>> this is bloomberg daybreak: europe. these are the stories that set your agenda. donald trump, kamala harris clash in their first ever debate. harris securing a surprise

endorsement from taylor swift. the president and -- presidential showdown. >> i had nothing to do with that other than they asked me to make a speech. i showed up for a speech i said, i think it's going to be big. >> the president incited a violent mob. tom: u.s. and european futures pointing lower this morning as traders way the debate and growth concerns ahead of the u.s. cpi report due later today. j.p. morgan shares tumble after it pushes back on earnings optimism while bank of america warns of weak investment baking performance. we will bring you the latest from a nervous banking sector. ♪

so the u.s. election and that debate soaring to the top of the agenda for traders. still working out how to play what we've been seeing in services. that head-to-head between kamala harris and former president donald trump. we've seen moves in bitcoin and we will unpack that for you. across the markets, a more muted response and some expected. the focus on the banking sector and tech. tesla was one of the best-performing companies yesterday. jp morgan falling around 5%. u.s. markets closed higher. the s&p was also up by around 4/10 of 1%. the picture now as you look at the futures, looking more muted ahead of the key inflation story that will unfold in the u.s. later. u.s. futures pointing layer -- lower by two tons of 1%. oil will be a factor there. s&p futures down by 5/10 of 1%. nasdaq futures pointing lower by

130 points. you had a very successful sale of three year treasury notes yesterday. we have a tenure option later today. monitor that. expectations that the fed will be cutting in september. helping in terms of the auctions coming through on the three year level. yields down to basis points. the inflation number expected to come down to 2.5% in terms of cpi on a headline basis. the japanese yen soaring in the session. up almost a full percentage point. softness around the dollar. boj officials suggesting that further hikes are coming. brent below $70 a barrel for the first time in two years. bitcoin moving then. this is the asset that has been most sensitive to the debate. expected to benefit.

softer today on views from some of the markets that kamala harris claims victory in the debate. 56,475 right now on the largest cryptocurrency. kamala harris and donald trump have sparred through their first presidential debate with the former president often on the defensive over abortion rights, the january 6 interaction, and foreign policy the initial exchanges focused on the economy and immigration with trump attracting harris -- attacking on the poorest border. harris said the democrats had inherited a damaged economy from president trump's first term. >> let's talk about what donald trump left us. donald trump left us the worst unemployment since the great depression. donald trump left us the worst public health epidemic in a century. donald trump left us the worst attack on our democracy since

the civil war. in what we have done is clean up donald trump's manus. -- mess. >> we've had a terrible economy. inflation is a country buster. we have inflation like very few people have ever seen before. probably the worst in our nation's history. we were at 21% but that's being generous. many things are 70 and 80% higher than they were just a few years ago. tom: vonnie quinn watched the debate closely for us and is staying up late to talk us through what we've been seeing. we talk about winning a debate. was there a clear winner from this head-to-head? >> both sides will claim that their person one. we have to wall street analysts saying that kamala harris clearly one the night. btig and pangaea policy said she was the clear debate winner.

her odds of winning the election are at 60%. there's a lot that goes into this recipe. ultimately, it was about winning over undecided voters, particularly those in swing states. the ultimate winner will have to win at least the rust belt states, three out of seven and possibly a fourth one in order to swing the election. in terms of that, what you want is help in terms of fundraising, help in terms of introducing yourself to the voters. it was clearly a kamala harris night in terms of that. 28% of voters said they wanted to know more about the candidate . she gave the more tonight about herself and how she would act as president, if not policy wise. i want to point out that the democrats have had a stunning run when it comes to timing. right after the debate finished, we got a taylor swift endorsement as you well know. taylor swift has 280 3 million followers, 100 million more than the entire electorate that voted

in the last election. tom: that's a remarkable statistic. talk to us. was there anything on substance when it comes to the policy? from either candidate. what were the hot button issues of the night? vonnie: a lot of what we heard tonight, we hubbard before. a lot of her ideas when it comes to $6,000 child tax credits. housing help and so on. we didn't get much new in terms of policy. we did get more on the hot button issues. it was partially on those issues that harris tried to bait donald trump. in terms of reproductive rights for example. she asked him straight out, would he sign a national abortion ban? he didn't answer that question directly. he said he wouldn't need to, it wouldn't come to that. that issue resonates with a lot of voters. we also obviously heard a lot about the economy. we had all sorts of other issues

like the border. that's when donald trump also seems to have a moment where he fell apart. he reiterated this conspiracy theory that migrants in a town in ohio were eating people's pets in order to survive. the moderators on abc news specifically fact checked him and said that the town manager had called to say that there hadn't been a single instance reported where a migrant had eaten a pet. tom: ok. no pet eating. that is some relief there. thank you very much indeed. with the analysis, thank you very much indeed. let's get the market reaction now. the managing editor of bloomberg markets today. talk to us about the market reaction. vonnie talking about the fact that two key strategists have suggested that this is a win for kamala harris. >> markets were calm and not a lot of action joining the debate

which you could say is a positive for harris. that's an indication that investors really saw her debate performance as combing and reassuring. they were looking for indications of details on what her policies are going to be like. they had a bare-bones structure going into the debate. as vonnie was saying, they were looking for the details. i think they got that. as a result, there wasn't a lot of volatility in markets. for a lot of investors, that's a positive thing. that does indicate that as far as markets verdict on the debate goes, probably handing the win over to harris. tom: the focus switches for the markets away from the politics of the u.s. and at some point later today to the inflation story of the u.s. as we debate was more important for fed officials, the labor market or inflation. there's a risk of volatility around the cpi print in the u.s. later. >> absolutely.

the take at the moment in terms of the fed stance is yes, they are seeming to be shifting their focus toward employment as opposed to inflation being a concern. as a lot of investors have pointed out over the last few weeks, the inflation driver hasn't been completely slayed. there are still signs of services inflation. that's what comprises the bulk of that inflationary impose. potentially a comeback there. the fact that the fed may be moving toward starting the rate card cycle this month in a week or so. a lot of questions over how far they can go if inflation is still lingering there are get a lot of people potentially bracing for a 50 basis point cut in a single meeting. that really is going to hang in the balance if inflation is still very much an issue, along

with signs of a slowing job market. tom: we will see to what extent that adjusts and how that plays into market pricing. thank you. let's check in on the asian markets right now. another big day for the yen, rallying and putting pressure on japanese stocks. tom: -- vonnie: we are seeing -- >> we are seeing big gains in the japanese currency. the strongest level since the start of the year. some of this is amid the safe haven demand as the debate got underway. we've been seeing those domestic factors from the likes of the boj board member sounding hawkish, signaling more rate hikes to come. also worth noting here that this is coming against the backdrop of how the debate -- indeed,

that seemed to help those yields . that also meant the softer dollar. that's also playing out in what we are seeing in the chinese currency. in terms of the offshore yen, what's really interesting is how it has snapped a three session losing streak. to some, that also reflects that there are lingering or dwindling worries of the tariff risk. if you look at the pboc fixed today, it was stronger than the estimates as well. navy to some, that signals that they are not quite worried about a weakening chinese currency, given the tariff risk in the next few months. as you just alluded to, in terms of the yen, it's really about how the japanese equities are adjusting to that. you can see here, the bleed is really bad on the nikkei and topics today. we did start off the session this bad.

but as we came back from the large rake, we sank deeper into negative territory. among the sectors we are keeping a close eye on today are the energy ones, given how brent crude is faring. it's the underperforming sector along with financial related stocks. the korean won's dragging those declines in their u.s. counterpoints. in the absence of key takeaways from the debate for asia investors, what we are actually seeing is that the dominant recurring themes are actually what we've been hearing about so much recently, in terms of the week chinese economy as well as concerns surrounding u.s. economic growth. so this is the picture that you are seeing across the region today. tom: of course, a check on the asian markets. thank you for the deep dive. on the data front. 7:00 u.k. time. gdp print. this is a monthly print. the survey is looking at 0.2% in terms of the pickup in gdp.

we will break that for you. here's the big one though. 1:30 u.k. time, it's the u.s. dpi print. that inflation number will drop. forecasts of two point 5% moderating on a headline basis year on year. you can get a roundup of the stories you need to know to get your day going in today's edition of daybreak. terminal subscribers can go to d.a. why bigo. no surprise that the debates are dominating the coverage. also insights on the strength coming through from the japanese yen. and looking at the banking pressure stateside with the comments coming through from the life's -- likes of j.p. morgan in terms of pressure on margins. coming up in another blow to german carmakers, bmw says 1.5 million vehicles are to be recalled over fears of faulty brakes. more details on the woes impacting germany's car market. plus, formula one design legend

adrian newly signs for aston martin, representing a huge group for the billionaire owner. we will bring you some of our interviews with both of them, next. this is bloomberg. ♪

tom: welcome back to bloomberg daybreak: europe your get happy wednesday. german carmakers sinking deeper into a crisis, undermining the future of the country's most important industry. let's go to off -- oliver crook, standing buying in berlin, who has been charting this all for us. give us the latest in terms of the woes of bmw and vw. this is coming in quick succession, to companies with two different sets of issues. >> yeah. if you needed any born bad news from the german auto sector, you

got it yesterday. the recall of 1.5 million cars. that's due to brakes. issues around breaks that have been furnished by continental. what it's done is, for the broader term, there's big questions on the macro demand in china and europe. bmw will cut their margins. they are now aiming for six to 7%. before, it was eight to 10%. for all carmakers and higher rent carmakers, they are absolutely crucial in terms of volkswagen. what they've done is after they said they would close factories last week, they have said yesterday that they will terminate worker protections that they've had for 30 years. huge worker pretensions. this protects jobs into 2029. that's going to change. they are dissolving that. these jobs are no longer stay -- safe, starting at the midpoint of next year. this huge union fight for volkswagen, they haven't done this in the past because half of the seats are held by worker

representatives of some kind. lower saxony owns 20% of the company. this is a tough fight and it comes to show how difficult things are for volkswagen right now. they're willing to undertake this fight. when you take a look at the market reaction, all the carmakers in germany got absolutely crushed yesterday. volkswagen down 3%. bmw, 11%. on volkswagen, the price of the shares, it's gone from the biggest carmaker to being worth about -- 6% of tesla's market cap. tom: wow. the capacity issue. vw trying to address that with those planned factory closures. they are not producing up to their capacity. there's a gap there. how big is it? >> we have a great data journalism piece that we put out

today. it looks at this issue of under capacity. assertive major planes in europe are producing less than 50% of their capacity last year. that's in part because sales are still way below their pre-pandemic level. 3 million cars below the pre-pandemic level. when you think about what the contribution of this stuff is to the european economy gdp, it is 7% of the european economy. it's a percent of all manufacturing jobs within europe. 13 million jobs. when you look at the breakdown and who is most affected by country, in terms of the full manufacturing share. what percentage of it belongs to the auto sector for the eu countries? they are all about 14% or more of all their manufacturing jobs within the auto sector. you go to germany and it's a major economy in europe. that is still 11% of manufacturing jobs within germany. the eu, it is a percent on average. when you think about the future of this industry which is facing

all of this upheaval and starting to potentially cut jobs across the board, it will have a major impact on the economy and also on jobs. tom: oliver crook with the smart breakdown of some of the multiple challenges facing these german automakers. for the mass-market automakers, to formula one. aston martin has signed adrian uni in a move that the billionaire owner hopes will turn it into a championship contender. he is regarded as the greatest f1 designer helping win titles. we spoke to bloomberg after aston martin revealed the deal with -- which includes making him a shareholder in the team. >> lawrence is very realistic. he knows it's a big ask. formula one is incredibly competitive. it's very difficult to do that

as quickly as that. i think everybody concentrates on it because it's an opportunity in terms of the regulation changes. it's also quite soon for a team that is still kind of establishing itself. >> getting adrian to join as a partner is great. he was wanted by many other teams. was all over the news. everybody knows which teams they were. he was on the team with formula one. i think this is a revolution every moment for us. transitional moment for a company to get adrian to join. tom: that was aston martin f1 team owner and the teams incoming managing technical partner. coming up, bank stops -- stocks condo. j.p. morgan pushing back its outlook. we take a closer look at the

banking sector, next. this is bloomberg. ♪

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tom: welcome back to bloomberg daybreak: europe. j.p. morgan shares fell the most in more than four years after the bank said analysts have been too optimistic on next year's expenses and net interest income. let's get the details from the bloomberg opening trade anchor. what have we been hearing from j.p. morgan and others in terms of their concerns about some softness in terms of nii? >> so much of the upper performance has been driven by high interest rates. the banks have been minting money. even though they are doing it through the volatility in the markets as well, in the absence of steelmaking activities, this is actually their hail mary in a lot of ways. when you look at a market that's pricing in six to seven on the

high-end of rate cuts for the next 12 months, this is a big deal because it eats into their bottom line. that's the kind of hint that you got from daniel pinto at the banking conference yesterday. this is a conversation we've had in terms of the tailwinds that we see in the likes of italian and german banks. so much of the net interest margin that showed up, driving so much of their outperformance, driving more buybacks as well. a record amount. that might go away if we have a global easing cycle. tom: j.p. morgan, bank of america, goldman sachs. the sector will not be unexpected. they expect them move lower once again. unicredit making an investment in commerzbank. how much of a vote of confidence in the lender is this? >> this is a long kind of tail

in terms of the head of unicredit. there were reports by bloomberg itself that suggest that it looked like they had their eye on some sort of takeover offer. it was never a formal bid. it was never perfectly clear. this time, unicredit is talking about buying a 4% stake. the exact amount that the german government is selling. that's the first up to get their hands on unicredit. this makes them a third shareholder after germany and blackrock as well. tom: kriti gupta on the impacts around the banking space, a story we will continue to monitor for you. another big story today be the banking sector, u.s. politics. the japanese yen. the strength that is coming through for the currency of japan. one, up 1.2% we continue to get lines boj official. the most recent line early this, line official suggesting that further hike in the arts. that meeting on writing.

lines crossing in the neck couple of from a boj official nakagawa saying that the weak yen impact elected rices it is -- the nikkei is under significant pressure. the session down 2.5%. kamala harris puts donald trump on the defensive. the former president attacks harris on the economy and immigration. we are live with a deep dive on the debate. stay with us. this is

the moment i met him i knew he was my soulmate. "soulmates." soulmate! [giggles] why do you need me? [laughs sarcastically] but then we switched to t-mobile 5g home internet. and now his attention is spent elsewhere. but i'm thinking of her the whole time. that's so much worse. why is that thing in bed with you? this is where it gets the best signal from the cell tower! i've tried everywhere else in the house! there's always a new excuse. well if we got xfinity you wouldn't have to mess around with the connection. therapy's tough, huh? -mmm. it's like a lot about me. [laughs] a home router should never be a home wrecker. oo this is a good book title.

>> good morning. this is jay baker. these are the stories that set your agenda. that and kamala harris class in their first ever debate with harrison securing a surprise endorsement from taylor swift. u.s. and european futures pointing over this morning. growth concerns ahead of a key u.s. cpi report due there today plus jp morgan shares tumble after pushing back on earnings optimism while bank of america forms of weak investment banking performance during we bring you the latest from a nervous banking sector and it is risk off across these markets. these are jp morgan tumbling 5%. test over the upgrade coming

through. the politics of the u.s. and inflation data and focus. well absorbed by the markets. 356 on the front and yields down three basis points, could be volatile and the inflation started. 140 on the japanese yen, strength for the japanese currency. up 1%. further hikes are in the cars. picard, that asset was moving

weaker on market is that harris one that debate. bitcoin expected to be gaining if trump wins in november. breaking news right now. this is in the retail -- this is in the retail space. the clothing retailer, first half. coming in above the estimates. all in terms of first have earnings. the estimates have been for 3.4 8 billion on the margin story. also it be coming through in the first half. the estimates had been for 19.4%. a check there on the earnings numbers coming through for the owner. will get more on that story later on this hour. back to the politics of the u.s. right now and that presidential debate. this part for more than 90

minutes and he head-to-head matchup last night that ended with the markets showing positive signs for the vice president. the two battled on issues ranging from abortion to afghanistan as early voting is that you get underway in the first day. we are joined from new york by vonnie quinn who has been monitoring others for us. talk to us about where both candidates stand on the back of this debate. was there a clear winner eventually? quick to compact consensus is forming that harris won the debate. both want to a political, they're all saying that harris clearly won. that doesn't mean that she will win the election or anything like that. the polls are pretty much neck and neck. she will have to transfer some undecided voters and the slides will be won by potentially 10 or tens of thousands of votes and is they say, polls right now are very close to what did she want to accomplish out of this? she wanted to take control of the narrative once more.

keep that momentum going that the democrats had out of the dnc. she did make donald trump -- meet donald trump about the size of his brothers. he had him asking for a second debate in the spin room at the end where you never see candidates. one of the more important things coming out of this debate was postdebate. taylor swift on instagram posted her endorsement of kamala harris. she said and voted for, harris because she for -- he fights for the rights and causes. 100 million forwards. we all know the absolute momentum taylor swift fans can have some of the democrats will want to keep some of that going into the next 55 days before the election day. grades vonnie quinn with a take on the endorsement as well as she is ready for taylor swift as well.

we will see if that moves the dial. thank you very much for joining us in the studio. what is your take on the back of this debate? did it move that out for any of the candidates? the betty market is that harris one. >> that is probably right. she did win in terms of the issues. i think the issue was a little hype about her performance, the sense that she would be a great debater. she was an experienced lawyer. i think she may have lost some of that misty coming out of this debate and trump is a very difficult person to deal with. there were a few moments where i think she was a bit off guard. overall she showed the american people who she was. she presented a policy agenda so she got some of those objectives achieved. quick this is all about

undecided voters and a handful of sweet states. possibly five swing states. because acquittal is this debate with those voters? >> hard to say. archana how undecided those voters will you harris. this is going to come down to getting out the youth about. could be important with that and convincing undecided voters. so much is about how voters will remember the trump term. when they consider themselves better off in the term economically perhaps? biden is seeing high inflation, high cpi but are they willing to go with somebody new? harris was trying to emphasize this idea -- we need to try something new. >> this comes up as the top concern for voters.

what do we know about the policy? a plan from the economy. that is all very well she did not give detail on that. whether that is picked up by voters is an unknown. i don't think we climbed very much more about her policy which was the big criticism going in. it is hard to know how the die will be moved. trump over china, ukraine, russia. on foreign policy, there are the clearest dividing lines? >> the clear dividing line we can notice is that of the ukraine war and trump's historically in the relationship with vladimir putin which he has

always depicted as a positive. that it makes him a strong candidate. it doesn't seem to have hurt him. i think harris was trying to signal positions clearly on the gaza were in israel, trying to buy to both sides and take a moderate and down the line route. certainly ukraine, the gaza conflict, those will be two major issues. i think we will be hearing a lot more about donald trump's relationship. >> we are touched -- we touched on template and endorsement after this debate. she has 238 million followers on instagram and other platforms of course added to that number. does she move the dial on this? >> she could very well moved it out when it comes to getting out the vote.

she couldn't convince enough young women that she was the candidate for them. so far, harris has been aware of that imaging. she absorbed that entire campaign. if taylor swift helps raise awareness that the election is coming, turn out for the election, it could very well help the demographic for sure. >> josephine harmon, professor of political science at northeastern university. grappling with the rise in online scams. there threatening their group ambitions. we have all the details on that priority story. that is next. that is -- this is bloomberg. ♪

>> welcome back. first africans reported ahead of estimates. we are now firmly in the golden. of the year in the run up to christmas. we will start with the numbers. the analysts had expected a pretty decent set of numbers that focused on the outlook as well but given all the constraints around the consumer that is feeling a little bit more pressure, maybe a bit of a silver lining in the retail space, what do you take from the earnings numbers and whether or not there is a broad arena across their question mark >> they had a fantastic quarter and the sides are for the quarter coming. they are expected to be very strong.

this tells us about intertech as a whole. it is amazing snc demand, understanding the consumer and predicting what fashion is really going to fly off the shelves. i think they will continue to be an outperformer. i don't think you read across is quiet right that we can expect everyone to do well. they really suffered due to weather. i was -- adverse weather has been the problem. >> that is very interesting. talk to us about the consumer. we are seeing details and data out of the u.s.. credit card borrowing, that is happening in the u.s., suggesting that some of that is happening in europe as well. what is the resilience of the consumer at this point? how much of a weakness or

challenge? question overconfidence is very low. there are reports that it is improving. what we know is the consumer is really concerned about energy crises, concerned about the grocers are. that means discretionary spending remains under pressure. we have also seen some research recently to suggest the big items of expenditure and furniture or electricals, consumers are holding back because of the lack of certainty around their own economic prospects and their feeling of confidence. quit the data suggests that grocery prices are coming down and there has been a marked impact there. talk to us about how supermarkets are talking about us with inflation. now they're looking at a deflationary environment. how do you foresee supermarkets adjusting to the new reality? >> grocery price inflation has come down. not by very much.

this is still significant and what we saw last month is that volumes have crept up around 3% so the consumer is responding. the behavior of the consumer is really interesting and really buying into deals and promotions. we are seeing marketshare variation. you have some no stability, some fantastic results. the events of putting little bit. what we can see is the consumer remains little bit promiscuous. and the businesses that can stimulate that demand. >> loyalty is being shredded in this environmental. september 11 and we are already talking about the holiday season. it is always a massive moment here. how are they looking to cash in on this? >> everyone has been planning.

way before september and september for the last few years has been warm. the weather in the u.k. has been a real blessing for retailers as they start to trade into their winter on winter ranges. the weather being dreadful will stimulate demand which is wonderful and sets retailers up with confidence as they move toward the christmas time. we have trained consumers to wait until black friday offers come through and then we see big spikes. it is going to be a critical trading. . >> pushing through further discounts but given the margin of pressure. >> once you have bought all the merchandise and invested in stock, if it is not selling through at the rate you plan to, you have to mark down and realize your cash conversion. i think some of them will be

better positioned than others but it is going to be a challenging season. the season is completely critical for breach of the profit. it remains to be seen what that's going to look like. >> what else are you watching for? in an environment where you describe the consumer is being promiscuous. interest rates expected to come down. it was really smart analysis in terms of where the consumer was. the content you're giving us and the analysis is really valuable. we need to get you back on again as we count down to that holiday season. a touch and deep retail space. now to some other stories making the news this wednesday. a 7.3 .0 takeover proposal from australian real estate. the listing provider, rea. they made a pre-lim cash

proposal. the offer is at a 27% premium amazon says it will spend over $10 billion in the u.k. to grow its cloud business. the uk's treasury says the five year investment and data centers will support up to 14,000 jobs and contribute over $18 billion to the economy by 2028. now, battling against a rise for complaints that are threatening to fintech growth ambitions. it is fully committed to tackling online scams. this is well worth checking out on the terminal and bloomberg.com. how many people have been

affected? >> that's right. we don't know the exact figures but we do the test we do know that planes have been stacking up. >> rapid growth. were the complaints at this point? chris people are saying they are getting scammed and losing thousands in money, often their savings, money that is doing other things and they're complaining that when they do this, it doesn't get three or it is pushed back and then they have to go to the financial services didn't need to refund customers at the moment. >> does that change? what has resolute response been

to these claims? chris went up with these cases to resolute, they apologized and these are ongoing investigations but they did say they had been investing heavily into their fin crime team. they are investing heavily into ai to spot some of these payments and they've introduced metric authorizations and multiple checks in order to warn customers are you sure you want to make this payment? the second part of this is by october the seventh, there -- all banks will be liable for covered fraud claims and it will be split 50-50 between the sending and receiving bank where as previously, the owner was an ascending bank. many other smaller firms are liable for more receiving

payments of scams. >> thank you very much indeed. we will look at that and the sector. really important read on the terminal. there is plenty more coming up, we look at markets right now, european futures currently are lower by just a 10th of a percent but caution in these markets. u.s. futures pointed toward tougher challenges say -- stateside. cpi in focus. u.s. futures pointing up i .5%. the is rallying. japanese equities under pressure and course we continue to focus on the treasuries and movements there given the pricing around the fed.

yields down. plenty more coming up. this is bloomberg. ♪ ♪♪ ♪♪

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welcome back to bloomberg daybreak: europe. they are you now on and percent of commerzbank after buying a 4.5% stake from the german government and that german lender. they are not only meant percent of commerzbank after buying that state. let's get back to the election on the back of the trunk, harris debate and unpredicted, the betting platform for these markets, you are seeing a wind

coming through for harris. expectations in terms of the odds for harris winning moving to 56%. 40% are moving lower for trunk. ahead of this debate, they were effectively even. the odds have now diverged. as you can see, in favor of harris. the polls leading up to the debate have suggested that both candidates work very closely, evenly matched so was he had to pull in adjusts on the back of this debate and we will continue to get market back onto that. the coffers of the democratic campaign being bolstered. they have that advantage in terms of the finances and flows of money and donations to the democratic campaign. let's move onto the inflation data out of the u.s.. that is a focus after u.s. politics.

expected on a headline basis. here is what is fascinating. this is what the went live shows. on a three-month basis, if you combine it and then push it out for the rest of the year, this is the kind of picture in the first three months of the year. you actually looking at inflation below half a percent on a headline. clearly well below the fed's target of 2%. inflation and cpi actually contracted in june. this suggests the fed is well on track toward that 2% target. plenty more coming up.

the moment i met him i knew he was my soulmate. "soulmates." soulmate! [giggles] why do you need me? [laughs sarcastically] but then we switched to t-mobile 5g home internet. and now his attention is spent elsewhere. but i'm thinking of her the whole time. that's so much worse. why is that thing in bed with you? this is where it gets the best signal from the cell tower! i've tried everywhere else in the house! there's always a new excuse. well if we got xfinity you wouldn't have to mess around with the connection. therapy's tough, huh? -mmm. it's like a lot about me. [laughs] a home router should never be a home wrecker. oo this is a good book title.

>> good morning from london. we are one hour away from the opening of trade. here is what you need to know.