shot of pfizer or moderna will be needed to maximize protection. they are urging people to get it if they received their second shot at least eight months earlier. the first coronavirus outbreak in six-month new zealand has grown to seven people. the prime minister said that number is expected to rise. some of those infected spent time at a church, but school, a casino in the hospital. the prime minister says testing has confirmed the outbreak is of the delta variant and it originated from an outbreak in sydney. the pentagon is holding fast to a deadline to get american citizens and afghan allies out of afghanistan by the end of the month. a spokesman says the airport facilities in kabul remain secure. >> the mandate by the president is to complete this mission by the 31st of august. that is the target we are shooting for. i won't speculate about any

possible different decisions going forward. that would have to be a decision made by the commander-in-chief. mark: lawmakers on both sides of the aisle have been pressuring president biden to extend the deadline. british prime minister boris johnson is rejecting calls for a formal inquiry into what happened in afghanistan. he says the taliban took over the country faster than british officials expected. the prime minister says it would have been impossible for british troops to stay in afghanistan without a u.s. military presence. 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. i am mark crumpton. this is bloomberg. ♪

matt: i am matt miller. welcome to "bloomberg markets." these are the top stories we are following from around the world. we will discuss the return to office as companies expand precautions amid the spread of the delta variant. woody bradford of asset manager joins us with his plan to safely bring employees back. we will speak with joy falotico, president of ford's lincoln luxury division about the revamp of its navigator suv and talk about plans to electrify the fleet. nissan debuts the latest edition of its z series coupe. you will hear part of my conversation with the coo about the outlook amid the global chip shortage. let's look at was going on in markets. s&p 500 coming down again today.

only by about 6.5 points. the u.s. 10-year yield on the rise, but only to 128. the dollar index gaining .1%. new york crude coming down. we saw nymex and brent rising in the morning session. they have turned around and we're looking at wti at $65.52 a barrel. goldman sachs is the first major wall street bank to require employees to return to u.s. offices. it is working on new measures like mask requirements to prevent covid outbreaks in the workplace. morgan stanley is requiring all in-office employees to be vaccinated and show proof. joining us is woody bradford. also this is sonali basik.

let me ask about bringing employees back. you planned around september or october to get everyone back, now looking at the beginning of 2022? woody: that's right. we thought we would use the summer as the opportunity to experiment with voluntary repopulation of offices. as more data has become available in the last three or four weeks we decided to push it out. without the risk-reward trade-off of bringing people back sooner versus giving them certainty and clarity about january of next year being the right decision. sonali: you have offices all over the world. you see people coming back as early as summer and still planning on september. do you think other employers are jumping the gun? woody: i think it's a big experiment going on. if you made a spreadsheet of what companies are doing, you

would see a broad distribution of what people are trying. companies are doing what they think is in their best interest in trying to make these decisions. we have offices around the world. in different geographies are answered as different. we have an answer that is very specific to each one of our geographies and offices. our u.s. policy is not to repopulate before january 3. it could be after. also to give the offices open on a voluntary basis for small gatherings and for employees for which being the office is a better circumstance than their homework environment. sonali: what are learning from the offices abroad, particularly in asia about the spread of the virus? woody: one thing we have learned is it helps to give employees some time to be able to adjust. stopping and starting is not good. saying we are repopulating, then mask, then going home, then team a and team b, is disruptive for

employees. they have enough stress in their lives to deal with. stress from the market, from their personal lives, health and safety concerns, etc. the last thing our team needs is more stress and uncertainty about what is going to happen going over. trying to get people timeframe they can plan their lives, plan for their kids in schools, plans for elderly parents, but they can plan. matt: did you think about reducing your real estate footprint? here in germany, bank ceos have looked at that as a possibility to cut costs. i was looking at conning? woody: we have long-term leases. in the short-term the answer is no.

maybe. the point of having people together in the office -- one of the things we feel strongly about is having office interaction is critical longer-term. we don't believe a 100% virtual model is effective for our business and company, for new people, for culture, for launching new innovation. we will have a hybrid model of in and out of office work. when people are in the office we want them to be together. in theory -- in the short term i don't dissipate changes in how we are operating in real estate. i don't think anybody can really predict how the world will look from a work model perspective in five years. we are waiting to see. matt: what about travel? your industry where your top women and men are probably spending normally pre-covid a lot of time on planes and hotels in face-to-face meetings with clients. is that going to come back as well at the beginning of 22? -- 2022?

woody: we did more travel over the summer before delta set in. we have employees traveling on a voluntary basis. some clients want to see us. when it comes to large gatherings and client conferences, we will defer those in-person until next year. we have been more restrictive about international travel. the practical restrictions of traveling to companies that have long warranty makes it costly to have -- quarantinies makes it costly. international travel will take longer to come back the domestic travel. sonali: you mentioned stresses in the market. what are your clients most worried about right now? is it as simple as a drawdown? woody: there are a few things. if you think strategically, most of our clients are insurance companies. they are trying to find returns and they are heavy fixed-income investors. with the treasury at 128 at the

moment abbott spreads tight on -- and with spreads tight on corporate securities, clients are finding smart ways to find sources of yields and returned to their portfolios with an overarching sense that maybe assets are pretty expensive right now. how do we minutes at trade-off of trying to get new sources of income into our portfolios at the same time we want to be prepared for drawdown scenarios? matt: you are bank on. 128.34 right now. when you say our clients are trying to find smart ways to get yield, everyone listens up. you are like the efi of yield -- e.f. hutton of yield. what solutions have you discovered? woody: they are looking at their core portfolios to make sure that is managed intelligently and what kind of risk they are taking in their portfolios. that is looking for different sources of risk and return to

add in specialty areas, things like esoteric asset-backed securities, loan obligations, income oriented equities, or illiquid securities. private assets are great interest as well. matt: really appreciate your time. woody bradford, ceo of conning, and our thanks to sonali basik. something that caught my eye. stephen cohen is finding a quickly how tough it is to be a mets fan. the billionaire is in his first season as the owner. he took to twitter to vent frustration of the team's lackluster performance, saying it is hard to understand how professional hitters can be this unproductive, after another loss last night. they are below .500 and finding themselves in third place in the national league east. cohen bought the midst in

december for $2.5 billion, beating out a bid from a rod in j. lo. it is not just the mets. professional hitters across the major leagues just are not turning out the kind of averages they used to do. lincoln davies an update to its flagship navigator suv. we will discuss the company's choice for an ev shift with the latest generation. joy falotico joins us. this is bloomberg. ♪

matt: this is "bloomberg markets ."

forward'-- ford announcing an update of the lincoln suv. the automaker is adding a feature that has been touting -- it has been touting for the other ford builds. that is elective occasion. joy falotico joins us, president of lincoln motor to discuss the new vehicle and the choices they have made. i have to ask about the lack of a hybrid here, especially since we are awaiting the f-150 lightning. the same big platform could be used for a hybrid or electric vehicle. why not with the navigator? joy: our new navigator will feature our 3.5 liter v-6 twin turbocharged engine. it has 440 horsepower and 510 pounds of footwork. -- foot torque,

as we have announced we have plans to electrify our lineup by the end of the decade. you will hear more later about electrification and are navigator. -- our navigator. matt: ford has been clear about the v-6 and the longer -- no longer making the big v8s. you can get them from competitors across town. gm and gmc are offering them. bmw, audi, mercedes have offered big for leader and more v-8s. why doesn't ford go back there? joy: i think we have proven with our technology you don't need to have that big of an engine and you suck at the same capability. the navigator is a vehicle that tows bows, horse trailers, you

name it. this is a very capable vehicle. we just need that kind of power to do the job for this vehicle. matt: you get the same power numbers. you are giving us the horsepower and torque and you can crank them out with the eco-boost or the 3.5 the v-6. -- leader v-6 -- liter v-6. what timeline should we be looking at? joy: we have announced we are electrifying our lineup. the whole company announced we have $30 billion investment in electrifying the lineup. we are looking for going all electric with evs at thinking. week -- lincoln. we think that's a few years out, not far but just a little bit.

we will be looking to announce more about our plans about that later. matt: i love the hybrid powertrains. i would always prefer to have a gasoline engine as a range extender if possible. when you give the 2030 date, and a lot of automakers will electrified by 2030, does that mean no more internal combustion engines or we will just have electric choice for each model? joy: great question. for lincoln it will be a transition over time. we will debut our first all the trick vehicle next year, which matches up with our 100th anniversary. we expect by 2026, that will be the inflection point point about 50% of our volume will be electrified. when we say by 2030 the whole lineup will be electrified, we think the majority of our volume like 70% to 80% will be electric. we will still have some of those

examples running out as well. we are shifting to electrification of this timeframe, hence the big numbers about investments. matt: i am configuring my lincoln navigator here on the internet. the standard model is fine. i have chosen the black label. it starts at $98,600. what kind of margins are you making on this big behemoth? how important is it for your profitability? joy: we are certainly pleased with the receptivity of that black label you are talking about from our clients. it is as you referenced whatever higher-priced vehicle lines. we actually have a younger customer with a high household income that is really looking to enjoy the type of vehicle. i will not discuss margins or profitability with you today.

this is a very important vehicle to the lincoln lineup. while you are configuring the vehicle, we will have two new exclusive themes for next year. central park it also invitation. central park is absolutely beautiful. it has got a manhattan green exterior color for the outside. the interior has a beautiful etching on the wood which has the landscape or scenic pathways of the park, and also a two toned color interior with perforation. imitation -- invitation will be an all-black interior some beautiful wood as well. matt: the chip shortage has made headlines for months now and we all know not only the supply chain has issues but shifting -- shipping is difficult. when you see that getting resolved?

is it in the beginning of 2022? does it take until the end of next year? joy: matt, it is a fluid issue with the chip situation. we are seeing improvement in the second half of the year. we do think we will probably into mid 2022 before we see supplies rebound at more of a normalized level. it is very fluid. we get new information every day on this. we look forward to getting back to full supply so we can fulfill the orders. we have had a lot of orders taken for our vehicles based on this lower supply. we are up two times our normal order bank year-over-year for lincoln. we look forward to getting back to more normal in the chip situation soon. matt: thank you very much for joining us. joy falotico, president of lincoln motor talking about the elective occasion and supply chain issues. nissan debuted its latest edition of the z series, marking

the seventh generation of its karlan first introduced in 1969. i spoke with the coo about the outlook on the global chip shortage and the ongoing pressure on the supply chain. >> the whole world is going through this chip shortage. we are managing it together as alliance and reallocating region by region. however, what we saw recently is holes of improvement. for southeast asia the pandemic surged and we are seeing an impact on the global industry get. we hope it is not about the church shortage or your from now. it is awfully the world is that of the pandemic, keeping people

safety is the priority. matt: that was the nissan coo aswani gupta. this is bloomberg. ♪

matt: this is "bloomberg markets ." we are getting headlines now from the exiled afghan president gani, saying the taliban should work on building an inclusive government. we will continue to follow this for you as we get more from ghani in exile in the united arab emirates. he continues to deliver remarks. it is time for the stock of the hour. lowe's beat estimates. the ceo thinks he can make margins hold up. david wilson is looking at the details. dave: this is a stock that has

really taken off since march of last year when the bull market began. today it is heading for his biggest gains since that time. at one point this shares more than tripled. they peaked in may and came back down. it is interesting to see the gain. contrast that with home depot after earning schema yesterday. what is the difference is the main question. if you look at earnings and sales, both company's beating analyst average estimates on the bloomberg survey. they had a similar shift in their sales. fewer transactions, larger amounts per sale suggesting the business is moving more towards contractors and away from do-it-yourselfers. lowe's talked about weekend by being down, which is consistent with that idea. you have to really focus on profitability. it's emerging as a theme as

companies report quarterly results. lowe's could match and estimates on that particular indicator. home depot came up about half a percentage point. lowe's anticipating his profit margin will be actually up a bit from 2021. analysts were not released becky much of an increase there. you have a valuation gap which lowe's is starting to close. the biggest in terms of price projected earnings at about -- in about 20 years. matt: thanks very much, dave wilson. coming up, i deeper dive into all the retail earnings out this week with stacey wildlitz. ♪

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mark: i am mark from bloomberg's first word news. u.s. health officials today announced plans to dispense

covid-19 booster shots to all americans to ensure protection amid the surging delta variant. move indicates the vaccine effectiveness is falling. officials say third shot of pfizer or moderna would be needed to maximize protection. those could begin the week of september 20. vaccinations in the u.s. have risen to levels not seen since spring. the number of americans getting the first dose of a vaccine has climbed to almost half a million a day. this pump has been driven by countries -- counties in the south that were initially one of the most resistant to get the shot. the region has been hit by a fast-moving wave and affections has sent thousands to the hospital. as countries across asia resorted tighter restrictions in the face of increasing coronavirus cases, south korea's prime minister tells bloomberg

that his country will not employ lockdowns, saying they will keep sending aid to small vices. >> one of the reasons i think south korea has exceeded in prevention is because of lockdowns. mark: they say south korea wants to have 70% of its population vaccinated with at least a first shot by the end of september. the u.s. is trying to keep the taliban from accessing assets belonging to afghanistan central bank. the has frozen almost nine and a half million dollars in afghan accounts. the treasury department sanction list. 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. i am mark crumpton.

this is bloomberg. >> welcome to bloomberg markets. matt: we welcome our bloomberg audiences each day of this hour. here are the top stories we are following for you from around the world. target tops all wall street. we will discuss the company's latest earnings report and get a preview of the report after the bell with the president of fsw retail advisors. u.s. mortgage applications declining last week as mortgage rates rise back over 3% for the first time in a month. the ceo of the largest tow cylinder united states, united hoe so, joins us with his outlook on mortgage demand in the housing sector.

plus, wall street's fight for talent. why the big banks are boosting salary to treasury banks. greg: we have a bit of a big event coming up and almost half an hour. starting to get the fed minutes. we want to know with the discussion was like around the table. we do have some weakness, we've got the nasdaq basically flat. s&p 500 under a little bit of pressure. it is interesting, we should take note of the u.s. 10 year. you're pretty much pressing up to the highs of the sessions, makes you wonder where the traders have their heads. all will be known. the big issue we want to get color on, baby we don't get a lot until next week, but you want to start thinking about what they had to say. inflation has been a huge theme, and for what it is worth, here

in canada we got our latest inflation prints. just like in the states, we are running hot. we take him a little bit higher than we have seen in 20 years in canada. the same for our central bank as the u.s.. all of this is transitory. we talked to economists, when they talk about transitory, they say into the spring you will see things cool off. we have an election campaign right now, this is an issue that is continuing to dog liberal leader justin trudeau. matt: absolutely. the thing is, it is global. we have seen food inflation running pretty high for most of the countries in the world. you see housing inflation running very high, especially for the western world. maybe not as silly things trudeau can get his hands around. -- necessarily things trudeau

can get his hands around. according to the financial times , they are looking at a $16 billion bid for its chicago exchange arrival cboe. this is according to the financial times. they approached cboe global markets about and all share deal to acquire the volatility index $16 billion, the financial times is deciding three people familiar with this matter. -- citing. our viewers, a lot of them are standing on the floors there at the cboe. they will be walking these headlines, reading lower and maybe stopping to turn up the volume. this could be a big deal in exchanges. greg: isn't that the way, if you work for the place, you're the last to hear about what is going down. the shortage of big -- no

shortage of big headlines out there. we will get some comment from both sides. got lots of news, retail earnings, slew of corporate results on that. some sales data as well. a concern about the strength of the u.s. consumer, the retail numbers seem to be a bit nick. let's bring in stacey widlitz. thanks for joining us. we get some of these reads, some of these earnings. what is it telling us about the path forward of the u.s. consumer? stacey: if you take a step back and look at who the company's target, do forget these companies have grown by a third. they are massive companies. so yes, you look at target today, they are up 9% on top of -- these are huge numbers. the consumer is still incredibly strong.

the common thing for targets is back-to-school strength continues. there has not been a slowdown since the delta variant headline. there is some volatility, also with makeup if they have to put the testers away, will the consumer pullback? but generally, the commentary from t.j. maxx, target and walmart has been incredibly positive. matt: what if they raise prices? will inflation hit consumers hard and will they continue to pay up? stacey: here's the interesting thing we have seen over the last year. retailers have been raising prices. they have been absolutely not discounting a thing. and they are happy in some cases, some of the brands from the small revenue base at a higher operating margin. so far, because there are no discounts and there are supply shortages, i was in store the past week a lot of these -- if

they want the good they're going to have to pay up. so far, they are willing to. greg: how do you feel about the argument that the stimulus checks were meant to be spent and that was the whole point, but as american stop getting that cash infusion from washington, the strength might slip past where someone needs money from the government to go shop. stacey: that has been a huge boost. consumer balance after being locked up at home for more than a year are incredible strong. going forward, sure. we expect to see a moderation of these comps. you can see you -- you cannot see retailers comp 20% forever. the bigger retailers, they will continue to gain share because they have the power to get supply.

once again, the bigger names are going to continue to win and the smaller names are going to struggle, particularly getting supply. matt: in terms of the savings we heard about during covid come are those pent-up savings spent off? are consumers going to go through that in the fall? stacey: some of it has been spent, but there is still plenty to go. i think their holiday, we are going to see one of the best back-to-school's we have seen in more than a decade. there are certain categories that continue to be on fire like footwear. this time next year, when we look at comparisons, are we having a different conversation, will retailers over border, go back to their old habits? different situations. for now, these brands have higher margins because the supply is short and perhaps the wholesale guys, the third-party

distributors, get caught with inventory this holiday. matt: thank you so much for joining us. stacey widlitz, president of s w retail advisors. we still have more to come. we've got a breaking story to cover. cme has approached cboe for take over to the tune of $16 billion. in all share takeover according to the financial times. they are reporting this would value cboe at around $150 a share. you can see it drop here in cme shares. they are down about 2%. but it would be an all share offer. it is interesting because these are two of the most traditional chicago exchange businesses. salt of the earth exchanges. i'm sure the traders are sitting on the floors right now with

bloomberg screens all over the place. watching these flash by. you could see the bait and the exchange business, we will get our wall street reporter out in just a moment. sonali is going to talk to us about what this means. so stay with us for more on that. we are also going to give you more housing data out of the u.s.. we've got some numbers today, adding to evidence that the red-hot market may slowdown. the demand for mortgages and the ceo of the largest wholesale lender in the u.s.. this is bloomberg. ♪

matt: this is bloomberg markets. we have some breaking news coming out right now. according to the paper, the cme group approach to the cboe about an all share deal nearly $16 billion. that would value see boat -- cboe. now joining us is our correspondent sonali basak. she knows a thing or two about these assault of the earth exchanges, really traditional mainline businesses. -- salt of the earth exchanges. we have had already some telegraph out of washington indicating they do not want to see big deals right now. will this be difficult? sonali: there has not been many

big deals. these businesses opt great very similarly. -- operate very similarly. they have expressed concerns for a potential deal like this. we also see a changing of the guard happening under the biden administration. this is not an international player. it is not even the new york stock exchange or nasdaq coming in. it is in the chicago exchange. the earth is shaking in chicago. to your point, these businesses have been vastly transformed by technology. they need to change and adapt quickly, it is all about data. people note cboe for indexes. -- know cboe for indexes. private equity firms play with this data today too.

greg: when we think about this, obviously the report and all, the need for change. they know regulators will take a look at this and have questions about them coming together. at the same time, do you think this is the emphasis? it doesn't make sense. sonali: there is a real heat to compete on a global scale when it comes to exchanges. think london stock exchange, nasdaq, both getting rid of some businesses and adding more. there is this huge need to compete. again, just because they are antitrust concern doesn't mean it's a no go. just because they are in talks for it doesn't mean there are other people who may not be on the sidelines looking to enter a deal like this. there is a lot of consolidation that has happened more broadly in the last couple of years. this is about $16 billion.

again, monk to brand name heart of the market firms. -- among two brand name, heart of the market firms. they are set on talks of the deal and down 2.7%, you've got to see the valuation or strategic issue there that investors are not liking. if they don't like the deal, you've got to wonder if investors would like another bitter -- bidder at a better price. matt: if you see a white night coming into help bid up the price. thank you for joining us. we will continue to cover this story for you. i want to get back to housing. u.s. housing starts to climb more than expected in the month of july, adding to evidence that supply and labor constraints may be holding back home construction. to say nothing of what is a great leading indicator for the u.s. economy. let's bring in mat ishbia,

chairman and ceo of the largest wholesale lender in the u.s. let me get your take on this data point, because the housing market has been looking red-hot, may be little too hot. does this mean it is cooling off? mat: i think it is one data point -- i see the market very hot still across the country. we are seeing -- the data you are pointing out -- we are seeing a shortage of inventory. a lot of people bidding up on houses. we had our biggest purchase quarter of all time, $24 billion. we have not seen any slowdown. i don't know if that data will be lending -- leading indicator or a one-off. the fourth quarter and the rest of the third quarter will be very strong. greg: when you take a look at a hot housing market, homebuilders and originators -- he get to a point where -- you get to a point we worry about getting

over the tipping point. buyers saying i can't play in the market. mat: it is definitely a concern. with interest rates as low as they are, the affordability index is strong. we are not seeing much of that right now, but we are seeing bidding up. they continued to push the price up and eventually, that will slow down. it can't keep going up at that pace. that is deafly going to happen. right now, we are still seeing a hot market to the third quarter and we see the fourth quarter as being strong. matt: those are dream prices around new york. i was looking in westchester last month and couldn't find much more than a box for $2 million or less. the prices seem, to me, to be getting a little out of control. are you concerned we will see deflation in some regions as the -- i don't want to say the bubble bursts, but as the market deflates over the next year? mat: i don't know if we'll see

it deflate like that. a lot of people look at it and see -- say it will be the same thing, bubble burst. back then, it was built like the foundation. people were not qualified for mortgage. the mortgage market is very strong right now. it is built on a great foundation. will housing slowdown? of course. depreciation value should not be going up that fast. things will calm down, that will be more of a q1 type thing. but we are still seeing a lot of demand. with rates as low as they are, people are finding local mortgage people in getting great deals. it is not slowing down anywhere in the country that we see. matt: does the mortgage market look different as the fed starts to pull out? mat: yes. it will look different. affordability change, but also a lot of the competitors -- my competitors that do symmetry financing, their businesses will slowdown. -- so much refinancing, their

businesses will slowdown. we grew 21%, but most of our competitors went down. when they go to 3.5% or 4%, it will have a major change. when the fed pulls out, they will see a change in the mortgage market. right now is a great time for mortgage companies. in the future you to be able to do refinances and purchases, not just one of them. greg: great to get your insight. mat ishbia, chairman and ceo of united wholesale mortgage. as we had to break, we are discussing the big news as the financial times reports of approaching cboe global markets of $16 billion, raising a lot of questions. competition with regulators, seeing this kind of action. we will be back with more. ♪

greg: this is bloomberg markets. we've got a pretty hot report out of the financial times about a big deal in chicago. the cme approaching the cboe global markets about a deal at about $16 billion according to the reporting. what are we seeing here and what do you think some of the catalysts are behind this? >> we've gone through. where there has been a determinism out of dealmaking across the financial sector. this is interesting, because cme is known as the big feature exchange operator and it is making a play for cboe which has control and is looking to combine into a larger behemoth. we see it could be $16 billion deal combining the two. it would have one of the largest operations in the states going forward. oath sites have not commented on

the status of the deal. -- both sides have not commented on the status of the deal. if it goes through, it will reshape the landscape. matt: do they need to do a deal like this? does there need to be consolidation? >> over the last year, 18 months, elevated activity across the space. in all of these derivative products we have seen in elevated level of activity. in coming out as you look toward the more normalized pace going forward, it would be a big deal of these two combined. matt: thanks so much for joining us. talking about the possibility of the cme buying cboe for $16 billion as reported. ♪

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mark: i am mark crumpton with bloomberg's first word news. as the biting administration rolls out its plan for booster

shots for americans, the center for disease control is getting ready for the next pandemic. the agency says a new center is designed to provide early warnings in real-time data on disease threats and outbreaks. the director says it is the country's first governmentwide public health forecasting center. british prime minster boris johnson faced accusations today from lawmakers across the political spectrum of needlessly abandoning afghanistan and undermining britain's position in the world. members of parliament were recalled from their summer break to attend the emergency session in london. >> the events in afghanistan unfolded fast. what is not true is to say the u.k. government did not foresee this. it was certainly part of our planning