what does the s class need to do for daimler?elf, notlass talking about the plug-in hybrids, it is actually a really profitable car. if you look at mercedes in the past couple of years, they sell a lot of cars and they have high price points. for some reasons, their margins aren't that great. you need a car like this by 50% margins to come out and really support a lot of the ev investment on the others of the going. it is a profitable car and he really needed to bolster the position in china, which is a market that has been resilient with the weakness in north america and europe. alix: have we seen daimler do the tie up or pair up that have unwound over the last few months in the middle of covid? tom: that is a hot topic going on right now. i don't really see these guys doing anything like that. i think it is really an execution story. i think at the end of the day, it is also the corporate governance obstacle. ifthey execute on ev's, battery prices come down, their margins should actually increase and then you can actually get a

daimler down by around 1%. the stock trading lower.w, the joint venture that daimler operates with the bmw. year -- discount retail in, the discount retailer europe, higher. a fairly upbeat outlook coming through from them this morning, matt. could riskxt, how assets react to the debate tonight? we put that question to our mliv macro strategist, laura cooper. this is bloomberg. ♪ so you're a small business, or a big one. you were thriving, but then... oh. ah. okay. plan, pivot. how do you bounce back? you don't, you bounce forward, with serious and reliable internet. powered by the largest gig speed network in america. but is it secure? sure it's secure. and even if the power goes down, your connection doesn't. so how do i do this? you don't do this. we do this, together. bounce forward, with comcast business. welcome back to bloomberg markets, this is the european open. we are 30 minutes into the trading day. we are looking at losses across equity indexes. 600, the broader benchmark index in europe, also falling right now about 0.3%.

when are we going to see 2019 levels again at daimler? is hard to say when we will get back to that level, but the first quarter affected by the pandemic, hitting china, europe, then the united states, and we see sales are picking up again. china is leading. we are already a couple or three months into quite healthy growth in china. the united states and europe are not on that level, but after that unprecedented run we had in q2, we are starting to come back towards normal levels. >> you have got some big shareholders out of china, as well. are you concerned about the rocky relationship between washington and beijing right now? ola: we have very strong partnerships in china. it is our biggest market on the passenger card side. for the u.s., it is our second-biggest market -- it is our biggest market on the passenger car side, and for the u.s., it is our second biggest market for passenger cars. for us, it is not an either/or. we have to be in both of these important regions and are investing in both. >> confident you have a solid battery

daimler is not there and would like to go there. shareholder point of view, i get that. from a customer point of view, they obviously offer much higher quality products with much better support systems, so from a customer point of view, that kind of worries me a little bit. this makesi can tell you nervous, and i like the way you were giving him tips on new vehicles to manufacture, matt. matt: that was a mistake on my part, not a tip, although i do have some suggestions, but i think he knows a lot more about the industry that i do. do.han i anna: let's get a first word update with laura wright. laura: china is bolstering the chip sector to counter the trump administration. they say beijing is giving this includingriority measures to bolster research, education, and financing. the u.s. economy has shown signs of progress that continues to struggle amid the pandemic. that is the read up from the latest fed beige book support. a major roadblock for getting people back to work. data released yesterday estimates private sector payroll in

daimler reveals the very latest version of the mercedes s-class.makers play the catch-up again with tesla. we hear from the german automaker's ceo next. this is bloomberg. ♪ ♪ economics, finance, politics, it's "bloomberg surveillance." daimler has unveiled the very latest iteration of its mercedes s-class luxury sedan. it includes an all electric car, which will be sold from next year. traditional carmakers are pouring billions of euros into electrifying their fleets as they play catch up to tesla, which has zoomed past them to become the world's most valuable car company. matt miller spoke to daimler ceo and the trend that he is seeing in the industry. ola: we are investing in electrification, going co2 neutral, new software architectures based on artificial intelligence. we have fantastic styling and a luxury brand. if that market cap can serve as an inspiration to build on that, then we should be quite optimistic about what's possible. manus: the ceo of daimler speaking to matt miller. electrification all the way. markets are debating. narrativ

with the, we will talk ceo of daimler.hear why it is bullish on its battery-powered challenge to tesla. this is bloomberg. ♪ this is bloomberg markets: asia. sales at daimler are picking up .fter a turnaround we saw the ceo spoke with bloomberg about the new plug-in hybrid as class sets compete with tesla. made the strategic decision to go toward these neutrality's. cars from electric mercedes in the coming years. this contained pieces to incentivize low carbon vehicles or letter vehicles. see what people have taken for granted, your individual freedoms, the individual mobility. the perfect way to do it. maybe we will have a little bit of a renaissance as a result of covid. >> what kind of recovery are you seeing now? the ministry of economics in germany just said the recovery will be stronger, that the downturn was not as bad as they thought. when are we going to see 2019 levels again at daimler? >> it is hard to pinpoint when we will get back to that level. when we can see after we saw them first heading china, europe an

can hold them out i'm going to have to come out ok i would have control over to kill or die trying daimler laryea see you do a google. would be iota affianced i am a tournament time does again i do know you will be impolite to. continue on in the job reality but i'm actually a young young girl coming in a language city i. mean we're at work and i'm looking back horse the most simple. plan to really rally around which see larry as it were america parliament really see it as a fantasy story it is dharma was really is our own. library a reminder. by their friends you. do get a good opportunity but you've got 30. years to do to get the memo to. go. get them which i just. kept it was settling down. in the low. point it. played back by a time let alone the oh yes a really. bad. thing he. was. let go they said you don't want to let him go then they made that event leave it back on to something else at a moment see the bios both of them examine them something else now let me bring up the muslim brotherhood but it's only going to come out that it may happen by finally employing a magic that i think

bmw and daimler merged their operations last year.y part of the asian sections, agent strzok's shrug off the rebound in u.s. asian stocks shrug off the rebound in u.s. stocks. more consolidation the theme we are seeing in the early asia session. the nikkei 225 trading down .6%. tokyo inflation nubbers came in pretty light -- numbers came in pretty lackluster, better-than-expected. 1%,kospi trading higher by one of the out performers in the asian session. .5%.stralia we, tepid at we see the call for $.75 on the aussie dollar but near downside risk remains. kiwi dollar downside losses reverse from earlier gains, i news out from air new zealand saying guidance is murky but they expect they will declare a full-year loss in the following year. let's take a look at movers we are watching. of course in japan, ntt and ntt docomo as we ntt get further news about the spinoff. trend micro falling 6.1%, its rival file for an ipo. next, the ipo front and the latest. this is bloomberg. ♪ karina: this is daybreak asia. i'm karina mitchell with the f

the german car maker daimler, which owns mercedes—benz, has agreed to pay $1.5 billion to resolve us,000 mercedes cars and vans. daimler called the deal an "important step" towards resolving diesel proceedings, but denied the claims. let's now talk about a major takeover deal from monday, which saw uk—based computer chip designer arm holdings being sold to the american graphics chip specialist nvidia for $40 billion. nvidia has promised to keep the business based in the uk, to hire more staff, and to retain arm's brand. however, arm's co—founder, hermann hauser, described the deal as "an absolute disasterfor cambridge, the uk, and europe." we're now joined from california by the ceo of arm holdings, simon segars. simon, thank you for being on the programme. my pleasure. there is a lot of concern about this sale of arm from softbank to nvidia. wejust mentioned the co—founder and his comments. what you have to say to reassure people that arm will remain in cambridge? well, i think before we actually announce the deal, onlyjust yesterday, about 29 hours now since we announced the deal.

and mercedes benz and its parent company daimler agreed to pay one and a half billion euro dollars in the us over the dieselgate scandal. settlement will resolve allegations of emissions cheating and will require time to fix the affected vehicles. lucien axes are also under investigation in germany other car makers are facing similar probes in the us and the world. face masks are taking center stage in the fashion world not just by spectators but being worn by models at the madrid fashion week. spanish mass producer is co sponsoring the largely digital event it's provided some fifteen thousand masks to guarantee public safety. even the most highbrorow brands are now g getting in onn the a action do you tune i is te latest to announce will begin marketing a protective visor. featuring its logo and some golden studs there the panel will adapt to dark or sununlight and it can even be worn upwards as a hat according to the label but perhaps less it less effective at preventing the spread of germs mark if worn as a hat. we understand could be retailing for about a thousand dollars that mut

coming up, our interview with the ceo of daimler at 8:30 am in new york and 1:30 p.m. in london.is bloomberg. ♪ ensure controls are the most efficient. this is what he's facing across the business and wealth management, too. kailey: does this impact his ability to lead the bank going forward given that he has inherited at least one scandal? >> he has come in and made quick steps to address the structure of the bank, which shows as he is keen to put his mark on the company. at the moment he is well stedrested but -- well entru by the board. francine: you have been talking for a couple of minutes and i haven't asked if we will see mergers and acquisitions in the banking center. i'm losing my touch. this is something we talk about day in, day out. does it spur spu further acquisitions? >> covid-19 and the hit to the reverberate through the financial services sector at when thet government supporting measures end. force banksevitably in europe to look at consolidating because there are too many of them. that will probably happen first, then markets, then providing that wille progress

tense in manufacturing so the hope is that they will do it for me, the big issue is even if bmw and daimler do it, does that mean the jobs in germany will be represerved. that is the main risk. they are good at working metal and coumbustion. will those be made in china, that's where i'm skeptical >> a good point. thank you for joining us >>> coming up, rio tinto ceo gives into pressure and resigns over destruction of aboriginal sites. we'll have the lesafr e eak.t teth what if you could have the perspective to see more? at morgan stanley, a global collective of thought leaders offers investors a broader view. ♪ we see companies protecting the bottom line by putting people first. we see a bright future, still hungry for the ingenuity of those ready for the next challenge. today, we are translating decades of experience into strategies for the road ahead. we are morgan stanley. >>> welcome back to "street signs. these are your headlines europe's finance minister criticizes brexit talks after giving an ultimative forthwith drawl agreement. >> it is clear everyone needs to stick to what he agre

and daimler is looking for a new chairman.bout all of this news is bloomberg's germany bureau chief from frankfurt. let us start out with the ceo .rom commerzbank they passed over a couple of internal candidates. how does taking a deutsche bank retail head help? has a reputation of being a cost cutter and this is what investors say comber's commerzbank needs. we have the impact now of the coronavirus crisis on top. investors have criticized the previous management for the war performance of the bank and the lack of direction for the bank. f will have to present really swiftly a new strategy and to execute that willegy and the strategy likely include massive job cuts as well as deep cuts to the retail branch network that the bank has. anna: what will be the priorities? you mentioned some cost cutting -- will that be a priority? >> that will definitely be the priority. he has a reputation for being a cost cutter and this is what the bank will need now. even beforeeen -- he was a pointed, there was a plan on the table that they a

oems like volkswagen, daimler and many chinese are working very fast.o the gap between them will reduce in the coming years that's for sure. >> if we look down the line, 5, 10 years from now. given what they are doing with the cheaper, more efficient batteries. a shift away from building and selling cars and building and selling batteries perhaps to other automakers for example >> yes, absolutely he said he is open for any licensing of this technology or the way they are producing batteries. that's their main advantage they have so why not they could become also a hub for batteries for other carmakers or other industry why not. not only cars. >> we have seen several automakers get involved. we have the trucking company unit spun out of vw saying they are going to up their goal by producing a fully electric vehicle by 2025. so clearly the incumbents across the space are not resting on their lurrels here they are working on a battery that will result in a $25,000 ev fully autonomous in three years. how significant is this? >> i was a bit surprised in the

uber shares jumped on reports it is considering buying a ridehailing venture by daimler.essed interest in the program after the venture struggled to gain traction from investors amidst the coronavirus pandemic. bmw and daimler merged their operations last year which includes ride-hailing apps in france, greece, and romania. china's evergrande shares have been falling in hong kong after rising on monday after the property giant reassured investors about its finances. the world's most indebted developer issued an exchange statement saying its operations are stable and healthy. evergrande has been exploring a series of funding options to help it avoid a cash crunch. we have got this hong kong survey. the release of it coming out at the moment. resultss announced the of this poll. it was hoped to resolve the debate on whether they should resign, democrats, as the government's decision to delay an election which has been onted to take place september 6. it should help resolve the debate over whether they should resign over that government decision to delay the pole. that was c

byd in talks with daimler. we can dig into the tesla story.een elon musk announce what has been a long-term objective. a 25,000 dollar electric vehicle in about three years. joining us is ed ludlow. were the main takeaways from tesla's battery day? ed: it's all about cost-cutting. tesla's announcement, regardless of how innovative they are, the whatess they made, underpinned all of it was the need to cut costs and bring the costs of the battery pack down. it's part of the consumer. the latest bloomberg model cities battery costs 40% of the manufacturing costs. elon musk has long promised and affordable version. it never quite happened. in 2016, when they launched the model three, the most widely bought sedan, he promised a $35,000 version of that vehicle. we still have not really got it. that is what the focus of today was. they made some technological advancements in the design of the battery cells that would allow them to cut costs. that extends to them producing their own cells. what he's saying is that this will allow not only for a more a

whether tosidering buy into a ride-hailing joint venture between bmv daimler.omberg's learned there have been early-stage talks. the challenging market could make it ethical to agree on a price. lvmh countersued tiffany weeks after pulling out of its purchase of the jeweler. the luxury goods maker said the decision was driven by the french government's request to delay the deal making. a trial is set in delaware to determine whether lvmh must go through with the deal. francine: thank you. there is not much going on in the markets. a couple market participants are focusing on the potential stimulus that could be coming from the u.s. it could be underwhelming in terms of the amounts. at the same time, they are looking at the number of increases in cases around the world. also looking at overall european stocks. they are pretty range bound, but they are dropping. looking at banks and cyclical stocks down. tom: just moments ago, the turkish lira dropping like a rock. a stronger turkish lira, in aggressively from 7.5. i do not have any news flow, if that is direct i

daimler will not expand production any further the auto maker will instead focus on expanding in china and elsewhere overseas to keep the balance of trying to produce where you sell >> shifting gears to the emergency market, crude prices are lower after saudi aramco slashed the price of oil it will sell to the u.s. and asia in october amid expectations of weaker demand. let's get to hadley. you conducted an exclusive interview with one of the most prominent voices in the energy market what can you tell us about how the russian energy minister is thinking about oil just judging from the comments volatility is here to stay my main point was to get a price call and he gave me one. reason in. >> i can see that a price could be on that level an overage price but in dynamics it could be very volatile i have rather more modest forecast compared to goldman sachs for 2021 we could be in 50 to 55 u.s. dollars per barrel correspondingly but the volatility might be there including the high prices and low prices in general, in overall i mean and for instance if there will be overheating and the pri

ceoi: that was the daimler speaking to our colleague. up next, a former r.b.i.ds of advice for the global economy as they recover from the pandemic. with miss a big interview the u.k. trade commissioner for the asia-pacific. this is bloomberg. ♪ ♪ ♪ ♪ ♪ the big events are back. xfinity is your home for the return of live sports. ♪ ♪ you can go your own way ♪ go your own way your wireless. your rules. only xfinity mobile lets you choose shared data, unlimited or a mix of each. and switch anytime so you only pay for the data you need. switch and save $400 a year on your wireless bill. plus, get $400 off when you buy the new samsung galaxy note20 ultra 5g. headlines. sources in washington say that trump administration is debating the scope of legal action against tiktok and we chat. they will make an announcement later this month. 'se commerce department drafting classifications on specific transactions that will be banned between the companies and u.s. businesses. that decision may come around september 20. global coronavirus infections are approaching 26 million.

with the cart sector, tune in tomorrow with the ceo of daimler, coming up tomorrow at 8:30 a.m.astern time. this is bloomberg. alix: one stock we are watching is tesla. they have a five-one stock split on monday and then the issue $5 billion to raise cash. guy: basically they are , and this is phenomenal. why wouldn't you go out and take advantage of this? i have raised cash in the past, but when you have a stock that -- oing powerball like hyperbolic, tesla might have some bumps down the road. if it's going to take the bumps down the road, it is going to need cash. analystere was one seemingly insatiable and best of demand for clean bagels but it did not sound like a huge endorsement. guy: it does seem as if we are getting issues with that today which is worth bearing in may and --bearing in mind. what are we going to talk about next? we will speak to the imax ceo about -- markets deskthe product you buy td ameritrade. alix: some news on schools here in new york, the mayor says he has come to an agreement with the teachers union. they are pushing reopening until about september

've heard companies like daimler.ht be doing better, they might be helping their employed workers but still they're a far ways off from seeing a full recovery back to normal annemarie. >> it's important to see what germany is doing because we're rishey hear from cernak. he wants to prepare a fresh batch of jobs. the u.s. chancellor is studying german style measures to replace existing subsidys that end in ottke. he's expected to give a plan. joining to discuss this and what's going on with the covid resurgence is anna annenburg. anna, good morning to you. thank you so much for joining us this morning of it's a really big day because we could see the shift from sunak in terms of the jobs program. what are you expecting him to say today? >> the gem scheme has proven pretty good. i mean, you still see a rise in unemployment, of course. but i think it's the balanced overall. and the gemscheme has to be applied in other european countries as well. in france similar to the german scheme and spain. and it has helped the econ

there arrangement with daimler is paused on passenger cars.l they had with active is on hold. dhara has privately atg co2 explore open sourcing of technology which would be a radical turnaround in the meeting got really contentious. delete has dismissed it as being too complicated and opening a can of worms. we also have investors like bill gurley saying this is the route to go and they can make a lot more progress, much faster and maybe even become a leader in the self-driving effort if they do that so they can better compete against the leaders which are google's waymo, gm's cruze and amazon have all made great thanks. waymo, they have logged hundreds of thousands of miles and more than two dozen cities and uber operates less than 10 carson just two. emily: ok. we will have to leave it there. thank you for joining us. bill gurley's ears are probably burning. that is it for this edition of bloomberg technology. bloomberg daybreak australia's next. ♪ give you my world ♪ ♪ how can i, when you won't take it from me ♪ ♪ you can go your own way ♪

announced our premier partners are bmw and daimler. we are working hard to get them to market.echnology is at a different layer of the stack. we are in the chemistry layer, the foundation of the battery stack. ofhink you'll see a couple announcements about the battery and less about the chemistry. what do you think is the most dramatic thing that we might here today? elon musk trying to pervak expectations on when we might see fully scalable manufacturing. what kinds of technological breakthroughs might we see today? hear i think we will something about the million mile battery. my co-founder and i just put out a white paper describing the innovation we expect to see in this field over the coming decade. a number of breakthroughs will come together in the next 5, 10 years to lead to not just the million mile battery, but one that is low cost. we are projecting $50 per kilowatt hour, one that can be recharged in 10 minutes or less, usable for 30 years, 10,000 cycles. today, you can have elements of that in a battery pack, but putting it together into one cell that can have all o

whether is considering to supply a joint venture between dash and daimler.omberg has learned there have been early-stage talks. a challenging market could make it difficult to agree on a price. lvmh has countersued tiffany weeks after pulling out of its planned $16 billion purchase of the jeweler. the luxury goods maker says the decision was driven by the french government request for a deal closing. lvmh accused tiffany of mismanagement during the pandemic. january, a trial is set in delaware to determine whether lvmh can continue with the deal. that is the bloomberg business flash. tom: equities, bonds, currencies, commodities. it matters even when it is a slower day, and it is. futures negative six, dow futures -52. and the vix i will call a churn at 26.85. 10-year yield, a little bit of a trading range. as john normand was suggesting to us. francine, i'm adding no value. save me. francine: the pound. there is a bit of story on the pound, gaining amid speculation that a successful brexit trade talks could actually help shield britain from the e.u. mess. s

the shocks jeffrey daimler has my body and she says, so long, at the end of the message it and was so real that i literally would play this message only stage it. it became one of my signature bits. >> if literally would play it because there was -- there's some things that just can't recreate, and i -- it really -- and proves i would talk but my mother so much of my action and at the end i would play this and it was just the perfect ending. >> you kind of bring everyone into the family. >> yeah. >> the central argument of the book seems to be that there's this shame based culture that many comedians are frustrated with and that viewers shouldn't get angry at comedians for a bad joke or something like that. something that is bad for -- that people -- what i do wonder is you also write that some jokes are bad. that shouldn't be said, like about aids. just not funny, like you lay out some very unfunny jokes. that you say shouldn't be done. do you think is what we are doing arguing the boundaries of the discourse? maybe bring it in here, i is it more than that? >> if say there are -- may

daimler has done the to be absolutely enormous.about the fact you do not have any leverage. is there an opportunity to give the company up, to make sure the acceleration you talk about can go even further? peter: at this point, because of the capitalization we have in the company, we do not need to rely, we may rely on green bonds. alix: how do you see that market developing? we just asked that question to market participants. do you think more companies will be taking advantage of that fund? peter: if you look at what ursula von der leyen has been saying, very high amounts of the funding mechanism that would be put in place will be directly linked through the green bonds. that all ofpect these companies and technologies that fall under the regulation in how you can access the green bonds, there is also talk about expecty, and i would they would go after those green to get the transformation being financed. appreciate your time. interesting insight into how a corporate at the forefront of this story will move forward from here. nes

the ceo of mercedes parent at daimler spoke to bloomberg about sales after the big second quarter crashe see sales are picking back up again. and we areading three months into quite healthy growth in china. the united states and europe are not on that level. after that unprecedented month we had in q2, we are starting to come back towards normal levels. ritika: traditional carmakers are pouring billions of dollars into electrifying their fleets. they are relying on combustion powered cars for profit. in brazil, the government has been handing out so much cash in response to the pandemic that poverty is approaching a historic low. about 66 million people have been getting $110 a month. that makes it brazil's most ambitious social program ever. 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. . am ritika gupta this is bloomberg. ♪ >> more fiscal response is needed. the president and i want to move forward with more fiscal response. the expiration of enhanced unemployment insurance is something

up 3.4% on daimler. angela merkel will be meeting with the auto sector leadership tomorrow. you can see headlines coming out of that. let's talk more about what is happening with these markets. what is happening between europe and the united states. he still want to be the united states. what you make of the price action we saw thursday and friday last week. let's try to answer some of the questions with james bevan. let's talk first about what is happening in the tech sector. the momentum trade has been on and on. are we starting to see the first stages of a big turn off? i think we should expect gyrations around a theme that is likely persist. tech nothing that suggest remains anything other than we should continues to support. i think we should have a much more balanced approach to investment management. looking to downgrade the importance of technology, instituting cyclicality but also utilities exposure to ensure the portfolios are resilient and 1 -- and well-placed for what likely lies ahead. guy:

we will hear from the daimler ceo. european markets under

volkswagen getting in on the act and issuing green bonds and daimler is doing the same thing.hat impact on the bottom line will this have if we have this crowding in effect from the credit -- from the private sector. what effect on gdp will we see, and how quickly does that come through? catherine: the key number of weak spots, capital investment is the key one. without capital investment we will not have any kind of recovery sufficiently strong to generate pricing power for firms and wage growth -- rage growth -- wage growth and unemployment. we are talking about a critical component to getting us to a recovery phase. oecd, weus job at the did work that showed this spend, and of tax, regulatory changes is growth enhancing and it can be in the short-term and long-term. why in the short-term, because firms have to have to get ahead of the game. they want to be the first ones in to get the best price for their purchases and their bonds. alix: what is interesting, the u.s. has been looked out as the growth play and europe is the value play because they do not have technology comp

daimler and its mercedes-benz subsidiary agreeing to pay $1.5 billion to settle charges it cha cheatedn emission tests. >>> hurricane sally strengthened sustained winds employeeing at # 0 miles an hour. the blslow moving storm is expected to generate storm surges up to 11 feet and dump 8 to 16 inches of rain along the central gulf coast >>> in france, another 6100 k covid-19 cases confirmed today that's down from saturday's record of 10.5 thousands >>> take a lock at this guy. me meet bear. he is a rescue dog in austrw aua being trained to save koalas wildfires killed some 6,000 last summer during the worst fire seasons in decades he's amazing goes right in there. finds them the conservationists take them out. >> i'm not going to hear the end of it from my pops who is a fan of kettle dogs >> i believe he is you can see they protect him because in some cases he goes in right after the wildfires have moved through. they are still smoldering. he is saving koalas that they might not be able to find because it's in such large open areas. >>> s&p is up 1.3% the nasdaq is 1.7% in terms of sec

bmw and daimler merged there operations last year which included overseas ride-hailing apps in francece and romania. virgin galactic surged the most in five months as investors welcomed space tourism. bank of america and seth klein initiated by ratings, making the stocks one of the most actively traded of the day. bank of america says virgin galactic is unique because it builds and operates its spacecraft. it says it is a true space innovator. grew after an investor day that reinforced potential for growth. an upper form rating on the stock, saying alibaba continues to see multiple expansion opportunities. jeffries say buy. huge earnings. alibaba's investor event continues through wednesday. let's take a look at how asian markets are setting up for the day. really playing follow the leader when it comes to the u.s. rallying after four weeks of declines and banks leading the s&p 500. a pretty broad-based rally. kiwi stocks up by 4/10 of 1%. sydney looking to open up about 0.7%, judging by the futures session we are seeing. in japan, the nikkei 225 trading in chicago modestly higher wit

daimler is also required to fix the vehicles involved. the company denies cheating and does not admit any liability in the settlement. >>> on wall street, stocks rallied to reverse much of their losses from last week. the dow gained 327 points. nasdaq surged nearly 2%, and the s&p rose 42 points. oracle was up more than 4% >>> coming up, hurricane sally riding through the gulf of mexico and gaining strength. where it's headed and how those in the storm's path are getting ready. >>> and it's going to be a different ski season this year. the key change at two of tahoe's biggest ski resorts. >>> and everything is going in the right way for the air quality. it is just a slow burn getting this smoke out of here. but there are big changes this week. you'll be happy about it. when you think of a bank, you think of people in a place. but when you have the chase mobile app, your bank can be virtually any place. so, when you get a check... you can deposit it from here. and you can see your transactions and check your balance from here. you can save

these are difficult times for the german car giant daimler.ons. then came the covid outbreak, which forced factories to shut and showrooms to close their doors. the company is, however taking a rare moment to celebrate — with the recent launch of a new version of its upmarket s class model, and the opening of a new ultra—modern factory in stuttgart. as chief executive ola kalennius explained to our reporter, theo leggett. if you look at what we have donein if you look at what we have done in managing the company through this first phase of the covid—19 pandemic, as it hit us, it is clear you have to look at your liquidity and do cash management and in the second quarter, when we recorded a loss, we had a positive cash flow so we quickly reacted with production to match i would say an unprecedented drop in sales due to lockdowns around the world so we have a very robust liquidity situation, now in a push for cost efficiency and restructuring. as market gradually turns back to some sort of normalcy, so we are financial performance. but how farca

and i didn't count the daimler settlement next week, because the court has not finalized that. once it's finalized, though, we will have collected twice as finesn enforcement as the obama-guide and administration did in their first four years. adam: about the rules we just alluded to, the climate rules in will.c. circuit judge it be argued in october. the navigable water's rule, that is i think out west. in a nutshell, how would you describe what has been achieved rules, andr how should the court sustained them? admin wheeler: we replace the clean power plan and i get criticized for that a lot, but remember, the supreme court issued a stay on the clean water plan. it never took effect. it's the first time they ever did that for environmental regulation. i look at that as the supreme court saying that the obama administration went outside the bounds of the "clean air act". so we looked at what the clean said and read from related the ace rule that follows the law and i believe will be upheld by end the supreme court, if it goes to the supreme court. side, as soon as the obama ad

from now with all of these problems it promises to be a turbulent 12 months the german car maker daimlerhas agreed to pay 1.5 $1000000000.00 in the u.s. over tend to cheat emission tests in a mercedes benz was investigated for installing software to evade emissions laws in a quarter 1000000 cars and vans it will pay another $700000000.00 on top of the payment to the federal and california governments to settle a lawsuit brought by owners the fines or the latest in emissions cheating scandal that came to light in 2015 volkswagen has already paid the paid more than $20000000000.00 for $11000000.00 cars but the defeat device installed the american software company oracle appears to have won the race for the u.s. operations of the video sharing app tick-tock company had been up against microsoft to take over the app from the chinese firm by dance president donald trump set a deadline for the app to be sold or shut down by tuesday the trump administration claims to talk and other chinese apps are national security threats to talk is a hugely popular video sharing app which has been downloaded

we get these cuts and yesterday we heard from daimler, announcing about 4000 planned job cuts, so theis certainly still there, something i'm sure the u.k. is keeping in mind as they examine some of these german-type aid programs. matt: yes, definitely watching those, especially the automotive layoff really starting to take off in germany. coming up, we are going to speak are going to speak to the head of the emea banking at citigroup. this is bloomberg. ♪ anna: welcome back to the european market open. 30 minutes into the trading session. equity markets on the back foot, as we were in the u.s. yesterday. down by one point 1% on the stoxx 600. a concern about u.s. fiscal stimulus. u.s. futures also moving to the downside by 0.4% to 0.5%. ryanair is trading weaker. retail is also to the downside. grr function on the bloomberg. we have retailers of all stripes. anything exposed to the coronavirus is under pressure in today's session. nothing to the upside. no sectors moving to the upside. just one right at the top. let's get to some breaking news. matt: yes, even real estate not really m

warren buffett backed byd is in talks with mercedes parent daimler to supply automotive shifts for electricre told negotiations are advanced and involve so-called bipolar transistors while raising alert -- reliability in electric motors. but there is no guarantee they will reach an agreement. they are also talking to other carmakers. haidi: before we handed over to bloomberg markets china open, let's get a quick look at how markets are trading at the moment in asia. we are seeing japan's nikkei to 25 really having to play catch-up, or more accurately, catch down to the last couple days. about twopan down point 5% monday and tuesday would japan offer holidays. the kospi also seeing downward pressure of .8%, dropping the most in five weeks into tuesday session and extending those declines. it is on course to fall below its 50 day moving average for the first time since april. also watching stocks in april -- stocks in sydney. concerns about a near-term pullback in iron ore prices weighing on the miners. the aussie dollar taking a hit from westpac calling for an rba rate cut in the october mee

i was it dengler -- i was at daimler last week, looking at their new s class.e like that, in terms of household goods? a lot of those things are produced in germany, and it is important to the economy that we get a rebound in global demand. are we going to see that? chris: i think it is interesting, the comments last week from the ecb about one was not in the camp of being a big problem with the euro. she was actually saying one of the reasons the euro is up is that the dollar is weaker, and weaker dollar is good for global trade volume. so the weaker dollar, if you looseas well, it exports monetary policy around the world, including europe. perhaps the ecb might deliver looser policy because the euro is very strong. i think there are offsetting factors, so if trade volumes do pick up into 2021, that should be good. the narrative last week was a rotation from the big growth stocks into cyclicals. do you buy that? was set a blip, or is there something to it? chris: across all asset classes, you are seeing a cyclical story coming through. the sort of v-shaped hop