we need to talk about the resignation of the president of the bundesbank. me, this all started in 2011 with axel -- when axel quit. from that point onwards this bank lost its bite in a big way. they may have made a lot of noise about what the ecb should do. the fact is ecb policy is where it is because he didn't have the influence that some people in germany might've wanted him to. tom: this is important. long ago i looked at the tv screen and said what is that in front of the ecb building. it was someone named jonathan ferro. a dramatic central bank taking out by who was chairman with a massive french education. from where you sit in your decade of watching the ecb, how cultural is this? jonathan: there's been a massive shift. in early 2011, the then chair of the bundesbank was a leading candidate to take over the ecb. there were some -- there was a real pushback that started to build up. he resigned, it was unexpected. the idea being that the president spot was open for someone and then all of a sudden you introduce president draghi and from that point to

i can see moec at the bundesbank -- at the buddhist bank. i can see moe -- at the bundesbank.moec at the buddhist bank. -- bundesbank. [laughter] maybe not. who will take over? gilles: i don't think that will influence over the ecb, that great. and actually come of the point for germany right now, is going to find someone who will gain influence at the ecb, and i think the right way to do this is to select someone who will be closer to the center of the on the next going this bank bus -- boone this bank -- boone this bank -- bundesbank boss. it is known by german standards, where it will be more steeped into the bundesbank tradition. it will be more of a practical choice, but i think germany has an importance he really to regain influence, but the right way to regain influence is to choose someone who would be a bit further away from the usual ameritrade multi-culture of the bundesbank, someone closer to the way we think of those things in france. jonathan: gilles, fantastic as always. good to get your insight. gilles moec, of accent investment, and the unofficial candidate to

how much will a new bundesbank lead that charge?n: ask matt miller about the infrastructure in berlin. that was a gift. go and invest. didn't happen. your equity market unchanged. five days of gains, just a whisker away from all-time highs. we will break down the price action for you every shortly. a beautiful morning in new york city. this is bloomberg. ♪ jonathan: unchanged in your equity market this wednesday morning. good morning. we are unchanged on the s&p, down about a point. unchanged on the nasdaq, up about three. that is the story for the equity market. the bond market equally as boring. if that is what you want, maybe it is not boring. 1.6373% on tens. on 30's, up a basis point to 2.1%. not doing much there at all. on the two-year, we have basically doubled over the last couple of weeks, just short of 40 basis points now. where we are moving, this chart right here. if you're listening on radio, it is a simple one. house prices in china have started to rollover. they are negative for the first in six years. you have to pay

jens weidmann quitting the bundesbank.he surprise move for personal reasons comes after he was passed over for president. angela merkel saying within the last few minutes that it will be up to her successor to pick his were placement. covid cases continue to climb across europe. the u.k. secretary will hold a conference, expect it to urge the elderly to get boosters. his government is still ruling out lockdowns for now. let's talk about where we are with the market. equity markets bid in europe, up 0.2%. we are just continuing to push higher. the stoxx 600 got up into the mid-for 70's not long ago. crude is negative, but very much off the floor that inventoried that we broken the last half-hour, certainly pushing crude prices back up again. brent crude, $85 on the nose. alix: in the u.s., we are seeing a sixth straight day of gains for the s&p. haven't seen that since about mid july, up by 0.4%. you have a earnings dissecting the haves and have-nots versus the same time, there is no alternative. john authers added somethin

jens weidmann quitting the bundesbank.reasons comes after he was passed over for president. angela merkel saying within the last few minutes that it will be up to her successor to pick his were placement. covid cases continue to climb across europe. the u.k. secretary will hold a conference, expect it to urge the elderly to get boosters. his government is still ruling out lockdowns for now.

what we will really see is a press conference as lagarde manages the empty seat at the bundesbank and managing the message between dovish and hawkish tones in europe. futures up 16, dow futures up 91. the vix, 16.53. stay with us. on radio, on television, this is bloomberg. ♪ laura: with the first word news, i'm laura wright. president biden heads to the capitol today to brief democrats in his social spending agenda hours before he heads to europe. the president wanted to have an agreement when he arrived in rome for a g20 summit, but house and senate democrats can't agree on how the increased taxes pay for the measure. in taiwan, president tsai ing-wen has said the u.s. would come to the island's defense if china tried to invade. tsai said the threat from china is increasing every day, and cnn says there are fewer than three dozen american servicemembers there. the price of european natural gas and power fell today after signals from resident vladimir putin that russia will send more gas to the continent next month. putin has told gas pumps to start refilling at european gas faciliti

the bundesbank president stepping down from his post at the end of the year.tatement from the central bank says he submitted his resignation to the german president for personal reasons. the 53-year-old has been germany's central bank chief for more than a decade and is considered one of the more hawkish members of the european governing council. global news 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. more than 120 countries. this is bloomberg. >> any other auto manufacturer who wants the same performance and range at the same price will have to lose money on every car sold. 3000 is our base case, not our bull case. jonathan: always fantastic to hear from cathie wood, the ceo and cio of ark investment, sitting down for the milken conference. alongside tom keene and lisa abramowicz, i'm jonathan ferro. no drama on the s&p, -0.03%. the bond market basically unchanged, 1.1615 on euro-dollar , basically unchanged. on crude, $82.11. the focus now very much on th