blackrock, wells fargo have delayed their plans to october.oney manager said the delta variant raises concerns even for the vaccinated. joining us now for more is michelle cortez, how are health reporter in hong kong. -- our health reporter in hong kong. this really does feel like a step backwards, so why are companies extending the work from home rules? are they actually going to help prevent a spread in cases at this point? michelle: it is absolutely a step backwards, and that's because of the delta variant that we've all been talking about for the past several weeks, and the kind of impact it's having across the entire world. the bottom line is these work from home policies will slow down the growth of the pandemic, the growth of these outbreaks that we've been seeing, and give us a chance to get more people vaccinated. the point is when people are traveling, when you are in connection with other people, that's when the virus transmits from one person to another. and delta is so much more very will in than other -- virulent than other vacci

blackrock and amazon delay getting staff back to the office. the third quarter is strong as demand remains robust. welcome back to the second hour over the european market. european equity market 20 seconds to go until the start of equities trading. futures appear to have deteriorated a touch. dax futures to the upside. elsewhere fairly flat. it is jobs day. we learn about the state to have united states jobs market. that is going to be a focus later on. often we tread water as we wait for jobs data to drop in the united states. keep in mind the we will get the jobs report a little bit later. european equity market opening flat. flat on the stoxx 600 and ftse 100. the ibex pretty flat. we're not going anywhere in a hurry. concerns about the delta varpte in china. concerns about limited mobility in china. what is that going to for the chinese growth narrative ? that is on the one hand. the story that helped u.s. equity markets reach an all-time high in yesterday's session. we have corporate reporting this morning. one company giving us under det

blackrock saying heck are you crazy?on etf down 34%, chinese etf down 41% whose going to win this , who do we follow, listen to gensler or follow blackrock and pile in? >> you're not going to be happy with this answer because again, it's sort of a both situation. charles: [laughter] >> well, yeah, because right now, things are free-falling and we don't like to buy falling knives, but i looked at fxi for example, the etf in china, the relative strength on a monthly chart is at 1%. that is so crazy oversold and if blackrock is right and by the way they aren't the only one , jpmorgan, jamie dimon just got approval to go in and have 100% control of the securities in china, tim hortons coffee going into china, also fidelity so these companies are banking on china going from an emerging country, to an actual dominant one, so i think, you don't buy the falling knife but if fxi to get through 40.50 then i think actually, you might see a decent bounce. charles: all right, michelle you're working on having the most christmas cards

>> yeah, rick, blackrock i think uniquely maybe blackrock and van guard are the tonal only two you could say this about 9 trillion in assets under management arguably you have a better view into what investors are doing in terms of flows than anybody. like you might know more than the fed does on a realtime basis. so why is it so hard for people to understand what's fueling the rally is that even on red days people sell things they say all right i'm selling this take a profit, volatility, whatever the reason, and then like two days go by, look around whatever the headlines made them sell on monday now it's wednesday and new headlineses. they say i sold now i buy something else that's the source of the rotation, is it not? it's people that sell but don't need the money neck even borrow against a portfolio to buy things like second homes or a car or a boat. so people really don't need to take money out and you probably see in where they're going back and forth, fixed income, back to stocks, different kind of stocks even when they sell it ends up in another part of the market. and that's th

stay with us, karim chedid, head of investment strategy for ishares emea, blackrock., equities and european stocks set records, encouraging earnings and a strong performance for european stocks. this is bloomberg. ♪ >> the semi conductor shortage has been impacting us. >> it has been quite a whipsaw for us. >> we are managing it week to week and day-to-day. >> maybe first semester of 2022, some situation and certainty. >> it is important to have the continuous -- and how we can anticipate the supply situation. >> it is out of our control essentially. it does seem like it is getting better, but it is hard to predict. >> we have overcome chip shortages quite well. >> it is something we will have to deal with the rest of the year and potentially into 2022. >> a lot of customers would like to buy our cars, and he like to sell more. -- we would like to sell more. anna: a host of executives, interesting their insight into the chip shortages the industry is dealing with. let's look at some of the movers. we have had a lot of earnings out, and they are making themselves felt

the global head of thematic investing at blackrock. we will get the price action across the commodities space and trends that could shape our future demand. investor focus is firmly fixed on jackson hole. any paper clues we get from the fed and officials, particularly jay powell. former fed governor randy closer doesn't -- randy croson are doesn't expect any big announcement. >> it is unlikely. a lot of information has come out since their last meeting. i don't think jay powell -- i think he will try and push people in one direction or another. a lot of different views around the fed table. i don't think he will try and say "here is my view, and everyone better follow it." tom: joining us to look ahead is sylvain broyer, chief economist of emea and snp global ratings -- s and p global ratings. you detailed the timings of how you expect the taper to play out, but more importantly, how it will end. flesh it out for us. >> everybody is waiting for jay powell's speech on friday. but we agree with the previous speaker. there will be some an

jonathan: marilyn watson of blackrock -- tom: she's like me.han: i imagine she might want to talk about it. your equity market unchanged on the s&p 500. your bond market unchanged. yields at 1.3237%. it has a summer feel this tuesday morning. tom: it does. i should have worn beige. jonathan: good morning. this bloomberg -- 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

wells fargo and blackrock among them pushing back to october now, october 1.hings back by varying degrees up to a month in some cases. then there's amazon, talking about january 3rd, 2022, before it even considers getting workers back. dan geltrude with on all this. what i found interesting, folks enjoy so much this virtual or hybrid nature that they would seriously look at a pay cut, even getting rid of their 401(k) to make it permanent. what do you think of that? >> well, that's a very strong message, neil, from these workers in saying, hey, we don't want to come back into the office environment. at least many of them not on a full-time basis. and why would that be? well, look at the time saved in terms of not having to commute. on top of that, the costs related to commuting. and then, of course, there is also childcare issues. so are people able the save that? and then you have the flexibility of when you get up or what hours you work. so i think the message is very, very strong here, and i think employers are going to have to listen if people willing to ta

tom: jeffrey rosenberg joining from blackrock. doing wonderful work at multi-strategy. a regime change today when you see the revisions, when you see 1.81 nonfarm payrolls over 60 days, does it shift the blackrock view? jeffrey: it is a good question. i was thinking the exact same thing. we have had a lot of negative surprises focused on the delta variant. it is important to remember this payroll report is pretty the cdc mask wearing change and guidance, it does not incorporate more recent changes. yet to the extent we follow the pattern we have seen in india in the u.k. where the variant surges but it is not a permanent surge, we could be seeing the peaking of the negative news that has been about the second derivative and the slow down, that has manifested itself in a protracted rally in interest rates since interest rates speak at the beginning of march. the next focus in terms of average hourly earnings, michael mckee is spot on. it is hard to digest and decouple the shift from the underlying data. it is a strong print, even with the big shift mike was highlighting,

farr jon najarian co-founder of market rebellion.com and kate moorehead of the mattox strategy for blackrock global allocation team. let's check the markets. nasdaq hitting an all-time high reaching 15,000 for the first time ever. the s&p 500 as all-time highs. the dow about a .5% from a new high there and what we want to talk about right now is the bullish call from wells fargo highest on the street as we mentioned forecasts about an 8% upside from current levels points to historical data that the s&p when it has a price return above 10% for the eight months of the year it's never finished the last four months or average for last four months, excuse me, is above 8% saying eps revisions will be a catalyst kate, if you don't mind, let's start with you what's your take on the bullish call how do you see stocks shaping up in the broader market the rest of the year. >> i think positively. i'm kurjd by the earnings revisions the last couple quarters we expected at one point in the second half of 2021 we would see a rollover in terms of the upgrades to earnings forecasts that hasn't come through b

dow is down about 128 points or so >> and we have a big show coming up today blackrock's jeff rosenberg will join us with his first reaction to the fed minutes, when he thinks the tapering will start plus the ceo of imax and box offices. and robinhood. a meme stock gearing up for its first report since going public. an analyst and early shareholder will join us to break down those results. >> stock up 7.5% into the report steve, let's start with the fed and the market reaction. >> yeah, the fed officials grappled with the three main risks to the economy inflation, delta variant and asset purchases at the july meeting. they had not yet decided when and how to taper here are the minutes in the main goals had not yet been met but progress seen toward those goals. the delta variant posed risk -- downside risk to the economy and inflation again. several times said it was largely transitory more specifically on the issue of tapering. fed officials, most participants saw tapering this year tapering seen by some in coming months several thought the taper should begin early next year. as we repo

manus did as well in his conversation with blackrock.f i can dive into this point a little bitave a chart with correlation between the s&p 500 and the m sap. it is more than china, we need a break out from the equity portion of the u.s.. is it now the entirety of asia and the recovery story we need to treat differently? >> the asian stock markets as well as china will remain to a large extent correlated. china will have more of a life of its own with its own credit cycle. but also, to a certain extent, the debate about adrs, etc.. investors will be differentiated within china and the u.s. going forward. that should foster lower correlation. manus: thank you. the equity market could be afraid to dip in. our guest host this morning on markets. coming up, biden wants production increases to reduce prices for americans. the latest on the oil markets. ♪ manus: this is "bloomberg daybreak: europe." president biden has urged opec countries to reverse the production cuts to help lower u.s. gasoline prices. his comments cap a series of actions by

we also get to speak with the head of blackrock investment institute. he will talk about his outlook and whether he is willing to push against this bullish sentiment. the bulls have made money and the bears have been wrong. i confess. is there any reason to be skeptical in any way at this point? do you just succumb to this groundswell towards higher equity prices going forward? 10:00 a.m., we get a sense if the higher inflation reads how are affecting. this is key in terms of inflation expectations and whether people's optimism is whining with the increase in the delta variant. jonathan: it is a boring, snoozy friday morning. we will talk about baseball and make tom keene's morning. this is what happened yesterday in iowa. what is fascinating that for the international audience you are a member "field of dreams" back in 1989 with kevin costner. a beautiful story about a baseball team walking out of cornfields. the yankees and the white sox want to that very same place, re-created the scene, and treated the movie as if it were a nice history moment in ti

erik: it is a hard equation because you may know today, wells fargo and blackrock said they are pushingr rto plans. howard: i like your theory that we hope that it burnt itself out. erik: we have to get to the credit markets. you have spent your career, although you don't do it hands all the controls so much any longer, trying to generate double-digit returns. there was a beautiful view weeks in 2020 of panic selling but we are back to pre-pandemic lows. what is it like for you, oaktree, having to put money to work in high yield, leveraged loans with spreads of 420? howard: on the small matter, let me say, i don't think we have ever had a year in which credit losses consume the yield spread. i believe 300 on high yield is adequate to defray future credit losses. erik: that is enough ab premium? howard: i think we will come out way ahead of the treasury investor after the credit loss is settled. erik: the investor buying low-grade today will not regret it five years from now? howard: there may be days, but in the long run, they will learn much more income than they will give back in cred

manus: we have had blackrock.saying they may distance themselves from carson block's capricious comments about propertius china. "bloomberg markets: european open" next with mark and anna. ♪ comcast nbcuniversal is investing in entrepreneurs to bring what's next for sports technology to athletes, teams, and fans. that's why we created the sportstech accelerator, to invest in and develop the next generation of technology that will change the way we experience sports. we've already invested in entrepreneurs like ane swim, who develops products that provide hair protection so that everyone can enjoy the freedom of swimming. like the athletes competing in tokyo, these entrepreneurs have a fierce work ethic and drive to achieve - to change the game and inspire the team of tomorrow. anna: good morning, everyone, and welcome to "bloomberg markets: european open." i am francine lacqua. mark cudmore joins me from singapore. the cash trade is less than one hour away. the push to taper the feds -- calls for a reduction in as

not just amazon, viacom, cbs, wells fargo, blackrock, u.s.reopening plans. now blackrock pointed to the delta variant and indoor mask-wearing guidelines as reasons for the delay. let me read the memo to employees. we know this raise concerns about returning to the office. even for those who are vaccinated and particularly for those of you when dependants at home who are currently ineligible for the vaccine and earlier this hour cnn also announced that it is delaying its official return until october. these delays, they do make a lot of sense because a lot of people are concerned right now about going into crowd offices, hopping on crowded subways. >> yeah. >> it also shows how worried business leaders are right now about the direction of the pandemic, and let's not forgot that this is going to deal a blow to all the local restaurants and bars, dry cleaners that had really been banking on the return of office workers this fall. >> i just saw that cnn email in my box. i hadn't finished reading it. what are these companies though trying to do to

the latest is blackrock now. guy: and in some ways, this all fits together as well.rking from home. what does that mean for the commute? blackrock delaying its office return to october as it sees the concerns surrounding the variant growing. wells fargo pushing back return to office on rising cases. as i say, we will see what happens with jp morgan. a bit of a hint yesterday. be we will see what happens with morgan stanley. but wall street certainly reviewing this story, and i think this comes back to this issue of what do we think the economy is going to look like, what kind of work are we going to be doing, where are we going to be doing it, and how do we set up the icturound all of that? alix: stay recovery. that is what we have been talking about. you are able to do stuff, things get better, but it is going to be very different maybe than what we thought. guy: does that mean you go back to pelotons, back to streaming a little bit more? does that pick back up again now as the delta starts to make itself felt anymore meaningful way? we are going to be talking about

print, up 10% in the past week the committee is going to take their positions next on halftime >>> blackrock seen $40 billion in inflows so far this year compare that to the $50 billion invested in esg in all of 2020 blackrock estimates that the total esg market will reach $1 trillion by 2030 u.s. leaders etf is up 22% this year outperforming the broader markets. that yr g stacofhe'souesfa ft t day. what if you could have the perspective to see more? at morgan stanley, a global collective of thought leaders offers investors a broader view. ♪♪ we see companies protecting the bottom line by putting people first. we see a bright future, still hungry for the ingenuity of those ready for the next challenge. today, we are translating decades of experience into strategies for the road ahead. we are morgan stanley. i've spent centuries evolving with the world. that's the nature of being for the economy.ad. observing investors choose assets to balance risk and reward. with one element securing portfolios, time after time. gold. agile and liquid. a proven protector. an ever-evolving enabler of bold de

blackrock and other big wall street investors are buying up a lot of these properties.es, the blackrocks from wall street, some of them are making out like bandits, and this is another one of those examples, no? >> right, absolutely. and we need someone in congress, the socialists have their champion, we need a champion that stand with us with realtors and housing providers to actually preserve private property rights because they're on the line right here, right no. david: yeah. >> as a matter of fact, people don't realize that the mandate also criminalizes owning properties, and if someone is found in violation, they could end up with a fine between $100,000-500 thousand and up to a year in jail. we need someone in congress to stand with us -- david: we only have a couple seconds, but you're right. it come down to private property rights, contracts and obligations. that's why this economy has grown to what it is, and that's exactly what a lot of members of congress want to kill. they want to kill the golden goose which is our free market system. you've got ten seconds

>> i think it definitely has some uncertainty into the real pretty we have amazon, blackrock and apple pushing their return to work landslide by a month or even to 2022 as you mentioned what that means for the businesses that support workers, the businesses that reliant commuter traffic, recovery is going to take a while to get to the pre-pandemic level it does stretch the reopening but also the longer we have the work environment it's going to exist past the pandemic and be more permanent way of working. >> or cover story is about this move in the office there was some flex work stop pics let's get to one or two of them, weight watchers i think i know what the appeal is i'm going to hide my chin fat while you break it down for us. >> i'm in a second while i talk, for those who are going back to work the realizing the dresses might not fit as much so they might turn to weight watchers but weight watchers is called ww no it's more of a healthy lifestyle, theft act now with coaching, recipes, athletics and things like that. jack: another thing hudson pacific hollywood real estate name, t

better which would be ridiculous if it weren't for the fact that disney in the nba and marriott and blackrockoldman sachs are all criticizing the united states without saying a peep in china, i'm afraid to say it's working out well for them where they turn the multinational corporations into trojan horses that bark at the united states while laughing dogs. gerry: very well put, when we come back how do we get here how do we go from a situation where companies were supposed to be pursuing profit to the situation you have today about changing the world, we will talk more about it. >> after the oh crisis corporations were the bad guys, big business, wall street, they were responsible for the financial collapse in getting bailout when things went bad even though they made money when times are good i understand the public frustration. but around that time there was the birth of a new theory on the left, the new woke theory which is a real problem in america was a just economic injustice it wasn't just poverty, it was racial injustice and misogyny as someone who resembles someone else... i apprecia

from blackrock >>> jpmorgan downgrading nordstrom today following earnings saying the backdrop for itse consumers may be as good as it gets. we'll talk to ceo erik nordstrom about what he's seeing at the stores as thatto sck is under heavy selling pressure today we'll be right back. >>> welcome back delta airlines, the latest company to enact a vaccine mandate, though there's a twist in the airline's plan. phil lebeau with the details >> some companies, including united airlines have said you get vaccinated or you may lose your job after a certain date. delta is saying you have to get vaccinated, but if you don't, you can still work here but it's going to cost you. november 1st is the deadline to have you vaccination at delta. the unvaccinated workers will have to pay a surcharge after that date. $200 a month the reason why delta says the average covid-19 hospitalization cost for the average delta employee who has been hospitalized for covid-19, $50,000. and the company says it's time to offset that cost and that risk in announcing this policy, the ceo says full approval for the pfizer

it is blackrock's first ev charging investment in the asia-pacific.wly rising in australia. 2021 figures come already outpacing the 2020 total. and going public in a deal that values the satellite company at $3.2 billion. the merger is expected to provide the new company with $480 million in cash, bolstering its capital until regular launch operations are expected in 2023. coming up next, it's moving day. and while her friends are doing the heavy lifting, jess is busy moving her xfinity internet and tv services. it only takes about a minute. wait, a minute? but what have you been doing for the last two hours? ...delegating? oh, good one. move your xfinity services without breaking a sweat. xfinity makes moving easy. go online to transfer your services in about a minute. get started today. (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 b

the delta variant is pending return to office plans at blackrock and wells fargo. robinhood's rally reverses as early investors moved to unload shares less than one week after its ipo. haidi: we are in the final stretch. let's take a look at how we are setting up for markets in this part of the world friday morning. sophie: we are seeing futures looking mixed in asia on a busy friday as we wrap up the last trading week of august. they are still nagging u.s. peers. a vote of confidence from goldman. earnings growth and low interest rates. speaking of rates, we get the rbi's see decision. no change expected as the central bank is seen tolerating price pressures paid the quarterly update, the aussie dollar holding 70 ahead of that and check out wti headed for the first weekly drop as markets assess the impact of the delta variant which has seen headwinds increase in southeast asia and boosted chatter around potential easing of central banks in the region. flipping the board, we are likely to see some strong debuts out of seoul and jakarta as they start trading this fr

blackrock and other institutions are working on plans to -- coal-fired plants in asia.ls are buying coal plants and closing them on schedules. global news 24 hours a day on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. ♪ >> the key to nyc pass will be a first in the nation approach. it will require vaccination for workers and customers in indoor dining and indoor fitness facilities and indoor entertainment facilities. this is going to be a requirement. the only way to patronize these establishments indoors will be if you are vaccinated. jonathan: bill de blasio there, a shift in this country. from new york city, good morning. alongside tom keene and lisa abramowicz, i'm jonathan ferro. here is your equity market, record highs on wednesday. we are down on the s&p. the election on the euro-dollar, 118.56. on tens, 170 before. yields going nowhere this morning head of vice chair clarida speaking. tom: equities really holding up speaks to the equity premium we are talking about with these ne

the delay of blackrock and wells fargo, just a couple of companies, and there are others but it speaks. tom: it is going to be in the data. as carl started his conversation, from a boom economy and then middle road, and it was said score down under 3%, why not under 2%? that is unimaginable now with 7 million unemployed. jonathan: so difficult to make a call on the economy. lisa: i wonder how much people are going to look at this and say it is backward looking and we have to look forward. the data does look downward when you look at airlines. a chief economist saying that credit card and debit spending was materially down in the past week. we don't know how much this had to do with the delta variant. it is a moving target, quickly moving economic recovery. jonathan: this is the target, 850,000 going into payrolls. your payrolls a couple hours away. all-time highs to friday on the equity market peered futures up on the s&p 500. we are at 0.04 percent. this is "bloomberg surveillance." ♪ ritika: the senate headed toward a weekend vote on the infrastructure legislation. senators were on a

that makes them the third largest holder behind blackrock and vanguard.certainly shows they have confidence in what kroger is doing, how it is managing the transition into online sales. the business will hold up. let's face it, grocery stores did benefit from the pandemic because more people were eating at home. can they move forward, deal with higher costs? so far the answer is yes. that explains in large measure what is going on. matt: i cook for myself for a whole year and i enjoyed it, but i don't plan on doing that again. kroger is a $34 billion company. i didn't realize how massive berkshire hathaway has become but it has not grown as much in percentage terms this year. dave: through the first half, berkshire and kroger track each other pretty closely. since the second half began, kroger has taken off while berkshire is running in place, if you look at the class b shares. you could do the same thing with class a, but it would tell you the same thing. kroger has been on a roll in the stock market. with berkshire buying more shares, that is definitely

given licenses as a result of the trade deal, that you engineered, with beijing, now you've got blackrock for one telling its investors they need to up their investing in chinese companies by three times i spoke with jamie dimon about national security threat china poses listen to what jamie dimon about two weeks ago on this program watch. >> the national security issue, i think is real. and when i said you are jamie dimon i meant i know you for a long time you are not in it just for money or is it just about money. >> o, of course, not i am patriot before i worry about money jpmorgan per se you should imagine that he foreign policy, of united states, is set by the government of the united states. if you start telling companies they should be own foreign policies you are making -- 49 states. maria: what are your thoughts mr. president, in terms of operating in china, we foe that investors just lost a trillion dollars at the worst in month of july. because those chinese companies do not adhere to american standards, in terms of accounting so we really don't know if earnings are real or if

but they got there why did you not fight the trend, where you had a lot of these investors, like blackrockhese guys have to change why did you get ahead of it, scott? >> i've learned you have to lead and not wait you have to listen to your shareholders everybody visits the shareholders at least twice a year so i'm really proud of you, scott. you really got it right. >> thank you, jim. good to see you. >>> he's got the best acreage, the lowest costs, but the best esg and absolutely the best in the mixture. it can be done "mad money" is back after the break. energy -- >> announcer: coming up, after a week testing investor resolve, can it resolve recent decline. cramer has the head honchos, next - stand up if you are first generation college student. (crowd cheering) stand up if you're a mother. if you are actively deployed, a veteran, or you're in a military family, please stand. the world in which we live equally distributes talent, but it doesn't equally distribute opportunity, and paths are not always the same. - i'm so proud of you dad. - [man] i will tell you this, southern new hampshir

the head of blackrock investment joining us. is there any reason to not buy into this rally? person after person basically saying even the bears are saying well, there certain areas that can sell up over the most part will probably find gains. calling for huge selloff. talking about how much consumer spending limit -- sentiment being affected. delta variant and inflation. longer-term basis. not over the next year. do they buy into the transitory story? jonathan: thank you very much. comments to client saying we believe the bond yields last week -- tom: really interesting. here's the probe word. ambiguity is going to be the study this weekend. if it moves from point a to point b, what is one of two outcomes whether stocks, commodities, jackson hole, whatever, the countless ambiguities right now are remarkable. jonathan: let's bring in gilles moec. august 26, because no one is interested in august 13 it seems, jackson hole, what are you looking for at that gathering? >> i would be surprised if we have a formal announcement from him in jackson hole because over the last quite a

fed president james bullard and reaction from blackrock's rick rieder the s&p 500 hit another recordg tlo 3o se at the open "squawk box" will be right back. you founded your kayak company because you love the ocean- not spreadsheets. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire >>> some of the biggest names in tech plan to spend billions on cyber security following a high-profile visit at the white house. eamon javers joins us with more. good morning, eamon. >> good morning, his is a. president biden yesterday telling ceos of the nation's largest companies they have the responsibility to do more when it comes to cyber security and convening this session at the white house in the east room to really work on the public/private partnership between government and the private sector in terms of this wave of ransomware and other cyber security attacks that we've seen over the past year or two. you see tim cook and other top ceos in the country at the meeting yesterday. in the

someone from blackrock said this morning that trillions of dollars need to be invested to keep up withd things like that. >> how much is this about speculative behavior? you have seen china trying to clamp down on that, right? sal: overall, speculative behavior is not driving commodities prices. speculators are benefiting from the bump up in commodities prices which are going up because of the supply and demand imbalances, meaning there was a surge in demand coming out of covid for all commodities. you had supply disruptions because of covid related global supply chain disruptions and then ian ag, you have agricultural problems all across the world for all the different big ags, between the frost you mentioned in brazil and those commodities, too much wetness affecting the quality of wheat in france, and canada virtually no canola crop, the harmed wheat crop. the u.s. dakotas with the harmed wheat crop. all of this is because of the weather. the increase in demand is not transitory. the supply can be corrected in one or two growing seasons. the supply needs for overall macro demand for

to answer that question, thomas taw from blackrock. this is weird to see you in person. it is nice, isn't it? from the last time we spoke a few weeks ago, the conversation around inflation is a little different. the conversation around your tour issues in china is a little different. what is a question you get asked? thomas: clearly it is about china at the moment. inflation is the other one that is u.s.-specific. mentions of inflation on earnings calls is up 1000% year on year. a big concern for investors. transitory, non-transitory. inflation, tapering, etc., and what is happening with the regulatory environment in china are the big topics for investors at the moment. yvonne: we were talking about the inflation front. what number would start to surprise investors here, that potentially the fed will have to taper sooner than expected? thomas: i do not think tonight's number will be that impactful. you will probably see a slight drop from last month. core, non-core, probably 20, 30 bips lower than last month. we see a big print that will obviously have an impact. i think

we are hearing wells fargo and blackrock are both saying they are pushing back those plans until october>> given the delta variant is raising concerns even for the vaccinated. much more for those that are not. we will see what this means for the rest of the economy as we continue to see delays in the return to work environment. meantime, we are going to get that new unemployment report. it is expected to show reopening that vaccinations are continuing to help create jobs. will that be enough to support federal reserve steps toward tapering? kathleen hays is here with her preview. what can we expect? >> we figure we can expect good numbers. as you said, we've got so much happening. the pandemic, the delta variant, reopening. jobs are seen rising 858,000 in july on top of it hundred 50,000 in june. bloomberg economics is looking for 950,000. that is the kind of again the fed wants to see. the unemployment rate falling to 5.7 percent. jobless claims continue to fall. in the latest week, they were down to 385,000 a week. that is not a big change, but when you look at this chart -- actually w

taylor: rick rieder at blackrock hinting in his latest note, questioning why we are in emergency conditionshen the emergency is over. how do you think about that? geoff: i think the main challenge for central banks right now is that a combination of the monetary and fiscal policy is still treating as if we have emergency conditions, and there is just so much uncertainty over what is going to happen up ahead. drawing attention to what the rba did recently, they specifically said that this latest wave in australia is going to end in the upcoming quarter get no central bank wants to actually pin down a specific time for health conditions to improve and society to actually normalize, so in that context we are still in emergency conditions, and fiscal is fully with -- and until fiscal is fully withdrawn, they are still in emergency sections as well, and that makes it difficult. guy: euro-dollar, $1.1760. how much stronger does this get if the data continues to come in as it is? geoff: i think reflation in europe is actually underappreciated. maybe we should be agreeing on this if the so-called b

alix: coming up, rick rieder, blackrock cio global fixed income joining balance of power with david westind to bloomberg radio as well. the cable, dab digital radio starting at 12:00, 5:00 in london. this is bloomberg. ♪ and there you have it- woah. wireless on the most reliable network nationwide. wow. -big deal! ...we get unlimited for just 30 bucks. sweet, i get that too and mine has 5g included. that's cool, but ours save us serious clam-aroonies. relax people, my wireless is crushing it. that's because you all have xfinity mobile with your internet. it's wireless so good, it keeps one upping itself. >> from the world of politics -- >> i think we are going to be in a geopolitical fix that is very unfortunate. >> to the world of business -- >> we expected some acceleration in consumer spending. >> this is "balance of power" with david westin. ♪ david: from bloomberg's world headquarters in new york to our tv and radio audiences worldwide, welcome to "balance of power." we start today with a check on the markets. joining us is abigail doolittle. not a lot of direction. does not seem like

it includes almost all of the biggest figures from goldman sachs, morgan stanley, blackrock.e chinese side, it includes regulators, including the number two official in the securities regulator, as well as the much revered long-standing governor -- former governor of the people's bank of china. in the absence of any other real serious dialogue between the u.s. and china, this is perhaps the most high-level conversation that is taking place right now. matt: it is interesting as well because a lot of strategists and analysts are asking and answering the question, is china uninvestable? they are saying not only is it not that, it is a necessity in terms of doing well and beating competitors. andy: everybody around the table, this china/u.s. financial roundtable, is extremely worried about the prospect of u.s.-china capital markets decoupling. wall street looks as -- looks at china as the big opportunity of the future. they want to get their hands on chinese savings and mediate chinese capital outflows as chinese capital markets open. on the chinese side, figures have had a long-

it is blackrock's first ev charging investment in the asia-pacific region.t on markets with chris campbell. "daybreak asia" is next. this is bloomberg. ♪ and there you have it- woah. wireless on the most reliable network nationwide. wow. -big deal! ...we get unlimited for just 30 bucks. sweet, i get that too and mine has 5g included. that's cool, but ours save us serious clam-aroonies. relax people, my wireless is crushing it. that's because you all have xfinity mobile with your internet. it's wireless so good, it keeps one upping itself. so many people are overweight now, and asking themselves, "why can't i lose weight?" for most, the reason is insulin resistance, and they don't even know they have it. conventional starvation diets don't address insulin resistance. that's why they don't work. now there's release from golo. it naturally helps reverse insulin resistance, stops sugar cravings, and releases stubborn fat all while controlling stress and emotional eating. at last, a diet pill that actually works. go to golo.com to get yours. haidi: hello and welc