♪ >> good morning and happy friday from bloomberg's european headquarters. i'm tom mackenzie. these are today's top stories. global stocks hold steady in treasury yields. investors wait to hear from jerome powell at the virtual jackson hole gathering. they way a second term for the fed chair. plus. >> we will not forgive.

we will not forget. we will hunt you down and make you pay. tom: biden vows retaliation after a pair of bombings in kabul leads does instead and complicates the already messy u.s. withdrawal. supply chain snags turning to a chronic headache. we bring you our interviews with the ceo, gm, and president of chinese ev maker -- up next let's check in on the markets. i want to show you what we are looking at today as we guerra for jay powell's speech at jackson hole. this is what it's all about. the tapering of nbs securities held by the federal reserve and treasury holdings as well. just a recap and highlight for you. you are looking at 5.3 trillion

on the fed balance sheet. nbs, 2.5 trillion. it's the pace, it's the timing, and to what extent this will be sustained before there's a pause. when the rate hike cycle starts. let's check in on the markets in terms of china. you've seen tech coming back. closing out for the strongest week when it comes to the china tech sector since january. across asia pacific, modest gains of 1/10 of 1%. the tech stocks in focus. the s&p futures gaining 2/10 of 1% after read on the screen yesterday. wall street engenders about hawkish comments from fed speakers. of course, concerns about what is unfolding in afghanistan. the u.s. 10 year currently at 1.34%. the jackson hole symposium is kicking off virtually today. global markets will be watching for any indications on the fed's

timeline for tapering asset purchases when share jerome powell speaks today. it comes after hawkish comments from a range of fed governors including kansas city's. >> i think it's important to release center on when you believe the progress in the economy is sufficient to start that process. that's really where i'm focused. in that sense, we should get started this year. so that we can begin to pare back the amount of accommodation, watch to see how the economy unfolds after that. we will have to see what impact this flareup in the virus might bring. you can imagine that it might slow down some of the returns to the labor market. i don't expect at this point that it will derail the economy as we saw last year when we first had to deal with the virus. as i look at the progress that

the economy has made so far, it really does suggest that we've come to a point where we can begin to ease up on the amount of accommodation provided to the economy. that's different than suggesting that we have arrived at the objectives that we have in terms of full employment and price stability. i don't think that it changes my own calculus that it's time to begin to make those adjustments, given the gains we've seen so far. tom: ok. let's bring in ella hoxha. thank you for joining us. let's kick things off with this question. how are you positioning ahead of the speech? ella: ok. over the course of the last few weeks, we have been reducing the portfolio level. not necessarily driven just by the jackson hole event. predominantly from valuations.

if you look at the general consensus for 10 year treasuries by the end of the year, we have been trading towards the lower end of that range. it's a position that we have been increasing in terms of buying duration. using the selloff is a good opportunity to add. the current valuations made it opportune for us to renew at the portfolio level. given the risks around jackson hole and the tone of the fed, we retain a curve flattening bias in the u.s.. we have a preference for the long end of the curve. tom: you have a preference for the long end of the curve. to what extent are you looking at the details, the language from jay powell? there were different scenarios. it could be a nothing burger. it could be dovish.

there could be a slightly more hawkish surprise. we've been hearing from hawkish members of the fomc, esther george as we just heard from. how are you looking at how that may play into the impact on the yield curve? ella: as a team, we are not focused on predicting one off at the -- offense. they are difficult to get right. thus the focus on the valuations. having said that, the general consensus seems to be that this meeting will be a nonevent. there is little incentive for powell to disrupt markets by shifting anymore meaningfully from the message they gave us at the july fomc. logically, this should be a nonevent. cyclically speaking, prior events have called for moderate moves and markets.

hence why we are trying to not focus on this event. having said that, we would say that the risks are tilted more to the hawkish side. the reason for that being that the fed is very much looking to the data through the rearview mirror. focusing on inflation trends. concerned about the shape of the economy. there are inflation pressures at play. to us, that means that they will pick a course and they can be tilted to the hawkish side. that has ramifications for treasuries, given that we've been in rally mode for the last three months. there are some risks over the short term. tom: does it lead to more volatility? ella: [laughter]

yes. that's part of the game. we have been eroding volatility embedded in rates and markets over the course of the last few months as markets have been focused on the covid developments, the delta variant. it's possible we could get more volatility as we head into september. not just jackson hole. also the fact that we heard from the ecb and they were on the hawkish side. we have more supply coming to markets from both sovereigns and credit in the next few months. there's a possibility for more volatility. that's coming from very low levels. tom: ok. in terms of the consensus view on when we got an announcement on tapering, it seems to be september is when most markets are expecting that to be spelled

out. i wonder what the spillover effects are of the september announcement around tapering be on u.s.. -- beyond the u.s.. ella: it would be interesting if we get the fed and ecb announce along the same lines, given we have cleared a lot of the short positions in the market of late. there are risks of repricing. we would caution. it's not just down to the central bank tone. it's also about the health of the broader economy. we still have some questions unanswered. we don't know the full impact to economies as we enter and autumn and winter season where we know the virus is going to flourish. at the same time, we've been witnessing a slowdown in the data and variety of economies. the picture is not as clear.

for us, that will matter more than the shift of tone by the central bank. tom: keeping an eye firmly on the date is an. -- data then. inflation expectations and whether that pressures the fed to bring rates earlier -- earlier than the. charts are saying. how do you plan to manage that in the months and years ahead? ella: the bottleneck supply issues we are witnessing to complicate things. when we look at the basket of inflation data we've been seeing , a lot has been coming from one off and special components of that aspect. difficult to get a long-term picture. that's number one. i've said it before. looking forward is difficult. typically, we get it right.

i don't know that the fed is going to have any more visibility than the markets on this issue. for now, the market and the fed are on the same page. this is temporary inflation. we will need more information on that front. they do seem to be a fed that is more concerned about inflation. very much married to their price targets. perhaps more reactionary. tom: that alignment between market participants and the fed and it comes to the view on transitory inflation holding up for now. ella hoxha. we will be discussing china and the credit space in the next few minutes. don't miss our special coverage of the kansas city fed virtual jackson hole. the gathering taking place in wyoming. we will bring you all the key moments from across the symposium including jerome powell's speech later today. get the first word news with

angela. angela: thanks. a divided u.s. supreme court lifted the moratorium on evictions for people that have fallen behind on rent during the pandemic. landlords were suffering irreparable harm. the conservative court ruled that the cdc lacked authority to impose the freeze. the three liberal justices dissented from the ruling. a large u.k. study has found covid patients face a higher risk of developing blood clots than those vaccinated with astrazeneca or pfizer shots. for every 10 million people who received astrazeneca, this compares with more than 12,600 incidents among those who catch covid. china has issued its most detailed morning at against excessive work culture that

pervades the country's largest corporations. a trio of government agencies have published an essay highlighting labor violations. the french president has urged ireland to join a global deal on a minimum corporate tax rate. ireland's economic model has been built on low rates to attract multinational firms. it's holding out against signing up her luminary accord for minimum pact of 15%. apple has settled a wide-ranging class-action lawsuit with at makers in the u.s. without agreeing to major changes to its policies. a new advertising policy will make it easier for developers to promote alternative ways to pay outside the apple ecosystem. the tech giant will still forbid adverts from external payment methods within the apps themselves. global news 24 hours a day on air and at bloomberg quicktake,

powered by 2700 journalists and analysts in 120 countries. this is bloomberg. tom: ok. thank you very much. coming up, president biden faust to hunt down those behind the kabul airport attack. it killed 13 u.s. service members and 16 afghans. more on that next. this is bloomberg. ♪

♪ >> to those who carried out this attack, as well as anyone who wishes america harm, no this. we will not forgive. we will not forget. we will hunt you down and make you pay. >> we know that the window of

time is closing and it could be 10,000 people who were brought to safety. i would like to make it clear again today that we will not forget those who are not going to be brought safely by the end. >> the attack shows the importance of continuing that work as fast and efficient as possible in the hours that remain to us. that's what we are going to do. >> this situation is no more under control. nobody expected such a rapid and brutal escalation in kabul. >> it was not unexpected as we previously flagged. even events of that nature, when they are sadly expected, still make your heart sick. tom: world leaders reacting to thursday's deadly blast outside the airport in kabul. as an invite and has promised that u.s. forces will hunt down

those responsible for the attack in which 13 u.s. service members members were killed. he has also vowed to complete the u.s. evacuation mission in afghanistan by his august 1 -- 31st deadline. we are joined by bloomberg's executive editor for international government. rosalind, what is the situation currently on the ground in kabul? roseland: it is volatile. it's difficult to know. a lot of phones are dead due to power cuts in kabul. a lot of broadcasts are no longer airing footage from the airport. there have been chaotic scenes at local hospitals. large numbers of wounded being taken there. people are still attempting to get to the airport to leave despite these attacks. the evacuation efforts are continuing. airbus's are arriving in the airport even as a lot of people are still unable to get through. the reality is that they will

probably be left behind. some countries have round down -- wound down their flights. australia says it is done. the risk of further attack is there. the u.s. is saying that terrorist attacks have been inspected and more are likely in the days leading up to the august 31 deadline. one of the key questions on the ground is, what the taliban will do in response. a large number of their own guards were killed and injured. they are no friends of islamic state including his local offshoot. they will hunt down others. what retaliation might there be on the ground? perhaps joint with the u.s. on that. tom: wow. that would be something to behold, when it? august 31. the clock is ticking on the deadline. where does this lead the b.i. did ministration evacuation strategy? rosalind: he's facing criticism from lawmakers on both side of the aisle.

in particular, the apparent lack of ability by the u.s. to see what was to come, the speed of the taliban takeover, the dissented to chaos at the airport as people rushed to try to get out. the president says the u.s. will complete its evacuations as planned on august 31. the white house said the deadline has not changed. if anything, it harden. joe biden faces a backlash over the death of 13 u.s. service members who were killed yesterday. he can't afford any further risk to american soldiers who are there. american voters wanted their soldiers out. the u.s. extricated from the wall. there's about a thousand americans on the ground there and officials say they believe about two thirds of those want to leave. the u.s. has a couple days to get that done. it seems right now that the deadline is starting to stick. tom: incredibly pressured situation for the people on the ground. more broadly, what lessons is

the rest of the world learning about the u.s. government approach to its allies and the middle east? rosalind: other countries didn't protest that much over the initial plan to withdraw. they also pulled their troops out. the message overall has been a continuation of the trump white house, that america is no longer going to be leading the fight around the world, sending its troops into places where they could get mired for years. other countries need to do more. joe biden's big focus is on china i'm -- and concentrating efforts there. that means pulling out from elsewhere. the u.s. has vowed it is going to stay out and other countries will have to step in. in this case, refugees and the potential spread of militants into the area. european nations but also russia and china stepping in instead. the question is whether the u.s.

is a reliable strategic and military ally going forward. some countries are asking themselves. tom: a very complicated situation ahead certainly. breaking down the latest on those tragic scenes out of kabul. coming up, china tech and property sectors feel the heat of beijing's regulatory crackdown. we discussed investing, next. this is bloomberg. ♪

tom: welcome back. this is bloomberg daybreak: europe. china's regulatory crackdown is hitting the economy and sectors including tech and property. ella hoxha.

we are seeing some early indicators that have been fleshed out by our team at bloomberg to show, it seems the recovery possibly is starting to stall in china. industrial profits coming in below some of the forecast. you are not overly concerned about the outlook for china's economy. what is giving you that confidence? ella: the weakness that we are starting to see leak through into the economy now has been flagged by a good indicator that watches the market, the credit in past. that has intentionally been coming down, driven by the policies conducted over the last 6-9 months. it's not an entirely big surprise that we are seeing this slow down. it has been engineered. we believe that is reflected in the pricing now, hence why we've seen an underperformance of chinese assets across the board

for several months now. that weakness should potentially come to an end by the end of this year. most likely recovering from the year. policy is much more supportive now in terms of monetary and fiscal. clearly not as supportive as what we saw in early 2020. it should become more supportive for markets. we believe that is reflected in valuations. tom: where does that leave your views on the opportunity in china's credit space? how are investors pricing? are they mispricing the risks in this area? ella: right. an area where we find valuations really attractive and where we've been increasing exposure to our portfolios has been in china real estate. there's few markets with this type of spread. the recent repricing around the

concerns of the housing sector were a good opportunity to get exposure to very decent valuations across the sector. that's what we've been doing in china. tom: ok. you have regulatory pressure when it comes to real estate, trying to run -- rain and property prices. that is reducing flows of credit. also, the plight of ever grand, the world's most indebted developer. still, the base -- do you think they can manage to ensure that there isn't a broader impact from the case of ever grand? the domino effect if they let this one go. ella: well, we saw already a bit of a u-turn from policy makers on that front. the pressure and heat turned up for markets. we saw a reversal in terms of policy. pboc is trying to comfort markets with regard to its

policy. tom: ella. we are running out of time. we appreciate your thoughts. thank you for your insight. that's ella hoxha. plenty more coming up including supply chains. and there you have it— -woah. wireless on the most reliable network nationwide. wow! -big deal! ...we get unlimited for just $30 bucks. sweet, but mine has 5g included. relax people, my wireless is crushing it. that's because you all have xfinity mobile with your internet. it's wireless so good, it keeps one upping itself. switch to xfinity mobile and save hundreds on your wireless bill. plus, save up to $400 when you purchase a new samsung phone or upgrade your existing phone. learn more at your local xfinity store today.

♪ tom: good morning from bloomberg european headquarters. it is 6:30 am here in the city of london. this is bloomberg daybreak europe. here's what you need to know. global stocks hold steady as treasury yields ed lower. investors wait to hear from jerome powell at the virtual jackson hole gathering. bidens advisors way a second term for the fed chair. plus, >> we will not forgive.

we will not forget. we will hunt you down and make you pay. tom: biden vows retaliation after a pair of bombings in kabul leaves does instead and complicates the already messy u.s. withdrawal. temporary supply chain snags turn into a chronic headache. we bring you our interviews with the ceo of gm and the president of chinese ev maker -- let's check in on the markets. risk off mood on wall street. devastating bombings in kabul. slightly more hawkish views coming through from some of those fed speakers. not members of the fomc. nestor george saying, taper should happen sooner rather than later. get the process underway. jay powell will be speaking in wyoming later today. the question is whether he will

give more clarity on that timeframe and the prospects of a taper. here's what the msci asia-pacific is doing. essentially flat. modest gains on the mainland. technology doing better. their best week since january. as a be futures seeing their gains of 2/10 of 1%. the u.s. 10 year, you are looking at 1.34 in terms of yields on the u.s. tenure. not will bloomberg exclusive. we sat down with the ceo of general motors to ask her about the importance of battery technology in the automakers future and about supply chain futures that carmakers are now facing. >> we continue to invest in developing battery technology. we see the cost coming down. we will get to a point. because of the requirements from a regulatory perspective, prices are going up.

we think we are going to not only have affordable electric vehicles with very well priced battery capability power, but also the software business that we are going to unlock on top of it. the fecal, whether it is ice or ev, it is a software platform. that business is really going to change the margins substantially and they will be higher. >> you mentioned battery technology which is key to this. you've made the decision to pair with lg chem. the summer will be made on that. you've had some difficulties recently with the bold. the recall. when will you understand what went wrong so you can fix it? >> we already understand that when to very specific manufacturing defects happen in the same cell, that's when there's an issue. we are working with lg chem to make sure that those issues are solved and then we will be able to provide battery cell and

module replacements for our customers. it's important, the old cm technology is very different than what's in the bold. i believe the lessons learned that we have are going to benefit the entire industry. the importance of the manufacturing processes. with our joint venture with lg, we are going to be able to combine their expertise with our expertise. i have a lot of confidence in our platform. >> you mentioned lg is a valued partner. as far as i can tell, it's your only partner. others have had two or three different courses in the race. did this raise questions in your mind about putting all your eggs into that basket? >> i would say we are working, we work with lg but we also have our internal work. we have one of the largest battery development labs in the country. we are building a manufacturing land as well. we have a partnership with solid energysolutions. we have multiple pathways with

battery technology to make sure we will have a leadership position. the flexibility that has been designed into the platform means many different chemistries can be introduced. we are well-positioned to use the best battery technology. >> there's a fundamental transformation. it will change the supply chain a lot. you will need very different components. not just batteries. where are we with semiconductors right now? is that an indication of what is to come as we go over to ev's? >> the semiconductor shortage has some very specific things that caused it. it continues to be a challenge today. covid and the impact in southeast asia specifically. it continues to be a volatile situation. that's in the short term. as we move out, i can tell you that general motors, with all the critical parts, minerals, precious metals, that we need to

build ev's and continue to build ice. we are working to have either partnerships or joint ventures to make sure we won't be inhibited by supplies as we move forward. tom: we've heard from chinese ev maker -- about the supply chain issues. >> any given time, they could have a pipe supply situation. we are still quite small. we are more nimble to find alternative sources. tom: let's take into some of the supply and -- supply chain issues. the semiconductor being a major one. james steel. what are the supply chain issues, specifically that are plaguing the automakers. what are they doing to try to put some of this right? how long is this going to continue? james: right. the way i see it, there's two

issues. one is the shortage of parts. the other one is the logistical challenge of getting the parts to the manufacturing plants. for the part shortage, initially, it was just semiconductor chips. now we are seeing other parts, plastic, rubber parts. it's because delta is spreading to component suppliers across the world. countries like malaysia, vietnam, southeast asia. yeah. the other issue is the logistic challenge. shipping capacity coupled with growing demand is causing shipping rates to hit record highs. container spaces hard to come by even if you are willing to pay. dry box shipping rates at a historic high as well. it's costing more to ship raw materials needed to make the parts. this is raising component costs. tom: is there anything they can do to resolve these issues?

james: well, for the supply chain issues, they need to invest in the technology to help them visualize and manage their supply chains, optimize their inventories, build resilience. they can work with third logistics companies on this. consider diversifying suppliers from single to dual source. maybe two different countries as well, like philippines or india. on the logistics side, container shortages, congestion, and strong demand because of the holiday shopping season will cause delays to extend until the end of the year. the good news is that more containers are being produced, ports are operating efficiently. covid restrictions are lifted. this will help to clear the current backlog by the end of the year. tom: looking towards the end of the year to see some of these pressure points being used. breaking down where we stand on supply chain semiconductors and

the impact on autos. let's get the first word news now with angel feliciano. angel: president biden has vowed to hunt down those responsible for a series of explosions outside of kabul airport that killed 13 u.s. service members and at least 60 afghans. biden says isis-k was behind the assault. the top u.s. commander in the region said he's expecting more attacks as the u.s. continues to plan to withdraw all american forces by august 31. >> those who carried out this attack, as well as anyone who wishes america harm, no this. we will not forgive. we will not forget. we will hunt you down and make you pay. angel: a divided u.s. supreme court has lifted the biden administration's moratorium on affections for people who have fallen behind on their rent during the pandemic.

saying that landlords were suffering irreparable harm. the court ruled the cdc lacked authority to impose the freeze. the courts three liberal judges dissented from the ruling. a large u.k. study has found covid patients face a much higher risk of developing blood clots than those vaccinated with astrazeneca or pfizer shots. for every 10 million people who receive a first african a good so, 66 more will suffer from a blood clot syndrome than during normal circumstances. this compares with more than 12,600 incidents among those who catch covid. hp's quarterly sales have fallen short of projections, served by an industrywide trip shortage. revenue in the third quarter grew 7% less than the average analyst estimate. hp said demand is growing better shortage of low-cost components means they can't fill of the orders.

global news 24 hours a day on air and at bloomberg quicktake, powered by 2700 journalists and analysts in 120 countries. this is bloomberg. tom? tom: thank you very much. coming up, central banks face the carbon conundrum. we explore recent comments on climate change and how they plan to help tackle the biggest challenge of our time. this is bloomberg. ♪

♪ tom: -- >> floods in china, droughts in canada, and frost in brazil. what do all these things have in common? they are weather events being made worse by climate change and they are having a profound impact on consumer prices.

>> you can see inflation in the united states. >> it's obvious that we have a very broken start on inflation. >> i'm on the side of those who think we may well have an incipient inflation problem. >> one needs to watch these very closely. >> the global supply chain is not working as well as it needs to be. >> our instinct is that this will persist for some time. >> from asset managers to manufacturers. paint makers to policymakers. inflation is a topic at the forefront of corporate concerns this year and it has been worsened by clement change. -- climate change. in brazil at the end of july, a severe frost ravaged coffee areas and the timing of the cold snap meant that young plants were most at risk which could affect production levels for years. a grower in the south says the freezing temperatures hurt as

many as 120,000 coffee seedlings out of 200,000, planted less than years ago. irrevocable futures surged 17%, dropping two dollars a pound for the first time since 2014. ? like most coffee suppliers, we are hedged. there is some forward cover for the rest of the year and part of next year. obviously, at some point you run through the hedging position and then you face those higher prices. >> these price increases are all timidly to be transferred to the consumer. inflation in june in the usa rose to 5.4%, the highest 2008. when it comes to brands, smucker said it was planning to increase prices across varieties of categories the last month. >> the overall inflation rate is not that much higher than it

normally is. there are certain selective items in the grocery store that folks macy -- macy increase cost. this will even out. >> even if the economists and politicians say that price increases won't last, what is unique right now is that extreme weather seems to be pounding almost every region of the globe . no other industry is more at the mercy of sun, rain, and heat than agriculture. when changes in the weather can upend a farmers fortunes overnight, you might notice it with your morning cup of joe. tom: laura wright breaking down the link between natural disasters and inflation. you can catch even more on this week's bloomberg green shell. watch tonight or over the weekend. we are hearing more and more about climate change from central bankers around the world. how should they address it is a question to answer. ? -- >> there's no question that

climate change has the potential to affect the structure of the economy. >> is likely to induce financial instability if it is not taken into account. >> we are not and we do not seek to be climate policymakers as such. we have a very specific mandate. >> we would be failing on our man doubt -- mandate if we do not see that climate change could impair volatile -- monetary policy transmission. >> we should avoid trying to fill in public policy where governments haven't done so yet. that's not up to us. tom: this topic is one of the currents at like -- jackson hole this weekend. it will be hard for the bank of england to ignore today when a climate action group extension rebellion holds a protest on its doorstep. let's get more from bloomberg's ritika gupta. contrasting views from the powell and christine lagarde.

in terms of a contrasting view between the fed and the ecb, where does that leave us? ritika: you see how controversial this is. the leaders of the twos -- two most prominent central banks don't see i do i do it. jerome powell said he won't take into effect climate change policy or include that in his monetary policy. he will leave that to the government. ecb saying they will get -- if they didn't include that, they would be failing their mandate because of the effect that it has. for the fed, they are looking at it more through the financial stability lens. taking on a research role. the ecb is going further. they are looking at climate stress test. they want to promote climate disclosure and by assets. lagarde wants to go further.

you could be looking at the first central bank that takes climate change into account with his monetary policy. tom: maybe the ecb for running on this. extinction rebellion, they targeted the boe before. they will be protesting again. what has the boe done to this point to tackle climate change? what are they likely to do from here? ritika: earlier this year, they targeted the boe. they through fake oil on the bank. as for the boe, what they have done is start discussing the economic impact of climate change. they are also signaling that they will buy financial assets that work towards the governments environmental goal. as well as they've had major stress tests from the biggest banks and insurers, testing their resiliency to climate change risks. tom: breaking down the different starts for the central bank there. the boe and ecb more aligned at

this point. thank you. coming up, bloomberg's covid drinking shows europe emerging as the most resilient continent. the delta variant continues to threaten the global recovery. this is bloomberg. ♪

♪ tom: welcome back. this is bloomberg daybreak europe. the delta variant has wrecked global reopening plants. southeast asian economies once ranked among the best places to be during the pandemic and now among the worst. bloomberg's covid resilience ranking for august is also showing vaccination leaders like the u.s. and israel are losing their advantage.

european nations are becoming the most resilient due to their middleground strategy of immunization and reopening. joining us in hong kong is rachel chong. rachel, what does the ranking tell us? quite significant changes. rachel: the european economies are nine out of the top 10 at the moment. it's become a process of elimination. delta has taken down every model but has emerged. new zealand was the longest reigning number one. it has tumbled because they are in one of the world strictest lockdowns. israel, the u.s. seemed to be a glimpse of the future. they are now being weighed down by delta surges. they are rushing for a third round of shots. the truth is that delta has changed the game once again.

it seems as if people thought we were near the end. we were merely at the end of the beginning. tom: that's depressing, isn't it? what is in store for those highly vaccinated countries? rachel: there's optimistic situations for those places. the netherlands, for example. they had a delta surge but fatalities were limited to zero. that wave has come down once again. that's the best case scenario for places like the u.s., struggling with delta right now. it remains to be seen if the u.s. can keep fatalities down. tom: what about the lower ranked places? rachel: southeast asia is the latest global epicenter. the bottom five are entirely southeast asian economies. this is the plight of the developing world. they don't have vaccines, the shield of inoculations. rich economies are holding onto the supply of vaccines.

it will have global repercussions for what is happening. southeast asia has so many consumer goods being produced. what is happening to those factories? that will show up in shelves not being fully stocked. the world is so interconnected. the lack in vaccines is continuing to have repercussions on the rest of us. tom: more supply chain implications. what we know about blood clots in vaccines? there was concerns about this early on. we have more data, it seems. rachel: we do. we have a large study from the u.k. that just came out. out of 10 million cases of people taking the astrazeneca vaccine, blood clots were evident in about -- in a very small amount. in covid, you get blood clots in over 12,000 people. really, the risk of blood clots -- there are so many other bad health impacts. it is so much higher from

getting covid than getting a vaccine. that is now very clear. tom: an important update there from us. let's take a look at things we are watching out for today. the jackson hole symposium beginning with fed chair jerome powell and his remarks will be live-streamed at 3:00 p.m. u.k. time. bloomberg is there. we will interview a number of attendees and fed presidents. 1:30 p.m. u.k. time, we will have data from the u.s. including the fed's preferred inflation measure. we are going to get economic updates from canada including the raw materials price index. plenty more on the agenda. let's check in on the markets, a little under an hour away to the open of european markets. in asia, flat essentially across the regional index. the tech shares in terms of china, modest games there. 2/10 of 1%.

s&p futures up 2/10 of 1% as well. the tenure real -- that's it from us. play more ahead. this is bloomberg. ♪

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>> good morning, welcome to bloomberg markets. i'm anna edwards live in london. the cash trade is less than an hour away. global stocks hold steady in treasury yields edge lower as investors wait to hear from jerome powell. bidens advisors wait a second term for the fed chair. fighting valves retaliation after two bombs in kabul leave dozens dead and