and boston fed president eric rosengren says over eagerness to reopen the economy without containingovid-19 has backfired from the united states. we hear from him at this hour. manus: it has just gone 6:00 a.m. in london, 7:00 a.m. across europe. arlsberg. they have guided for the full year, profits will decline by 50%. they had pretty guided a little earlier in july. that buyback is off the table. organic profit will decline 10% to 15% for the full year. first-half sales coming in at 28.83. first-half net income coming at 2.86. jeffrey is on a buy. we caught up with the anheuser-busch ceo the other day, he said china is back to normal for them. is thek with carlsberg exposure to mainland europe. that is the top line. up.sche telekom, dial me never a fish ibitda comes in and 9.3 billion euros. the estimate was it .3, so it was quite upbeat on second-quarter adjusted ibitda. analysts were saying they were expecting the virus-infected be limited. second-quarter revenue comes in at 27 billion euros, estimate euros.5 billion upbeat on that number as well. what we've got is going to telec

boston fed president eric rosengren said america's over eagerness to reopen has backfired.ed many temporary layoffs may become permanent job losses. >> my personal assumption in my forecast is that some form of additional stimulus is going to occur. it would definitely be bad news, both for my forecast and for the economy, if we don't do any additional stimulus at this time. >> presidential hopeful joe biden and running mate kamala harris made their first joint appearance last night. the event in wilmington, delaware was dramatically scaled down from the previous elections due to the pandemic. make it onerictions of the only joint appearances. australia added almost four times as many jobs as forecast in july. it shows the recovery in much of the country is outweighing some of the impact of the new lockdown in victoria. cover the does not harshest restrictions on melbourne, including the curfew. 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. anna, matt? anna: th

coming up, we will talk with eric rosengren. that states rushing to reopen will damage the economy. ons is "balance of power" bloomberg television and radio. ♪ ♪ david: this is "balance of power" on bloomberg television and radio. we will go to our colleague michael mckee. michael? >> thank you, david and thank you for joining us. thisld like to start with morning's data, an unexpectedly large jump in the consumer price index. that started or at least contributed to a debate on wall street about whether all of the stimulus is inflationary. some people even talking about the possibility of stagflation. is it a reasonable discussion? >> i think it is very premature to be concerned about a significant increase in inflation. i would say i am still actually ourerned that we will have 2% inflation target. inflation is a sustained increase in prices. i think that we are seeing in some of the monthly reports is some things have been scarce because of the pandemic. other things in abundant supply. we are seeing things like airline ticket

boston fed president eric rosengren telling bloomberg it is essential.y personal assumption and forecast is that some form of additional stimulus is going to occur. it would definitely be bad news for the economy if we don't do any additional stimulus at this time. jonathan: michael mckee joining us now, bloomberg economic and policy correspondent. brilliant interview. as you pointed out, he has a message, and i think it was message received. michael: definitely. he was very clear on the idea that the u.s. has not done a good job containing the virus, and that is going to hurt the economy going forward. similar message from dallas fed president robert kaplan. both of them making the point that the alternative indicators everyone is watching for real-time information on what is happening for the economy have rolled over, and the economy has definitely slowed in the last month as we saw this new covid outbreak. both firm on the idea that the most important thing to do right now is to contain the virus. lisa: this is taken as a political message, given the

jonathan: boston fed president eric rosengren there. joining us now is michael mckee, who conducted that interview. fantastic work as always. given what is happening in d.c., how much pressure is the fomc under? michael: there is pressure, but there isn't much they can do about it. i think you will hear more and more, especially around the jackson hole conference coming up, that they can't do very much at this point. the impetus has to come from washington. the interesting thing will be the september meeting, whether they change the forward guidance. a lot of wall street has been betting on that. we heard from rosengren, and we heard from bailey daily -- from mary daly of san francisco. they may not do a whole lot at the september meeting. billion ofd $112 longer-term u.s. treasuries sold this week, a record. a little bit of indigestion showing. what is the threshold for the federal reserve two entries urges is -- increase purchases of longer dated bonds? michael: they would like to wait on that until the economy could use some addition

president ericed rosengren.oncerned about the failure of the government to rein in the virus and the threat it poses to the u.s. economy. bloomberg global economics and policy editor kathleen hays is here, start with a jump in prices. kathleen: once upon a time, people worried when they saw inflation, but especially after pandemic, you see inflation and signs of prices coming back, and you think it is a good thing. cpi in the u.s. has quickened, clothing prices on car prices leading the way, the u.s. at a monthly basis 0.6 in july for the second month in a row. this chart is core cpi which takes up food and energy and a blue people away because it posted its biggest monthly gain of 0.6 percent, biggest monthly gainsince 1991 on top of a of .2%. previous months had pretty big declines. but it suggests a rebound in demand. people were locked down and didn't spend for three months, past two months they have been spending. inflation is starting to rise. eric rosengren just said he is not worried about inflation with

we hear from boston fed president eric rosengren. top supplier says it is moving more production away from china and warns the days of the mainland as the world's top factory are over. korea andan, south australia coming online, let's get straight to market action with sophie kamaruddin in hong kong. i rally in asian stocks to the highest level since february. how are we setting up? sophie: positive moves so far in japan, nikkei 225 adding more than 1% this morning while the topics is looking to -- topix is looking to extend gains as well. the benchmark has been a standout amid the pickup in yields. the yen is under pressure, one note 7, set for the worst losing run in six weeks. let's check the kospi this morning, gains for the korean benchmark ahead of the korea exchange panel discussion this afternoon on shortselling, the band is to end on september 17 on local media is reporting regulators are considering a partial extension for six months. and there is a report a high-ranking chinese diplomat will visit the city as early as next

. -- eric rosengren. this is bloomberg. ♪ francine: kamala harris wins the veepstakes.ks the california senator to be his running mate. harris becomes the first black woman and first asian-american on a major party presidential ticket. a record slump, the u.k. economy shrinks over 20% in the second quarter, worse than its european peers. the chancellor, rishi sunak, warns of many more job losses to come. and vaccine deal, moderna will manufacture and distribute 100 million doses of its experimental coronavirus vaccine in the u.s. shares jump in extended trade. good morning and welcome to "bloomberg surveillance." i'm francine lacqua in london. lisa abramowicz stepping in for tom keene in new york this money. great to have you on the program. there is so much to talk about when we look at gold finding that support around 1100. lisa: we are also going to take a look at the political landscape around the united states, with the democratic candidate firming up what it is going to look like. a big question about political

and boston fed president eric rosengren says overeagerness to reopen the economy without containing covid-19 has backfired for the u.s.. we hear from him this hour. good morning and welcome to "bloomberg surveillance." i'm francine lacqua in london. lisa abramowicz is stepping in for tom keene in new york. good morning. we look at the markets, the politics, the new ticket in town, which is biden-harris. and the policies they will put in place. lisa: and jobs. the fact that there is still expected to be 1.1 million for joblessling claims this week. the political pressure heading in november. francine: let's get straight to first word news in new york city , with karina mitchell. karina: joe biden and kamala harris gave -- made their first appearance as democratic running mates, criticizing president trump for his failure to respond to the coronavirus pandemic. it could be one of the few times they campaign together. pandemic have -- pandemic restrictions have limited his in person events. president trump can make his nomination acceptance speech from the white house or executive residence,

and boston fed president eric rosengren says overeagerness to reopen the economy without containing covid for the u.s.. we hear from him this hour. good morning and welcome to "bloomberg surveillance." i'm francine lacqua in london. lisa abramowicz is stepping in for tom keene in new york. good morning. we look at the markets, the politics, the new ticket in town, which is biden-harris. and the policies they will put in place. lisa: and jobs. the fact that there is still expected to be 1.1 million for joblessling claims this week. the political pressure heading in november.

well, to keep it going, as eric rosengren said of the boston fed, there's more that's needed for allthese people that are unemployed. great to have you both. dow jones industrials down 103. look at the nasdaq, still up about 30 points. we are seeing a gain there, that's not a record for the nas just yet but we are watching it. >>> bank of america, a believer. with the closing bell ringing in 41 minutes, b of a reiterating its buy rating on umbrella academy streamer netflix after july checks on churn rate and trial interest came up sunny. no umbrella needed. despite the rotation lately out of tech's high flyers, netflix is moving higher by 1.5% right now. >>> streaming of course, we have been telling you guys this, a pandemic winner. but a lockdown on live entertainment has brought the recording industry to a screeching halt. the recording academy, the organization behind the grammys, now bringing its fight for the people behind music's biggest hits to capitol hill. the man leading the charge, the recording association ceo harvey mason, joins us next in a "countdown" exclusive. wait u

yvonne: boston fed president, eric rosengren.p, we will talk about them apple supplier out with earnings, also saying that china's days as the factory of the world are over, and it is moving more capacity to work southeast asia. details next. this is bloomberg. ♪ ♪ haslinda: key supplier hon hai, is moving its production capacity out of china. it says china's days as the world's factory are done. asian tech reporter debbie wi joins us from taipei. how do you see the future of manufacturing playing out as ties between the us and china worsen? >> the chairman said yesterday that the china's days of the held's factory are over, sees a future center linesman fracturing model that will splinter. india, south east asia and america will each have their own manufacturing ecosystems. debbie, what has foxconn done so far in terms of shifting production out of china? >> he said yesterday that they have raised production capacity junef china from 25% last to the current level of 30%. his company says will continue to boost manufacturing capa

president eric rosengren, federal reserve bank of boston will testify during the first panel. in the second panel, will include industry participants. in the absence of a chair, the commissioners agreed to have one minute of opening remarks. i will not recognize myself for an opening statement. our commission is pleased to convene this hearing of the main street street lending program. this is a timely and important discussion. i also, my fellow commissioners. together, we worked in a bipartisan, bicameral way to release three reports and organize this inaugural hearing. i'd also like to thank our personal staffs for their diligence in this area, particularly in absence of a chair, and on behalf of all commissioners, i want to thank our chief clerk, amber, and thank you for the u.s. senate for these facilities today. findings from today's hearings will be reflected in our next report. the main street lending program term sheet was released on april 9, and finally became operational on july 6. leading to its implementation, the program generated significant interest and engagem