. —— the macro hours. let’s again. -- the macro hours.turn to the cricket _ again. -- the macro hours. let's turn to the cricket itself, - again. -- the macro hours. let's turn to the cricket itself, some l again. -- the macro hours. let's| turn to the cricket itself, some of the top players will be performing. how exciting do you think this season's a is? it how exciting do you think this season's a is?— how exciting do you think this season's a is? it is yet another very exciting — season's a is? it is yet another very exciting season _ season's a is? it is yet another very exciting season ahead. in | very exciting season ahead. in indian contexts, one would say it is going to be an exhibition once again of new india, the young india that everyone talks about with the delhi daredevils, many others that neck then you have someone down with covid who is expected to come back to the team and exhibition of talents in terms of india and then you look at the international teams, some of them have the best players playing in the ipl. the engli

it is not so much about the macro.t is about this rotation we are seeing from last year's winners, which was clearly tech and online e-commerce, and those losers last year, financials, energy, industrials, and that rotation we are seeing. that's why think europe has pulled away from the macro story. i think that rotation still has room to run, and the macro tailwind relating to that rotation. alix: the other part of the macro tailwind is how much slower the vaccination rate was in europe. that seems to be abating somewhat, which leaves the potential for catch-up. where does that macro story interject with your rotation story? are there areas of the market that can have some extra juice? karen: i think there's a couple of ways. first of all, i think when we get to that point of synchronized global growth, i think that is when we see a further leg up in global bond yields. if we think about what happened in the bond markets through the course of the year, the first few months, we had bonds setting off, then the bond prog

right now it is all macro versus micro driving the price. guy: let's talk macro. are strikes happening in chile. there are supply bottlenecks happening around the world. are we going to get more copper, or is the industry kind of supply limited, almost by design at this stage? andrew: we are definitely going to get more. what is happening is you are feeling the effects of the pandemic that happened last year with companies that deferred maintenance, which impacts production on a forward-looking basis. you just heard valeant in their conference calls that they expect one of their brazilian mines to get back to normal by the end of this year, so we should see the lagging impacts of returned normalization by next. you also have -- by next year. you also have new supply coming on, which should help loosen things at the margin at the concentrate level. alix: we are obviously paying attention to copper, but is there enough true -- is there another industrial or bulk metal having upside here? andrew: you can't talk about copper without aluminum. while the fundamentals of

the macro picture, we have cpi data out yesterday.hat we have base affects that we will not see inflation or get any hint of it until later in the year. that shows that while u.s. 10 year yield is up a basis point, we will not get a huge reaction. higher yields. bitcoin hitting another high, up over $64,000. we have the coin based direct listing that is not moving investors away from bitcoin but only seems to be adding to the exuberance for the cryptocurrency. anna: thank you very much, dani burger. let's get a first word news update. laura: sources say president biden is set to withdraw all u.s. troops from afghanistan by september 11, the target date marks the 20th anniversary of the terrorist attacks that led to the u.s. invasion, and the toppling of the taliban leadership. some forces will start leaving before the end of this month. u.k. let atop civil servant while he was still working for the government, it comes amid a scandal over cronyism surrounding the insolvent lender, including former prime minister david cameron. he has

on the europe front, that is where the bar is really low when it comes to macro. so who has the better potential to surprise us to the upside? it is probably europe, even of the outlook is a little bit dim are right now. -- a little bit dimmer right now. alix: what makes you think it is not priced into equities? why haven't we already priced that in? frances: that is a really good point. i should qualify it would probably have more to do on the rates side of the picture in europe. maybe that is a better expression of the trade, seeing more of an effect in the fx side of the picture. even though i can often paint a picture of why we should be more cautious about what is already priced in in macro, this is usually going to be best expressed in rates and fx. rates are going to continue to benefit from the favorable outlook in the global bond perspective, and just very low yields for a long time. there's not really a lot of ways around that. alix: what do you think it is going to take for euro to sustain its gains specifically? do we need to see the summer travel seas

dictated these claims over macro's expertise on health issues have also rubbed experts are the wrong way. mr micron is president of the republic and in the framework of the pandemic just like all heads of states he has become interested in epidemiological data yes to put his nose to the grindstone he's obliged to take notice of trends but that doesn't make him an epidemiologist of course it really for all those that talk about epidemiology and among them we can find heads of states like president micron who talks about epidemiology just like we talk about politics while we talk about sculpture or about music but they're not necessarily sculpture artists or musicians. and what about people in paris what the they think of that epidemiologist really inclined president depends on independence he wants to take back his independence from medical experts since the pandemic started medicine has been at the top of everything medics have been governing the country and now micron just wants to get his power back but i still think doctors are right when it comes to the virus because their opinio

our macro strategist, laura cooper.teammates do by writing mliv go on your terminal. i had to jerry rig away to find it, it would be great if there was a live button. that is it for us. bruno le maire is joining francine lacqua. this is bloomberg. ♪ it's moving day. and while her friends are doing the heavy lifting, jess is busy moving her xfinity internet and tv services. it only takes about a minute. wait, a minute? but what have you been doing for the last two hours? ...delegating? oh, good one. move your xfinity services without breaking a sweat. xfinity makes moving easy. go online to transfer your services in about a minute. get started today. >> we are not seeing a systematic debt crisis, we have a world recovering strongly. >> a lot of goodness. also a lot of bad news. new variance of the virus. >> this is "bloomberg

is this showing up in the macro at all?is a lot of discussion about it, and whether it is the auto company, a toymaker, a phone maker -- wheel learning how semiconductors and electronics are involved in all the sectors. at the macro level, we see it in some areas, and in some of the survey data, and the cpi level. seeing that mix of a sharp rebound, we have seen that in the u.s. the last couple of decades, if you had deflation, you had a sharp rebound in inflation, but service sector inflation has been weaker because we have not seem the same revival in the service sector spending. i think we are seeing it, and we will see further evidence of it. powell talked about ongoing risks regarding bottlenecks. we will see some of these bottlenecks be ironed out, but it could take longer and be stickier. and on our profile, we think in 2022 you will see slower inflation and some revival in the service sector inflation. anna: i was going to ask about pricing power, another theme of the earnings season. a number of companies are talki

there is the macro theme. this was definitely key. use the rest of the money and pump it into alternative forms. a couple of decades you are a different kind of company that is not dependent on oil. it also shows how much money and oil company can actually make when you have $60 oil, whether you are trading or producing, you are making a ton of cash. guy: keeping the cost of capital down, interesting to see what happens in terms of the investment story, and then the volatility you have seen. we have seen volatility in the energy market, providing traders with a huge opportunity. it is almost like a bank when you think about it. the banks have done well. the trading size of the business is -- talking to banks, this is a segway. guy: nice. -- alix: nice. guy: initial clarity with rk goes -- with archegos not being met with a long-term share price boost. alix: let's get more on that. alison williams with bloomberg intelligence joins us. it is the big hit they will take. how bad will it get in terms of what kind of money credit suisse has

neil dutta, renaissance macro research, ahead of a huge payrolls report.s are in four basis points on tens. i think it is frontier. this is bloomberg. tom: it's frontier. [laughter] ♪ so many people are overweight now and asking themselves, "why can't i lose weight?" for most, the reason is insulin resistance, and they don't even know they have it. conventional starvation diets don't address insulin resistance. that's why they don't work. now there's golo. golo helps with insulin resistance, getting rid of sugar cravings, helps control stress and emotional eating and losing weight. go to golo.com and see how golo can change your life. that's golo.com. ♪ jonathan: good morning to you all. alongside tom keene and lisa abramowicz, i am jonathan ferro. jobless claims coming out in the next couple of seconds. futures up .4% on the s&p. in the bond market, yields in four basis points. here's the data. here is michael. michael: unfortunately higher with jobless claims last week we broke through the 700,000 barrier, we broke through the other direction this time s

dani burger with the movers and some macro themes for us.vaccination rollout in europe. the european union's health commissioner, stella kyriakides, says the bloc is still working towards its goal of vaccinating 70% of adults by the end of summer. she spoke with maria tadeo. stella: this will make a total amount of 250 million doses in the second quarter from biontech-pfizer. we are moving quickly with our vaccination strategy, and we aim that we will continue to have vaccinations picking up. >> when you look at these new vaccines coming in and the delivery is going to be accelerated, that means your goals for herd community, that is still doable and you are still hoping for that? hugh: we had announced -- stella: we had announced 70% of adults vaccinated by the end of summer. in our communication, we are working towards that with the member states. of course, it depends on the deliveries and the rollouts but we are working to achieve that target. >> i am curious to know whether this contract that you have announced today with pfizer, is tha

if you look at this from a macro perspective, the fed still has legitimate questions about the durabilityf the recovery and key measures of things like inflation. if we look at bottom up micro data, the amount of income that's been replaced by the stimulus and the payroll protection programs that were in place relative the to the income loss, we think the fed has legitimate concerns and reasons to sit back and make sure there is durability to the recovery and durability to inflation, not just increases in expectation. jonathan: there is a difference between an emergency policy setting and right now we are not there. we had several trillion dollars worth of stimulus released on a proposal for another $4 trillion. if you did celebrate that 12 months ago, doesn't need to be celebrated now in the context of the situation now? the chairman of the federal reserve talks about the one payroll report and that's all we have but that's not all we had is it? >> it's not and there's no denying the sequence and directionality of the economy is better. if you look at the 10 year treasury loan, that will

matt: laura, thank you laura cooper therefrom bloomberg macro strategist.arket open. surveillance: early edition up next as we see equities rise on this thursday to new record highs. this is bloomberg. ♪ so you're a small business, or a big one. you were thriving, but then... oh. ah. okay. plan, pivot. how do you bounce back? you don't, you bounce forward, with serious and reliable internet. powered by the largest gig speed network in america. but is it secure? sure it's secure. and even if the power goes down, your connection doesn't. so how do i do this? you don't do this. we do this, together. bounce forward, with comcast business. >> i am deeply concerned by the delay in the implementation of the recovery plan. >> the countries that ended the crisis with limited fiscal space need to be supported for the benefit of the world. >> the g20 is endorsing the extension of debt payments by official creditors. >> this is "bloomberg surveillance: early edition" with francine lacqua. francine: good morning and welcome to "bloomberg surveillance: early edition," on

cornerstone macro calling consensus melt-up ahead of earnings.lysts predicting growth in the second half of the year. european markets are lower, take a look. we are looking at the uk opening outdoor venues for the first time in months. this takes steps out of the lockdown and into reopening, nonetheless ftse 100 down 21, cac down 2 and dax higher by two-thirds. in asia markets mostly finished higher. asian indices with shanghai composite big loser better than 1%. restarting restaurants, state of the new york food scene, why some owners say there are still too many restrictions. mornings with maria is live right now. ♪ ♪ maria: top stories that we are watching this morning right now. a large group of border crossers detained in texas as migrant surge overwhelms officials at the southern border. arizona's attorney general now calling for the biden administration to go down to the border. firsthand in a sunday morning futures exclusive. >> i'm encouraging whether it's the vice president or secretary becerra to talk to border patrol agents and find

my next guest says we should expect a macro recovery.> good morning, frank >> we showed stats earlier where 23% of people got a dose, but cases are back up to the august and september levels what does that mean for the recovery on a macro level and what sector do you see showing that recovery first if it is going to happen? >> frank, you know, clearly it is a tough thing for folks suffering from covid we are seeing cases rise in the u.s. and in europe and asia as well and globally. that is a concern. in the u.s., we have an advantage. a large advantage which is the number of vaccinations taking place. that number is accelerating. you know, in the u.s., a race between the vaccine and the coronavirus itself you know, because we're vaccinating so many people, we are going to come out of this sooner than else wwhere. when we look at the macro recovery, we will see the u.s. lead the world we expect the global recovery to be a tailwind. the u.s. will come out of this first. a lot of consumer savings and pent up and waiting to be spent. it is s

macro economic data and research, fiscal and monetary policies, crisis prevention, crisis response. so what we are doing, working very closely with the world bank and other organizations, for areas of stepping up our work. so it is at the heart of what we do. first, policy advice. we engage with all countries and what is known as article for consultations. and when we do so, we look at the mitigation and policies. naturally we do more on mitigation and countries that hi we do more on countries that are more vulnerable. for example countries like china, the uk, there we look primarily at carbon intensity, but can be done with good policies. may go to the caribbean we focus on vulnerability. secondly, we are zeroing in on climate related financial stability risks. we have a big role to play. standardized reporting, testing and looking at the role of supervisory authority. would be together with the world bank the financial secretary assessment we are integrating two risks in this assessment. first data. data is a story like nothing else. integrating carbon intensity and other climate

it treats its employees you asked the question is it enough well, who can tell if you look at the macro economic picture in the whole western world, the level of inequality we're seeing is something that has been increasing steady since the 70s and it's astonishingly high. you have to assume that political pressure is going to emerge around the world, trying to address that, and one of the best ways to address that is to push people's pay. amazon good for them on trying to get in front of it. is it good enough? that's a politics question that's going to be decided in legislatures and government offices around the world i think probably not i think the pressure from the political sector just to hack away at the egregious inequality is going to be a big deal in the business world >> well, although, i mean, there's the external response, and then there's what the employees themselves think, tim. when you're raising pay by a billion dollars across your work force, how do you think that gets read by the employee base >> well, you know, they say that some big number, 94% of employees would re

>> i love the macro story but hate the micro this company's ebit doesn't cover it's interest expense, it's a zombie, zombies give me nightmares no thanks. >> okay. next up united health, trade or fade it. >> i got to fade this one. i've been talking to a lot of artificial intelligence people looking at disruptive technologies and there's a disruptor momentum coming to the insurance space and i think united health is, you know, the pe is not bad, business is not bad, it's one of those big industries that's yet to be disrupted. long term i think there's weakness short-term i think there's so much strength in the market got to come off i'm going to fade it. >> guy up 7% year-to-date trade it fade it? >> probably the prudent thing to do, james but what he's talking about is not going to happen for quite some time. the stock is around all-time highs and got the valuation it deserves i continue to say long unh in earnings next week. >> and finally, pepsi reports thursday barbara, ann. >> i'd say trade it. it's high quality compounder mid single digit on the sales line got margin expansion 5

a bigger macro picture for loans. you tell me through the asian session so far this morning it has not been referenced all that much. >> that is exactly right. we were very focused on bank earnings. they kick off the season and send a macro signal. there are big names. we were excited given the archegos background. we were interested in what banks might say. this week even though we are still getting good earnings, there is very very little talk. people are talking about the football story, the crypto story. if they are focused on other things that is things like geopolitics, the policy decisions, the discrepancies in assets. no one is mentioning earnings as being a driver. are they really going to give us new direction? maybe not. anna: trying to untangle the signal out of the noise could be interesting for those comparisons looking so skewed. you can get up-to-date with the analysis and insight from mark and the rest of his team. 7:06 in london. coming up, exactly a year ago, oil has historic crash below zero. we di

jon: we will have macro babble around the cpi debate.anage your money right now, where'd you put the capital to work right now? margaret: we are right in the middle. i think we have had a big swing in pe since we swung from growth stock to value cyclical, but i think that has pretty much leveled out as far as value. now, the support thing will be earnings growth when companies continue to have above average earnings growth, above and beyond they bounce back. that is what i'm looking for, a source of earnings growth that companies that -- companies can have. jon: margaret patel over at wells fargo. do you think value of what we have seen more recently, can i continue ny? margaret: he is certainly a brilliant guy, and i value his opinions, but to me, it is more of a history book standard of how economic cycles work, and i think this point in the economy, we are at a different phase because of the increase in government debt, the lack of support, lack of growth in the emerging market. u.s. and china look like they are the two drivers. i'm n

that's the $1000000.00 question because i'm going to macro c.d.u. c.s.u. union only has officially a candidate's once both the mighty c.d.u. party and its much smaller variances the party the c.s.u. together present him now it so happens that both leaders want to be that candidate and marco sudha declared once again that he would accept if the c.d.u. the biggest c.d.u. backed on iraq said he would back down but he said that a week ago and he didn't back down after the party executive backed i mean not that now we have this vote which is an overwhelming majority almost 80 percent but at the same time senior figures sowing doubt whether that will be accepted without aman last it is palatable who's so much what's in the opinion polls then marco sudha to the party grassroots so today will be a very interesting day because we're both waiting to hear from aqua pseudo what he says what he says he concedes defeat and where the parliamentary groups will be debating this very issue once again and making some noise potentially because not everybody is happy with it m

cases costing many lives and livelihoods for more i'm joined by abdul ib odd he's the director of the macro economic research division at the asian development bank in manila welcome to to the show let's start with india how much do you see this current surge in virus cases impacting india's recovery. it's obviously a very serious concern obviously both at the social level but also at the economic level so our forecast is as you noted 11 per cent for this for fiscal year 2021 and we think it's actually still achievable despite this resurgence for it for 33 main reasons. the 1st is that. a large part of growth this year is actually a base effect it's your growth this being compared to a very weak 2020 the 2nd is that even with this resurgent cold wave in india. the controls are going to think the constraints being put in place are more targeted than selective and unlike the large scale lock downs that were put in place last year so one indication of this is mobility indicators mobility no. 2030 percent but that's still much better than last year when mobility was down 60 to 70 percent below

in the macro things we are looking at. here is laura wright.oft is making a massive bet on health care artificial intelligence. it is set to buy nuance communications. it has been collaborating with the firm since 2019 on tech to allow doctors to capture voice recordings and enter the data into medical records. if talks are successful outcome of deal could be announced today and that would be microsoft's guest deal since it purchased linked in. and abu dhabi's sovereign fund may purchase -- may make an aramco pipeline deal. aramco has put together a loan of $10.5 billion to fund the transaction. it would be part of saudi arabia's effort to open to more foreign investment. grab is putting southeast asian tech on the map. a blank check company backed by t. rowe price. the deal will value the firm at more than $34 billion. it would be the biggest spac merger ever. anna: thank you, laura wright. the u.s. economy is at an inflection point according to jay powell who sees stronger growth and hiring ahead thanks to rising vaccinations and powerful pol

two pylon 14 days of macro related self isolatioh _ 14 days of macro related self isolation must haveat have had to go through it. it is feeding into this feeling as we go through this and towards may 17, where it feels like slowly — and towards may 17, where it feels like slowly but surely we are getting _ like slowly but surely we are getting things back and we are getting — getting things back and we are getting normality back and it is 'ust getting normality back and it is just reasons for optimism and i don't _ just reasons for optimism and i don't know, it is like lightening the mood —— mind, care homes are getting _ the mood —— mind, care homes are getting such — the mood —— mind, care homes are getting such a mention at the moment because _ getting such a mention at the moment because they had been an important focus _ because they had been an important focus through this pandemic. and the amount of things _ focus through this pandemic. and the amount of things that _ focus through this pandemic. and the amount of things that care _ focus through this pandemic. and the amount

epidemiologist despite not having a scientific background it's this bravado this process really led to macro and consistently brushing off scientific advice over the covert pandemic as he apparently thinks he knows better. i say to the government do it now do it now do it for a shorter time but do it to concede their right not to implement a lockdown in france at the end of january because we didn't have the explosion of cases that every model predicted these claims over. seas on health issues have also rubbed the wrong way. mr president of the republic and in the framework of the pandemic just like all heads of states he has become interested in epidemiological data yes to put his nose to the grindstone he's obliged to take notice of trends but that doesn't make him an epidemiologist of course it really for all those that talk about epidemiology and among them. we can find heads of states like president mccrone who talks about epidemiology just like we talk about politics when we talk about sculpture or about music but they're not necessarily sculpture artists or musicians. and what about p

france's president is without a doubt an educated man emmanuel macro and through through the country's top institutions before making a mark in both the private and public sector he then repaying from youngest ever president i mean it's a pretty impressive resume and people traded in selfless and learned he knew when to take advice it is important at this time by following the advice of scientists as we've just done to ensure the continuity of on democratic life and our institutions but now it seems being top dog isn't quite enough not grown his throwing himself into an entirely new discipline the president has acquired real expertise in health issues it is not an inaccessible subject for an intelligent person like him considering the important time he has dedicated to it for several months not growing as 8 since he wouldn't be declared that he has become an epidemiologist despite not having a scientific background it's this bravado this process really led to macro and consistently brushing off scientific advice over the covert pandemic as he apparently thinks he knows better. i say to

mo if we turn to the front page of the eye macro, i to people.t page of the eye macro, this is embarrassing as well, what do you think was met —— of the i. i embarrassing as well, what do you think was met -- of the i.- think was met -- of the i. i think the bigger— think was met -- of the i. i think the bigger shift _ think was met -- of the i. i think the bigger shift here _ think was met -- of the i. i think the bigger shift here is _ think was met -- of the i. i think the bigger shift here is he - think was met -- of the i. i think the bigger shift here is he is - think was met -- of the i. i think the bigger shift here is he is nowi the bigger shift here is he is now wilting _ the bigger shift here is he is now willing to — the bigger shift here is he is now willing to directly criticise the prime minister and it has become really personal and this was somebody who was whispering in the prime _ was somebody who was whispering in the prime minister's here in all the key meetings, the main adviser for quite _ key meetings, the main adviser for

look at default swaps not a great deal of strain there it's interesting telling perhaps in theent ire macro environment. relative to the two stocks i talked about this when the news first broke we sold at viacom at 55 on the way up i think whether talking about viacom or discovery at 24 or 25 times forward they're both too expensive. i do think they look a little bit more interesting at current valuations viacom perhaps more so, given its just add it's 200 day support and looks to be holding. perhaps more to go for discovery. >> viacom raised money and it's a different story with just a turn lower guy, all of this happening of course on the eve of bank earnings you got to think archegos is going to be a topic on those conference calls. >> that would be the first question asked earnings will be great . if you heard what credit suisse said last week $4.7 billion loss. my numbers might be off a little bit so please don't at me. but you know $1.5 billion all in that suggests they had a remarkable quarter, but for this the story, and i don't think we're suggesting underlying stocks the story is

. >> yo ya tomÉ la mÍa, pero no voy juzgar a macro —— a quiÉn no quiere.todas las personas que existan a las aulas porque se requiere primero que la administraciÓn de elementos y medicinas de aprobaciÓn final para las vacunas que se aplican en estados unidos y que actualmente son administradas bajo un permiso oficial de emergencia. fÉlix: las cifras de emigrantes menores que han cruzado la frontera con mÉxico es mucho mayor de lo que se creÍa. ha aumentado la presiÓn para que el gobierno federal agilice el proceso de reunificaciÓn familiar. pablo: es negar no puede dejar de pensar en sus dos hijas menores de edad que se encuentran bajo custodia del gobierno. ambas cruzaron la frontera en el paso texas. >> son mis hijas, son mi sangre, son la alegrÍa de mi corazÓn. >> el gobierno afirma que hay 21,000 niÑos en proceso de reunirse con sus familiares. hay 23,000 en custodia. >> necesitan mÁs recursos, tiene que tener trabajo social. >> el trabajo apenas ha comenzado. >> la administraciÓn de biden ha sido demandada evitar que acepten mÁs niÑos a travÉs de la f

injection we've been working for 9 months without stopping and without vacation 7 days a week as mr macro says due to the inability to complete the work on time due to a lack of vaccines we believe the government is to blame for the fact that we have to work incredibly slowly but at the same time in a completely grueling regime simply because of a lack of equipment the new wave of covina will lead to overcrowding in hospitals we already know this will happen we are already is signing which patients get treatment and which don't because about 60 percent of operations were canceled. on wednesday the french president promised to increase the number of intensive care beds to more than 10000 but doctors say it will come at the expense of non-colored patients and of a problem is lack of stuff as intensive care requires additional special training and equipment that translates around again ses these challenges could have been avoided if micron had at. emmanuel macron has woken up a year after the start of the crisis a year ago in march the need for a large number of hospital beds beds in intensi

a result of therapy sites are still limited responsibility for this rests entirely with the manual macro on who endlessly delayed the adoption of measures even preventative measures such as supplying hospitals with oxygen cylinders and oxygen therapy devices necessary for treating patients. or it was after the short break. the wall street frauds going all the way back to the twenty's they're not different they're repackaged rebranded and sold again it's the same wine it is new bottle so the smack frog is just a variation on the dot com frog which is a variation on the mortgage sub prime fraud if you remove fraud the g.d.p. would be it would be negative 20 percent. and you know became the bottleneck is a valid excuse you were moving forward you see there's a girlfriend who should lead to push through equal to his vision with the selection of this lead before he's not going to be named and socially then. copy at the least goes to the student solution and between so you know those who say only. come back to the program now thousands of anonymous reports by students of sexual harassment in u

to a more supportive liberal outbound policy but again, remains very tightly knit with the broader macro economic outlook and certainly the political situation inchina as well . >> i'm going to bring robyn quickly on some points related to that and other regulatory questions and come back to you for even further explanations on relation specifically if that's okay. no something that i remember from one of our conversations last year , he was pointless we can't discover what's happening in brussels and washington, we also have to look at what beijing is doing rid we might discuss that in the context of us china relations, what's happening on both sides ofthis is important . but based on fuel exporting, how do you see that people in going forward. based on what he was at a public versus private, you see that impacting geopolitical's in a significant way that's the first question and second you had one of our audience and this question was related specifically to india, you have so much knowledge on that, it's about deals that have already been approved and when tech offersecurity training

the macro story is improving.get retail sill sales up 5.9% in the month of march after a decline in the month of february they were down 3% in february we're also waiting on initial jobless claims, the estimates there 700,000 jobless claims, that be down from the 744,000 in the prior week. what do you say about the macro story, in terms of the impact on markets? >> look, i think the honest to god truth at this point is that markets are going to be driven by one of the most absurd earnings seasons we're ever going to see. we are expecting an increase year-over-year at about 30%, 31% growth this year, yet we all know this story. the numbers that you're talking about we're hoping will show that. we're hoping that retail sales comes out, and that we see services, which is what has been lagging, given that we've been confined to our homes and not at restaurants, et cetera, so we want to see that number coming up, from a jobless claim perspective we obviously want to see that trending down at the same time that the unem

>> think macro.any stereotypes. many ofhemy ti for him ty i- the it is a spectrum. >> and over categorizing. >> bravo. >> they're american films, not necessarily black films or asian films or american films. >>> country star mickey guyton will make history this sunday as co-host of the acms. ahead, she talks with gayle about a difficult moment in her career and the advice from her husband that helped >>> good morning. it's 8:25. i am len kiese. the man accused of killing kristin smart is due in court today. he attended cal poly with smart and is facing single count of first degree murder. is father is accused of helping him hide the body. >>> sonoma has seen 39 people contracting covid-19 after being fully vaccinated. doctors say this is not cause for alarm because pfizer and moderna are 90 to 95% effective. >>> san francisco allowing indoor events to return, concerts, theater performances, sporting events and the like can resume at 35% max capacity. attendees must show proof of vaccination or negati

part of the digitalization that will increase productivity, not just on firm levels, but also the macroincrease the productivity of those economies, which engage in a physical transformation. anna: thanks so much for your time. thank you very much for joining us. coming up on the european market open, the world's biggest football clubs announced plans for a breakaway league that could shake the very foundations of football. we take a closer look at that next. there seems to be a suggestion that is clubs that you join, you qualify for, and then maybe nothing ever makes you leave. that some fans don't like. politicians take an opportunity to connect to electorates. we get to the latest next. this is bloomberg. ♪ anna: welcome back to the european market open. half an hour away from the start of the trading day, and mark, here is the picture for european equity markets, looking flat to positive for europe, flat to negative for u.s. markets. that's all very well. we're focused on the themes driving these market moves. there's something else that's been a focus of your chat this morning with

when it comes to macro, we are looking at slight gains on the yen.celerate if tokyo goes into a state of emergency which we hear they might. nasdaq futures are dipping. a lot of this is due to netflix. just another day of down in bitcoin, down about 2.6%. jp morgan warning that the technicals are starting to look weak. might be difficult for bitcoin to get back. anna: thank you very much. dani burger with the latest on earnings and other movers this morning. she was mentioning netflix so let's get to that. our top earning story, netflix credited the pandemic with delivering record growth. now it is blaming the pandemic for the worst third quarter in years. the streaming added fewer customers than wall street expected and said the current quarter will be even more challenging. joining us is one of our analyst. what is behind the slow down? the level of lockdown stringency, we see that coming down in 2021 as the economy is opening up. that seems to be moving in tandem with that netflix share price. we had all expected they would run into a bit of a hea

what the you see on the global macro mover screen? mark: there are two themes, first in the equity world we are seeing chinese equity weakness. everyone blamed the data that came out as the stock market was opening. it was described as turning the sentiment. it is the retail trading that is driving the selloff. it does not seem to be fundamental and the timing suits the data out of china. the other story, we are seeing a little dollar strength in the market. we see weakness in the australian dollar and the canadian dollar. you see dollar strength. it is soft strength. this morning the story was about dollar weakness. that is what we saw in the european session yesterday, and until we got the chinese data, then everything has shifted around. matt: before i set down to start this program, wes goodman made me so happy. i looked at his post on the mliv blog. it was to the extent that this rally in stocks can go on for years thanks to baby boomers and the greenspan put. those are two things i love. his point is that baby boomers, you thoug

i want to bring in cameron, who is bloomberg's macro strategist.y interesting to note that even though the fed remains super accommodative, bank lending has turned down, which raises -- cameron cannot hear me. sorry about that. can matt hear me? ok. sorry about that. matt cannot hear me and i think cameron cannot hear me either. we will come back to cameron as we watch the federal reserve this week. the note today pointing out that we have seen lending dropping among the biggest banks. that obviously is going to be a big point of interest for the fed. went to note that we are looking at some heads here from changes in capital gains. following loans out there that -- this is from -- obviously we are expecting more from the president this week about -- at the very top -- the expectation is this will not fly anywhere, not with democrats or republicans, but we are seeing just the top sliver that would be affected here, so effectively a kind of wealth tax. this is not a bad point to bring cameron crise and on, if you can -- cameron crise in on if he can

or does the big macro trade end? are we looking at a new crypto asset that is here to stay? jonathan: what did you make of what he had to say about the composition of the wider portfolio? that may be if you are concentrating in the big gross names, this isn't for you. but if you are in distressed credit, maybe the allocation of that size is appropriate. lisa: it is the idea of being paid for volatility. you're being paid nothing in these areas of distress. there is no distress. given the sense of the lack of being paid, you might as well take a larger wager on something that has a bigger reward that risk. i think that is a fair assessment. is it perhaps a fad? jonathan: it has worked. i don't want to say it works. do you allow something that volatile to grow into your portfolio? you tell me. what is your reaction to that? tom: i don't think i've ever said this on air, i don't believe in rebalancing. i think it is a marketing idea. i think there's two ideas on rebalancing. one is the actual concept. farmer important -- far more important is the idea of how often you rebalance

german president from delta steinmeier is in paris to meet french president emmanuel macro world they'll discuss european policy in the ongoing response to the covert 19 pandemic that is the french capital is president stan meyers 1st foreign trip since september reflects a close ties between the 2 countries countries. of course and russia has ordered organizations connected to jailed opposition leader alexina valley to freeze their operations the course is now considering banning mist in the valleys anticorruption foundation and its regional network as prosecutors accuse them of political extremism this is the latest state crackdown against the let's say in the valley as a force of political opposition of germany has condemned the code who've been declaring it unacceptable to use anti terror on those gates political opponents. we can go now to moscow where we joined d.w. correspondent aren't tilton welcome and what effect will these moves have. well basically if the anti-corruption foundation is found to be an extremist organization long term it would basically freeze all of their opera

>> it will be an interesting one because we've had such a macro driven environment. talking more about the rotation of relative value opportunities within the equity space. we had earnings season at eight interesting time -- we hit earnings season at an interesting time. i think expectations are pretty high. a high bar to meet for earnings but there's a potential. jonathan: it's often about the outlook as well. a lot of people trying to figure out and get more clarity for some of these companies. what you looking for from the outlook. greg: it is guidance. there's been some lofty expectations. we will have strong earnings growth this year but the question is to 2022. is there is scope for further upgrades. this sense we are looking at in particular which is retail sales this week. looking at the guidance from some of the consumer discretion sectors will be interesting. the semiconductor sector, supply shortages. is that going to manage itself -- manifest itself in more bullish guidance. i think these are the type of things will focus on. jonathan: -- tom: we are maki

that's the component of the macro story that has to integrate the green infrastructure program.n: really interesting final point, great to catch up. frances donald of man u life. great to have her come off and tom in his place. lisa: there were about six questions in there, want to throw in a seventh? tom: we do panels and she just crushes me on stage. jonathan: southwest airlines aiming for breakeven by june. it is a domestic company, a domestic tilt. american airlines later this morning. i wonder how different those airlines will be front and -- numbers will be for an international airline. tom: you wonder what the airlines will do domestically. your esg focus, the last 24 hours and jp morgan, my er firm -- pr firm engine this yesterday. what does jp morgan do out of this with their european soccer green? i cannot figure out -- maybe they are not, am i right? jonathan: there is so many stakeholders miscalculated how they've would play out -- how this would play out maybe not just the banks but also the leaders. this wasn't just about foreigners owning british companies, englis

john kolovos of macro advisors. treasury secretary janet yellen to speaking at the chicago council of global affairs. we will take some of her q&a later on in the hour. coming up, ethan harris, bank of america securities head of global economics. we will get his concerns about the divergence and recoveries all around the world. this is bloomberg. ♪ ritika: i'm riupta. let's take a look at your first word news. a big win for google today at the supreme court. justices ruled google did not commit copyright infringement when it used oracle's programming code in the android operating system. that spares google from paying what would have been billions of dollars in damages. the sectors hit hardest independent on our bouncing back. the ism services index soared everyone in england is being urged to take a coronavirus test twice a week, part of prime minister boris johnson's plan to reopen the economy. test kits will be free and usefulness of covid passports be assessed for widescale use. global news 24 hours a day, on ai

. >> is there any sign that this is cooling off on the macro level?ot me, but people saying millennials will never leave the city the suburbs are dead we will never drive again. suddenly everybody needs a car suburbs are red hot. is this just a pandemic reaction that's the question everybody has. did everyone flee the cities to go to rural and ysuburban offic and yard for the kids or is this a lasting trend? that is the question nobody knows. >> i think you are right like most things in life, the pendulum will never stay in the middle this will be a long-term permanent state. the thought process 15 months ago, if you wanted to have a certain job or certain career, you had to be in a major city. i'm not saying the remote work is a permanent thing, but many industries it is 50/50 that is the kids staying home from school and designed the way you want that is more reality versus the way we were conditioned to think about the jobs and careers you will see a lot of that moving forward in the next year or so. i also think a lot of the price depression espec