the dresden technology center for daimler. he is always two steps ahead of me in finding new technology and new leaders, and you know, i don't think we can count daimler out of the game, and tesla's trading basically strip off consumer financing. >> but craig, speak to what phil just said which is automobile makers including daimler over the years have come out and said we have a car coming we have a car coming and i'm still looking around >> yep >> yeah, it's disappointing and that's why this thing has a $200 billion valuation it's definitely disappointing. i don't think it's going to be disappointing forever. i think there's going to be a period of fairly rapid catchup given that tesla's taken hundreds of thousands of units out of the hides of these very sophisticated, well-established oems >> phil -- >> andrew, in terms of -- >> i'm going to slightly push back against craig me and him have gone at this and discussed this separately.

talking about the suv where daimler is seeing demand going very strong. they are saying they see a favorable development. i guess there is a lot to do for the company in terms of restructuring. a lot of job cutting globally up to 30,000 jobs but there on the right track that's why the shares are most likely up. back to you. >> the number of coronavirus cases worldwide has exceeded 15 million. more than 622,000 people have died from covid-19 the u.s. is currently the worst affected country reported the biggest daily single-day jumps in deaths earlier this week. >> california has reported the biggest jump reporting more than 12,000 new infections on wednesday. with more than 409,000 new cases. the west coast has officially surpassed new york we have this report. >> as hospitals and hot spots face a crushing wave of covid patients tonight, the death toll hit a new high more than 1,000 deaths reported in 24 hours. >> these deaths are premature preventable deaths >> with 40 states responding, tonight, california surpassing new york fewer were tested and the de

what about daimler? what does the restructuring look like? >> the c.e.o. out and made a statement talking about a significant hurd that will the industry faces. -- hurdle that the industry faces. he said there would be to be significant paycuts at daimler and they would have to undergo significant restructuring, much more than they ever assumed they would have to do before the crisis. d.w.s., a major shareholder in so ler is linking this to many of the fines daimler faced over diesel admissions. att: i love the v.o. i would probably just tune out and watch the cars being built. i believe those are a.m.g. motors being built. what is the story with william hill? william hill, u.k. house of lords proposing different harm, it o curb includes slowing down online pace. it is going to hurt gambling companies. it is to stop them from advertising on various sports venn use and businesslines as well. anna: thanks very much. some of the stocks we're watching this morning. let's have a look at the future it is then as we head to the break. the market open is next. fut

america so 5g is happening at an increasing pace in the world i worry that europe is falling behind >> daimler shares accelerate as more cost cutting forces the carmaker to halt production of mercedes demand in u.s. and mexico as it reveals a $1.7 billion operating loss for the second quarter the last dance for a lockdown growth shares plunge in extended trade as the streaming giant adds 10 million subscribers but warns growth will grow sharply to its weakest level in years >> beginning shortly, some comments crossing from the european commission and she has effectively said that these stakes couldn't be higher and all necessary pieces are on the table and a solution is possible from her leadership perch hoping a deal would be struck today as she took to the red carpet a short time ago what we are also hearing this is a group of the frugal four leading the charge said he's not optimistic ahead of the talks on a recovery fund he said netherlands will stick a a position recovery funds must be tied to reforms a lot discussed behind the scenes about some grants and loans being tied to the countrie

daimler expected to make an operating profit this year.about confirming guidance to raise the dividend. we had from the south china morning post that china may close its u.s. consulate in chengdu. the global times editor-in-chief saying china could consider u.s. hong kong consulate cuts. u.s. futures flat after the s&p 500 hit a five-month high yesterday. that is it for bloomberg "daybreak: europe." this is bloomberg. ♪ ♪ ♪ nejra: good morning, welcome to bloomberg markets. i am anna edwards live in london alongside matt miller. >> today the markets so don't think about it too hard, global stocks shaking off a wall of earnings. ? e dark clouds on the horizon the cash trade is an hour away. but no -- now the terminal, beijin

we have roche, daimler, unilever, and we were just talking in the break about daimler. a report earlier today from manager magazine saying daimler might put up took -- might cut up to 30,000 jobs worldwide. that is quite a lot. they say that is speculation for the moment but certainly there will be an extra layer of interest when they report earnings tomorrow. alix: especially as any of those companies come and here in the u.s. they receive eight and they the sa time.to lay o people at a busy day, a fun day. thank you, fran, for joining me. that wraps it up for fran and myself. coming up on "balance of power," he will talk to ohio senator rob portman about his effort to get a stimulus deal done. breaking that down. in the market, it is a soft session in the u.s. but we are in the green versus european equities, and it down 1%. you have some of the health care stocks outperforming. the energy getting hit in the u.s.. in other asset classes you're getting a bit in the bond market pre-much everywhere you look. the euro catching a nice bid. is the euro the new safe haven? g

we will return to some of the stock specific numbers including daimler. and ericsson.e on all of the moving parts. broadly speaking come european equity markets opening modestly higher. this comes as leaders gather in brussels to discuss the recovery plan. they meet to discuss the purchase of bonds. we are joined to buy kallum pickering from berenberg. expectations -- would you describe them as high in the meeting of the european leaders today? has some skinster in the game but what are you thinking as we head into this particular meeting in brussels, what is at stake? tolum: it is ambitious expect a deal at the end of the critical iswhat is that after the meeting is over, the market will need to have some communication that most members are happy with how things went. that can shape expert patients for a deal later this summer or in the fall. there are two things at stake. the first is the european recovery. this could be the biggest economicf cross-border solidarity and compromise and cooperation in history. if you can get that big 750 billion number come at you can

daimler is one of those.cts to make an operating profit despite the unprecedented industry slump. this is bloomberg. ♪ anna: welcome back to the european market open. specific,to the stock the stocks we are watching, plenty to choose from, lots of corporate earnings. , youarting with unilever have been looking at the ceo interviews. i want to get down to what the company reported, a loss better than what had been expected. one of the things that benefit of them was an area that had been an issue for unilever which was north american sales. they saw customers stocking up on soap and hand sanitizer so it was helpful for them. they have announced they are keeping their business in india and indonesia and getting a lot of interest from private equity companies. daimler, reporting earnings that hard byhey were not hit the pandemic as some had feared. they are forecasting a total operating profit for the year. previously they predicted a loss. the ceo seeing a recovery, says his estimates hinge on economic recovery

daimler says the car industry faces painful cutbacks over the economic fallout of the coronavirus pandemicthe german company's chief executive is warning of drastic salary cuts, saying they are necessary to protect daimler's finances and safeguard investments. executives will face bigger reductions than rank-and-file workers. britain's financial regular says firms should be preparing for a no deal brexit. the financial conduct authority says the breakdown in talks could disrupt equities and derivatives operations. it warns to have arrangements in place so they can continue serving european clients. that is your bloomberg business flash. yousef: thank you. here is what to watch out for, at 10:00 a.m. u.k. time, we get the latest on the data from the european union which is critical to understand ongoing economic recovery. and insts forecast 7.7% the u.s. we will get the june p.m. u.k. time. around 2:00 p.m. u.k. time, the german chancellor angela merkel the video conference call and a news conference. still with us is iain t. stealey , international cio, jpmorgan chase bank. i am looking at

german carmaker daimler could cut a significant number of jobs due to the coronavirus pandemic according to one of its top executives board member of in said porthos says 15000 employees would have to leave voluntarily in order to avoid layoffs. u.s. president donald trump has commuted the prison sentence of his long time friend and former aide roger stone he was convicted of lying to congress and witness tampering during the investigation into alleged russian interference in the 2016 u.s. presidential race the move has been met with fierce criticism from his political opponents but. he has reason to celebrate only days before rush just own was to bigger chance i could be exonerated i agree with that recent book this this is a this is a horror off or if it very clear when you realize that this is this investigation never had any illegitimate or lawful beginning it was a witch hunt and february stone had been sentenced to lying to congress witness tampering and obstructing the house and mr geisha and to whether the trump campaign colluded with russia to win the 2016 election what's the wo

like company like daimler or even some of the financials. these are companies that have lagged over the last two or three years. that have, in most cases -- i mean, if you take a company like daimler or bmw great brands, strong balance sheets, net cash on the balance sheet. i don't have to go over the math that the enterprise value of daimler, which is the world's biggest truck company and owner of the world's most recognizable car brand, mercedes, and if you add enterprise value of bmw, which makes, what 2.3 million cars combined that's about $60 billion compared to tesla which makes half a million cars, has an surprise value of $300 billion. tesla, of course, a great company. innovative you know, i like to refer to elon musk as brother elon because he's a free spirit fights for freedom but, you know, the company looks stretched. who knows when it's going to turn but when it does, i do believe it's companies like a daimler, like some of the sup le -- suppliers like continental, these are the businesses that will eventually get revalued. >>

daimler saw a fragile recovery. erickson was also helped by earnings. delve into those in a second. across asset in europe. euro-dollar around the highs of the session. 1.14 is where we are. the two year yield in italy just six basis points in a bit of selling in the german bond market. i highlight that because that will be contingent and choppy as to what we get of the european council meetings today. we will be getting clarity on that 750 billion euro package. that will be keeping the two year yields in italy. look at copper. up .2% on a choppy day. that bodes well for your risk appetite. for a deeper break down into what we are seeing in the european market, here is scarlet fu. onrlet: i want to follow what you're saying with regards to european leaders meeting on the 750 billion euro rescue package. all 27 members need to approve that. this will go really quickly, given what we are seeing. alix: that is sarcasm. guy: a little bit. what is interesting is the stoxx 600 has gained 9% since france and germany voiced their support for the plan. a lot of

to our founding partners, daimler and the foreign ministry of affairs, to deloitte, and our associated knowledge partners. we're grateful to all of them. let me also say a very special thank you to u.s. mission to the european union, and in fact, to all three u.s. missions here in brussels for their consistent partnership and support. let me just also say a word about our format today. the secretary will make some brief remarks to begin with, and then we're pleased to be able to turn this over for conversation to germany's correspondent for the "wall street journal," he will have a conversation with the secretary, and then the secretary's kindly agreed to take a few questions from our virtual audience as well. so once again, mr. secretary, thank you for being with us in brussels. thanks to all of you for joining. over to you. >> welcome, secretary of state. welcome to our viewers. we'll just, i think, let the secretary of state have some opening remarks, tell us what's on his mind, what's keeping his busy, and we'll proceed with the discussion and take some questions from the audience.

we forget that chinese investment owns the chinese investors own although they own a significant daimler they own for a us court and they have been good investments but the problem at the bottom line is and this is something else the moderates best to get is worried about and many of these are worried about is that there is no separation between the chinese state and chinese business which again is not really compatible with the way the e.u. works i wonder though if anglo-american is actually being almost prudent in her thinking with china given the other major relations your has with the united states is declining shall we say with regard to the united states the u.s. is pressuring and pressurising germany to resolve issues like north stream to germany gets 70 percent of its gas from russia it doesn't seem compatible for the u.s. to be spending an awful lot of money protecting and guarding germany from any beijing from washington are going to happen. and it costs a lot of money to have troops in germany so there is a troop there there is a discussion around having troops going to poland

then you have names like l'oreal, lvmh, daimler.e automaker with the most short interest on that value level. then the list gets a little bit more diverse with a lot smaller companies. you look at short percentages of shares outstanding. dani burger and i both agree it is probably a little bit more fair. you have companies like fraport, peugeot, royal mail. those are the type of companies in the top shares of short interest outstanding. anna: ok, thanks very much. annmarie hordern with the latest on tesla and the broader short story. thank you very much. up next on the program, it is always 5:00 somewhere. somebody in our production team seems to think 5:00 is the magic number. we will be speaking to the brewdogs ceo, james watt. more on that next. this is bloomberg. ♪ anna: welcome back to "bloomberg markets: european open." european equity markets on the back foot. enthusiasmthe same from shanghai, so down to touch on european equity markets. u.s. futures point low. let's talk about what we see from a sector perspective. european

leadership in terms of the technology above the conventional automakers like general motors, ford, daimlernd the rest. there is talk they will be going to india and that will be a market where they sell vehicles. growth has been good in china. there is a lot of news that points to the direction of growth or continued prowess in electric vehicles that has investors giddy at the moment. guy: this morning i saw another headline that said they would discount by more than $3000. i wonder why that would happen, to excuse the pun. is it because we live in a covid world, is it because they are not selling as many of these cars as anticipated and they want to boost demand, why discount a car that has only just gone to the market? david: it is difficult in a covid world to tell why they are not getting the sales they need at the price they want they have to do some discounting. we are seeing a lot of deals on ev's in the u.s. market and elsewhere and unconventional vehicles as well because the demand is not quite there for anything compared to what it was a year ago. tesla fill that plan for a certa

daimler ceo has warned of drastic pay cuts in deeper restructuring as the auto industry faces painfulthe economic followed of the virus. joining us now is christopher know. great to have you with us. give us more details on what we know. kristof: good morning. blunt duringeo was a panel discussion last night that was hosted by the company's main labor union. cutbacks across the entire organization. 70%. he said he doesn't expect to see much of that this year because of the dramatic downturn and the related earnings slump. agreed toment board take a voluntary 20% production on their salaries. that was a step to prove that this is a all hands on deck situation, to be able to emerge from this crisis that shattered the entire industry. nejra: how are investors likely to respond to this all hands on deck approach? guess they will take it as an encouraging signal. have able to really market reaction, they will wait for more tangible results of the restructuring. as a reminder, he took over the ceo job last year. he has been struggling to get his restructuring plan off of the ground. now the

forcing consumers to stay at home and dealers and factories to stay closed bmw down 39% daimler statinghey have to make pay cuts. the moves are needed to shore up the german carmakers decision and long-term investments. >>> tesla has overtaken toyota as the largest carmaker valued at $205 billion. the company has struggled to consistently make a profit and it has only produced around 500,000 cars this year stock is valued at 16 times earnings tesla is expected to announce second quarter numbers at the bell today the ceo congratulated employees in an email saying he is so proud to work with them. tweeting as a side project, tesla will be building rna microfactories for use by vaccine makers making solving diseases a software problem, which sounds encouraging. >> we are taking core respend ans and you can tweet me @cnbckaren. >>> pfizer hopes to scale up trials what thamet ans for the vaccine is coming up after the break od n literally save lives. but we need to act fast. please donate plasma now. please donate. donate. donate. donate now. you fought for your life. now let's take the figh

we heard from unilever and roche and daimler. you can see the ftse gained 0.5%. once again the focus is on stocks climbing amid a pickup in earnings. the dollar slipping to its owest level since january. offshore treasuries inching up. should have completely shut down the country according to billionaire bill ackman. >> if we mishandle this crisis, if we do nothing and sit and let the virus run around the world, we end up in a very dark place. we can't allow that to happen and we shouldn't. we should shut down the country. that was basically my recommendation. i made a pretty bullish case that had we take an hard shutdown, we would have had a better outcome economically. the good news is we're going the get through this. there is going to be a vaccine. there are a number of candidates on the cusp, hopefully. i heard from a trusted colleague on the board with a state-owned of the enterprises in china and he was recently vaccined along with 40,000 other chinese v.i.p.'s. f china -- 40,000 most important high profile since the, they are pretty far along developing a

daimler rising 6%. 4% higher but it went up as much a 7%.at goldman sachs call strong cost savings. up 8%. amongst the biggest decliners, roche, the outlook disappointed investors somewhat. alix: indeed. unilever, hand sanitizer is all the rage. another issue is the u.s. relationship with china. president trump's order to close the chinese consulate in houston made it clear the hawks are now in charge. china has warned the u.s. to think about the relationship and where it is headed. bloomberg spoke to max baucus who said that is the wrong way to deal with the country. >> the u.s. administration and its acolytes are too vocal. they are too vocal. a better solution if we have problems with chinese ip is to engage in more quiet diplomacy. let's figure out ways to solve it. if we cannot find a solution then we take action. is mark mobius, mobius capital partners cofounder and partner. good to see you as always. markets keep ignoring it. why? are you ignoring it? i always talk about the wall of worry markets have to overcome. we have seen the mar

how does the daimler deal make evidence of your advantage?oint around the acceleration because of covid -- we are seeing more companies come to us to digitize their business processes. from the cloud perspective, companies were moving applications to experiment what the cloud was. that did not give any real benefit. in the case of mercedes, we have helped them accelerate to the market but also improvise the security needs on the platforms. that is a thing ibm can do unlike any other cloud service product. we are seeing a wealth of vendor -- other industries coming to us to improve their experience. it is recognition it is important to have a good experience for your customers of of every thing else, even more than policy in the marketplace. tos is allowing us differentiate ourselves. caroline: you want to be the means to connect different providers. you have come to the realization that not one company whether through acquisitions or previous relationships won't have one out -- one cloud provider, perhaps up to 10. you want to be the interact

daimler weathered the industry slumped better than expected. company is counting on the economy improving and no second wave of the coronavirus. global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. i am ritika gupta. this is bloomberg. ♪ >> as we going to september, the risks are very much skewed towards a more aggressive fed which compresses yields, flattens the u.s. curve, and that would be an additional dollar negative dynamic. saravelos ofrge deutsche bank. initial jobless claims rising this march. i will be catching up with priya misra on that. a crucial discussion. are we starting to see the right end of the weighing of the v starting to break down. tom: jonathan ferro will be off to the open. it will be a changed open. this is different where it was it 8:29. we have a second tranche of lower yields off of the statistic. 30 year bonds printing a 1.26. 10-year yield comes in a solid two basis points. the two year has not broken in but there is curve

second-quarter results signal that diner weathered -- that daimler weathered the industry slumped better-than-expectedal news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. i'm ritika gupta. this is bloomberg. ♪ >> i have enormous respect for the chinese. i think they've built an incredible country, economy. but they are not perfect, and i think the trump administration has been stronger on china then any previous administration in many years, and i think that strength is in certain cases very important to be demonstrated. jonathan: bill ackman there, pershing square capital founder and ceo. alongside tom keene and lisa abramowicz, i'm jonathan ferro. i think we are all sick to death of this rising u.s.-china tensions. tensions have been simmering for the best part of two and half years as this administration has confronted the chinese communist party. tom: it has been a very careful ramp up. to your credit, i would mention mr. farrow has been -- mr. ferro has been way out front on this. meredith sumter is the eurasi

di -- daimler doing well. the chemical sector is also trading higher.c in london also trading strongly despite what is happening in hong kong. the more defensive bond-like names are still big today, health care up, and the food and beverage sector also trading strongly as well. retailer hereuge in the u.k.. it is owned by associated british foods, which is largely owned by the weston family. nevertheless, coming out with numbers today. it was due to do $1 billion worth of business this year. it is not going to happen. the numbers today being broadly greeted. the census seems to be it could have been worse. the stock up by 4.5%. bmw cars are doing well. today.ibas up nearly 6% very strong day for french banks. alix: good stuff. all the focus continues to be on reopening's all over the world. the focus on the u.s., florida cases rising 6.4% yesterday. hospitalizations hitting a record and deaths among the residents reaching over 3600. new york seeing a third straight day of consecutive rises in cases. joining us now is a former health and human services s

daimler will give a clear picture of earnings later thursday, a week after reporting a preliminary second-quarterof almost $2 billion. tesla reported a fourth consecutive quarterly profit paving the way for it to join the blue-chip s&p 500 index. the profit was $.50 a share, beating a forecast of a loss of more than one dollar a share. revenue fell to over $6 billion. that is still more than estimates of $5.4 billion. the results were further boosting the lofty shareprice which has quadrupled since march. haidi: we are just getting updates out of evolution mining. new gold output. beating expectations and their copper output also vastly beating expectations. this as we see these rallies continue when it comes to precious metals as well as that heated rally in copper prices. they are also reporting significantly when it comes to that gold output production beating expectations. evolution gold also being reported pretty robust number there as well. lots more to come on "daybreak: australia." this is bloomberg. ♪ 49... 50! i found you! good job. now i'm gonna stay here and you go hide. watch your fa

daimler stock is up 2% with encouragement they might be tightening up the balance sheet and getting their financial house in order. mercedes rival bmw coming out with a fully electric version of its 5 series. right now bmw is up .33%. the news does not seem to be slowing down elon musk's dance steps at this hour. tesla's stock continuing its run higher. it's up 7% right now. guess what 7% means for tesla? that's $98 increase. the stock right now at $1515 and change per share. we have to talk about nikola because that's jumping 11.66%. the badger truck is really looking interesting to a lot of people. the stock, though, by the way, while up today, is still down by about half month to date. >>> hot fun in the summer. today kicks off one of the busiest earnings week of the season. look at the calendar. four of the royal names in tech, facebook, amazon, apple, and alphabet google, yeah, they report this week. of course, they have delayed them because all four of those leaders are going to appear on wednesday, but look at wednesday as well. the economic events this week include the federal res

even we forget the chinese investment owns the chinese investors own although they own a significant daimler they own for a us court they have been good investments but the problem at the bottom line is and this is something else the moderates best again is worried about and many of these are worried about is that there is no separation between the chinese state and chinese business which again is not really compatible with the way the e.u. works i wonder though if anglo american is actually being almost prudent in her thinking with china given the other major relations your has with the united states is declining shall we say with regard to the united states the u.s. is pressuring pressurizing germany to resolve issues like north stream to germany gets 70 percent of its gas from russia it doesn't seem compatible for the u.s. to be spending an awful lot of money protecting and guarding germany from any vacation from washington are going to happen. and it costs a lot of money to have troops in germany so there is a troop there is a discussion around having troops going to poland and ukraine i

is bigger than, wait for this, volkswagen, gm, ford, bmw, fiat, toyota, and daimlerchrysler -- no daimlerse companies put together. there you go. that's what's going on with tesla. that is it for bloomberg markets. daybreak is next. ♪ it's pretty inspiring the way families redefined the word 'school' this year. it's why, at xfinity, we're committed to helping kids keep learning through the summer. and help college students studying at home stay connected through our university program. we're providing affordable internet access to low income families through our internet essentials program. and this summer, xfinity is creating a virtual summer camp for kids at home- all on xfinity x1. we're committed to helping all families stay connected. learn more at xfinity.com/education. ♪ >> this is bloomberg day break middle east. california closes indoor dining and bars. hong kong orders gyms and bars to shut for a week. >> u.s. attorney -- washington rejecks beijing's south china sea while u.s. snars are facing sanctions. >> i.m.f. downgrades the

today it's daimler, it was freeport the other day, alcoa.im, your overall thesis that other sectors would start to catch up with what growth has done is playing out. >> yeah, peter navarro please hold your ears china is leading the world. china's growth is for real, they're ordering things, they're past the pandemic. they are really in charge right now. i know that that's not what attorney general barr wants to do and he's in the name names -- david, did you like the name names black list didn't you feel like it was kind of like what your parents might have gone through in the '50s and '60s when they were outing people where is the who will wood ten we have bob iger. >> you know, i know, disney and apple. i'm not sure you can name two more american companies so to speak at least. >> right. >> yeah. >> known communists. >> that was scary stuff, jim. >> i thought it was really frightening. >> i think a number of people found that -- >> barr is a very smart guy, he knew exactly what he did, he took a page from senator mccarthy it was to me sinc