let's get your top headlines from the bloomberg terminal. tech turnaroun

you can look at that on your bloomberg terminal. caroline: no. heve it when we plug t terminal. for is notable is a promise average inflation targeted you let inflation run hot weather projections looks like it is not going to run hot. not until 2023. they still's inflation just about hitting 2%. one person on the committee thinks we might get to 2.4%. generally are we going to see inflation gather? joe: joining us for more on the fed's decision is bloomberg's matt boesler. matt, it seems like a new thing that caught people by surprise was the focus on maximum employment. so, creating more of a framework and forward guidance. of what wasetails announced today fit into what powell said in jackson hole several weeks ago in terms of this broader framework for the fed going forward? >> yeah, so i think the way to understand the forward guidance the fed introduced today about interest rates and how that kind of fits into this new average inflation target framework is know, meant as coming you something to distinguish between what they are going to do this time versus what they did la

let's get your top headlines from the bloomberg terminal. tech turnaround. the nasdaq 100 posted its biggest rally since april. zoom and tesla lead the balance for the electric carmaker jumping over 10%. lawmakers become lawbreakers. the e.u. considers legal action over the u.k.'s plan to breach the brexit deal. the two sides hold an emergency meeting today. class growing confit -- plus growing confidence. hold ass set to stay on bloomberg learns some officials now see a reduced need for further stimulus down the line. as i said, just under one hour away from the start of cash equity trading in europe. let's take a look at futures first. we do see gains on dax futures up about .4% right now. also, euro stocks futures are up. but you do see ftse futures down this morning so keep your eye on that divergence. in terms of u.s. futures's, after the gains yesterday, we see continued gains in futures with dow and s&p many contracts up .2%. anna? talk about what's going on in the asian session in terms of the gmm. we have had a day where we have seen real resurgence

these are your top headlines from the bloomberg terminal -- it.ayes have by was johnson's plan passests first hurdle in parliament. but he faces big obstacles in the house of lords. heated debate -- president trump clashes with california state officials over whether climate change is causing wildfires in the region. and the acts falls at the -- the citi,lls at citigroup resuming job cuts. anna: absolutely, let's talk about the jobs market, specifically in the u.k., we are getting jobs numbers coming through. jobless claims arising by 73,700 in august. to give you some context to that, that is lower than the previous number. in the prior month, jobless claims numbers rose by 94,000 in july. perhaps if you are looking at that rate of change or the pace of the surge we have seen in jobless claims, it is not as much as last month, but we are living in a very strange o job market in the uk given the furlough scheme that is keeping in a life-support certain businesses thereby limiting the number of jobless claims. in the unemployment rate, the same applies. for threeoyment rate months is i

here are your top headlines from the bloomberg terminal. confirmed coronavirus deaths top one million globally but some estimates are double that. angela merkel warns about a christmas virus bike as the netherlands imposes a three-week curfew on bars and restaurants. stimulus still drives stocks. house democrats released a scaled-back $2.2 trillion proposal. president trump goes head-to-head with joe biden tonight in the first u.s. presidential debate. out free now, considering the purchase of daimler and bmw's joint shares 3% -- .3% into the close. let's take a look at futures. we see green arrows, but only up .1 or .2%. u.s. futures are doing better at this early hour, up one third of 1%. regardless of where you look, the dow jones, s&p, or nasdaq, contracts are rising. what do you see on the gmm? anna: a fascinating day yesterday in markets, with gains of more than 3% on some european markets. as you have been through, futures looking more subdued, and that is the case in the asian session. we are flat on the msci asia-pacific. the south

headlines fromop the bloomberg terminals. better than feared. the german government expects this year's contraction to be less severe than previously forecast. the economy minister presents new forecasts today amid data from across the region. for more years? jpmorgan says investors should position for rising odds of donald trump winning the reelection as the president visits kenosha, wisconsin. apple's production glitch. they asked suppliers to build at least 75 million 5g iphones for later this year in a sign that demand is holding up. just under one hour away from the start of cash trading across europe. let's take a look at what futures are showing yesterday after we closed yesterday down across the board in europe. we are now seeing futures rise. the ftse didn't sure cash in the futures are down. index seeing the equity closed down with trading higher. since the ftse missed out on the drop its futures are trading lower. we have green arrows and the nasdaq is looking at one set and 2/10 gains. closewe saw the ftse because of the holiday. to

on the bloomberg terminal, negative 1.10. lisa: you think real yield could be affected by tesla stock? tom: no. what i'm looking at is a negative 1.10%. for that to go down would be something economists and strategists will look at. gabriela santos joins us, strategist at jp morgan. i want you to do your foreign exchange act now. has disassociated itself or major currencies. what does it signal that we have seen persistent e.m. weakness over the last number of weeks? gabriela: you are right to point out that the dollar weakness we have been seeing for the past few months has been more concentrated. i think that is a reflection about optimism about growth in europe, e.u. recovery funds lowering. and less worries about the u.s.. in emerging markets, you do have ofkets of concern in terms economic and fiscal situations, namely in countries that have had a harder time with covid, like latin america. you are truly expert at this. the solution for latin america and this pandemic, the distribution of the 45% or whatever is frighteni

tom: there is a rumor you have an understanding of the bloomberg terminal.f i go in there and look at u.s. banks, particularly the european banks, they are at bargain valuations on book value. what does that mean to you? >> european banks got hit regardingon concerns their behavior, but i think the bigger issue is two fold. spokenwhich, we have not about this in the past is the rate story. banks are cyclical but they increasingly come to trade with rates. that is true in the u.s.. it has been a dynamic since the financial crisis. the 10 year does not move much. is pegged atield 70 basis points because of fed policy. you are not seeing the same rebound in banks who would expect even with people becoming more optimistic. the other challenge, as we spoke about, a democratic sweep might be supportive of cyclicals. if you get infrastructure. the other thing you may get with a democratic administration is a more difficult regulatory regime. i think that also is hurting the performance of u.s. banks. tom: what about technology? bloomberg intelligence has put a lot

continue higher question mark relative to coppola -- copper, another driver, if we going to the bloomberg terminale bigger driver could be the dollar. this is the one year chart and orange, and in white we have the bloomberg dollar index. going into the march low for copper and stocks, we see the dollar was at an all-time high right before the full impact of the beds liquidity activity. when the fed was all in, you see the index coming in down 11% from that march hi to today. that has really spurred this risk rally because the commodities denominated in dollar, so up more than 50 percent over that time. perhaps less of a tell in terms of the economy, and pointing to the idea of the weakness ahead, another chart, this is cftc positioning. right now a lot of the copper bulls went in on this. , and back in when he 19, net short at the beginning of this year very briefly net long and then down on the bear market. now close to the record high long position for copper. the copper rally may not continue for so much longer. very much indeed. next.ccormick joins us a bit of a turnaround on the ism number.

-- bloomberg terminal. the next

all you have to do is look on the bloomberg terminal the volatility index to see how much investors arenticipating a volatile zone november and december as it relates to politics. it is not just the election that is driving this volatility. it is also the confirmation to the supreme court of amy coney barrett. it is also the affordable care act that is set to begin. quite literally in many ways on the ballot on november 3. then, fiscal stimulus. democrats are set to vote on a $2.4 trillion economic stimulus plan. this could be the last chance before the election. >> that was kevin cirilli joining us from cleveland ahead of a busy night as we head toward the presidential debate. coverageave special beginning in a couple of hours. 8:30 p.m. here in new york. plus, more analysis ahead. now let's get to karina mitchell. eyes may be on cleveland for the debate tonight, but there is politicking happening in washington. the house may vote on a virus relief package this week. and steven mnuchin have discussed the democrats latest plan and hopes of striking a deal before the election. the democr

really can't say enough about mliv, some original analysis on market dynamics, that on the bloomberg terminale up 27. dow futures are up 150. we're getting a bit of stasis in bonds, away from the lower yield we have seen in bonds in the morning. i don't want to overplay that. nevertheless, we are trying to get to a risk-on feel as well. coming up, i really important conversation for those of you that leave in growth, charles kantor of newberger berman in our next hour. this is bloomberg. ♪ good morning. ♪ ♪ ♪ ♪ the big events are back. xfinity is your home for the return of live sports. so you're a small bor a big one. you were thriving, but then... oh. ah. okay. plan, pivot. how do you bounce back? you don't, you bounce forward, with serious and reliable internet. powered by the largest gig speed network in america. but is it secure? sure it's secure. and even if the power goes down, your connection doesn't. so how do i do this? you don't do this. we do this, together. bounce forward, with comcast business. tom: this morning, well, i guess it is a correction, the nasdaq down 100%, the dow cr

frankfurt.n good morning, one red line across the bloomberg terminal before we begin to the prevarication at the fed. mersch is saying the pandemic program flexibility must not apply to qe. a couple of other lines. let's begin to them. he says he's not aware of any push to extend. these are breaking lines. i know you are looking at these as well. what else have we got? annmarie: yes, he is a hawk, obviously, but he does not want the flexibility to apply to older asset purchasing programs. we are going to talk about the fed. an inflation debate taking place. clearly, this is something we are seeing take place at the ecb also. trillion in terms of emergency. what will happen next in terms of size and scope? let's circle back. the hawks are flying, aren't they? by the way, what happened to we are not even thinking about thinking about -- annmarie: about hiking? i think helie evans, literally lit the torch under the dollar, lit the torch under obfuscation from the fed. three names over the past few days. bullard. kaplan wants two-way capacity. now charlie evans says the fed plan allows us to

it is easy to do on the bloomberg terminal, they've got 47,000 warm bodies commerzbank.hatcope are needed? colleague has gotten members. [indiscernible] if you look at the cost base that does not generate revenue, you are talking 30% in some cases. in a world where digital is taking over, not just retail but corporate, they need a source of cuts that we are going to see. does the pandemic and working from home actually make these cuts easier to implement? got tone hand, you've the network. in the u.k., what do the elderly do? there is that big social debate. i do not think it makes it any easier. now. but, the pandemic has accelerated digital advancement. it has accelerated the need for them to do it because they discovered we can do more a lot quickly than we thought. this was supposed to be a three to four year plan, they have probably got not -- they have probably done two years and six months. see oure: where will be first cross-border consolidation? >> with commerzbank, they look too deutsche. now you've got ubs talking deutsche bank. credit suisse may, or maybe the

find it on bloomberg.com and the bloomberg terminal.n hour and 12 minutes away from the opening bell. session highs on the s&p 500, up 26. we advance .75%. against dollar weaker absolutely everything. euro-dollar up point 15%. starley and -- sterling advancing .5%. the aussie dollar up .6% pure gives raphael of risk on. one market yield a little bit high. the fed decision coming up tomorrow. tom: very good. the vix and with a 25 handle. a 24 print would be something. we do have a lower fix with the elevated futures, 25.30 3% on the vix right now. there is an m&a frenzy. we heard robert profusek from jones day moments ago, and we can talk to everyone across the bloomberg intelligence landscape, as well. --in witmer is in charge of you have got to do something about it, a transactions and deals leader. thank you so much for joining us. define the new synergy. i want you to define the ballet were two come together and there is a certitude about the cost reductions we're going to see. are they the same as five years ago or is there a new sy

check it out online and live go bloomberg terminal.seeing reduced flows into the development world. a lot of questions about just how devastated some of the economies are. this is great. paul sweeney, loved having you on. i am lisa abramowicz. tom keene and jonathan ferro back later this week. this is "bloomberg surveillance." ♪ ♪ taylor: from new york city our viewers worldwide, i am taylor riggs in for jonathan ferro. the countdown to the open starts right now. we begin with the big issues. investors evaluating economic recovery ahead of friday's critical payrolls report. >> the economy is still recovering overall. >> you look at pmi, you look at retail sales, you look at housing activity. >> we expect recovery to continue. >> we do not expected to be robust. >> not a v-shaped recovery. >> let's not forget the labor market. >> i keep looking for a reason to get bearish. >> policy is getting to be an issue. >> the market continues to grind higher. >> unless the economy turns down again. >> a deceleration in growth. of aere is a real r

at theake a look bloomberg terminal, two basis points on a 2-year note. the bit of the front end of the bond market today, all about the prospect that the bankrate and bank of england going into negative interest rates. and bank of england actively very to do that off of headlines. tom: and a bank of england with a set of single headlines we see in white and a red one is an important one. it looks like a central bank headlines versus what we saw at 2:00 p.m. yesterday. jon: the bank of england getting ready for negative interest rates and the pound is plunging. cable down .6%. negative interest rates worldwide. a representative from sugars investment coming up next. good morning to our audience worldwide alongside tom keene and lisa abramowicz, i'm jon ferro. this is "bloomberg surveillance." >> with first word news, i'm ripped the group to. president trump slapped down some of his health -- ritika gupta. president trump slapped down some of his health officials saying a coronavirus vaccine could be distributed as early as next month. robert redfield said

this chart on the bloomberg terminal showing the faang stocks looking overbought.oining us to test the valuation waters is the chairman and cio of cumberland advisors. both continue to drive stocks higher in this environment we have with tech leading the way despite warnings of bubbles over narrowing market breadth. rich?luations looking >> we watched this remarkable rally in tech stocks. we all ask ourselves the same question over and over. how extended are valuations? then we see reports of earnings and there are positive earnings surprises coming from the tech companies. that would suggest if that momentum continues, that in fact, they are not yet overvalued. it is a very difficult chart course to take foreign investor today. sophie: what speed bumps could be ahead for tech? issue -- i was not sure -- i did not hear you completely, that i think the issue is what to look for and when to make a change. there is a great difficulty for investors if they did not get a position. if they have a position, they are letting it run. that is what we are doing. if they do no

that happens with the bloomberg terminal. kevin, i need to bring it back. of course, jon ferro looking at china and tiktok. i think jon will bring that up in a moment. when we are done with our remembrances, how do we move forward to the sunday talk shows? 50 days to we breach the election next week. kevin: from a foreign policy standpoint, the conversation with regards to september 11 presents an opportunity for president trump to discuss the troop withdrawal he announced several days ago with regards to iraq. we should also note the peace talks with the taliban in afghanistan this weekend. that could also present a potential breakthrough. in terms of the politics of the sunday shows, bob woodward is going to be continuing to talk, and i think that will continue to have more conversations in the coming days. jonathan: what just happened in the senate? actionwell, nothing in happened in the senate. a skinny deal was dead on arrival, and wasn't able to break through. steps, itf the next is increasingly unlikely that this is going to get to some type of deal

if wechnical support -- go to the bloomberg terminal and take a look at a one your chart of apple, we are going to see a grossly overextended stock. shares of apple, 75% above the 200 day moving average. actually 66%, but quite a bit. onlye february apple was 42% above its 200 day moving average. that's the degree to which buyers are more enthusiastic than the long-term buyers. the yellow line represents the long-term buying support. at some point apple will drop back down to the 200 day moving average. it happened time over time, typically around iphone cycles. matt said he would not be surprised to see 20%. if we see that drop over the next week or months, that would be a 30% to 40% drop. take a look at this 10 year chart. even though they are scheduling 75 million iphone scales -- sales, could be tough selling ahead for apple at some point. emily: we will be watching and talking more about apple. bloomberg's abigail doolittle, thank you for that update. 75 million iphone target for the coming fall season. by a bloomberg reporter who covers the company for us and helped break this s

this is the grr function for the stoxx 600 on your bloomberg terminal. banks have not done well.is a story that has not particularly performed. we see bad numbers out of the banking sector over last few months. a very flat curve, which has meant the net interest margin story has been quite bad. banks are generally underperforming. elsewhere you have seen some of the staples. we could probably go back to that. the top end of the market easy cyclicals doing well. you see travel and leisure stops doing well. we have flipped onto the mrr. let's talk a little bit about that. g4s is potentially one that could be taken private. that stock up 75%. we also see companies that could benefit from the deal being pursued in europe. market, it hashe been those that have had exposure to the travel sector that have not done well. tryingoyce, which is now to figure out what it is going to do in terms of its liquidity position, rolls-royce down very hard. it looks like the kuwaitis could be taking a state that business. elsewhere you see some of the banks trading lower. financial companies having n

one of them is trying to add up in the bloomberg terminal, the mergers and acquisition examine we arencluding what we saw in london. you get up to 80 billion, 90 billion, you lose count after 100 billion. a member of jones day, head of mergers and acquisitions command has many decades of experience in all different shades of m&a, and we're thrilled he can join us again. it has been way too long since you have been on. what is different this time around in the many billions of the m&a derby? --l differencee biggest -- the markets have -- many have focused on the equity capital markets, but the debt markets are just mind blowingly supported. others on your show always talk about how that supports the equity markets, too. but it really is a great bone for m&a. and if you stand back over those decades, m&a generally tracks what the equity markets do. and i think we're starting to see that. well,lot of people say, yesterday is a one-off thing. tiktok is political, not an economic event. deal was kind of for sale because of other issues that softbank has. yeah, that is true, but there was a

do you by what we are seeing on the bloomberg terminal of not collapse just trade and good trade overt decade? david: i would say in the last year or two trade has been down a bit because there of been tariffs, their been trade barriers and other discussions, and also we have had a bad pandemic that slowed down the global economy. i think it will come back. i think after the election, whoever wins will begin to see international trade pickup. there are a number of countries suffering from the pandemic and it will take it will take a while for them to recover. one aspect of your discussion had to do with china and asia, which is a big part of the emerging world and cannot be continued as such. better-than-expected economic data overnight. -- is it doing a better job in controlling the virus, or is there something else at play? david: china, if we believe the statistics, has had fewer people die than we have had in the united states. i think most people are going back to work in china. in the united states people are still working remotely. china in our lifetime may be the biggest econo

you can check out the president's speech happening right now on the bloomberg terminal. ive go. that does it for this edition of "bloomberg technology." i'm emily chang. "bloomberg daybreak: australia" is next. this is bloomberg. ♪ >> very good morning and welcome ." i'mybreak australia haidi stroud-watts in sydney. shery: good evening world headquarters in new york. i'm shery ahn. gains u.s. stocks erased with jerome powell warning of an un-second on -- and uncertain economic rebound without certain stimulus.

it that way, we're talking to people on wall street, the iphone is so essential, it's like a bloomberg terminal in a way. you're just paying into it sort of a regular service every month, every year, and you're not going to get rid of it, and the more essential every aspect of it starts to feel to you and the more you just are used to paying a monthly fee for whatever that ends up being, including the hardware, including all the services, i think the more sticky cycle you'll know you'll get that regular upgrade, everything becomes more predictable and it's just part of your life. >>> apple shares up around 1.7% right now. we'll keep a close eye and maybe see you guys again as this plays itself out thank you so much, ed lee and steve kovak, for giving some color on their product launches. >>> where the economy will fully recover is where the debate now lies >>> plus, washington at a standstill over the next stimulus package could mini deals be the answer moving forward >>> and the social stock keybank says has all the benefits with atnimal risk th's all coming up ahead, on "the exchange." who is

tom: we just have some lines crossing the bloomberg terminal by now.wner, this is based in beijing, it is gaining confidence that beijing, the government here will ok this deal. this seems like another piece of the puzzle is being put together. we have revised terms sent from the treasury to oracle. we know that they have agreed to those revised terms, a key component, a key piece of the puzzle is beijing. it seems according to this reporting that they are getting closer to getting the approval, the other key piece of the puzzle is president trump. reminder -- wea get these reminders almost on a daily basis of the u.s. china tensions. strategy for hedging? think that the tension is a macro element. any hike, noeen dollar funding restrictions on china banks. something that could put china under much pressure. we have not seen this at the moment. of course, it is necessary to have some hedge. you have a number of dimensions in this rising tension. imagine we are going to talk again about the hike. it can be through the technology sector. some names have

-- bloomberg terminal. the next wave, germany, france, and the u.k. report rises in daily virus cases. in some cases, records. chancellor warns of an unemployment tragedy. markets tick higher in spite of the dire warnings across europe. europeile section on ends in the green after the s&p dipped into negative territory. the trillion dollar gap. a $2.4mocrats draft million stimulus bill. as mnuchin says he is ready to talk trump. we will be following this closely for you. let's take a look at what futures are showing. pointingfutures higher. we are looking at gains of 0.4%. u.s. futures also pointing higher for this friday, about 0.25%. the pain in which contract you look at. the -- c anday in the gmm? >> the asian equities session going to the upside. futures pointed out in the asian equity session, up 0.4%. indonesia, australia, india, all those markets moving to the upside. is pushing us upwards just a little bit. we are all about the physical right now. the fed talking about the need for fiscal stimulus.

bloomberg radio as well at 9:00 a.m. u.k. time. switch on the tv and turn on london dab digital radio, or o> on theo gender diversity. jane fraser to become the first female ceo of a wall street bank. this is bloomberg. ♪ matt: welcome back to bloomberg markets, this is "the european open." we are 21 minutes into the session. the market has turned slightly higher, the ftse up 0.25% even as the pound gains over the dollar. individual movers, let's go to dani burger. dani: the biggest mover on the stoxx 600 to the upside is this company. the funder's company is called next private. the offer price is four euros and $.11, but it is trading just above that with a 26% gain. it is the biggest share increase on a daily basis in the year for the company. next we have this company gaining 16%, not a great story if you are feeling hungry this morning, a lot of frozen and baked goods, cookies, things like that. they had a pretty tough year, down 40%. because of that, a lot of takeover interest from funds and other companies. the latest we have heard from is paul sanders area to management, in advanced talks wit