this is "bloomberg surveillance ." -- this is "bloomberg markets."resh record highs, yet everyone is looking at what is happening with the other stuff. equity markets continue to grind higher. alix: unless it is idiosyncratic, like with natural gas. other than that, still be difficult story of ever since the fed meeting, you wind up having growth continuing to lead, so it is the outperformance of tech stocks. banks getting a nice big today. you kind of have dueling factors -- nice bid today. you kind of have dueling factors there. the bloomberg dollar index is on the front foot. maybe the delta issue more of a concern in europe and other parts of the world than here in the u.s., hence the outperformance of the dollar. bonds pretty much go nowhere, but the volatility continues to be unbelievably low. is its complacency, as we have the delta variant picking up here as well? how and when do you wind up factoring that in? guy: we will get some more details of that. let's deal with the details of the consumer spending stateside. . very positive news in te

this is bloomberg. ♪ matt: this is bloomberg markets.s coming from the u.k. and going to spain laughed either certify full vaccination or provide a negative test for covid-19. that makes sense. we spoke earlier with the spanish minister of foreign affairs about the outlook for international travel, the delta variant, and more. >> the u.k. was the exception in europe that we were not asking from the u.k. citizens but we were asking from european citizens. it was due to the fact that the incidence of cobit in the u.k. was very low. but as incidences have increased, what we are doing is aligning the u.k. citizens with the same requirements the ask from other european union citizens. full vaccination, negative test, they can enter spain. obviously, coming to spain also depends on the rules that the u.k. has. they have the green left, this means that when u.k. citizens visit the valley -- the islands, they don't need to quarantine they go back. the rest of spain is still in amber. what we hope is that the numbers and the incidences of covid i

this is bloomberg. ♪ amber: this is "bloomberg markets."recovering, finding stable footing around these levels. we will talk about stability when it comes to cryptocurrency, particularly in latin america, which is no stranger to instability in various currencies in the region. one man's mission is to change that with cryptocurrency. let's bring in simon chamorro who is the head of valiu. adoption and the way cryptocurrency is viewed in latin america, it is different than outside of latin america. it has a lot to do with its history with fiat currency. maybe you can paint a picture of what the adoption and attitudes are like right now. it is obviously a brought on today. you focus on venezuela. just some high-level thoughts there. simon: in adoption, when we look at latin america, the markets are traditionally used as sources of information for a lot of people. you also have the traditional exchanges and what is interesting, but different from the u.s. is that the adoption of crypto happens two ways. for training that helps move money around

this is bloomberg. ♪ ritika: let's check in on the bloomberg first word news. i'm ritika gupta. time is running out as president biden beach today with the top senate three publican negotiator on infrastructure -- president biden meets today with the top senate republican negotiator on infrastructure, shelley moore capito. the republicans have countered the president's proposal with a $928 billion offer, but the measure taps unused coronavirus funds to pay for it. that may make it unworkable to democrats. the world's largest meat producer will have the vast majority of its plants opened today following a cyberattack. jbs says it's systems are coming back online. according to a union official, the cyberattacks forced a shutdown of all jbs' u.s. beef plants, which account for almost 1/4 of u.s. supply. in israel, health officials have found a probable link between the pfizer and biontech vaccine and dozens of cases of heart inflammation in young men. the health ministry said the cases of myocarditis occur

this is bloomberg. ♪ manus: this is "bloomberg daybreak: europe." bloomberg scoop, president biden plans to amend a u.s. ban on investments and companies linked to china's military possibly by the end of this week. that's after the trump era policy was challenged in court. it left investors confused, about the extent of its reach to comes -- two subsidiary firms. john, it's great to have you with us this morning. one could say this is biden doubling down, or is it clarifying a trump policy? john: it's actually potentially an expansion of what the trump administration did. the trump administration put in place a ban on u.s. investments chinese companies either controlled or otherwise linked to the chinese military. we are reporting today that the biden administration is planning to redefine the scope of that blacklist to include companies connected to the chinese defense surveillance technology sectors. potentially that can include a larger number of companies on that blacklist. manus: what are the broader implications for u.s.-china relations? we we

this is bloomberg. ♪ matt: this is bloomberg markets. i'm matt miller.urning to our weekly segment on the new economy where we examine how global leaders are trying to solve the world's biggest challenges. china's president is urging officials to create a trustworthy, lovable, and respectable image for the country. it is a sign beijing may be looking to smooth its hard-edged diplomatic approach on the global stage. for more, we welcome andy brown, bloomberg's new economy editorial director. what does this response to maybe donald trump leaving, joe biden moving in -- a response to a global shift toward multilateralism? it seems like this is the xi jinping we saw at davos five years ago? andy: i think it is partly an acknowledgment that the biden administration is doing a pretty good job building alliances now around the world that are targeted at china. i think this is significant. to the extent that you now have china publicly acknowledging what poll after poll around the world is showing, if only by implication, that china is increasingly unloved in tr

this is bloomberg. ♪ vonnie: this is "daybreak asia." china's imports of american goods slowed again in may, putting beijing's targets even further out of reach. 10 billion dollars worth of manufacturers and cultural and energy goods from the u.s. last month, the lowest since last october and that makes total imports $157 billion, only 40% of the target agreed to in the trade deal. the u.s. says 150 million americans are over 45% of the population and have been fully vaccinated. more young people being admitted to hospitals. the highly contagious delta variant is spreading in the south. hong kong is said to shorten's mandatory hotel quarantine, easing some of the strip just border curves. starting june 30, fully vaccinated residents entering the city can quarantine for seven days and that of the original 21, subject to covert testing. the plan will be extended to nonresidents in late july. the tokyo olympics will cap spectators at venues and the number will be set at either 10,000 people per event or 50

this is bloomberg. ♪ ♪ matt: welcome back to "bloomberg markets: european open." minutes away from the start cash trading. we are seeing a mixed picture in terms of futures but we hit all-time highs yesterday. we are up there in terms of equities and in terms of valuations. do you think people are still making the u.s. to europe rotation? mark: they certainly seem to be. i think this european recovery trade, this european outperformance trade has done so well in the past six months and we keep on wondering how much more it has got to go. most guests have said they are still fully committed to it. so far, they are proving right. i am not saying what is going to derail it just yet. peter has said the idea that the ecb is very clearly going to maintain very loose, very dovish policy for a long, long time and perhaps much longer than a lot of the central banks. the european stocks picture seems quite constructive. matt: i've got to get back to peter schaffrik right now from rbc and ask him quickly before we get to the u.s. jobs number. in terms of the ecb, yesterday,

this is bloomberg. ♪ dani: welcome back to bloomberg daybreak europe.m dani burger in london alongside use of in dubai. during to china where the ruling commonest party marks a century since its founding on july 1 as it tightens its grip on the country and adopts a more assertive foreign policy. our china correspondent tom mackenzie looks at key periods in the history and where it is headed. tom: china's communist party was a seeker group when first congress was held here in 1921. 100 years later, it is the ruler of a fast rising world power. since coming to power, it has been the center of key period's in modern china. a virus outbreak that exposed the authoritarian flaws before a successful containment was turned to the parties advantage. behind me is the site of the first congress surrounded by shops and high and restaurants. it has arguably reshaped china as much of the dynasties that came before. the party has tight its legitimacy to the economic transformation in the fight against poverty. where than 800 million chinese have been lifted. a brought

this is bloomberg. ♪ s is bloomberg. ♪ mark: i mark crumpton with bloomberg's first word news.he government says it's goal is zero infections. their ongoing strict quarantine restrictions, despite weeks of few or no infections. the congress and economic development sector cherries are urging full vaccinations is attached to ensure public safety and a rebound to the economy. >> we must aim to have a zero infection. so everything would need to be checked off. having said that, there must be the flexibility on risk management. charlie: -- mark: hong kong is under pressure to relax border restrictions and to speed up its rollout. hong kong's vaccination rate also lags. rival financial hubs including singapore and london. rocco of wattage will spend the rest of his life in prison. u.n. judges upheld the conviction of genocide and other offenses during a war in the 1990's. the 79-year-old former general terrorized bosnia throughout the war. the last major figure from the bloody conflict to face justice. on sunday, israel's parliament will vote on a new coalition government. if approv

this is bloomberg. ♪ let's check in on the bloomberg first word news.en and russian president vladimir putin began a summit today in geneva with warm words as they sought to dial back growing tensions between the two nations. both cap expectations low, looking to agree on a new round of arms control negotiations and restore diplomatic links that have been severed in recent years. the eu has agreed to lift travel restrictions on vaccinated americans. israeli warplanes attacked sites belonging to the ruling hamas region -- to the ruling hamas in the region. -- in the gaza region. 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. i'm ritika gupta. this is bloomberg. kailey: thank you. recent weakness in commodities is raising questions about the future of the reflation trade and that super cycle everybody has been talking about. joining us is james atwood, bloomberg senior commodity reporter. how much of this can we blame on china and its effort to rein in commodity

this is bloomberg. ♪ haslinda: the biden administration says trade ties with china have posed a significant imbalance, and the u.s. is committed to leveling it. the trade representative told reporters there on -- there are unhealthy parts of the relationship, she was discussing the future of trade deals with beijing. >> there is a relationship that has been marked by significant imbalance. in terms of performance, but also in terms of opportunities and openness of our markets to each other. in light of the significant imbalance, i would say there are parts of this trade relationship that are unhealthy and have over time, been damaging in very important ways to the u.s. economy. haslinda: asia and ministers say their work has sped up distribution of vaccines. after a meeting, officials said they would consider removing unnecessary barriers to trade to expedite the flow of essential goods, but they stopped short of a broad commitment to remove. austin officials have completed a visit to myanmar where they

this bloomberg. -- this is bloomberg. ♪ ritika: it is time for the bloomberg business flash, a look atof the biggest business stories in the news right now. americans are taking on mortgages at the estes pace -- the fastest pace in 14 years. ohio is seeing the biggest increase in the average size of a new 30 year loan. according to data compiled by bloomberg. north dakota has seen the smallest increase. gold rebounded after dropping in the wake of a hawkish turn by the fed, but it is still headed for the biggest weekly loss in nine months. the metal climbed today as u.s. bond yields eased. prices tumbled this week after the fed signaled the monetary tightening could start earlier than expected. a surprise from the bank of japan, joining other central banks with a message to support climate change mitigation while standing pat on its main policy levers. the bank also pushed back the expiration of its covid era lending measures by six months, gimmick japan -- giving japan's vaccine drive or time to work. that is your latest business flash. guy: time now for etf friday. joining us is burk

this as bloomberg l

this is bloomberg. let's check in on the bloomberg first word news. i am ritika gupta.urism -- france's tourism sector is taking another step towards normality with the reopening of disneyland paris. visitors must wear masks and other measures are in place including a cap on visitor numbers. french tourism is hoping for a boost from the reopening. in germany the head of angela merkel's party welcomes president biden trips to europe. in an interview with bloomberg webquest -- with bloomberg webcast, they said the problems can only be solved with a multilateral approach. >> we do not want to enter into a debt union in europe. we do not know what the economic situation will be in 2025. under in normal circumstances, such a plan -- ritika: he is bidding to succeed angela merkel after september selections. jp morgan has agreed to abide not make savings and investment as part of the planned launch of a mobile banking service. nutmeg has 140,000 customers. global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in ov

this is bloomberg. ♪ bonnie: this is "bloomberg daybreak: asia."hina's government thinks may be the first human case of one strain of bird flu. a 41-year-old went to the hospital in april and is in stable condition. is that no human case has been reported elsewhere in the risk of large-scale transmission is low. the world bank and wto -- in a statement they say governments must act immediately or risk continued outbreaks of the virus . the imf last month proposed a grants and loans plan to immunize at least 40% of the global population by the end of the year. hong kong is ramping up its return with the central bank asking financial institutions to urge staff to be vaccinated. they want to strongly encourage staff to get vaccinated. bank of america says it plans to have all of its hong kong employees back at their desk by the end of the month. the world health organization has validated the sinovac coronavirus vaccine for emergency use. a government study found it effectively controlled the virus in a small town. it was criticized for lack of transp

this is bloomberg. ♪ let's check in on the bloomberg first word news now.ident andres manuel lopez obrador's party took the lead in elections for the lower house of congress, but a survey indicates his coalition won't retain a super majority needed to pass constitutional reforms. in peru, the presidential runoff is still too close to call. u.s. treasury secretary janet yellen has higher interest rates would be a plus for the u.s. and the federal reserve. in an interview with bloomberg news, yellen said president biden should push ahead with his $4 trillion spending plans even if they trigger inflation. she says any spur in prices resulting from the rescue package would fade away next year. today the fed starts liquidating the $13.7 billion corporate credit portfolio it built up during the pandemic. the fed will start with exchange traded funds and begin sales of corporate bonds this summer. 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. i'm ritika gupta. this is b

this is bloomberg. ♪ >> it would be healthier again as we are making progress in weathering the pandemic and achieving our goal to start adjusting these purchases. treasuries and mortgage-backed securities sooner rather than later. >> there's upside risk to inflation. could go higher than what i have outlined here and we have to be ready on both sides to be able to react to that. >> the consensus of professional economic forecasters in february that we would have inflation just above 2% this year. we have already had more inflation than that in the first five months of the year. >> it's easy to say that the fed should tighten. and i think they should, but i think you'll see a very sensitive market, very sensitive economy, because the duration of assets has gone very, very long. anna: a chorus of influential voices saying the fed needs to be more attuned to inflation risks. we are joined now with analysis i the chief economist at abn amro. really -- analysis by the chief economist at abn amro. the thing

welcome to our bloomberg and bnn bloomberg audiences.are the top stories we are following from around the world. ford sees strong demand in the second quarter. we will break down the numbers from the automaker second-quarter earnings. and we will speak with anthony trench avenue, managing partner of nexo about his call on bitcoin hitting possibly $100,000 over the next 12 months. and why the boom in commodity prices during the pandemic has fueled a surge in theft from around the world. although, amanda, that might be self expiratory. when stuff gets more valuable, more people want to steal it. amanda: especially when it is often left lying around job sites. watching markets, lots to chew on today post that hawkish fed. it is a mixed picture. the s&p 500 unchanged, it had been weaker. the nasdaq is bearing better. inside the s&p 500 is the big story. the big decliner are energy, financials, materials. the groups that make up tech are doing ok, mildly positive. worth noting that the big banks are really suffering today. bank of america, ci

this is bloomberg. ♪ ♪ anna: welcome back to "bloomberg markets: european open."ou are looking at live pictures coming to us from the bank of japan. governor kuroda speaking this morning on the occasion of a no change rate decision, a 0% yield target unchanged as expected as well. they have had some interesting things to say about that covert program, extending that beyond september to march 2022 and planning to take more action to support the economy, if needed. i guess that is as you would expect. mark: it is. the boj rally surprises. the interesting thing to draw attention to, not a massive shock but i am not sure many people around the world would be aware of it, it is that they are going to start their climate change lending later on this year. i think this kind of gets in line with the ecb and many other central banks around the world that are suddenly adding a very explicit green agenda to their mandate. i think this is going to be a theme that is under registered by many markets around the world. anna: just getting a line out now saying governor kuroda san

this is bloomberg. ♪ alix: -- >> china has taken its most substantial move yet terrain in the -- yet to rein in their surging currency, putting pressure on it. confidential reports raise questions about whether iran is being transparent about its nuclear programs. at the same time, iran says it hopes the nuclear deal can be revived by august, when president rouhani's administration ends. he is expected to be succeeded by a hardliner. consumer prices rose an annual 2% in may, more than predicted by economists. global news 24 hours a day on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in over 120 countries. i am ritika gupta. this is bloomberg. alix: let's get back to some ism numbers. let's dig beneath the details here. overall, the ism solid. the order index rises, but the inventory index is at a record low and supplier delivery time is the highest, which means the worst, since 1974, and employment misses there too, pointing to may be a top out and expectations. her

this is bloomberg. bloomberg. >> this is "bloomberg daybreak."inn with first word headlines. federal reserve chair jerome powell maintains that the fed will be patient in waiting to lift borrowing costs. speaking before the house subcommittee on the coronavirus crisis, powell said recent price increases are bigger than expected. but he reiterated that they will likely wane. and some uncertainty around the timing. he said it's very unlikely that the u.s. economy will suffer from 19 certainties style inflation. -- 1970's file inflation. >> you'll see that it tends to be areas that are directly affected by the reopening. that's something that we'll go through over a period that will then be over. and it should not leave much of a mark on the ongoing inflation process. vonnie: india is concerned by china's military deployment along their disputed himalayan border. the foreign minister said uncertainty over whether beijing will fulfill its promise to reduce troops is another challenge for political relations. speaking to bloomberg at the qatar economi

we will both our bloomberg and bnn bloomberg audiences.e top stories we are following from around the world. biogen hat it's all cymer's drug approved by the fda in a landmark decision that could dramatically change treatment of the debilitating brain condition , and as a side effect, make owners of the stock very wealthy. we are looking for the open any second and live updates from apple's biggest event of the year as the world wide developers conference kicks off with software updates for the iphone and ipad. we will speak to the founder and ceo of latch, the maker of smart building operating systems, to discuss his company going public via spac. it looks like the bids are opened and it is up 55%. amanda: unsurprising in some ways. we have been waiting for biogen to start treating. 15% move. in the market that is pretty quiet, but this is important news. a general feeling that this may force a re-think analyst that have been pretty neutral on biogen so far. important development for this company and for the alzheimer's space. broad look

i am vonnie quinn, this is bloomberg. >> still ahead on bloomberg markets: asia, a topic the japanesegovernment says the company needs to pump at least ¥1 trillion into chip developers if it is to revive that industry. >> up next, docent a reprieve. more analysis on going's fall. also, the crypto options boom. this is bloomberg. ♪ >> turning to bitcoin now, it is looking like this in the asian session. seeing a little bit of green here. it has been fluctuating. we saw that big drop. joanna, it is china broadening its crackdown on the token. >> right. the pboc summoned the number of chinese banks and reminded them of the restrictions on crypto activities and that has put a lot of pressure on bitcoin again. it is trading close to the bottom, about 31,000-41,000. >> it is make or break for bitcoin. what are some of the key levels to watch going forward? >> we are looking at that 31,000 level. it has not hit since the quick drop in may. if it breaks through that, a lot of people think it could see a lot of downward momentum because there is a bit of an air pocket there. it could go to 20,

this is bloomberg bloomberg manus: this is bloomberg daybreak europe.i burger is alongside me and london. four of hsbc's most senior bankers in the u.s. are leaving the investment banker. it is all part of an overhaul. bloomberg understands that the head of debt capital markets is among those departing. changes come as hsbc plans to revamp its global banking business in america to better serve asian clients. joining us now is our editor, dave. great to have you with us. great work on this coup. how does it fit into the pivot to asia? >> it really reflects where the bank is going. these are four very senior bankers with about six decades of combined experience. anchors want to be where the action is. where the bank is growing. hsbc has made it clear that it will not be in the u.s. or europe but in asia. it is their roots and their future. hong kong and china is where they are putting their resources. that is where they are hiring. and that is where they are staking their future for future growth. dani: we also had some reporting on this wealth connection

this is bloomberg. ♪ >> welcome to bloomberg markets.me to our audiences each day at this hour. here are the top stories. the bank of canada stands -- we break down with francis. plus, u.s. infrastructure talks break down. we get more perspective on what could be the biggest package in decades with the former ceo of morgan stanley infrastructure. and, we discuss ferrari's decision to bring in an iphone innovator as its new ceo in what is seen as a watershed moment for the industry. amanda: we are watching these markets that remain range bound. it is in the same type sideways range we have seen for some time. you can see the nasdaq not showing particular leadership. many investors may be waiting for that cpi report tomorrow. although it is industry -- in it -- in just -- [indiscernible] >> perhaps the market is fully pricing and that the fed is in control of this thing and that it will be a transitory number and may be looking ahead to next week. one stock that jumped out is ups, down 5%. overall, we are not seeing big momentum like that.

this is bloomberg. dani: coming up, we hear from ivan glasenberg who's going to give us his view on china's efforts to cool the markets. ♪ dani: this is "bloomberg daybreak: europe." let's turn to commodities. the head of glencore says beijing's effort to cool the market will not last. ivan glasenberg told bloomberg prices will stay high and supply will not meet demand from the u.s. and china. he spoke at the qatar economic forum. >> you have the big infrastructure spender in china at the moment, the chinese got out of the problems. they started spending on infrastructure and pushing the infrastructure, fiscal spending. then the rise of commodity prices. you had disruptions in certain commodities because of covid and that tightened up supply, that allowed commodities to push up to where they are today. infrastructure -- we see it coming in the united states. the speculation of commodity prices picking up on the back of that will start driving them up. recently the chinese have tried to push it down to b

tom: we welcome all of you on bloomberg television and bloomberg radio. juncker -- david bianco of dws with us. i've been pickled so we are safe. lisa is still in another room. lisa: i love the idea of mom being currencies and dad being the bond market. there's a question about diversification in a world where you've got such polarized risks. how do you diversify in this new polarized world? tom: -- david: when there is uncertainty, we end investors do that, so we are diversified across asset classes, across equity regions, and we are trying to be diversified in our styles and segments and having our portfolio managers pick stocks. we are modestly overweight equities, mostly because we are concerned about the longer-term inflation and likely higher real estate risks of the bond market. so our presence thus far in equities, asian in particular, and in the united states we are aware. semiconductors, banks, but it is not the 1970's. we think the real risk is more monetary and fiscal in nature, and we would rather move from things like energies, industrials,

this is bloomberg. ♪ emily: welcome back to "bloomberg technology."ly chang in san francisco. back to the markets, big movers with ed ludlow. what are you following? ed: taking a look at tesla. started brightly on tuesday, opening up 3% but by the close, down almost 0.1%. first, one man, one of the core pieces of our management team, left the company on june 3. it was unexpected. he was recently promoted to lead the semi truck business, heavy trucking project tesla is trying to get off of the ground. it was announced that he had led. the shares took a hit in after hours. a lot of questions about why given his recent sideways move. there he is. tesla relies heavily on elon musk. so there are a lot of questions about what happened. the other big thing is china, shipment rebounded in may, at almost 30% from april. there was intense focus on china. look at this chart, one of the reasons tesla continues to grow while revenue from the likes of north america and some countries in europe start to plateau somewhat. it is a positive sign for investors that they

this is bloomberg.his is bloomberg day break, i'm anna edwards live in london with annmarie hordern. a month's long buildup in inflation that risks becoming more established as the economy strengthens, the figures are disstorlted by the pandemic given some credence to the theory that the rise to be transitory. samy, what surprised you most about the inflation numbers. most pointing that this is just transitory, the fact that was used cars, one of the big opponents are the optic, a substantial number. even if you were expecting weaker years or stable, you might expect them not to drop as far as they did. what surprised you? samy: a bit of a surprise when it comes to the fixed income markets. i would say this was not a report to settle between transitory and persistence. what we are looking for is confirmation, low in the inflation report, a limited number of subcomponents that is driving the headline number higher. when there is persistent inflation in an economic system, it's usually everywhere. it's na

this is bloomberg. ♪ ritika: this is "bloomberg markets."inwright, the realreal chairman and ceo. this is bloomberg. ♪ guy: live from london, i'm guy johnson alix steel is over in new york. this is "bloomberg markets." i was talking to dave calhoun yesterday of boeing. we need to get people very much back on airplanes. another person that i expect will be echoing that sentiment is the ceo of southwest, announcing that he is going to step down next year. he's been running southwest for more than 17 years. a lot of european carriers see him as the model, really. the vp of corporate services set to replace him. for more on this transition, brooke sutherland joining us now. was this expected? what does it mean? brooke: i don't think it was expected, but this is going to be a very orderly transition. gary kelly is going to step down next february, so was got a few more months of him in the top job, and then he is planning to remain executive chairman through at least 2026. that is ample time for wall street to get comfortable with this transition

this is bloomberg. ♪ s bloomberg. ♪ shery: the biggest u.s.ks are boosting payouts and continuing buybacks after clearing the fed's stress test. among the highlights, morgan stanley doubling its quarterly dividend to $0.70. let's bring in our finance editor. morgan stanley not disappointing. they are leading the pack. what are they saying? >> that is exactly right. morgan stanley doubled its quarterly dividend as you say, and announced as much as $12 billion in stock buybacks. they are the first of the biggest u.s. banks to come out and respond after the stress -- after passing the stress tests last week. it was only a couple hours ago they were allowed to tell the markets what they were up to. the morgan stanley ceo saying the bank has accumulated significant excess capital over the past several years and now has one of the largest capitals in the industry. shery: what about the other banks? nabila: look, as i say, they were only allowed to tell -- start telling their plans a couple hours ago. we have already seen goldman sachs my jp morgan c

this is bloomberg. haidi: coming up, our exclusive interview with the richest person in asia, mukesh ambani explains his company's transition to a sustainable business model. and senior executives are heading for the exit. details ahead. this is bloomberg. ♪ is is bloomberg. ♪ haidi: asia's richest person plans to transform every part of his refining to retail empire as he chases a net carbon neutral goal by 2035. speaking to bloomberg, the indian billionaire said every country had suffered during the pandemic. still, some were being left behind. mukesh: well, i think that covid is a once in a century humanitarian crisis. the world was not prepared for it. the prices tested the resilience of mankind. the world has suffered, but ultimately what will triumph is the human spirit. we've seen unprecedented global solidarity. the unthinkable has become possible. no one could have imagined that the world would produce a vaccine in less than a year, and vaccinate the whole world in a couple of years. so, i thin

welcome to bloomberg markets the european open. cash trade is lesson in our away here are your top headlines. vaccine optimism, stocks rise as modernity says their shop produces antibodies against the delta variant becoming dominant. feds christopher waller says the stress in the years economy warrants scaling back asset purchases sooner than expected. we will review the interview. view kate revamps state sis -- assistance, promising to make quick decisions then went britain within the eu. welcome to the program. welcome to the european market open. let's get you some breaking news , of everybody that is in that you kate growth story. numbers coming through. u.s. economy is shrieking by 1.6% in the first quarter from the previous quarter. getting an update on what to expect. we were expecting some shrinkage around 1.5%. this does look to be broadly in line with what had been anticipated. we are moving towards the end of the furlough scheme here. we are moving towards the end of a tax break for the housing sector. lots of questions

heard on bloomberg radio, seen on bloomberg tv, this is bloomberg. ♪ >> i think we are going to be shockedflation views over the next few months. >> we look at the economic data, and so far, so good. >> so what we've got is just a great reshuffling. >> i see inflation in commodities. i see inflation in some supply chains, some goods. but there is no generalized increase in inflation. >> monetary and fiscal policy have adjusted to all of those demographic headwinds. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. tom: good morning, everyone.

this is bloomberg. ♪ ritika: this is "bloomberg markets." coming up, the former u.s.hina. this is bloomberg. alix: the u.k. continues to see a rise in covid infections due to the spread of the delta variant. this puts prime minister boris johnson in a really tough position monday, when he's expected to announce whether he will proceed to the final stage of reopening. it looks increasingly likely that will get pushed back. sam fazeli of bloomberg intelligence joins us now. what is the latest data out of the u.k. on the delta variant? sam: we've just had, as we do every friday, a technical briefing out of the public health, which has enormous amount of data, and it shows the usual 40% to 60% increase in transmissibility, about a doubling in the risk of hospitalization, but what was also quite nice to see, they didn't really update the vaccine efficacy data, which we are looking forward to, but you find that only 5% of delta variant infections were in fully vaccinated people, compared to about 60% in unvaccinated people. and that number keeps getting better and better. b

this is bloomberg. ♪ ♪ anna: welcome back to "bloomberg markets: european open." 43 minutes into our see gains across european equity markets. the chemical sector doing particularly well today. england's freedom day seems to have been delayed. boris johnson announced he was pushing back lifting virus curbs by a month. the highly contagious delta very spreads -- variant spreads. the prime minister reassured britain's that an end is in sight. >> i am confident that we will not need more than four weeks and we will not new to go beyond july 19. it is unmistakably clear the vaccines are working on the -- and that sheer scale of the vaccine rollout has made our position incomparable better than previous waves. anna: we are joined by the night czar of the london assembly. this is bad news for the sector that you think about, the sector you are very fond of and that you represent. 4 extra weeks, this sector has been pretty much closed for 15 months. is this really going to be make or break or are we already partly broken for some parts of the sector? amy: great to be with you. the delay to

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this is bloomberg. ♪ manus: this is "bloomberg daybreak: europe."th me, manus cranny, in dubai. the u.k. has seen a milestone in the path out of the pandemic, for the first time since last march, the economy reported -- the country reported zero deaths yesterday. it's adding to optimist him around the u.k. economic recovery, hoping the prime minister will push ahead with ending the final restrictions. what is the best case for the u.k., you've got the euphoria around the u.k.. a senior european equity strategist is with bloomberg intelligence. we have this euphoria on the vaccine and business optimism. the equity market has underperformed the european markets recently, but will that continue? >> it's rather ironic in ways, you've got all this good news and yet the ftse has underperformed pretty dramatically. up 10% year to date, but the rest of europe is up between 10% and fort -- between 14% and 20%. it's about valuation. you have a chart right here which shows the relative valuation of the ftse over a number of years, and we are at a multiyear low

bloomberg's john liu.'s turn from chinese trade the chinese monetary policy and the currency markets. chris turner from ing is still with us. the pboc seems -- well, how unhappy is the pboc about the strength in the chinese currency? you might think they like the ability to import commodities more cheaply, but there is a suggestion they want to slow down this appreciation. >> i'm surprised how quickly they reacted. there was a story bloomberg ran -- an article written by the pboc -- but it did not stop markets from jumping on the story driving the office or -- offshore cnh a lot stronger. very quickly, chinese authorities instituted fx reserve requirements to break the one-way mentality of appreciation. at the same time they are trying to endorse -- introduce more liberalized fx regime, a massive intervention we saw back in the 2000s when the dollar was weaker and asian currencies were stronger across the board. i'm surprised how quickly they reacted. mark: dollar see ny and bloomberg dollar -- dollar-cny

this is bloomberg. -- i am vonnie quinn. this is bloomberg.: more than 2 billion vaccinations have been given globally as the world races to control the covid pandemic. the current pace it will take nine more months to vaccinate 75% of the global population, the threshold considered to provide so-called herd immunity. let's bring in michelle cortez. this is coming at a time when the white house plans to door night -- donate millions of vaccines. how much will this help? reporter: u.s. will donate about 25 million vaccines through covax at this point. which is a public-private partnership designed to get vaccines to the developing world. it is obviously 25 million -- it is a tiny drop in the bucket compared to what is needed across the world. billions and billions. but it is a step in the right direction, especially as we need to make sure that the hotspots, where the virus is really starting to take hold, at some protection with vaccinations. tesch get some protection with vaccinations. -- get some protection with vaccinations. we are hearing

this is bloomberg. ♪ ritika: this is "bloomberg markets."gupta come alive in the prince of the room -- ritika gupta, live in the principal room. coming up, the kkr head of asset allocation. this is bloomberg. ♪ let's check in on the bloomberg first word news. benjamin netanyahu is already plotting a comeback. the israeli leader was voted out of office on sunday, replaced by a shaky government alliance. netanyahu issued a pointed warning in his last moments as prime minister, saying "we'll be back soon." the new coalition will govern with a slim geordie, -- a slim majority, commending 61 votes out of the parliament's 120 seats. in an interview on nbc, vladimir putin said it is becoming farcical when asked about the poisoning of alexi navalny. putin said russia isn't in the habit of assassinations. putin is due to meet president biden in geneva on wednesday. the u.k. won't be coming out of its pandemic lockdown just yet. british prime minister boris johnson expected to announce today that he will not lift england's virus curb for four more wee

this is bloomberg. ♪ ♪ matt: this is "bloomberg markets."n dividends can be big returns for investors and built a steady source of income. you may not know this, and amanda, the kids are daytrading in and out of these things, but john authers points out that if you have invested in dividend yielding stocks in the past few decades, you've made a ton of money. >> obviously there is income compliance. you've got to reinvest dividends to capture that long-term upside. that was a good call, though set aside some time to read it because it is complicated. one question i have, is there a right time to invest in dividends, and conversely a wrong time? matt: especially as we look at the popularity of meme stocks, tech stocks taking off, everybody wants growth but one person we talked to made a lot of money investing in the so-called dogs of the dow. dave king at columbia, thread needle investments, dave, when you look at these stocks, you are not talking super sexy names with internet platforms or that are involved with cryptocurrencies, you are talk

this is bloomberg.hery: you're watching the senate floor right now. they are voting on voting rights legislation that is ongoing. we are hearing senate republicans have the votes to block that voting rights bill. pretty much expected. senate democrats going ahead with a test vote today on a broad overhaul of u.s. elections. democratic leaders have made the bill a top priority. we are expecting the voting rights bill to be blocked by senate republicans. it puts the focus on the filibuster rule. that seems to be a big game by senate democrats who are carrying out this note today. let's now turn to vonnie quinn with the first word headlines. vonnie: the united states is likely to under shoot president biden's vaccine target. the white house now says only people aged 27 and above will meet that target. it will take two extra weeks to hit the 78% mark for everybody 18 and older. the u.s. is administering about 1.1 million vaccines each day. china will keep the covid restriction -- cook border restrictions in

this is bloomberg. yvonne: how far will the oil rally go? we have the outlook from bandana insights --vanda insights. haslinda: and we continue our coverage of j.p. morgan's global china summit. our chief asia correspondent stephen engle is there. steve? stephen: i am here. we will come back after the break with a special guest, that china ceo for j.p. morgan. he is sitting here waiting to be interviewed. of course, jamie dimon, the ceo, he wants 100% ownership of his ventures in china. all wall street banks do, don't they. we will get more on the opportunities and challenges,, coming up. -- this is bloomberg. ♪ yvonne: our coverage of the j.p. morgan global china summit continues. stephen engle is joined by our next guest. take it away. stephen: thanks, ivanka. let's get to it right now. . mark leung is my guest, china ceo for j.p. morgan. and for having us at your global china summit. mark: thanks, steve. stephen:. stephen: that face of opening the china market has been remarkable it has been said. j.

this is bloomberg. ♪oomberg. ♪ matt: welcome back to bloomberg markets.uropean open. 10 minutes to go until the start of trading. the second day of the week for most of us on the continent. yesterday, the u.k. markets and u.s. markets were closed. in the u.k., it was for a bank holiday. it does not have an official name but i found out through research that this was the bank holiday for whit sunday. it got moved a week later because there are two holidays in may. a fascinating topic. in any case, memorial day in the u.s. here is what futures look like in terms of european futurists. gains on the continent and in the ftse as well. u.s. futures come up 0.1%. drought the morning, we are gaining steam to the upside in terms of futures and we should see a positive open here in europe. let's get to your stocks to watch with dani burger who has a focus on -- i know you are going to focus on the oil stocks because we teased that but i also see a couple of interesting names including nokia and daimler. dani: you would not necessarily pair these together but if you

this is bloomberg. ♪ shery: hello "bloomberg daybreak: asia."aking a look at major markets across asia. asians shot -- stocks look set for a mixed session as the reflation trade losing steam. banking shares jumped in extended trade as wall street enters -- wall street has a bonanza buybacks and dividends. and billions of. dollars into key industries. let's. get you to the market -- let's get used to the market opens in so, tokyo, and city. sophie: opening lower with the topics losing .6% with the reflation trade stalling in asia. yen holding steady with the latest data from japan, jobless higher to 3% inmate. we did see a drop in japan's retail sales narrowing. circulation billing on the size of the extra budget expected to be a record. yonhap news reporting already 3 trillion you want could beat this number as the country takes a bullish look on growth to 4.2% and korean bond futures tech higher sapping declines we have seen lightly. markets are pricing for a hawkish rate outlook for the be ok. the korean won holding around 1130 and the kospi u

this is bloomberg.the stocks starting the second half with regard highs, our next guest is developed equities outside the u.s. eric knutson is a multiclass c.i.o., eric, it's great to have you with us. it was really interesting to see the trade today, we had that re-flationary doing well, despite virus concerns. it's been underperforming for a while, the chat on the bloomberg showing what they have done in the last few months compared to other larger caps. why are you convinced that the smaller names will do well? eric: small cap stocks for nine months starting in the fourth quarter of last year, this was really a view that we were going to be able to benefit from early cycle growth and really one-way markets and very strong directionalities in markets, supporting by growth, monetary and fiscal and low interest rates and continued accommodation and reasonably well behaved inflation, inflation on base effects, but not necessarily hitting kind of high inflation levels yet. now, that worked through the mar

welcome to "bloomberg markets." after a couple of days of going nowhere fast, we now have some other stuff going on. a deeply -- adp employment coming in very strong. . . . initial jobless claims falling below 400,000. s&p off by 0.7%. every sector except energy firmly in the red. as a barometer for what the market is feeling about those bond purchases, down by 0.1%. as you got better data out of the jobless claims, as well as adp, you saw the dollar move higher, yields also move higher, so that money pumping into the fx market. the bloomberg dollar index up by 0.6%, reversing the decline of the past few months. that is your broad macro set up. within that, we have a lot of that fun emc stock, which we will get to an a second. this get to mike mckee looking at the services data. michael: we get a better than reported headline number, six d4 .0. the forecast was for 63.2, up from 62.7, so the services industries continued to expand at a faster pace. business activity at 66.2 from 62.7. the numbers we are trying to wa

this is bloomberg. ♪ anna: welcome back to "bloomberg markets: european open."until the start of cash equity trading herein europe. stocks in asia and european future slip as investors look to key inflation data and the ecb meeting later this week. delivering bad news, amazon will be covered by the g7 tax deal, the numeral could target it's profitable cloud computing. a game changer, u.s. regulators give the nod to biogen's controversial therapy, the first alzheimer's drug in 20 years. welcome back to "bloomberg markets: european open." let's look where we are on european equity market futures. we have seen a little deterioration, but it seems fairly flat. expectations were not moving that far on the back of weakness in asia, not such a big move, down 0.2% on the msci asia pacific. let's see where these european equity markets open, and we are expecting a sideways move. the ftse 100 fairly flat, that is the first market to open. the stoxx 600 registering fairly flat after a strong performance yesterday. we saw european equity markets closing at a record, the sto