alix: don't jinx it.his is bloomberg. ♪ ♪ alix: live from new york, i'm alix steel, with guy johnson in london. this is the european close on "bloomberg markets." u.k. prime minister boris johnson celebrating the results of a crucial election. we want to get more from bloomberg's u.k. politics reporter emily ashton. give us the latest. emily: we woke up this morning to the news of this election in northeast england. we knew that the conservatives had a good chance of getting that seat, but actually, it took away at almost 7000 majority, which was unexpected. things throughout the day have done very well for conservatives. they've taken a number of councils for control to the conservatives, and we have just seen a mayor in the northeast of england that has been reelected with 73% of the vote. it shows that the conservatives are still hugely popular in the northeast, very bad news for labour and their labor, -- and their leader, keir starmer. guy: thank you very much, indeed. boris johnson's conservative pa

alix: terrifying! guy: then it goes more vertical. alix: no! not my thing.e one person i have to ask -- question i have to ask about, this is centered around -- oriented around tourism, while the others are oriented about putting things in orbit. is it a carbon footprint issue here? i would love to know what the carbon footprint of one of those things looks like. alix: say you pay like $300,000 to go up. how many times are you going to do that? if you are a tourist, you can go to italy multiple times. their actual business model based on space tourism -- guy: this is probably a one and done experience. this is not exactly pulling a 380. i imagine they have quite a lot of people who would want to do it. alix: for the short-term. but longer-term -- guy: what could be interesting, you take off from new york and landed in australia. how long does that take? this could become a transport mechanism as well. that could be an interesting aspect of all of this. alix: how long would that take? guy: i have no idea, but it is going to be a lot less than it currently is.

alix: in what way? one, it is probably pretty likely that the warner media assets were being missed out on certain distribution deals. kind of like discovery was prior to getting the hg tv, food network, and travel channel. secondly, david's us live, who i will affectionately refer to as -- david's us laugh -- david's as lav -- david zaslav, who i will affectionately refer to as the z-man, between assets being missed on deals by warner media or discovery being underpaid by disturbing is for advertising, they kind of kill two birds with one stone. secondly, if you look at discovery+ and it success, they are going to have a capital allocation decision. obviously warner media was working on an ott platform as well. they will decide what is the best platform, how they want to leverage it, so you can see there's part of this where they can increase revenue and decrease costs, and the other thing remains that who else are you going to get this content from with such large-scale it is -- such large scale? it i

this is bloomberg. ♪ alix: live from new york, i'm alix steel. guy johnson in london.n close. the next 24 hours we have more stuff going on. in minutes president biden will deliver remarks on the colonial pipeline hack. we are reported to pay some ransomware. at 5:00 the 30 year bond options. disney and coinbase. that will be fun. the world of disney and bitcoin. alix: -- guy: coinbase later on will be a conversation you want to tune into. retail sales tomorrow. i know alix is not shopping but i am fascinated to see how much of this pent-up demand is being spent. ecumenical holidays are not my specialty, if i'm being honest. could be tomorrow as well. a bunch of european markets have been closed today. alix: i'm glad we straightened that out. i do think the retail sales will be interesting in relation to some of the wage increases we saw today. mcdonald's raising wages, amazon raising wages, having a signing process -- a signing bonus. does that wind up sustaining the bump up in buying we are suspecting due to the reopening? guy: if you can put people on the same wages

sam: hi, alix.ok at the chart of the data reported, it looks like they are on a trajectory to at least show a slight reduction in the past few days and potentially going forward, but it is impossible to know because the virus has a path of its own. the only way to stop it is to stop people being near each other. . they need to lock down. that is how you get that number down. that is the same for anywhere. guy: and that is being resisted by modi right now. are we going to see and other large countries, people talking about in africa, what we have seen in india? are we going to see it replicated in other developing world countries? sam: it would all depend on the concentration of people in the urban areas because that is what really drives this mostly. if you have that, whichever countries you are thinking about, you are at risk there. that is something i would certainly be very worried about. alix: what i am really confused about is i feel like at the end of the summer, we talked about how successful

this is bloomberg. ♪ alix: live from new york, i am alix steel.he european close on bloomberg markets. here's what we are watching the next 24 hours. if monday was mushy, may something exciting will happen in the next few hours. the house financial services subcommittee will hold a hearing on spac's. tomorrow in the u.s. we get new home sales and earnings from nordstrom's. i think the new harm sales numbers will be fascinating -- the new home sales numbers will be fascinating. some construction places are not accepting orders. guy: i was the prize the secondary market weakened up in the way it did. i thought the secondary market would be a way you can circumnavigate the strength in the primary market. some constructors cannot take new orders. they cannot get anything they need to build their houses. they are supply chain limited. in europe tonight we have an eu leader summit. the first time it has happened in person -- that carries on tomorrow. the narrative very much centered around what just happened in belarus and the forced landing of that rig

alix: not at all.ting, too, the nasdaq picking up some steam to the downside, down 0.9%. crude also rolling over a bit. the other metals are staying pretty well bid. the dollar is around its lows of the session, but nothing to write home about. i wonder if we are just inching towards somewhat of a risk off move in the equities, and a risk off mood in the bond market. is that what we are developing here? guy: it is payrolls day tomorrow. we are asked acting a really big number. i wonder if that is what is happening here. maybe expectations have run just a little bit strong. mike mckee was joking about a bidding war. is it 1.2, 1.3 million? maybe we are getting a little over our skis in terms of our ambitions for but that payroll number will deliver. maybe the market is repositioning around that a little bit. we will find out tomorrow. alix: i was just looking to see how much, if any of the biotech names would be hitting the tech stocks harder. but anyway, moving on. guy: i will take that as a no. house

alix: no.he question is it is easy for us to talk about core inflation, but the expectation is if prices are rising for you, that is going to affect how you buy stuff and prices you vifor pharma, -- prices you buy for. so it does have a circular thing. guy: it is really important. if people are expecting inflation, that is going to change their behavior. we also had that retail sales number, but that is unsurprising given the fact that the stimmy checks faded out of the system. mike mckee is here with us. michael: what a week we have had. loretta mester, the cleveland fed president, said earlier today that it is going to be rocky coming out of the shutdowns. we are going to have a lot of volatility in the data. that's what we got in the retail sales numbers. the appear disappointing on the face of it because they didn't change at all. they were flat on the month. but the march number was revised up from 9.8% to 10.7%, so that takes out almost all of what was missing in april. take a look at wha

alix: oh my god.as meant to set you up for a transition, a tease to what we are doing next. alix: oh my god, robinhood. [laughter] no, because i am trying to think of his name because i love them so much. he died. alan knuckman. -- alan rickman. so good. but the point was not about "robin hood: men in tights." it was about robinhood helping to fight poverty in new york. we will talk about it next and why it is such a big deal, why jp morgan is so involved, and what to expect, and of course the outlook on the markets and what clients are talking about right now. this is bloomberg. ♪ [ sigh ] not gonna happen. that's it. i'm calling kohler about their walk-in bath. my name is ken. how may i help you? hi, i'm calling about kohler's walk-in bath. excellent! happy to help. huh? hold one moment please... [ finger snaps ] hmm. ♪ ♪ the kohler walk-in bath features an extra-wide opening and a low step-in at three inches, which is 25 to 60% lower than some leading competitors. the bath fills and drains quickly,

alix: live from new york, i am alix steel with guy johnson in london.ean close on bloomberg markets. south african bank investec came out with results for fiscal year 2021. let's dig into the details with abigail doolittle. abigail: investec are very bake international investment bank and private banking groups. in dollar terms, $43 million of market cap. a pretty big bank. their business is 59% in u.k. and elsewhere and 41% in south africa. if we take a look at the most recent results and the result trend, we will see a decline into 2021 out of 2019. they have been struggling a little bit through the pandemic. the expectations are for a recovery into 2022 and 2023. 2023 estimated at 1.9 billion pounds. that is close to where we were in 2019. relative to the stock performance, if we try to smooth out the pandemic and look at investec relative to a bank group in white, before the pandemic, we see the performance of investec is on par with that of the broader peer group for investec. guy: thank you very much, indeed. let's talk more about the business. jo

alix: true.ark: nzd valuation of paper kurt -- and the devaluation of paper currencies is a real concern. alix: i am curious to see how the production side stacks up. on one hand, you can make an argument that a lot of the easy stuff has already been mined, and now the stuff is in more complicated areas at a time when the industry is getting pressure to spend less, when the industry is getting pressure to be greener and have better esg principles. which thesis do you think is going to win here? how are you looking at it? mark: first of all, it is about the long game. like any business. our industry hasn't invested in its future. it has always been floated by the rising gold price since the turn-of-the-century. so it is an important time. the real sort of tension is between fund managers wanting to take out and get more from advancements in the mining industry generally, and the importance of reinvesting in a consumptive industry, and balancing that pie, growing that pie some more and more stakeho

alix: ok. let's do that.admit, most of what i am reading suggests that is not known to happen. we will see what happens. alix: we can try the positive. guy: the european close is coming up next. this is bloomberg. ♪ ♪ ♪ look, if your wireless carrier was a guy you'd leave him tomorrow. not very flexible. not great at saving. you deserve better... xfinity mobile. now they have unlimited for just $30 a month... $30. and they're number one in customer satisfaction. his number... delete it. i'm deleting it. so, break free from the big three. xfinity internet customers, take the savings challenge at xfinitymobile.com/mysavings. or visit and xfinity store to learn how our switch squad makes it easy to switch and save hundreds. guy: we are wrapping up the session in europe. equity markets positive on the side of the atlantic. we are up .4%. we are off our recent highs. for 38 on the stoxx 600. the energy stocks are doing pretty well today. we are watching what has happened with specific names around earnings and buy

alix: interesting -- where people still are. alix: interesting.ike how they put their calories all of their foods so i feel bad about buying their foods. do they do that in the u.k.? guy: they look healthy. alix: but not so much. guy:guy: i think that is probably a sandwich thing. alix: fair enough. guy: not sure they are that healthy, if we are being honest. there's the equity market here in europe. the close is next. ♪ wanna help kids get their homework done? well, an internet connection's a good start. but kids also need computers. and sometimes the hardest thing about homework is finding a place to do it. so why not hook community centers up with wifi? for kids like us, and all the amazing things we're gonna learn. over the next 10 years, comcast is committing $1 billion to reach 50 million low-income americans with the tools and resources they need to be ready for anything. i hope you're ready. 'cause we are. guy: stocks wrapping up the day in europe. it has been a horribly negative date. picking up on what we saw yesterday in the united stat

alix: wow.rnments around the world are looking at this and while shareholders are reporting companies' fiscal discipline that they haven't gone out and spent this cycle, governments don't play by the same rules. do you expect that copper miners are going to have to pacing if lay higher taxes in the environment you are describing? richard: government aspirations for revenues are correlated to the copper price, so to start with, we've always had a philosophy of making sure that governments and communities have a fair deal in our operations. in most cases, they get 50% or more of the revenues, 40% to 50%. that is going to be a factor. what is so tempting for governments is, i talked about our business being long-term, we make these investments in developing new mines, and then we have decades of production afterwards. governments try to attract us by make -- us to make the investments by offering attractive terms. once the prices go up, governments see that as a source of revenue. this is not a new

alix: how are the incentives in the u.k.? alix: absolutely. -- guy: absolutely. alix: absolutely.e words sometimes pop into your head. alix: everyone has a krach. minas bennett -- a crutch. mine is bananas. guy: we are coming into the close. this is bloomberg. ♪ guy: wrapping up the thursday session in europe and it has turned out to be quite the positive one. started out indecisive. lowe's midmorning. -- lows midmorning. we pull higher. yesterday a distant memory. let's work out what has been going on in the individual markets. the ibex market underperforming. a good run recently. today underperforming a little bit. the ftse up .9%. the dax bouncing back strongly today, up 1.5%. the madrid market lagging a little bit. the peripheral market have been seen as being more positive prior to yesterday's selloff. today not delivering the punch to the upside. i've looked at the names that have held it back. iag is in there. some of the banks. the commodity stocks. not a consistent narratives. let's talk about bunds, btp, and brent. we will talk about bunds in just a moment. cannot quite

alix: thanks so much. guy: this is probably better handled by alix.s was a story for bloomberg opinion that is really fascinating. it has to do with the secondhand clothing market. for guy and other people out there who don't know, you have closed by designers, you sell them back to a company, and you can buy them as well, so you can create this marketplace and you get a cut of anything you want up selling on one of these markets. i do realreal a lot, for example. a list when he and app -- a lithuanian app had its valuation, so what happens to the sector? guy: vintage has always made me chuckle because it makes me think that is just secondhand, right? that's used. vintage is a nice way of describing this. i can see how people are check into it. there is certainly an environmental aspect to all of this. the fashion industry is really in need of some serious change in terms of the way that it sources stuff, the amount of energy that goes into making these clothes. the world needs to rethink the way that it clothes itself. maybe this is one solution to i

alix: right on the line. guy: how do you take him on holiday? alix: exactly.: do you want to take them on holiday? that's a completely different question. [laughter] but nevertheless, there are going to be some really big challenges here. i think one of them is going to be that kind of volatility you are going to see, and i think the other one is consistency in the rules and making sure that they are digital, they can't be forged, how it works properly. the guys at heathrow, apparently, are saying that they are seeing huge numbers of fake documentation, and they only spot them because they've spot -- because they spot spelling mistakes on them. alix: how do we handle all of that, particularly when it comes to families traveling, a lot of what we see with summer travel? what do you do when the kids are not vaccinated? scott: in terms of risk come of the first question you always want to ask is what is transmission like in your community and in the community you are going to. that drives down the risk for all behaviors. if you are coming from a place that is not

alix: when will it turn a profit?y is focused on sales growth and it is not the only company not to be profitable at the time of the ipo. investors are trying to see if in the long-term it will become profitable, will they move into new markets, what is there international strategy? this'll be interesting. it is valued at almost $2 billion. some of the investors might be in it for the long term. alix: thanks a lot. bloomberg's liana baker joining us. coming up later, jessica alba joins bloomberg markets on the close at 4:00 p.m. if you get a vaccine at a yankee game you get a free seat. guy: i imagine you will be pretty high. go to a game, get a shot. you can get a beer in new jersey. alix: that is opal. i can get excited about baseball -- that is so cool. i can get excited about baseball. "balance of power" is next. this is bloomberg. ♪ we know how much you count on us... ...and that's why we're here 24/7... ...and on the road maintaining a fast and reliable network. we're always working to ensure the internet meets

alix: fair enough.i do know people that are, but they are working at home and therefore can quarantine when they come back. alix: so they can't go to the amber countries, basically. got it. the seychelles is one thing in terms of the virus in the vaccine. the other is what is happening in the commodity market. the red hot commodity rally is feeding into expectations, but it is still short term. the white line is the five year breakeven, rising at 2.7%. it basically looks like shorter-term inflation expectations. but the blue line is five year five year forward breakevens or get that is basically what you think. in five years -- what you think inflation will be in five years. the market is pricing it in on a short-term basis. what do you do with that as an investor? joining us is kelsey berro, jp morgan fixed income portfolio manager. is that right, that the inflation spike is coming, but it is short-term, and then it will calm down? kelsey: the markets are telling you that this is another one of those t

alix: and we see it all the time.though colonial pipeline was ransomware, that is clearly still an issue. you are looking at the bridge on the mississippi river. you had the texas freeze and their grid as well. what dollar amount has your research showing that we need to fix it, either public or private? abby: i am not in a position to judge that, nor do i think is anybody in the investment community. so instead, we use the data from the civil engineers, who actually go out and examine and inspect tens of thousands of bridges, many millions of miles of roadway, and their estimate is that just to fix what we have is on the order of $2.5 trillion. guy: let's talk about this from an investor's point of view. i am looking at the united states. should the united states carry a discount because it's infrastructure isn't good enough? and if i am an investor, how do i invest to make sure that i am seeing the benefit in my portfolio when the u.s. does spend money? abby: those are wonderful questions, and things that we are, as

alix: so pretty.: we will talk about that next. ♪ ♪ alix: you were just mentioning this a moment ago. amc is up 20%. it takes the year to date gain to 1000%. gamestop is up 1200% year-to-date. it just shows the meme, the reddit crowd, they are still there. guy: it is amazing to see the impact they are having. amc, it did raise money and take advantage of that situation kind of ahead of this reopening. but eyes you say, they have come back for more -- but as you say, they have come back for more. absolutely sensational. alix: for amc, it is 1000. 1200% for gamestop. guy: these are crazy times. alix: what i also find really crazy, i mentioned this at the top of the hour, i am not saying that amc and gamestop aren't real companies, but it is also ford. ford makes stuff, and you have the reddit crowd in that as well. i found that to be quite interesting. guy: ford, and some ways, you have seen what happening -- in some ways, you have seen what is happening with the reopening implants, but -- reopening in

alix: i guess.area are we going to in new york where you have to show that you are vaccinated? i haven't seen anything like that. let's get some expert advice here. anna han, wells fargo securities equity's strategist joins us now. i feel like we laid out a bunch of different reasons for why we are seeing a selloff today. what are you thinking? anna: you're getting that knee-jerk reaction, like you said. there's some concerns about how long can the vaccines last you. can we get herd immunity reached? all of these expectations that have been built-in, you get a news headline and you are seeing people kind of falter and shake. the big picture, keep in mind, gdp is expected above 6% this year. that is a hefty number, and that is going to help equities generally move higher. guy: but isn't that priced and? i look at pfizer to -- priced in? i looked at pfizer today, and they are raising their forecast, and he stock is down. there's a lot of good news already priced in. anna: you bring up a great point. w

this is bloomberg. ♪ alix: live from new york, i am alix steel with guy johnson in london. we are watching and that 24 hours. senate republicans will pitch the biden administration on and a revised infrastructure plan. we heard anywhere between 500 billion or little bit higher. the timing front and center. a big cry from the $2.5 trillion. guy: and what is happening on the ground may speed to the need for spending some money. i hope tomorrow is more interesting than today. you have target, you have lows, yowell brand. -- you have target, you have lowe's, you have l brand. i want to understand what transitory means. alix: they cannot. that is the whole point. they do not know what transitory means. guy: but they are setting policy. they need to give the market guidance. we need to understand the reaction function and i think that will be important. i am hoping the minutes start to clarify that communication vacuum. the market needs to understand the timing. alix: that is very optimistic of you. i will take the other side and say they will not do that and it might be a bit bo

alix steel is in new york. welcome to "bloomberg markets." alix: selling may go away. that is the old adage. you put everything away for a few months and come back in september, but that hasn't necessarily held over the past few years. no real strong movement. the 10 year yield not going anywhere that quickly. euro-dollar, euro continuing to climb higher here. we did get really solid data coming out of the final read on manufacturing in europe. it is up 0.8%. there are conflicting reports over iran and the u.s. in terms of a nuclear deal, so watch that space for any volatility based on some headlines. guy: this data looks a little weak. in fact, it looks really weak. the ism manufacturing number going through at 60.7. 54.7 last time. the survey, 65. the prices paid line looks hot, so maybe that is more in the buffet and yellen camp. new orders number doesn't look so good either. let's dig into the details because this is quite a headline miss in manufacturing for the ism manufacturing. it is still a pretty punchy number, but let's get the details of what we really know

this is bloomberg. ♪ ♪ alix: live from new york, i'm alix steel, with guy johnson in london.is "bloomberg markets." tech stocks under pressure for a second day. joining us now is amy wu silverman, rbc capital markets equity derivatives strategist. we are off the lows here. how are you playing this. -- how are you playing this? amy, can you hear me? amy: sorry, you cut out a little there, but you were talking about the tech selloff, just given where the market activity is. i will just tell you, to really interesting things from derivatives. the first is friday, which seems like ages ago now, when we had the nfp miss, we rotated back in tech. even then, the options markets were picking up hedges. even with the selloff today, the options market wasn't that caught off guard because hedges have been rising consistently, even when we were rotating into tech for safety reasons. the second thing i would say is if you look to earnings season, it was actually kind of blah from an options perspective. we were not beating the implied moves set up by options. in tech, all of the moves tha

alix: not so much.uy: the reason why we saw that was because the chinese steel producers were frontrunning what they saw as potential tension with australia. so it was a geopolitical story, a chinese story, so maybe the chinese influence over this market a little bit greater. there's also this barge story which i think is worth focusing on, as well as the bridge on the mississippi that is crumbling. that's the story around infrastructure. alix: a different thing with the colonial pipeline, but still an issue in that you had the texas freeze, the suez canal, this issue with barges and vessels that can to get through, and it is an infrastructure story from that extent. guy: absolutely. i guess you could classify bitcoin as a commodity. some might. we have seen that story dominating the narrative. "saturday night live," that was the story over the weekend. he's pushing it, pushing it. boom, that he's not. let's talk about what is happening there. markets life reporter ritika gupta talking about that now. r

johnson and alix steel. ♪ alix: here's what you need to know from europe at this hour. the u.k.oosens rules for indoor and outdoor gatherings. travel can start to green lit countries, while prime minister boris johnson still pleads for caution. the eu will not increase tariffs on things like bourbon and harley-davidsons next month, and will talk to the u.s. about overcapacity in the steel industry. and ryanair is exciting to breakeven this year as bookings increase, leading last year's record loss at the departure gate. puns aplenty on a monday. it is a little bit mixed over in europe. your stocks 500 sitting basically flat -- euro stoxx sitting basically flat. basic resources are up despite a mixed metal market as well. the ftse 250 is down by 0.4%. you have a mixed dollar story, so the cable rate is putting some pressure on that. would think that with reopening, the small-cap stocks and medium cap stocks would do really well. we are not seeing that today, which leads to the question, is all the good news already priced into the u.k. opening? we will talk about that in a few mo

alix: thanks so much.uropean union is moving to place additional sanctions against belarus over the forced landing of a ryanair plane. leaders in brussels expressed outrage over the incident. >> what has happened here, this is unseen. >> it is an international scandal. >> hijacking the plane -- [indiscernible] >> the european council decided there will be additional sanctions on individuals that are involved in the hijacking, but this time also on businesses and economic entities that are financing this regime. >> particularly also against companies, with economic sanctions against entities supporting the regime. >> we need clear actions in order to change the pattern of behavior of this very dangerous regime. alix: bloomberg's maria tadeo joins us from brussels. what's next now? maria: a lot of this will be the implementation. in the package of measures announced, one has to do with the airspace, and blocking airspace in and out of belarus. if you look at maps, they clearly signal that the airspace on bel

alix: mind for sure. be honest, alix has turned this whole conversation into a commodity conversation. alix: you brought up steel. guy brought up steel. guy: ok. you can blame me. [laughter] but i think it is going to be an amazing headwind. my key question, and i continue to be challenged by this one, would you drive an electric pickup? do you want an electric pickup? are you going to get an electric pickup? matt: i would definitely drive one because i want to see how they perform. mary barra was on yesterday, and i would love to see if the hummer really has it. i like the kind of weird look of the cybertruck. the riviere and -- the rivian is quite cool in suv form. i'm not sure that i want one. want a dodge ram power wagon. alix: i would drive it. i have my drivers license now, so score. matt: congratulations. [laughter] guy: i mean -- alix: i mean, i've had it for five years, but still. matt miller, things a lot. apparently, vaccine makers are under pressure because of this ip issue. you had angela mer

alix: jill, thanks a lot., i can't believe ira said she lacks -- said chillax and you did not call him out on it. if i had said it, you have said alix made up a word. [laughter] guy: i think chillax is a word, isn't it? i'm pretty confident it is a word that more than one person uses. but i am just picturing ira jersey sitting at home pretty chillaxed. alix: he's a pretty chillaxed person. kate bahn, director of labor market policies at the washington center for equitable growth, joins us now. a big part of her research focuses on the relationship between the aber market and gender and race -- the labor market and gender and race. your reaction to these numbers, where it truly seems like the supply is front and center for the job market rather than the demand? kate: that's true. you've been covering this a lot -- covering this all morning. it is a public health crisis first and foremost, and even as we are starting to build back a little bit and have more widespread vaccinations, the labor market can only reco

alix: fair enough.ordan rochester of nomura, thank you, and thank you for your pointy hat, pointy-headed answer. [laughter] we will speak to a ceo about the recovery outlook. we will break that now next. -- that down next. this is bloomberg. ♪ ♪ guy: let's talk their reopening trade. hotel operator marriott out with earnings earlier today. the comparable bottom line figures beat the numbers. the share price reaction quite sift -- quite swift this morning. let's break down the numbers. abigail doolittle with more. abigail: the worst day in three weeks on that slight revenue miss. if we look at what is behind that miss, back in the second quarter of 2019, the revenue per available room was $124 roughly. now it is closer to $46, greater than 60% slide. you can see how slow the recovery has been for revenues per room, weighing on revenues overall. if we then dig into the occupancy rights, we are going to see that china, which came out of the lockdown period faster than other parts of the world, occupancy is

alix: thanks very much.et's end on an data i was talking about -- on the economic that i was talking about. jobless claims falling last week to a fresh pen them at low. want to get more from bloomberg economist yelena shulyatyeva. the market is not really reacting on those continuing claims. yeah lena -- yelena: i would say the data still shows improvement in the labor market, and initial claims have been falling since the beginning of the year. the steepness of the declines accelerated since the beginning of april, and i think we will see even sharper declines going into the summer months and into the fall as we see more states declaring that they are dropping off the unemployment benefits. so more people will start coming back to work, and that will help with restoring some sort of more of a payrolls acceleration. it was in the minutes that they are paying much closer attention to the employment mandate rather than the inflation mandate. in fact, i think they will catch up on the 2% target on inflation nex

alix: great stuff.nother top story we are watching, speaking of inflation, is what is happening with gasoline prices, topping three dollars per gallon because of the cyberattack on the colonial pipeline. going us now is bloomberg energy editor joe carol. lay out what kind of outages we are seeing and any refiner cuts we are also looking at. joe: on the retail side, we are seeing gas stations in places like florida and south carolina are completely out of gas. the outages are definitely worsening, spreading north. on the other end of the pipeline , we are seeing refiners in texas and louisiana cutting production because the gasoline and diesel is piling up, and they have nowhere to put it. guy: in terms of how long this is going to last, what is the position there? joe: colonial has promised the federal government it will decide by tonight whether it can begin the restart process, which takes several days. if this stretches into next week, we will see this spread into probably places like new jersey and

♪ alix: -- guy: friday the 21st. from london, i'm guy johnson. alix steel is over in new york.elcome to "bloomberg markets." tgif. alix: in a really big way. i have some creative things happening throughout the show just for you. take a look at my board. taxman cometh. like it? a buy the dip into the weekend always happens, so no surprise we are seeing a rally. the nasdaq i 0.4%. nvidia is doing a 41 stock split -- nasdaq up by 0.4 percent. nvidia is doing a four to one stock split, so that is part of it. bitcoin, we will get to this mornay second, up by 3%. tgif for a bit going long investor -- for a bitcoin long investor. it was a bushy week for crude -- a mushy week for crude. we are talking record numbers and record input costs. guy: there were some suggestions that maybe what you start to see here was a sort of tapering off and terms of the growth rate we have seen. you get the bounce back trade come of -- trade, the reopening trade. the pmi's were really incredible and point to the fact that we are still in the acceleration phase. let's get more details as to what we lear

alix: what a set carbon price from the government hurt or help?: we are very pro being responsible. whatever the politicians and regulators decide we will comply with, but they don't have to tell us to be a carbon neutral organization. we want to lead this charge as it relates to bitcoin. the reason i entered that discussion was to tell elon musk if you're are worried about that, processor bitcoins with core scientific. we are 100% carbon neutral. it was to educate elon musk with the facts. that is a big misnomer about this business. the other thing that is interesting is that blockchain, one of the most important technology platforms of our lifetime, we are behind the rest of the world in the united states. asia is way ahead of us. europe is way ahead of us. when i saw the opportunity around three and half years ago that somebody would figure this out in the u.s. because it is so disruptive to the central banks and financial management structure that i knew someone would figure it out. we built an incredible company in a short time. alix: it's im

alix popham's rugby career seemed timed to perfection.tarted playing, the game went professional. he was able to turn his passion into a well—paid job. but he says after more than a decade of putting his body on the line, he's paying a high price. so these are the memories, yeah? that one is my last game for wales, against england in 2008, my last game. do you remember the game? no, nothing. i know we won. i've seen the jerseys with me with my hands in the air at twickenham, but i can't remember being on the pitch. so you played in the game, you've got the shirt, but you don't remember the game at all? at all. what i've been told is my brain was so inflamed at that period. and most...most of my career, i've said before, i can't remember because we were doing so much contact, my brain was inflamed. so you... the memories weren't storing. so you had an inflamed brain because of the contact you were doing... yes. ..and the hits you were taking, and you were still turning out for wales? wales. club. training. wow. years after he retired from

this is bloomberg. ♪ alix: live from new york, i'm alix steel, with guy in london.s is "bloomberg markets." bitcoin plunging by almost 30% to $31,000 earlier today, erasing all of its gains since tesla first announced investment. we are off of the lows, though. julian emanuel, btig chief equity and derivatives strategist, joins us now. why the selloff in bitcoin? and as it spread to other asset classes? julian: well, it has already spread to other asset classes in a low-grade way. but what people fail to understand is that the newness of digital assets, you're talking about going as a 70 volatility instrument. very few people have experienced trading at 70 volatility instrument. bitcoin was trading $18,000. we said there was a $50,000 price target. people look at us with rolling eyes. the very same people that thought we were being too bearish when bitcoin hit six to $4000 a month ago or so, the same people we believe that are actually liquidating right now. you just have to understand that with the evolution of this technology, and it really is as much about the te

alix: but why? why is the market not concerned, and why is the ecb not worried about 111 basis points for the 10 year in the btp market, and then -11 basis points for the german bund? luke: i wonder when everyone is borrowing, your virginal larger borrower probably just doesn't worry people so much. they've all got to borrow to get out of the hole they've got in in terms of covid, try to get the growth back in the economy, and i think markets are kind of telling themselves that if you had a bigger problem, you will have a bigger rise on the other cited it, therefore not worrying about italian debt. that is probably fine for 1, 2, ab even three years, until we had the next -- for one, two, maybe even three years, until we hit the next crisis. i think we are on our fourth, maybe even fifth buy the dip, and buy the dip has been a really strong trend all year long. inflation has come along, text off -- tech stocks selloff. it has happened again and again. it can only happen so much until all of the cash

alix: thanks a lot. for more on what is moving in the markets, here is bloomberg's abigail doolittle to look at everything, especially crypto. abigail: there some moving but not so much. the s&p 500 down slightly. the nasdaq up slightly. what is happening that is somewhat exciting is the nasdaq on pays for its third update in a row, the first we have seen that since april. yields are down once again. the 10 year yield down five days in a row over that time. more than 10 basis points. that changes the way the valuation pressures for those concerned, and against this we have the bloomberg dollar index rising slightly. what is interesting is if we take a look at the s&p 500, last year was all about the big tech. what we are looking at is a reverse s&p 500. basically apple is the s&p 500. this is a reversed event for the smaller stocks. those are the biggest weightings , although none bigger than 1%. around november, this is when we saw the maker cap stocks start to take a break at the smaller caps and the v

alix: i am alix steel, welcome to bloomberg commodities as we focus on the trading behind the hottest commodities with the smartest voices. it's a get the data dig, we look at the top stories of the week. we had a big rally in iron ore, higher inflation, copper and pipeline shutdowns. let's start with the latest inventory data. it sets the stage for the colonial pipeline closure. this is a combination, distillate and gasoline stockpiles in the lower atlantic. we did see a big draw over and pad one by 1.6 million barrels. you did see gasoline rises little, but overall, inventories are lower than normal. that is headed into the summer driving season. they are at a five-year low already this time of year, and inventories sought 1.7 million barrels. the other hot topic this week, iron ore. in theory, that was our steel mill margins, you buy iron ore and make iron products but demand is so high, so we have not seen that. this shows the stocks of different products over in china and rebar, the blue line, used in construction, sought inventories followed by 1.2 million tons the past two mont

could alix: a couple of things happen -- alix: a couple of things happen. shareholders that make a position, happening over many years come over decades. and they only own 0.2% of the stake, but they lobbied other big investors like blackrock, etc., and got them on board as well. it also made a difference this time is the increasing pressure overall in terms of esg, particularly on oil companies to green their oil, and u.s., these are deftly farther behind the other european counterparts on this. that said, two board seats is an historic win for sure, particular for a tiny activist shareholder. however, there are 12 seats on the board. so this is not a carte blanche for engine one climate board -- climate proposal to go through. but something could have happened because exxon on monday said they would look into having two board members that were climate related in the future, but it was not enough to fend off engine one's push. matt: i'm glad we talked to you to put it into perspective a little bit. i can pick my jaw back up off the floor. in terms of their

alix: when are you going to turn a profit? >> in the next few years. it is still a product that we need to drive volume and scale those up in order to drive the costs down. but we do see that this is a solution that could effectively switch to being profitable and still being able to do it in a way were we can offer it at a low enough cost to the fleet that they are able to reduce how much it cost them to run these vehicles. alix: today highly on has announced a partnership with a company that deals in transportation and logistics. it's time for the commodity kicker. finally the 17 year hibernation is over. trillions of bugs known as brood x have found their way up from the earth soil. the cicadas are already making their way to the backyards of the midwest to the eastern seaboard. for the next two to four weeks, they will populate and fly around, hoping to avoid becoming a snack. they are expected to be -- leaving humans to have a collective sigh of relief. in the nims babies will sleep deep in the earth for another 17 years. and here's what's on my c

alix steel is a for a long weekend. and it is etf friday. s&p 500 finding some direction this week, set for four days of gains. underneath the surface, investors have -- dave wilson is digging in. dave: one that jumps out is what is happening with the ishares global financials. isg, it has not necessarily traded all that actively over time, though it does have to .1 billion dollars of assets. it really jumps out in terms of the past week, really the last two days, where we have saw this surge of trading. you see the inflows, only the s&p 500's spdr is getting more. it is half u.s., have international. you see the stock that has been doing well, s&p 500 second-best performer out of the main industry groups. the msci world index, msci emerging markets index, also top performers. so you put it all together, this is a group that has done relatively well, and as a result, it is clear that this etf has been the beneficiary in terms of the money coming into the fund. guy: a big week for big banks, talk to me about there etf contribution. dave: they

alix popham�*s rugby career seemed timed to perfection.s paying a high price. so these are the memories, yeah? that one is my last game for wales, against england in 2008, my last game.

alix popham's rugby career seemed timed to perfection. decade of putting his body on the line, he's paying a high price.

and alix steel. guy: 30 minutes until the close. what you need to know out of europe -- the u.k. approving the johnson & johnson vaccine. boris johnson faces growing calls to push back the next round every openings. credit suisse cuts ties with softbank. it is unclear if it is a long-term move or what effect it may have. big deal making. g7 finance ministers meeting virtually. they are expected to confirm a 15% global minimum corporate tax rate here we may get headlines on that story over the next few minutes, that virtual meetings are starting to wrap up. let's talk about where we are with our markets, coming to the end of the week seeing positive signs, certainly with european equities, though we are just seeing a bit of month end activity in the currency markets today. generally, it has been a down month for the dollar, maybe a bit of rebalancing into month end, the euro-dollar rate 1.2 179. kailey: it is a month end and a positive one for the equity markets broadly speaking. the standout story within the equity market is the meme stocks. amc is the poster child, up about 60%

alix: let's get to that supply scarcity because in some industries like oil, and has become much morert cycle with the evolution of new technology and shale. can you expand to us why that has not been happening in the copper market? richard: i'd like to say there's no shale for copper. and we watch for technology changes. we just had bob dudley to our board, and he was comparing the differences between copper and oil. today, the top 10 copper producers in 22 anyone -- in 2021, the most recent discoveries was our mine in the late 1980's, and one other mine in the early 1980's. the last most recent discovered was 50 years ago. unlike the oil industry where you have an ongoing flow of discoveries and now the onset of shale coming in, copper mines are very rare to find. newer mines that have the possibility of being developed are much lower quality in terms of their grades. so it is hard to find another commodity that has the supply side support that copper does, and now we have a new era of copper demand, and we are not just relying on copper growth, but lots of growth in demand outside