alongside lisa abramowicz, i'm jonathan ferro. tom keene back with us tomorrow. the s&p down a couple of tenths of 1%. bloomberg news and the team, led by ed hammond, coming out with a story over the weekend that really got everybody scrambling. discovery in talks with at&t for some media assets. let's be clear here, some media assets but for $85 billion three years ago over at at&t, and warner media could be spun off. lisa: michael nathanson basically said this was a mess that needed to be cleaned up, and this was a late -- this was a way to clean it up. it is fascinating how this leads to the bigger stories in the streaming world post-pandemic. how much will the pandemic reality be the norm going ahead, and how much does the content drive devalue value if you have enough of it? jonathan: moffettnathanson and the team were on earlier. comcast, viacomcbs, and disney could all be interested, while at&t on comcast would be the most likely buyers. so maybe in many ways, maybe people thinking this could be the beginning. lisa: using y

alongside lisa abramowicz, i am jonathan ferro.ne out of the building, will be back tomorrow. equity futures down, declining one third of 1%. the fx market, euro a little firmer. the italian bond yields breaking out again. 1.2162 on the euro-dollar, up .2%. i was having a sleepy weekend. ed hammond was not. our deals reporter joins us now, that at&t in talks with discovery what -- with discovery. what did you learn? ed: we learned they are in talks, which is the most important that. it seems to be going quickly. we expect the announcement, probably premarket, that these companies are combining content assets. it will essentially be the warner business, which is the content piece of what they acquired through the time warner merger, is coming out of at&t, which makes sense, because it has been a disaster for them. according to a lot of people who worked there, they have stripped the dna out of it, so the business does not really fit them. they will spin that out and it will essentially merge with discovery, and my guess at this poin

alongside tom keene and lisa abramowicz, i'm jonathan ferro.n your equity market, we advanced 0.3% on the s&p 500, up 12 points. walmart, the outlook improves for retails in america. tom: this is really important from walmart. we are seeing nominal gdp optimism. i love how they phrase a two-year stack. i predict we are going to see a lot of this. you will see people recalibrating back to 2019 and looking at a broad, you talk about getting over the bridge, they are going to get over it with a two-year stack. jonathan: the line from walmart, "our optimism is higher than it was at the start of the year, see -- the year, seeing continued income through 2021." tom: it will keep us employed at least to the end of may. jonathan: next, tom. -- thank you, tom. [laughter] that's like, two more weeks. walmart struggling on the stock, but looking ahead, they see a better future. lisa: shares in the premarket up about 1%. just to put that into context, what is driving this is savings and disposable income. you saw personal income in march surged to a record

emily wilkins is in washington, with lisa abramowicz and matt miller. real simple -- i believe the president proposes, and congress disposes. is there anybody in congress that wants to dispose towards a $6 trillion budget, particularly anyone in leadership? emily: i think republicans certainly are not going to be big fans of the budget coming, particularly with their concerns about the rising deficit and the amounts that this bill would add to it, but a lot of the additional $6 trillion we are seeing in this bill has already been proposed in the infrastructure plan. we knew, to a certain degree, this big number was coming, but you're absolutely right. this is half suggestion, half wishlist on the part of the white house. congress looks at it and nods at it. at least biden has his party in the senate. tom: lisa has been up since 1:00 a.m., lining up for questions. [laughter] lisa: there is a question of what will get excised, what will potentially be nonnegotiable additions to his spending and what will not what are the part of this bill expected to be p

alongside tankan, lisa abramowicz -- tom keene, lisa abramowicz, i am jon ferro.00 down by 9/10 of 1%. a bit of a pullback. yields are higher by a couple of basis points. the fx market. dollar weakness yesterday, dollar strength today. crude falling in sympathy may be with what's happening in the fx market. $64.15 on wti. tom: commodities a little off the ebb as well. i would note the vix at 22 .08 is not the angst. jonathan: going to do a bit of bitcoin? it dances around south of $40,000. tom: i did not trumpet it going up and i am not going to say yeah, yeah going down. lisa: china came out and said bitcoin crypto assets were not allowed to be used for transactions. this highlights how have you -- how you have not seen lawmakers sign off on crypto assets. and then you got elon musk. jonathan: the elon musk thing i think totally undermines the asset class, the idea that this single individual can spark a bit of a rout. tom: under $40,000. we will continue to watch it. right now in washington, emily wilkins joins us. there's a collective memory of the camp david a

alongside tom keene and lisa abramowicz, i'm jonathan ferro. equity features down about 15 points on the s&p 500. a headline just crossing the bloomberg from the eu council, which will lift restrictions for vaccinated travelers. there's the headline on the bloomberg. tom: this is just clumsy, and i don't mean that in a derogatory way. it is just in every vaccine rollout, you go through a process, and it is regional, it is geographic, it is cultural, and more than anything, it is about the fear of science. jonathan: will the u.s. reciprocate? this has moved very slowly. we are getting deeper into summer. the airlines have been nicely bid as part of the reopening trade. the big airlines need transatlantic travel back. tom: where is the international? i would suggest just in the last 10 days, there's a huge urgency. lisa: the question is, we don't know how all the vaccines are working. for example, the mrna vaccines in the u.s. and u.k. are working very well, where others are used in other parts of the world that do not seem to be having the same

alongside tom keene and lisa abramowicz, i'm jonathan ferro.quity futures down 35 on the s&p. we declined 0.8%, and target absolutely flying in early trading. another retailer in america doing quite nicely. tom: retail is doing great. the shift from yesterday is the yield dynamic today. it is not a big move, but it is tangible. 1.64% to 1.66%. jonathan: i think the focus for us this morning is very much on europe, with bund yields climbing recently and italian yields up once again. tom: we didn't know what it was like going positive to negative yield long ago in germany. we will find a new experiment of going negative to positive yield. i guess it is good news for mr. sewing of deutsche bank. jonathan: i'm looking at the headline, interim along -- inter milan set to be getting a 336 million dollar bailout with oaktree. tom: let's pause here and reflect on this. this is where things that are injured get solved by big money. jonathan: and there's a lot of money on the sidelines waiting to solve things that are injured. lisa: and this is talking a

alongside tom keene, lisa abramowicz, i am jon ferro.o-dollar positive come a little more than .1, approaching 1.21, 1.2 084. your headline is in the commodity market. i should say you're headed that your headlines are in the commodity market right now. copper taking out a decade-long record high. we have had back to back weekly gains for crude. we have seen some big moves in the commodity market. tom: i'm glad you mentioned copper, and particularly london copper, with some real depth. i look at the inflation-adjusted copper price, back 30 years. we are right back to china boom highs. we are not back to the inflation-adjusted real copper peak of 2011. but it is shocking, jon, how quickly we have gotten there. the rate of change right now, with a jump condition overnight, is extra neri. jon: let's pick out your words carefully. the china boom. this cycle? tom: different. jon: out of china, exports were booming. if you look at the copper imports, month on month they were lower. that is mike big question for the super cycle commodity board

alongside tom and lisa abramowicz, i'm jonathan -- alongside tom keene and lisa abramowicz, i'm jonathanerro. this is bloomberg. ♪ ritika: but the first word news, i'm ritika gupta. economists expect a sign today that fewer business restrictions are bringing more americans back to work. the april jobs report is out at 8:30 a.m. new york time. it is likely to show that the economy added about one million jobs last month. in a report from the fed warns that investors are gorging on risk, and that could lead to stretched valuations and vulnerabilities in the financials stump. fed governor -- financial system. fed governor lael brainard says the archegos capital implosion says more disclosure is needed. a petition demanding that the tokyo olympics be canceled gained support in japan. the government today extended the state of emergency to control the spread of the coronavirus. prime minister yoshihide suga has been determined to press ahead with the games. polls show most in japan want them canceled or delayed. imports jumped on surging commodity prices. exports grew 30% in dollar terms from

. >> this is bloomberg surveillance with tom keene, lisa abramowicz. jon: for our audience worldwide, this is "bloomberg surveillance," live on bloomberg television alongside tom keene and lisa abramowicz, i'm jonathan ferro. equity futures up a quarter -- .25%. tom, another week of inflation obsessions. this week, 10 year breakevens, having the biggest weekly decline back to september of 2020. you don't hear much about it. tom: you don't hear much about it i think is dead on. economic research, into monday, are going to be extraordinary. the operative economic word, and this is jargon, this is a pro word, it has been a nudgy week. i love what you said about real yields as you go to the real yield, look for that. the expanded edition this afternoon, 90 minutes. i'm going to look at the cash out there and the action of the nasdaq in the alaska -- in alaska. we are promoting the real yield at 1 p.m.. -- 1:00 p.m. jon: inflation expectations come in little bit, take a rebounding a little bit. we spend a lot of time talking about peak growth expectation. w

alongside tom keene and lisa abramowicz, i'm jonathan ferro.bout an hour and 12 minutes away from the opening bell, your price action looks like this. advancing on the s&p by 13 points, higher by about zero point 3%. the nasdaq 100 up 71, 0 .5%. in the bond market, yields lower to 1.5893%. euro-dollar, one due to to sit -- euro-dollar, $1.2265. if we can get to moderna, i will bring you where the stock price is right now. a couple of percentage points in the premarket off the following headlines. the moderna vaccine is highly effective, 93% to 100% effective in a study of 12 to 17-year-olds. that stock is up by about 2.75%. tom: those are big effective numbers versus the other more suspect vaccines. one question out there is this quiver of vaccines we have that seem to grow every day. we have been euro, euro, euro this morning. 1.2 sue 65 -- $1.2265. i would also note renminbi out to new strength. the chinese you on -- the chinese yuan strengthens out to a 6.41 level. that is a really compelling statistic. lisa: did you read about how the centr

alongside tom keene and lisa abramowicz, i'm jonathan ferro. your equity market shifting higher by three points on the s&p, almost era .1%. what a fascinating moment for the bond markets. tom: the market is absolutely original. i am going to go back to the partition you made yesterday between the financial dynamic, the inflation rate dynamics, and the real economy dynamics. to me, the massive mystery is the real economy in september or december or march of next year. jonathan: the d-word, deceleration. in the equity market, a tech story struggling to get a bid even with blowout numbers and a negative yield that is headed the other way. tom: i don't agree. i look at the chart this morning. i went to the s&p 500, and it is net even down -- not even down 2%. this angst over a non-correction i really take issue with. jonathan: i'm with you. i am trying to tell you with that what is happening in the equity market -- tom: i am just trying to boost ratings. jonathan: keep going. [laughter] financials, energy, that's where the outperformance was yester

jonathan: i thought abramowicz was an arsenal supporter.this is the chart of the moment. moonshot covers it. out of the pandemic, it is a true moonshot. email lesson, vote -- email us in time, folks. jonathan: is this a labor market price issue? tom: it is a natural disaster issue. we are coming out of a natural disaster. what is fascinating is what is the power of labor to demand higher wages? anyone who says they have a theory, i am not interested. we need to observe what wages and benefits do in the three or four lowest deciles there. jonathan: it has really struggled to understand whether supply can make it. tom: with commodities -- look at copper today! jonathan: i have heard that once in 30 minutes. going into an inflation number. you will hear that word repeatedly -- transitory. we declined 2/10 of a 1% with john kane -- tom keene, jonathan ferro, and hello to lisa abramowocz. >> the white house is stating right -- hi did pressure on guess aligned prices. that the epa has waived requirements across 12 states and washington dc to help

alongside tom keene and lisa abramowicz, i'm jonathan ferro.quity futures with a lift, up 11 on the s&p. on the nasdaq 100, up 0.3% after a tiny rally in yesterday's session. for now, big tech making a bit of a bounce. tom: we haven't talked about it yet. big tech coming back after being the darling eight, 9, 10 months ago. some charts show how unloved those big faang's are. they've been out of favor. jonathan: as morgan stanley's james gorman has his call materialize, maybe things change again. the call at eight conference -- at a conference in japan this morning. tom: the growthiness, value-ness of what the fed does is almost like gospel right now. jonathan: are you pushing back? tom: no, i just think the certitude that we get inflation, apple goes up, i have problems with that certitude. jonathan: you tell me where the rates market goes and i will tell you where the equity market goes and the complexion of it. lisa: you have seen a rally in the nasdaq and disproportionate tech shares as yields -- tech shares have years -- tech shares as yiel

lisa: i'm lisa abramowicz in for jonathan ferro. "bloomberg real yield" starts right now. ♪ lisa: coming up, stalling treasury yields searching for a new narrative. and the junk-bond boom wavering after posting one of its worst months since september. we begin with the big issue, stuck in transitory purgatory. >> either bonds are flat. >> one yield has kinda moved sideways for the past few weeks. >> they are not giving you that big movement. >> no one knows if these inflation pressures are going to prove more transitory or less transitory. >> what you see right now is similar to what we saw in 2012 and 2013. >> nothing is moving. >> the bond market will have to deal with what appears to be transitory inflation. >> bonds as your primary hedge -- >> it will be interesting to see how that plays into inflation. >> this range bound thing -- >> this is a big deal. lisa: that pretty much sums it up, but it is still interesting. joining us now is our roundtable. priya, let's talk with you. it is some inflationary data coming out in the stro

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alongside tom keene and lisa abramowicz, i'm jonathan ferro. equity markets this morning positive 10 points on the s&p, up by about 0.2%. we had some pmi's out of europe earlier. decent, better than expected. pmi's out of america a little bit later. tom: really sets us up for the weekend as well. what i would note is the nasdaq 100 gives you decent and better perspective off the mat of gloom, the pendulum of gloom we saw on wednesday or tuesday. we got a nice 4% move in the nasdaq 100. jonathan: the nasdaq up 0.2%. he division between labor demand and labor supply, that has been the debate once again this week. tom: you are dead on. it is the microeconomics of labor. we will talk about that in a moment, as we went to montana yesterday. we will go to minnesota on it. it is truly nationwide. 3.8% unemployment rate in montana. jonathan: a real-life case study playing out in this country, with more than 20 republican states saying no more additional ui. it's time to get back to work. let's see how that works out. lisa: there was a tweet out yesterd

alongside tom keene and lisa abramowicz, i'm jonathan ferro. equity futures up 0.5% on the s&p 500. tom keene, some big data set up ahead for this week. tom: big data will come on friday. this is an absolutely original jobs day. as jon alluded to in the previous hour, we really see the migration on the bloomberg survey. i lose count of the houses now, over one million. morgan stanley and maybe one or two others were lonely there. they are not lonely anymore. it is an uncountable one million jobs plus. jonathan: look at this number, 2.1 million is your high estimate going into friday. the low is 700,000. the median is 978,000. anyway you cut it, these are going to be big numbers. most economists expect it to continue beyond april, may, june, july. we need to keep seeing these figures to take a bigger bite into the losses we have seen. tom: bruce chasm and'-- bruce chasm and -- bruce kazman's comments in the last hour interesting. you wonder what the wage dynamics are along the spread of the different levels of income. jonathan: it is a compositi

alongside tom and lisa abramowicz, i'm jonathan ferro. equity futures down .3%, down 11 on the s&p 500. tom keene, i think the beauty of this program is the honesty. this has turned into a total snooze. even with the federal reserve slowly teeing up a conversation about tapering, this market is barely responding to it. tom: we gotta stay vigilant. this news is there on the volume basis. monday for me was the most boring. we will talk were nimby in a moment. there is new slow, including hsbc announcement on exiting america, but you are right. let's people are looking for is evidence. we will get that at 8:30 today and lisa will talk about that. far more, we need evidence on this boom economy. jon: do you want to touch on hsbc? tom: we could do it now. to me, it is a huge deal, and not about hong kong, shanghai, or london, it is about a 40-your failed experiment in domestic retail banking. i don't mean to pick on hsbc, but it did not work from day one when they but marine midland. jon: tom: i'm happy to. it's a perfect scale exercise. forge

alongside tom keene and lisa abramowicz, i'm jonathan ferro.quities down eight on the s&p 500. the data at 8:30 eastern time, looking for continued improvement in claims. tom: as i mentioned with lisa in the last hour, it is real simple , line up all the charts we have, and there's a mathematics to it, whether it is arithmetic or logarithmic. it is the most elegant trend in hundreds of charts. claims every week is on a great trend to improve. jonathan: and we want to see more of the same going into a payrolls report just two fridays away. tom: this is the first time we talked about this. all, it is upon us. after that -- all of a sudden, it is upon us. after that you've got the fed meeting as well. jonathan: 620,000 is the estimate. from that big downside surprise in the previous month at 266,000. lisa: the question i have is which data point is going to be the most relevant. a lot of data comes out, it beats, it misses, people shrug. however, we will get personal spending and personal income data. i am curious about that. i feel like that is w

. >> this is bloomberg surveillance tom keene, jonathan ferro and lisa abramowicz. jonathan: bouncing back this morning, for our audience worldwide, good morning. this is bloomberg surveillance, alongside tom keene and lisa abramowicz. futures up on the s&p 500. we advance .5%. we have to begin this program in a way that i don't think we have ever started the show, talking about the forced landing of a ryanair flight in belarus. tom: why don't you go over those headlines, as you have an affinity with ryanair that lisa and i don't have. ryanair is cooperating but that barely describes it. jonathan: eu leaders will have to respond to this. this is high up on the agenda, for much of that meeting. tom: for americans, it is so important to go back to first principles and get the map out. athens up to latvia, belarus between russia and the baltic states. 116 miles from latvia. we've got carl bildt, the former prime minister of sweden coming up. jonathan: looking forward to that conversation, coming up. lisa: ryanair's chief executive officer coming out and saying this is

alongside tom keene and lisa abramowicz, i'm jonathan ferro.ing you down to the opening bell one hour and 12 minutes away. on the s&p, positive 16 points. we advance about 0.4%. a lift here and a move in the euro. euro-dollar negative just a little more so in the last hour, down by 0.3%. tom: did lagarde do that? jonathan: i don't know. in the bond market, 1.62 50%. yields unchanged. crude positive by about 1.9%. we had about $1.20 to wti, $63.11. tom: to get you recalibrated on global wall street and particularly american wall street, after saying 200,000 jobs will be jettisoned on wall street, mike mayo joins us from wells fargo ahead -- from wells fargo as head of u.s. large-cap bank research. this is all anybody is talking about, and you are the one to give perspective. can a duo run consumer banking? they are going to try that a jp morgan. is it feasible? mike: i am never a fan of dual heads. having said that, jp morgan cultivates a culture of collaboration, so whoever collaborates better is ironically the one who could ultimately win. we

alongside tom keene and lisa abramowicz, i'm jonathan ferro.nting you down to the opening bell in about an hour, your equity market up to 4166, up by eight or nine point. we advanced 0.2%. yields committee basis point to 1.6369 percent. the dollar erasing the gains of the year, now negative. euro-dollar, $1.2220, up 0.5%. tom: the dxy under 90, and the vix comes in even stronger, from 20 down to a more bullish 19.64. this is a joy to be with paul sweeney. at 9:00, we will be on radio worldwide, anticipated after the last 24 hours because he's expert on this insanity of our media business. paul's career goes back a zillion years. it is he that built bloomberg intelligence. thrilled to have you with us today. let me cut to the chase now. how does the roberts family respond to this, and the iger-less disney respond to this? how does nbc buy cbs? paul: i don't know. maybe they spin out the nbc universal business and merge that into viacomcbs, similar to what we saw with at&t and discovery. that would create something more competitive. tom: it sound

lisa abramowicz will be back with us on monday. we advance on the nasdaq by 0.9%. it is a snapback, and any dips are being bought again. citigroup saying it is too early to give on the root -- to give up on the recovery trade. buy into any short-term dip. is that what we just got? tom: we saw some resets of spx. there's a few people under 4000 for year end. everybody's got an opinion. here's my opinion. most important equity strategy headlines of the week came from mcdonald's, chipotle, and the rest for rising wages. jonathan: agreed. tom: i'm not concentrating because you are not sitting with me in the room. but it's a number of bodies, and for small business, 25 people they need to hire, they can't get them. jonathan: most important data of the week, job openings in america. i know the focus was on cpi. all-time highs on job openings in america since records began. you've got to attract the workers. you need supply to meet the demand. the price needs to adjust. tom: good morning. the quantitative drift of claims is beautiful. it is elegant, and it is a very const

alongside tom keene and lisa abramowicz, i'm jonathan ferro. a lift, up 11 on the s&p. on the nasdaq 100, up 0.3% after a tiny rally in yesterday's session. for now, big

alongside tom keene and lisa abramowicz, i'm jonathan ferro. 10 minutes ago it was pfizer upgrading its outlook. in the last couple of minutes, under armour joining the party. tom: it is really important this week into the nuanced and the snooze fest wednesday, the jobs report friday, this week is as important or more important than the tech boom we saw last week. we are seeing these companies in a boom economy. the number one thing, whether it is under armour this or pfizer that, they are all adapting and adjusting. jonathan: desensitized good news maybe. that's been the take away from some people over the last week or so. morgan stanley is taking the negative skew to price action so far, among the strongest we have seen since 2007. andrew slimming of morgan stanley was on in the previous hour, and he said ash andrew -- andrew slimmon of morgan stanley was on in the previous hour, and he said just ignore it. tom: it's the bull and the bear debate. to me, the mother of the call is whether you take morgan stanley, the wonderful way they have alw

alongside tom keene and lisa abramowicz, i'm jonathan ferro.n radio, on tv, this is "bloomberg surveillance." ritika: with the first word news, i'm ritika gupta. wall street's march back to its skyscrapers is picking up the pace. goldman sachs planning to tell its u.s. employees they should be prepared by the middle of next month to work from offices again. that follows jp morgan's mandate last full week for rotations starting in july. pfizer raised its forecast for the fiscal year and said vaccine revenue will be much higher than expected. they expect revenue to hit $26 billion, up from a previous estimate of $15 billion. cvs posted first quarter earnings that also beat estimates. the drugstore chain also raised its earnings forecast for the full year. revenue for its health insurance business goes up almost 7%. in mexico city, a raised subway track collapsed, plunging train cars below. about seven work -- about 20 were killed and 70 others injured. the subway that collapsed opened in 2012. . fortune valued at $146 billion is at stake in the d

lisa abramowicz is away all

alongside tom keene and lisa abramowicz, i'm jonathan ferro. equity futures up a third of 1% on the s&p 500. adp data in focus. can we start with secretary yellen? tom: i thought abramowitz would start yelling. this is a bunch of baloney. the secretary of treasury came out, i said something wrong, jerome got her on the phone and said clarify. she clarified. tom: there's no wrote -- jonathan: there's no reporting he got her on the phone. i saw nothing in rates. nothing whatsoever. it was all equities, it was all the nasdaq and we were already down quite a bit. tom: i am upset now. we've got to get serious. we have three days of jobs data here. lisa is fired up because -- because of the recovery. it is cinco de mayo. lisa: brilliant. jonathan: that was wonderful. should i save this? we go into this payrolls report and everybody is talking about how big the number will be paid how big does it need to be to recalibrate expectations? we 2 million plus april jobs to see the fed changes. going into this one are we talking about asymmetric risk? yields

alongside tom keene and lisa abramowicz, i'm jonathan ferro.n your equity market, we advanced 0.3% on the s&p 500, up 12 points. walmart

alongside tom keene and lisa abramowicz, i'm jonathan ferro.y futures about an hour and 12 minutes away from the opening bell, down seven, -0.18%. claims data 12 minutes away. yields coming in about a basis point. euro stronger. we reclaim that $1.22 handle, up about 0.25%. that is a stronger euro. tom: i do want to note, bitcoin finally gets some movement here. that is $39,000 to $42,000 off of the ugliness of yesterday. you get lucky on "bloomberg surveillance" when you have a changing of the guard at j.p. morgan and morgan stanley to have robert albertson join you, piper sandler chief strategist. he writes the best chart on the street. we are thrilled that robert albertson, student of global and american wall street, could join us this morning. all of these banks, the institutions you've followed for decades, are in search of a strategy. there's going to be lots of strategy analysis, focus groups within the bank with all of this new talent, to get out to a new financial strategy for the next five years. what is that strategy going to be? rob

lisa abramowicz is away all week. i did that just for you. tom: and i'm sorry, folks, we are hammered, we are crushed, we are cratered. all we've had is a big surge, and in some ways we come back to the mean trend. i misspelled cratered. that's my error, not riley's in the control room. that is completely my fault. i want to point out the vix is one indication, that volatility index on the spx. our guest coming up will be optimistic on that. it is hammered, from 16.90 on a moving basis out to a spot 21.57. jon, the world is coming to an end. jonathan: on the nasdaq, down another 1.28%. when we look at the single names , amazon about 8% move off the high at the end of april. we add to the move to the downside this morning. 11% for apple off the high we saw in january. we have seen some big moves, and these are big companies with big weightings. tom: and yes, we are through two standard deviations on some of these big names. you mentioned to david kostin's wonderful note on earning money with or without inflation. we haven't had a pullback. we

alongside tom keene and lisa abramowicz, i'm jonathan ferro. equity futures up 12 on the s&p, advancing 0.3%. it's what is not happening in the bond market tickets your attention. yields are falling over the last 24 hours. up a little bit today. tom: monday was sort of a snooze fest, but there's some real nuance within the data when you look at equities, bonds, currencies, commodities. i really don't know where to start, other than that all the experts have been wrong. jonathan: a conversation about tapering at some point in the next meetings. tom: i'm reading people looking for a measured yield or a measured end even lower yield. people like stephen major at hsbc, david rosenberg up in toronto. they are not screaming higher yields, saying 1960's or even some kind of elevated inflation. they say this is transitory. tom:tom: let's talk about this pain trade. what would be the maximum amount of pain on the least amount of people? lisa: more and more people are saying yields lower because they are expecting inflation to pick up. they are expecting

lisa abramowicz back with us on monday. heard on bloomberg radio, seen on bloomberg tv, this is "bloomberg surveillance." ♪ ritika: with the first word news, i'm ritika gupta. southeastern states suffering the most from gasoline shortages will start to get some relief this weekend. the nation's largest fuel pipeline has resumed operation after a cyber attack. fuel started flowing yesterday afternoon, but a fleet of tanker trucks is needed to transport it from gasoline terminals to retail stations. fighting between israel and the gaza strip militants is spilling over into clashes inside israel. violence involving arabs and jews has spread across the country. people at synagogues, businesses, and vehicles have been attacked. border police were called up to reinforce police in mixed arab/jewish towns. donald trump's king making plans could hurt republicans' congressional hopes year. the former president hopes to endorse many candidates in races and read and primaries and solidly gop districts -- in republican primaries and sol

abramowicz off. it is the abramowicz sabbatical. this morning is not boring.onathan: anything but. we had this stories from payrolls friday into payrolls monday. we had robust demand. can we meet it with supply? it is a theme that keeps coming back to us again and again, and the solution to that theme in various parts in the labor market, will we deliver higher wages to fix that cap? -- fix that gap? tom: it is the heart of the story off of the great miss. i got to go to litmus paper. renminbi stronger. dxy breaking down. stephen -- steve and lender -- steve englander writing about it. sterling launches. i wonder if ferro will move back to london. jonathan: the ultimate trade is getting paid in sterling and change get back to dollars and living here. the thing that i am focused on, and i know you are, too, 10 your real yields -94 basis points right now. they come in again. tom: the 10 year yield is what we usually quote. more obscure is the five-year inflation-adjusted yield. that breaks down to new weakness, a greater negative yield. jonathan: do you think th

this is "bloomberg surveillance" alongside tom keene and lisa abramowicz. i'm jonathan ferro. equities future, down around one point -- .1%. i'm not going to say there's a lot to get excited about. it is a quiet start to price action. tom: i think it is nuanced. let's get it out front. i have been watching ecl go. we are ready to click one million on the survey on payrolls. 995,000 gets my attention. jon: i will say what gets my attention is the negative view to price action we have seen in response to data and earnings over the last several weeks. we saw that with the ifn. if you do not beat, you will get hanged. we saw that with earnings and then with the data. if you do beat, upside, you don't get nasa rewards. if you miss, you see things moving. -- don't get rewards. if you miss, you see things moving. tom: absolutely. and what is so important on nuance tuesday is you see the yield structure of europe ever modestly pulling away from the yield structure of america, a greater negative real yield in the united states. he mentioned this morning that germany comes up. jon: phen

lisa abramowicz will be back with us monday. equity futures are up .6% advancing 24 points. into the bond market with yields lower by couple basis points, 163.52. dollar weaker through much of g10 and this morning, 1.2108. up .9% on wti. $64 and about $.40. -- $64.40. tom: we go to retail sales and see how that moves markets on friday. this is barn on an important conversation and more important from what we heard from cdc yesterday. i page d from johns hopkins, [indiscernible] it is about zeta proteins and something called cd3 zeta. look at the wikipedia on t cell receptors and you will go, oh. she joins us from the hunter for self -- for health security at johns hopkins. doctor. -- doctor, i want to cut to the chase. i will be in a restaurant, my mask is off. how do i know somebody is not vaccinated, and what does it mean in the immunology in the restaurant? >> you don't know everybody is vaccinated. by fully vaccinated you mean two weeks after your final does, and you could be exposed if community transmission is high. with y

alongside tom keene and lisa abramowicz, i'm jonathan ferro.e snap back from the losses of yesterday on the s&p, up about 0.3%, the nasdaq up 0.6%. this from the nobel laureate paul krugman on twitter. "if it should happen terrain -- happen to rain, we have umbrellas, said the treasury secretary. this is a hurricane." [laughter] tom: it's not about paul krugman , not about janet yellen. it's about the voters, and there's no question the voters see inflation in gasoline and many of the products, including at the grocery store. jonathan: and if you've got a labor shortage, there's a pretty simple solution to addressing that. tom: you nailed it with your observation on montana. i missed that news item. what the governor of montana is doing, is that our future? jonathan: the governor of montana unveiling what he thinks is an incentive to get back at work and what he thinks is a disincentive to stay out of the labor force, addressing federal unemployment benefits. lisa: frankly, it shows the fault lines that have emerged between republicans and demo

alongside tom keene and lisa abramowicz, i am jonathan ferro. we advanced 20 points on the s&p 500. we begin with the most bizarre story, yet incredibly serious. the u.s. calling for the immediate release of a journalist arrested after the forced grounding of a ryanair flight in belarus under what is widely considered now to be under false pretenses. tom: we did not consider this friday, ryanair 3340 -- jon, i know you have taken this numerous times from cyprus up to finland, and it has gone over belarus airspace, now on the border of latvia and estonia, where it will land. we are looking at the airspaces of ukraine to the north, belarus. jonathan: and there is a summit kicking off later this afternoon tom: the summit is a key deal, but i think back to what we did with the former prime minister of sweden, i want to know the reaction of moscow as much as i want to know the reaction of minsk. jonathan: how do you punish the government without isolating the people and pushing the country further towards russia? lisa: who is going to have the center of power? carl bildt was saying russi

alongside lisa abramowicz, i'm jonathan ferro. tom keene back tomorrow. equity futures down 20 on the s&p 500. we declined by a couple of tenths of 1%. your story of this morning, discovery and at high up with the assets of at&t, and discovery this morning absolutely flying. lisa: and rightly so. the idea is that they are going to be potentially presenting competition to the likes of disney+ and netflix at a times when streaming rains supreme. -- streaming reigns supreme. how many people can have streaming in a world where you can actually do stuff? jonathan: discovery closed almost at $80 earlier this year. my question this morning is how bill hwang would have felt this morning if this deal got done. you look at this price and whether what -- and wonder whether these talks would have happened if archegos hadn't blown up because discovery is still trading at half the price it was three months ago. lisa: have valuations in stocks certain stocks been reset enough to create some of these opportunities? i thing it is a great question.

i'm jonathan ferro alongside tom keene and lisa abramowicz. europe 21 points. -- we are up 21 points. we're talking about it under the fed minutes, the most overused phrase the last 24 hours. tom: to me it is just the beginning of talking about it, talking about it, and they will wait for the economic data. most of that will be gdp, the presumed tail off we will see in gdp. will that occur. i am looking at market stasis, which is comforting after what we saw yesterday. jonathan: are we prepared to call it no big deal? lisa: i would say this is a big deal. tom: crotch the across the kitchen table, no. lisa: thereby getting that conversation. how french this conversation really is versus the actual voting members, all upper debate. we are talking about talking about thinking about and this is a big deal. jonathan: who is talking about? that is key. it is often a case the hawkish minority on the federal reserve come to some degree i think yesterday was no different. we have to say it is more than a couple. more than just -- that is notable. have

alongside tom keene and lisa abramowicz, i'm jonathan ferro.ive on bloomberg radio, on bloomberg tv, this is "bloomberg surveillance." bond yields higher by a couple of basis points to 1.61 percent. euro-dollar at $1.2002. 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. (woman) (man)i don't want to look what is happening to my body? (woman) why can't i lose weight? (announcer) you may be suffering from insulin resistance. measure your waist. females measuring more than 35 inches and males measuring more than 40 inches may have insulin resistance. to learn how to reverse insulin resistance and lose weight effectively, go online to golo.com.

alongside tom keene and lisa abramowicz, i am jonathan ferro.is "bloomberg." ♪ >> president biden says a corporate tax hike does not have to be exactly as much as he wants. the president indicated he's filling to compromise on one of the key features of his infrastructure and jobs proposal. senator joe manchin says he can't go for the proposing increase from 21% to 28, but could support a 25% corporate rate. it is prime minister boris johnson made a final push for today's super thursday elections. a major test of support for his leadership and the ruling conservative particles of the pandemic forced one set of local elections to be delayed by year. voting will be held today. amongst the races, local councils for scottish and welsh parliaments and the mayor of london. uber says the cost of recruiting drivers will have an impact on earnings in the second quarter. that is one more in front the company's goal to turn off a by the end of the year. uber expects incentives to get drivers back on the road will reduce the rate the company takes from fare

alongside lisa abramowicz and tom keene, i am jonathan ferro.er the treasury market just shrugged in a subtle involution of the language in vice chair clarida, talking about tapering maybe. a load of hedges around that. still come to see yields lower on the day, i think was quite remarkable. tom: one of the great services we have at "surveillance" is to translate the king's english. what in god sanders crackers mean? jonathan: replace crackers with nuts. tom:. crackers. jonathan: dominic cummings in hearing today saying it is crackers --nuts went --wrong. not surprising this is the tone, the comments the prime minister is making. tom: crackers moving from loud braggart to the northern realm over to nuts. we digressed to the crackers of washington. emily wilkins joins us in washington. i want to get away from the news flow today to a leading story as they look at where this federal reserve is heading. it is may. we get to the summer. we move on an year. it may be a new fan. how the president shape the federal reserve? emily: at this point, presid

i am lisa abramowicz in for jonathan ferro. to the open starts right now. >> everything you need to get set for the start of u.s. trading. this is "bloomberg: the open" with jonathan ferro. ♪ lisa: we begin with the big issue. markets closing out the month. >> market sentiment is changing. >> people recognizing the back half of the year will be robust. >> the expected explosion in u.s. data. >> the potential for infrastructure spending. >> we are at a $1 trillion floor and we are talking about going higher. >> republicans cannot stop it. >> biden wants to spend much more. >> are a new lift to sentiment. >> you seehe

tom keene, lisa abramowicz, jonathan ferro.oming up at 8:30 a.m., michael shaoul, market field asset management. your face, tk, i want to frame that. tom: can you imagine when we are all in the same room two other -- same room together? it is just going to be a lovefest. ritika: governments in the european union have agreed to allow foreign visitors to the block ♪ -- to the bloc. those countries will also have to be deemed to present a low risk of spreading the coronavirus. the u.s. is very likely to make it on the approved list. targets first quarter sales blew past wall street expectations, up more than twice what analysts forecast. target says it expects wider margins for 2021 that it had for seen earlier this year. the bitcoin rally fueled by elon musk has collapsed. the world's largest cryptocurrency fell below $38,000 at one point today. that wipes out all the gains it made since february, when tesla announced it would use corporate cash to buy bitcoin and would accept it as a form of payment for vehicles. now musk says t

alongside tom keene and lisa abramowicz, i'm jonathan ferro. you set up for the price action this morning and into this trading week. here's your price action, up 22 on the s&p. we advance their .5%. yields up on tens to 1.65 percent. euro-dollar, $1.2043. verizon media to be acquired by apollo funds for $5 billion. a correspondent of bloomberg with this report. "aol and yahoo! were valued at $102 billion. now they are selling for just $5 billion." tom: i don't want to waste too much time here, but to go from at 300 market valuation down to the $10 billion all in, now two $5 billion, this thing was a disaster. jonathan: i think disaster may be the appropriate word. tom: we will have much more on it through the day. romaine bostick on top of that for the market close as well. this is a joy and an honor. if you are ever so lucky, you get to work with eugene surely at the urban institute years ago. bonus round, he also did a tour of duty at boston college. howard gleckman is the guy in this country who combines tax analysis with our fractured reti

alongside tom keene at lisa abramowicz, i'm jonathan ferro.loomberg. ♪ >> it is challenging to manufacture vaccines. to start from scratch with a voluntary license to someone who has not done it before or is using a new formulation takes time. it is very risky and it is hard to do. the approach being taken right now is to engage as much of the world a vaccine manufacturers that people gained -- that people can get their hands on and involve experienced people in the process. tom: julie of merch and their heritage -- of merck and their heritage of pharmacology. we drive forward the conversation. a good number on jobs day tomorrow. the markets, it is about this pandemic. we were advantaged with sam fazeli of bloomberg intelligence, our director of research and an expert in pharmacology out of the university of london. sam fazeli, there is a course at london, lwm 23 on intellectual property and medicine. many of our viewers do not understand the copyright law. what did the drug companies actually own? sam: i think moderna has over 200 patents on

. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz.om: good morning, everyone. "bloomberg surveillance" on radio, on tv on a friday to begin the summer. no, that's not jon ferro. it's romaine bostick in for mr. ferro. how does a british guy get a four day memorial day weekend? what is that about? romaine: they get all the breaks, tom. tom: we are thrilled remain could -- thrilled romaine could come in. futures up 17, dow futures up 177, all on the backdrop of a budget proposal that did move yields. lisa: do you remember when we used to be worried about uncertainty in washington, d.c.? there still is a lot of uncertainty, as biden presents his spending plan that is expected to come down to $3 trillion. we don't know if it is going to get passed. we don't know how high taxes are going to get increased to. what is being priced in, and does it even matter at this point? tom: i've got to rip up the script here at this point. romaine: i like when you rip up the script, tom. tom: we are fortunate to have you here because jon, lisa and i reall

alongside tom keene a lisa abramowicz, i'm jonathan ferro.ing you down on the opening bell, we will continue to do that on tv with myself and radio with tom keene. this is "bloomberg surveillance." >> everything you need to get set for the start of u.s. trading. this is "bloomberg: the open" with jonathan ferro. --ritika: with the first word news, i'm ritika gupta. president biden will reportedly propose a budget on friday it would take the united states to its highest levels of federal spending since world war ii while running deficits of above $1.3 trillion throughout the next decade. the new york times is reporting bidens plan calls for the federal government to spend $6 billion in the 2022 fiscal year and for the total spending to rise to $8.2 trillion by 2031. the bided administration is taking steps to prevent ransomware hacks like the one that affected the colonial pipeline early this month. -- requiring pipeline operations to conduct cyber security assessments and report any incidents to federal officials. companies could face penalti