>> then you don't stop. the idea that we have saved five million people's lives, it's overwhelming. it's everything. >> good morning and happy monday. this is bloomberg daybreak: europe. we have this or is this at your agenda. current head, stocks extent this

year's global rally amid optimism that u.s. inflation is having. janet yellen preparing to his vision. emmanuel macron pushes to restore order across france after almost a week of riots. tessa's quarterly records on surging demand for electric vehicles. you made into a new deck, a new week, a new month, new quarter. that is the overriding message economic figures have been holding up. you can hear from mccarthy over there saying that today's resilience froze to ma's fragility but look at what the s&p has been doing. we go to a new high for the year, we are basically flat.

this was powered by apple. hitting that 3 trillion market cap and staying there, closing there for the first time on record. how long can it last. we saw a report that apple is cutting their production forecast for their vision pro. that hardware for virtual reality but let me show you what there are people doubting this equity rally can continue. let me take you to the yield curve because it continues to invert even further. we are selling the front and because we assume rates are going higher and we are believing jay powell finally but we are buying duration and that is that economic year. also, happy birthday inverted yield curve. we have almost set one year since the old curve inverted and stayed there. bonds and equities may be something different. also saying something different is the asian session. lets he have asia is faring and get to tonya chan.

there is no one would rather talk to this morning. what is going on in the asian session? >> asian shares are getting a rally today. it is maybe too soon to say if this is the theme for the second half. especially after that very dismal first or chinese equities but it's all about china and japan. they are quiet the bright spot that i. they are getting a boost from electric vehicle numbers. those numbers from tesla and byd. also in china and you want. getting a bit of a boost right now. thonger yuan fix from the pboc. they didn't -- they announced a new party chief, markets have actually been rather muted on this announcement. over in japan, if you look at the topix index, equities are also faring very well there.

manufacturers in japan are expected to have acquired a good time ahead. investors equate happy about that. in the levels of the yen are also very good for investors. >> you put so perfectly. we don't know if this good mood will continue into the second half. thanks so much. let's get to some other top stories. let's get to the morning roundtable. i want to get things off with you and jill as well and talk about the china store because really it is not just markets but also geopolitics and focus. once we got janet yellen off to beijing later this week. she will be the second member of joe biden's cabinet to visit the chinese capital. it has to the charm offensive we have been seeing going over to

china. >> and a big triumph was that communication had finally opened up. what is janet yellen's goal for this visit? >>, think the treasury department expects any major breakthroughs. there are a couple things they want to accomplish. obviously, the party for the u.s. has been to push china to participate more on aa talks. that will likely be on the agenda for yellen. this is a chance for her other than lincoln, we haven't really seen a lot of key u.s. officials being able to travel to china. this is about comparing economic outlooks, trying to see what they can do in terms of aligning more communication there. it is likely she will get a bit of pushback from the chinese

side on a lot of the economic pressure the u.s. has been absent -- exerting on china over the past several months. we've seen various sanctions come into play here. we've also seen ways in which the u.s. has been trying to curtail chinese access to other technology. that will all play into some things that yellen will have to contend with. the treasury to help -- department has signaled this is about strengthening forms of communication and building off of that lincoln visit. >> tanya also mentioned this. the new pboc party chief, what can we read into that? >> i think at this point, that is maybe a signal they could be aligned to become the next pboc governor. maybe there is every unification of the role of party chief along with the governor rollout of the pboc. the pboc governor back in march when chinese top officials met,

it was really signaled as a short-term move. he was already past retirement age. we were expecting some level of change there at the pboc. we have seen is that he is a career technocrat. a lot of the policy go seem to be relatively aligned with what he put forward. it seems like at this point it more about continuity and big changes there. no telling if he will be meeting with yellen later this week or anything like that but it does seem like there as china looks at how was to contend with the economic slowdown. you are looking at downward pressure on the yuan. it is a lot he will have to deal with this year. >> while we were on the subject of china, there may be economic pressure but plenty of people in china are still buying ev's. it is not just china data. elon musk has cut the price by more than 4.5%.

this is part of the strategy to taste volume. it seems to be working. a record number of cars globally in the second quarter. 96 of those sales were also made up by models three and why. looks like he is sticking to his guns and it is working. >> will cutting prices work? a lot of people look at it as environment. it is not about chasing sales by chasing profit. what we have been talking about our this as in china have been very strong. what does that tell you about the pace of economic recovery? if i can bring you back into the conversation, is that a bright spot if people are still buying ev's in china? >> it might be. the chinese government -- i think if you were to look at some of the luminary aspects for

car sales in china, the numbers still a fantastic for june even if there is that bright spot. i think we will have to continue to see more about the state of the recovery because of how that carries forward in the coming months to see if campaigns like that are successful in terms of sustaining that recovery in eb sales. and we have been discussing, and we look at many other data prints for the chinese economy, there is not a whole lot that signals that kind of continued momentum. we see increasing consumer spending data over the holiday. last month was not particularly strong. it seen some weakness in the pmi data. left to see how this continues going forward. >> the other top story we are tracking this morning is more of a domestic story but the protest is rumbling on for a fifth night. the number of arrests were down. that was 1300 couple of nights ago. 720 last night. this was triggered by that police killing of the teenager

but it is having an economic toll on the business group. the cost would be 100 million euros to repair the damage. they have been pretty brutal. it is also having a political toll for emmanuel macron. he's had to cancel estate visited during -- germany that was due to start yesterday. quiet even though there are signs that it is a calmer night, that is what the interior minister wrote on twitter, i think it is important to not lose sight of the fact that there are lasting consequences from these riots. thank you so much for joining this money to cover our top stories. there was lizzie and jill. let's get you set up for what will be the top stories for the rest of the day and what we are tracking. we will get some u.s. ism manufacturing data. we know services have been holding up extremely well with continue? it was a lot of doubt as to whether the stock market -- stockmarket rally can continue.

what will the economic data tell us? the economic data has been holding up very well. the other thing to look out for is that it will be in really close to the u.s. stock and bond market today ahead of the fourth of july holiday. if you are still in the u.s. watching, get out there and get your hot dogs ready, we will be seeing a separate one. finally, for those who like tennis, can we see joke of it defend his title? that will be happening for the next few weeks. that is what to look forward to. you can get around about the stories you need to know to get your day going in today's edition of daybreak. terminal subscribers can go to dab go. coming up on the program, brace for a harder landing.

investors highlighted the disconnect between markets and economic data. this is bloomberg. ♪

>> chrysler liquidity in the margin is lower today than it was pre-covid or even in 2021. we are not seeing a lot of trading volume, we are not seeing a lot of new issuance and high-yield bonds or senior loans. part of that is because there just are not willing borrowers. in the case of m&a activity, we are not seeing willing sellers at what are today depressed valuation multiples. at this point, we are at a massive infection point for our rates where we have the inversion or the reversal of 40 years of downward movement in

rates and about 12 or 13 years of easy money and the markets. with the rapid inflation we have seen in the economy, the fed and even as much as this week, the fed is very much of the -- the opinion it needs to raise rates to battle inflation to get to the point where we actually have real rates, rates in excess of the nominal inflationary picture. because i was going to say we have seen a strainer happenings on the monetary policy front. i am curious about the time that we have to hear your thoughts about the banking sector. i know you are expecting tucker -- tougher regulations ahead of u.s. banks. what opportunities would you expect that to create? >> in the case of investment banks that use their balance to commit to deals to syndicate to investors, partly syndicated

loan side, we are seeing a reduction in access to those balance sheets and a reduction in the volume seen from those banks. it is because the hung loans placed on the balance sheets in 2022 and the ones that placed massive discounts into the market in a 202023 really created a big hole with the bank balance sheets. billions of dollars. the regulators are watching this very closely. in the case of the commercial banks or regional banks and the u.s., they have tremendous amounts of real estate loans and other corporate loans as well as of fed that has articulated a higher level of equity capital needed to manage those banks. and as a result, what we have seen, how that played through in the markets is a reduction in lending activity by commercial banks across the board. real estate as well as corporate lending which allows for private lending, nonregulated entities like investment managers such as

oaktree to step in to that void and partner with banks in some cases as well as just led directly to borrow real estate as well as corporate lending. question was oaktree capital management's incoming co-ceo. asian markets have started up the second half on this note. u.s. futures are basically unchanged but if anything, is holding onto that rally global stocks. pimco on the other hand, the cio has told them to prepare for a harder landing, talking about the classic lags, all that kind of stuff. look there have been more investors. notice that i miss picking up embracing there is a disconnect between markets and a worsening economic backdrop. let's get to our market side managing editor mark who will be taking us through the market open in about an hour's time. i have to be honest, i am seeing a lot of this, that there is a

disconnect. that these gains can hold up because the u.s. economy will start to deteriorate. we really even seen that in the data? the dead in my mind has been very strong for the u.s.. >> i'm not saying this could disconnect either. i think markets are pretty logical. i think bond markets for the last time in the last 25 years were out of whack. equities have been much more active. the fact is that the jobs market is incredibly strong. the housing market is picking up again. that is keeping the consumer spending free which is the most important part of the u.s. economy. as a consumer led economy keeping company strong and profitable. we know that services pmi remains an expansion territory. manufacturing is weak but that is not the key driver of the u.s. economy again. yes, things are slowing from being a massive stimulus driven kind of growth in the last couple of years. we know things are slowing but i am not seeing any disconnect at all. i think it makes sense to see

equities continue this way for a few months. this will make it a little bit more volatile and different. i think possession when it comes will be hard but i don't see it coming soon. at the very earliest it will sneak to the end of this year but i think it is more like this for early next year. >> i'm so there with you. what is the play for a bond market right now? why would we be. buying duration and selling the front end? how can we justify this? with a call just be to say there will be a recession sooner? is that what a bond market is pricing and right now? >> i think the curb will invert much further. i think the disconnect in the bond market is front and yelled has been way too low. the bond market has been determined to prematurely account for a session that is not yet on the horizon.

despite the fact that there is no data to justify it and the fed has been saying it will not happen. that is the right move when the recession is clearly looming right in front of us. ultimately, front end deals need to go a lot higher and that will drag yields back a little bit. i see we will see much more curve inversion. and then it is when you start seeing the recession getting very close and then you will see very rapid curve steepening and that is when equities will sell off but that is still not on the horizon just yet. >> why can't i trade it now? >> i think you shouldn't trade at the recession or because we have got confirmation it will come just yet. the recession will only come when the consumer cracked. at some point, these rate hikes will cracked the consumer and there is this lag. but it is not likely to be soon in terms of the job market being so strong. they still have good balance as well.

when the has balance sheets, then they can borrow some money. not for a number of months still. they want to keep on watching the consumer and watching those dynamics but they're not close to breaking it. that is probably the key driver. i think trying to prematurely position them i think when the recession comes, it will be a very hard and painful one. i think it is way too early. we should be trading this wonderful world of ok growth and showing the fed is barely getting to restrictive territory. >> i completely agree with you. i think all the dimmers were saying wire stockstill rallying, the data is really strong. it is not clear does legs have necessarily shown up yet. i have to leave it on this point because it is the mliv paul's that will cracked the job market. maybe it will be ai taking all of our jobs. that will be the chatter.

>> it will be. i am a big believer that ai is game changing. >> please let me hold onto my job robot overloads. mark will be joining yet again in about 40 minutes time for bloomberg markets today. coming up, major u.s. banks raised pass after passing the fed stress test. we'll bring you the details next. this is bloomberg. ♪

>> in a severe stress area, they would survive quiet well i think there were a lot of problems with the scenario and the assumptions that underpin the

stress test so i don't that we should take a lot of comfort from that. there's a lot of work that needs to be done. there are a lot of different potential risks out there. i think we should not take a lot of comfort in this. the big issue is the don't stress high interest rates. that is the issue for the banking industry right now. and ironically, if you assume there is no stress test, is go back to zero in a severe recession. that actually helps losses on their books because when you take roots back to zero, those assets regain value quickly. they are reporting banks were not managing their interest rate ms. very well. that is a big problem. >> the other issue is what happens if we have a protracted

time when the yield curve is inverted, meaning short-term rates are higher than long-term rates which is the situation we've had for a while now. that leads you into a situation which we are already seeing in which banks cost and find what they have to pay for borrowing, we will see what they can get on their loans and that will be the real challenge for banks and those are the kinds of issues the fed really needs to be thinking about and putting banks through. not this kind of artificial assumption that if you have a recession, raise go back to zero, we start the party all over again. then they don't have to pay anything on the deposits anymore. that is just not realistic. that was a form ftse chair of the back of u.s. lenders passing the stress test. on that, lenders including j.p. morgan and wells fargo will now be paying higher dividends after passing that stress test from this year. the banking giant announced to the increases after the close of trading friday.

the tests were designed to show lenders could withstand a recession in turmoil and real estate markets. banking is reporting that they are not playing an ipo for the domestic unit of credit squeeze. that is according to a swiss newspaper. the ceo sergio thinks this might strengthen international competitors should that happen. they plan to clarify the credit suisse rescue will not rely on funding from swiss taxpayers. it says ubs is helping to announce a government backstop when it really -- when report earnings at the end of august. the last we heard from credit suisse, they had said the same thing. they did not plan to use the backstop. >> the empty also reporting that they want to extricate themselves from the hedge fund. it follows recent sexual assault allegations against the firms

founder crispin oddi who denies the accusations. a rally is still underway in asian assets. thrusting this thing higher. tesla also coming in really strong. china struggled in the yuan as well. on that risk rally, it is all those high bid assets that are welling the kiwi dollar also struggled against the dollar. we will talk about the protests in france. back in the day, sneaker drops meant getting online to wait in line. now with xfinity mobile... ...we get the fastest mobile service and can get the freshest kicks asap. i got this. save hundreds a year over t-mobile, at&t and verizon with the best price for two lines of unlimited. nice job, little sis! they grow up so fast... i'm a fan. from xfinity.

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question want happy monday. come back to bloomberg dave. we have the stories that your agenda. stocks extend this year's global

rally amid them, the economy is still strong. do you want strengthens with janet yellen preparing to visit beijing. she will become the second member of the biden cabinet to add to the chinese capital as the world's two largest economies look to mend relations. at the same time, china names energy for the pboc, stirring along the technocrat put in my two served as governor. man u macron helps push to distort order across france after almost a week of riots sparked by a police officers fatal shooting of teenager. unrest surmounting as damages and more than 100 million euros. tessa delivered a record 466,000 cars in the second quarter. that outpaced wall street estimates. models three and why accounted for almost all the sales as elon

musk's price cutting strategy fueled demand. we are seeing the effects of the strong tesla numbers in today's take yesterday's trade. the nasdaq outperforming. equities are basically hanging on a lease for the u.s. future session to the highest for the year there were set on friday. really strong ends the quarter. you can see the pickup in yesterday -- fridays trading session. we held onto that today. apple hit 3 trillion. apple has been cutting their vision pro headset production forecast to some of the gains. the economic data is strong. there are a lot of dimmers saying the u.s. will go into recession soon. therefore these equity gains can sustain themselves. i'm not sure what data they are looking at. the u.s. economy has been strong , it would be unusual if we did not get a recession at some point because of what the fed is doing. it is clear it is not here yet. even so, the bond market is still screaming recessionary signals.

we are looking at a curve that continues to invert. 50 basis points, it continues to invert, resilience is not sowing the seeds for fragility. that is what they say. the rally can continue. the rally has been continuing very strong in asia. let's get out of the reporter, tanya chen. i am looking at hong kong tech up more than 3%. from day there. -- it looks like a very strong day there. it is all about china and japan. let me start and japan for you. you're looking at the topics today. it is recent toward record highs again. the survey beat on most grounds. a lot of manufacturers in japan are seeing a good day ahead.

investors quit like the weaker yen and over in china as you were saying, hong kong listed tech shares really getting a boost today as to the blowout numbers from tesla, also, china pmi's. that is a private survey. it is not actually in contraction mode. you have to be a little skeptical of the numbers there. the chinese equities decoy dismally. the pboc sent another bond fix that was stronger-than-expected. >> what about the new pboc party chief appointment? is that having an impact here? >> yes. thank you for bringing that in. he has been with the department for a while now. he is an internal candidate. mark is are not really moving all that much on the announcement, equities fairly

muted. also moving on that kind of pboc effects. he is a property guru. there was a lot of attention being -- on whether the property sector could turn around and the second half of the economic recovery. >> really great stuff, tanya, tracking that strong rally in asia. that was tanya chen in hong kong. let's turn our attention after france where protests have continued for a fifth night over the police killing of a teenager. some 45,000 police were deployed in an effort to contain clashes that left hundreds of public buildings in -- and shops damaged or ransacked. for more, let's get to caroling. a fifth night of protests, how much have the abated and what will ultimately be the cost of this? >> the protests -- that was

compared to 1300 people. 700 on saturday. it seems like this teenager who has killed last tuesday and also from the soccer player who also called for the rally to stop, that these -- these young publishers, these low income neighborhoods. the writers are usually between 14 and 18 years old. they usually come from france. those low income working class neighborhoods in the suburbs of paris in the suburbs of marseilles. there was this dreadful incident on saturday night. the home of the local mayor of

paris and comp -- the suburb of paris, he is home was rammed. his young children were inside. they had to escape through the back door. this event was a big shock for every single politician and every member of the government and this also may have helped for the parents to try to tamp down these writers on friday night. >> what is the reaction from macron's government? >> they have held meetings pre-much every day over the past week including on sunday night. today he will meet with the president of the national assembly, the senate and tomorrow he will actually meet with more than 200 local mayors of these towns that have been targeted by the writers over the past few days.

he also came back so much earlier on friday. we were just getting away from all the protests we saw earlier against the pension reform. not very good. now you have these rights that are also beginning the tourist season in france. property bed for the image of france at the moment. >> thank you very much for that update. that was bloomberg's caroline connan in paris. now to rush it week after an aborted new to moscow. they will deploy forces to the border with belarus. let's get more here.

do we know where they are right now? >> we don't. we have not seen any pictures or footage. he is supposed to be in belarus somewhere but we have not seen any material proof. the last time we heard, it was a voice note. a very long voice note -- there was another big question about what is going on. let given three choices to either join the russian army and by the way he said the russian mod had paid for their salaries. we don't know how many members have joined the russian army. >> at the same time, they are

deploying forces including anti- terror units, what are they using to justify that? what are they reacting to? >> yesterday there was a tweet by the interior minister saying 500 new officers will be deployed to the border with belarus. that includes two of the counterterror units. what they say is this is in response to actions from wagner and this is now the first time we see tensions between poland and belarus. this is actually when you look on a map a big land border between the two of them. about two years ago before the war started, poland accused lukashenko of policing thousands of illegal immigrants on the border that led to confrontations for a week. this is always a flashpoint between the two. 500 extra officers will not be deployed to that border between the two countries.

questions to change topics a little bit, there is a bloomberg story from about two hours ago that the ec be government -- ecb governing council member is standing trial today. what do we know? >> it goes better -- i am sure you read his tweets. i know i have. he is one of the most prolific between the members of the european central bank with this investigation goes back to the time when he was a finance minister. he was involved in bribery. he denies any allegations. the charges could also include five years in prison. just to reiterate, he was a finance minister at the time where the event allegedly took place and denies wrongdoing. nonetheless, the entire look was not a good look for the european central bank. the members of the ecb have to be absolutely pristine when it comes to their actions.

>> thank you very much. there was maria in brussels. ev makers are getting opposed in asia after an upbeat sales report from tesla. can the momentum drive into the european trade? good work, everyone, we will discuss our weekly special segment on tech next. this is bloomberg. ♪

>> it is monday so it is time for our weekly special segment on the latest stories in the tech sector, joining us for the tech roundtable is alex webb and matthew from our bloomberg intelligence team. to everyone watching, we started out with both house and match making fun of me. you have both thoroughly both to me because it is not a tech company.

thank you for that. what do you make of tesla's numbers? >> we see a bit of a beat i guess where people are expecting. those heavy price discounts are actually getting some traction. i am sure that is going to encourage the bulls. i am sure the bears will stay in that cap. it is encouraging they are actually selling cars. >> i have seen dan overhead bush quoted into articles from some of our competitor saying he is playing chess and poker and all the sorts of things. is this a brilliant elon musk mood to -- move to cut these prices? when you make of what is actually going on? >> it is a smart move after what may or not have been initially a smart move. and then all of the sudden, the demands was not white there is expected.

that is actually kind of what has driven a need to discount. otherwise you are not able to run these plans. not only was a growing at half a clip, it was growing at a helluva good. he is clearly sacrificing some of that second bit but then maybe that is enough of xoma -- enough are some of the bulls. >> what is this inventory question? they could actually get across to people. >> there are about 18,000 more vehicles than there was demand for. they are improving that number.

>> what about in general? >> you need more supply chain. the market is going to get more of the legacy brands. there will be more competition, not just for the market but the supply chain as well. the thing about tesla is it is not just about the cause but the ev charging network. that is where the bulls are excited. >> let's talk about apple. don't tell me it is just

hardware company. they cut their vision pro goes after production forecasts. is this thing just too complicated for them to produce and mass? this is the complexity of the production. that is the issue here. some people were wondering if there was enough user demand for this thing because of the arv our markets still being white embryonic. it seems to stack up as accomplice company's product they are not even planning to produce until next year. >> is three trillion justified in market cap? >> i want to be going there that's her question. you've had this issue before. when apple introduced the phase id, it also has some issues with yield. this is what the seems to be about according to the fcc reporting. you need to be able to produce this -- the sort of components

in the micro led tiny little displays inside the headset that need to be produced at a certain yield. a certain percentage has to be used off the production line in order to for them to make the number of headsets they want. it seems that yield is not life behind. they are reducing the orders of some other things. this often happens with apple with any new product. they book a certain amount of capacity and then they tamp that back. they wouldn't -- they would rather have leeway they don't necessarily need. because this is not necessarily a new thing for them. this is a well played playbook for them. >> the scale of it is kind of wild. going from hundreds of thousands of units to just 130 150,000. maybe you have seen there are

three headsets at any store, that means more than 1% of all of the headsets they make will just be in-store units rather than the ones they sell. that is kind of a wild statistic if that is what transpires to be. thank you for joining and talking cars and tech. that is alex webb and matthew from our bloomberg intelligence team. while we are talking about if applicant sustained 3 trillion. i know an equity analyst who might be able to answer that question. bloomberg intelligence knows all about the 10 companies to watch in the third quarter. let's bring in tim craighead to join us now or more. apple, i am not sure if it is in this but to put together a list of 10 companies, what are you looking at? >> this set of 10 companies is part of a broader set of focus ideas. focus ideas from bloomberg intelligence are -- they combine a couple of things, number one, we have a strong fundamental view.

number two, we think that view is different from what the market is contemplating and number three, we see catalysts ahead that can turn the market around toward our view. this set right now, we have about 100 of these ideas that are alive. around the globe across sectors. this set of 10 specifically have catalysts ahead in the third quarter that we think can be quiet important for the idea. >> tell us about some of the ideas as you say you have mentioned in this. we have big zeitgeist he things, things like ai and the energy transition. i want to know when ai is coming for my job. >> exactly. a lot of people seem to be concerned about ai coming for their debt for alphabet or google if you will. and google's job in search. we think that fear is overblown and in fact, we see alphabet as being a beneficiary of chatgpt

from the standpoint of demand for job services as well as how their other things playing through like youtube that we think are going to go quiet well. alphabet is a positive idea for us. energy transition plays into all sorts of infrastructure being built here in europe as well as in the u.s. and that brings us divinity. that is one of the largest construction and engineering companies around the globe. they also happen to own airports that are benefiting from cyclical recovery and travel. there are a few things on that the medic topic to look at. >> just a minute. you mentioned heathrow because of the better cyclical output of people traveling. we keep getting warnings about looming economic slowdown. how does that play into this list? chrysler are several ideas that are falling into that category.

one in europe is one of the leading producers of flavors and fragrances and consumer product companies around the globe raise price a lot during the post-pandemic time the last couple of years to maintain margins and etc.. we think that is starting to bite into volumes along with economic weakness. that plays into how much demand there is for things like flavors and fragrances and r&d. another one is cheesecake factory. if you have traveled to the midwest, you know the place they serve up. we think expectations are too high for strong ongoing comparable savings. >> we are out of time. you are breaking my heart. i see really do love cheesecake factory. there was tim craighead. thank you so much. this is bloomberg.

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>> as we head into the end of the hour let us bring in tom mackenzie for what we have coming up on markets today. good to see you, good morning. what is coming up? >> it will be focused on the data coming out france germany and spain in terms of manufacturing and pmi's to give us a more well-rounded sense of how resilient or not the eurozone economy is. all numbers expected to be firmly in contraction, interest and even germany at the bottom of the list in spain at the top it all numbers expected to be below that 50 line. she has a call that the labor market of europe is going to remain ultra-strong so we will unpack that view. then i know you have been touching on this, tesla, second-quarter close to half a

million sales. the reader crosses important to other automakers and suppliers and we have seen the moves on the battery supplier over in china today. what will be an impact will be in focus again but it seems like elon musk's mission of cutting prices to build out is stunning to read across to other automakers here in europe. >> i feel like when he announced that it was a lot of ridicule but at least at this moment may be at work. thank you very much, bloomberg's tom mackenzie will be joining get again in a few minutes time for markets today. this is bloomberg. ♪

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