of the region, around the world, -- close-downs in parts of the region and around the world, and that may cut down the rise in demand. we are looking to have a strong balance sheet so we can manage the volatility. manus: two-year guidance on capex, $9 billion to $10 billion, is that a steady state? can you give us guidance on the? you see that rising or falling going forward? anders: for 2021 and 2022 we have a $9 billion to 10 billion other guidance. we were going to keep that guidance -- we were going to keep that constant. we have secured long term contracts to secure the portfolio. most of it will be oil and gas, but we are increasing the
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investment in renewables as well. we are seeing that towards 2023, we are going to increase it towards the 12 billion best dollars -- he u.s. dollars, reflecting increased activity in oil and also renewables. manus: you recently reduced your expectations for renewables returns. what are the biggest headwinds in renewables? anders: the big headwind is, of course, the unprecedented demand we see in the years to come, but we also see there is strong competition. we see there are a lot of countries that are very ambitious about their targets, but we still need or if you bed -- we still need more feedback to execute on our project. there are higher efficiency available. we think based on the efficients we see from different countries, it will be available, and we see potential growth for the coal
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industry. for renewables, we are mainly focusing on offshore wind. we are an early mover into that market, and we have a competitive advantage based on our offshore experience from the norwegian continental shelf. manus: on the hydrogen and carbon capture business, when will you return to profit? anders: that is too early to say. we are now working on a lot of different options, both in the u.k., norway, germany, and holland. we are maturing those options. we need to see higher carbon prices to make those projects profitable. it needs to be more expensive to pollute than capture and storage. we have the world first project where we are actually picking up
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the co2 from different places in europe and bringing it to the western coast where we can store it safely under the north sea. we expect more years to see that these types of projects can be profitable. at the moment, we are dependent on support from governments. manus: anders, thank you so much for joining us today. anders opedal, equinor ceo. that is the last conversation we will have at this stage, but they were all on. -- they roll on. we have the cfo of santander, what is going on with the numbers. they are on track to outperform. income is doing very well. also, dws. the cfo will join us and we will get more into the markets with more detail. but what does the cfo think about the bond market? it is going to be a fascinating
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conversation in terms of really old. the campari goods ceo joins us. the european open is next with anna edwards and mark cudmore from singapore. ♪ so many people are overweight now
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anna: good morning. welcome to the european open. i'm live in london. mark cudmore joins us from singapore to take us through the market action this hour. the cash trade is just less than an hour away. here are your top headlines. china concerns still dominate. the hang seng is a

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