in a modern country we expect that life expectancy will continue to improve over time. and we see these kinds of dramatic drops in life expectancy, that is cause for concern, because it says realistically some people in some groups are facing quite high risks, unusual, and they appeared rapidly. that is the nature of covid in the pandemic. host: our guest with us to talk about these latest trends. he is michael hayward of the university of texas at austin. you can ask them questions on this report and the information there. you can call us at (202) 748-8000 for the eastern and central time zones. (202) 748-8001 for the mountain and pacific time zones. professor, we talked about the impact of covid when it comes to these jobs. aside from that, were there other factors? guest: in terms of the decline in life expectancy, we saw some additional contributions from drug poisoning. the opioid epidemic continues to percolate along, as it did before covid. then we had some increases in accidents and homicides. those were kind of small potatoes in comparison to covid. to some ext

what are we expecting? it could be one of those reads that looks ok on the surface but then when you look closer, it starts to get uglier and uglier. the expectation is for the headline rate to go up from 4.9% in june with 43,000 jobs lost. bloomberg's own economist, james mcintyre, has a different view. he sees the on employment rate improving through 4.5% but with 50,000 jobs lost so that this can out -- the disconnect is for the participation rate, which is declining, was expected to decline, and that would juice those numbers temporarily. the picture for august is likely to look worse still. sydney in its eighth week of lockdown. restrictions are slowly getting tighter. we have 600 33 cases of covid yesterday and the government today saying there up to 4000 unlinked cases in the community so that suggests cases will continue to rise while lockdowns will continue to remain in place, and that will put pressure on the jobs picture. shery: what is the rba saying about these lockdowns? paul: at the moment, s

>> our view is we expect rates to drop. we expect the industry to match capacity.re, we will have a more healthy shipping business. in the future. anna: you previously said you see limited signs of global inflation. you don't see a lot of signs of other inflation. is that still the case? >> i recognize we said that -- i said that three months ago. but we are seeing elements of our cost structure increase. fuel prices have gone up a lot since last year. second, there is such a strong demand, container ships have gone up dramatically. we charter about half the capacity. clearly, the leasing rates have increased significantly. that is the cost inflation we are starting to see in our network. anna: how does the contract situation work? how much are you able to pass on those costs? >> during the pandemic, we tried to preserve our log term costs and have done a good job of that. our contract, local businesses have gone up. around 60% in the long haul, in the long-haul trades. customers are willing to sign off for longer contracts at higher rates. at the same time, these

we expect further progress. and we expect that if things go well, then we will reach that goal. when we reach it, and the committee is comfortable that we have reached it, then we'll taper at that point. there's nothing i can say about jackson hole. we're in the process of writing that speech, and i am going to give a speech, but i wouldn't want to say what will be in there at this point. >> well, if i could follow up. several people have recently noted that the fed has got the markets working well, and you've got bank loans up. in other words, you've stimulated demand. but savers and companies like insurance companies and pension funds are getting hammered by the low rates, and they're wondering if the balance hasn't started to shift away from benefiting the economy to doing more harm than good. >> asset purchases were just a key part of our response to the critical phase of the crisis. they really helped us restore market function to these key markets really which are very, very important to our economy and the global economy. and then they were a big part of creating accommod

we can expect one -- we can expect them to be carrying these viruses.rancine: professor, can i ask about further mutations? do you worry about debbie mutations? >> no. the mutations that we have seen are not more deadly. they might confer a transmission advantage. we do not know yet. they keep talking about the delta ovarian being hugely transmissible, but we know that they evade immunity to an extent, but not to an extent that makes them able to cause more severe disease. i do not see any reason why we were should be cowering under the threat. they may arise, but they are not going to kill us. francine: i'm not sure it is the same thing. thank you for that. coming up, germany's election race tightening, putting democrats ahead of the ruling coalition. we look at the very latest, next. this is bloomberg. ♪ francine: momentum is building. joining us is marie m. we had a pretty interesting poll, putting the current administration below the social democrats. that has not happened since 2006. alix: it is a total shift in the german polls. you mentioned we w

the company grew better than expected. the survey was expecting 7.2%. it's moderating from the june figure of 11.9%. coming in with a gain of .4%, much better than the contraction of .5% that was expected. delay slowdown from the 2% pace we saw in the previous month. when it comes to bank of korea, a lot of people were surprised a few days ago, largely on account of the debt written in the country, but some of this is positive data that would be supporting that decision. kathleen: as we watch the end of the u.s. president -- presence in afghanistan, we are going to listen to secretary antony blinken speaking on the withdrawal. >> we lost cherished members of our foreign service unity. we will never forget them. helping americans come our foreign partners who have been by our side and afghans at risk at this critical moment was more than just a high-stakes assignment for our team. it was a sacred duty. the world saw how our diplomats rose to the challenge with determination and heart. u.s. service members in kabul did heroic work securing the airport, pr

longer-term expectations have moved longer than actual inflation or near-term expectations suggesting households, businesses, and market participants also believe that current high inflation readings are likely to prove transitory and that in any case the fed will keep inflation close to our 2% objective over time. finally, it is worth noting that since the 1990's inflation in many advanced economies has run somewhat below 2%, even in good times. the pattern of low inflation likely reflects a sustained disinflation area forces, including technology, globalization, and perhaps demographic factors as well as a stronger and more successful commitment by central banks to maintain price stability. in the united states, unemployment ran below 4% for about two years before the pandemic, while, inflation ran at or below 2%. inflation -- wages did move up across the income spectrum, a welcome development, but not by enough to lift price inflation consistently to 2%. while the underlined mobile just inflationary factors are likely -- the underlying global dis-inflationary factors are likely to

what is your general expectation? >> we did not get an idea of the pace of what the slowdown was, but it definitely hit it right down the fairway in terms of leading us to likely a november start. if you go back to 2014, it took about 10 months from when the taper started to when it finished. that is the ballpark estimate right now. if you start in november, september is sort of the wind down. if economic conditions continue to improve, you could have a shorter taper, potentially eight months. that middle to the end of the year taper is probably where he is at. i would say that he hit the ball down the fairway, great job in the speech setting up the taper. no real new information, flexibility until november could push it back if we see a week implement report. on balance, to me, a lot of his comments or more on the dovish side. romaine: all three of these gentlemen will be sticking with us for the length of the program. we are waiting to hear from cleveland fed president loretta mester. we will get to her thoughts on

that economists had expected.ng the base effects on these numbers but not surprising given that we have had a rising commodities price with chinese ppi also surging this week more than 9% for the month of july. plenty more to come on "daybreak asia." this is bloomberg. ♪ shery: -- shooting up the wealth rankings in south korea. overtaking the families behind the decades-old sprawling conglomerate. joining us now to discuss is -- south korea really has been dominated for decades by all of these tables from samsung. how significant is this change? >> this is pretty significant. you know, these are ultrarich entrepreneurs shooting up the wealth rankings in south korea. they are overtaking the immensely rich family behind the conglomerate. brian kim, he will be the most prominent case this time. the reason why he replaced jay y. lee as the nation's richest person with a fortune of $12.9 billion but besides him, we are seeing more people on the list. just this week, another became a new billionaire after he had a game

it should be expected.n has been quite loose over an industry like the internet, considering its size and importance. >> we heard from the government in china that this regulatory crackdown could last upwards of five years. tencent saying in the short-term, there could be more regulatory curbs coming down the pike. i will run through it. revenue grew at the slowest pace in more than two years. the crackdown weighing on gaming and advertising. net income did beat expectations , in part because of a gain of over 20 billion you want from increased valuations of investments including from overseas. interestingly, the two areas that we will focus on our in music, all kinds of things. there's an overarching regulatory environment on antitrust and anti-competitive behaviors with we chat and the like. i want to focus on gaming because the moral crusade the government is on. they want regulators to limit total game time for children. it's a complicated issue but doable. in online ad revenue, likely to get a further

what is the life expectancy of 30 or 40? >> it is very interesting since i started to work on the process on this project a regular response lifespan hasn't really changed to dale babies are not dying anymore and that is not true that's not the explanation. it is true infant mortality has gone way down but it's much more complex. if you look at the numbers and that was is an amazing advance because childhood was an incredibly dangerous time just 100 years ago and 150 years ago two out of five of your children would die that was par for the course. so it was the most perilous point of your life until you got very old when you were five or two. so to think all that has been transformed so we should not just dismiss that. but we also know the terms in the uk in 1920 if you live 220 your life expectancy at that point is 60 so bunch of kids were dying so if you made it to 20 past the crucible of childhood you can live another 40 years now you can live to about 85 years. that is 25 extra years the grown-up scott. that is a generat

you should expect the first revamp to the air pod's.ew design and a new case that makes the new entry-level air pots similar to the airport pro which includes improved audio technology and shorter stems of a look smaller when sticking out of your ear. you can also expect a revamp i've had many with a larger display and similar bezels. there is also went to be new apple watches. they will be redesigned with flatter displays and faster processors. lastly, what a lot of people are looking forward to our the first high-end macbook pro updates in several years including new processors, revamped design, and a charger system. emily: sign up for his weekly newsletter at bloomberg.com. t-mobile says over 40 million customer records were impacted in a cyberattack. some information came from past or perspective customers who had applied for credit. t-mobile is offering those affected two years of identity protection services. coming up, we talk about the growing space economy and a renewed partnership with google. we will have that conversation ab

the g7 may well face the same expectation. the g7 may well face the same expectation.he day's other news. at least 6 us states, including georgia, have declined signing a proposed 26 billion dollar settlement with 3 drug distributors and johnson &johnson, which have been accused of fueling the nation's opioid epidemic. the states had until saturday to decide whether to support the settlement. paypal customers in the uk will now be able to use the platform to buy, hold and sell cryptocurrency, with investments starting at £1. but paypal payments can still not be made in bitcoin, for example, directly. instead, the cryptocurrency will have to be sold for traditional currency and its value then used to make a cash purchase. didi — known as china's version of uber — has suspended its plans to launch in britain and continental europe, according to a report by the telegraph. the newspaper says the firm is concerned about the regulatory backlash it's currently receiving at home over data privacy. the paper added staff working on the planned launches have been told that they f

if that exceeds expectations, we can expect powell to announce tapering as soon as september. taking place in october. if the job numbers missed estimates, -- miss estimates, that can be delayed. >> 150,000 is the forecast after more than 900,000 for the month of july. what kind of number above 150,000 would you need to see for that announcement and the implementation in october? >> we would need that number to be very close to what we have seen the past couple months around 900,000. it is important when tapering begins, what is going to be the pace of tapering? we have many who see tapering concluding the first half of 2022. this means the federal reserve should be tapering between 15 to $20 billion per month, which is pulling a lot of money away from the bond market. when we are looking for example at u.s. treasury yields, tapering is going to be more aggressive than what the market believes. we expect if we have a tapering announcement as soon as september, 10 year yields will rise to 1.5%, and tapering looks to be more aggressive than expected. we can see those 10 year yie

we are close to consensus expecting 865,000.strong demand for workers. job openings still at record highs. where we are going to get a boost this month is going to come from the government sector. favorable seasonal effects because we did not have as many education workers on the payrolls we will not get as many layoffs. related to the previous story, the state and local governments are surprisingly good with their budgets. there is a lot of runway in terms of more hiring we have seen government sector employment at 35% of the way back from the covid lows that compares to 70% in terms of total payroll. there is a lot of boost we are looking for particularly in the government sector today. >> sarah, let's go through a little bit of the mechanics behind the estimates as i mentioned earlier in the hour, they run the gamut i was surprised how wide ranging the estimates are. 300,000 plus on the low end of the range. some economists are expecting 1.2 million jobs created the middle is 845. you are close to the middle. what is driving

haidi: we are expecting more easing from the pboc, right? do we expect that?a: it is an interesting question. there are some discussion over what they might do. we get an indication to whether or not the authorities are getting concerned about the economy today. the over all expectation is more support from the pboc. it is a question of how they choose to eat. we have economists talking about interest rates. they will probably try to get money into the economy through the money markets, especially for small and medium-sized businesses in particular. more expectation for support from the pboc through the money markets. the sense seems to be that the pboc is back in play now in terms of supporting the china economy. haidi: enda curran, our bloomberg chief asian correspondent. we have the division director of macquarie health management, martin lockers. a lot of headwinds when it comes to china. how attractive is this market to you? martin: certainly, looking at the market, on the tech side we have regulatory issues. for investors it will be very much trying to g

now you could expect to live about 85 years. so that's 25 extra years that the grown-up scott and that's the difference between meeting your grandkids and great grandkids. it's and huge advantage and nown recent years in countries like the united states where there's progress, it's happening at the older part of the spectrum. we basically got as much as we can at producing child mortality and it's below 1% so there's not going to be a lot of big gains. so people live over 100-years-old are projected to be the fastest growing demographic age why is in the united states. someone asked about a lot of the articles you see in the newspaper about human lifespans revolve around stories like so and so village and they live 130 years so how helpful or hurtful is that mindset and why do some areas seem to have long life spans? >> there does seem to be a variation there and there is some heritability with long jevity so there probably is a genetic component that makes it easier for some folks in the populations to live longer. environment

what she expects. coming up next, alibaba reports beijing's crackdown spirit how will jack ma's empire whether all of the regulatory tension? this is bloomberg. haidi: analysts are bracing for the alibaba results. investors will wait to hear what it says about china's crackdown in the profit outlook which may help lift some of the clouds over these chinese stocks. let's go over to vincent send a rally for a preview. so much of the hate has been on these consumer facing tech stocks. what are we expecting from alibaba, given jack ma was the one who kind of started all of this? vincent: i think you just hit it on the head. it was jack ma who started this some time ago. and was put in the penalty box by the government for probably stepping outside of bounds, if you will, for what the government allows. it is not just alibaba. it is 12 technology companies in the ministry of industry and information technology, sort of gathering up and suggesting under national security, that this is a cybersecurity issue.

i really all of the saddam in service to keeping inflation expectations well anchored. in the concrete implementation of flexible average inflation targeting is really the rate guidance that we offerrg beginng in september of 2020. we gave conditions for liftoff and essentially said that in order to help to achieve inflation that averages 2 percent over time we want to delay so we've actually reached 2 percent inflation and not in anticipation that we wanted and also that at least in the zip code of maximum employment obviously we don't measure in precisely what we want have conference we are close. based on our analysis the excellent work done by john roberts and staff have done, and regime the delays liftoff are those conditions are met, is a repayment that they can deliver based on the average of 2 percent over time so that is how i'm thinking about the framework and that is how am thinking about the current set of circumstances. adam: is there a risk that by not continuing to be sufficiently symmetric, but for the long-term we have these expectations or once through

what are we expecting?owth, triple the inflation, and unemployment rate that is below 5% if not closer to 4.5%. tapering is absolutely appropriate in this environment and reducing should be appropriate as we look into the second half of next year. matt: you know, you mentioned 2015. i believe that is when, and correct me if i am wrong, you became vp and the global fixed income group. before that you are in analyst on the tax aware fixed income strategy side. reading these details it makes me think about the possibility of tax changes, legislation in terms of trillions of dollars in spending. how does that affect your outlook? it is not all about the fed, right? kelsey: no, it is not all about the fed. for once there is fiscal policy to talk about and stimulus fiscal policy to talk about. what we are looking at is this $3.5 trillion reconciliation bill that the congress is looking at. how much of that is deficit funded and how much of that is going to be associated with cash or revenue offsets? because when

again, if the economy does not evolve as expected, that would impact that. but i could certainly see baseline outlook materializing, and i can see supporting later this year. adam: are the decision separate? dr. clarida: they're completely separate decisions, and i think the committee deserves credit because we laid out specific conditions for lift off, and there is a different metric for lift off then there is a metric for reducing the pace of asset purchases. substantial progress metric. we're not thinking about hiking, certainly not on mine or the committee's radar, so those are two separate decisions. >> how much do you believe there was a lesson from the 2013 taper tantrum? are there other things that the fed or you think as a result of the experience of then that you will do different this time? dr. clarida: i was not on the fed then, but colleagues were. and i have certainly benefited from their perspective. what i would say on that is, we laid out, for example, in december what the metric would be, substantial further progress from the taper, and the

fight tomorrow niuht. . _,, a, expect a tremendous fight tomorrow niuht. . , expect a tremendous fightng us. thank you. so much sport going on this weekend not least in berlin where the final weekend of the formula e season will play out. 18 of the 24 drivers still have a chance of becoming world champion. you'll be able to watch it all unfold live on the bbc. 0ur formula e presenter nicki shields is in the german capital and will be bringing you all the action over the next two days. it is really exciting to here in berlin. the cars are already on track for the practice sessions, ahead of the double—header racing this weekend. now, this is the season finale. there is a huge amount riding on the result of these two races this weekend. and it really is unheard of. 18 drives are still in conenxxxx contention at this point. think they goes to show the calibre of the drivers and just the calibre of the drivers and just the competitive nature of the formula e sport as a whole. it is going to go right down to the wire this weekend. and one of those drivers in contention nor the championship

we expect hawkish comments again today from loretta mester and we expect more from george. these are all known hawks. we knew that they would come with these comments. it shows where the vulnerability is in the market. yields drift a little bit higher. we are seeing that site although through in asian currencies. the commodities, it's green right down the line and this is the idea that commodities really suffered on the open on asia morning on the futures open, particularly gold. oil prices obviously very heavy but we are seeing commodities not fully repairing the damage of monday's session that there is a little bit more of a bit in the market in commodities. let's continue -- francine: let's continue looking at the earnings. first half revenue coming in at $5 million. you look at one of the key metrics for the hotel industry, first-half -42.6%. it is saying it will not pay the interim dividend. i cannot remember the last time i was in a hotel. it is ramy to speak to the chief executive. he is chief. why are you not paying an interim dividend right now? are you concerned a

expect a quadrupling.nse to this, manufacturers are building gigafactory's to build those electrolyzers. we stay china's company's to announce some large demand prizes soon. things are moving very quickly. overall this -- >> that was martin from bloomberg nef there. michael man will be giving us his take on what the u.n. is calling code red for humanity. coming up next, south korea's ipo, the maker of the hit game. we have a report from seoul. this is bloomberg. ♪ >> here is a quick check of the latest business flash headlines. chinese health startup wedoctor is said to be fielding questions from the hong kong exchange ahead of its ipo about how it is compliant with beijing's new cybersecurity rules. they were looking to raise up to $3 billion through a hong kong listing as soon as september. the chinese company looking to list offshore have been facing more -- chinese companies looking to this doctor have been facing more scrutiny. amazon is looking to launch an indian antitrust investigation. two e-comme

longer-term inflation expectations have moved much less than actual inflation or near-term expectations, suggesting that households, businesses and market participants also believe that current high inflation readings are likely to prove transitory and the fed will keep inflation close to where 2% objective over time. finally, it is worth noting that since the 1990's, and lesion in many advanced economies is run somewhat low 2% evening good times. the pattern of low-inflation likely reflects dis-inflationary forces including technology, globalization and perhaps demographic factors. as well as a strong commitment by central bank to maintain price stability. in the united states come on appointment ran below 4% for about two years before the pandemic while inflation ran at or below 2% step wages did move up across the spectrum, a welcome development but not by enough to lift price inflation consistently to 2%. while glover disinflationary practices are likely to evolve, there is little reason to think they have suddenly reversed or abated. it seems more likely that they will continue to

still weaker than expected in the u.s. consumer sentiment, falling to the lowest level since 2011, putting pressure on cyclical stocks and tech seen as a safe haven. yields in the bond market under pressure. we also see wti extending the losses we saw in the friday session as global oil demand takes a hit. it's all to do with the university of michigan consumer data chart on the bloomberg showing how we went to the lowest since 2011 -- it was down 11 points. and comes to the index of economic outlook for the next year, also falling to multiyear lows as we continue to see the spread of the delta variant hitting stocks and hitting sentiment across the american economy. when it comes to this stock market, it seems to be bullish across the board. we are talking about wall street being the most bullish on stocks in about two decades. this as we continue to get data that wall street analysts have been positive on s&p 500 earnings. it's the most since 2002. haidi: we see relentless stock market gains and a strong earnings season.

than expected. "bloomberg daybreak: asia." the sister of north korea's leader, kim jong-un, reportedly says joint exercises between south korea and the united states will cloud inter-korean relations. in a statement she says pyongyang will closely watch to see if the south goes ahead with the drills. the two sides leaders released statements last week calling for reconciliation on the peninsula. beijing will step up efforts to halt the threat of covid-19, including suspending flights, trains, and buses from regions with bar virus cases. -- regions with virus cases. two local cases and one infection sunday. in a certain -- in eastern china, all flight suspended out of a local airport after local gutter after a rise in infections. new cobit infections among people fully vaccinated was some cases described as critical, health officials warn positivity rates among those vaccinated in january is double those vaccinated and march with infections problematic for people 60 and older. an apparent decrease in

question mark -- expect?ed april through june quarter, we are expecting to see strong results out of toyota and honda later today. there has been a number of automakers releasing results in the last few days. we had subaru yesterday and he should be shoe yesterday. and they are bullish about the level of demand they see globally, especially out of markets like the u.s. and china. so that should decently impact toyota and honda for the recently ended quarter today. haidi: we have seen these record sales, really strong global demand, as is mentioned, the chip shortages really playing in there as well. what do we see for the upcoming year? >> that will be the central focus today, the forecast of what the rest of the year will look like for these automakers. as i said, demand is really quite strong at this point in time. that being said, there are a affect production going forward for automakers, mainly the chip shortage. honda has been impacted by the chip shortage, but far less. toyota has been relatively unsca

what can we expect? >> we figure we can expect good numbers.s you said, we've got so much happening. the pandemic, the delta variant, reopening. jobs are seen rising 858,000 in july on top of it hundred 50,000 in june. bloomberg economics is looking for 950,000. that is the kind of again the fed wants to see. the unemployment rate falling to 5.7 percent. jobless claims continue to fall. in the latest week, they were down to 385,000 a week. that is not a big change, but when you look at this chart -- actually we are not going to show you the chart. [laughter] >> tell us about the chart. what would we see? >> we will see in the latest week, they are so much closer to the 10 year or 20 year average. bloomberg economics says these stronger claims numbers are flashing a green light for a strong jobs report. inching closer to pre-pandemic averages is something else the fed wants to see. now you're going to say, what about this disappointing adp number? exactly. as we look at it, the thing about adp, private payroll, a very large sample. what we saws

versus expectations of $6.5 billion and nongap gross margins of 67% versus expectations of 66%.ast -- expected forecast of $2.98 billion from the street data center 35% to $2.37 billion versus expectations of $2.27 billion. back to you all. >> both sound like a beat. stock down a little less than 2% after hours. josh, thank you, josh lipton >>> free guy released only in theaters ruling the box office last weekend up next the ceo of imax on whether theaters need to push for more traditional releases or losing more to the streamers >>> and more on the changing media landscape when we're joined by former disney ceo michael eisner that'somroonlongel torw csi bl. you have the best pizza in town and the worst wait times. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire >>> welcome back an ugly end to the session today. stocks fell hard into the close. the major averages there, the dow basically closed at the lows of the day down 382.5. along with the s&p nasdaq was weak. russ

life expectancy.t's coming up on washington journal. ♪ >> weekends on c-span2 are an intellectual feast. you will find events and people -- book tv brings you the latest in nonfiction books and authors. it is television for serious readers. learn, discover, explore, weekends on c-span2. ♪ ♪ >> british writer charles dickens's credit with creating some of the world's best-known fictional characters. over 2000 for that matter, scattered throughout his 14.5 published novels. american authors and politicians often refer to situations as being dickensian. jenny hartley, abydos professor at pro-hapten university in london has published three books on charles dickens. the most recent "a very short introduction" by oxford press. we asked her to tell us about dickens's life and encompass meant. >> jenny hartley on this episode of book notes plus. listen at c-span.org/podcasts, or wherever you get your podcasts. ♪ washington journal continues. host: joining us is greg brown from the national apartment associati

a lot of people are expected to be outside this weekend. you have a rock concert tonight at oracle park in san francisco. friday night high school football starting in the area. san jose state plays tomorrow and, of course, the raiders and the 49ers are playing on sunday. it's just something to keep in mind if you're going to be outside in those crowds. reporting live here in dublin, bob redell, "today in the bay." >> thank you. >>> well that situation in afghanistan continues to develop by the minute. want to give you a live look at the airport in kabul. it's been relatively quiet there since yesterday's deadly attack. anxious to leave, many afghans were outside and still outside waiting at the kabul airport to flee the taliban takeover. they waited outside that airport today even after two suicide bombers and a gunman targeted crowds flocking to the airport the day before. 13 american service membersdied and new reports saying 113 afghans died and 180 were injured. an isis offshoot claiming responsibility for this attack. the white house

the guidance from has lowered expectation. number two, is that the adjusted ebitda loss, which was quite a bit larger, we thought we would be in adjusted ebitda positive, but they're guiding to a negative $325 million loss that compares to a $470 profit that consensus had the company is stepping up some logistics in 1q, but i would see the subscriber guide is better than expected. one of the things we are positive on the company is because of the large offal value tread that's coming out. and i think this is where the debate will be, is the price cut. the reason is another focus on affordable for the company we think they're lowering the costs, which is allowing them to vet in affordable. i think the bearing are saying if there's -- they're missing the points they have a really low churn, and lower prices means nor customers on the platform long term you also gave us a sense on what you and other analysts may be focused on do we have any sense of what may have been behind it, or are we just going to have to wait >> yeah, they

we don't expect that.e expect 1.5, 1.7 or even 2% before the end of the year. >> is there anything that holds the greenback back at this point? you are talking about a higher yield environment, that shift to further growth as well, out of the u.s. in particular. is further dollar strength baked in by investors? should it be baked in? >> the dollar -- martin: the dollar declined 10% in 2020. our main fundamental factor on bullishness of the u.s. dollar, we expect another 3%-5% this year on dollar strength, so the dxy index of 93 at the moment is a very solid place to remain long. volatility levels across all markets, even crypto, are actually relatively low, and that means that we must have significant levels, we should have significant levels of leverage in a low volatility environment. it's a very dollar positive environment, simply because america is outperforming at so many levels. >> martin malone, thank you for those insights. you are staying with us. we will get more from martin. let's get the first

>> opec-plus is expecting oil markets to continue to tighten this year, even as they are expected toy think that situation is going to flip and 2022 -- in 20 22 and end up with a big surplus. it is also expected to allow open producers to feel comfortable with their expert the decision to proceed with the output increase in october. it would be adding 400,000 barrels a day each month. they are forecasting inventories to fall by an average rate of 800,000 barrels a month. even so, what we are seeing here is oil holding steady, as asia trading opened. we saw pullback in the west texas intermediate prices to end the month down with the biggest monthly loss, down about 7% for the year. also, if we drop into the bloomberg, we can see in the wake of hurricane ida, natural gas prices have been surging in the wake of the disruption. we are also seeing gasoline prices at the pump move higher, in anticipation of a drop in supply, gas prices expected to be a four-year high. one of the reasons we saw the wti decline in the regular session is at the recovery in the gulf area from hurricane ida ac

what can you expect from the south bay. we've got 97 degrees in morgan hill. milpitas 88. and triple digits, if you live in concord, antioch, through walnut creek, pleasanton as well. expect to see really hot temperatures, and i will never get tired of reminding you to not walk your pets please in the dead heat. get them out right now, get them out early, make sure they're okay. if it's too hot for your feet, it's too hot for their paws, and they can easily get hurt or damaged. san mateo, 80 degrees. up through the north bay, upper 90s, triple digits. no heat advisories for our immediate area but there are heat advisories up through portions in the far northern regions. northern california valleys, 90 and triple digits. we have heat advisories and heat warnings. a little bit air quail advisoryn effect. no spare the air alert. we are expecting moderate conditions, it's going to be locally and healthy especially for the north bay and lake county area. let's take a look a the near service smoke. keep in mind, these numbers are different than your air quality index. these repr

we expect them later this hour.ing up, crypto training quick platform coinbase, we discussed what to expect. that's next. this is bloomberg. ♪ >> this still, as written, without the amendment, stifles innovation. it is effectively like saying every time you load a webpage you have to collect all of the personal information of the person visiting your website. it is insane, and it cannot be complied with as written. it misunderstands how the technology works. kailey: this is bloomberg markets. that was jesse powell on proposed changes to the crypto tax reporting rule and the infrastructure bill that just passed in the senate. he spoke to bloomberg before the senate passed that bill. clearly he has an opinion, and i think a lot of enthusiasts in the crypto space are hoping this gets tweaked in the house. amanda: one of the things that will happen is the early adopters, the crypto world will run smack into the regulatory bodies and agencies they hope to avoid by being in the crypto world. there will be a reckoning that

should customers expect to be paying more now?e a brand decision this is based on brand decisions. so, some brands may experience exactly what you describe may raise prices but we're talking about very small movements we don't expect massive movements. key products is pretty stable over the last five or seven years. we don't expect a lot of change, no >> and there's an ulta not far away target is doing partnership with ulta what do you think partnership is going to be like as more customers are cross shopping with kohl's and target >> first of all, beauty is a big industry so, there's room for lots of players. that being said, sephora is the best i mean, look at the shop 2500 square feet, no detail has been fehred. down the premium lighting, fixturing, the training of the beauty associates. so, i couldn't be more excited or proud that this is our beauty offering for, not only the 65 million customers we serve today, 70% of which are women and all of the new customers this is bringing premium beauty to millions of americans who hav

what do you think we can expect from the results? this can expect from the results?nd of june and because the way tui recognises its profits and revenues, it only recognises that when people depart on a holiday and for that reason, it�*s going to be a pretty bad set of results again. better than the 2020 equivalent because we were in full lockdown and there wasn�*t really anything happening but still way down on pre—pandemic levels. look at what some airlines have reported recently, ryanairand airlines have reported recently, ryanair and easyjet recently, rya nair and easyjet at recently, ryanair and easyjet at that same quarter, reported around 10—20% of passenger volumes relative tojune 2019, the equivalent pre—pandemic order so i think tui could look at a similar ballpark in terms of the actual results but what is much more interesting is the day—to—day report and the very latest booking trends. that will give us a real sense of how consumers across europe have reacted to restrictions being relaxed over the last few months. ~ ., being relaxed over the last few mon

okay, i don't expect you that all of them. but then, you know, since this whole thing began, there's been a lot of criticism of the administration or over how it handled it. and there's been a lot of pushback from people within the administration about the hand that you were basically don't or what you say you were dealt by the previous administration in terms of the deal. ready with taliban in terms of the s id program in terms of the broad refugee program. but you guys have been in office for almost 8 months. it's been 5 months since the presence decision was made. is there anything about the shortcomings that have been so readily identified? by all sorts of people that you guys are actually willing to take responsibility. ready for yourselves, thanks, matt. let me say 2 things. first with regard to the numbers in these different categories. as you've seen by how i've laid out how we get to the numbers of americans, this is both incredibly complicated and incredibly fluid. any number i give you right now is likely to be out

that's the expected landfall. the first landfall over the eastern part of long island, and then a second landfall as a tropical storm over connecticut or rhode island. that path still needs to be nailed down but we are getting closer. it is pretty good expectation we will go over long island and then into connecticut. this is what it looks like on satellite. where you see the red colors those are the high clouds, the thunderstorms. it is not organized when you see it on satellite but still a category 1 storm. we are looking at winds of 75 miles per hour. it is going through really -- it is going through an area it that it likes so it has low shear, warm waters so we it expect to maintain category 1 status. it is moving north/northeast at 17 miles per hour, so moving pretty quickly right now. that is going to change drastically as we head toward z sunday and monday. it will slow down drastically. i put a couple of pause pins on here because i want to show you what we expect with this. the national hurricane center

haidi: i have to say i did not expect that.own the middle, but i thought they would take the cautious path. kathleen, what do you think about this? lorraine: i am not -- kathleen: i am not too surprised. they clearly showed they are putting the policy wait on the household debt and financial imbalance now, so this may be think that the rate hike going forward from here will be slightly faster than i previously expected, where the second hike i saw previously was coming next year, now potentially coming within this year or early next year. shery: what will you be watching in the presser today from the governor? what does he need to say to soothe the markets? kathleen: we need to monitor the policy weight governor lee will be emphasizing. will there be cautiousness with the covid risk despite the hike this morning, or is he going to say the growth momentum is less hindered by the covid risk now that they will pursue continued addressing of the risk and financial and stability? i think that will determine the pace of the cycle we

at the level of we were expecting to have read according to expectation, and life is exceeding expectationsu announced a u.s. doj probe into structural funds. the outlook you gave, 13 billion euros, does that reflected the possible impact from that probe? >> any impact coming from the probe will be reflected low the line. the operating profit, reflecting the underlying business. not in the underlying operating profits. dani: how does that affect your guidance? >> it is too early to come to any conclusion. what this might imply for our financial results. clearly, the situation we have in the u.s. has nothing to do with our underlying performance. it is not changing our outlook with respect to operating profit read we are going to see if we need to proceed to do anything in the next quarter. this is going to be dependent on the information we are going to receive. dani: what remedial steps have been taken so far, given the probe you announced over the weekend? >> we started basically a review already globally, we came away and set out to review products performance. we set up a team with the

a much wider loss than expected.ong-term this labor model comes into question, especially as the delta very is spreading across the markets -- across new markets. shery: we had seen whopping gains. does this mean that those hypergrowth times are over? jackie: for the most part, it remains resilient. they've been delivering food since 2014 but the pandemic really dramatically accelerated its growth. the number of active users ordering, the frequency at which they are ordering all increased during the quarter by triple digit figures. it's going to be a promising area of growth, especially if they get into grocery delivery as well, which the uber ceo said that's an area they expect to invest quite heavily in going forward. haidi: jackie there with the latest on uber. gm shares tumble by the most in more than a year after the automaker missed profit estimates. it also struck a cautious time about future awnings. the ceo spoke with bloomberg's david westin. >> we increased our guidance for the full year so i think that sh

earnings are blowing away expectations market totally counted on that and expected that. overall. but as you look ahead, that's the thing. you have to say to yourself, is this economy going to continue to reopen? are we going to continue to see the labor market better? if that's the case, we're going to have confident, employed consumers out there spending money. there's probably not going to be a whole lot of business capital spending that's going to try to meet surge demand. that surge demand is going to ease a little bit. but anything that is tied to the economy opening up, not just here but abroad. and the global economy is a little behind the u.s. we expect it to start to catch up toward the end of this year that's the basic foundational belief that you need to have to lean into this recovery and like things like energy, financials, materials, industrials all those things are going to continue to benefit. that's what we do. so this earnings season, it's a total blowout. you could expect it to be a total blowout. this is peak growth for earnings but that's meaningless