this was bloomberg real yield. this is work tvhis is bloomberg tv. ♪ comcast nbcuniversal is investing in entrepreneurs to bring what's next for sports technology to athletes, teams, and fans. that's why we created the sportstech accelerator, to invest in and develop the next generation of technology that will change the way we experience sports. we've already invested in entrepreneurs like ane swim, who develops products that provide hair protection so that everyone can enjoy the freedom of swimming. like the athletes competing in tokyo, these entrepreneurs have a fierce work ethic and drive to achieve - to change the game and inspire the team of tomorrow. (announcer) back pain hurts. you can spend thousands and still not get relief. now there's aerotrainer by golo. you can stretch and strengthen your core, relieve back pain, and tone your entire body. (man) and you're stretching your lower back on there. there is no better feeling. (announcer) do planks for maximum core and total body conditioning. (woman) aerotrainer makes me w

full coverage on bloomberg tv and radio. omberg radio and tv with tom keene and lisa abramowicz, i'm jonathan ferro. this is bloomberg. ritika: senior democrats ranging from president biden to state legislatures are calling on governor cuomo to resign. a report from the state attorney general outlined claims he sexually harassed 11 women. the one-time democratic star says he never touched anyone inappropriately or made inappropriate sexual advances. a new study says most children who get the coronavirus recover within a week. researchers who looked at more than 1700 british children also found 1.8 percent have symptoms that last for eight weeks or longer. that suggests so-called long covid may be less common in children than adults. gary gensler is signaling there is a path for approving a bitcoin exchange traded fund. crypto enthusiasts say that is a move that is necessary for taking crypto to the mainstream. -- providing with strict mutual funds could provide investors with the necessary protections. a rare quarterly earnin

this is "bloomberg surveillance ," live on tv and radio. alongside tom keene and lisa abramowicz, i'm jonathan ferro. equity futures up two on the s&p, basically unchanged. just going into the jobs report a couple of hours away. tom: equities grinding over the past couple of days to a better fix. that is a new -- a better vix . that is an improved vix, but there is global angst as we go into this payrolls report. jonathan: record highs in europe on the equity market. record highs on the nasdaq. all-time highs on the s&p. we keep climbing that wall of worry. tom: liz ann sonders of charles schwab out on twitter with smart charts, and it's real simple. you take the yield and you flip it. . that gives you the pe. david kostin is out at 22 times earnings, partly because of this low yield and a permanent low yield regime. jonathan: david kostin looking for 4700 on the s&p this year, 4900 and year. the estimate this morning, 858,000. lisa: the worry is pervading the markets. interesting to hear economists say that the worry is positive, that when

this is bloomberg tv. ♪ (announcer) back pain hurts, and it's frustrating.an spend thousands on drugs, doctors, devices, and mattresses, and still not get relief. now there's aerotrainer by golo, the ergonomically correct exercise breakthrough that cradles your body so you can stretch and strengthen your core, relieve back pain, and tone your entire body. since i've been using the aerotrainer, my back pain is gone. when you're stretching your lower back on there, there is no better feeling. (announcer) do pelvic tilts for perfect abs and to strengthen your back. do planks for maximum core and total body conditioning. (woman) aerotrainer makes me want to work out. look at me, it works 100%. (announcer) think it'll break on you? think again! even a jeep can't burst it. give the aerotrainer a shot. pain and stress is the only thing you have to lose. get it and get it now. your body will thank you. (announcer) find out more at aerotrainer.com. that's aerotrainer.com. mark: i'm mark crumpton with bloomberg first word news. president biden continued his push today

this is "bloomberg surveillance ," live on tv and radio.om keene and lisa abramowicz, i'm jonathan ferro. your equity market up 17 on the s&p, advancing 0.4%. we've had a look at 4400 over the last month or so on the s&p. the calls keep coming through.

heard on bloomberg radio, seen on tv, this is bloomberg. ♪ (announcer) back pain hurts, and it's frustratingcan spend thousands on drugs, doctors, devices, and mattresses, and still not get relief. now there's aerotrainer by golo, the ergonomically correct exercise breakthrough that cradles your body so you can stretch and strengthen your core, relieve back pain, and tone your entire body. since i've been using the aerotrainer, my back pain is gone. when you're stretching your lower back on there, there is no better feeling. (announcer) do pelvic tilts for perfect abs and to strengthen your back. do planks for maximum core and total body conditioning. (woman) aerotrainer makes me want to work out. look at me, it works 100%. (announcer) think it'll break on you? think again! even a jeep can't burst it. give the aerotrainer a shot. pain and stress is the only thing you have to lose. get it and get it now. your body will thank you. (announcer) find out more at aerotrainer.com. that's aerotrainer.com. jonathan: live from new york city for our audience worldwide, alongside tom keene and lisa abra

for our audience worldwide on tv and radio, this is bloomberg. ♪ ♪ jonathan: live from new york city,udience worldwide on tv and radio, good morning. equities negative, down 23 on the s&p. we declined 0.5%. clear underperformance on the small caps. the nasdaq does not sit out the drawdown. we are down by about 0.4%. for big tech in america, that's the equity market. all-time highs, up more than 100% from the march 2020 low -- 2020 lows. retail sales an hour from now. after that, we get to chairman powell, 1:30 eastern time, delivering his town hall to educators before his address next week at jackson hole. tens are lower for a third straight session to 1.2233%. just south of 1.90% on the 30 year. will be chairman of the federal reserve be overwhelmed by events? let me show you a central bank governor that has been overwhelmed by events. new zealand, population 5 million. one single case leads to a three day shutdown. the governor was just about to make a decision that some people believed would lead to higher interest rates. a move on the currency of 1.28%. the kiwi to the u.s. dollar

on the open, will be catching up with krishna memani as we count you down to payrolls friday on bloomberg tvloomberg radio, for audience worldwide come alongside tom keene at lisa abramowicz, i'm jonathan ferro. your equity market advancing .2%. your bond market unchanged. from new york, this is bloomberg. ♪ ritika: with the first word news, i'm ritika gupta. landlords have gone to court to challenge president biden's extension of the coronavirus eviction moratorium. the alabama association of realtors says the move goes by a ruling by the u.s. supreme court. the president has warned the extension could be challenged and urged lawmakers to come up with their own. new york governor andrew cuomo is struggling to hang onto power. he stayed inside the executive mansion yesterday, day after the state attorney general released a report outlining 11 cases of harassment towards women. andrew cuomo has denied he would step down despite calls from former allies urging him to quit. exxon mobil is considering a major strategic shift. the energy giant may pledge to reduce carbon emissions to zero by 2050

we will bring you the key moments here on bloomberg tv. up, germany's economic recovery under threat. a global supply squeeze. we will talk to derek about the eurozone. this is bloomberg. ♪ anna: welcome back to the european market open. we are 11 minutes into the trading session, down across the markets more than anticipated. futures suggested weakness, but this is more than we anticipated, down 0.7% on the stoxx 600. let's look at the stocks we are watching and on the move this morning. avendi is moving to the upside, up 1.9%. a 19 year high for this business. umg is part of this company and will be ipo'd shortly and listed, and they have been setting out the financial targets. those have gone down well with investors and we see avendi to the upside. tom: from media to asset management, we will look at dws in germany, down three point 5% on the back of a report that deutsche bank asset management arm is subject to a u.s. investigation over sustainability claims. down 3.5 points, more than 8%. anna: every time we speak to the management,

on radio and tv, this is bloomberg. ritika: with the first word news, i'm ritika gupta. the taliban are taking full control of afghanistan does go decades after they were ousted by the u.s. military. the troops moved into kabul yesterday and took over the presidential palace. the american backed president fled the country. chaos at kabul's international airport. thousands of people rushed to exit the country. at least five people were killed as people try to forcibly enter planes departing. president biden is expected to make remarks on it deanna stan soon. in haiti -- is expected to make reports on afghanistan s oon. in haiti, the u.s. deployed search and rescue teams to help find survivors trapped in the rubble. tropical storm grace is set to hit haiti today. the world may never reach herd immunity, the promised land where the coronavirus stop spreading exponentially because enough people were protected. there was hope that the pandemic would fate once roughly 70% of the population was vaccinated. new variance like delta now move the bar for herd immunity to the imposs

we will have special coverage of the jackson hole meeting right here on bloomberg tv. us for more on all of this is aditya bhave, bank of america securities global economist. he changed his base case for the start of taper. bank of america now expects the fed to start tapering in november 2021 versus its prior expectations of january 2022. thank you for joining us. do we get alerted to a taper started earlier than expected at jackson hole? aditya: good morning. given the title of the conference, which is "macro economic policy in an uneven economy," there'll be more focus on the labor market, particularly how far have we come and how is the fed thinking about its employment mandate in the context of its commitments to an inclusive recovery. in terms of the taper itself, the july meeting minutes already signaled that the taper will start this year. we do not think jay powell has any compelling reason to signal more strongly than that, especially as you just mentioned around the delta variant itself and the impact it is having on the data. alix: when you take a look at t

this is "bloomberg surveillance ," live on tv and radio.longside tom keene and lisa abramowicz, i'm jonathan ferro. the s&p negative three this morning, down not even 0.1%. it is onwards to vice chair clarida a little later this morning. tom: a lot of people saying it is a quiet tape. i disagree. the vice chairman conference new -- chairman confronts new lower yields, that negative yielding some worldwide up and away. jonathan: and a payrolls report coming friday. adp claims tomorrow, payrolls friday morning. does that set us up for a more interesting jackson hole meeting? tom: does it set us up for the disappointment of -- yes, that will affect jackson hole. jonathan: you've got to go to china. i really think you have to start in china right now as restrictions start to build and the downgrades start to come through. lisa: people take a look at some of the social restrictions, you take a look at the flight trackers. flights and china have fallen dramatically week over week as people start to hunker down, beijing having issues even with the

you can catch our coverage of the jacks hall meeting right here on bloomberg tv.riday, 3:00 uk time that asbestos when we kick things off in earnest. let's get an update for you. some of the top stories we're covering for you with laura a >> with a week to go ahead go the u.s. is facing calls to extend the deadline for leaving kabul. the taliban warns the date is a red line and it will take actions if soldiers aren't gone by then. >> the question is are we on track to fulfill our objective of this operation? to bring out our people? so many of the afghan who is helped us and so many of the afghan that is are at risk? and we belief they are. lura: beijing pose as threat and is using coercion as intimidation. speaking in singapore, kamala harris laid out america's vision on human right, freedom of the seas and unimpede commerce. global news 24 hours a day. bloomberg quick take power bid 27,000 journalists and analysts. this is bloomberg macer, anna? lura , thank you we look at that time state of europe's largest economy. and we talk about other currencies of interes

can catch my fascinating conversation with the ethereum creator throughout the weekend here on bloomberg tvthe podcast. stay with bloomberg now for "wall street week." david westin will be joined by larry summers, john rogers, kathryn keating, and greg fleming. you don't want to miss it. i am emily chang in san francisco. have a wonderful weekend, everyone. this is bloomberg. ♪ david: which way is up? as the fed talks tapering, this is "wall street week." i am david westin. this week, special contributor larry summers of harvard on the biggest risk facing investors today. larry: i have learned that more often what gets you is what you are not worried about than what you were worried about. david: and john rogers on why slow and steady wins the race.

bloomberg tv speaking to a number of market watchers on how they are thinking about how much longevityhere is left in this trade. >> earnings revisions have been super positive. so in fact, valuations can come down. >> the fact is we have incredibly strong corporate earnings. >> my view is that we have seen all-time highs in european equities, but it has been accompanied by upgrades to earnings expectations for this year, and also for next year. >> the earnings revisions have been super positive. so in fact, valuations have come down. >> i expect equity markets to do very well again for the remainder of the year and next year also. >> banks, energy, mining companies come the things that investors -- guy: so the valuation still looks relatively reasonable, or does it? is it time to start rethinking this european trade after such a strong run? patrick armstrong is the cio of plurimi wealth management. always a pleasure to speak with you. what do you make of where we are now? we are seeing potentially the first down week and a very long time for european equities. it is august. there's al

haidi: some big guests on bloomberg tv, including the bluecoat ceo.the philippine central bank governor. shery: we are watching the geopolitical process. taliban leaders have marched into kabul prepared to take full control of afghanistan two decades after they were removed by the u.s. military. too many, images of helicopters over kabul where an echo of the american departure at the end of the vietnam war. but u.s. trade state antony blinken rejects the analogy. >> this is manifestly not saigon. we went to afghanistan 20 years ago with one mission in mind, and that was to deal with the people who attacked us on 9/11. that mission has been successful. shery: let's bring in catherine zimmerman, whose work focuses on global terror groups. great to have you with us. in the latest developments be described as anything other than victory for the taliban? catherine: i it's quite clear the taliban have won this war. they took 20 years to do it and they have driven their strategy of patients will outlast the united states. look at their rhetoric -- they are t

with german consumer prices fairly stable during the last month -- bloomberg tv obviously all over this. we've been talking to everybody about this, trying to get a sense over what is happening here. are we getting inflation? if so, what kind of inflation? >> i think like everyone, we are seeing pressures in different locations. >> we had to increase prices in the first half of the year, go further in the second half of the year. >> across the board, we are seeing more inflation probably than at any time over the last decade. >> every client is worried about inflation. >> exactly as it should be. >> we are seeing serious increases in raw materials and transportation. >> we have seen inflation in many areas. at least inflation and raw materials. >> the rise and raw materials is such that -- >> more or less, all costs have gone up. >> we will watch if the spot price keeps going and take pricing where needed. >> it is too early to say. >> the high topline inflation for the next couple of quarters will not last, and that inflation will gravitate more toward the targeted 2% by the ecb. guy:

here is how investors reacted on bloomberg tv. >> it is a positive that inflation pressures are moderating. >> my biggest fear is on the labor side. >> we are in the midst of an inflation heatwave. >> i don't think inflation is at all transitory. >> too early to be too relieved. >> what they should be doing is getting ready to raise interest rates. >> if these inflation numbers stay high, they will have the flexibility to raise rates against that firm economy. manus: the kansas city fed president says the central bank needs to move ahead with reducing stimulus. >> the transition from the extraordinary monetary policy accommodation to more neutral settings will follow. today's tight economy does not call for tight monetary policy, to be clear. but i think it does signal the time has come to dial back the settings. manus: the cio at julius baer has been listening. i put it to you, to the market, the last guest. using one reading on core cpi, is it enough to change a chorus of fed speak preparing us for an auto mask -- autumn-esque taper? our u.s. waged? -- are you assuaged? quick did it was

haidi: great to have you on bloomberg tv. watch us and watch past interviews in the interactive tv function's and other functions we talked about. you can join in the conversation by sending us a message. check it out. this is bloomberg. ♪ kathleen: commodities in focus as the index showed -- sword the most and last -- soared the most in the last 10 months. you can see crude gaining. up to $69 a barrel. hurricane ida threatening oil, natural gas, and fuel supplies in the u.s. this as sent energy prices -- has sent energy prices soaring. let's look at metals more broadly. they are facing a critical week as we await the big number. china's purchasing manager index is coming up. iron ore is seeing a sharp rebound after a prolonged slump. hopes that the delta virus may be curbed eventually. vaccination rates are rising around the world. we are watching copper prices. mr. copper? top producers to hike taxes. you can see these futures rising. commodity is getting a boost. we got the weaker dollar. we got jay powell being on the dov

or -- we will bring you the moments on bloomberg tv. here are the names we will be hearing from.ame, jay powell on friday spelling out the plans for the possible taper. maybe he will even wait before any pronouncements. that is where the focus of investors is. 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 free on the xfinity app and watch all the rewards float in. our thanks. your rewards. >> good morning, welcome to "bloomberg markets: the european open." i am anna edwards. mark joins us to take us through the market action. trade is less then an hour away. here are the headlines. watching wyoming. investor attention turns to the jackson hole meeting for any clues on tapering, treasury yields holding onto gains. labor crunch.

that is playing out over the weekend on bloomberg tv.open up next. ♪ 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, 24/7. every day in business is a big day. we'll keep you ready for what's next. comcast business powering possibilities. (announcer) back pain hurts. you can spend thousands and still not get relief. now there's aerotrainer by golo. you can stretch and strengthen your core, relieve back pain, and tone your entire body. (man) and you're stretching your lower back on there. there is no better feeling. (announcer) do planks for maximum core and total body conditioning. (woman) aerotrainer makes me want to work out. look at me. it works, 100%. (announcer) find out more at aerotrainer.com. that's aerotrainer.com. francine: good morning, everyon

dani: some of our recent guests on bloomberg tv discussing the outlook for commodities.'s stick with the commodity stories. we've been talking about this morning. getting hard hit by iron ore and steel. iron ore dropping more than 6.5%. steel is down nearly 4%. king dollar and china as well weighing on these markets. let's get more into it. joining us is andrew james. thank you for joining us this morning. let's start with the china portion of the picture. how much is that weighing on the current action that were seeing, specifically in steel and iron ore? andrew: hi there. iron ore has been following sharply since mid july, down about 35%. that's mainly due to beijing wanting to curb pollution and omissions from the seal sector. the first half steel production actually set a record. the expectations are now that steel production is really going to have to drop a lot in the second half. that's being reflected in the iron ore price. it's also running into a bit more of a headwind now with the intensifying campaign to rein in property prices. manus: interesting. delta has

jonathan: we will continue on bloomberg tv and radio and the market coverage continues as well. -day winning streak on the s&p 500 step from new york city, this is bloomberg ♪ >> desperate seems are playing out at the international airport in kabul. taliban fighters took control of afghanistan's capital with thousands of people rushing to find a way out. at least five people were killed as crowds tried to enter planes leaving the country and the u.s. is trying to evacuate american citizens and their families. the biden administration plans to announce the biggest long-term increase in food stamp benefits. the average benefits in october will go up by more than 25% pre-pandemic levels. 42 million people are in the program. the financial services firm is leaving his new york offices. executives at the boston company told new york staff they will might be returning to their midtown manhattan location and they expect to offices near rockefeller center. the u.k. is stepping up its efforts to encourage young people to come forward to take covid vaccines. a number have companies have co

of course we do have big interviews coming up on bloomberg tv. l be speaking with the singapore minister about their vaccination efforts to come -- efforts. the prospects for the chp set of results as the potential deal with woodside as well. this is bloomberg. ♪ sophie: we were watching daybreak australia. we have bloomberg intelligence flooding, sure north asian equities saying korea and taiwan's year-to-date gains are at risk of a reality check in the second half and amid the pervasive tech phobia that is missing. last week, we saw the cages for taiwan and korea lead the drop in north asian stocks falling three to 5% with korean tech names facing the biggest losses. investment in the chip space may be overdone. switching out the board, i want to focus on what is going on in treasuries. getting ground amid economic and geopolitical risk. seeing more forecasters lower bids on benchmarks. the consensus now protecting treasury yields of the 10 year around 150 basis points. this showing the market is lowering expectations for the current tightening

jamie: i have an exclusive western and southern open update for bloomberg tv from tennis channel.pdate in the women's draw on day four in cincinnati. naomi osaka was sent packing in three tough sets. she took advantage of 4 -- of 41 unforced errors from the former number one in the biggest win of her career. >> i am shaking right now. i'm very happy with this win. i had a tough year and i had many injuries. i am really happy it is working out now. jaime: and don't forget you can watch all of the action exclusively live on tennis channel. ♪ comcast nbcuniversal is investing in entrepreneurs to bring what's next for sports technology to athletes, teams, and fans. that's why we created the sportstech accelerator, to invest in and develop the next generation of technology that will change the way we experience sports. we've already invested in entrepreneurs like ane swim, who develops products that provide hair protection so that everyone can enjoy the freedom of swimming. like the athletes competing in tokyo, these entrepreneurs have a fierce work ethic and drive to achieve - to chan

tune into bloomberg tv for the jackson hole symposium.e will bring you all of the key moments he is throughout tomorrow. butch banks asset management arm slump asked deutsche bank's asset management arm -- deutsche bank's asset management arm slumped. joining us is sri natarajan, bloomberg banking reporter. this feels like a huge deal not only for dws, but just in general, how the financial community needs to avoid greenwashing. sri: let's take a step back and look at what has happened. the ws the stock has slumped most in 18 months after reports last night first emerged that they are looking into reports from a whistleblower that the asset management firm has been painting a rosier picture. what is that led to? this morning, now that there are reports of investigating german regulators, the stock was down 15%, the most since march. why is the ws important? but you bank owns about 80% of the firm. therefore, its stock is also down roughly 3% earlier today. it is not just contained to dws. they have seen a flood of money come in. everyone

great to see you in the bloomberg tv studio as well. gunnar wiedenfels, the discovery cfo. this is bloomberg. ♪ ♪ ritika: it is time for the bloomberg business flash. i'm ritika gupta. bmw joined its peers with strong second-quarter earnings, but warned of tough months ahead because the global chip shortage is slamming vehicle output. bmw expects production restrictions to continue in the second half of the year. in france, socgen gave an upbeat forecast for the year. the economic recovery is let the -- is letting the bank put aside bad loans. socgen said it would complete a share buyback it announced earlier. >> we have announced a share buyback in the second half of the year. we recently completed a share buyback. [indiscernible] of 470 million euros. ritika: shares of socgen are up about 56% this year. as the delta variant spreads, younger americans have become the most stubborn vaccine holdouts, according to the kaiser family foundation. 34% of those between 18 and 29 said -- before getting vaccinated, but covid related hospitalizat

we were speaking to somebody earlier on bloomberg tv that is bringing people back no sooner than 2022he range of the decision-making you're seeing on wall street. the question is how do employees feel at the end of the day, and how much leverage do they have in working from home as their executives make this is a certain -- make this decision. alix: does that give them more ammunition to try to negotiate for work from home and not return to the office? sonali: people have to be flecks of a right now. i think that is the key. but there is a pressure to win business in the time of moderating revenue. guy: it has a ripple effect into the housing market and many other sectors as well. thank you very much, indeed. an interesting spreadsheet. alix: not surprised she has a spreadsheet. ♪ laura: it is time for the bloomberg business flash, a look at some of the biggest business stories in the news right now. i'm laura wright. paypal will stop charging late fees on its by now, pay later option. the plan allows customers to split purchases into four payments. it has exploded in popularity in th

we'll go to michael mckee at bloomberg tv. >> chairman, i wanted to ask you a little bit about your tapereline in the sense that you said you want a couple more months of data, and the statement says that the fed is going to evaluate the developments in two markets, in jobs and inflation, in coming meetings. does that suggest that we wouldn't see anything before september or november in your meetings? i know a lot of people on wall street have basically felt you're going to lay out your taper plans at jackson hole. is that the plan or are we not going to see anything until the fall? >> we haven't made any decisions about the timing. and i did not, if i said we're looking at one, a couple more months of data. i'm not meaning to suggest anything about a particular time at which we might taper, because we really have not made that decision. all i'm saying is that we're not at substantial further progress. there's a range of views on what timing will be appropriate, and those views ultimately track back to people's views about the economy and what will happen as we make progress towards our g

alix: those are various executives on bloomberg tv speaking about the return to office plans.oment's ago, citigroup says all employees returning to the office will need to be vaccinated against covid-19. joining us with his thoughts on what that does to the economic recovery is stephen king, hsbc senior economic advisor, joining us from london. i've been talking about this for a couple of weeks, the idea of a stay-at-home recovery, very different than what we would have been talking about six weeks ago. how does that change her economic calculus? stephen: as you can tell, i am definitely working from home because my office does not look quite like this. i went back to the office for the first time in months last wednesday to remind myself what the office look like. i think this is something where time will determine whether this is really a long-term story or not, to the extent that companies have to look out for the health of their employees, worried about perhaps commuting to work each morning, crowded tube trains, all those kinds of things are relevant. there's also the iss

this is "bloomberg surveillance ," live on tv and radio. alongside tom keene and lisa abramowicz, i'm jonathan ferro. . your equity market up three on the s&p 500. in the next 60 minutes, two of the biggest bulls on the street, 4700 at goldman year end, 5000 for ed yardeni next year. tom: jon, the equity market rationalization right now, the narratives about it, the gloom of the friday research note in these rare notes of optimism, it's got to be studied. jonathan: ben laidler in the previous hour as bullish as ever. he thinks the reopening trade hasn't even started yet. tom: really important point, as each bull has a different way of approaching this. it is not a uniform call. jonathan: we like balance on this program. here's lisa. [laughter] lisa: i do think that the key distinction between the bulls and the bears right now is margin pressures, how much companies can adapt to higher cost. you have the likes of ben laidler coming out and saying it is not going to be transitory, were you -- transitory, whereas you have others saying this is

this is "bloomberg surveillance ," live on tv and radio. alongside tom keene and lisa abramowicz, i'm jonathan ferro. your equity market down 32 on the s&p, -0.75%. if in doubt, blame the fed. this morning, that's what many are doing. tom: the fed is always in the crosshairs, but it is much more than that. goldman sachs yesterday, they mentioned to variant. this is not about economics. it is about the fourth story of this pandemic. jonathan: couldn't agree more. the title of goldman's downgrade was not related to fed tapering, not related to an increase of tightening. it was on the impact of covid in q3 and q4. tom: we've got a lot of other people coming up as well on that. and lately -- ben laidler, hugely bullish. what i wonder is at jackson hole, should they rip up the script, and on the lawn with those lovely white tents for the saturday lunch, should the head of the cdc speak to the economists? jonathan: i imagine they are going to be talking about that themselves because this is as much about the pandemic as it is about anything else,

this is "bloomberg surveillance ," live on tv and radio. alongside tom keene and lisa abramowicz, i'm jonathan ferro. your equity market up 17 on the s&p, advancing 0.4%. we've had a look at 4400 over the last month or so on the s&p. the calls keep coming through. 4700 from oppenheimer in the last hour on this program. tom: that is a measured lift out, a measured amount of time. 5000 is a big figure for s&p 500. a dow equivalent to spx 5000 is just under dow 40,000. jonathan: thank you, tom. thanks for that value add. tom: but seriously, no one is framing out beyond q4, may december of next year -- maybe summer of next year. jonathan: we had a guest yesterday, stephen stanley of amherst pierpont, saying 4300. they are radically different calls, and both individuals are looking at exec lay the same economic data. tom: do you that into the markets, into the right market, where money is made and lost. it is a vision thing that "surveillance" is struggling with to the end of the summer, and i would say into autumn. we've got to get through augu

don't miss our germany decides special right here on bloomberg tv from 9:30 a.m. u.k. time.ndustry that will be central to the german election and the country's economy, of course, the auto sector. matt miller spoke with the ceo of audi. he was bullish on the outlook for edie's. -- ev's. >> we have a better chance than any company to offer high quality and good price product together with a good margin that we can achieve because of the very strong brands to sell the cars that are highly differentiated, even using the same platform on the hardware side and the software side. >> the ev transmission -- transition for the u.s. economy as well. >> discussions on production in the u.s. are ongoing. we do not know what the result will be. we have factories where we produce. it is an important point. the likelihood of producing in the u.s. is there, yes. >> the audi ceo speaking to bloomberg's matt miller. coming up, we are going to look at your stocks to watch as consumers continue to venture outside. can delivery services maintain their profits? this is bloomberg. ♪ ♪ >> welcome

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

this is "bloomberg surveillance ," live on tv and radio.eene and lisa abramowicz, i'm jonathan ferro. . your equity market up three on the s&p 500. in the next 60 minutes, two of the biggest bulls on the street, 4700 at goldman year end, 5000

bloomberg tv guests weigh in on the latest employment numbers and its implication for fed policy. >>obs market report. >> very strong report across all metrics. >> across-the-board, february for the economy. >> leisure and hospitality jobs were among the top gainers. >> the service sector shows this recovery is coming in full force. >> this is a critical note for the fed. it is not just we got one big report, it is month after month. >> maybe this transitory inflation is supposed to be short-lived and will be with us longer. >> the risks and costs are mounting. >> this will not be an earlier tightening, but it may be an earlier tapering. >> the fed risks falling behind the curve. >> very encouraging, very consequential report. the next payrolls report will be the decision-making report for the fed. francine: joining us now is our guest. great to speak with you as always. when you look at what we heard in terms of the jobs data on friday, what you were expecting from the fed, does a change anything in terms of tapering? could it also mean they tighten sooner than we expect? guest: goo

richard, always great to have you with us on bloomberg tv. are there further hurdles ahead?rd: the energy sector has been a particularly challenging time. energy use has been relatively stable during the covid pandemic. the challenge for us is keeping operations secure and also keeping our decarbonization project on track. we are going through a massive energy transition and keeping those contracts has been vitally important to us. >> what is this plan in the short-term? >> we have plans in every area of our business. hong kong is our core business. we are working with the hong kong government to work on a carbon reduction target. we will see hong kong be carbon neutral by 2050. it will be a 30 year investment horizon for us. electricity contribute around 65% of hong kong's carbon emissions. and then carbon free electricity can be used in the transport sector that will eventually see most of hong kong's economy being to carbonized. we are working in australia by making more renewable energy available. we will see energy storage being used. we will see more renewables being e

companies, if they exhibit quality earnings in the past, they tend to do well. >> if you watch bloomberg tva day, you will see a number of people warning against investing in chinese stocks. because of the crackdown because of the heavy-handed regulation. are people going to miss out on opportunities or would you agree that you have to be very careful investing in china now? >> i think that is a good point. i think no question, the risk of investing in china has risen quite a bit because of the reset. in general, our china equities team has raised the discount rate on investing in china so the hurdle becomes higher. however, having derated quite a bit in terms of the market since april, we are seeing things, stock market prices stabilizing in august. is it time to go back? we don't think so. the milestone would be for the government. we see company specific spot checks but i think in the next couple of months, they might come up with a more credible and institutional framework so that becomes more transparent. i think if we see that, it may be the beginning of the bottoming of the chinese s

anna: some of bloomberg tv's guests talking about the fed policy framework as we edge towards the jackson the fed commit's communication strategy -- covid seems to have upended the world. and the fed has provided a new framework. but doubts are rising about holding off on tapering. has the framework already passe d its sell by point? jerome powell is looking a bit sad and pensive. shadowed by the backdrop of jackson hole. it will be a virtual summit. our thoughts will be on that conversation coming through from wyoming. jerome powell will be thinking about policy and he might also be thinking about his own future. what are we hearing about his future? >> he will have a lift over the weekend. the reports over the weekend is that he has won the battle with janet yellen. that is a big voice in the administration if she throws her voice behind jerome powell for another term. it will carry enormous weight. that decision is expected in early september. anna: if we think about what he has achieved, one of the big things is pivoting the policy. having been caught on the wrong side of the covid cr

this is "bloomberg surveillance" live on tv and radio. alongside tom keene and lisa abramowicz, i'm jonathan ferro. down 25 on the s&p, down .6%. a risk aversion through this markets worldwide. tom: we go out to the deepest market, the dollar, really breaking out and moving stronger. renminbi up to 6.49. bbdxy up, it is a correlated week. jon: the cyclical breakdown has been building for a while. look at the move in airlines over the last couple months. that is not the fed, that is delta, that is china. i think claiming the fed every morning if there's any move like this is missing the mark. tom: i agree. here is the mark. i put these out two weeks ago in celebration of our great epidemiologists, virologists. we all have these back on our face. on radio, i'm hold -- holding up a mask. jon: lisa and line with the goldman forecast, in the past 24 hours, downgrade q3 gdp in america, an up to q4, and did i mention the fed? they're talking about delta. lisa: this is the right focus. i think it is important you talk about how this is not about

this is "bloomberg surveillance ," live on tv and radio. and lisa abramowicz, i'm jonathan ferro. your equity market 19, -20 on the s&p, down 0.4%. here's the

thanks for spending time with us here on the european market open on bloomberg tv.gram, the u.s. senate is set for a vote on a $550 billion infrastructure plan within a matter of days after finalizing the bill. we'll get the latest from washington, has significant this is. are there stumbling blocks in terms of the political process, that can still get in the way of this? we'll talk infrastructure next. this is bloomberg. ♪ ♪ the anna: welcome back to the european market open. half an hour into our trading session here on european equity markets for this monday morning and we're making gains, up 5.9%, a whole percent -- .9%, a percent in some cases. all sectors are in positive territory. that is certainly the big picture takeaway from this graphic. you can see autos and auto parts is the best performing sector, banks also doing pretty well. autos and parts is definitely moving higher and quite broad-based, daimler and bw may be leading the pack, but all of these stocks in that sector are up by more than 1%, so very broad-based the moves we are seeing higher there. l

this is "bloomberg surveillance ," live on tv and radio.longside tom keene and lisa abramowicz, i'm jonathan ferro. your equity market down two, -0.05%. tom: a lot of houses doing a lot of good work. i mentioned jp morgan in the last hour on rent dynamics. that is the way this report is going to be. we are going to look at the different parts of inflation and see what those immediate dynamics are. jonathan: are the temporary factors, or do they start to bleed? tom: exactly. i do take your point, but i look much more at the boom economy, massive fiscal stimulus, and maybe almost tertiary to the discussion is what we saw in washington overnight. jonathan: let's talk about what we saw in washington through the night. lisa: democrats passed an outline for the $3.5 trillion plan. what does this mean? do you have a sense of what it can mean to have a framework for what could be passed? jonathan: it means there's going to be a fight down in washington for quite a while. i think we will have to check in with annmarie hordern every morning on what i

auto maker in the world has been affected by the global chip shortage and here are what guests on bloomberg tvre saying right now about the outlook. >> we believe that the worst is passed. >> it is very fluid. >> it will run into 2022. >> the chip shortage, which is driven by the capacity, already the actions have been taken by our suppliers, and this will also go away. >> microchips are the center of most of this activity but we are seeing a wide range of supplier disruptions due largely to continued outbreak of covid. >> we think we will be into mid-two until we start to see supplies rebound. >> whether this will go away in short-term, i don't think so. >> we have seen shortages of somewhere between 20% maximum production compared to our initial plans. shery: we are watching toyota when japan opens in the next hour. the are down over 4% after the company announced output suspension at 14 plants across japan for several days next month. the adjustment is in response to a part shortage resulting from the spread of covid in southeast asia. the toyota motor executive vice president of sales spok

this is "bloomberg surveillance ," live on tv and radio. keene and lisa abramowicz, i'm jonathan ferro. the s&p negative three this morning, down not even 0.1%. it is onwards to vice chair clarida a little later this morning. tom:

this is bloomberg surveillance live on tv and radio. alongside tom keene and lisa abramowicz, i'm jonathan ferro. your equity market, -.1%. tom keene following the biggest one-day slide in about a month. tom: the biggest one-day slide in at least twice six days. the drawdown is extraordinary. let's look at broad drawdown now. down drawdown 1.2%. to be serious, afghanistan and the rest is beginning to color the washington fiscal linkage and that into the market after the economic data we saw yesterday. jonathan: you are right to bring it up. to what degree the issues abroad will overwhelm the effort. you think we are at that point? tom: i think everyone is numb. read the condoleezza rice. we will feature it with annmarie hordern. everyone is starting to think about this. i will suggest this seriously, with great respect to the soldiers that fought and died, we are in shock. only today i my beginning to see the linkages. jonathan: you said you think the administration is in stock. many people responding to something as simple as the retai

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this is "bloomberg surveillance ," live on tv and radio. and lisa abramowicz, i'm jonathan ferro. your equity market down two, -0.05%. tom: a lot of houses doing a lot of good work. i mentioned jp morgan in the lastou

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