alix: true.uess that's where the fundamentals meet the action of the treasury market because if it is a significant growth scare , if the theory of stagflation continues to permeate, that would affect the kind of returns you get. jim: no question at all. we are seeing the market quite volatile on the view of inflation because only a few weeks ago, we were pricing in the expectation that this real concern over the short term jump in inflation numbers, of which we have been a little more sanguine on. but we do buy more structural inflation. i think we see more cost in the system, particularly with greater resilience to supply chains, with this sort of bipolar world, china and the united states driving cost into supply chains. with monetary policy in particular, the fed and others are kind of easing the constraint on inflation as a driver of policy. and frankly, the continued fiscal intervention. certainly i wouldn't be getting overly excited on the back of the delta variant. i think we know the way

alix: it is 10:00 a.m. in new york, 30 minutes into the trading day in the u.s. i'm alix steel. my cohost guy johnson is off today. welcome to "bloomberg markets." yesterday it was about the pessimism versus earnings. today, earnings are raising a little bit of a question mark within the markets. take a look at texas instruments. plus, airlines later in the show. s&p pretty much flattens. global equities rallying for a fourth day. a little bit of calm as we undergo some earnings and there are question marks as to the viability of the second half. for the ecb, same words -- i should say, different words, same tools. can they really do anything to move inflation higher? that is the question we will be examining. in the bond market, yields down by about two basis points. crude up 0.3%, but energy is the worst performing sector. utilities outperform. a bit of a safety bid coming in there. michael mckee is watching the numbers. michael: existing home sales day. we are seeing an increase in home sales over the last month. not quite as much is expected. we are at 5,860,000 annual pace,

this is bloomberg. ♪ alix: live from new york, i'm alix steel.s is the european close on "bloomberg markets." ubs is the latest to raise pay for junior bankers. bloomberg opinion columnist marcus ashworth said that banks are going to have to up their game to attract and retain talent. it is not all about the money. magus joins me now. i thought the whole point of being a banker was about the money. marcus: well it is of course about the money. i was being slightly cheeky there. having to do 100 hour weeks, having to get a cfa and probably an mba, this is so much money going into entrepreneurial people. there's perhaps a different way rather than wall street and may going to a hedge fund. everyone is just going to the hedge fund private equity or even the venture capital straightaway. so what i am trying to say is for banks, it is not just paying the same person $10,000 more. alix: what i am also interested in, this is just wall street. why am i not seeing more and more articles about european bankers getting paid more, u.k. bankers getting paid m

this is bloomberg. ♪ alix: live from new york, i'm alix steel. this is "bloomberg markets."on & johnson pretty much flat on the day, releasing second go to earnings today. there's pent-up demand in medical can seizures -- medical procedures during covid. dave wilson is here with some of the details. dave: j&j has three main segments, and they all showed growth in the second quarter, but the one that really jumped out was medical devices. a year ago, people weren't getting surgical procedures done and other types of medical care because of the coronavirus pandemic. this year, very different story. as a result, you saw sales in that segment up 63%. compare that with 17% for the pharmaceutical business, led by the immune therapy so lara -- immune therapy. zyrtec and band-aids going well for them. that translated into higher revenue overall and higher earnings than analysts were anticipating in the bloomberg survey. earnings-per-share, $2.48, well up from what we saw a year ago, and revenue over $23 billion, and the company raised full-year projections for both the top and botto

johnson and alix steel. alix: 30 minutes to the close, here's what you need to know from europe at this hour. equity meltdown. a rise in covid cases and stagnation fears sink equity markets. u.k. fully reopens in the midst of a furious backlash against prime editor boris johnson and his initial refusal not to isolate after covid exposure. china, it's your fault. the u.s., u.k., europe officially blaming china for hacking microsoft, escalating tensions between the west and china. european equities led the way lower. european stocks off by about 1.5%. the cyclicals are really getting hit. energy, travel, leisure. where the money is flowing is interesting in two ways. obviously it is going into the bond market. you have yields down in germany by about four basis points. that's where the recovery was going to be. that is where we might see central banks like the boe or the fed think about raising rates sooner than we think. that's where the recovery trade was, and that is where we are seeing the lowest yields to

alix: -- in so many businesses. alix: appreciate that.nother top story, the democrats on the budget committee have agreed to a $3.5 trillion budget for future taxes, social spending legislation. laura davidson joins us from d.c.. walk us through what we know is in it and through the procedure. lara: this is the first baby step in what would be congress' agenda for the rest of the year. this has a $3.5 trillion of spending that congress can spend on education, childcare, clean energy, and presumably about $3.5 trillion worth of tax increases to pay for it. all of the spending would be fully paid for. we don't know exactly what is in this. this is just the parameters of here is the money that could be spent, and it is still subject to negotiations. they will go home in august and campaign on these issues, talk to constituents, come back in september and really start writing legislation. that is when we will get the details of how this will move forward. this is still a contentious issue. however, there were concessions that this would inclu

alix: u.k.rime minister boris johnson talking shortly before his brexit ministers inform parliament he will seek to renegotiate the northern ireland protocol. the response from the eu? we are not going to negotiate. where does this leave everything? bloomberg brexit editor edward evans joins us now. this means there will be channel checks within the irish sea to make sure that nothing else is violated. what is the problem? why won't the u.k. go along with that? edward: because from the u.k. government's point of view, northern ireland is part of the u.k., and by opposing this -- by imposing this trade border in the middle of the irish see, you have put a great friction on trade moving from britain into northern ireland. what that has meant in practice is that the shops in northern ireland have been left without goods because they are dependent on suppliers from the mainland. customers haven't been getting deliveries from companies in the u.k. that has been awkward. what makes it highly sensitive

johnson and alix steel. ♪ alix: 30 minutes to the close of trading in europe.ere's everything you need to know at this hour. draghi's vaccine passports. italy's prime minister mario draghi announcing a pass to eat indoors and go to museums as the delta variance urges. delivery delays, inflation, oh my. the outlook is dented by supply chain disruptions and fears over the delta variant. and intel disappoints after a lackluster outlook. we will talk to ceo pat gelsinger about why a recovery isn't taking hold. for the most part, looking at some optimism in the equity market. you did have very solid pmi's. we will get to whether that is durable or if it is as good as it is going to get. i did want to highlight what is happening with the pound, continuing its slide. manufacturing coming in lower than expected. everyone goes out, spends, and that is paring back. yields pretty much going nowhere. up a touch in germany by about one basis point. crude having a very adjusting, very -- very interesting, very volatile week. that is the story in europe. we are looking at the

alix: alix: -- alix: taking a look at some micro movers. the stocks are down by a 10th of 1%.ntel is looking to purchase a huge -- for billions of dollars as it really tries to transform -- and make its own ships. this could have some longer repercussions within the sector. they are in a jam. this is adding to the s&p, up by about 10%. the 210 is sitting right on its 200 day moving average. inflation is here, markets are trading as if it's never going to happen. that dynamic continues to play out. take a look at big tech and small caps. and the dollar is flying. we have that mixed picture. alix: it will be interest -- guy: it's interesting to see what will develop. this is the worst flooding in decades in germany and across much of europe. the death toll now rising to at least 103 people in germany. more and belgium and the netherlands. we are watching carefully read many are unaccounted for. joining us with the latest is aggie cantrell. walk us through what's happening , walk us through the policy response and with the government is doing. what does the situation look like in

alix: that is a good point.t is different from the great financial crisis, that the consumer is not as levered as they used to be, so the bubble kind of bursting. there's a little less risk in that perspective. also talking about private investing in real assets, private equity is buying up this stuff like crazy and then renting it out. that is also a bit of a different dynamic. it is interesting to see how that kind of combination will filter through to prices. guy: you think about what happened in the kind of 1950's and early 1960's, the postwar period, you saw a lot of prefabrication. certainly you did over here, the company basically trying to scale housing. i wonder whether ultimately, we might see some of that this time around as well. anyway, food for thought. this is bloomberg. ♪ ♪ alix: on fridays, we are going to take a charge for each of us that really caught our eye. this is when i stole from vincent cignarella. the white line is real average weekly earnings, the stuff that people are making. the blu

alix: it is 3:00 p.m. in london, 10:00 a.m. in new york, 30 minutes into the trading day in the u.s. i'm alix steel in london. dani burger -- in new york. dani burger is in london. guy johnson is off again today. this is "bloomberg markets." dani: here in europe, you have unilever warning that earnings might look good, but cost pressures might crimp profits. alix: you can see that reflected in the s&p as well. take a look at the board here. the s&p is off area of the dow getting it the hardest. what you want to pay attention to is the 10 year real yield. do earnings even matter if the tenure real yield continues to grind lower? it is going to be hard to not want to invest in some of the growth companies. bitcoin also getting a little boost. goldman sachs asset management thinking about putting together some kind of fund there, so that is hoping that i set class. maybe a little risk on in the bitcoin world. the story to me, it is going to be equities. dani: it feels like deja vu. we certainly are getting u.s. data in u.s. july c

alix: thanks a lot.ppreciate it. next week loob extraordinarily busy. founder and managing partner at veritas financial group. wall street, e.t.f.'s a tracking big banks and seeing its worst offload since the financial crisis. really? this is bloomberg. alix: happy friday, guys. we made t investors, about 12% of the funds in e.t.f. that's most in at least a year. dave, what's the significance? dave: this is an e.t.f., the i shares use us broker dealers and security exchanges e.t.f. to be precise. ticker i.a.i. that had been taking in money this year. something on the order of $700 million. then tuesday we saw 110 million come out. that was the most to flow out in a single day since 2008 when the financial crisis was happening. the timing is interesting because it's after we saw the biggest banks and other financial companies reporting their second quarter results. and for the most part those figures weren't well received. you take a jpmorgan or banc of america or citigroup. their shares fell in response

alix: 100%.t becomes a race against how much the vaccines can get through in the reopening situation. ireland is now going to offer vaccines to 12 to 15-year-olds. u.k. cases continue to fall. they are obviously still high, but they are falling currently. u.k. is reporting just 131 more covid deaths as of today. they do say about 23,000 more cases as of today. so again, they are high, but definitely following, going in the right direction. dani: i think it is really important to watch not just the case count, but the death count as well. the big question in the u.k. right now is whether that link is broken. a lot of people we speak to talk about this link being broken, and it is not just what happens in the u.k. markets, but it might tell us something about how we can price growth in the future as well. alix: let's get a check on u.s. markets as well because we are definitely seeing some movement here. we are falling from record highs. the nasdaq 100 is getting hit the hardest, down by over 1%. i

-- alix steel and guy johnson. ♪ alix: it is 3:00 p.m. in london, 10:00 a.m.n new york, 30 minutes into the trading day in the u.s. i'm alix steel in new york. dani burger is in london. guy johnson is off today, but he is back on monday. dani, it has been a real pleasure. dani: a selloff taking a bite out of near record gains. alix: it has been quite a month overall. the s&p is still looking at a monthly gain, but nonetheless, it is still rough going. today, off by 0.2%. the outperformer is those large cap tech names. a little bit of bid in the bond market. a little bit of a bid for the dollar as well. the bloomberg commodity spot index, overall you are looking at the dollar having its worst week since may. ipso facto, good for spot commodities. the spot commodity index the highest since 2011. that is more of an idiosyncratic story. dani: we are also getting some breaking numbers on the university of michigan sentiment survey. the interesting thing here is always to see what inflation expectations are. consumer sentiment coming in stronger-than-expected. their

alix: what runway shall have you been to?hat's like a quarter of what you get for hamilton tickets. but you are definitely seeing the conversation change around these pfizer headlines we will have to watch. dani: of course, very different from and the u.k., were you still have a relaxation of rules. let's stick with the theme in europe. coming up, really bullish about 2022, the deutsche bank cfo on their blowout quarter, next. this is bloomberg. ♪ ♪ dani: it is time for the bloomberg business flash, a look at some of the biggest business stories in the news right now. boeing has unexpectedly earned a profit for the first time in almost two years. that hans a potential turnaround after one of the worst financial crises -- that hints at a potential turnaround after one of the worst financial crises in the company's history. next month, pfizer plans to launch a study of a vaccine that targets the coronavirus delta variant. delta is blamed for the surge of covid cases in the u.s. and elsewhere. pfizer says the first batch has bee

alix: so what is next?ave proven this use case, what is the focus for jeff bezos when it comes to blue origin? emily: the focus is on the next rocket. we are told that is in progress and on schedule to be ready before the end of next year. i have to wonder, is he going to be getting on the first orbital mission for blue origin? who knows? but i think today, this was a huge demonstration, a huge and extremely successful demonstration of origin's technology, of jeff bezos' vision over this 20 year journey. what he is doing worked. this is something nasa will be paying attention to because spacex has won a lot of the lucrative government contracts. you wonder if now nasa will give blue origin more of a shot. alix: blue origin was up for that artemis contract, but didn't get it, but it was in the running. nice job today. bloomberg technology enter emily chang. let's get her insight into how you invest in space. we turn to tess hatch, bessemer venture partners. bessemer invests in space technology and works for

. ♪ alix: it is 3:00 p.m. in london, 10:00 a.m. in new york. i'm alix steel in new york.ani burger in london. guy johnson is still off. welcome to "bloomberg markets." china comes the market after the fed didn't rock the market. dani: i think that is a perfect metaphor for out here on the sea, waters calm. nothing to really disturb things, so we can concentrate on earnings. alix: take a look at my board here. i bought stuff in the second quarter, even though i might not have bought as much as you thought. i still bought a lot of stuff, and that is kind of the take away for the second go to read of gdp. equities in the green, up 0.4% for the s&p. modest selling in the treasury market. plus, and enormous apple high-grade issuance that was steeping the curve is to little bit. the dollar also weaker, starting to roll over after jay powell's presser yesterday, on the longest losing streak since mid-march. record low real yields earlier in the morning, higher gold prices very much the situation here. but not a lot of drama, which i'm sure jay powell is quite happy about. we do

alix: really appreciate it.ove looking at the bank of america fund managers survey because it gives you the temperature of the market. tech the most overcrowded, but china, really small positions now. investors pairing that back quite a bit. it is interesting when you pose that with high ppi prices, low cpi prices in china, and there is supposed to be a potential flowing china story that continues to develop in the markets. guy: i think it is just the fact that a lot of people have positions in big tech in china, and we have seen what happened with didi, etc., and it is frightening people. alix: coming up, jp morgan slipping. they've got the reflation trade fading away. we will break it down. this is bloomberg. ♪ ♪ alix: live from new york, i'm alix steel, with guy johnson in london. this is "bloomberg markets." goldman sachs and jp morgan trading lower, releasing their second-quarter results. ceo david solomon hinting at the fact that they will be competitive when it comes to pay , but not committing to any kin

this is bloomberg. ♪ alix: live from new york, i'm alix steel.s is the european close on "bloomberg markets." the surge of coronavirus infections in the u.k. is causing concern about the outlook at the bank of england. it is an intensifying debate about how central banks should move to contain inflation, and their opposing views being aired publicly in a very short amount of time. just last week we were talking about potential tightening and potentially withdrawing some of the current monetary stimulus. five days later, you're looking at tight policy isn't the right policy, and we don't want to be premature in when we tighten. so what do you do if you are an investor? joining us for more is pimco's geraldine sundstrom. how do you take a constructive view on this when there's unknown because of covid? geraldine: you start to see dispersion and division among views, so we think maybe what will happen is that in the months to come, we do not see a rate hike, little later than what market surprising currently. alix: do you need to have any hedging yo

alix: it is 3:00 p.m. in london, tenneco a, new york -- 10:00 a.m. in new york. i'm alix steel. dani burger is in london for guy johnson. welcome to "bloomberg markets." we spared back some of the earlier losses -- we've paired back some of the earlier losses, but it is still a lower market. dani: i love how andy brenner at natwest put it. it is an ugly day for equities, but it is the least dirty shirt within the laundry. alix: we are pretty much flat now for the major indices within the s&p. you are seeing the dollar also coming in mixed. in the bond market, the highlight was the 10 year yield, the real yield hitting its lowest ever level. now seeing the 10 year yield at 1.27%. ullman sax lowering its forecast for the next year and the couple of quarters coming out -- goldman sachs lowering its forecast for the next year and the couple of quarters coming out. dani: definitely each new piece of data we get increasingly important, and u.s. new-home sales data just crossing the bloomberg. let's get the data from michael mckee. michael: i'm afraid it shows us more confusion because

alix: that's true. guy: because you can't help yourself. alix: i can't.uy: having a look at the commodities market. alix: i didn't email, though, which was a very big victory. we are getting a lot of stuff in terms of economic data, and powell speaking. but that rotation into growth out of value is continuing as yields grind lower after that huge melt up we saw an yields last week. health care, consumer discretionary leading the way. a quick check on the kbw bank index, up despite the fact that they are looking at a curve that is still pretty flat and isn't really going anywhere. we get about $96 billion worth of supply from the three year and 10 year. the other story has to do with china growth and concerns that started last friday, permeated over the weekend. just to illustrate that, copper down about 1%. if china does slow and they can't jumpstart the growth enough, what is the knock on effect? we will break that down. guy: we've got a lot of data coming out of the u.s. economy, a lot of data coming out of the u.k. you've got the powell testimony. it i

alix: live from new york, i'm alix steel with guy johnson in london.llor angela merkel headed to washington. she is expected to meet joe biden and kamala harris. joining us with more is bloomberg's berlin bureau chief. it is this anything but nord stream 2? >> nord stream 2 will be the main sticking point. this is what germany and the u.s. have to get out of the way before they can talk about something else. basically it is also about angela merkel's legacy. nord stream 2 has been standing in the way of germany and the u.s. for years. it is time up to her to settle the deal. guy: does she do that? how much is she prepared to give to make that happen. birgit: that is a big question. the u.s. is hoping to get some stability in the region and also some concessions that germany is willing to close down nord stream 2. at the same time also to help the ukraine to become more independent from russia. germany is willing to give some kind of concessions. willing to set up a hydrogen industry. to what extent angela merkel will be willing to make a concession to

johnson and alix steel. ♪ alix: 30 minutes to the close of trading in europe.ere's everything you need to know at this hour. china's tech crackdown spreads. china announces new rules for education companies, disrupting global risk appetite. european stocks fall from record highs due to the delta variant i had a very big earnings week. ryanair's tipping point. the low-cost giant could break higher. dani burger and for guy johnson -- dani burger in for guy johnson. dani: i've been saying this all day, that it is able market that refuses to quit, but today is a really big test. we might be heading a little lower in the u.s., but in europe we are definitely heading even lower. we are down by 0.2%, so not a huge move yet but as you say, this comes off the back of record highs, a lot of optimism that earnings season would be good, but perhaps it is not priced into your cable rate which is up 0.5%. it is a fifth consecutive day of declines as of yesterday in the u.k. virus case counts, but that doesn't yet reflect the reopening and normalization of a lot of the u.k.,

alix: 100%.ecial last week that will air again -- i had a space special last week that will air again this weekend. that wraps it up for us. we are still waiting for nasdaq -- for robinhood to start trading on the nasdaq. also coming up with "balance of power," david giblin will be joining lisa abramowicz. i will be going to the cable show. not miss me in london. dab digital radio. this is bloomberg. ♪ and there you have it - wireless on the fastest, most reliable network. wow! big deal! we get unlimited for just $30 bucks. i get that too and mine has 5g included. impressive. impressive is saving four hundred bucks a year. four bucks? that's tough to beat. relax people, my wireless is crushing it. okay, that's because you all have xfinity mobile. it's wireless so good, it keeps one upping itself. (announcer) back pain hurts. you can spend thousands and still not get relief. now there's aerotrainer by golo. you can stretch and strengthen your core, relieve back pain, and tone your entire body. (ma

alix: 100%.f it is going to be price pressures and supply constraints , is that different than we getting demand? how do companies manage that in an idiosyncratic way? do you still need growth to come back, and firm growth to help the companies? dani: i feel like you perfectly set me up for what we are going to discuss next because those supply bottlenecks featured heavily in the gdp figures we got, especially for germany. the euro area economy did rebound sharply in the second order. you have businesses reopening following the lifting of lockdowns. let's get the details with our senior editor for economics in vienna. those german numbers did really stand out to me. do you brush them off, or are we still gaining when it comes to the european economy? reporter: we got our first numbers today. germany looks dramatic at first glance. it came in at 1.5%. it was fairly late in the quarter, and at the same time, you did have those bottlenecks. economists are very optimistic about the summer with the re

. ♪ alix: it is 3:00 p.m. in london, 10:00 a.m.n new york, 30 minutes into the trading day in the u.s. i'm alix steel in new york. dani burger is in london. guy johnson's vacation come down is continuing. investment banks trying to stabilize his having a ripple effect throughout the globe. dani: part of the reason was the question of whether or not the national team, as many call it, would step in. with this meeting with bank executives, it looks like they will. whether or not they have been buying into this market, that remains unknown. but supportive sentiment nonetheless. alix: retail traders most definitely have been buying. take a look at the board here. it might not show the kind of churn we have seen. almost $1.7 billion into the market on tuesday despite the fact that the nasdaq 100 had its worst day since mid-may. tech lagging behind again today. now you have the s&p pretty much flat. a teeny bit of selling into the bond market at the lower end of the range we have seen. it is a ruggedly mixed eller story in the g10 space.

alix: thank you so much.ceo herbert diess unveiled his company's plans for global strategy. i a 10% market share in the u.s.. very aggressive in the eb market . i want to get more perspective from philippe houchois who has a buy rating for volkswagen. a lot of this is to catch up with tesla and become the real competitor. did what you see today do that? philippe: what we saw today is very much what we heard before. what is different is we were trying to catch up with tesla. now everybody is doing the same thing, pursuing a similar strategy. it is not just about tesla, it is about the industry migrating to a different way of making autos and getting customers to use their car differently and make more money out of it. it is not just between tesla and volkswagen. it is across the industry. guy: tesla trades on very different multiples. how do you get to those multiples? philippe: i will give credit to volkswagen. there were more open than most. they are more discrete about production -- combustion engines will

alix: not at all.he individual was a former investment banker, and we do not know the reason why the individual was rejected, but she was a former obama era employee who worked for secretary of state hillary clinton. so it remains to be seen why, but how do you function at full capacity if your step is -- if your staff isn't at full capacity? guy: let's talk about about what is happening with the ecb. as you said, we are waiting for powell later on this week. that is going to be a major moment, plus the cpi data coming up tomorrow. christine lagarde out in front of all of this, putting investors basically on notice. she's basically saying that investors should prepare new guidance on monetary stimulus within the next 10 days. she signaled that fresh measures may be brought in next year to support the economy. she of course, as you can see, caught up with "bloomberg surveillance" anchor francine lacqua. ms. lagarde: we have a new framework that is unanimously approved by the governing council, and we ar

alix: that will have implications outside of the eu. was there something else that would affect the u.s., china, russia? akshat: apart from the carbon tariff itself, we will see the eu push on technology. renewables are already one of the sources -- cheapest sources of energy there is, but the eu is pushing hard on green hydrogen, sustainable aviation fuels, steel and cement. that could have an impact across the globe because technology drivers across borders quickly. alix: appreciated, action rocky -- akshat rathi. today, we are talking to kate and alan. i want to look at how oil companies are trying to turn green. in the beginning, it was big oil, shallow, bp trying to reduce their dependence on oil production. and it was the exploration and production companies, like devon. it is planning to cut emissions from its oil production and the power it uses as a company by 50% by 2030, 65% by 2030. devon joins peers like occidental in trying to tackle climate change. now come the oil services companies. schlumberger recently unveiled its am

alix steel from tanglewood for the boston pops. i'm matt miller.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 dollars. and they're number 1 in customer satisfaction. his number? delete it. deleting it. so break free from the big three. xfinity internet customers, take the savings challenge at xfinitymobile.com/mysavings or visit an xfinity store to learn how our switch squad makes it easy to switch and save hundreds. so many people are overweight now and asking themselves, "why can't i lose weight?" for most, the reason is insulin resistance, and they don't even know they have it. conventional starvation diets don't address insulin resistance. that's why they don't work. now there's release from golo. it naturally helps reverse insulin resistance, stops sugar cravings, and releases stubborn fat, all while controlling stress and emotional eating. at last, a diet pill that actually work

alix: thank you, david. always good to see you. time for commodity in chief, where we talk to one executive in the commodity world. we are speaking to the ceo of -- motors. these vehicles need to drive a long time, come along mas, and fuel up quickly. and what may work for your car may not work for a bus. an electric car can charge overnight and drive short distances, but it will not take much for a long haul truck to stress the grid. natural gas is better than diesel but it is not truly green. enter the company that went public. it's solution is to use hydrogen power fuel cell batteries. you pull up and fill your tank with hydrogen. while you are driving, it combines with oxygen and the fuel cells to create water and electricity. water vapor comes out of your exhaust and electricity powers your motor. there is definitely demand. up to 1500 trucks with the new zealand energy company, 70 trucks with an austrian supermarket, and 20 trucks with a dutch trucking company. it also announced plans to build a fuel-cell material production

alix: i definitely missed the opec story. he even read in a little.glewood, in lenox, massachusetts. the boston pops arts spectacular , moved here to tanglewood because of covid and uncertainty over certain restrictions. we will be here on sunday at 8:00 a.m., an amazing event. enormous outdoor concert space. the summer home for the boston orchestra. we will be joined with stellar guests. john batiste, legendary rmbs all right activist -- rnd civil-rights activist. kailey: how many people are you expecting to show up? alix: i have no idea, but a lot. i think total, looking at maybe 9000 will be allowed in. you will still have some restrictions in seating in the shed, but there's a huge outdoor lawn. we're hoping the weather goes our way. either way, we will be doing the performance and laying and hosting so it will be -- playing and hosting so it will be major. this is the first time we will have an audience, people from the general public in tanglewood since last year when it closed down for covid. tanglewood is a true staple under the berkshires, so

guy: which is not something alix can normally say. alix: [laughter] something i never say. guy: if you look at lumber story, you can argue the time the senate starts talking about it the story as ever. that commodity has seen a significant decline in prices. chair powell: which is what jay powell was saying. those are specific issues but it is more of a transitory thing. it is unique and it will be transitory. i want to get more reaction. vincent, anything stand out to you? vincent: you mentioned the transient. you mentioned lumber prices, they have fallen dramatically. we've also seen a drop in food prices, energy prices, gasoline prices. now we are starting to see a drop in used vehicles which is something the fed leaned heavily on as one of the reasons prices have gone up. the problem is core cpi and core pce have searched. cpi is at a third or -- is that a 30 year high and pce is searching also. i would argue the fed is saying yes they are coming off, but core prices, which they usually measure, is sticky. if that continues, their argument about transient prices falling

normally, that is the role that alix plays. opec plus a signing today whether to keep turning on the taps. it is a familiar divide across the group. iran's oil minister weighing in on the impacts of u.s. sanctions, so this is one of the critical factors in terms of his country's growth. >> the department of iran has been under the most serious unilateral u.s. sanctions over the last three years. our industry has suffered greatly. we have maintained production and a reasonable oil export despite the stated wishes and plans for the administration. guy: iranian oil will not be coming back up the market, that is part of the consolation that opec had to deal with. bloomberg oil strategist joining us to talk more about this. the expectation now, and this is what seems to be the talk about, is a 400,000 barrels per day increase. i was hearing going into the meeting that number could be as high as 550. is that why we are seeing oil spiking today? >> i think it is. i think the market was expecting a bit more and was hoping for a bit mor

this is bloomberg markets: european close with guy johnson and alix steel. guy: thursday the eighth, 30 minutes to the close, what you need to know in europe this hour. seeing their biggest selloff. bond yields off the earlier lows. keep any weight yet the rest of the session. we have plenty of action unfolding, the ecb's biggest strategy review since 2003, the bank raising its inflation with a framework. we will talk about the reaction )vdç)vi ev through 2025. the owner of jeep and dodge sees over 77% of your -- sales in europe falling -- that is the s. what is the situation stateside? >> similar story at least in the equity markets. a 1.5% drawdown on the s&p only takes you to a level we had about a week ago. we have been climbing in eight of the last sessions on the s&p, so breaking through that level, something we are watching. this is nowhere near taking it down very far. what is coming down far are the 10 year yields, four basis points on the day. yields are down in all of the last nine sessions, so it has been higher in price, yields lower. i had a gr

we just chatted with alix klineman. beach volleyball in the rain. >> we're used to playing in this a little bit we don't get a lot of experience in it. it changes the ball a little bit. the ball gets heavier, a little bit slippery, for me it was kind of nice to get a break from the heat. >> reporter: oh, i couldn't agree more. it's about 6 degrees, 7 degrees cooler today. she and her partner april ross beat spain. you're looking at the pool. cal alum ryan murphy, he still lives in berkeley and is the defending gold medallist from the rio olympics. today he gets bronze in the 100 backstroke. two russian swimmers win silver and gold, the first time since 1992 that the u.s. has not won gold in the backstroke. katie zaferes wince the bronze medal as well. she lived in santa cruz until recently. the 32-year-old now lives in south carolina. she is a two-time olympian and today wins her first olympic medal. let's talk family now. could you imagine as a parent, all those years of little league or practicing and all that trainin

taylor riggs and for alix steel today. alix steel has got the week off, well-deserved.elcome to "bloomberg markets." the bond market in the driving seat right now. this bid move -- this big move we are seeing in year -- and yields. is the market starting to price in the dreaded stagflation scenario? taylor: bond markets on the move for a second day this week. let's take a look at the unwinding and perhaps some of the reflation trade we have been talking about with the nasdaq firmly extending some of those record highs we continue to see. the only index in the red, the russell 2000. that is really the unwind of some of those reflationary trades, those small caps, that inflation trade we continue to see. it is all about the 10 and 30 year bonds that you're catching the bid by about four basis points on the day. when we broke 2% yesterday, it certainly caught my attention. 1.93%, we had lower on yields. guy: the bond market certainly going to be paying attention to the data we are getting now. this is super important stuff. it is a lead indicator on what is happening in th

alix: for space. >> lift off for the falcon nine crew dragon. go nasa, go spacex. ♪

and alix steel. ♪ guy: 30 minutes to the european close.hat you need to know -- stock surging as the eu launches its vaccine passports. london is looking at quarantine free travel for the fully vaccinated. he sees capacity nearly doubling over the rest of the summer. rishi sunak is vowing -- the chance is we will see significant divergence from eu rules. we will hear from the chancellor this hour. crude continues to climb. topping $75 a barrel for the first time since 2019. we are seeing back into equities, but back into crude, up by 1.5%. alix: unbelievable -- back above that $75 a barrel, the highest we have seen in three years or so. this brings up those inflationary trends we keep talking about. underneath the hood, it was big tech end to that outperformed that for the first half of the year as we see more record highs. that continues. it hits the five year yield. the highest prices paid since 1979. the highest we have been at all week. this has been a very busy week for ipo's. didi was the second largest u.s. listing after alibaba. you

alix: will that marketplace look any different?any different with the bank's involvement? do you have a sense yet? >> we have been doing this on our own. avenue -- the banks see more institutional investors being interested in private company shares. the private companies themselves accepting the notion of liquidity as part of their life as a private company in new ways. what we've been seeing over the last year, continuous market programs for companies that might be thinking of going public through eight elect listing -- a direct listing, block sales. private companies are getting more engaged. before, they were happening behind the scenes. private companies are now saying, let's create an efficient way to allow liquidity to occur. dani: really fascinating to hear a company synonymous with public companies going to the private space. that was the nasdaq president and ceo. coming up, time to step up. john kerry calls on nations to do more to hit net zero. we bring you some of our conversation with the u.s. climate on five -- envoy

alix steel will be back on monday. taylor, yields start to rise. small caps catch a bid. we are kind of unwinding what the rest of the week has looked like. taylor: unwinding at least a little bit of yesterday's trade. that reflationary trade for today is back in vogue. we are up about 1.5% on the russell 2000. the s&p 500 up 0.7%. trying to address yesterday's losses. in the 30 year we were heading down for 1.90%. make our way back up to 1.98%, up about five basis points on the day. we have to talk about one of the big deals, sam's dotcom getting a buyout. you are now up 64% on the day. guy: bloomberg getting hold of an eu draft suggesting that all new cars will be zero emissions from 2035. the industry is starting to get a little bit nervous about what is happening here. a suggestion may be that the leaders need to not only talk the talk, but walk the walk when it comes to making it happen. in terms of the data we are getting out of the u.s. economy, a little bit in inventory build which is worth paying attention to. it's a 1.1 last time around. maybe an indication of w

taylor: with alix out, you are the oil expert, whether you like it or not.y time, something around 2:00 your time, you are hitting $70 a barrel on wti, slow slide all the way down. crude earlier hitting the highest and more than six years given the deadlock we've seen between the opec-plus and then of course some of the losses have now been looking at is there going to be a production cut at all? is this going to be a cartel that unravels? it has been volatility as some of the oil traders will focus on what does, what does all of this mean? guy: this is the way i'm looking at this. there probably should have been some sort of disagreement between rihad and abu dhabi. abu dhabi has been investing a lot of new kit. there was always going to be a disagreement. they generally are pretty tight, the saudi's and the uae. you wonder whether this is a moment in which we need to reestablish or recalibrate relationship between the two and it will take a few weeks for that to happen. the sense in the market today is ultimately this will result in more oil coming into th

earlier, alix steel had a chance, about the company's transition to a greener future.carbon base because it is core to our strategy. without those hydrocarbons, we don't get to transition. the hydrocarbons provide the cash flow that is necessary to make sure that our investors get the return they deserve. they have been patient, it's time for them to get the return they deserve, make sure we have a strong balance sheet, and that we can invest in the transition. this will evolve over time, it is not an overnight switch that some people would wish it were. this is a complex transition but is one that i think our plan is hopefully very clear on, and that will play out over the coming years. >> do you think that oil majors like yourself that are making these tough calls on where to invest money, are you setting the oil market up for a super cycle, or do you think you can stay flexible enough to prevent that from happening while also spending capital and time into other investments? bernard: a lot of people are talking about our commitment to reduce production by 40% by 203

alix steel is out this week. welcome. taylor, that was an ugly open in the u.s.t looks like it will be a turbulent session. taylor: an interesting start. take a look at the s&p 500. for all of the excitement, you have to think this only takes us back to last monday levels. a reminder we have been up in eight of the last nine sessions, so this feels like a risk off day, but we are close to record highs and we have been closing that in each of the next days. that is something we are watching. it has to be the 10 year yield. jobless claims catching a bid by four basis points. we are off of the lows we saw this morning. i want to take a look at what is coming out of these markets. one way to do that, the meme stocks, as well as bitcoin, cryptocurrencies off by about 5% or 6%. it could be a risk off day across the board. guy: absolutely, but the focus is the bond markets. the yield on the u.s. 10 year down. that's a really big line in the sand. we have not been at these levels since february. let's get details on the move we have seen. the move earlier took us down to

alix steel has a well-deserved week off. these gains feel a little cautious to me.aylor: you talk about record highs with the nasdaq 100 as the s&p cools down, but you are looking at the vix now with a 16 handle. you're getting a little bit of an elevation and some of that nervousness, and take a look at the 30 year yield. you are now below 2% the first time since june 21, so you are releasing bonds catching a bid here. you want to talk about nervousness? didi off 22%. below that ipo price, really hurting today. guy: we are starting to get some data which may also have a negative effect on the wider market. the u.s. june ism services gauge falling to 60.1, down from 64. the estimate was 63.5. if you look through all of the component parts, business activity, the employment index, the orders index, the backlogs have picked up a little bit, but a lot of it is actually off the mark in terms of the data we are getting. the conversation is definitely out there. are we close to the growth in the united states? 's taylor: why don't we get an answer -- taylor: why don't we

alix is on location at the boston pops. looking forward to that. my take on the market action, positive. but i look at the volume and i wonder whether everone is just trying to get off manhattan as fast as they can. kailey: i know i am. you are right, volume is like today. that could mean little more volatility today. it is not massive moves we are seeing after that upside surprise on nonfarm payrolls. death -- the s&p 500 is at another record high. not a lot of action in the treasury market. the 10 year yield, 1.44%. we are paying attention to opec+ today, still awaiting a supply decision. the uae saying maybe it is ok with no change to out in august. wti falling below $75 a barrel. one individual stock story we are watching, virgin galactic. richard branson heading to space on july 11. that stock is up 14% at this point in the session. guy: is he actually heading to space? we are going to talk about this a little bit later on. we are getting data coming through from the u.s. economy. factory orders coming in a little ahead of expectations. the da

alix: the discipline -- bernard: the discipline will be the discipline, in your words.s, we believe, is the right way to run a hydrocarbon portfolio. focus on value, focus on margin. take cost out of the business. digitize everything that we can. i have just come out of a meeting on digital and agile. we have what we think is the largest organization working in an agile way in the energy sector. 7000 people working in a structured, agile way. decisions being made 40% quicker. that is what running a good oil and gas business is for us and that means we can grow that business over the coming years even as we shrink volume. haidi: that was the bp ceo speaking to alix steel and you can catch more of those conversations as part of bloomberg's sustainable business summit that is underway this week. japan is set to report industrial output ahead of the boj's decision on friday. let's take a look at how markets are stacking up. sophie: mckay futures in singapore pointing to losses, trading near a one-week low and we have jgb futures going lower although boj bond buying may cush

last night april ross and alix klineman cruised by spain in straight sets.hips and looking to do better keri walsh jennings the most decorated beach volleyball player in history, gold medals in 2004, '08, '08 with misty may trainer and bronze in 2016 with april ross april ross winning with new teammate alix klineman last night. think they can bring home the gold >> of course when you watch the girls play, shep, they are so eye of the tiger and focused, there to win and they got silver in the world championships and i've won silver at a world championships and this is pure motivation. >> last night, the storm, tropical storm was coming in, it just seemed like it was never going to stop raining and they just laser focused >> yes you know, it is what it is as cold as it can get, we played in snow, rain, any condition and those girls both usa teams went to florida for humidity and heat training so they're ready for anything as long as there's no lightning they'll push through for sure. >> the u.s. winning surprising golds but struggling in some of the big team s

if beach volleyball is your sport, watch alix klineman.pril ross try to stay undefeated at 5:00 on cnbc. you can follow our bay area athletes by heading over to nbcbayarea.com. we have another athlete tracker on our trending bar. >> thosehard. the tennis playerse looking at temperature friday of 97. on and off thunderstorms. next week, athletes have been complaining lately. it's off the charts. it's going to feel like 102 monday, 102 tuesday, 101 wednesday and 1000 tho look at . today they were going to have a dew point of 76. you can see on that chart -- >> miserable. >> heat cramps, heat stroke, heat exhaustion. >> that's really time. >> that's why the danger is out there for them. back here at home we've had a touch of humidity. some people have been complaining a little bit, but nothing close to that. you can see 96 there tomorrow and then we'll be in the upper 80s to 90 as we hit this weekend into next week, so a little better for us as we roll into this weekend. >> what's our dew point? under 50? >> we're about 62, 63. >> comfortable

. >> reporter: nurse manager alix zacharski says the patients are coming in younger and, with the delta variant, they're getting sicker faster. >> a very young patient, in herr 20s, she has a little history of asthma, did not get vaccinated and ended up passing away. >> reporter: she died. only lasted maybe 12 days. >> reporter: it's not just south florida. the state as a whole accounts for nearly 20% of the nation's new cases over the last week. nationwide while vaccination rates plunged since the middle middle of april, the more contagious delta variant gained a foothold rising exponentially. today on capitol hill the c.d.c. director put it bluntly. >> the delta variant now represents 83% of sequenced cases. >> reporter: in that same hearing, an exchange between senator rand paul and dr. anthony fauci over the virus' origins went like this -- >> because you're trying to obscure responsibility for 4 million people dying around the world from a pandemic. >> i totally resent the lie that you are now propagating, and if anybody's lying here, senator, it is you! >> reporter: still, the big