and europe and the united states, never mind joe biden�*s presidency, europe and the united states ared to be. certainly, i'm worried, but i would challenge your assertion that all of europe no longer trusts the united states. germany, france, maybe some other western european countries, that might be the case, but i think the uk and the united states certainly still retain great trust and confidence in each other. and our allies in central and eastern europe still have great confidence in the united states and, frankly, high expectations. but the burden is on us. the burden is on the united states to regain the trust and confidence of our german allies, of our french allies, recognising that throughout the history of the alliance, there has always been friction. i mean, i was a lieutenant in germany when there were hundreds of thousands of german protesters out on the street because of the deployment of pershing ii and the french kicked nato out of france, back in the �*60s. so this is... it's never been a bed of roses, but it has been shared values. and so the burden is on the united

europe is cheap, it is how you -- it is value. >> we do expect that cyclicality in europe to providetronger returns over the next six to 12 months. >> but we have seen is certainly the interest in and the flows into european equities have been reasonably strong as of late. >> that catch up trade potential could be quite lard. -- quite large. >> with the improvement in the european economy, competence from investors, consumers and so forth, i think you will see an uptick there. the question is how much of that has already been priced in. >> the challenge for europe is that when growth is firm in europe, that doesn't necessarily always mean that equities will do well. you could still believe in your catch up trade, but it is not necessarily an equity story. alix: i really don't thing i say the word catch up -- the word catch up -- the word ketchup, but ok. joining us now is lucy macdonald , jp morgan managing director. many are saying it is the catch up trade. when does that timing happen? lucy: even though you had quite a nice band, there is still more potential in the medium-term. as

do you think europe's doing enough, yes or no? europe could do more.that the sanctions really work. but the problem with europe is sometimes that europe is too impatient. you put down the sanctions, and in six months�* time you want to lift the sanctions because, of course, they hurt also the other part or other sides. but, yes, we could do more in europe. i'm just mindful of one particular area where estonia suffered in the past. i believe as long ago as 2007, there was a very disturbing cyber attack on estonia, which everybody in your country believes came from russia and involved the russian state, and it closed down key bits of infrastructure. it was a real problem. now russia's cyber capability is much greater. how worried are you about the vulnerability of your country to cyber warfare instigated from moscow? i think everybody should be worried about this because of our systems, and that's why we have the nato cyber security centre here in tallinn. we do constantly these kind of exercises. we just had one cyber defence exercise here to be ready f

and europe.me easing happening towards the end of the second quarter and structural easing of capacity. by all accounts it takes a good two years to normalize the capacity with decisions that are economic -- it would be unwise to remain dependent on japan and taiwan for supply. discussion on how to build capacity in u.s., in europe, and how much it will cost. how much subsidy they will pay. guy: certainly sing a big impact in terms of the stock story across the entire auto sector. always a pleasure. the dax is where the action is on this. a little bit higher during the settlement. ftse 100 still down, but playing catch-up after yesterday's close. the dax down 2.5% today on the back of the infineon and that feeding into what is happening with the auto sector. alix: in the u.s. it is a story of tech weakness. it reaches across the board but tech is now down 2.7%. within that is at across the board. apple down. it is also the recovery trade like american airlines. united airlines lower. they are 4%.

there is a need for labor in europe.re are many who came after the financial crisis, and because they are there, there are no hurdles for that. she says democratic and nondemocratic countries are different, but i wonder if democratic governments like the spanish government, who hosts a war criminal, that says a lot about what kind of democracy we are talking about here. with regard to black male -- with regard to blackmail, the moroccan government says they want them to be good warriors in the fight against terrorism, for good economic partners, and still, the moroccans probably need to take it easy. at the same time, there is a need to be silent. otherwise, the spanish will say, "they are blackmailing us. they are using terrorism and migration in order to blackmail us." let's go back to what are the rules of this kind of -- i'm sorry again. i will get right back to you. i saw ruth raise her hand wanting to respond to something you said, sorry wanted to let her go. please just keep it brief. >> yes, just to mention i'm n

we like europe.anus: i am curious, we are showing the government bond yields, and dramatic repricing in bond yields in germany, france, spain, portugal. no more so than perhaps in the bund market not yet at zero but nearly there. we've seen a structural shift in the yield story in europe. is it too soon for you to take a short position? jp morgan saying he is increasingly uneasy holding longer dated bonds in europe. supriya: there is a bit of a catch up as the economic picture has caught up. there -- bond yields have moved higher. the spread in some of the peripheral countries, you have seat spreads widen. that is a little bit of a different story, related to a little bit of speculation of a view by the hawks of the ecb gaining the upper hand and perhaps scaling back the pandemic on buying program. that would have the most impact on spreads. that is playing out there. i think it is getting to the point where it probably has gone to file and there is not a clear-cut argument from the ecb for investors

europe is in a very difficult position of trying to sort of. position itself and it needs of course investment and it needs trade ok well i mean if we can i just say if we discount what comes out the b.b.c. about syria and us stations and every nato nation really. one might than argue that a syrian family maybe on the outskirts of a glib is going to be thinking you know we have a 70 percent extreme poverty in syria 60 percent unemployment. report. rebranding of isis and al qaeda in syria to kick off another war in syria it couldn't come too soon help from powers like china and russia and this with iran even while why are they being so. not trying to not being slow i mean the fact is that the united states and europe has sanctioned every effort to reconstruct syria and i mean let's be clear we're not talking about reconstructing the government all the state such we're talking about ordering humanitarian reconstruction houses help you know with water supplies electricity is all that is being sanctioned by western states and the situation of ordin

europe has not climbed that way. fresh record highs being climbed by europe.ons historically have been lower, multiples have been lower. interesting to see with the u.s. doing what it is doing whether that trade can close the gap. the ftse down .2%. the dax is back. up .2%. was not trading yesterday. the cac 40 down .2%. the component parts from the center point of view tells you why you are seeing a faded london. let show you the grr and give you an idea of how the sector rotation has developed today. what you can see is like the united states, technology is doing well. down in the commodities trade, falling once again. basic resources down. we see oil come unstuck. we are watching the iran trade. the metal it is about what is happening in china. talking about deutsche, we are seeing the trait royal the berlin housing market -- we are seeing that trade roil the berlin housing market. the male parcel business back. -- the mail parcel business back. deutsche bank moving a quarter of staff involved in the trade. the bigger banks trade, deutsche bank part of that

what do you need to know out of europe? europe picking up speed. u.k.etail sales surge, as do services pmi data from the eurozone. german manufacturing data, however, showing some evidence of supply chain crunches starting to bite. a deal down under? report suggests that britain could offer a terra free-trade deal to australia -- a tariff free-trade deal to australia. let's talk about where we are with the markets as we come to the end of what has been an incredibly volatile week. european equities outperforming a little bit. alix: -- services manufacturing, orders super strong, prices very strong. but the market responded positively. then bitcoin rolling over by 6% as china continues to vow to crackdown on the mining and trading system. that has reverberation effects throughout the market. the dollar climbs around the highs of the session. the nasdaq 100 gets hit because we were up quite positively before, now down 0.1%. amazon falling below its 200 day moving average. the s&p giving up a lot of its gains now, only up by about 0.4%. usually we see a bu

when i'm criticizing this country i want europe to be a better place i want to take part in europe. i want britain to be a better place i'm fighting for this country but maybe not in the way that people traditionally fought for it which is you know to keep the. prejudices in place. johnny pitts vision a europe that confronts its colonial past head on and stops marginalizing black people. many valuable artifacts from african countries are held in european museums the fact the treasures are here testifies to a colonial past and triggers modern day controversy should they be repatriated and what context can you appear in museums show them today. when we go to the we look at those objects. like a disney vacation thing. i think institutions any and. whole global north fairly conservative that means they don't want to change their poll position i. take programs moya's museum it holds the famous bust of now for t.-t. which attracts hundreds of thousands of visitors each year for close to a century egyptians have been demanding her return without success so how can these art collections be

one of europe's biggest generators, one of your wrist that's one of europe's biggest network providersge shift -- one of europe's biggest network providers, a huge shift underway at that company. the new ceo has come in, and she's got some rabbits to pull out of hats because she needs to figure out how to reverse this chart here. this is engie. that's the orange line at the bottom of the chart. we have seen underperformance going through from engie, so what is the strategy? the strategy is to slim the business down, to focus on areas that are part of the next generation energysolutions. recharging more efficient -- generation of energy solutions. recharging, more efficient solutions. that is going to give it to go forward that will hopefully reverse this chart. judith hartmann is the engie executive vice chairman, and also the cfo. let's talk about where you are, and then where you are going. talk me through this quarter and the demand shift you are starting to see, and how that sets you up for what happens next. dr. hartmann: absolutely. it is great to talk to you, as always. we had t

moving onto europe. ministers gathering in lisbon for the first person euro growth meeting since september. optimism about a strong economic recovery is growing. take a listen. >> i believe the optimism about the prospect for the euro area are justified. we have over 30% of european businesses who have received a vaccine. i believe we will deliver our target of a large majority of participants receiving their vaccine by the summer. this combined with really good and sensible economic decisions mean that we should be optimistic about our prospects for the second half of 2021 leading into a strong start for 2022. therefore, i believe it's possible that we will see further revisions in our growth expectations as we move through the year. >> minister shao, in the case of portugal, the central bank is saying we could see an uptick in growth. we are seeing you reopening for tourism. it's a key factor for your economy. how optimistic about you -- are you about the prospects? >> we are becoming very optimistic.

beyond the horizon lie other battlefields, europe and asia.he sun moves west, toward the two americas. mountain and lake and plain, it lies 1000 miles further east than new york. lies closer to europe in the northeast than to the united states in the northwest. it is not one place, it is 1000 places. light strikes the palms of natal. morning begins over a continent. ♪ it is not one place, it is 1000 places. the sun flashes down the harbor of rio de janeiro. the continent of south america, not mountain and jungle alone, but great cities. buenos aires, the third largest city in the western hemisphere. 2000 miles to the northwest, the sun glints across the mighty amazon. ♪ and in caracas, the soldiers in the new white barracks begin their day. high in the andes, in peru, the sun touches the inca ruins, reminders of a civilization that flourished before the coming of the conquistadors. but the new civilization of south america lives and works in trades with the rest of the world. turning her back on these symbols of the past, she looks to europe a

to europe. think that will be more subdued than normally because of the ongoing asset purchases of the ecb. then you have the asset purchases and how the influence spreads, which has been a pretty successful story thus far. the strategizing of the btp's may be in respect to this, when the pepp will change. we are in strong growth acceleration mode, so this is not an environment where investors would become overly concerned about debt sustainability because normal gdp growth will improve, and i think they will be very happy to seize the opportunity to pick up some yield if the btp-bund spreads would move up a little bit. alix: we really appreciate your time today. i also really like your curtains, by the way. william de vijlder of bnp paribas. guy: you are in the market for curtains, aren't you? alix: i already bought my curtains, but i do like that design. [laughter] coming up, a dispute over fishing threatening u.k. finance. we will get the details on france's push to delay access to eu financi

and europe is already priced in? the esd credentials the company has is already priced into the stock? douglas: a very good question. there is definitely more room on the upside, i am more optimistic. i think the positive conversation we have seen from politicians in the recent time is not fully reflected in the share price. i think there is more upside. i'm not fully including the positive effects we might see. what politicians are expecting and what will actually happen, there is between the two. if we were to trust politicians the upside is even further. guy: you probably answered your own question. douglas, thank you very much. what is happening with vestas. news on china? alix: it looks like the g7 communicate, we have some headlines coming out of that. it says the g7 will say they are deeply concerned about china's human rights abuses. they are talking about minorities that have been targeted in certain areas within china. they are asking for access to investigate these abuses, and they go on to hong kong and s

and europe was at a high. finally, europe is catching up.ng as that rummage the driver, i think they will be higher with -- they will be happy with higher yields. because of credit risk in italy, that is something the ecb won't tolerate. whether it is pepp or something else, they will throw money at that and keep bdp spreads quite tight -- dtp spreads quite tight -- btp spreads quite tight. alix: if you are looking for the value trade, the europe trade to top out, that is going to pressure yields even higher. i am wondering where in yields that turning point will be. bhanu: if u.s. breakeven yields go to about 2.7%, so another 20 basis points, that would be high enough in my mind for the value trade to turn down, and for real yields to bottom and go up from here. so real yields from there on can increase that about 30 to 40 basis points, and that should probably mean that nominal's move up to 1.80% by the end of this year. alix: really appreciate that. such an interesting conversation. thank you so much, bhanu baweja, ubs chief strategist. c

europe is very close. in europe. yeah. it's like on adrenaline so it didn't match the energy. she changed styles experimented with electronic beats and made sound collages discovering the world a new in the process. and just a mix of the african reality in the digital form basically but. now spends most of her time in germany she lives with her young daughter in berlin but africa is a strong part of the mix on this track she sample speeches by kwame nkrumah the 1st leader of an independent gonna. and mixes them with bits of dialogue she recorded during taxi rides around cameroon . now. she no longer feels the need to enlighten germans who blank on their country's colonial past in germany i have conversation more with people like jim need to. in berlin gets a taste of home at this cameroonian restaurant these days her search for identity has faded a bit into the background. the mixture of the to make. because going back to come and that. that i felt i belonged to which was true but i guess i needed to do that. so at the end of the day for me to create. that mixture in my everyd

when i'm criticizing this country i want europe to be a better place i want to take part in europe. i want britain to be a better place i'm fighting for this country but maybe not in the way that people traditionally fought for it which is you know to keep. prejudices in place. johnny pitts vision a europe that confronts its colonial past head on and stops marginalizing black people. many valuable artifacts from african countries are held in european museums the fact the treasures are here testifies to a colonial past and triggers modern day controversy should they be repatriated and what context can be european museums show them today. when we go to those museums we look at those objects. like a disney vacation thing. i think institutions any and. whole global north conservative that means they don't want to change that pole position of. noise museum that holds the famous bust of now for t.-t. which attracts hundreds of thousands of visitors each year for close to a century egyptians have been demanding her return without success so how can these art collections be freed from their

turning her back on the past, she looks to europe and north america.ore the war, the trade of south america with europe was nearly $1 billion per year. the trade with the united states was somewhat less. south america sold raw materials to europe and used money to buy manufactured goods. and of course there was much , trade between europe and the united states. thus, a triangle of trade was erected between three continents. this three cornered relationship was not a simple the variety of one. climate and resources produced a variety of trade. the caribbean area, largely tropical, produced coffee, sugar, chewing gum and bananas. 50% of the trade of this area was with the united states. the west coast, mountainous and dry, produced cotton, cocoa, and minerals. only one quarter of its trade went to the united states. the amazon area of brazil sold manganese, cocoa and coffee to the united states but a great deal more coffee and cotton to europe. the temperate area of argentina, uruguay and paraguay produced wheat, corn, and wool. it sent these products al

but we also want to say to the people, welcome to europe. important to us, we take care of you. but in this moment don't feel this reporter: for the eu frontier countries like italy, migration remains an intensely political issue, and for some, the hospitable welcome has warmed thin. >> it's time to say enough after 30 years. i want the camp to be closed immediateland a naval blockade so they cannot access the island. they should be helped in their own countries, not come here where the authorities spend millions on them but let us die. reporter: through europe's outer door into a waiting room. but with a camp full, dozens are left outside. many here will have asylum claims rejected, but it's unclear how many of those will actually be sent back. you speak some english, yes? ok. no. we can't speak to people. >> [speaking italian] reporter: we are being told we cannot speak to the migrants. from inside the camp, the stories came to us. >> they come to my own house in libya and robbed me. reporter: what about people who would say to you that yo

negroponte was a global fellow at the wilson centers global europe program. where she focuses on the uk's global role in following following its departure from the eu. her focus derives from her i'm at the european commission and her leadership of the conservative parties international office in the 1970s. with belgian and british parents, she was involved in british politics and relations with the europe until her to a us diplomat. at the wilson center. she has been researching a diplomatic history of the last years of the cold war focused on the role of secretary of state james r baker the product of which her new book will be discussing today. published in december 2020 her book i'll hold it up for everyone to see. focuses on the unification of germany and the strength of us alliances to repel saddam hussein from kuwait and to bring both israel and palestinian leaders to negotiate directly. congratulations diana wonderful to finally see this in print having been your neighbor and colleague at the wilson center and engaged in many wonderful discussions on t

secretary of state, all expressing outrage that it was on its way from southern europe to northern europe, forced to land. a bomb threat was used to force the plane to land in belarus and then this journalist was arrested. calling for the immediate release and we will be speaking to maria today, who has been covering the e.u. leaders response and we will continue to do so. this is an incredible story, one that i know is being talked about by traders everywhere, even not moving the markets at this point so back to the markets, and one of the things we need to look ahead to is the inflation story but i guess we can wait a little bit for that. it will loom large on the agenda. we spent a lot of time gearing up towards that but it does have the ability to shape our thinking around the dollar, around yields, and all sorts of other assets as well. mark: absolutely. it remains the biggest background theme. inflation will not be resolved. it will ebb and flow. the scare was overhyped and it's all behind us and we will get really scared and can amplify it. we are not going to focus on too much bec

when i'm criticizing this country i want europe to be a better place i want to take part in europe. i want britain to be a better place i'm fighting for this country but maybe not in the way that people traditionally fought for it which is you know to keep. prejudices in place. johnny pitts vision a europe that confronts its colonial past head on and stops marginalizing black people. many valuable artifacts from african countries are held in european museums the fact the treasures are here testifies to a colonial past and triggers modern day controversy should they be repatriated and what context can european museums show them today. when we go to those we look at those objects. like it is not the case in the whole thing. i think institutions any and. whole global north conservative that means they don't want to change the system. take programs noise museum it holds the famous bust of now for t.-t. which attracts hundreds of thousands of visitors each year for close to a century egyptians have been demanding her return without success so how can these art collections be freed from t

when i'm criticizing this country our europe to be a better place i want to take part in europe. i want britain to be a better place i'm fighting for this country but maybe not in the way that people traditionally fought for it which is you know to keep. prejudices in place. johnny vision a year that confronts its colonial past head on and stops marginalizing black people . many valuable artifacts from african countries are held in european museums the fact the treasures are here testifies to a colonial past and triggers modern day controversy should they be repatriated and what context can european museums show them today. when we go to those we look at those objects. it's more like it is not the case and the whole thing. i think the institutions and the euro and the whole global north conservative that means they don't want to change their power position on. the lens noise museum that holds the famous bust of now for t.-t. which attracts hundreds of thousands of visitors each year for close to a century egyptians have been demanding her return without success so how can these a

it probably benefits europe.here's much more of a value play, and financials do very well there as well. but i think it keeps the market sidelined with tech gross underperforming. alix: let's end it with breakevens. you heard laura talking about how breakevens and germany are shooting higher. you had the tenure breakeven in the u.s. doing the same come of five-year breakeven the highest since 2006 -- the 10 year breakeven in the u.s. doing the same, the five-year breakeven the highest since 2006. david: it is not the breakeven story itself, per se. we are looking at 10 year u.s. inflation breakevens, but we could look at five-year five-year. where i think this is crucially important is at what point does this get high enough that we really start to talk about a fed taper. in our view, we are not at that point yet. the actual situation we've got from inflation breakevens is still pretty good for asset markets. you are seeing inflation breakevens rise essentially because of a fall in real yields. so it is a falling

. >> you will enter the continent of europe and in conjunction with other united nations, under takerations aimed at the heart of germany and the destruction of her armed forces. which was without a doubt the most difficult assignment ever given to one man. the brilliance with which he answered this challenge marks one of the greatest soldiers. mr. raymond massey, distinguished actor now brings you some of the finest moments in our history. the story of the general of the army dwight d. eisenhower. ♪♪ ♪♪ ♪♪ ♪♪ >> the time is june 1945. the occasion, the return to his homeland of a war hero whose stature has seldom been matched in the esteem of his countrymen. the european phase of the greatest war america ever fought is over and part of the warmth with which the people of abilene, kansas, greet general dwight d. eisenhower reflects the deep joy of a nation approaching peace again. some of it is the kind of welcome any hometown might give a favorite son who has done a good job. but more than anything else, it is a tribute. a gratitude felt in every corner of the allied world. no less

the europe is trying to redefine itself stroh's and to redefine it. with strategic autonomy and that strategic or ptolemy is to be defined by european civilize asian values unfortunately it comes just at the point where really the whole idea of universal human balance is rejected by most of the grow as you no longer appropriate and they say well we all have our other supplies they should chinese they are civilization with our use our harmony and community not individuals and not price and so it's quite difficult so they are they will make an effort yes on syria it will be like that ukraine is a much more problematic for the european union but i mean basically the european union has almost 0 or ations with russia now it's gone i mean it was not so long ago 10 years ago when it was thought in the europe and elsewhere that there would be a great a europe stretching from brought it. down to to lisbon and that if europe if russia was not part of the european union it would share everything but institution since i think the protein one stage mentioned and a

debt across europe for burden sharing? until that really happens, the market is always going to be worried about when we get the next political crisis in italy, how does that impact yields and italian spreads. but right now, italian spreads are rocksolid. the market is not concerned about it. alix: but why? why is the market not concerned, and why is the ecb not worried about 111 basis points for the 10 year in the btp market, and then -11 basis points for the german bund? luke: i wonder when everyone is borrowing, your virginal larger borrower probably just doesn't worry people so much. they've all got to borrow to get out of the hole they've got in in terms of covid, try to get the growth back in the economy, and i think markets are kind of telling themselves that if you had a bigger problem, you will have a bigger rise on the other cited it, therefore not worrying about italian debt. that is probably fine for 1, 2, ab even three years, until we had the next -- for one, two, maybe even three years, until we hit the next

finally, europe is catching up. >> to be on the growth side, europe will play catch up. >> europe wasagging in the first quarter, but is catching up. >> you get that really big boom in growth still to come. >> that european recovery has exhilarated. >> it was really strong, really powerful. >> we are trying to push that hawkish narrative. >> the question is, how much of that has already been priced in, even though you've had quite a nice run? there is still more potential in the medium-term. >> we are talking about early days here in terms of the upside that we see for europe. >> i still think equities in europe look attractive. i think that is a market where evaluations are still cheap. >> europe is cheap. it is cyclical, it is value. europe has been one of the best places to be in the world in terms of equity markets. guy: did you get the message? europe is starting to pick up a little bit [laughter] seema shah of printable global investors is joining us -- of principal global investors is joining us. are you still cautious on europe? seema: how can i go against such resounding posi

tom: the timing is 3:00 in europe. that is central europe. in eastern europe it is 4:00 p.m.bout at the point of pre-conferences and agreements. i would think in the next six hours we will have a lot more to talk about. lisa: this comes at such a delicate moment internationally and economically. the idea people are just starting to travel again. we are seeing president biden try to set a new agenda for the united states and prepare for his trip to the summit in europe. such a perilous moment in some ways. a crossroads for 70 different aspects of the global economy. this highlights them in one swoop. tom: no doubts we will have comments from the white house as they wake up at 9:00 washington time. markets are range bound, but then they are not. the vix in nicely with enthusiasm. s&p 500 up 23 point. jon called in from coventry, wanting to quote the dow. 4292 on the dow. a nice lift to the markets. on "balance of power" the cogent voice on the republican side, glenn hubbard with republican -- with columbia business school. stay with us on belarus. this is bloomberg on radio, on

in the allied forces in europe. he was touring the newly liberated or drift concentration camp nearby after that tour eisenhower to the pentagon and wrote about how important he felt. it was to document nazi crimes to make sure that no one could ever deny what had happened. so scott was really among the first americans to document holocaust atrocities. historians and anybody who wants to study in commemorate the holocaust. oh him and the other liberators a debt of gratitude for recording what they saw the long-lasting impact of his efforts demonstrate the power of a person's action. he was documenting the history of the holocaust armed with just his camera. and for those who are interested learning more about this subject, we did a program just last month as part of black history month about african-american soldiers who served in the us military and about what they saw and also about the ways that their own experience of even violent racial discrimination shaped their reaction to seeing crimes in europe. we have ju

the jews of europe were an easy target for hitler to use as the enemy. he can blame a lot of things on them. over the years, he can build up a rage and an anti-semitism that worked with the national consciousness at that point, which was that somehow germany had been betrayed in world war i and it was an unfair truce and they had to go back and fix the injustices that were imposed on germany after world war i. it was all part of this global jewish conspiracy. you see that same technique being used throughout the 50, 60 years after world war ii as neo-nationalist sides that they would have to redefine enemies. when the cold war happened between the soviet union and the united states, there were these obvious enemies. people were looking for someone to blame their problems on. this would allow them to define a target and attack that target. to do that, you would need to undermine the narrative that evolved after world war ii about this specific genocide targeting the jews of europe, the horrors associated with it, and the creation of this jewish state of i

champions of europe! that's who we are! champions of europe? brilliant, absolutely...ll back together. covid has gone out the window. it's just been amazing. amazing. well, that's not quite true. coronavirus meant only a limited crowd was allowed into the stadium in porto. witnessing a game where the rich boys of europe would play the even richer boys. and in the end, only a single goal would separate them. kai havertz doing the honours just before half—time. what a night for thomas tuchel. he only took over at chelsea injanuary, and now he's a champions league—winning manager. it's a huge step to arrive in the final. it's an even bigger one to fight your way through and make it all the way to the cup. it's a fantastic achievement, congratulations to everybody. some commiserations for manchester city. they've spent fortunes reaching their first champions league final, but still the big prize eludes them. for now, the european cup is heading back to england and to chelsea. blue really is the colour. 0ur sport correspondent 0lly foster is in porto. he said last night's c

but like for people who want to come to europe to work which is much needed. and in the last 20 years saying that an ever increasing reduction in the opportunities, the legal migration into europe. so i think those a ways to deal with this in addition, we would suggest the more collective approach find europe. so that the country for the right, i'm not left alone and changing this paper sharing quality within europe. i would also that we ignore the history and all of these claims to the cause of europe's colonial legacy in africa. i'd much rather longer vote because their enclaves on another continent. so that doesn't justify the actions of the government, but all the front to have to be taken into account rather than a knee jerk reaction, which is simply to build fences to prevent people moving. ruth, so we've been talking a bit about how brian valley and his treatment in spain has really been sort of at the center of this diplomatic dispute between spain and morocco. it's been reported that spain's high court served valley with a june 1st summons for a preli

what do you need to know out of europe? europe picking up speed. u.k. services pmi data from the eurozone. german manufacturing data, however, showing some evidence of supply chain crunches starting to bite. a deal down under? report suggests that britain could offer a terra free-trade deal to australia -- a tariff free-trade deal to australia. let's talk about where we are with the markets as we come to the end of what has b

europe matters but a strong united germany in the center of europe that could be a threat. so baker sets out to persuade both those leaders as well as the other europeans. that a united germany anchored in nato. would enable the rest of europe to live peacefully knowing the germany would not have any ability to build its own nuclear capacity. yes, the economy would be strong but that strong economy could also be a bulwark against the soviet union. this is a long way of saying. that the emergence of germany are united, germany. was thanks to. president george h.w. bush brent scowcroft his second national security advisor and secretary of state james bacon. that's fascinating that diana. bakers one of his great skills was in his personal relationships that he used to great effect and notably foreign minister edward chevron nazi became very close to him. yes, and i remember in fact an incident of what horse tellchic good friend of mine. who was helm of kohl's national security advisor. we were talking i asked did it was there any point in when you thought this is all going to

europe's growth to recovery. today as optimism about the bloc's economic rebound grows. we will get more on that story next. this is bloomberg. ♪ ♪ anna: welcome back to "bloomberg markets: european open." 10 minutes into our trading session and european equity markets looking positive. the ftse a bit of a laggard. let's get some of the stocks on the move with dani burger. dani: they get stuck to the downside in the stoxx 600 is lufthansa. their biggest private holder, kb holdings, has sold about half of its stake at a discount. that is knocking prices lower. to the upside and ending the biggest again there is richemont this morning -- biggest gain er is richemont this morning. they've had this rebound and it bodes well for the rest of the. jeffries calling julie resales outstanding -- jewelry sales outstanding. another stock to the upside this morning, travis perkins selling their plumbing unit to hig for about $460 million. jeffries -- po hunt, rather, commenting on this one, saying it will allow travis perkins

it is "bloomberg daybreak: europe."ay powell paints a picture of a patch a recovery, while the fed's john williams says do not expect any policy shift just yet. u.s. futures trade lower. germany pushes ahead with plans to exempt fully vaccinated people from restrictions. meanwhile, the fda reportedly set to authorize pfizer-biontech vaccine for children 12-15 years of age. the couple behind the world's greatest fortune and philanthropic operation are set to divorce. bill and melinda gates, more on that story. good morning. a fortune divides at the top, but what is the issue jay powell says we are making -- issue? jay powell says we are making progress but it is not progress for everybody in the economy. many will be left behind. this is jay powell reflecting on something that is very different from the rhetoric from the federal reserve on this exit as it differs from the great financial crisis of 2008. jay powell says there is progress but the race divide is apparent, and that is most clearly in the various races, the h

also on the show europe's biggest economy wraps up its climate goals fighting the german industry under pressure to clean up their act. and high speed internet brings american and ugandan surgeons together and one operating. this is the business i'm joined now by not so happy you can join us americans paid to more for groceries clothing and cars in april then in the month before as the country's economic recovery pushes up prices from pandemic low figures showed wednesday figures released wednesday showed a jump of over 4 percent from a year earlier with prices rising across almost every category economists expected prices to rebound after more than a year of depressed they're mad but some fear that rising inflation could force the federal reserve to increase interest rates making borrowing more expensive. so why are prices going up demand is rising as stores restaurants and theaters reopen government stimulus payments have put more cash in consumers' pockets and factories are facing bottlenecks as they gear up production to meet demand one example used car prices spiked by 10 percent i

and what is the common type of exclusion that you see from the labor market and europe what we see is that racial as groups racialists individuals might have a very high level of experience and qualifications but they are actually in low level. low qualified jobs and there's all say this risk of exploitation for certain groups when you get into the more corporate sector as you see that there is wage disparities according to different rush racialized groups where whites people may earn more money doing the same work and unemployment rates are also higher for people of color and ethnic minorities you can see that there is a difference between the national unemployment rate and the unemployment rate for migrants with the unemployment rate for migrants being higher c.e.c. in different countries the ethnic minorities might be experiencing exclusion from the labor market based on various different reasons whether that's juice of the population in that specific country or the history of colonialism and the history of slavery that we know exists in in europe the global discussion on racism ha