then you don't stop. we have been able to reach over 100 million people impacted and affected, and at risk of hiv. the rocket fund takes all of the work that we're doing, all over the world, and looks at the most effective ways, to get resources to them, to get services to them. the idea that we have saved five million people's lives, it's overwhelming. it's everything. meta happy monday.

this is bloomberg daybreak. in london and these other stories that set your agenda. china second quarter growth all sort of estimates with consumer spending is insignificantly. the latest size that the economy is struggling. ahead of the g20, janet yellen cause for further de-escalation of aging but says it's too early to talk about removing tariffs. the local subsidiaries coming up and unfurling countries. the path is clear for check investor daniel prude to skate to take control of the casino. the $10 trillion worth of value add onto stocks this year potentially under threat with this earnings season or is it the macro story? is it the fed blackout? this is the set up for this

week? the dollar was so weak. look at what happened on friday on the euro versus the dollar. a lot of volatility. the dollar weakness story. at what we got the survey from the university of michigan showing over the competent consumer. when it comes to equities again, we will get hundreds of companies reporting over the next few weeks. expectations are really low. we are expecting a 9% decline when it comes to american earnings. in europe, it is worse.

if you plenty trade is via hong kong, could you tell us? >> as you were saying, it is all about china here. they have an effective project -- factory production. they are looking for officials to send at these kind of easy signals. the officials here don't want

you to overthink it. if you look at the statement for today, they use the word study. the idea is that even though we are kind of seeing these numbers missing estimates today, it is painted this uneven recovery. they have these property sectors to manage. we are also in the middle of murder -- of earnings season in asia. there are still signs out there. meta -- >> there is a heat wave in europe. i came in just to do this for you.

>> this was the commute time to head into this office. let's get to some of our other top stories this morning. joining with our morning roundtable. valerie. we have to start on that. just to lay out the exact number for our audience if they have not seen it. estimates was 7.1%. it came in at 6.3. retail sales also supported. it is bad. question does not look good. the used unappointed reach another high. over 21%. the market is sitting back. winning for some bigger announcements. i feel a history has petered out

ever since the previously has been more active within the chinese one. we had a lot of positioning for a weaker yuan. that has can of reversed in the past two or three weeks because of the intervention. maybe some of the speculators are sitting on the hands and waiting for the next big announcement. >> he mentioned fiscal stimulus. maybe that is the chance were not -- chance for more announcements. the loan prime rate, expectations are now that they hold that wants steady after holding this mlf rate.

>> there is the g20 underway. janet yellen has been speaking ahead of the g20. speaking about china and de-escalation. i want to lay with the u.s. treasury secretary had to say. >> the tariffs were put in place because we had concern with unfair trade practices on china's side. our concerns with those practices remained. perhaps over time this is an area where we could make progress but i would say it is premature to use this for d's -- de-escalation at this time. >> can't watch this ever since you sent that u.s. post story. there's been some reports that janet yellen ate some psychedelic mushrooms by accident during her visit to

china. >> to be clear, this was not a report from -- other psychedelic happenings in the u.s.. the dollar has declined. it is kind of a complicated narrative because did not continue on friday. there are numbers that kind of shook things up. we are here in the fed blackout time. they really wanted to keep that to a train alive. >> we heard from goolsby who is known as being the head of the dove camp. he noticed -- do not necessarily sound dovish. not a lot of change in language from him. for the market, most people think the movement in the dollar last week was overdone but to get a big, broad dollar rally, i think we need to see some real u.s. economic growth weakness.

and given the macro calendar, given the data calendar, i'm not sure we will get that. we have empire manufacturing. that is a second-tier data point. maybe we will get some confirmation that the u.s. economy is petering out. maybe the next step is this pessimism over u.s. growth to start maybe be more vocal across. >> to your point, if we don't have the data, last week's move was overdone. i want to mention this wellness story. what is happening in russia at the moment. a lot of european companies have given up a lot of their russian assets. russia declared -- a decree that put hazards -- assigned, they now seize control over to russian subseries. one of carlsberg. it was them into temporary management.

they said they would never get -- it would not affect their guidance. they are still trying to assess the consequences. that is what happened over the weekend. i want to give you a quick look at what has happened over the last one for hours. we will not get any fed speak. there will be others. and then finally, you mentioned empire manufacturing. no one cares about this. we very much care about the manufacturing sector in the u.s.. it is the one sector that has some drawdown due to the rate rises by the federal reserve. i think the eye is on the manufacturing sector in the u.s.. what kind of confirmation will

we get? there remains to be seen. >> think you for joining this morning's roundtable. you can get around of these top stories that you need to know to get your day going. coming up, the databank kicks off. we have the results. we will dive into the numbers for you next on bloomberg. ♪

>> we are relatively small. compared to some of the they want out there but it is something we have been focusing on for the last couple of years.

just really making sure that we are consistently and the right people, investing in technology. it is focused on the u.s. clients. there are those better and better each day incrementally. so we are happy with the performance that we had this court unless quarter. that shows through the fees. that is something we will keep gradually building on. >> let's talk about commercial real estate. weiss you expect to see it play out in a market over time.

when are you anticipating to see people in for commission -- commercial real estate. >> i guess i would broaden it a little bit. when you look at the overall credit picture, it is like good. on the consumer side, we are seeing higher charge-offs. that is office door close. that is performing white well so far. on the commercial side of the business, is going white well in terms of both our middle-market and commercial banking clients and big chunks of commercial real estate are performing really well so far. particularly given where we are on the cycle. this conversation is folks in isolated on the office portfolio. as you look at office, it is lot of the trends we are all talking about for a while in terms of return to office and companies really needing less real estate and that is coming through different cities in different properties across the country. what we did today is make sure

as we look at all the things we can see and think about a whole bunch of different scenarios that we stress in the portfolio -- we think is appropriate to deal with a number of the scenarios. >> there will be some weakness over time. likely coming years as people work through the changing patterns and different issues with individual properties. parcel wells fargo ceo speaking to katie greifeld after their earnings, it has been a lot of u.s. bank earnings. we will get more on this peak. but we did get jp morgan last week. their revenue sort to $1.3 billion in the second quarter. all of this as jp morgan becomes ever so much bigger. they had higher rates and they took over first republic bank.

the beam is. quarterly interest in income comes in. this was all forecasts -- the u.s. economy continues to be resilient. they cautioned on the outlook and recessionary risks. this is all somewhat arrested in two. [unusable audio clip] >> also here in europe, they kicked off with nordea reporting better-than-expected profits in the second quarter supported by tailwinds from these interest rates but the biggest lender in

the nordic region also raised its full-year profitability guidance with net interest income rising 40% on this. let's get to chris young said in sock,. let's get to the numbers. over the main takeaways from nordea? question morning. it will be a jampacked earnings week. the report was overall better-than-expected. this was in line with expectations. what can be said is that the full-year forecast for the return equity was at 30% before as him and lisette called a very conservative. comfortably about 15%. that should be well-received by the market. >> we are going to get nordic lens reporting this week. what are you on the lookout for?

chris? >> and it is always highly important but perhaps even more so in this high rate environment. they have hiked the policy rate in just over a year. this creates a whole new dynamic for corporate clients and the blank -- and the banks themselves. mortgage margins are highly under pressure. and they are switching up adjusting to this new environment by switching its say make us that have higher rates. any information, -- they will be highly focused on -- >> will have much -- we don't have to much time. over the past year, we have

brought up the issues specifically with sweden's realty market. often the banking ceos tell us the impact they feel another great. it is not really analogous to annie's -- any earnings impact they might feel. are they finally feelings and impacts from some of that turbulence? this will continue for a good while. the view on this is that -- it is pretty divided. the swedish banks are significant exposed to the sector. your downgrading the outlook setting the same concerns.

they had said recently that it is not likely for the situation to produce a 1990's like financial crisis because swedish banks, stronger than before. and the head of the swedish said -- it is a bigger issue for foreign investors. adding that he is not the least concerned first -- for foreign banks. >> that is bloomberg's chris young stet in stockholm. a tree of french businessmen -- the withdrawal by the investors after months of work allow them to take control of the french supermarket chain that struggled for years. as a g20 many kicks off in your,

we are speaking about foreign and financial affairs and the assistive interview will be as his 30: e.m.. this is bloomberg. ♪

>> the president of botswana says they wallop secure seven version $50 million in development funds through diamonds. the partnership is the biggest public rabbit partnership in the developing world. that will make botswana the capital diamonds. he spoke to bloomberg's jennifer. >> i see more growth coming. in the near term, in the near future.

i feel it, i see it, i want it. >> this deal is one that is going to make a difference. upon signing, one billion extra comes into the economy. what more effort do you need? we are seeing some projects coming to freshen from a couple of years ago. we will be harvesting in january. some of the best sisters for you can find on mother earth and they are being exported to the global markets. we will move from close to zero sons export to 70,000 tons per year. we will also see as a

consequence of both deals more value addition and country. did you know for instance that the signing of the agreement resulted in an increase in value of anglo shares. they will -- they realize most 1.4 billion u.s. dollars -- is such a small player. imagine what this does to diamonds that are added and what you will get from them. we would also expect there to be an increase in our other mineral spaces where money copper or money nickel and the first mine or the big minds that started in the northwest is now

successfully evacuated. that is on the wasn't before. and then we returned to reopen the mine the copper nickel mine. we are generating new products. that is still just work going on in the early stages. we are also producing more power. >> over to give us a quick check on some chinese assets, related assets. hong kong is closed for the typhoon there. in issue in equities. this is where chinese gdp is playing through. you can't do that if the market is closed. a big miss for gdp. good news -- bad news is not

good news yet if we don't have any signs of stimulus. it is impacting a lot of the metals. these growth sensitive assets. these are decline more than 103rd percent. those are both down about a third of 1%. coming up we will talk about the china story but also geopolitics because the g20 meeting for finance minister and central bankers will be kicking off in india today. we already hear from janet yellen ahead of the conversation. we will be speaking to the eu commissioner for econo i don't want you to move. i'm gonna miss you so much. you realize we'll have internet waiting for us at the new place, right? oh, we know. we just like making a scene. transferring your services has never been easier. get connected on the day of your move with the xfinity app. can i sleep over at your new place?

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>> good morning, happy monday.

welcome back to bloomberg daybreak euro. the lit his hand his struggling. janet yellen calls for further de-escalation of tensions with beijing. >> the first quart of sales, sleigh disappointing. this is where it comes in. the estimate is for 4.4. america's ram you, the big disappointment, falling 2%. the estimate is again a 5%.

it is the american consumer which is the concern falling 2%. the estimate was for 5%. look open for reaction there. american futures not moving too much. we are looking at the dollar, will that downtrend continue? that dell is slightly worker. weaker. let's switch it up and see where the u.s. futures session is doing this morning. we did end slightly lower on friday. that trend seems to be continuing slowing. is it the china data dragging it down? see how the asian markets have been working. >> china stocks holding onto those losses. the csi 300 -- they are

similarly declined today. this all is missing estimates last quarter. coming in at 6.6%. it was also a little bit of a missed understand -- misunderstanding on the retail sales. all eyes are kind of looking at this earnings season. they are looking at what the readout would be. officials really don't you don't you to overthink it. they are telling people in their statement today that it is all about looking at the next kind of signals from officials in terms of there was more targeted fiscal stainless measures. but also, in hong kong, shares are suspended due to a tycoon. >> there is the aca whether for you. let's turn to the g20.

they are discussing food, energy, security and distress in india this week. another key theme with global policy makers increasingly devising on policy stances. haslinda is in indy at the g20. take it away. you said it. the economy and inflation. for year, it is -- the 2.5% target. what happens after that? let's get perspective. we are looking at -- and i'm great to see the second time in six months. your take on inflation. has underlying inflation peaked? placed it we look at that, indeed, we have more than 10% of inflation last october.

and now we are at five when something. it is very different. the level of inflation, we have member states, we have more than 10% of inflation and member states that are already below 2%. our expectation is that headline inflation will decline slowly. now with the speed of headline inflation. core inflation will be slower. so this is because of the fact that headline inflation is influenced by energy prices. the core inflation is influenced by prices, wages, services. overall, in between 24, i think we will have the level of

inflation near 12 targets. >> underlying inflation has speak. it is ticklish in the right word to use to describe the european economy right now? we have weak growth. slightly weaker than expected. if we look to the last count we were expecting a real recession. blackouts. energy problems. surprised problems for energy. i am not saying that we don't have any risks ahead of us because the tightening of monetary policy would produce

the energy. we are not completely out of the woods. we are going out of the dependency but it will be a challenge. overall, we are not in a stagflation. quotes manufacturing remains lackluster. especially in asia. in the doldrums, how much of a risk is that. china continues to give really weak data. >> yes, the opening of the chinese economy proved not so strong as expected. this is true.

some countries will have an incredibly positive towards season. i think we have a mixed picture overall but our estimate is that starting in last quarter of this year, we will restart growth. >> looking at fiscal rules under review, can we expect an agreement?

>> we have to find an agreement. what i can say is that after a typical start, it has always been very controversial. the fiscal rules but after a difficult start, after all member states have engaged in in a balance and the basis put on the table is a very balanced one. you have to take into account if you want to change this basis, we have to change it because you can't change it dramatically otherwise -- overall, i will be confident that we need to give member states -- >> is it possible? we have germany assistant on a

debt reduction framework. is that realistic? >> understand the german position, is legitimate. but, think it is to restrict, benchmarks. especially if you think to have this -- -- if it is people for all member states. the reality is that the situation is very -- european countries -- it is difficult to have a restrictive benchmark line for everyone. for some, the benchmark is already there. and we can discuss this. by imposing unique safeguard is

really problematic. it did not work in the last 30 years. we were very restrictive. it did not work. the overall debt increased. in the last 21st years. why? because we need differentiate places for ownership. you are urging member nations to contribute to -- the national government has been pretty relaxing. where else can you get the fund from? >> ethic we have to continue this. this conversation because this is how the european union works. we have an executive body.

but this executive body has to deal with member states and their economy. do we need common funding? i think we saved dozens of millions of laborers through the common mechanism. now we are using our recovery and resilience. 100 billion euros. and there is common funding also for the creative investments in the future. for sure, after the end of this next generation eu common program -- i think will have to roof -- reflect on further common issues.

>> coming to you from the g20 meeting happening right now. >> a fantastic conversation on inflation. they want to get back down to near 2% in 20 12. that was hostile and almond in india. coming up later from the g20, we we speaking to janet yellen. catch that exclusive interview right here on bloomberg tv. first, we will discuss the policy indication from today's disappointing china gdp data. this is bloomberg. ♪

>>

chinese apps are lower after data from china painted in uneven economic recovery. even in disappointed one. the youth and on a planet rate hit a low after retail sales went below estimates. let's go over to david to from our bloomberg economics team. expectations are for bed how much worse was this then expectations? >> it is not easy to say how much worse. i can tell you that we expected 7.8 percent year on your gross -- it became 6.3. it was a 1.5% point. what was surprising was the weakness if you look at what happened, the consumption has

been meeting the recovery. now, the weakness was faster than respected. >> in the mid of this, we had the pboc holding its one year, left rate steady today. and the expectations of really big stimulus disappointed? and come to fruition. what to be a spec from the policy side? we do. the for the dinner camera, we have decreased our expectation.

this is compared with -- not you have reached our expectation is in. the previous he will do monday easing ahead. thank you so much. thank you for for -- thank you from our economic team. this shows the anti-trump republican donors are failing to rally over a single candidate. the former president's closest competitor is struggling to garner grassroots support from his campaign. let's get over to bruce einhorn on this. is this good news for

trump-pence? >> it is good news for trump and that he has very little trouble using -- raise money from small dollars -- donors. ron desantis has gotten support from people like home depot cofounder, harlan crow. the new problem when you rely on big donors is result limit. once someone has given $3300, they can't give anymore. and this during the primary. what if you of ron desantis is gone -- donors have kept out. in order to get the money flowing you need to build up support from smaller donors. this is something smaller candidates have till with.

tim scott as debt with about $20 million cash on hand. that is about the same as former president donald trump. these numbers don't include the amount of money super pac's can raise. super pac's are not allowed to coordinate with campaigns. there is a bit of additional -- ron desantis has 130 million dollars in his super pac. thank you for that update. coming up on the program, heading to washington. of new curbs on siesta china. more on that and other tech stories.

that is next on bloomberg. ♪

>> so born quest the tech world as the micros of activision acquisition. on friday, the ftc have lost their corporate deposit microsoft activision deal. you could almost a that microsoft has defeated the final boss. i can hear the groans erecting from everyone around me. let's get to our check roundtables. mr. with you. we might have had to get to see louisiana on this one. we are waiting from what happens with the case ela. >> they have been trying to block the deal. there is an appeals process that is ongoing.

there is a hearing set -- scheduled for today. they are trying to stop the deal. there is a possibility that the u.k. still exit go through somehow. the u.k. deal is focused on the cloud gimme business. question that point, doesn't this deal pen with microsoft and sony over the weekend? won't they have a licensing agreement? crave me if i'm wrong, that is longer than most of these licensing deals. to allow call of duty to stay on sony's playstation, does that not help relieve some of the concerns? >> i think it does. the uk's fixes been around the cloud daily market. the cma did not like that.

they're coming up with a broad, less specific some -- set of authors. what we could see happen is the they allow the deals to go through. hold activision as a separate entity. course the final boss seems to be that the sum of this is take on story that you flight over the weekend. we will have leaders of qualcomm intel to try to lobby them about chips and restrictions to china. this seems like an area that the u.s. is unlikely to backtrack. what do you think about what to got to head? they will make the best effort to try to could slides of --

control axis of the chinese market. it is a huge leg of growth. they have been blocked from not only solo -- selling the bleeding edge but also the equipment to make such tips. there had been some -- there are some that have really been fighting white strongly. it seems like that effort has failed. it feels like a last-ditch attempt. >> the gentleman from wisconsin says ceos continue to advocate for weaker export controls on sensitive technology. what say you? i can imagine innate much space and progress in this sort of effort. >> it feels like a lot. yet to keep fighting over the very last moment. when you look at the geopolitical situation, the biden team is not saying they will give any meaningful concessions.

i see why they are fine in the corner but i would not expect to get much of a win from this. >> yes, they want to de-escalate but that will not go anywhere. that is elsewhere from our quicktake team. coming up later on bloomberg tv, we will -- we will be speaking to janet yellen. she is the g20 finance ministers and central-bank meeting in india. this is on bloomberg.

it's an amazing thing when you show generosity of spirit to someone. and you want people to be saved and to have a better life, then you don't stop. we have been able to reach over 100 million people impacted and affected, and at risk of hiv. the rocket fund takes all of the work that we're doing, all over the world, and looks at the most effective ways, to get resources to them, to get services to them. the idea that we have saved five million people's lives, it's overwhelming. it's everything. anna: this is "bloomberg markets