we heard from the bank of england. speak with bank of england governor andrew bailey at 1400 cet. we'll get more detail from the governor later on this afternoon. that's it for today's show i'm julianna tatelbaum "worldwide exchange" is coming up next. hike! simon pagenaud takes the lead at the indy 500! coming to the green flag, racing at daytona. they're off... in the kentucky derby. rory mcllroy is a two time champion at east lake. he scores! stanley cup champions! touchdown! only mahomes. the big events are back and xfinity is your home for the return of live sports. >>> here is your "top five@5" seeing the tech rally and looking at america's stimulus. rescue in the skies. the president on board with billions more for the airlines i'll tell you the price tag being tossed around. making money doing

later, we hear from the bank of england governor come as i was saying. interview will be 1:00 p.m. in london, 8:00 a.m. in new york. we talked about the forecast, and we of course talked about covid-19 and what central banks can do. this is bloomberg. ♪ ♪ >> we talked about tiktok. let's talk about it again. make a dealised to to buy tiktok. facebook has responded to -- facebook has adopted features that rival other popular platforms. here to talk is david kirkpatrick. author the facebook effect. i have not asked tom keene whether he is on instagram. how much market share should they get from tiktok? >> i think they can get a lot in general. new will probably create customers, but they will take customers away from tiktok. i think they are being opportunistic right now. we have a lot of people who want to use these seemingly frivolous applications. there may be room for both. francine: there is room for both regionally. even ifbreak down -- tiktok gets acquired by microsoft, is it still going to be seen as chinese social media? >> i do not think it will

the bank of england hold steady, we will speak to governor andrew bailey today as the uk's central bankged when it comes to stimulus. king of spinoffs, options for the splendor unit as the company gets a boost as adjusted earnings climbed 8% for the quarter. the rally we are seeing overnight starting to fade in europe. absolutely, we see red arrows across the board for futures. you can see ftse futures are doing worse than those on the continental, down 0.6%. dax futures, little changed after another slew of earnings and german companies including siemens beating forecasts. this is a global macro movers screen from the bloomberg terminal, in the left-hand column you see the equity indexes pop-up as they start doing the first cash trade. the ftse opens down more than 0.5%, keep an eye on the london benchmark. spain's ibex opens down 0.3%, 0.3%.e cac down it looks like continental indexes are opening a little further the ftse falls than most, down 0.8%. seeing movement , and we had the bank of england today, u.k. gdp will not recover to its pre-covid levels until the end of 2021. policyma

francine: is qe enough, or with the bank of england go into negative rates? letely rule that out, but the bank of england sets a fairly strong signal last week that it does not think it is going to use negative interest rates soon, or at least while it is worried that the banks are on the hook for loan losses. so for me, that probably rules out negative interest rates for the next six months, maybe the next 12 months. but it could be used at the latest stage of the recovery when the recovery is well underway, banks are doing ok, and the economy needs a bit of a burst. i think the messages that there is going to be more policy support. the bulk of it will come through qe, but there is also going to be a few other things thrown in their, probably forward guidance in the -- and the like. package measures rather than focusing on one policy such as negative interest rates. francine: what does this mean for pound? think the global influences have certainly helped the pound in recent months with the weakness of the dollar, having raised it to 1.30 against the u.s. do

guy: back to that story relating to the bank of england. governor andy beshear lee says there is plenty of room for more monetary stimulus. he spoke at the fed's virtual jackson hole event earlier. he talked about what is in the box. >> we are not out of firepower by any means. vantage point, we were too cautious about our remaining firepower and our judgment pre-covid. hindsight is a wonderful thing when you've got it. strategist joining us now from principal global investors. area, a lot of people skeptical that the u.k. will actually deliver negative rates. this isskeptical actually what the bank of england wants to do. however, i suspect they will need to do more. you are going, if to open negative territory as an option, you are not out of firepower. the question is how effective it would be and what else they have. kailey: could fiscal help the boe hat scenthe monetary side? be -- i think the optimum scenario is when fiscal policy, just as we have seen in europe come and to some extent the europe -- the u.s., have stepped in to help th

what is the state of this theft of his whale and gold by andrew bailey is the governor of the bank of england right now there is a not ongoing process in the judicial system of the u.k. we had to sue the bank of england because that money belongs to the national reserves of n a sweater and at the moment the venezuelan state needs that money and that gold the equivalent of that gold to help to strengthen our capacities to confront the coronavirus threats but the bank of england says the no that they are not sure who that money belongs to. it's absolutely illegal what they are doing it's a theft the same that the united states did with our companies and refineries in the united states territory with citgo a very big company that we have in the united states but that they confiscated is the same it's the same that europe and the united states did with international reserves of leave you know more than 200000000000 euros in international reserves that money disappeared it has not been used for the libyan people it has not been used for the libyan development nobody knows where it is so they're tr

saying the country needs to get back to work in order to help the economy recover — after the bank of englandpact of the coronavirus crisis might not be as bad as initially feared. and the metro headlines the inquest into the tv presenter caroline flack, who took her own life after learning she would go on trial for assaulting her boyfriend. just some of the papers that we have here already at the bbc and we are going to start with the independent, which dedicate different —— it's from page two the devastation in beirut, the aftermath of what happened after that explosion on tuesday, the paper focusing on the... the images, you can see, the many, many people who met with president macron, pleading with him to do something, rachel, to help them, and also very angry with the permit and the political elite within lebanon. there is real anger in lebanon and rightly so. we've all seen the horrific pictures over the last few days of the explosion and of the aftermath and of the recovery. that we are seeing pictures of the protests, the antigovernment demonstrations, the anger at the corruption that

the bank of england talks about just we recover quicker? a viable future, butjust need a bit more support to survive. we also want to see the government creating more jobs survive. we also want to see the government creating morejobs in sectors that we need for the future. so we have a search showing over1 millionjobs could be so we have a search showing over1 million jobs could be created so we have a search showing over1 millionjobs could be created in green industries, and we need to tackle climate change. we need hundreds of thousands of people to provide decent quality social care and public services, so we want to see the government investing to create the jobs that will help us get out of that unemployment crisis. government was say we spent $32 £82 billion on thejob government was say we spent $32 £82 billion on the job retention scheme and millions of jobs billion on the job retention scheme and millions ofjobs have been spent on this, it cannot go on forever —— we spent £32 billion. we know unemployment scars people's prospects fo

the bank of england governor speaking earlier today. us is the bank of america u.k. chief economist. i will take a phrase from boris johnson in the u.k. in involves having your cake and eating it. does andrew bailey want to have his cake and eat it? is he happy that the market is pricing positive rates because that would have a positive effect on the economy in his mind but he probably is in the position where he doesn't actually want to deliver? yes, is the short answer. [indiscernible] you get it by getting the markets and cross negative rates. you cannot forever have your cake and eat it. eventually it will not be there to eat it. to deliverave negative rates at some point if necessary. i think that point is approaching. [indiscernible] will see andrew bailey talking more today. [indiscernible] the report today had a v-shaped recovery and was consistent as they talk about tightening policy. [indiscernible] it's completely inconsistent with having your cake and eating it on negative rates. the other conclusion from the bank of england today is yes, but no. they are

tom: the governor of the bank of england with francine lacqua. this is an important statement by him, and as you mentioned earlier, this focus on negative rates, forget about that. it is the focus on the dynamics of lower yields. jonathan: flirting with a negative interest rate. they are in the box, but we don't want to use them yet. i don't think they are anywhere near to deploying negative interest rates at the bank of england, just going through the monetary policy report. there's no conviction, no consensus on this issue. esearly, the governor se a benefit in continuing to flirt with the concept, even if they don't deploy it. tom: this discussion is about the commercial banking industry, and that is where our next guest really fits in. the ramifications of this econ econo-babble.is jonathan: bloomberg's marcus ashworth joins us now. where is the effective lower bound for the bank of england? now.s: 0.1% where they are the only thing they should think about lowering is the provision for banks to reach into a pot of the small andr medium enterpr

between now and the end of the year and that in frankfurt the bank of england has been providing stimulus so that of this crisis and it is in to that it will continue to do so how much of an impact will that have but it will have a huge impact in case of the bank of england stepping out that stimulus after i mean us seeing all of the bosses being ready. to support it by any stimulus measures and of of course also economic activity is supported by more stimulus but for now they're not planning any of they are just saying that if the economy is not calming fact as good as they are currently expecting there is room for more stimulus currently the bank of england is expecting a very strong economic rebound in the 3rd quarter with them saying that actually g.d.p. could buy as much as 18 percent to make up for that see rear drop in activity and greg briefly if you can how much of this downturn is here to stay. it's very difficult side of this moment and just how much i think it is going to be a toll from rod bach i think the next 2 years is going to be told for the economy in a couple of years

estimates it has supported over 6 million jobs the bank of england estimates it has supportedin the second quarter this year. but i think what's clear, as well, from the bank england's report is that while the initialfall the bank england's report is that while the initial fall in the economy may not be quite as bad as some feared back in march or april, it's going to be a long road out of here and we are certainly not out of the woods yet. when i talk to a lot of businesses, yes, they are starting to see demand come back in some instances but they are still very worried about the next six months. they are worried about pressures on their cash flow. they are worried that demand in the economy will still stay very weak. soi economy will still stay very weak. so i don't think we are out of the woods by any means yet. and maintaining interest rates at that record low of 0.1%, do you think that in the present circumstances is going to do anything to stimulate spending when at every level people are uncertain and concerned about where the next bit of money is coming from? it absolu

bank of england signaling the case for more monetary stimulus is growing as the rebound from the pandemicession risks fade. when you look at the bank of england, what options do they have? >> well, it is the same option that every other central bank has which is to do for quantitative easing. it can take different forms, mortgages, private debt, equities. the bank of england is not at that point but rates are rock bottom. he stimulus, more q.e. some guidance which the fed is about to embark upon right now u.k. is in a spectacular position to u.s. where the initial rebound has not morphed into the v that everybody hoped for with our fingers all crossed. it is clear now that it is going to be a much longer slog to get the economy back to something like normal. we don't have a vaccine. we need entless support from banks and fiscal authorities. francine: when you look at the case for negative rates, do you see bank of england going negative rates? and what does that mean for the u.k. economy? >> i hope not. i'm not a big fan of negative rates. i think they are very distorting and they baffle

the bank of england decision is imminent. mberg. ♪ nejra: the bank of england's rate decision is imminent. we are not likely to see any policy action with the focus likely to be the banks projections. joining us is the head of u.k. rate strategy at hsbc. would projections, what you do around the pricing of the front end with regard to negative rates right now? >> expectations are certainly high that rates will go negative in the next few months or so. but i think, you know, obviously, yields are at a low. the bank keeps the dream alive of negative rates, then they will stay low. if there is any kind of disappointment in terms of timing or the likelihood, certainly, you would need to see the front end repricing. you have around 20 basis points of rate cuts priced in so expectations are certainly high. keeping the dream alive could take you into hotel california. check in and you cannot ever check out. isn't that a destructive risk? daniela: definitely. forecasting 10 year yields of zero for the year, and of the year, yet they c

another round of emergency stimulus from the bank of england. t from the coronavirus was shallower than initially thought, but that upbeat assessment was lost on the markets, driving the dow with expectations of more flareups in the virus. and a messy brexit. governor andrew bailey says he is ready to support the economy is necessary. their hopes for a speedy economic recovery in germany, and a rebound in manufacturing is catching up with the services sector. there was a 9% gain in june, with factory demand rising. it suggests europe's largest economy may bounce back more quickly. global news 24 hours a day, on air and at bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries, i'm ritika gupta. this is bloomberg. tom: a big storm a few days ago, huge power outages across the pies -- the tri-state area, and now manhattan. there is a substantial power outage beginning about 25, 30 minutes ago. it is certainly on the upper west side and some of the upper eastside, up to the upper parts of the island. there

laura: the bank of england is not ready to follow its bits into the round of negative interest rates.benchmark at 0.1% unless asset purchases are changed. the bank says it does not plan to tighten policy until there is progress in achieving the inflation target. it also doesn't expect the u.k. economy to reach precode levels until the end of 2021. u.s. efforts to crack down on chinese technology looks to be extending will belong -- well beyond tiktok. mike pompeo is urging american companies to block chinese applications from their app stores. is so-called clean network not binding. see on trusted chinese apps removed from chinese app stores. president trump has mentioned pending action on tiktok and for good reason. with parent companies based in china, apps like tiktok and others pose a threat to american citizens, not to mention tools for sisi content censorship. pressingmocrats are for more concessions on economic relief. one of the white house chief negotiators has warned there is little less -- little time left to negotiate. president donald trump wants an earlier debate with ch

another round of monetary stimulus is expected from the bank of england. policymakers yesterday said the hit from the coronavirus was shallower than initially thought, but that was lost on the markets. driving the doubts, expectations of a more flareups for the virus and a messy brexit. governor andrew bailey says he is ready to support the economy as necessary. >> there is a very big downside skew. i think there is a lot of hard work to be done to get the economy back to where it was. we had a quite rapid recovery so far, which i am not surprised about, as restrictions get lifted. the reason that we issued the guidance, in my view, is to say look, the forecast can sometimes look beguilingly straightforward. there is an awful lot of risk and it is obviously distributed in one way. we will be there ready to lean in to support that. u.k. prime minister boris johnson has pledged 355 million pounds to help with brexit red tape in northern ireland. it will fund a service to complete the declarations on the icrossing receipt -- irish sea. the government repeatedl

we will also see the governor of the bank of england at jackson hole. both of those gentlemen will have a great deal. that -- george buckley joins us now to give his assessment. would you agree? dr. buckley: well, the current conditions index is looking perkier, plus it is still well below levels we saw at the start of -- before the start of this crisis. so things are recovering. i think it is also worth bearing in mind that those countries that have seen the largest fall to see the largest rise in output as well. for example, germany. germany has done well. of climb in gdp was just shy 10%. compare that to other countries like france, which we saw between 12% and 14% declines. the u.k., where it was 20%. --germany is well-off germany has come off relatively lightly when it comes to gdp, and i expect the bounce will be a little bit lighter relative to some of the bounces in the countries the lost a huge minute output. kailey: elsewhere in europe and in germany, we're seeing a resurgence in virus cases. that narrative of europe handling the virus better t

the bank of england right about how they assess the scoring of the economy echo economists at banks thinkt is going to be much worse than what the bank of england is currently assessing. they are making positive sounds, which is fine. but we definitely have a lower percentage of people going back into offices then most of the rest of europe. and we have definitely had an economy which was hit harder than many by the structure of the economy. ae rebound -- we will get rebound. i don't think we will necessarily knock the lights out relative to anybody else except in a numbers sense about how we calculate stuff. this economy is learning how to cope with people working differently, but it is going to be hit pretty hard by unemployment when all the furlough payments stopped coming and people start feeling the pinch on income. so i don't think -- i don't to thinkre is anything that the uk's going to do extraordinarily well relative to the rest of the world at this time. francine: what does that mean for the government having to a stained -- to extend aid? kit: i think we are more likely to see

another round of monetary stimulus is expected from the bank of england. makers said they hit from the coronavirus was shallower than initially shot but the upbeat assessment was lost on the markets. an expectation for more flareups of the virus and msu brexit. governor andrew bailey says he is ready to support the economy as necessary. >> there is a very big downside skew. there's a lot of hard work to be done to get the economy back to where it was. we had quite a rapid recovery so far, which i'm not surprised about as restrictions get listed -- lifted. the reason issues the guidance was to say the forecast can look beguiling lee straightforward. there is an awful lot of risk and it's obviously distributed one way and we would be therefore ready to lean in and support that. the u.s. is looking to tighten rules for chinese companies listed on american exchanges. a presidential working group is recommending the sec strengthen the regulations around disclosures and auditing. the group did not determine how to enforce guidelines but the final penalty for comp

and of op we're not anticipating for the bank of england's to go 'd down the park and he's harm say if you get it into the. community by the governor and the ag and he listened to what the what they were the bank of england has done i'm not going to call the massachusetts hawkish but it was always street mortgage because the prime is killing wrong is. the bank is feeling comfortable where the corner virus. infection care because they still believe that it's relatively flat they do not see this situation becoming as well as or as bad as it is in the us that yes. the g.d.p. the unemployment rate and the rest. well which it's been jobless benefits but you guys got over in the united states they do exist the last thing on the table not to mention the masterly right they also. despite that i think bank of thing then for the time being is keeping his options open and he's not ready to jump into negative territory in that negative territory with respect to its interest rate robots because kristie i and i am a slum of eva trade thank you both for breaking that down for us today. and let's take

you more questions because i wants to go to break we'll bring you an exclusive interview with bank of englandy governor dave ramsden congp in just a minute . >>> welcome back to "street signs. i'm julianna tatelbaum these are your headlines president trump ratchets up tensions with beijing with a new executive order banning tiktok and we chat from working with u.s. companies while tencent opens in the red >>> an export recovery chinese external trade jumps to a high in july and german exports mark the biggest increase since 1990. >>> shares of easy jet slump after a warning they won't hesitate to add more countries to the uk quarantine list. >>> and a plunge in passengers for uber sending shares lower after hours. >> let's get a check on the uk markets. it is a mixed picture, we have red on the board there for the spanish and german markets the ftse 100 trading up further. trading in the session, the main benchmark on pace to break a two-week losing streak let's look at the uk bond. a two-year trading 4% there. 10 basis points and trading around 0.63 basis points let's get a look at sterling

and what we know anticipating for the bank of england has to go 'd down that path and harm if you. take meetings by the governor and you baby are you listening to what the all day with the bank of england has done i'm not going to call the massachusetts hawkish but it was always street longish because the president is giving the virus on this program the bank he seems comfortable with what the coronavirus. the infection because the this people believe that it's relatively flat they do not see the situation becoming. as bad as it is in the us believe that yes. the g.d.p. the unemployment rate and the rest of the low well which it's been jobless benefits what you guys are all in the united states the do exist the aussie law on the table not to mention doesn't matter to write a will read this fine that i think bankrupting them for the time being is keeping his options open and he's not ready to jump into the negatives high risk. spector's interest rates. christiane and i masama eva trade thank you both for breaking that down for us today. and let's take another look at the global sprea

also this lunchtime — the economic slump caused by coronavirus won't be as deep as feared, the bank of england says, but will still be the biggest annual decline for 100 years. 50 million face masks bought by the government in april won't be used in the nhs — because of safety concerns. a radical overhaul of the planning system is promised by ministers to try to get more houses built in england. and, after 400 years, beavers are being allowed to live in the wild again in england. coming up on bbc news — golf‘s first major of the year, the us pga, is getting under way three months later than planned and without fans in san francisco this afternoon. good afternoon, and welcome to the bbc news at one. three days of mourning are under way in lebanon, after tuesday's deadly explosion in the capital beirut. at least 137 people are known to have died, and dozens are missing. the explosion is believed to have been caused by tonnes of ammonium nitrate being stored unsafely in a warehouse. the french president emmanuel macron visited beirut this morning and promised international help — but warned that

and we know anticipating for the bank of england's to go down that path and harm if you. take meetings by the. lady are you listening to what the all day with the bank of england has done a lot going to call the massachusetts 'd hawkish but it was always very longish because the president is getting the virus from this program the bank he seems comfortable with what the coronavirus. the infection because these these people believe that it's relatively slight they do not see the situation becoming. as bad as it is in the us you believe that yes. the g.d.p. the unemployment rate and the rest of the low well which is the jobless benefits what you guys probably need are just a big do exist. not to mention the master also. despite i think. the time is keeping his options and he's not ready to jump into negative territory. spector's interest rate goes christiane and i masama eva trade thank you both for breaking that down for us today thank you. and let's take another look at the global spread of covert 19 in the efforts to control the spread of the virus with r.t. correspondent

quick opinion on, if an unemployment rate triggered up to 10%, is that the leaning point for the bank of englandnegative rates? what is it that takes us in negative rates from the bank of england? englandnk the bank of will be very nervous to put rates negative. but it has said it is willing to do that to support economic rates and to support inflation. inflation is also very weak at the moment, which gives the bank of england some room to maneuver, to take rates even lower. but it would be a big signal perhaps to savers that they should not be saving, so it could trigger some economic growth, but it could cause a lot of people a lot of uncertainty. a lot of people saved a great amount in q2 because there is nothing to spend on. we couldn't go on holiday, we could not go shopping. people have built up quite a lot of savings. then if we see negative interest rates, we cause a lot of uncertainty. manus: thank you very much. nejra spent all her money on me and remodeling. know.-- nejra: next month. [laughter] ♪ it is "daybreak europe." is splitting its pricey shares. shareholders will receive a div

we heard from the governor of the bank of england, still putting negative rates on the table when it y options. sometimes he says you have just got to go victim to go fast. we talk with seema shah. in terms of what is happening with the markets right now as we head toward the end of the week, it has been a very positive week for u.s. equities. european equities having i think the best month as we continue to wrap up here. the u.k. is closed on monday. that is where we are now. up on s&p, but only just. ♪ guy: live from london, i am guy johnson. kailey leinz in new york. alix steel is back monday. we are counting down to the european close. here's what you need to know about europe. speaking of the virtual jackson hole event, andrew bailey, governor of the bank of england says negative rates remain on the table. there are times, he says, when you need to go big and you need to go fast. angela merkel, german chancellor calling on germans to avoid virus at parts of the world like united states. from a press conference, she said there is still a long road ahead. the dutch government has e

have a government that work hand-in-hand in tandem with the bank of england, the bank of england being small open economy but in control of its destiny. you could say it has been more aggressive than other central banks around the world. the question is, we have not spoken about brexit for at least two months. but at the end of the year, you also have the uncertainty of brexit, so how the bank of england and the chancellor navigate that will be an interesting and more difficult question. lisa: it is a model, and hard to give a narrative. turning us now is steen jakobsen. saxo bank chief executive officer. it looks pretty bleak. it seems to indicate that there will be more stimulus, so risk on. to look at no need any data because the market is totally divided from the real economy. i think the presidential debate that you just discussed in the other segment and the overall -- what we have seen over the last 48 hours is very sick synced. -- is very sick synced. -- is very succinct. in the case of a falling balance sheet, the federal reserve because of treasury hoarding, cash right now, a

hasna: the bank of england raised the prospect of cutting rates below zero but only after the crisisas passed. bloomberg spoke with andrew bailey. planning to use them at the moment. we prefer to look at quantitative easing and forward guidance as tools,, but i would make the point we will go on looking at the toolbox. nothing is fixed forever. karina: you can catch more of our interview with governor bailey on the bloomberg terminal, bloomberg.com, and throughout the day on bloomberg television. the white house and congressional democrats are running up against a self-imposed friday deadline. they promised to strike a deal on a new virus relief package, but despite some progress there is been little sign they were able to resolve fundamental differences. white house chief of staff mark meadows has warned that if there is no compromise soon, president trump moved to restore supplemental benefits and a moratorium on evictions. -- will extend beyond tictoc. mike pompeo urged american companies to bar chinese applications from their app stores. he says those apps are significant threat

jonathan: we will hear from bank of england governor andrew bailey at the top of the hour, on bloomberg bloomberg radio. equity futures down six on the s&p 500, down 0.2%. from new york city this morning, good morning. heard on bloomberg radio, seen on bloomberg tv, this is bloomberg. ritika: with the first word news, i'm ritika gupta. both democrats and republicans are looking at the clock as they try to negotiate a new stimulus package. democrats want more concessions .rom the white house white house chief of staff mark meadows warns that president trump may take executive action if there's no agreement on extending those jobless benefits and the moratorium on if action. the trump campaign raised a record $165 million in july. that beats the $140 million opponent joe biden raised, the first time the president has outraised his dim a credit rival since april. -- his democratic rival since april. warns thechs development of the coronavirus vaccine could upend financial markets. the increased probability of an improved vaccine by the end of november is underpriced by equity markets. gold

aancine: remember, just couple of months ago the bank of england said negative yield is not what we wantradually, because of market pressure, i think they had to come around, saying they are not ruling anything out. at the last bank of england meeting, it was whether the governor was suggesting that if you look at the cycle, we have to time it wrapped. -- time it right. so to say we will go into negative rates may be better timed when we are going up rather than in a downturn. we have the complexity of exit -- of brexit. both sides said talks aren't coming great. that may add more uncertainty to the u.k. economy, and that could push the bank of england to negative rates. but from what i am hearing, they don't want to do it. tom: really the theme of the week, as we continue and have guests at drive forward this conversation, the tea leaves and the size of flatness, i don't want to be gloomy and say recession or anything worse than ness of thehe tepid economic data across all of these nations, really exceptional. i want to do one story from earlier in the week. turkish lira want out to 7.4

tom: this has clearly been one of the leading efforts of the former governor of the bank of england. our francine lacqua numerous times in interviews on esg as he led the bank of england, i would say more than any other central bank. maybe i would get a hat tip to the bundesbank as well, but clearly leading on esg. i heard him speak on this at davos as well. this is to me a very natural outcome to see him join brookfield, of course, with all of their real estate properties in the heritage of toronto as well. i also think he just joined to get their seats at maple leafs garden. lisa: will you try to position for some? tom: maybe we could win the canadians are in town. what we've got right now is a churn to the market, looking at jackson hole. michael mckee with that esther george interview in the last hour, really setting up the virtual conference in the speech tomorrow by chairman powell. really quickly before we get to dean curnutt, what are you looking at this morning? lisa: i'm looking at bond yields, trying to understand how much inflation expectations ticking up says ahead of the

a lot of people still talking about the bank of england cutting rates, so i wouldn't get too excited. tom: really interesting, the andte over rates disinflation and inflation tendencies into the autumn. coming up in our next hour, david malpass of the world bank. we welcome all of you on bloomberg radio, bloomberg television. this is "bloomberg surveillance ." good morning. with the first word news, i'm karina mitchell. nominated joeally biden for november's election. last night, testimonials from the party's old guard such as bill clinton. mr. clinton: if you want a president who defines the job as spending hours a day watching tv and slamming people on social media, he's your man. in a real crisis, it collapses like a house of cards. covid just doesn't respond to any of that. two beat it, you've got to actually go to work to deal with the facts. addressa joint keynote featured newcomers, mostly from the party's centrist wing. bloomberg has learned a package would eliminate the biggest between disagreement w republicans and democrats. pelosipeaker nancy suggested democrats might also

the bank of england predicts a less severe recession than earlier thought as a result of the coronavirusext year. 50 million face masks bought by the government in april won't be used in the nhs — because of safety concerns. the man who murdered backpacker grace millane in new zealand has begun an appeal against his conviction and sentence. the 28—year—old was found unanimously guilty by a jury last year of strangling ms millane on a date in december 2018. he was sentenced to life in prison with a minimum non—parole period of 17 years. our correspondent simon atkinson has been following the case from sydney. in december 2018, grace millane was in a gap year in new zealand, on the eve of her birthday she went on a date with the man she met on tinder. there are cctv pictures of her and this man around the city, this was the last time she was seen alive, she was murdered that evening her body was found in a shallow grave on the outskirts of the city around a week later. the man who was charged with the murder and later convicted, had argued that this was a sex game gone wrong. grace had con

business plans are being sent at the moment but i mean how do you think people fear when the bank of england bails out ryanair easyjet $600000000.00 b.a. $600000000.30 well confirms a $260000000.00 gregg's $150600000000.00 i know how free money for a semi is life support but what do you think we're thinking when the biggest companies in the country seem to have got so much money from the bank of england in tows alone facilities well i am just a facet of a subtle hint less unease but the truth of the matter is that they're very happy companies that they have jobs and they're betting at an bank that tax revenues are economic stability even if we're not adding anything at price so i don't have an issue with looking at a business what fundamentally survive beyond this and suppose it for i say that whether it's a big business or whether it's a small business we should not support industries that are fundamentally a problem because you know that's just the money out a badge and we should be spending that money looking at new industries in the new shape so so you know i don't perceive a worry about

the bank of england kept rates steady with the size of the purchase program unchanged painting a more pessimistic picture of recovery. warning that they won't return to new levels. they expect the uk to double by 7.5% by the end of 2020. looking at what this has done to equity markets down 1.3% when the pound moves higher and the ftse 100 tends to move lower we are seeing red across most markets as well. in the german market, essentially flat including adidas shares trading higher up 3.2% the sports wear company reporting an operating loss. worse than analysts had expected they had expected a bounce back in the third quarter the ceo said we are now seeing a light at the end of the tunnel >> now to the latest of washington's political wrangling as the white house threatens to go it alone. to frank holland >> the white house is threatening executive action as the push for the relief plan continues. they failed to reach a deal on the package following the meeting yesterday. president trump will address unemployment insurance and a more toon evictions and presidet trump looking at a new p

to say that there's going to be a lot more job losses for many more months still to come the bank of england recently also said that they think that it will take until the final quarter of 2021 before their g.d.p. really recovers like it should and so i think they've still got a tough road ahead of them their stocks are a little bit overvalued but not near as much as ours are over here so really the opportunity in the u.k. economy is in there british so the logical investor we're going to fix b. and so that's where i see the opportunity there i'm always there but not on their economy or stock market it's only going to take some time to recover like most peter i want to take it over bring it over here to the united states where the s.n.p. is nearing some record highs let's talk about the democrats and the republicans on the stimulus bill now the democrats in the trumpet ministration they're still miles apart on this necklace round of coronavirus relief how is this affecting consumer spending on the economy the market seems to be sure of off that it's stalled negotiations now but one of the re

economy overall is facing its biggest annual decline in a century the bank of england's forecast hammers home the impact of the pandemic even though there are signs of recovery it could take more than a year to get back to pre lockdown levels providing there isn't a 2nd surge of the coronavirus parker explains from london. this rush hour but there's a little on the move this coffee kiosk normally serves long queues of customers powering workers in surrounding offices of the small business is under pressure shari economic storm is brewing a team of 7 people and turning out the moment with the way things are of the lucky to bring maybe one of 2 back. if it remains like this i think it's going to be very bleak specially for small independents like ourselves that with cash flow. on the foot float come through. is a similar story of london's financial district where every day feels like sunday this week the bank of england forecasts the economy would contract by 9 and a half percent over the year was less severe than 1st thought but it's still the biggest annual decline in a 100 years by the

economy is facing its biggest annual decline in a century the bank of england's forecast hammers home the impacts of the krona virus pandemic and says it could take more than a year to get back to pre-launch down levels providing the residents of 2nd need barker reports from london. this rush hour but there's little on the move this coffee kiosk normally serves long queues of customers powering workers and surrounding offices with a small business is under pressure. economic storm is brewing i have a team of 7 people and currently at the moment with the way things are of the lucky to bring maybe one or 2 back. if it remains like this i think it's going to be very bleak specially for small independents like ourselves that will live on cash flow. and the foot float come through. is a similar story in london's financial district where every day feels like sunday this week the bank of england forecasts the economy would contract by 9 and a half percent over the year that's less severe than 1st thought but it's still the biggest annual decline in 100 years and by the end of the year when g

we also hear from the bank of england governor and the ecb.ce and spain ruling out another nation wide allite rising cases in three countries. global infections past 24 million. and laura makes landfall. the category four hurricane hits cameron, louisiana, with flooding in the state. matt? matt: let's take a look at futures. we have seen european equity futures bouncing back and forth between gains and losses, but they are for the most part green right now with the exception of the ibex 35 in madrid. as the cash equity trade kicks off, let's pull up the global macro movers and check out the left-hand column there. each index will populate the left-hand column as it goes live, the ftse almost always the first to kick it off, gaining but only three/100ths. of thekholm, it is one few indexes in your that is actually positive -- indexes year to date that is positive. annmarie was just telling us that the dax was up, gaining 1/10 of 1%. not a lot of movement now, down about three or four tenths of 1%. meanwhile, most of the other european equities