good morning, this is bloomberg daybreak: europe. i'm dani burger in london read manus cranny is in dubai with the stories that set your agenda. manus: china's manufacturing slump deepens in may, further denting the nation's recovery. global stocks and commodities selloff. the house plans to vote today on the debt ceiling. as republican hardliners voiced objections over concessions granted by speaker kevin mccarthy. lust, jp morgan ceo jamie dimon says -- his bank is in china for the long haul despite the heightened political tensions. >> over time, there will be less afraid. it will take years for this to take place but it won't be a decoupling. and we will go on.

manus: more from the exclusive conversation throughout the show. there is a redline, i'm an american patriot, and the war cabinet wouldn't be letting me in china if there wasn't a debt deal. good morning, haven't seen you for a while. dani: it is sad you are not here. i guess i am a red-blooded american, too. he is bullish china, but manus, do the numbers back them up? another set of ugly china data today moving the market. manus: it is a one-like it is dual. the debt ceiling looks as if it is done. bonds tanked. i put out a chart yesterday. deflation. one-your breakevens are back to 2%, does it create the narrative for pause? dani: manus, i put that one in

the library, so i'm glad you found your way through it. if china isn't playing along, if the u.s. consumer isn't optimistic -- i will play it later don't you worry -- maybe we are getting to this place of deflation. that is where we are selling off. let me take you to equity markets. h listed -- hong kong listed china shares are on track to close down 20% from a peak in february. hang seng also on track to close down 20%. they narrowly avoided it yesterday, but those ugly pmi numbers cement for selling we're seeing from foreigners. credit agricole says it will take three years before foreign managers buy onshore assets. the kospi is a divergence. you look at the rest of asia down only 0.2%. to start the day it was up, and it was on track to gain 20% from its lows, all thanks to an ai

trade. we have had a lot of analyst upgrades. the same goes for s&p chores this morning. -- futures this morning. manus: markets are under stress. the debt ceiling looks as if it will roll along the consequence on the bond market. look at the tank in the short end. two-year yields dropped 12 basis points yesterday. the russian is what is the fiscal drag, as the independent congressional budget office says . jamie dimon warns on risk of qt. it will info volatility. yields dropped ever so slightly this morning. rude's down. oil collapsed yesterday on the concern that opec might not move to cut this weekend. we dropped 4.4% the past two days. the rbc note says they may opt for a mean -- lean cut.

with to, what you have got is a real response. and the aussie with a high pr response on the back of the chinese data tanking for the second month. and consistent concerns around chinese demand and that one-like it stool -- one-like it -- >> we will talk china pmi's with james mayger in beijing. stephen engle is here to talk about his exclusive jamie dimon interview. and it wouldn't be the start of a 6:00 a.m. show if we didn't have him filling us in of the debt ceiling vote today. manus: something everybody can vote for according to mccarthy. but china's manufacturing contracted for a second straight month in may, providing more evidence of a lackluster

post-covid recovery in the second largest economy. let's bring in our greater economy china editor. i was drawn to that note from the bloomberg team, a one-legged recovery. >> it's really looking much worse than people had hoped for at the start of this year when china came out of covid zero and everyone was expecting there would be this big rebound in consumer demand across the industrial sector. we did see a pickup across consumer consumption especially in services. people were traveling again, myself included, leaving beijing and places they had been trapped the last three years but that has tapered off. what you are seeing in may is that was the one leg driving the pickup in the economy, that services demand, and that has really fallen back. obviously, manufacturing is contracting in may from the

previous month, the second month of contraction. there really isn't a driver for manufacturing. both private consumption and investment, and the industrial side of the economy, nothing has been good in these numbers today. dani: even if travel was still strong, it is a narrow base to sustain any type of rebound. that's bloomberg's greater china economy editor james mayger. jamie dimon says jp morgan will be in china in both good and bad times, and remain committed to the country he spent the bloomberg exclusively at the banks annual global china summit in shanghai. he spoke to bloomberg's chief north asia correspondent who is with us now. stephen, a wide ranging conversation, everything from dimon running for office to china. what were your takeaways? >> i pushed him hard on the

china story. i didn't expect him to talk down his prospects in china, but i pushed him to get a reality check on the ground since he had not been there for the summit since 2019. the last time we spoke up in beijing. but he wasn't having it. during the pandemic over the last three years, jp morgan essentially took full control of three of their main units that had been joint ventures previously. we're talking mutual funds and securities in 2021, the futures, they are all in on the china story. he wasn't having talking it down, but he did say there are issues obviously, but he is in there for good, and for the bad. we will have more later as the morning progresses from that conversation, but we did pivot to the united states with the debt ceiling impasse possibly coming to a head in congress. as well as the potential as he talked about the fed raising interest rates again.

>> the financial system in america, the economy, is the most prosperous. the most innovative, the most growing. the rest of the world relies on it. we shouldn't create any instability there. i wish they would get rid of the whole debt ceiling thing, but when it is a democracy different opinions about what we should be doing. it is one tool for one party to get the other party to the table , so i am optimistic and i applaud that they all sat down and got something on. >> what's your read on inflation? on whether the fed will go beyond the pause and hike again? jamie: my simple view is they are right to pause. 500 basis points already. it is possible they will raise more. inflation is stickier and people

are coming around to that which means rates may have to go out more, people should be prepared. it is a matter of manage your own business, whether your a financial or real estate company, etc. be prepared for the volatility that might be created by quantitative tightening. we have never early had quantitative easing which we have had for the better part of 15 years, now you will see quantitative tightening and the effects may be harder than people expect but hopefully we will get through that and be ok. >> he did say that he thinks ukraine is still the biggest global risk right now. i did ask about post-jp morgan career, could he have a life in public office, he said quote, "i love my country, and maybe one day i will serve in one capacity or another." we will have to see. manus: you see treasury secretary in the making written

all over that. stephen engle with jamie dimon with an exclusive conversation today. the debt limit deal has been struck between president joe biden and speaker kevin mccarthy. heading towards a vote in the house after a crucial procedural hurdle with days remaining to avoid the fall. we are joined by bruce einhorn. the procedural votes got through by the skin of its teeth. the question now is do both mccarthy and the democrat house leader have the votes? or can the extremes on either part of the party -- side of the party scupper this technically? >> make the point that this procedural vote is very important. what happened is that in the house, unlike the senate where the majority leader determines what comes up for vote, they have a rules committee composed of republicans and democrats.

republicans have the majority in the house and on the rules committee. the bill has to get through the rules committee to get a vote in the house. republican critics of this deal were hoping they could get sufficient republican no votes on the rules committee that would guarantee that the only way this thing were to go forward would be if it got enough democratic support, which would be embarrassing for mccarthy. that didn't happen. there were a majority of the republicans on the rules committee voted in favor of this. so it now goes forward. according to republican vote counters, right now they identified at least 17 republican no votes, however republicans would need quite a lot more in order to really stop this from going there. on the democratic side, we have the leader of the progressive caucus, who hasn't explicitly said no to the deal.

is on the fence, so providing some space for members to vote yes if needed. one other thing is kevin mccarthy is not getting support from some of the leading presidential candidates. ron desantis recently declared criticism of the deal. nikki haley former ambassador of the u.n. running for president criticized video. donald trump has anything -- has yet to say anything about the deal. dani: let's take a look at some key things we are watching out for today. that vote will be one of them. we get a host of inflation data across europe including french provisional cpi for may at 7:45 a.m. u.k. time. we get the first reading of italian cpi for may at 10:00 a.m. manus: 1:00 p.m. the provisional reading of the german cpi. 3:00 p.m. the jobs number comes in, hugely important ahead of

the jobs number on friday. 7:00 p.m. the fed publishes its latest beige book looking at cracks in the consumer confidence feeding through to the reading and u.s. economic conditions. dani: coming up with this program, we will be joined by the investment director at jm finn, to discuss all things markets. this is bloomberg. ♪

how can you sleep on such a firm setting? gab, mine is almost the same as yours. almost... just another word for not as good as mine. save 50% on the sleep number limited edition smart bed. plus, free home delivery when you add an adjustable base. only at sleep number.

dani: the u.s. seems like it is heading towards a deal to raise the debt ceiling, with congress weighing up a bill ahead of the vote. maybe a reason to be bullish, but cracks are appearing in the u.s. economy. consumer confidence data yesterday came in at a six-month low. joining us now is lucy coutts, investment director at j.m. finn . state street yesterday said recession is on the way and this equity market isn't ready for it. is this an equity market that has further losses to come? lucy: i can't answer that question. i don't think there is a central banker or analyst that can.

certainly the fall in the oil price yesterday is souring sentiment for equities. manus: lucy, good morning to you. we're going to an opec+ meeting. that will perhaps impact the physical construct of the market in terms of putting the floor in, if they do a lean cut as rbc says. maybe we trade at the 70's level. what we do with big oil in a transition world? lucy: i read somewhere that it is important not to be naked oil, the phrase was. it is difficult in an environment where we don't know where equity markets will go because the narrative remains around inflation and interest rates. until that has peaked, and we have more certainty, we will get a better feel for where we will head if it is recession.

or we managed to dodge that. and then the oil price will reflect accordingly. but it is to difficult to predict, so oil removal remain -- oil will remain a part of portfolios. dani: coming out of a covid economy and inflation, what becomes your guarding star for putting a portfolio together? lucy: you are seeing this with the s&p 500 currently. the big heavyweights. the apples, amazons and microsofts are pulling the s&p up, but we are seeing a muted response from other components of that index. investors are taking flight to safety in the highest quality names. those are the ones that are profitable and will generate returns. yesterday we saw nvidia actually hit the $1 trillion mark, though

it did come off that sunday. manus: i suppose we have this hyperbolic velocity of news. nvidia is literally sucking the auction out of everybody's daily news grind. would you add to nvidia at this juncture? is it your ai stock of choice? you have done analytics in terms of aim here win ---- ai -- nvidia, could it be in the portfolio? lucy: nvidia does deserve a place. it can't just be nvidia in the sense that that is the chipmaker, but remember it is supplying the likes of amazon, alphabet and microsoft for the processing power for artificial intelligence. at the moment, it is embedded in our everyday lives, whether it is through our smartphones, siri or alexa choosing what music we like, but it is progressing at a

rapid rate. there are businesses using ai behind the scenes such as bhp billiton trying to get more copper out of its largest mind. obviously, if it has to find and build out a mine, that will take decades into they can do this much more quickly. dani: i find this debate interesting of exactly where in ai you want to be position. it is the pick and shovel plays that are building the stuff that goes into the software that is benefiting. if you listen to cathie wood who missed out on this rally, she says it is all about software. how do you see that divergence? why is it the microsofts of the world, and not the people building the technology that is necessary for this? lucy: it comes back to the point of yes, have nvidia but look at the other players. those are the suppliers, offering software as a service.

we have seen teaming up with nvidia for its advertising content. dani: we get this problem where every company says they are doing ai. the algo's love it. how do you separate that from actual ai application versus someone saying we are just topping on this bandwagon? lucy: it is really difficult to define ai, that's the whole problem with the g7 leaders met yesterday to form some idea of how to regulate it. it is embedded in everything we do. regulation is key. there are fears about his power being unleashed. but companies need to look to use ai. there was a letter of caution in the ft, about the corruption of truth. there are suspicions. manus: the one thing driving markets, jamie dimon says he

wouldn't be in china unless they deliver the debt ceiling deal. it is one thing to have a one-legged recovery in china. the hang seng is now in a bear market. you say there is only one china, but within the asset classes, what in one china stands out for you? lucy: in the asset classes, it has to be that technology companies. in the west, we have sideloa-- - siloed businesses. payments with visa, software with microsoft, etc. but in china these are all linked together. you get on to sort of alibaba or tencent and all of these companies have all of that available to users. this is what elon musk is trying to create within twitter. manus: lucy, thank you very much. let's see, the value of twitter

some would has dropped considerably since he took over. the investment director at j.m. finn.we will talk about the job spain on wall street. goldman sachs are ready to take the axe again. this is bloomberg. ♪

manus: let's get out to hong kong. adrian wong has the first word news. >> elon musk has told china's foreign minister in beijing that the interests of china and the u.s. are intertwined. the tesla chief met him on his first post-covid visit to china. musk is expected to tour tesla's

shanghai factory later today. north korea confirmed an effort to launch a military spy satellite into orbit failed today. a rocket crashed into the yellow sea. the launch is initially prompted missile alerts in both japan and south korea. pyongyang says it will attempt another launch soon. global news powered by more than 2700 journalists and analysts in more than 120 countries. dani: thank you very much. let's talk banking. bloomberg has learned that goldman sachs is considering another round of job cuts. this would be the bank's third round of layoffs in under a year. the announcement we got from goldman in january was that they would be axing 3000 jobs. so this adds to that. they are trying to put in major cost cuts, too. manus: the cfo announced $1 billion, that was the original

target. they will go for 250 positions, the more senior employees, that means the variable comp component will be taken out with a much bigger fixed line cost to go. but i am looking back at some of the others. lazard going for 10% of their workforce. jane fraser is holding fast to the moment at citi. dani: for citi head of capital market was on bloomberg yesterday saying they think investment banking will be coming back in the back half of the year. maybe that is good news for bankers. but citi is turning about 1% -- trimming about 1%. manus:

manus: this is "bloomberg daybreak: europe". i'm manus cranny in dubai with dani burger in london hq. dani: china's manufacturing slump deepens in may, denting the nation's recovery. global stocks and commodities sell off. the house plans devoted a on the debt ceiling deal as republican hardliners voice their objections for concessions granted by mccarthy. jamie dimon, the jp morgan ceo, says ukraine is the biggest global risk today and his bank is in china for the long haul despite heightened political tensions. >> it will take years for this thing to take place but it won't be a decoupling. and the world will go on. manus: there is a lot more from jamie dimon to come.

two for one. we are better than waitrose. dani: i am into this moving my mouth and you speak for me. i would be happy to do a show like that. it would be better than me speaking. let's get into china because jamie dimon is bullish on it. this market action is painful on that china data. manus: it is pervasive across the global market you have got the currency under pressure, the equity markets of asia under pressure. this is a one-legged recovery, that is the line coming through from the marketplace this morning. you have got the hang seng back in a bear market, that is pervasive across the asian equity session. i hand it back because that is all a bit distant for me, can't read it. dani: i have my contacts in and that is tough. let me show you my equity board, it is just read everywhere.

hong kong-listed china stocks down 20% from their peak, hang seng also down from its bay, dragging down the kospi which had that ship benefit. ugly market session on the china data. manus: let's day deeper into that fx, board, what you have seen is the dollar is doing well in this risk off environment. bc the aussie tanking, the kiwi tanking. you see the euro-nokii at a three happy new year low. the kiwi down by 0.7%. the first response mechanism as oil crashes 4.4% and further over the past two days, it really is knocking high beta currencies. china manufacturing contracting for a second straight month in may, providing more evidence of

a lackluster post-covid recovery in the world's second-largest economy. jp morgan's ceo says the bank will be in china for both the good and the bad times. and remains committed to doing business in the country despite recent geopolitical tensions. >> over time, yeah, there will be less trade. it will take years for this thing to take place but won't be a decoupling and the world will go on. manus: that was stephen engle speaking to jamie dimon. let's take the conversation out to hao hong, the grow investment group partner and chief economist. good to have you with us this morning. china is what is shaking the markets with the jitters this morning. they are looking at a one-legged recovery, as we are calling it, how febrile are the capital

flows into china at the moment? good morning. hao: capital flow is still showing that there is not strong interest in the chinese recovery. as a result, from the sudden pressure on the commodity market across the board, the market continues to go down. it is unfortunate. at the beginning of the year, the chinese market reopened and people were thinking that will lift china as well as the rest of the world back into growth trajectory. obviously, the situation is more complicated than that. dani: how did we get this so wrong? lots of folks thought not only when china itself be strong in a reopening, but it would be powering the global economy, what did we get wrong? hao: the chinese consumer has

been overextended during the pandemic. for example, household average has gone up more than 10%, more than 70% household income to debt ratio. we saw the revenge consumption phase many developed countries experienced after the pandemic hasn't really turned true in the chinese economy. so as a result, as you can see, the upstream sector is showing for two straight months that pmi is less than 50%. when you have simultaneous contraction in the upstream and downstream sector. manus: i'm drawn to the liquidity issue again, because you make the point that china's

macro liquidity is borrowed from overseas. and the recovery is hanging by the sustainability of chinese exports. how interconnected is that narrative to a more material slowdown, which is not consensus, the world does not have a consensus view of a material slowdown in europe. or a deep recession in the united states of america. hao: the european and also be u.s. demand for chinese goods has been supporting chinese growth for the past few years. into this year, most of the economists in china were expecting export growth will slow down. because the fed is still tightening, the tightening bias is still there, so that is bound to depress u.s. demand for chinese exports. if demand is slowing down while

domestic demand is not something you can depend upon, it is a double whammy on the chinese economy. dani: is a cut from the pboc -- bloomberg intelligence expected it in may -- if they cut in june, how far does that go to show confidence to reinvigorate the economy? hao: if you look at the domestic liquidity situation, it still shows abundant availability of liquidity. interest rate is close to all-time lows. the chinese economy, the upstream is experiencing deflation while inflationary pressure is almost nonexistent in the consumer sector. all that tells you domestic demand has been very weak. it is an environment for the

central bank to do more, but then at the same time because of always liquidity created -- and nobody wants it -- so it is not going back to the new economy to support growth. that is the situation we're facing right now. manus: the second round affect if you have all this on love is perhaps -- unloved liquidity is a rate hiking narrative. hao: in 2014, we had a huge stimulus program. the national development bank of china extended by more than 2 trillion yuan for construction. also, the pboc went through a series of cuts. that way they lifted the

property sector and the chinese stock market out of dire straits. i think -- manus: hao hong, that would go against every piece of narrative we have been given by authorities and regulators -- that they don't want to do that kind of stimulus again. that's everything they have told us they don't want to do. do you think that will be a 180 turn? hao: it's not, if they do a strong stimulus program it would be out of necessity. it is rapidly increasing with the situation looking like this. i wouldn't be surprised to see without further stimulus data will continue to be weak despite a very low base last year. dani: quick are you investing in

anything in china? is there any asset class at all that is attractive to you? hao: this year chinese government bond has been doing well. the bond yield has been declining to an all-time low level. with a situation such as this, the economy continuing to slowdown, i wouldn't be surprised to see chinese treasury bonds continue to do well in this kind of environment. dani: that's hao hong, grow investment group partner in chief economist paid less get your bloomberg business flash in hong kong. adrian: nvidia's market valuation fleetingly crossed the $1 trillion threshold after the chipmaker's prospects vaulted it into the elite five companies.

fewer than 10 companies globally have ever achieved this. microsoft's fight with u.k. over its takeover of activision blizzard has received a boost after a judge said the u.s. software giant appeal can start earlier. the u.k. antitrust regulator which blocked for $69 billion deal wanted to delay the hearing until later this year. theranos founder elizabeth holmes has reported into prison to start her 11-year sentence for defrauding investors over unreliable blood testing technology. her final appeal failed last month. the 39-year-old is being held in the minimum security prison. that's your bloomberg business flash. manus: top officials from the eu and the u.s. meeting for a second day in sweden for the

trade and technology council. we will bring it to your right here on bloomberg. ♪

dani: top officials from the eu and u.s. our meeting in sweden today for the trade and technology council. they will be looking into strengthening their cooperation on key issues from china to economic security. let's go to our europe correspondent maria tadeo in brussels. i mentioned some of it at the top of their agenda, what are they hoping to accomplish? maria: just to remind everyone, in case we needed another acronym, this is a bilateral platform that has been established for the united states and european union to

come together and work on what they perceive our strategic issues where both can really match and work jointly. the big topic today and it is a mouthful, but it will be china, yesterday the secretary of state antony blinken who leads the american delegatio in sweden where the meeting is happening set the scene. >> both the united states and europe believe that this relationship is an important one. one that we seek to sustain, but with our eyes wide open. so both the united states and europe are not in favor of decoupling. but we are in favor of de-risking. and you have heard that from leadership on both sides of the atlantic. maria: that was the u.s. secretary of state antony blinken, repeating what is now the standard line for both the

u.s. and eu, no decouple from china but yes to de-risking. this goes back to the g7 meeting that happened in japan. 20 references about china in that communique stressing the idea of de-risking the economy. when you asked what is the definition of de-risking? a lot of it depends on which country you speak to, that is the tension we see as the conclusion of the summit is being drafted. a number of european countries have said they do not want to single-handedly target china. they want to focus on the positive aspects of cooperation between the united states and the european union. the u.s. is pushing for more aggressive language similar to the g7. both will have to agree to the final statement but it shows this idea of de-risking sounds good but is complicated to define. manus: the complicated future of what the three of us will look like when artificial intelligence arrives, and i am finally replaced.

i don't think you two are replaceable by artificial intelligence. they may move on me more quickly. maria, i have seen the future. i have seen the future hologram of myself. but where are we? ai every day. i just pray there is a big chunk of nvidia in my pension fund. where are we going with this ai story, go on and take it away. maria: $1 trillion story. you dream about it but they want to regulate it, that is the point for officials at the summit today in sweden. a lot of it follows the from the g7. they came up with this line saying we want to see trustworthy use of artificial intelligence when it comes to intellectual property. but also disinformation, a lot of focus will be dedicated, regulators feel they have to play catch up with technology moving faster than they are. the other issue this morning

that i was told, the commissioner, remember she has been a nightmare for u.s. companies. someone say she is fighting for the europeans but she will have a virtual meeting with the ceo of openai. this will happen today. he was on a european tour last week and spoke with the french president, but did not come to brussels, so now he is getting a taste of it. manus: he is actually in the region next week. i got a message from a friend saying she will be moderating him next week. that is one to think of when we talk about questions for sam. i think i am on a beach somewhere. maria tadeo there in brussels. dani and i will take you through the german data. we've got german unemployment and inflation data out. we just had the north wind rest failure data.

we will take you to berlin to break down the data. ♪

manus: we have german inflation. north rhine-westphalia at 5.7% on the year. i look at the red headline, the final cpi in germany last month was 7.6%. have a look at this, we are down nearly 0.4%. this again is about reassessing the trajectory for the ecb. the euro-dollar is down 1.0694. we were looking for 1.19 on the euro-dollar. the breath has been taken out of that. one of the bond markets doing? dani: same thing.

big reaction to that data. this is a german powerhouse. you see immediately gains in the 10-year future, 74 takes higher. looking through this data, it is food and beverage, household goods, energy. a lot of things coming down for this one specific region, the most populous in germany. manus: we have been told it is a powerhouse. the man who knows the belly of the curve, it is up 49 pips as well let's talk about the inflation readings that are due overall in europe and the economy. we just had north rhine-westphalia. oliver crook is standing by in berlin to take us through what we can expect. we thought we would go for the market reaction but you can give us the intellectual approach to inflation, good morning. >> we will see what we can do at this early hour. as you say, north rhine-westphalia coming in at

one percentage point, more down than it was last month. the situation in germany is inflation is a lot higher than it is across many comparable economies, except italy and the united kingdom. and it is moving in the right direction, that is down, but not as rapidly as some would like. food has been the main protagonist in the inflation story, now up 17% last month. but also spending on hotels, restaurants and alcohol, all up 10%, the whole services side of the economy that we have been waiting to slow down. we got some of that from the gdp reading last week but perhaps not fast enough to have a meaningful decrease. for one also watching for the specific artificial input, they have lunch this 49-euro subsidized transport ticket across germany that will come into the numbers this month. it will be disinflationary. last year they did the nine-euro ticket, it was only during the months where the subsidy was running where you had inflation

in germany below the rest of the euro zone, so you will have the base effect of that in june. you will have a to and from artificial inputs we are watching. dani: i remember an excellent social media video. [cross talk] manus: before we start that conversation, this man doesn't even have an instagram account. and he has got more hits on his pieces that i have had all year. no i'm not angry. dani: leave poor ollie alone. we have had the data in germany. in terms of a recession. we will get jobs data, too. how is the labor market holding up right now? >> you have a lot of gloom in many parts of the economy. you've seen it in manufacturing,

industry and factory orders but services holding up and gdp weakening. when will that trickle into the labor market? the question is will you have a meaningful step down in inflation while the labor market is so strong? we're expecting 5.6%, it is fairly low, and has been consistently at that level. but we have had indications that things might be turning. we had a survey from ifo yesterday saying job cuts are being considered across housing and construction. so all of these things are being paid attention to. will consumers spend less on services and will we see that trickle into the labor market? manus: here's the thing. he is chewing on this, have you been to baden-wurtemberg, is that bavaria or hess more important in the core cpi reading? sharpen your breath.

>> you have put me on the spot. it would be difficult for me to give any sort of favoritism among the regions of germany. i have spent time in bavaria and north rhine-westphalia and the factories. it is an array. you have a massive manufacturing base and that is what a lot of people are watching for the powerhouse here of europe. dani: he is not giving you an opportunity to clip something on social media to call him out. oliver crook in berlin, thank you so much. we continue to see markets sell off. it is not just the euro in reaction to that, it is also that weaker china data that is having us sell everything from stocks to metals to currencies, yuan at a six-month low. this is bloomberg. ♪

i need it cool at night. you trying to ice me out of the bed? baby, only on game nights. you know you are retired right? am i? ya! save 50% on the sleep number limited edition smart bed. plus, free home delivery when you add an adjustable base. only at sleep number. we moved out of the city so our little sophie could appreciate nature. but then he got us t-mobile home internet. i was just trying to improve our signal, so some of the trees had to go. i might've taken it a step too far. (chainsaw revs) (tree crashes) (chainsaw continues) (daughter screams) let's pretend for a second that you didn't let down your entire family. what would that reality look like? well i guess i would've gotten us xfinity... and we'd have a better view. do you need mulch? what, we have a ton of mulch.

these days, our households depend on the internet more and more.n. families grow, houses get smarter, and our demands on the internet increase. that's why we just boosted speeds for over 20 million xfinity customers, on us. so you get more of the speed you need for day and night streaming. more speed you need when you're work from homeing. and more speed you need as your family keeps growing. check in on your current speed through the xfinity app or upgrade to the speed that's right for you today.

( ♪♪ ) woah. ( ♪♪ ) ( ♪♪ ) ( ♪♪ ) ( ♪♪ ) constant contact delivers the marketing tools your small business needs to keep up, excel, and grow. constant contact. helping the small stand tall.