euro,y, for 35 billion these 35 billion euros will be targeted at social concerns around the country. is something that citize are expecting us arlind the country, especially those people who felt left by the wayside. i have are dimensioned employment. long-term partial furloughing. it can be deployed at a never before seen scale, about 5 billion euros. training for young people, 6.5 billion euros. that plan is already available. this is never before seen at this scale. apprentice -- hiring an apprentice or a part-time worker would never have been a simple or easy or cheap in this country. i would like to call on companies to fully commit to this way of working, and i would like to call on all economic players to get involved in the economic bounce-back of this country. before i wrap up, i would like to invite all of the ministers mainly involved in this project to present the main drivers, starting with our minister for the economic bounceback. >> thank you, prime minister. , ladies and gentlemen, dear friends, i would like to start with thanks. i would like to thank everyone who, ov

tom: euro strength getting up near the 120 level. we have lots to talk about, we welcome all of you worldwide, across this nation with a number of themes, particularly in the markets. we are going to get to equities and derivatives in a moment. on the nasdaq, we've got to go into this. the response on twitter yesterday was on fire. the premier league. they've all done well as the mlb struggles towards a bubble. the interest is, team surveillance is riveted by the opening of the premier league season. waythan: she is making her on her decision on who her team is. lisa, are you getting enough suggestions? are you happy with what you are deciding? lisa: i getting a lot of suggestions. i am leaning toward a team. i am taking all aspects into consideration. in particular, even the fact that my household has a proclivity toward the mets. i like teams that spend a lot of money, lose a lot. tom: lord o'neill emailing in u would being man the way to go. jonathan: duke emailed in the last hour and said arsenal. she's got a big decision. tom: i

the euro breaks 120.

what are we hearing on the euro?hearing both sides of the argument, which is maybe why we are seeing so much waffling on the euro itself. in the more bearish camp we have someone like scotia bank and analyst sean osborne point to fill's comments and say we are finally getting -- philip lane's comments saying we are finally getting pushed back saying the euro depreciation matters for policy. because of that, his call is the euro is likely to go as low as 1.175. just trading about 1.19 or under their. we have people saying you cannot discount for the rally in the euro against the dollar. particularly, that we are going to see -- you have to respect the momentum. hutchinson saying you cannot discount the positive narrative in the market at the moment. for that reason we could see the euro move higher from here. we will keep an eye on the single currency. you have also been looking at details coming through on esg research. inhave been talking a lot recent months about the way esg has performed through the crisis. what i

the euro is steady somewhat.rs are waiting for the outcome of the european central bank meeting. i'm also looking at crude oil. it is declining but treasuries are gaining. the european central bank is widely expected to keep policy steady. investors will be closely watching for comments from christine lagarde on any hint of whether the stronger euro is becoming a problem. let's get straight to the bloomberg business flash in london with leigh-ann gerrans. lvmh-ann: the chairman of did ask the french government to -- for help in pulling out -- france's richest men was directly involved in the decision to call off the sistine billion-dollar purchase. tiffany has accused lvmh of trying to leverage protests against police brutality, and the covid-19 pandemic, to seek a ther price, but arnaud said french government debt for reasons with the trade dispute with the u.s. more rows for the german car industry. the automotive supplier is a limiting 4400 rolls, more than 5% of its workforce, and is closing several plants in

over 1550 euros go in one side only twice sold for 4550 euros. it's a new one franc more than $14.00 euros from magnum going to recycling cabinets from harris a winery on the most of it's 6 30 am and still quite cold out house painter caroline tells his crew where to gather grapes they want to be finished by noon and that's really to care for we have we have more rock in this we can get and it's 26 meters so so really careful it's not ok it's not only fun so you really have to really have to be there. to do the camels have earned an international following which is why young people come from all over the world to learn how to make wine here. today 12 helpers from 7 different countries here to harvest grapes according to the bouncers stringent criteria. they inspect the grapes one by one everything is done by hand. klaus particular is pleased that the years hard work has paid off once again he's been able to harvest his crop only he lets the most mushrooms in the last few years i have to say that the autumn weather is now more like late summer wea

i just don't think they would say, hey, we will target a weak euro or a strong euro exquisitely.at has tried to do that was back in the day, japan. that had some very mixed results because the marketplace got pretty used to when they would intervene. part of what the ecb's having to deal with is what the fed has artie done, perhaps moving ahead of the in terms of setting out future strategy. certainly, that has been part of what has led to the dollar weakness and euro strength. looking ahead to the fed, then, this will be the last meeting before the election. what are we expecting to see from the fed? anything substantial, any detail to what they talk about in jackson hole? curt: probably not, not ahead of an election, especially one as artisan is a current election is partisan as -- as the current election is likely to be. they want to pump a lot of liquidity into the marketplace. right now the market is not concerned with inflationary -- near-term. the challenge they have is that a, they are starting from a point where the ecb is considerably below their target. it raises the q

we have a stronger euro. 36 right now, a stronger euro going into the decision.ill get a headline about ford guidance. you will -- ford guidance. then you will get the rate decision. then when the news conference starts, you will get a statement from christine lagarde and it will be followed by some forecast as well. we understand that there could be reduced confidence in the forecast. euro, itmber, a weaker happened about five years ago. we are up off of the 2015 weakness. jonathan: unchanged on rates. 0% on the marginal lending facility. 0.25 unchanged. -50 basis points on the depot rate. and here they are on the forward guidance. they will keep the pandemic bond buying program, pppwill reinvest maturing bonsai through the end of 2022. as far as i can see on the asset purchase program, no big changes, either on rates as well. the euro rolling over a little bit, 1.1840. it is all about the news conference in 45 minutes. tom: do they have a 2% inflation target? let's go back to jackson hole. it seems it was six months ago. do they have an inflation target that is

iswhat point, at what level euro actually problematic for the euro area?l: this is a complicated issue. thate to say i don't think the current level currently matters that much. we are not living in the 1970's anymore. as a result, what it matters to most of the time is corporate profits. rather than for the wider real economy. so, where you get very sudden moves, that can be very disruptive for companies, so a fast move would be something that would be problematic. value hovering around the in euro-dollar at the moment. so i don't think that the current level is particularly problematic and i don't think the move is also particularly shocking. economist, he does not want a bigger move from here, but i don't actually think we are in a particularly bad place with it. francine: are you expecting euro to strengthen further? is this about euro strength or dollar weakness? paul: no, this is dollar weakness, i think. what we are seeing here is the classic issue. international investors in any understandays politics less well than domestic investors. this is just

is it about the dollar or the euro? the euro has been dropping for three days.t is the biggest proportion of the dollar index. where will we roll down to? kick jukes says for the moment -- kit juckes says for the moment, you are looking at a level of -- cable drops ever so slightly. the bank of england says there is room to do more. there is always room to do more and better. leigh-ann gerrans is here with your first word news. >> germany says tests show unequivocally that russian opposition leader aleksei navalny was poisoned by the type of military grade nerve agent used in the salsberry poisoning back in 2018. berlin will now consult with allies to form a plan. chancellor angela merkel says the world is waiting for answers from russia. [speaking merkel: german] we are expecting that the russian government explain this incident. there are very serious questions that only the russian government can answer and they must answer them. >> now, u.k. prime minister boris johnson is trying to win back trust after a series of policy reversals. his return to westminster

is it a weaker euro or a stronger dollar? the dollar is higher against everything in the g10 space. .3%.off session highs another risk asset benefiting from the risk off tone. $44 a barrel. francine: if it is euro strength or dollar weakness. let sorted out with the former ecb president. he always makes our shows better. we are delighted he joins us. there's a lot of talk if the euro is too high. i don't know at what point it becomes problematic, but there were warning shots from the ecb chief economist saying this could mess up monetary policy. does it? important to is consider the euro went up vis-a-vis many other currencies around 12% in a certain period of time. the euro does not need that taking into account the difficulty of the current situation. in the u.s. we had a growth and catching up process in the time of pandemic, which takes time, and we are not in the best situation possible. i am a little bit hurt, not by the fed itself, because the language of the fed is very but from time to time in executive branch the u.

euro-dollar actually picking back up again. the $1.16 level held, and what i am hearing is the real money accounts are back in the market. $1.17,back now above $1.1729 where we are right now. we have the ecb watchers event tomorrow, christine lagarde speaking in the morning, and then at 10:00 him him -- 10:00 a.m. eastern, we will have speaking.e , the chief economist -- speaking, the chief economist. alix: the s&p now down by 0.4%. new york city's daily positive rate -- daily positivity rate is now over 3% for the first time in a month. now offeringo is new enforcement for schools, saying if any of them do not over the rules, they will be closed. governor cuomo will be speaking at :00 -- speaking at mike huckabee, -- speaking at 1:00 p.m.. there are some granados stones globally. the deaths passing one -- the deathsly passing one million globally. joining us from london is ian harnett, absolute strategy research chief strategist. what is the sensitivity of these headlines, particularly when you don't get stimulus out of the un

euro,o you worry a strong and i'm curious where you think a strong euro is, but will a strong euro slowpean recovery even more? will it further undermine the inflation europe so desperately needs? do you think europe needs to do a weakeralk about currency. what a weaker currency be better for europe's economic trajectory? would a weaker currency be better for europe's economic trajectory? com. gentiloni: in the medium-term and long-term we can discuss these issues. in this moment, in the weeks what is mostly affecting or could affect the speed of our recovery is uncertainty connected to the health situation, the different reaction from different member states of the health situation, and the fact this creates difficulties, especially in travel, in services, more than in manufacturing. running, butis other sectors of the economy are not running at the same speed. i think now the most important confidence restore on the fact we are not facing a pandemic,e of this and we are able to manage the and back to work, back to school, back to not normal, but full life. alix: part of that is the re

when you look at euro/u.s. dollar, similar, where the euro is about 16% undervalued.tend to see currencies over -- our projection for the dollar is weakness going forward, and that has been on the table for several months now. on top of that, you have got election risk in the u.s. and stimulus talks in the u.s., and, of course, you have pandemic risk in the u.s., all putting pressure on the dollar to weekend. the only saving grace is a massive -- putting pressure on the dollar to weaken. is that --ving grace it ties in with china, as well. if you see the dollar weaken, eaken, so ityuan w links in with the whole world and supports the commodities market. and youerging markets, start to see u.s. dollar weakness. that has been for several months now. manus: yogi, how quickly do we get -- you gave me a couple of numbers. let's go back to cable. the theoretical. we have got potentially a hard brexit at christmas time. do you get to a hard number? average is a long-term that we lean towards, manus, and you are right. on brexit weighs heavily cable. we would expect that to b

also, euro stocks futures are up. but you do see ftse futures down this morning so keep your eye on that divergence. in terms of u.s. futures's, after the gains yesterday, we see continued gains in futures with dow and s&p many contracts up .2%. anna? talk about what's going on in the asian session in terms of the gmm. we have had a day where we have seen real resurgence as you mentioned in stocks, and now, asian equity markets just reflecting that essentially, up by .9% on the asia-pacific. we build towards the ecb meeting and that is partly why the futures for europe looks little less inspiring, a little less convinced in either direction. futures in europe fairly flat as we wait for the ecb's meeting. expectations for them to actually do anything seems incredibly low, but in terms of the language used around the that is key and something christine lagarde will be pressed on. we have a big move in indonesia. art of this is a reminder of what can happen when you reimpose any restrictions or movements around coronavir

the eu has earmarked billion euros.a focus on low to middle income countries the allocation of funds does not yet confirm whether the block countries will receive doses through the schemes or separate deals. in japan, the health minister has announced its intention to participate. so japan will be using that facility to get vaccines for their country. it remains to be seen what the commission will do in other health care news, gsk have begun testing the antibody treatment or early stage covid-19 treatment a single-dose shot that will block cells. competitors roche and eli lilly expect to share theirs later this month >>> sanofi phase three trial of the treatment shows no improvement. the drug maker said at this time, they will not be entering the drug to further study. this shouldn't come as a major surprise given their partner revealed similar findings in july this is sanofi weighing in on trials outside of the u.s. astrazeneca in focus today in the u.s., 30,000 adults will be given the potential inauk u lags already i

in the euro-dollar, 1.18. what lagarde said about the euro, not too worried, she seemed.oining us now is janet mui, investment director at brewin dolphin. good morning to you. i want to start with what is going on with the tech rebound we are seeing. i was looking at the bullinger, and you can see the nasdaq unable to get rid of that -- breakout of the midrange. is this a signal of more erosion or will stocks start to trade sideways? i think it is because the rally has gone too fast and too much. it has been concentrated in just a few megacaps, where there has been increasing retail interest and not just in buying stocks but buying derivatives of while, which skewed market momentum. it was drivenat by a lot of momentum and as a momentum fades, there will be more of a selloff and volatility, which we think will .ersist for a while we got a bit more negative news weing of the virus front, have no progress on the stimulus -- for the is a big market in order for the rally to keep going. i think it is just the environment where stocks are having a recess at the moment. think t

the euro rises as ecb forecasts are set to show a more optimistic outlook. investors look for clues on extra stimulus at today's meeting. trump on the defensive. the president contends he was right to downplay the severity of the coronavirus, after comments made to journalist bob woodward earlier this year became public. and lawmakers become lawbreakers. the e.u. considers legal action over the u.k.'s plan to breach the brexit deal. the two sides hold an emergency meeting today. good morning, everyone, and welcome to "bloomberg surveillance." i'm francine lacqua in london. tom keene is in new york. tom, i will give you your brexit briefing in a second. it was interesting, hearing from the astrazeneca chief executive. i know that's why you get up in the morning. is putting safety first and he can still deliver a vaccine by the end of the year. tom: it is nice to see the buzz one day on. -- was really quite good. within the pandemic, it is a big deal. the news flow is extraordinary. but that was not a small item yesterday, that first failure of a phase three t

minimum span fear time 4000 euros for the rest. or 1000 euros for the rest. or 1550 euros go in one side only twice sold for 4550 euro sold so it's a new world record from 4 and a half 1000 euros from the bristling cabin and from hass a winery on the most of it's 6 30 am and still quite cold out housepainter callen tells his crew where to gather grapes they want to be finished by noon it back to really big therefore we have more rock in this region and it's 26 meters so so really careful it's not ok it's not only fun so we really have to really have to get. the cameras around an international following which is why young people come from all over the world to learn how to make wine here. today 12 helpers from 7 different countries are here to harvest grapes according to the bouncers stringent criteria. they inspect their grapes one by one everything is done by hand. clowes pater keller is pleased that the year's hard work has paid off once again he's been able to harvest his crop early in the late 50 yarder with much of that in the last few years i have to sa

markets arenk the under appreciating what the euro can do as a re-inflation trade. , forat the euro swiss example, one euro can achieve in terms of growth, it is reflection of growth. markets aren't buying it right now. if i look at the options market, a one-year route, and that will take into account the flows. the ecb will try to encourage some optimism, but at the same time they have to recognize that if the euro goes to strong, too quickly -- t o strong, too quickly, it could be --. guy: it feels like the -- alix: it feels like the u.s. is outpacing everybody. like the fed is more likely to believe investors than the ecb. has the ecb changed that? bring the bank ofdin japan into the equation, their long-term inflation expectations remain at 1%. the euro, the ecb will not need to go to great lengths. they talk about changes in the average inflation target, and what the framework is going to be. ultimately, i think the market needs to give them a bit more benefit of the doubt. the recovery package, half a trillion being employed over the next few years, that could actually come through

i still see the euro surging and strengthening. i still prefer stronger euro values. the employment numbers are going to be challenging toward the fourth quarter. there are a merchant seeing currencies linked to the canadian dollar. the eurozone may outperform. brexit we were to see a deal, even as skinny deal, how much with that offset sterling's underperformance that is being generated from high unemployment and less good management of the covid situation? see is we are going to perhaps the sequencing of this. we will know about a deal or no deal quickly. in short order. perhaps within the next three weeks, botero -- boris johnson called for a hard lead online -- harder deadline on october 16. the official furlough program ends in october and the new support scheme comes in. when will businesses actually choose to lay off staff. u.k. labor market data is lag ready. i think we will see toward the end of november, that number we could start to see the income drop. . i do not doubt that if we get a very skinny deal and sterling can trade ok for four to six weeks. for m

if the euro continues to en,kend, it could -- weak it could shake the dollar. alix: ok, let's get deeper into the tech selloff. the nasdaq is down by 3.4%. at one point touching a correction from the march lows. joining us is a chief market technician. nasdaq, what is the level that we stabilize at? >> that is a great question. i think rather than looking at the levels, i think it is more about duration. we need more than one or two days of selling to alleviate the excess that we have built up over the last few months. anybody who has been following the markets, equities seemingly have grind it higher every single day, so there is a lot of excess, a lot of exuberance built into the market. a a day or so of the selling pressure is not going to alleviate that. where we kindbove of should be, are we? i guess it is the question people are trying to understand. we did push up aggressively, steadily though, but it has taken us above the 50, 100 and 200 day moving averages. we are starting out to get back down to levels closer to the 50 day moving average. how importa

we got euro-dollar at 1.1667. you think the euro strengthens from here?illiam: we think the euro will strengthen. there is now as fundamental difference in approach between the federal reserve and the ecb, and so to have clarity on whether the ecb in terms of strategy, inflation targeting in the fed's footsteps, it will take months before the have that clarity. keep in mind, the fair value of the dollar is somewhere around 1.30. what has been happening is we are running risk off mode related to the u.s. presidential election uncertainty and when it weaker off, the euro is versus the dollar so it is temporary weakening. matt: belgium, thanks very much. we will keep you with us as we want to talk about the other side of the atlantic. william de vijlder at bnp paribas. i want to mention the m&a space. ntt has offered ¥3900 a share docamo and its board is in favor of ntt's buyout offer. ofhare price yesterday ¥2700, a substantial premium. ntt is going to paper do -- pay for docomo. coming up, the first presidential debate takes place tonight in the great stat

you see the euro zone and the u.k.nd you're not seeing that at the moment. you are still seeing an overall preference for cash in the united states. there are still couple of legs to go, but you're right. we have started to see a shift. this is where fx is critical. if you want to track this, watching the euro dollar exchange rate is a good one stop shop in terms of that broader risk dynamic. there is appreciation of whether we will have not only some kind of cyclical rebound, but a theainable rebound based on other side of the great crisis. clear,at has been made it will be interesting what christine lagarde has to say about this thursday, is the ecb is not happy with the signal currency north of 1.20. the indication seems to be, judging by the comments, that the ecb does have a problem at 1.20. are you suggesting if we go beyond 1.20 that is a positive side, and why doesn't the ecb see it that way? chris: nobody likes a strong currency. it makes you a little less competitive in global trade europe isnd we know , very

out of your area it's about the euro and where we will see the euro trade as it tries to push towardsthere is a lot of concern that if you see it at 130, then you can see that recent rally coming the move. that is actually the tesla market. we have been looking at this euro call. in terms of the risk that euro-dollar positions could be unwound is the pear rises to that one dollar 20 level. they are saying the unwinding of speculated positions could be triggered by week pmi or cpi data. seeing the euro trading at 115 to 10 12 range. we have seen it hit that 100 day moving average for the first time since 2014, really trying to push towards a dollar 20. matt: juliette saly there in singapore for a look at what you should be watching. let's get the bloomberg first word news. president donald trump is planning to visit kenosha, where two protesters were killed. he suggested the man arrested over the shootings may have acted in self-defense. the presidential rival joe biden slams the president for not calling out the teenager who has been charged with homicide. morel trade is recovering qu

chief christina god gave stock markets and the euro a boost when focusing the euro zone's downturn will be less severe than feared the economy is likely to shrink by 8 percent this year the euro is riding high to the single currency hitting $1.19 against the greenback which risks dampening demand for exports. and let's go to conrad blues in a financial correspondent in frankfurt carette 2 so the downturn not as bad but a slow recovery and interest rates will stay low how low will they stay how long will they stay so. for a very very long time ben if you look at the consumer price inflation target the e.c.b. has you know this 2 percent target well in august consumer prices in the countries of the euro did not rise but they contracted by 0.2 percent so i'm less something major happens in terms of prices or unless the european central bank reconsider its its definition of price stability there's no perspective on any changes in interest rates what's also worth mentioning i think because the euro dollar exchange rate is so relatively high the e.c.b. has underlined that it has no target in t

what happens to euro in this kind of environment? is the euro do a correction? john: i think the euro could trade down two cents or three cents over the next few months because the virus is still picking up in europe. it is to be seen whether the european macro data start to roll over broadly as a result of the virus pickup, and in an environment where clients seem euros,roadly long on that is an unstable situation. at the broader message around the euro is that it is a much higher quality reserve asset than it was just six months ago. it has always been a reasonably high quality asset. there has been a sovereign risk issue that has been laid to rest for the next couple of years because of the european recovery fund. the ongoing structural demand for euros -- that is not the kind of demand -- could it get you a few cents above 1.20? i think so. is this a buy and hold asset? i don't think so as much as the dollar, the gold price, but i would rather be long the euro over the next several months rather than short the euro. francine: john, thanks so much. john norma

poland and hungary will follow norway with a euro. again, we're probably not going to see a big pickup in turkey, south africa, brazil, and some other economies that are having a much tougher time. i would say the rotation is stronger for asia, latin america will be the lagger, but moving forward the way this plays out depends on whether joe biden or donald trump or president. walk me through that because i was going to ask you about this. we get toward the election. china is going to be a big part of the election. the asian story when it comes to the fx markets continues to be dominated by china. as we focus policy on china out of washington what does that mean? what does that mean for associated currencies? mark: i would think about a what wek like this -- have with a biden presidency is a turn to form poly orthodox. policyrstand -- foreign orthodox. we understand that with a trump policy we could get hawkish relationships. what matters is the style and substance in a way that policy is delivered. with a biden presidency you see geo

i think the euro has just got back to its average, as you know, since the euro was created it's been in a range in the middle of the range is 1.2. we only just got back to that recently. the euro came this year from a probably oversold position. good news in europe, removing the tail risk. seems the ecb is doing more than the fed. ,he ecb has been more active their balance sheet expanding more than the fed this year on a 2019 basis. there is some explanation for the move. but i don't think we should read too much into it. i certainly think the real rate differential could be misleading as well. so, we are still dollar bullish. all that thought, stephen, stick with us. this is bloomberg. ♪ alix: live from new york, i'm alix steel and this is "the european close." stephen is still with us. as european stocks head into the close of the session, pick up where you left off, the ucb has made it known, they didn't like it. talking it down, what do they do next week? >> they have a lot to worry about next week. the september meeting follows the higher entry where there was cautious optimism

i'm looking at euro in terms of the data. euro comes in under 1.17.eyes are failing me this money. -- failing me this morning. 1.1644. -- dowtures up to .30 futures 2.32. more coming up. us ony o'brien will join the president's finances, as reported by "the new york times" last night. always a continuing story is the continuing american economy with dubs they on friday, in the with jobs day on friday. in the 11:00 hour, danny blanchflower. upures up 27, dell futures 230. stay with us. jeremy stretch next. this is bloomberg. good morning. ♪ franciene: this it's -- franciene: we are getting breaking news out of london. fit and proper is losing its london license. this comes on the back of -- i think it was 12 months ago if i have the timing right, at the time they said uber should be banned because a lack of surveillance. knowe moment, from what we , they have decided -- i do not know whether they have put security things in place to make sure it was fit and proper, but i guess this changes everything for uber. it was because of safety concerns that tra

prices range from $400.00 euros for a basic lesson. $800.00 euros for the top of the range phone that's not exactly cheap but how does the shift phone rate in comparison with its competitors. you tube influence eagerness conure tested the ship 6 enough for a week it came out in 2018 but it's still the latest model. a lighter hey peeps this is the shift 6 am a smartphone developed in germany is it a realistic alternative to more conventional smartphones and if so who might it appeal to you i've tested at the farrelly and share my thoughts with you in this video. you know his test of the camera the device a software performance and of course he evaluated its design. and then good work of what i really liked about the device was the battery life and the responsive fingerprint sensor you could also increase it storage capacity is what i didn't like was the camera's performance in low light situations and the video quality also the software isn't up to date and performance is a bit patchy of infinitely. so is the marginal smartphone from germany a realistic alternative. escape for us good yo

well as stronger euro currency.has gained yesterday after sources told bloomberg that policymakers have become more confident. potentially reducing the need for more stimulus. madness, since march the ecb's bond buying has averaged 22 billion euros a week under the pandemic emergency purchase program. analysis by bloomberg economics expects purchases to keep this pace until you end of the year before decrease in the first half of 2021. president lagarde will be quizzed in her news conference on market expectations. from northernboom trust asset management is still with us. said thatis what she matters. nobody is expecting major policy changes today but she has this really fine line to walk. dovish enough so people think more stimulus is coming while at the same time, she has this challenge of making sure the euro does not continue to rise. what do you think she says in terms of walking this fine tight rope? wouter: you have described it just about perfectly. i really like manus's description of the mood music that w

we are looking at dollar-euro 1.1837. let's get to the first word news. >> india's overtaken brazil as the country with the second most cases of coronavirus. confirmed more than four point 2 million infections. it is also the third worst country in terms of deaths. more than 71,000 have died in india. protests have flared up on the streets of hong kong, leading to hundreds of arrests. thevists marched through area and blocked the streets with barricades. the aim was to protest hong kong's delayed election, which was scheduled to take place on sunday but has been pushed back a year due to the coronavirus pandemic. a periodstrations and of relative calm since the implementation of the national security law. dramatic scenes in tennis. been kickedic has out of the u.s. open in extraordinary fashion after losing a game. hitworld number one angrily an official in the throat and is prompting the chief umpire to suspend the match. a stunning end to his winning streak and bid for an 18th grand slam title. global news 24 hours a da

in germany this week and she said it's not a huge concern the strength of the euro really reflects the recovery in the european economy but of course if this continues to strengthen if this does start to pose a real threat to the outlook for germany and for the euro zone back and that could certainly spur the e.c.b. and to action to weaken the currency chelsea 20 for us in frankfurt thank you very much. now to some of the other stories making news around the world zoom's video conferencing service is one of the big winners of the coronavirus pandemic reporting a huge jump in revenue in the us what it's 660 $3000000.00 that's as hundreds of thousands more businesses sign up to use the service when a factory activity in china expanded at its fastest in nearly a decade last month as factories ramp up output to meet rebounding demand you export orders also rose for the 1st time this year. south korean prosecutors haven't done it in the it's the samsung empire j. widely on charges of manipulating stock prices and breach of trust to cement control of the group the gravity of capital market m

these arguments don't stack up against the euro and sterling, and the rally we have seen with the euro is not justified by the fundamentals, it is not justified by asset price performance, and you are already seeing the ecb get much more uncomfortable about euro strength. that is interesting because when you compare it to some other currencies -- australia and new zealand, for example -- those rallies we think can continue versus the dollar because they do lineup at her with the economics. with terms of trade and those factors. tom: does renminbi lineup with "the economics"? dominic: i think it does. if you look at the background in happening recovery is faster. we have seen a rising yield differential, a surplus, rising debt flows as china internationalize us. we think the renminbi can go lower down to 6.60 through the course of next year. that is because the fundamental picture matches up with currency strength in a way that is not the case with some of the cheaper currencies. francine: when you look at some of what the chinese consumer has been saying, they have been enjoying this i

let's talk about all this, the ecb and the euro, with themos fiotakis. great to have you on the program. when you look at the ecb, was the ecb a little too relaxed about strengthening in euro? themos: good morning, and good to be here. good to see you again. they repeated the usual mantra about how the ecb used the euro and input with inflation, but the main question around that is and remains what are you going to do about that? of toolst have a lot to deal with it. they kind of really take interest rates much lower from here, and they cannot do anything about the fact that the dollar is weak at this stage and will probably remain weak as long as drivers remain in place. does it actually hurt their inflation forecasting echo themos: it hurts probably for the next year, but i would note that the euro has been going up together with the market's long-term inflation expectation, so in terms of what is driving the euro move, it is the recovery, and it is a lot of the tools that they have put forward a steepernues to fuel credible expectation or recovery of

through the conditions with gdp 7.7% lower than a year ago >>> how to pay back $750 billion euros. we'll hear more from the berlin meeting. that's after the bakre >>> welcome back to "street signs. eu finance ministers are meeting of how to talk borrowings. weighing using new tax revenue including the digital tax. there are shots of this meeting getting under way now. let's get out to sylvia for more what can you tell us what you've heard so far from some of the key ministers? >> first, this is a new formal meeting. that is important. that tells us they are not going to announce any measures or proposals today but that they are having important discussions. the first is on the state of the eurozone economy we heard from the ecb revising the 2020 gdp forecast after recognizing the economy has performed slightly better than what it had in june. slightly contrasting from 8.7 to 8% in 2020 nonetheless, there are still a lot of uncertainties of how the economy will perform in the coming months. on the condition of the economic affairs. >> recovery is on the way but we still have the lev

the price is at most $150.00 to $2.00 euro. in addition small butchers pay higher fees for disposing slaughterhouse waste and spend more on electricity because of renewable energy levies no money isn't trying to match the industrial slaughter house prices but he does want more support from politicians one and we don't want special treatment just equal treatment of. giants water houses aren't just a threat to smaller competitors but often to their own workers to focus on is the chairman of the charity coffee toss and the district of good he's witnessed how the turn his company went from being a simple butcher store to germany's largest slaughterhouse and meat processor he says clemens turning us made his fortune at the expense of workers will turn this isn't the truth the whole point in years makes most of the profit of course there's no question that they've exploited the poverty gap for professional gain. to news is they also profit because if there are blatant violations it's always the subcontractors fault as always keeps it

the rest of congress if we add it together for the i phone it runs to $168.00 euros so definitely less than the make a charge but i've also discovered that they don't use any apple parts so i wouldn't do it even though it's cheaper it's not finished. $168.00 euros that's about 52 percent of the sales price quite a bit cheaper than the manufacturers that without original parts. what about other phone makers the samsung sent off for appears still isn't back almost 2 weeks later and units only heard back after getting in touch with samsung does apply bottom customer support was very friendly and said i'd receive a quote only thing is i haven't received anything and that's after such a long wait and father touch on shop. but finally youngness does get the word that the device has been received and here the cost of the repair is also expensive some $185.00 euros that's about 46 percent of the sales price. but why is it so expensive to fix a smartphone. feel it soon found lose the smartphone giants have made a very deliberate choice when it comes to their pricing policy and their manufacturi

it depends on how much lower the euro could go.n it comes to european assets, we have been overweight but clients are increasingly inclined to come to us asking --how do we play this? strength to euro what we can select for asset exposure. that means we are domestically forecast -- that means we are domestically focused. manus: does that play out in any way in the vae versus gwth debate? whene say to be discerning we go to this rotation. if you look at where the value lies in the indices, it is europe and japan in terms of their exposure. they are nearly 50% value exposed in europe and japan versus 45% in the u.s. and em. is there any of that narrative coming into play? seen a i think we have few around this rotation into value and the final turnaround after years. it is still too early to say that the value will come around. apply a quality future to our allocation. another way to play this growth rebound is through true value which is too early to call. looking at the rebounds in terms of what we have seen so far and what we are

and they are looking at the euro. the euro is having an impact on the economy.s discussion fired up again. with thei still think g7 central banks, they target rates. it's a fight that only knows losers. i don't think anybody, particularly in this situation, would really consider direct market interventions. the ecb can basically only accept this. there's not much they can do about this. matt: exactly. 118.45.t there's not much more the ecb can do. jerome powell manages to stay dovish, get more dovish, what's your focused -- forecast for euro-dollar? esther: we are expecting euro-dollar to move about 120 for the end of the year in a sustainable measure, sustainable basis. we actually expect zero dollar to continue the most in the next year. on the one hand, it's monetary policies. on the other hand, it's inflation. we do not see if the ecb manages to revise inflation in a substantial manner, and you know, central banks don't counteract it, low inflation is actually going to be supportive for the currency, in particular if you expect on the others that the fed wil

with the verse i have also invested hundreds of thousands of euros in this place. that i can't just walk away and feel so leaving i still think frankfurt airport is one of the very best locations in germany. and things will eventually get a lot better on the kits that i'm stuck on. the airport operator says it's going to reduce the rents for the shops in the food outlets to help tide them over but it hasn't done it yet negotiations. there are still underway i wanted to ask the operator about these plans. but the press people are all working reduced hours and none were available for an interview which is a pity and. so we're going to. nobody has a clear idea how things will develop it's a scary situation recovery scraping by for a while longer or bankruptcy it's anybody's guess. looking at things from above often gives you a new perspective and some space something that's very these days my colleague or nothing i like to share his view on life's challenges and here he is to tell us what getting a bird's eye view from a full sized glider. on the limited freedom. i ha

for $4550.00 euros. it's a new. 14 and a half 1000 euros for a magnum of recycling cabinet from last a winery on the most of it's 6 30 am and still quite cool out housepainter callen tells his crew where to gather grapes they want to be finished by noon but really did care for we have we have one rock in this we can get and it's 26 meters so so really careful it's not ok it's not only fun so we really have to really have. to go out the cameras around an international following which is why young people come from all over the world to learn how to make wine here. today 12 helpers from 7 different countries are here to harvest grapes according to the bouncers stringent criteria. they inspect the grapes one by one everything is done by hand. cows painted color is pleased that the years hard work has paid off once again he's been able to harvest his crop only. the yard got most mushrooms in the last few years i have to say that the autumn weather is now more like late summer weather in that endeavor 8 with t

the union called out strikes in several french cities workers say the billions of euros in pandemic with covering money and not reaching them. have done a good deed get it to fork over to there was no money it wasn't possible suddenly they're releasing millions billions of euros in aid to companies so yes there is money you just have to know who it's directed at and employees especially the front line ones as they've been called should benefit from the wage increases that they need that. french society is deeply divided many people feel left behind in the crisis especially in rural areas they're demanding more social benefits but the government in paris is pursuing its investment in business just last week the government's recovery package was ramped up to 100000000000 euros to strengthen companies and preserve jobs. is it justified what's going on at bridgestone. well the unions obviously say it is they are talking about a planned x. assignation attempt of the factory no one was expecting the factory to close because basically what's happening there is that that factory is producing sma

the european commission fined google 2700000000 euros for and favoring its own services in its search engine it's also going after amazon and looking into how it treats 3rd party salaries on its platform so it really you really have to say that she's she's tough on this and she's determined to get her way so this latest court ruling that the commission says it will appeal so when are we going to get there and when will this all be over phyllis could take years and i think in the meantime think debates about corporation tax sovereignty is going to continue to rate in the european union ok meanwhile that $13000000000.00 euros just sits out there pressing it in cyberspace all right kate ferguson from the deadly business thank you. so next story has the ravings of a brown thriller catholic cardinals fighting over huge amounts of money a pope brought in to clean up the stench of corruption allegations of child abuse financial corruption court cases and overturned guilty verdict today's episode concerns one cardinal angelo a bench you who resigned unexpectedly on thursday on friday he told

today, euro bear market and euro equities underperformance. currencies and equities move actually hand in hand as they share the common macro story. alix: are remaking making too much out of one day and the last -- are we making too much out of one day in the last several days? apple was the longest streak since february 2019. why was it a fundamental rotation into value versus tech is taking a break? alessio: you are raising the appropriate question. there are certain day-to-day dynamics that we tend to interpret as fundamental changes, but they are not. day-to-day dynamics more often than not are results of momentum , short-term driven behavior. look at the concentration on trading in short dated options. it is through the roof. that is much more behavioral, sentiment driven market. these price gaps can be helpful catalysts for an otherwise macro fundamental story in the background that is taking place, not the other way around. the rotation from growth into value would be a useful catalyst to increase the conviction into the longer-term fun

currency will plunge 36 percent against the euro over the next year or so take it to levels it's not seen in more than a decade goldman sachs predicts negative real rates in the united states are a sustained recipe for dollar weakness in forecasts the euro to trade at $1.30 by 2023 at the current exchange rate of $1.18 euro zone growth could take a hit of up $2.00 of a percent and that's crucial as policymakers are hoping for a strong export led recovery to minimize job losses well that some of the predictions and let's put them to jimmy med who is the director investment strategy at the german founded platform naga 1st up give us a breakdown as to what the fed's decision to allow inflation to rise what does that mean for the dollar. so it's symbolic because the goalposts of change some adventure that's how it is no longer we're going to look for inflation to reach 2 percent by the way this is something that hasn't been able to do for a decade but instead for his long as the economy benefits which means we've got stronger economic dates that i didn't know human is maximized to its fu

euro-dollar off by 0.3%. it is a weaker euro.e in the bond market, 0.66% yield on the 10 year. could have said that every day this week, i think. from new york and london, this is bloomberg. ♪ >> worst case scenario, there is a double-dip recession. it is not our base case, but it is the worst case an area. >> the treasury market is overbought if you consider the projected growth rate. >> all central banks can do is print money in the end. >> we know there are millions unemployed, but the unemployment cracks are everywhere. >> this is "bloomberg keene,lance" with tom jon ferro, and lisa abramowicz. tom: the quote of the week for

after this bout of dollar strength, the euro to 1.20. 1.1830. the leader of breaking decisively rounded up to 7.3 is a weaker lire for mr. erdogan. anna: i'm glad you brought up the turkish lira check. let's get to the data board showing european stocks moving higher catching up with the united states. i put in the banks stocks for you. this speaking to a broadening in the rally. new all-time highs. it wasn't just tech stocks for wants. i have this bank sector to reflect we are seeing a pickup in not just travel and letters stocks and tech stocks, but some sects.beaten up nasdaq futures do look a little gloomy down .4%. we will keep that in mind. in.t the pound we will talk to jordan rochester, and the pound is down .3%. you mentioned the euro weaker, down .2%. let's go to jordan rochester. good morning to you. what is happening with the euro and the pound? they are both weaker today. what was a stronger dollar, now a fairly flat dollar. upthis european banks waking to the need to talk about the currency? morning.ood welcome live from my quarant