you can follow that as well on your bloomberg terminal.loomberg. ♪ this is bloomberg. ♪ matt: this is bloomberg markets. i'm matt miller. ibm reported its biggest increase in revenue in three years on the back of strong cloud computing demand, showing its pivot to the fast-growing market of cloud is started to pay off. for more, let's bring in howard boville, senior ibm hybrid vice president. it is a pretty exciting business. you guys have shown great success here. is growth going to continue at this level? howard: we have come in as a relatively new entrant in the market segment we are going for, the regulatory industries of government financial services, telco, health. the reason we focused on those areas, they have a low penetration from the cloud aspect. we expect to see this growth that we now have continue across all the assets we have, software systems, cloud base, consul systems. greg: it seems like one of the biggest prizes out there right now in terms of winning a new contract is what will replace the jedi cloud computing project

that is a great story, go read it on the bloomberg terminal.lways feel like we talk about ai, machine learning without any real tangible evidence. it is clearly not moving the way they expected. >> they are getting better but there is some work to do. >> they don't know -- i don't know if i am a real person or not. >> your biggest -- your deepest secrets. that is what real love could be. you don't want to miss the show tomorrow, we have -- of course, we are worried about what will be happening in terms of covid, the delta variant. quite there is a big concert in central -- >> there is a big concert in central park. >> we are all going back in. >> this is bloomberg. ♪ introducing xfinity rewards. our very own way of thanking you just for being with us. enjoy rewards like movie night specials. xfinity mobile benefits. ...and exclusive experiences, like the chance to win tickets to see watch what happens live. hey! it's me. the longer you've been with us... the more rewards you can get. like sharpening your cooking skills with a top chef. join for

tom: the thing i see on the bloomberg terminal is gdp second look, 6.6%.re any papers at jackson hole that will address how america comes out of a boom economy different than the last boom economy of 1947? michael: it does not look like that is a topic, how it comes out of it. there will be talk of how monetary policy deals with the new environment we find ourselves in. you have to establish what your new environment is. you mention 6.6%, which is .1% better than the initial report, .1% worse than the forecast. personal consumption .1% better, 11.9% compared to 11.8%. not a major adjustment. what i was wondering about is inventories. i will have to look for that in a second. that will be the swing factor going forward. lisa: it is interesting to me that markets are not moving much on the data, even though there is some surprised, especially the downside consistently across the board. not just the wrong kind of upside surprise, jobless claims higher, which is bad, but it is also personal consumption coming in softer than expected. i wonder to what degree ma

tom: we all have different data screens on the bloomberg terminal.ooks different than lisa's looks different than mine. but the fixed income section on my screen, i am sort of saying, really? jonathan: it is europe, it is asia, it is japan. and lisa, the short squeeze in the bond market, and a victim of that short squeeze, too. lisa: this hedge fund came out with a 10% loss in its macro fund, and the idea being this had been a hedge fund that had not seen a loss in about a decade. it lost $1.5 billion in this rates squeeze, and it just highlights it makes sense for yields to go higher, for that yield curve to actually steepen. that is what everybody was betting. it just shows how you can absolutely -- you get absolutely slammed if you try to bet against this bond market, and this is one thing i am concerned about. how much are the bears getting eaten out of the market, creating a potential fragility that people are underestimating? jonathan: great reporting from the team, revealing that fund's pain. cvs, beat and raise. beating on earnings, raising t

you can go to the bloomberg terminal are the website.t in where you want to travel to and from and it gives you the vaccination rate and how easy it is to travel. how easy was it to put this data together? >> i love that question. the answer is it was not. it was incredibly difficult. one of the things we were trying to figure out is how do you even go about doing this? there is no central repository for any of this data until now. there is no great way to compare but it is like on the ground in major financial capitals until now. there is no way to compare how cities are doing in terms of vaccinations against each other. what we discovered as we were putting this together was that we were going to have to build a bunch of it. vanke fully, one of the things that we have been able to have is a great team around the globe on six continents. the team has been looking at what is going on and being able to say, this is what you would see if you could get in and here is whether or not you can get in because it is not always the same case. some

matt: on the bloomberg terminal, if you type in fed_bal, you get a look at the balance sheet.t is amazing, the sheer size of the balance sheet but also the makeup. mbs, agency securities take up trillions of dollars. is that really necessary when we have this type of housing market? claudia: it is important to understand, what the federal reserve is doing is trying to put downward pressure on long-term interest rates. because they are trying to get activity, trying to get consumers out there, things moving. the fed does not have a fine dial that it can turn exactly -- we have a $21 trillion economy. the fed is working around the edges. frankly, i think it is a misplaced conversation about getting in and engineering exactly what they do. jay powell's press conferences have been pretty clear, the fomc as a whole is pushing against this narrative. the reserve bank presidents, those people that continue to talk about this, they are not a voting block on the fomc. i love the discourse, let's have the debate, but i don't want us to waste time on these details when the bigger picture

for our terminal subscribers, you can go live on the bloomberg terminal and continue listening in here. we should point out, we are hoping to get some word here about the affection crisis. earlier, about the federal efforts to extend that addiction moratorium, which effectively expired at the end of july. we will keep an ear out for that. you're watching what'd you miss i'm romaine bostick alongside caroline hyde and joe weisenthal. this is a reminder of the challenges of getting us back out there. he talked about restaurants, theaters, entertainment, there so many challenges that only getting things open but keeping them open. joe: if you guys notice rides are more expensive these days for left? people have observed that. lyft turning an adjusted profit. if you strip out compensation, not on a gap basis. but, still romaine: are you anti-adjusted? joe: i am pro-adjusted the smarter people than be looked on. nonetheless, it looks like the markets agree with me. sending shares up nearly 7% after hours. a new survey takes a deep dive into health professionals are looking into opportunity

we track the numbers on the bloomberg terminal every day. you talk about something like 13% of hospital beds right now nationwide are filled with covid patients. when you get to florida and georgia, that is 30%, the highest level we have seen going back to january of this year. you think about how we got to january this year and we saw the curve flattening and we were out of the woods. we were buying tickets and ready to get back out. caroline: homecoming events. romaine: this is a concern because this is an economic issue. i want to bring our first guests into the program. he knows a lot about this. he is the president and ceo at northwell health. the largest private employer in the state. welcome to the program. i want to start off first with what your general capacity is or handling is of covid patients. have you seen a significant uptick in your hospital system? >> yes. we are in a position where we are able to handle it at the moment. we saw an increase the last couple weeks. we have about 300 patients today with covid in the hospital.

this is a great sector look you can do by typing grr go on the bloomberg terminal.lking about is precious metals selling off and gold touching the lowest. when this came up, i was surprised to see financial services. we knew it would be lower but financial services is one of the biggest faulters in the trading session today. we are looking at shares of a u.k. investment platform fell short of earnings. laura: taliban fighters have seized a fourth provincial capital as u.s. troops complete the withdrawal. officials say the group took control of the governor's office. a top aide to andrew cuomo is reported to have resigned as her boss contends with possible criminal charges. earlier, one of his accusers spoke out publicly for the first time. she told cbs that what andrew cuomo allegedly did to her was a crime and she -- and he should be held accountable. football superstar lionel messi -- barcelona confirmed last week that after 17 seasons his contract would not be renewed after the spanish league salary limit scotch to a deal. he was emotional at the news conference

you can get more on the story in the bloomberg terminal and also on bloomberg.com.till ahead, china as covid outbreak is putting its economic cover at risk. we discussed the july activity data next. class, the virus is also weighing on japan's second-quarter gdp. more on that with a former boj monetary policy advisory board member. this is bloomberg. ♪ shery: china is due to release july industrial output, which will give us a sense on how the new covid outbreak is weighing on the economy. and our current joins us with the latest. of course, we saw the infections worsen in the latter half of july. can the first two weeks make up for any of the strength that was lost? enda: that is the big question. we probably will see a split in the data. the first part of the month things were functioning as normal. the second month is when we started to see covid measures kick in. we expect to see that visibly in retail sales, conception is cap expected to have been hit quite hard and that should show up in today's numbers. it might be more of a mixed picture, because production

come with me into my bloomberg terminal. that move takes apple's market cap to 2.5 trillion dollars for the first time. $2.5 trillion. such a big contributor to the overall s&p 500 index. come back to me in the studio. the big story out of china. the limiting of playing video games three hours a week for children. that is going to be a problem in my house. a massive player in adrs. net in down 3%. it is not just limited to china. we saw activision blizzard down 1.6%. emily: we are going to continue to talk about that one. i want to get more on the gaming restrictions in china. investors are reacting quickly on the lucrative gaming industry. here are some of the main takeaways. children will be limited to playing video games to three hours most weeks. gaming platforms like tencent can only offer gaming to children from 8:00 p.m. to 9:00 p.m. on fridays, weekends and public holidays. all gaming should be linked to a statewide addiction system. these new rules are part of a broader push by beijing to move its younger generation

you can also watch the speech on the bloomberg terminal. live go is the best place to follow.c volvo trucks are hitting the streets of new york city for the first time. we will speak to volvo trucks north america president peter voorhoeve. this is bloomberg. ♪ matt: this is bloomberg markets. i'm matt miller with amanda lang. volvo's electric trucks are hitting the streets of new york city for the first time, being deployed as a part of manhattan beer distributors's fleet of trucks serving 25,000 first to customers. peter voorhoeve joins us now to discuss. i have always said, if this doesn't work out for me, i would like to be a truck driver or beer distributor. i guess i would have the chance to do both here. aside from that, thanks for joining us. what will we see with this experiment? it is a pretty large fleet. peter: thank you for having me. very excited to be on your show. this is a big day for us, for manhattan beer, but also the city of new york. handing over the first of five electric trucks that will distribute beer in the five boroughs. it is not an experiment, this

come with me to my bloomberg terminal. there is asymmetry and dissension between ethereum.s this outside gain of ether. there was this idea that it would make it more transparent, lower the cost. ether has the crypto market broadly is moving back toward $2 trillion. we had a 55% gain. since july alone, we are back down around those 44,000 numbers. crypto related stocks, all significantly lower on thursday. sometimes i come up here and say obviously bitcoin has fallen. but there has not been that symmetry, that same kind of move that sees that severe impact between these markets. names like coinbase down almost 8%, microstrategy, big bitcoin holdings. that company is down 3.5%. emily: i want to talk about nft is now. the market for nft's is hitting new highs with 2.5 billion dollars in sales. that is up just 13.7 million from the 2020 analysis by reuters. this sports betting company is lining up partnerships with tom brady, naomi osaka, tiger woods. i want to bring in president of draftkings, matt. it looks like you pulled out of the preseason collection featuring tom brady.

my bloomberg terminal, take a look at this chart. the s&p 500 index making gains as the fed continues to add to the balance sheet. the jackson hole symposium this week. the feeling as we look at some sort of mood music at least. the other big story, this landmark u.s. regulator full approval for the pfizer biontech vaccine. president biden speaking on monday, saying this may spur mandates for employers to get their employees vaccinated. american depository up nearly 10%. the other big story, the decision by california courts to throw out that ballot decision that people voted to treat gig economy workers as contractors. interesting, what we saw initially monday, a drop in those stocks come all down. by close of play on monday, uber up more than 2.5%. it was really just doordash that struggled to negate those losses. wall street essentially saying that they expected some short-term losses, some volatility, some pressure. really, this will not move the needle much. emily: ed ludlow, thanks so much. the hotly debated california law that

what are the most read stories on the bloomberg terminal today, a departure is a mess that everyone can. messy, ugly, one-off if not the greatest player for barcelona. they admit they have to let him go. he says the following, is this how you run a business? the bill currently represents 95% of our income. that is the barcelona president in a news conference. tom: it sounds like my tuition bill. can he keep it going? jonathan: i think he has a few good years left. tom: you are killing me this morning. jonathan:, and the next hour putting things straight in the jobs market. we will catch up with a chief economist. good morning on this payroll's friday. this is bloomberg. ♪ is bloomberg. ♪ jonathan: live from new york sitting for our audience worldwide, morning. payroll's friday, looking for something around 850,000. record highs and europe on the s&p 500. right now, futures positive. 0.05%. on the nasdaq, softer, down 0.14%. 2, 10, 30, 112.58 for a brief moment on wednesday. looking for a big range in terms of estimates on payrolls. north of one million at the top and peered what with th

you can continue to watch president biden on the bloomberg terminal.tch the president. let's discuss here what that damage means for markets, what it means for insurers. let's bring in senior analyst matthew palazzolo. thanks for joining us. in this kind of situation, there is almost always unspeakable human tragedy. our hearts go out to those that are suffering down in that part of the country right now. let's talk about the financial damage that we are looking at. $10 billion, $20 billion? what kind of press are insurers looking at? matthew: when you have an event like this, what we try to do is triangulate with events that have happened in the past, different hurricanes, see how much of those cost, and try to put a price tag on something like this. the early numbers are coming out to be about $15 billion, but there are some places that you can only get to with drones and you cannot see how much damage is done there. the damage to energy infrastructure could push that number two $30 billion for insurance companies. amanda: tragically, as we know, thi

we have 14 jump balls on the bloomberg terminal.ch is part of the reason why few look the price action people do not know what to do with it. we do not know which jump ball will come next. we seem to be a tipping point where we see the job starting to get filled and people going back to work meaningfully and we have to reassess the time of getting people back in their seats. this reassessment will have a market implication people do not know how to price. tom: some of it is off the jobs report. the monday or tuesday after the jobs report is always clumsy. to me the key things with the jobs report was the revision and the idea of 832,000 over the last three months. that really changes the dialogue for everyone. lisa: especially because fed officials have come out and they want to see a trend. one report will not make or break what they look at. the fact that we have seen a trend changes the dial. the question is how are they going to respond and what is the response of markets? if they tighten sooner does that lead to higher yields?

tom: what is your insight off the bloomberg terminal right now? jonathan: equities lower in europe. want to talk about europe a bit more than the united states. china is talking about wealth redistribution. that is really hitting the luxury players in paris, france. the cac 40 is down by 2% and more. there is so much more going on than just the paper story at the federal reserve asked the taper story -- the taper story at the federal reserve. tom: you have been great on this . as we see, it is a real gdp issue. lisa abramowicz, i am going to give you a real shout out. not only the toyota news today, but as we go to dan alpert in a moment, the supply dynamics now are really front and center. lisa: the idea here that when you get the inventories being depleted by the high demand of goods and getting it so that companies, corporations cannot import more because it is not there to be had, people are not able to get the ships over to other countries, this is causing inflationary pressures, causing consumer sentiment to decay hit lower, and you also have this question of how quickly will

great research on the bloomberg terminal overnight saying 6% of tencent's revenue comes from its 16 years or younger. this is a longer-term challenge for tencent and others, but perhaps short-term on the bottom line and on revenue might not be a big hit. manus: steve, thank you very much. our chief north asian correspondent putting the revenue lines in perspective. let's get to our guest this morning, anna stupnytska, fidelity investment global macro economist. this is the moment where we need to define whether we have moved from euphoria to risk aversion. more importantly, i want your take. are we looking at a policy mistake, which is good social governance from china? good morning. anna: good morning. i think this is clearly a more structural change and something we need to bear in mind when we think about china in general and china assets. i think that the signals that policy might be eased over the next few months, those signals have worsened and advocated -- it is about the negative credit impulse and the flow down back to what we are seeing the pmi. dani: on that note, we saw goldma

you can pull it up on the bloomberg terminal, just typing in skew.ou can see that just come off really high levels, still ridiculously high. what does it mean? people are paying too much for put options relative to call options. markets simply don't value, they don't pay off the majority, and therefore, i think this correction, this 5% correction -- i'm looking for more 10% -- i think it's for higher bond yields, actually, will correct the correction, not this environment. manus: i've had a lot of people chastise me in the past for my delusion to want to pay for put options to protect myself. i've been scolded that it's a frightful waste of money. some people might have the last laugh. you say that china -- alan: [indiscernible] your friends are wise. manus: ok, let me put it to you. would you take in the pinion packet? -- premium packet? alan: that's a different strategy. that's different than going long the market. probably overall is on the bit of the low side. but look, it's a better strategy. it's a better strategy without leverage. but without

i am doing the math you right now, folks, in the bloomberg terminal. you can do that on the graphing function. orioles down 17% from the peak -- boiled down 17% from the -- oil down 17% from the peak. lisa: who would have thought we would get that resurgence in the delta variant that would cause slowdowns, shutdowns, and disruptions without we had gotten past? i the psychological impact is significant. -- and the psychological impact is significant. we saw a surplus and stockpiling of gas. we did not get as much demand for gasoline. people are going to fewer places, tom, are you? tom: no, i think demand is down. i have sensed it. kailey, what do you see? do you see people canceling travel? kailey: i do, tom. i have a wedding next weekend, and we already had some people saying it isn't the best time for me to be getting on with a big group of people, which i think is a concern. tom: kailey, that was ferro making it up. he is actually writing his meditation book. kailey: potentially, but i do think people have concerns about the variant, given how many b

tom: just revolutionized bloomberg -- i am working a full hour work week because i have the bloomberg terminal on my cell phone. lisa: 12 hour workweek? tom: it used to be 15, but i was able to cut it back three hours. [laughter] lisa: looking at market action, headed for our 53rd record high in the s&p. help us out -- the idea that we are heading with 45 point -- 45.12 now. taylor: and the pressure is the push-pull, seeing tech lead the rally heading into year end. then lo and behold, the last 10 minutes, you open the inbox to see kaiser and ubs saying you could use the jobs friday as a buying opportunity, just do not forget the september seasonality is very weak. -- tom: riggs channeling abramowitz on the pendulum of gloom. futures at 6, and improvement in this hour. up 35 points. not all small caps leading the way it, actually, i stand corrected. the vix 16.56 off that terrific friday. the 10 year yield 1.31%. 2's/10's at 1.09. lisa: right now, we are looking at the bond space. it seems the interconnectedness of bonds and stocks are getting closer and closer. matt miller knows it. he has be

see a little movement over the -- we come quickly into my bloomberg terminal. that growth that we saw because of the covid pandemic has slowed right down to single digits. where's all the benefit gone from the pandemic gone? where's the commerce story for walmart? emily: we will talk about that more later in the show. thank you so much. meantime, as they mentioned the surge in delta variant cases containing two run market sentiment. i want to bring you up-to-date on the latest headlines. authorities are planning to extend mask mandates for trains and planes according to reuters. the u.s. government is said to offer booster shots. morgan stanley has joined the grower of companies telling employees they must be vaccinated to enter its buildings. meantime, apple has done an about-face and it's a decision to restart in-store classes due to the surge in cases. it will be testing its employees more, a lot more. i am joined by mark gurman for the details. what we know, apple is going for testing once a week to twice or three times a week for some. mark: first on the t

on your bloomberg terminal, we have been talking about all of this just south of shanghai.ews was out of state broadcaster saying that is part of the port that has reopened or is reopening today. we looked at some of the vessels in and around that got stuck and could not leave. we are now getting some indication that those vessels have started to go. not to get into the details of what those vessels are but you see those coming in and around the port and then them moving back out. i guess that is a good indication of not just mobility but naming some of the supply chains starting to get east. we have done that just to get rid of the backlog. >> there is a belief for some of the ports out there. even when it comes to airlines, we have been talking about how china has been -- has contained covid, this latest delta outbreak. even with the airlines, that is what we have seen -- that is where we have seen some resilience. look at this chart, if you track some of these domestic carriers, they are outperforming what we have been seeing with the rest of their peers in the u.s. as w

crossing over the past few minutes in the bloomberg terminal, the ecb potentially getting ready to startcussion of their own. this is according to one of the governing council members basically saying the inflation data is going to challenge the ongoing bond purchases that they are making in the region. interesting bonds are not responding. i what point is that sending a message that that is not really what is driving low yields where they are? tom: a guy name jonathan ferro, he mentioned that as well that we really have not seen a move back to the 112 area of stasis. taylor riggs, lisa abramowicz, tom keene. the secretary-general general, the former prime minister of norway with us in the 9:00 hour. this is bloomberg. ♪ bloomberg. ♪ 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 golo. golo helps with insulin resistance, getting rid of sugar cravings, helps control st

i am looking at the function on the bloomberg terminal that shows you what the price of the s&p has done the last time we saw a move of 1% or more was back on july 23, so there's not a lot of movement going on broadly speaking. dave: true, it is a slow and steady kind of advance, no question. when you break it down and focus on the individual stocks, you get a bit of a different picture . just over 50% of the companies in the index have moved higher since the beginning of july, so you are talking close to half that have fallen to some extent. that is 1/5 of the stocks in the s&p 500 down more than 1%. so it just goes to show you that you haven't necessarily had the really kind of broad participation that you might expect given the series of records we have seen over the past couple of months, and actually all year. guy: that is going to be tough for some people out there, as they haven't been participating. it has been just a rally that has marched on and on. kailey: and does not continue to today, but the session is still young. bloomberg's dave wilson, thank you so much. we have seen 4

this is really fantastic data on the bloomberg terminal.dig into it, investors are increasingly looking here, especially in the equities market, on how they are making investment decisions. emily: thank you so much for breaking that down. for more now on the climate crisis i want to bring in chad anderson, founder and managing partner of -- out with a new report about how these technologies can help us tackle climate change. so, chad, how exactly do you see space technology playing a central role in climate change? chad: the fact is we would not know about climate change if it were not for satellites. and so, what we tried to do in this report was to really show the foundational role that space technologies and satellite data plays in climate markets and in enabling climate markets. so, half of all the essential climate variables we are tracking come from space, and 99% of weather data comes from space. so, it's front and center and right in the middle of this conversation. emily: how much of this -- one of the criticisms of space is the ex

the nuances we see coming across the bloomberg terminal of winter taper and to me, -- when to taper, the most important thing is for the audience to understand that this is not a one thing. it is a two-part discussion. it is simple. it is going to be multi step. jonathon: that is monetary policy. let's talk fiscal with hugo rogers. your line, the reconciliation reckoning is both more consequential and more controversial. walk us through it. hugo: it is $550 billion. and the $3.5 trillion. the whole spending package is a way of digesting a big meal. this part is easy. the second part is much harder and that is why he thinks he can push through reconciliation. bridges, roads, tunnels, waterways and broadband, that is easy. education, healthcare, changing the social contract is going to be much more difficult. with a 50/50 split in the senate , every one is going to be on the democrat side. it is going to be much more difficult. tom: you mentioned the consumer umph we are going to get out of this. how do you bring that over into the stock market? are you bull marketing up at dell tech -

if we go into the bloomberg terminal, that may not be exact a what we are looking at.is a five-year chart of the 10-year gilts. since this has been in place, there have been roughly seven death crosses. most of them do signal downsides of the 10 year yield, but here we have one head a backup and yields, and i would make the case here that it is hard to know whether this is a death cross or a golden cross because you see the 200 day moving average going sharply higher, rep is ending the massive backup and yield out of the pandemic lows, while the 50 day moving averages moving down. there are other reasons in fact to think that you are going to see the 10 year yield continued to climb, continue to hold that uptrend over the last year. b of a securities, the head of technical analysis thinks that whole area, at current levels hold, bring us back closer to 3%. it is going to be very interesting to see what happens. either way, lots of volatility had for yield. francine: thank you so much. bloomberg's abigail doolittle with some of the technical levels we should be watching

away from the taper stuff will he say the inflation i see is not what we see on the bloomberg terminaln right now? michael: they will say they think what has happened in inflation is supply chain problems. the restart of the economy and it should fade. it has gone faster than they thought and may last longer than they thought but it does seem -- there does not seem to be anything off the top of it does just he would be wrong. lisa: i take issue with the idea it will fade. we count this as fading if it fades in two years or three years? some of the supply chain disruptions will be ongoing. to give you a sense of the market reaction there is not much of one considering the fact this edifies the view people are spending less in the face of the increased delta variant. services are getting a hit which could have ramifications for some of these upcoming numbers. do you think this is something the fed will be watching? inflation is picking up but it is because of things beyond control. when it comes to spending, you are starting to see the stagflation like behavior within slowing down. micha

you can follow it on your bloomberg terminal. we will bring you the headlines from that.all of this related, and we will watch the interplay of all of these various events taking place. let's talk about domestic agenda. we are trying to figure out what is going to happen here. we think there's going to be a vote on the budget on the next step, linking that with the next step maybe later on today. to what extent are the venn diagrams of afghanistan and what is happening with the domestic spending plan overlapping right now? terry: i think they overlap a lot more than many people appreciate, frankly. what you've got is a situation where, and this was developing side-by-side with afghanistan, but you've got a situation where , i always think of american politics as having four factions instead of two political parties. you've got two warring factions in the, chronic party, progressives and centrists, and you have the centrists saying enough is enough. we can talk about the human infrastructure piece when it is ready, but right now what we need is points on the board. it is r

what was in the data screen on the bloomberg terminal the got your attention?ley: i'm looking at oil because it was the worst move for oil last week since october 2020, and goldman sachs saying that selloff was overdone. they are still looking for $80 on brent and the fourth quarter. that didn't look all too unrealistic, so i am keeping it in mind. tom: very interesting. lisa didn't tell me that. lisa: i will send it to you next time. tom: dow futures up 133. stay with us. this is "bloomberg surveillance ." good morning. ♪ 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. tom: "bloomberg surveillance," a monday of the jackson hole week. lisa abramowicz and i not attending jackson hole this week. it will be virtual. but i've be

kathleen: one of the most read stories today on the bloomberg terminal was talking about how it is not so much now what powell's signals about when the taper will start, it is as much or more about when it will end. that this chart -- look at this chart. the great financial crisis started in 2014 after the last taper tantrum and lasted two years. but that was a different recovery, long and slow. we're having a post-pandemic rapid recovery so far. but the risk is you move too quickly or too slowly. what does jay powell say about that? today we are going to take a close look at the bank of korea decision. it is all about that versus debt -- about debt versus delta. shery: very catchy. haidi: kathleen hays there. we continue to watch from any kind of tapering signal, the rhetoric from jay powell going into jackson hole. how are markets setting up for this? shery: want to focus on emerging markets because e.m. currencies found support on wednesday as strategists and hsbc have been pointing out e.m. markets appear more resilient to the risks of a taper tantrum than in 2013. on wednesday we

rich clarida in some ways causing, as somebody said on the bloomberg terminal, we are at peak uncertaintyany issues surrounding this economy we don't know yet. when do we start to get clarity i think is a key question that investors still don't have the answer to. cvs today upping it to $15. alix: but that is like 2022, so they are definitely pushing it out. in terms of demand side, he does not see this being a cyclical kind of thing. he says demand is huge. supply is not there. this is not a short-term thing. obviously talking his book, but the idea that this may not be a transitory situation. guy: again, we come back to the fed. what is the fed going to do with this? rich fara talking about the condition desk rich clarida talking about -- rich clarida talking about the conditions for a rate hike maybe being there i the end of the year. steve jacobson -- dean jakobson -- steen jakobsen will join us. this is bloomberg. ♪ so...i know you and george were struggling with the possibility of having to move. how's that going? well we found a way to make bathing safer with a kohler walk-in bath.

in hong kong, you can also turn to your bloomberg terminal for more on this. from bloomberg's apps for -- expert editors. haslinda: let's do a quick check of the latest headlines. new covid-19 flareups on the mainland have put border openings under question. the revenue for the month rose to just over $1 billion, which was lower than the median estimate. macau was reopening its border with china remains uneven with some provinces seeing a rise in virus cases. exxon hinted of a change of strategy after reporting its highest profits since the start of the pandemic. it's i profit of more than $4.7 billion in the second quarter. it's best. since lately 19. rish. rishaad: very quickly. hong kong is off to lunch. this is bloomberg. ♪ in business, it's never just another day. it's the big sale, or the big presentation. the day where everything goes right. or the one where nothing does. with comcast business you get the network that can deliver gig speeds to the most businesses and advanced cybersecurity to protect every device on it— all backed by a dedicated team, 24

check out bloomberg's vaccine tracker on the terminal and bloomberg.com.a check of the business headlines. the hong kong stock exchange will resume trading wednesday. the company can resume trading and has fulfilled requirements to resume guide. shares were halted after the latest annual report, a net loss of $87 million. china ever grant says it risks a defaulting on his effort to raise cash as it explores the sale of various assets. net income plunged 29% in the first half while total liability climbed near a record. ever grant bonds sank to fresh lows as investor confidence continued to fall. new york downplayed the impact of chinese gaming curbs on its earning. this firms revenue of $3.1 billion of revenue second quarter with online game services counting to three. -- counting to point to -- to 2/3. this is from the net earnings call looking at new requirements and regulations will keep teenagers away from games as far as possible. we want companies in this industry together support this regulation. that is what we heard in the earnings call. financial

let's look at the bloomberg terminal chart.his is the key rate the pboc cut, the government cut back in july. it was a surprise. you see for the big banks and small banks still at the lowest they have been in several years. jp morgan saying yesterday they expect to more cuts, one in october, one in january and possibly small cuts in the medium-term. very dovish. i love watching central banks and i think the pboc is getting very interesting right now. >> i love how they used all these different words for whether the pboc was temporary, whether the fed was transitory. >> that was kathleen hays with the latest on the pboc. coming up next, what do you do after losing $20 billion? the answer seems to be to lie low. -- fly in new jersey. we will have more on that next. this is bloomberg. ♪ >> lying low in new jersey. what happens next? what is he doing right now? our goal was to try to find out what he is up to. it has been four months since the collapse. even now, bankers, regulators are sifting through the records to figure out exa

you can track the hurricane on your bloomberg terminal. sebastien galy is still with us.k at the equity space. you prefer north american equities. what are the rationale behind that? sebastien: the growth is slowing down in the u.s. for these next months. we saw inflation expectations a little higher but that is transitory for the month of june. the on that, you still have an economy knowing at a decent momentum with earnings at a decent pace. and optimism, some irrational and some rational, is still in the markets. but it is a broader story than north america. developed market equities should do well. tom: i look at europe and i look at a few catalysts. ecb. german elections. and you have a vaccine rate that is much better in europe then it is in the united states. but still you prefer north america over europe. why is that? and why are you not seeing optimism around european equities? sebastien: your average european investor is more rational. and slightly bearish. slightly pessimistic looking at europe. they are not very excited about a bunch of companies that is very

that is on the bloomberg terminal. ming up, we speak to the chief financial officer of a supermarket as the report second-quarter earnings. we will talk about food inflation, as well. this is bloomberg. ♪ francine: welcome back to the open. we are about 40 minutes away from the cash equities open. ahold delhaize has boosted its full-year profit guidance after adjusted operating profits beat estimates, coming in at 832 million euros. the dutch supermarket group says the outlook reflects cost savings offsetting the cost pressures. we are delighted to be joined by the cfo of ahold delhaize. thank you for joining us. congratulations on a pretty robust set of results as sales topped estimates of analysts. when you look at the challenges ahead, as we get out of the pandemic as more people get vaccinated, are we going to see a shift in patterns? are we going to go to the supermarket less because normal food services can resume and restaurants? >> there definitely is a shift happening and this is something we have seen come out

find that on the bloomberg terminal or bloomberg.com.y informed that it is updated weekly. if you input your origin and destination, it will tell you just how easy, difficult, or otherwise it is to get from one place to the other as indicated by the smiley face or the very sad face, if you are about to embark on a journey that is ill-advised. that is the travel sector. let's talk about where we are in terms of the afghanistan story. president biden faces calls from his closest allies to extend the evacuation deadline in kabul. we will bring you the details from today's g7 meeting, at least a preview of that meeting, coming up next. we will get into a conversation about how the extension talks are being negotiated to get military personnel out of afghanistan. the self-imposed deadline of the end of this month, we will see whether we get any push toward extending that are not. that will be one of the big conversations going into the g7 meeting taking place today. this is bloomberg. ♪ and there you have it- woah. wireless on the most reliab

reach out to us on the mliv team , tv on your bloomberg terminal. how would traders look at that headline? mark: a read across a lot of european carmakers is one of the things, declining weight in those indexes. i think a lot of people are playing that car recovery story. this will be bad for european stocks, we see that in futures already. at some point people may think, really, is this such a big, fundamental change? no, probably not. this headline will not come in isolation. if toyota is cutting their output so drastically because of covid concerns and supply chain issues, other companies will follow suit. that is the uncertainty weighing on sentiment. francine: i know we talk about jackson hole every day, but is there another catalyst that would make markets buy the dip again? mark: it will probably be a change in the calendar. it might be that we get jackson hole behind us. i'm not sure that will prompt more positivity. it may worry markets further. that could be the final move lower, and then people come back in september, they have had a brea

go into mliv on your bloomberg terminal. he just reposted on that treasury auction. this earnings season does not seem to end. we will speak to the chief financial officer of a company less the chief executive of one of the world's largest operators of oil tankers joins us next. that is at 7:30 a.m. london time and we will speak with the zurich insurance chief executive. we will get his opinion on covid and climate. get your popcorn ready for it -- for a conversation. if you have any questions of your own for our guests, please send them through on ib+tv . this is bloomberg. ♪ francine: welcome back to the open. see futures are moving sideways. it is august and it feels like august. we could see volatility and volumes lower than short-term. uncheck inched -- unchanged and 0.1% higher. orders rose to a record in the second quarter, showing that customers are continuing to order food and grocery deliveries even as lockdown restrictions end. joining us now is the chief financial officer of delivery hero. emmanuel, thank you for joining us. a lot of goods have comple

check out bloomberg's vaccine tracker on the terminal and bloomberg.com. is bloomberg. ♪ haidi: almost every major automaker in the world has been affected by the chip shortage. he says he believes the worst is over. he spoke with bloomberg earlier. >> we have been also impacted by the chip shortages. probably less than our competitors but also having the same type of situation, meaning we have limited if any visibility on what is going to happen. we believe that the worst is passed and we have seen shortages of somewhere between 5%, 10%, to 20% maximum production compared to our initial plans, but we think, come september, the situation will get slightly better and better, and our q4 projection is quite a strong so far. >> it seems like it is really difficult at the moment to be an automaker. i don't know if i'm supposed to have sympathy for you. you have the chip shortage, really interesting dynamic between used-car and new vehicle market and now rising commodity prices. what is it that keeps you awake at night? what is it that is bothering you right now

rishaad: you can find more information on the day's big newsmakers on the bloomberg terminal. e is with us sometimes in the morning. yvonne: sometimes, when you are not in. rishaad: you can listen via the app or go to the bloomberg radio platform, or go to simply bloombergradio.com. rishaad: this is "bloomberg markets." we are looking ahead to some economic data this week. pmi data out of china. manufacturing at 50.1 as the official number? yvonne: this lowest since february of 2020, signs of the slowdown given that outbreak of delta during that month. in july we got the numbers that it could be uglier this time around, especially with the dent on services as well. manufacturing could be a key focus there. rishaad: we also have inflation numbers from e.u. countries. then the big one, at the end of the week. yvonne: the u.s. jobs reports, can we see if they actually look good and positive in the face of delta and raising cases in the u.s.? we were talking to daniel demartino both, consumer spending will be something to watch in the face of delta concerns. and if we get a solid j

kathleen: one of the most read stories on the bloomberg terminal today is positing that the big fed taperuestion now is not when it starts. it is when it ends. take a look at this chart. when the taper first started in 2014 -- 2013 is when ben bernanke gave his signal it might be happening -- but the actual tapering ran for two years in the middle of 2014. much more than two years. you could see it was pretty quick to wind down. anyway, the question now is, if you have got a stock market that has been rallying with all its liquidity, a bond market that has yields near six-month lows, then maybe it will be very sensitive not just to the start but how long it lasts. does it stretch out for a long time? this is a different economic recovery from the great financial crisis, the great recession, because it was a long time to get gdp picking up and the fed could never get inflation to the 2% target and keep it there. inflation is about target, we have a very strong rebound. it may be a little bit hit the virus but the question is what will jay powell say about this? you don't want to go too slo

in a bloomberg piece on the terminal yesterday, the thing that is china about today in contrast to the last 40 years is that they now remember that they are communist. when they remember they are communists, you end up with a situation which created alibaba, which created the opportunity for people to make tons of money, and they are now becoming political. lisa: fold that into an investment thesis. if we have a china that matters more broadly, what are you doing now? david: -- michael: being very careful, and we have kitted before about the all weather folio. i think the three of you opine daily that there are things that don't look a lot of sense that can be explained in terms of where prices are. you have a 5% earnings yield, the reciprocal of the price-earnings move on the markets, and a less than a few percent -- less than a 2% inflationary. but these things don't make sense. what i do is try to identify properties, that are useful over the next weeks or months. i would say that companies like general motors have a plethora of things that could go right, but i valuation that doesn