annmarie: thank you so much for joining bloomberg television.e australian trade minister fresh from the capital en route to the white house. alix: appreciate that. coming up, lance fritz, union pacific chairman and ceo will be joining david westin on bloomberg television and radio. i am headed over to the cable on dab digital radio. this is bloomberg. ♪ so... i know you and george were struggling with the possibility of having to move. how's that going? well... we found a way to make bathing safer with a kohler walk-in bath. it has the lowest step-in of any bath. it has handrails, a wide door, and textured surfaces. so it gives you peace of mind. and you would love the heated backrest - and the whirlpool jets - and the bubblemassage. and, it was installed quickly and conveniently by a kohler-certified installer. a kohler- authorized dealer walked us through every step in the process and made us feel completely comfortable in our home. and, yes, it's affordable. looking good, george! we just want to spend as much time as possible, in our home and

annmarie: it is a very good question and we just do not know.e have not heard from the administration on the travel ban. clearly this delta variant, and they are discussing bringing back mask mandates, is going to make it very difficult. one interesting research i read this morning is that there is research that two pfizer jabs and two astrazeneca shots work against the delta variant. we know a lot of europeans are taking up the astrazeneca shot. potentially that could help, but we do not know. the president really punted that decision down the line and has yet to come up with a decision on that. jonathan: what is several days? a week? two weeks? i think we are past several. annmarie: it was not brought up last night. travel was not brought up. jonathan: annmarie in washington, d.c., thank you, our washington correspondent. let's turn back to the pricing issue. there was a line from chipotle that jumped out at a lot of people. "no resistance whatsoever to higher prices in the restaurant." it is not just about passing on higher prices. it is abou

annmarie hordern joins us. situation in hong kong is deteriorating and the chinese government is not keeping its commitment. one country, two systems. that feels like a long time ago. annmarie: the president really is just warning and what the president said is it is an advisory. we are not telling you to stop doing business in hong kong, but we want you to know what the risks are. one of the things that this advisory is supposed to outline is that there is a legal risk now that the chinese, and his party has a grip on hong kong. it is one of the things put out by the biden administration that businesses need to keep in mind, some of the legal threats that are more subject to the chinese comments party and mainland beijing and would normally be. lisa: i gotta say, find me a.c.l. that says, i never realized that about hong kong. -- find me a ceo that says, i never realized that about hong kong. what is the purpose. it is this purely messaging to the chinese government that if they start cracking down on data and

annmarie: it certainly is.as in the united kingdom where the delta variant -- of course i was, and the delta variant is the main driver of all of the uptick of cases. they are a little bit longer in rolling out the vaccines than the united states, they have a longer lapsed time between the first and second jab. if you have a county not vaccinated, the delta variant spreads more quickly. they say some states it is already the leading variant. lisa: what is president biden's message to americans, especially as he tries to highlight the progress the united states has made with vaccination but also the uneven progress in specific places? annmarie: i think he will have to really walk this fine line. for the last week, we have seen a lot of press releases from the white house touting economic growth and recovery. they even put out a "how to have a cheaper fourth of july" their take on it is transitory. they want to make sure people are looking for jobs. are they looking for jobs or just accepting the unappointed bene

annmarie: good morning.t of the speech over the weekend was partially a celebration but also really a nod to the fact that the u.s. still has a lot of work to do when it comes to vaccination. the administration didn't meet their goal. to get 70% of the population one dose by july 4 and it 67% and that is going to be the talk of this week and the president will give an address on the covid response at 2:45. you had the white house covid coordinator on the sunday shows talking about that this administration wants to double down and make sure the delta variant spreading in the u.s. and those communities that are not vaccinated get the resources they need to get there. >> does anything happen on infrastructure this week? it's a four-day work week and sleepy july in washington. there has to be a lot going on on infrastructure. annmarie: behind closed doors you will see phone calls. congress is in recess and this will definitely be behind closed doors. the president is going to be in crystal city, illinois wednesd

annmarie: we are waiting for the details.ortman, the lead republican negotiator saying they have an agreement and just now we are seeing headlines that the text of the infrastructure bill we should have by this evening. this coming from some of our colleagues at the hill, erik wasson in particularly, they expect this as early as this evening for a motion of pointer which means we could get the bill on the floor and up for debate. after more than a month since this bipartisan group of senators came out of the white house with president biden they are saying they have the details and senator portman also saying is fully paid for. now we are waiting what those details are. dani: thanks so much for staying on top of this story for us. that is our bloomberg washington correspondent annmarie hordern. shares of drug producer bristol-myers squibb are higher on a stronger-than-expected second-quarter result. the company sees patients returning to non-covid care. joining us exclusively is dr. giovanni caforio, bristol-myers squibb ceo.

annmarie: are you worried we could see a massive spike in prices?need of more supply for the month of august. >> if some people would like to have that, they can do that. is it our intent? no. because if it is our intent, why would we do the support and why would -- it's been a two month affair. annmarie: russia and the rest of opec is, and there's one holdout, the uae. we'll continue to increase by 400,000 barrels a day without the uae on board? >> we cannot. because it's an agreement that is done by consensus. >> the reality is that uae is for an unconditional increase of production, which the market would require. and that's, i think, the agreement that all of the countries are supportive with. there hasn't been a guarantee and we are for that. we have done that in the past. we're -- our adjustment was unconditional. this time, they brought a condition to that production increase. and to us, that condition is one. unnecessary to take now. we still have at least nine months in this agreement. and we're talking about plenty of time for this agreeme

jonathan: annmarie hordern, thank you.n the inflation debate as we work our way forward to chairman powell's testimony later this morning, chairman powell is going to face a lot of questions perhaps from both sides of the aisle. lisa: how concerned is he about disrupting a bond market that is pretty much asleep? you have people looking at this, you have less than a 1.4% treasury yield. the 10 year real yield is the lowest it has been since past february. we are talking about this dissonance between people expecting higher inflation and yields that are camped out by a very easy fed. jonathan: some more important bond market reaction from yesterday. the way we responded to the data or the way the auction went a little bit later. there are two stories there that are different. we have the reaction to the data in the morning and the reaction to the auction later in the afternoon. lisa: that yield on the 30 year auction was very low. there is pushback at a certain level. i think is a muddy question and looking at the flows, how

annmarie: certainly.ally does the consumer sentiment that matters, not the retail sales. we have some breaking news from washington, d.c. janet yellen says she is calling the president's working group meeting on stable coins.

annmarie: the first thing is the timeline.ing to "the telegraph," someone close to the secretary of state for trade has said they don't think anything can happen until after the u.s. midterm elections in november 2022, so nothing before 2023. she did not want to give a timeline, and what she's talking about is having a more comprehensive agreement, and she made the point that the united kingdom only did just a trade deal with australia, and that took a year. we are expecting this to take a lot more time. she kept talking about making sure they get the tax base on board. the biden administration are focused on foreign policy about china and really domestic is going to be about their own and for structure and fiscal spending plans. alix: to that point, what are some of the holdouts? i would not have thought the u.k. was going to be a holdout on tech. annmarie: i don't think it is specifically a holdout. before the biden administration, it is top of the agenda. it is really a reversal of what we saw under former president trump a

annmarie: it is just a memo at the moment.doesn't mean courts need to uphold it, but what you are seeing, and we have talked about this for weeks, what next can be done? if incentives aren't working, what can the federal government do? you also have the department of veteran affairs having their employees make vaccines mandatory. there is a sea change across the country as well as in washington, d.c. and this just puts pressure on the white house and the biden administration which was very hesitant to have a vaccine mandate. potentially that conversation is going to come back in play. lisa: how important is this for president biden to get vaccinations up, in order to garner more support from the public at a time when it is very delicate in terms of freedoms and individual freedoms, and trying to move this country forward and recover? annmarie: it is much easier for the biden administration if you have things like the department of justice coming out and having this memo, because that puts the onus on private employers. this gi

alix: annmarie, thanks a lot. wrapping it up, a new number of vaccine mandates are being enacted across the u.s. you have covid infections rising with again. here with more is bloomberg senior health care editor drew armstrong. where are we with vaccine mandates and potentially more mask mandates coming down? drew: we are beginning to see the start of a real push, it would seem, for these vaccine mandates in workplaces. we had the veterans administration begin to mandate for health care workers, new york and l.a. beginning to do the same things for some of their city employees. health systems increasingly start to push mandates for their workers now. a lot of these do come without saying that you need to get tested once a week, which is the case in some places. really, but i think we are beginning to see is we had vaccinations amongst the highly willing and enthusiastic relation, and right now, -- enthusiastic population, and right now we have public health leaders looking around saying we need to strengthen the m

annmarie: china is one of the biggest emed -- emitter.could be a china tax and also russia and all of these countries that have massive exports. this is how i think this kind of legislation or way to pay for this legislation would get bipartisan approval. we have seen talking tough on china, wanting to do more in building united states infrastructure and etc.. it is all about how do we play the domestic game in terms of foreign policy, and that is what this administration has been doing. tom: let -- jonathan: let us talk about germany, a government stuck in the middle of those two issues and also on the wrong side. chancellor merkel in town, how will that go? annmarie: china will be top of agenda and china is stuck in the middle. during the pandemic when china overtook the top number one trading partner for germany, they are entrenched. there are more cars being sold in china from germany than there are the united states. this is something that we saw a little bit of tension at the g7. the biden administration once the combat china, -- wa

annmarie: it is a plethora of different industries. technology, the former pseudo-injured tree -- determines who the coal industry -- the pharmaceutical industry. but the direction of travel is, if you look at all of these together, it shows a shifting power back from capital to labor , and that is what they are going to be using in terms of this executive order. i think what is distinctive is that the obama administration was on the former president's way out. biden is at the very start of his presidency. when obama did this, it did not direct individual agencies to take specific actions. right now, you look at this sheet, they are directing which agencies and what they should do . so really, it is all about competition this morning in washington, d.c. guy: thank you indeed. bloomberg's white house correspondent annmarie hordern joining us from the sea. what have we got coming up for you? the u.s. earnings season kicking off next week. leigh drogen, founder and ceo of estimize, will be joining us. what do we need to be doing? what do

annmarie: this week the senate is back in session.ny timeline or discussions regarding the infrastructure deal. today there is going to be a meeting at the white house between the president and the man ha

annmarie hordern, what happens after?rooke: this is really --annmarie: this is really a vote to get the bill to the floor. they are pushing for a tighter, aggressive timeline, but republicans have say they have not locked up how they are going to pay for this bipartisan input structure deal, and until they get that and get this a little bit more in writing, they don't want to go through with this vote. the vote is going to happen in the afternoon. we know democrats are going to line up behind it, but they need 10 republicans to get this over the line, and it doesn't seem like they have those votes. so then we are back to square one. senator mitt romney said yesterday he does see a deal being done by the end of the week, so we could potentially see this procedural vote again on monday. alix: thanks a lot. let's go to bitcoin, able to rise above the $30,000 level. jack dorsey, cathie wood, elon musk discussing today at a crypto event called the b word. here was more is mike mcglone. what is this all about today? what can we

and catch up with our washington correspondent annmarie hordern.ministration very focused , competition, competition, competition. annmarie: it is across a plethora of industries. agriculture banking, shipping, internet. what is distinctive of this executive order is it is similar to the obama administration, but under the obama administration, a lot of the things and that executive order have been rolled back under former president trump. this executive order is targeting a number of industries. big tech is one of the biggest. what is interesting about big tech's this could have bipartisan support. it is going to agencies and regulators but we could see congress look at some of these executive orders and want to push through some amendments in terms of legislation. we see house republicans looking at taking on big tech, especially when it comes to censorship. pharmaceuticals is another big one. yesterday speaker pelosi was talking about similar legislation she wants to get through reconciliation when it comes to lowering pharmaceutical companies.

bloomberg washington correspondent annmarie hordern joins us with the latest.hat are we expecting with this? annmarie: in no way is this saying that if you are a company that has investments and an outlook in hong kong and you want to remain there that you have to leave, but they want to make sure that u.s. businesses and corporations know that they feel that there is a big change of landscape happening in hong kong, and they want to make sure they know that they feel this way when it comes to legal issues, data and financial issues. if you are a company in hong kong, the chinese government can get access to your data. that is what we hear from this advisory, but in no way is this saying stop doing business in hong kong. but it is certainly tension adding to beijing and hong kong. we heard from the chinese administration before the advisory became public. they said that they wanted the u.s. to stop. they say we urge the u.s. to stop interfering in the hong kong and chinese internal affairs in any form. so very interesting to see what is going on here. it is jus

annmarie hordern and tom keene in for david westin.ntful week in washington and pageantry tonight. not a full state dinner but it meeting of the president with the german chancellor and onto festivities this meeting. annmarie: certainly an outgoing chancellor. that will be angela merkel. this is not exactly a celebratory end of her reign in germany. there is tough negotiations, notable china and nord stream 2. tom: some of the distinction on china to be noted. talk about celebratory meetings. that occurred with the chairman of the federal reserve surviving the house and this morning surviving the senate. what did you learn from chairman powell?

annmarie: all of the member states.ike estonia, ireland, and hungary. this is their leverage to compete with powerhouses like france and germany. do you think they will want more from the eu? >> the eu is very solid union. we give a lot of money to those member states who have the need for a better development, and even with this crisis we developed a recovery program for the first time, a big figure of european bonds and use this money for grants to those countries that need support in the crisis. there is a corporation which is something. all the countries you could rely on. on the other hand, it is not about the taxes a country has to raise. it is about making a business of the fact that of taxing corporate's no business of their own but helping them avoid tax in countries where they have the business. matt: that was german finance minister olaf scholz speaking with annmarie hordern. joining us is jamie cox of harris financial to talk about what to make of these markets. we have so many moving parts for a holiday. it

haidi: that was the saudi energy minister speaking exclusively with bloomberg's annmarie hordern.e will be hearing from the u.a.e.'s energy minister as well in the next half-hour. meantime, let's get over to juliette saly who has our first word headlines. juliette: tokyo olympics organizers are reported to be leaning towards borrowing spectators from events held in large pennies such as soccer and baseball. they will consider the plan to contain covid-19. the report says families may also be barred from the opening and closing ceremonies. 49 philippine soldiers survived a crash of a plane. it was carrying 96 people when it exploded after crashing. 42 army soldiers and three civilians on the ground were killed. it was one of two aircraft handed to the philippines where the u.s. as part of military assistance this year. cybersecurity researchers say the hackers find the latest ransomware attack exploited software made by kaseya. russia-linked riv-ill has been accused of the attack. they were also accused of being behind may's jbs attack. global news, 24 hours a day, on air and on bl

jonathan: annmarie hordern, good to catch up. governor brainard has been waiting in the wings for a while to get that top post. tom: over on the regulations aside, looking at mr. coral's position, i do not spend too much time on this. the chairman's selection is political. to an extent, it is checking boxes. one thing the economics bracket looks at is this idea of putting in people who are not phd- acclaimed monetary theorists. i do not know that i have if you are not. i think that richard clarida certainly fills that box. jonathan: that might be where the administration think they can make the greatest change, in the vice chair spot. mr. clara the has really led the transformation over the federal reserve. tom: and the of it. this is clara the, fort -- clarida, former dean of economics. jonathan: we turn to this equity market. tom: it is a rocket. jonathan: you are not letting that go. when did you make of it when he thanked his employees and customers? tom: i would have gone with the ron howard baseball cap. i like doing the sp

international trade secretary speaking to annmarie hordern. powell speaking today, but the bank of canada decision is the first out of the gate to be hawkish. they are expected to cut the weekly bond purchases by a third. we are getting more hawkish noise. manus: absolutely, and the pricing for the middle of next year at a hundred basis points. the dodo flies again, the kiwis are getting set to pull back on qe. this is bloomberg. ♪ [ "me and you" by barry louis polisar ] ♪ me and you just singing on the train ♪ ♪ me and you listening to the rain ♪ ♪ me and you we are the same ♪ ♪ me and you have all the fame we need ♪ ♪ indeed, you and me are we ♪ ♪ me and you singing in the park ♪ ♪ me and you, we're waiting for the dark ♪ (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. (man) and you're stretching your lower back on there. there is no better feeling. (announcer) do planks for maximum core and

annmarie hordern's eyes of glazed over. she joins us right now about all that we see here in washington. this headline breaking right now . jonathan: the eu will postpone a digital push for a global tax. this administration, of the previous administration pushing them to do to push to one side. tom: just goes right to the richard rubin essay. it was really complete about you've got to be kidding me, but this has to get through congress. they are not going to do it. >> is the two pillars talking about in the wall street journal, some of what happened over the weekend. and what potentially congress could get through maybe that 15% global minimum tax that seems to be what janet yellen was alluding to. that other pillar that's going on with the eu right now it's more about the digital tax, that potentially needs two thirds of senate approval. there are a ton of questions that lie ahead for this. tom: the idea of reconciliation majority vote takes it versus treaty which i believe is 60 votes. that's a difficult challenge frankly

annmarie: definitely the covid task force. administration has continually said they would look to the scientists and the cdc and dr. fauci on whether or not to move some of these mandates. we have known for a while they were discussing to bring back mask mandates. this is likely to be in the federal government system and encourage across the nation. this is because of the delta variant. but i think is more interesting is the memorandum that came out of the department of justice. they made it public now. they want to let people know. private employers note and states know it could be legal. there is also a debate about whether they will make vaccinations mandatory. tom: we believe that there. coming to us is kevin brady of texas. far more than that, one of the clearest thinkers on the republican side on what is correct away from the federalism of this nation. kevin brady, i want to take you down to houston methodist hospital and the head of medicine at that wonderful institution. i want you to explain how you dovetail dr. baker

annmarie: i used to be one of those americans working in the u.k.e correct deal, is it fair to say that cannot be done by 2021, the end of this year? liz: that would be a rapid timeline. we concluded an agreement in principle with australia, and that took a year. that was a rapid timeline. the kind of timeline you are talking about would be extremely fast. what i am interested in is getting a high quality agreement, having those discussions about how we can work more closely together. we do face threats from elsewhere in the world, market distorting practices. this is a strong basis for the u.k. and the u.s. other like-minded countries to work together. annmarie: i want to move on for the potential of travel corridors. we have further the u.k. and the u.s. are working on a travel corridor coming out of the pandemic. i have left the u.k. twice to come to the united states, and because i had a blue passport, i was able to enter freely. that is not the same for a british individual even if vaccinated. is there any progress with the u.s. government on t

bloomberg correspondent annmarie hordern joining us from d.c.nnmarie: it is a good question because they only have a few weeks to get it done before the august recess. chuck schumer was saying potentially, lawmakers could be hindered from going home for those recesses. what comes next? we are looking out for a budget resolution. that is really the framework in terms of what the bigger legislation could look like, but we want to see how this is going to be introduced in the senate chambers this week. but naturally the white house looking for a start age of july 16, but will they first go for the bipartisan package? waiting to hear what mitch mcconnell has to say about that. or will they go to the more human, multitrillion dollar infrastructure package? these are the questions we are waiting to see, but they are under the gun, given the fact that they have in august recess and they want to get it wrapped up before that. alix: really appreciate that. the other part of it is global tax, which leads us to brussels. the eurogroup of finance ministers'

dani: let's hear from annmarie hordern about what comes out of a barrel of crude. can catch her on the washington beat out of d.c. the chinese communist party turns 100. in his address, xi xiping said his people would not allow foreign forces to bully them. up next we will be live from beijing. this is bloomberg. ♪ dani: welcome back to bloomberg daybreak: europe. i'm dani burger in london. yousef gamal el-din is beside me in dubai. china is celebrating the 100 anniversary of its ruling communist party. addressing a crowd of about 70,000 in beijing, xi xiping highlighted the nation's progress towards "a moderately processed society." the chinese president used his speech to warn foreign powers do not get in the way of the country's historic mission. >> we have never bullied the people of any other countries, and we never will. we won't allow any foreign powers to bully us. dani: joining us now from beijing is bloomberg acre -- anchor tom mackenzie and from hong kong we have our north asian correspondent stephen engle. what did we learn exactly from his speech? tom:

annmarie hordern in jerome powell's washington.o the pal testimony in roughly 15 minutes, 12 minutes. annmarie: some opening remarks and then we will hear from the chairman himself. tom: comments making headlines and moving markets this morning. red and green on the screen after a nice lift through the morning. oil news out which moved oil to a 76 handle, now down to a dollar 39 on brent crude. yield comes down. dollar was stronger, it is weaker. you have 30 seconds. why is oil

jon: annmarie hordern in washington dc.king forward to you to later on balance of power. >> what is it like? can we just travel to midday? >> aiko all over the world and make sure i'm highly caffeinated. jon: and he just throws out a word like cuba. a little like balance of power on tv and radio at midday and 12:00 eastern time. back to the china story. multinationals who operate in hong kong have been petrified of saying anything about this law. they are petrified about saying or doing anything that loses them access to the mainland. if any of these decisions are made it won't that it will be made by the government. >> it is front and center and i have to admit that hong kong is fomenting. to get informed on the scope and scale of this company, this has to do with hong kong as well. the j.p. morgan presence in hong kong and they do that wrapped around 259,000 employees. we will talk about these financial metrics. the number one thing that drives me nuts about the media coverage of these things is we don't describe how larg

annmarie: w

herewith with more is bloomberg's annmarie hordern. annmarie: what i would say differentiates what happens with this latest move is the united states is on board with a number of countries, including the united kingdom, european union, japan, do welland, australia, and critically, nato. this is the first on the alliance is having this condemnation about cyber espionage in china. that really differentiates the approach we have seen from the prior trump administration and the biden adminstration, both taking a tough line on china, but it is clear bite and wants to do it -- clear biden wants to do it with a multilateral approach. so what you have here is a number of countries coming out and saying this microsoft hack, the actors that were responsible for this are affiliated with the chinese government. they are also saying the chinese government is responsible for another broad array of malicious cyber activities, so more escalation heating up in d.c. alix: really appreciate that. another top news of the morning, robinhood looking at a $3

annmarie: it is still very much in the air.his is all negotiations verbally, nothing has been drafted yet. the main sticking point will be the price tag. you have the $6 trillion, what senator bernie sanders is looking at, but then you have moderate democrats saying that might be too high. they are for the increase of taxes to really provide for this human infrastructure and multitrillion dollar spending, but not to a level any of the progressives would want to see. jon: we are touching on a bunch of issues. let me finish with one more if we may. the trump organization is very much the news in last 24 hours. what are we looking for? lisa: today is the day we set -- we were sent to get the indictments. they were indicted yesterday but they were sealed. we will get those charges. i think something many people might be confused about, this is from the trump organization and cfos of the organization, allen weisselberg. the thing to watch out for today is exactly what these charges are. those indictments are under seal . the thing w

here with the next step is bloomberg's annmarie hordern.huck schumer is also paring this with a broader spending package. where are the details right now? annmarie: right now we have this procedural vote, which means the legislation can come to the floor. we have not seen the hard legislation. everything we know about this bill through a memo from the gop as well as a fact sheet from the white house. the $3.5 trillion infrastructure package, senator bernie sanders says he has the 50 votes to bring that to the floor. this would be through reconciliation. this is really the democrats only bail. what is interesting here, and this is what you need to watch out for, the progressives versus the moderates, fiscally conservative within the democratic party. that is where things are going to get and's because already, senator kissed and cinema -- senator kyrsten sinema, who was crucial in the bipartisan agreement, as already said that $3.5 trillion is too much. so the next step is going to be the bipartisan infrastructure agreement, where we go from

bloomberg chief washington correspondent annmarie hordern standing by at the white house.t you want to learn from this press conference daca >> they just -- this press conference? >> they just recently wrapped up the meeting. we should be expecting the press conference relatively soon. what i am looking forward to hearing is potentially what they say about nord stream 2. we know there was no deal and no agreement that would come out of this meeting. they will have to address questions from the press about nord stream 2. we know that is a point of contention between berlin and washington. the second thing is about china. resident biden is trying to take a multilateral approach when it comes to confronting beijing. germany is interesting because they have massive trade -- their number one partner in terms of trade. they sell way more cars to beijing. what she says on china if president biden is able to get her to take a tougher line, that is the key for what we should be watching for in this press conference. romaine: there is a broader discussion between the leaders of the

tom: never on vacation, annmarie hordern. think the image i saw in the post or the times of senator portman. there is chaos on the bridges and tunnels, right? >> i know the picture you are talking about. it looks like an opec scrum. he did get away but conversations continued. senator portman said he has been in touch with the white house and the cbo and with other senators that are part of his bipartisan infrastructure deal. like you say, there is chaos. chuck schumer wants to go with the procedural motion to get the wheels working in order to get this on the floor on wednesday. they still do not have a deal. they have not sparred away how they will pay -- squared away how they will pay for the bipartisan infrastructure deal. tom: i do not know if you have seen this. 10 minutes ago, the conservative democrats are in absolute revolt. does the senate majority leader have an understanding that a quarter or a third of the democratic party is just saying, wait a minute, we have to get reelected? >> it has been quite out there and

annmarie: -- manus: i'm reading a couple of inference stories around the price of brent.y to assess what they assess. many people say you will still have a tight market even after opec puts therefore hundred thousand barrels back on the market between now and christmas. do you agree, and how does that affect brent going into the start of next year? i know it is a long way away and there are many caveats, but take me through that timeline and those nuances. giacomo: the market i think is tight right now. the announcement to increase output every month is going to increase supply less than what demand will grow. for the remaining part of the year it is a bigger question mark. whether we have the range of volume hitting back at the market, whether we will have growth in the u.s. supply, there are number of other variables there. but i think opec has showed over and over over the last year or so that they want to keep the market under control and i think they will act accordingly in order to keep oil prices within the new bandwidth we are in. we may have some spikes above $70

. ♪ annmarie: good morning from bloomberg european headquarters. i'm dani burger.de me is manus cranny. this is bloomberg daybreak: europe and here are today's top stories. opec-plus he to reserve their different blocking a deal -- opec-plus failed to reserve their differences. england rails out -- boris johnson says we need to learn to live with coronavirus. the rba keeps its key rate and three year yield target unchanged. a rate hike is unlikely until 2024 at the earliest. $77 a barrel on brent capturing the attention of markets. martin malone from alpha books said there is concern around the economic competition between saudi arabia and the uae. manus: malone encapsulates it. this is a deeper level of thanks between saudi arabia -- angst between saudi arabia and the united arab emirates. what binds us together keeps us further apart. it is an obama quote. they are traveling different directions. it does not look like the tail risk of the uae leaving opec is moving anywhere to the center. there is time to get a date in the diary to reconvene. the white house is h

annmarie hordern is watching this. define "precarious"?they are trying to get to wednesday to get to this procedural vote to at least get the legislation. this is a bipartisan infrastructure package, to the floor. you have republicans like susan collins of maine and rob portman who has pushed for this infrastructure package, saying the timeline is too tight. they do not have a hard copy of this legislation. that will not bode well for the 10 republican senators you need to get this through the floor. the other side of congress, nancy pelosi will be meeting with her caucus to discuss a multitrillion dollar spending and the first time they will be discussing that since we got a framework and the full spending of that package. they are trying to do this two prong approach to make sure you have the moderates and the progressives on board. that is why it is precarious. tom: i do not get this. senator schumer of new york wants both bills at the same time. i do not remember that in history books. it seems like you to the first one and then you do

"balance of power" today, annmarie hordern and tom keene in for david westin on the linkage of economicso our policy. on fed policy, julia coronado scheduled for a macro policy perspective. the vix from a 16.00, the bloom of 16.70. stay with us on radio and on television. this is bloomberg. ♪ (announcer) back pain hurts, and it's frustrating. you can spend thousands on drugs, doctors, devices, and mattresses, and still not get relief. now there's aerotrainer by golo, the ergonomically correct exercise breakthrough that cradles your body so you can stretch and strengthen your core, relieve back pain, and tone your entire body. since i've been using the aerotrainer, my back pain is gone. when you're stretching your lower back on there, there is no better feeling. (announcer) do pelvic tilts for perfect abs and to strengthen your back. do planks for maximum core and total body conditioning. (woman) aerotrainer makes me want to work out. look at me, it works 100%. (announcer) think it'll break on you? think again! even a jeep can't burst it. give the aerotrainer a shot. pain and stress is th

. ♪ annmarie: -- manus: telefonica deutschland has just reported first half revenue of 3.7 4 billion. i have the ceo, markus haas. let's start with the guidance. the market has the numbers, $612 billion. your guidance to me looks conservative, slightly positive, flat to slightly positive, revenue. why such conservative guidance? markus: we are pleased to report growth on all operating fronts. we clearly cut the lower end of our guidance, so we are now for growth on revenue. from that perspective, we are looking forward. we still want to invest in the second half of the year in order to fuel growth for 2022, so from that front i believe is a really good guidance going forward. i think we will not stop the business going forward. manus: that is the difference between an irishman's interpretation of guidance and the german's. on 5g, i am trying to understand what you will spend on 5g to get growth. you spend a billion euros in this year on 5g -- will you spend a billion euros seeing this year on 5g? markus: our investment for growth program is a three year program. we have delivered six

tom: annmarie hordern is in washington. i see lisa in vienna. lisa: sure, i will head over there. you can clip the coupons on my 100 year paper. lisa: with respect to oil, it is well below the 100,000 or more expected in terms of increased production which is why you are seeing a boost to crisis. just to give a little bit of perspective there. this is a delicate dance because you don't want to push people further into ev's and renewable energies by allowing prices to go too high. tom: we have to rip up the script. what in god's name is happening in the u.k.? jonathan: this is from prime minister boris johnson, extra precautions may be needed after july 19. july 19 is the line in the sand. the government may keep some government precautions -- some covid precautions. we will send out details in the next few days on the pandemic. we talked about this about a week ago, overwhelmed by events and the delta variant is shaking things up in the u.k. even with this explosion in cases, if you describe it that way, we have not seen the same move in hospitalizations and deaths. tom: interesti

jonathan: annmarie hordern emails in. she says "yankeeeeeeeees."s whole show has been value add. laura kane will be weighing in later. for our audience worldwide, this was special. thanks, tom. why do we always do this? why do we do this? i understand where things are in america. this is bloomberg. [laughter] ritika: with the first word news, i'm ritika gupta. for the first time a multiyear investigation of donald trump's company has resulted in criminal charges. this morning in new york the trump organization long time cfo allen weisselberg surrendered to authorities in the company faces tax related charges. nine to the former president nor his staff are expected to be charged. a federal judge has blocked florida's new law penalizing social media companies from barring political candidates. the law was supposed to take effect today. the judge ruled the law violates the first amendment and does not apply to all social media providers equally. -- will build a $1.4 million hub in the u.k. the japanese automaker will produce a new crossover vehicle in

♪ annmarie: good morning from bloomberg's european headquarters. i am dani burger.his is "bloomberg daybreak: europe." more virus concerns hit the market. asian stocks follow the s&p 500 lower, but some of the world's biggest asset managers stick to the reflation trade amid signs of recovery. taxation revolution. the world's richest nations meet in venice, setting the stage for an overhaul of corporate taxes. we are live on the ground. a china stock index in hong kong teeters on the edge of a bear market amid beijing's crackdown on the tech sector. good morning. happy friday. the market story that starts with yields, ends with yields, too. the equity market has been relatively resilient these past couple of weeks catching on to the red flags going on in the market. let's show you how dramatic the move in the bond market has been. you see the 10 year yield, this is the rsi, essentially a measure of momentum. we saw it cross a level it has not done since march of 2020. this is when the economy was being hit by covid concerns. as we take a break from this extreme risk

he will be on balance of power with annmarie hordern later this afternoon. looking forward to that.ing forward to it for 3.5 trillion reasons. jonathan: alongside tom keene and lisa abramowicz, i'm jonathan ferro. this is bloomberg. ritika: with the first word news, i'm ritika gupta. the european union wants to impose the world's first carbon import tax. it would be placed on certain emissions intensive goods produced in countries with lower environmental standards. it is part of a broader package aimed at getting the eu to phase out fossil fuels. president biden says it is a national imperative for congress to pass voting rights legislation to counter state laws passed by the republicans. the president called the efforts to perfect ballot access alexion subversion. the latest flashpoint in texas. democratic representatives in the statehouse left for washington in order to prevent the republican majority from passing new voting limits. janet yellen and jerome powell will discuss the financial risks of the hot housing market. they will meet with fellow regulators on friday. the goal

the australian trade minister spoke with annmarie hordern about the deal and his meeting with katherine. he says she has offered support in dealing with china's economic coercion. >> the u.s. administration has been very clear that they will not leave us on the playing gold alone so we are looking at examining ways that they can help and support us. obviously, no country wants to be on the receiving end of an economic coercion. it is in no one's interest, no country's interest, that we don't have trading rules in place and all countries adhering to these trade rules. it has benefited somewhat from the second world war so we have to work together in putting new trade rules together and making sure we are encouraging all countries to adhere to trading rules and a regional digital trade agreement has been one of those priorities on my agenda here in washington and over the last two days. >> do you find the biden administration wants to sign up for that? dan: we had some very positive talks with ambassador tai yesterday and we discussed it again over dinner last night, and we had very good

♪ annmarie: good morning from bloomberg's directly in headquarters. 6:00 in the city of london.'m dani burger. here are today's top stories. traders watch for clues on when the fed might start tapering. stocks struggle for direction after a record in the u.s.. the dollar holding onto yesterday's gains. a historic deal. under 30 countries and territories sign up to a plan on corporate taxation. hurdles remain. next week's g20 meeting in focus. opec-plus talks break down. they block a preliminary deal forged by saudi arabia and russia. good morning everyone. happy friday. happy jobs day. jobs squarely in the focus of every single trader as we wonder what the fed is going to do from here. when it comes to the equity market, it's a melt up. six consecutive records for the american benchmark. focus is also on the bond market today. hans seymour cautious, concerned about another disappointing figure for the third consecutive months. we are seeing flattening of the yield curve with people buying the long and ahead of the jobs report. it shows that these hunters on the long and are expe

and catch up with annmarie hordern.live on tv and radio. to wrap things up in this hour let's run through the price section. equity futures drifting higher by 14. advancing the equity market is your treasury market heading the other way. treasuries lower, yields are higher to 1.3395. the white house releasing an executive order on competition the american economy. full coverage on tv and radio next. from new york, this is bloomberg. ♪ ♪ >> some type of a pullback just seems natural and normal. >> is inevitable that the boost from reopening and fiscal stimulus. . will stay >> you will get periods of setbacks to the markets because that is what they do. >> the market likes higher rates and people just don't want to buy into that idea. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. jonathan: can we just have one quiet morning? from new york city for our audience worldwide, good morning. this is "bloomberg surveillance ," live on tv and radio. lisa abramowicz will be back with us on

tom: i do take the acela every once in a while when i go down to harass annmarie hordern. you are stuck at a real crossing, and the train is 1.78 miles long. jonathan: tom, i am going to share some thing with our audience. whenever you bring up purdue, he usually means you have done something wrong. jonathan: you've got that right. what have you done wrong? tom: i ordered domino's pizza. jonathan: coming up after the news conference with the ecb, peter pratt, former ecb economist, will be joining us. your equity market on the s&p 500 up by 0.05%. coming off the highs. your bond market, your tenure you looks like this, one -- like this, 1.29% on yields. this is bloomberg. laura: with the first word news, i'm laura wright. president biden is dismissing concerns that the u.s. would experience persistent inflation. he told a cnn town hall last night there will be near term inflation because the economy is improving. still, he said restaurants and others in the hospitality industry might take longer to recover because of hiring difficulties. while the senate works on the infras

they spoke with annmarie hordern on the sidelines of her meeting with the u.s. representative, katherine tai in washington. >> i have never set a deadline for any trade negotiation because the important thing is to get the right deal that works for both countries. there is a huge amount we can do together. the u.s. is the u.k.'s largest single country trading partner. a million brits work in the u.s., one million u.s. citizens working the u.k., u.k. businesses, so there are huge opportunities to build a close relationship and that is why i'm going over to the west coast to meet leading figures from the tech industry, meet politicians on the west coast as well. i am interested in getting the right deal that suits both of our countries rather than being in a hurry to do it. >> i used to be one of those americans in the u.k. working. and there is loads of us. if you are looking for more of a comprehensive -- the correct deal, is it fair to say that that cannot be done by 2021, by the end of this your? >> that would be a very rapid timeline. we have just concluded a