joncine lacqua in for ferro, lisa abramowicz.his is the single guy that trump/spence want to speak to. why is that? george h w bush, bob dole. now rick davis will observe trump/pentz as they move forward to the first two debt -- trump/pence as they move forward in the campaign. . what does president trump need not to do? rick: he's going to have to really try to avoid creating any kind of controversy that takes away from the message that he has. he loves controversy. he literally does it to himself half the time. you will notice the whole biden strategy last three months has just been let trump talk. i think the managers around donald trump have got to get a hold of the narrative for this convention, and hope that they've got four calm nights where there is not a twitter storm or an out lash. tom: an impolite question, it is rude friday, are there any rick davises telling the president what to do? or is he without rick davis? rick: well, he's got a new campaign team. something dramatic happened about three weeks ago, where he too

ferro is off. from what's is off -- abramowitz is off. i said, i want anna edwards, and here she is. i am going to go optimism here with bob doll any moment, with home depot and walmart and all that. explain to our american audience the place of marks & spencer in the united kingdom psychology, and what it means that one in 10 bodies will be shown the door. this isn't necessarily a very optimistic way to start the hour, but marks & spencer, a huge retailer that was on every high street in the u.k. it is going to be getting rid of one in 10 of its staff, mostly through retirements and the like, but it is not just about covid-19. this is a secular trend that has been affecting the retailers. not only do they have to deal with the fact that a lot of their customers are migrating online, they have to migrate online, and that means cost. they have to invest at the same time, trying to shore up the revenue. ,om: walmart with that headline up 97% on their online with the pandemic and all. frame amazon because "the wall street journal" today sayi

jonathan ferro, lisa abramowicz, and tom keene. it is a simulcast, bloomberg radio and bloomberg television across this nation. it is not a usual august. it is highly unusual, different from 1998. certainly some of these trends are draw dropping -- are jaw-dropping. bonds participate. it is decidedly risk on. lisa: although you have to say, when you got a 10 year yield below 1%, to say it is a decidedly different tone with yields going up indicates just where we are in this cycle. i will say, also important to note that is yields rise, bond prices down, you are seeing real yields remain deeply negative. tom: deeply negative and plunging right now. -1.00s the right word, at and now at -1.03 on the u.s. ten-year. that is a really extraordinary drop. saw,own near the lows we but this will be a huge theme. what will you listen for from chairman powell on thursday? lisa: basically, how much they are going to keep yields low and how much they perceive themselves looking at the reality of the economy today. i really think it is important

alongside tom keene and lisa abramowicz, i'm jonathan ferro. futures up 17. the week begins on a wednesday. tom: three days of labor detail. we will see the adp report this morning. anythinge more than was a confirmation yesterday, lower yields, weaker dollar. yield speaks right now. jonathan: i would agree with you . the dollar breaking down. gold breaking out, comfortably three 2000. lisa: which is interesting because you are getting a risk off deal. -- you are getting a risk on feel. the private payrolls expected to have a modest rain at 8:15 am, not including the state and local government jobs, which are expected to state weaker performance. the financingget plans from the treasury department. at nine: 45, we get u.s. 9:45, wepmi data -- at get u.s. services pmi data. jonathan: let's get straight to the price action. we wake up from the tuesday snooze fest with some moves. the euro out to $1.1834. yields lower yesterday. this morning, up to 0.53%. that's the price action. the question of this morning in the keene household, in early septem

ferro is still off. it has now gone from vacation to sabbatical for jon ferro.isa and i will get you through the week. dow futures up to 70. we will get you to the data in a moment. yields really haven't moved, and that is a key item. also, lisa abramowicz with some of the ideas of the morning. what do you have? lisa: not only do we have the political backdrop in the u.s. and also in europe, with the u.k. and the european union continuing contentious negotiations this week. last week, talks broke up friday with michel barnier warning that an agreement seems unlikely. new york city tentatively museums, cultural institutions and bowling alleys. and the republican national convention beginning remotely in charlotte, north carolina. today, former ambassador nikki haley expected to speak. she is expected to be a republican candidate in 2024, regardless of who wins. tom: i believe that is at 10:00 p.m. tonight. again, the data is very up.rtant, up 28, . 268 what is the significance -- up 268. what is the significance of a higher yield reviewed? lisa: people are lookin

" with tom keene, jonathan ferro, and lisa abramowicz. jonathan: for our audience worldwide, good morning, good morning. alongside tom keene and lisa abramowicz, i'm jonathan ferro. claims data 90 minutes away. this equity market breaking down a little bit. tom: claims data today, and the market is really out front. we will do a data check here, but there is no question yields have come in. i am going to use the phrase abrupt. there is an abrupt lower yield structure this morning. jonathan: equity futures down nine on the s&p 500. the long end of the treasury curve outperforming. a flatter curve. the data at 8:30 eastern. lisa: we are looking for jobless claims, as well as continuing claims out of the united states. people are expecting slight improvement in the absolute numbers, but it is not just the numbers. it is the type of job losses, more permanent, less temporary. didn't get numbers from uber and tripadvisor. i find this interesting after hilton posted a loss this morning. also this morning, president trump in ohio speaking about

alongside tom keene and lisa abramowicz, i'm jonathan ferro. of pressure signs reaching lawmakers down in washington, d.c. tom: right on cue. it is on schedule, three days into the ballet. many people looking out to the jobs report this friday as being the real catalyst for a discussion. the president inpatient. jonathan: and the texas republican senator inpatient as well. "i can't see how we can go home failed."people we they will all have to go home at the end of the week and tell people they failed. lisa: and there is pressure from president trump that if you don't do it, he will go at it unilaterally. you have to think that he is adding to pressure to passing this through for republicans. also today, what am looking at, to the clock a.m., u.s. durable goods and factory orders. gauge was the strongest since september 2018. aftermarket today, disney reports earnings, expected to have a lost. but everyone looking at disney plus, what kind of traction they are getting their earnings. did you get disney plus just to watch "hamilton?" jonathan: o

alongside lisa abramowicz, i'm jonathan ferro. tom keene back with us on monday. the bond supply and a little bit of fatigue given the bond market jitters in the last couple of hours. tom: 30 year treasuries --lisa: 30 year treasuries did not get received that well, which led to a bit of a selloff in stocks. i think that is really interesting. i think probably a little too early to worry, given where the 10 year's right now. lisa: never too early to worry. jonathan: the hyatt is about 90 basis points. we are in the middle. there's a little bit of concern about oversupply, particularly at the long end, but two governments issued long-term hours. the last few the other was apple and president tim cook. [laughter] it is the 40 year portion that i think is getting the attention. it is about the duration risk people are willing to take. lisa: people are saying that perhaps demand for that offering took away from the u.s. government. you do have to wonder, and i think this is a question a growing number of strategists are asking him selves, at what point does the fed st

alongside tom keene and lisa abramowicz, i'm jonathan ferro. counting down to a payrolls report, the most unpredictable jobs report in quite a while. tom: no question about it. what i would focus on is the conservative economists are on the same page as the liberal economists. washington, do something, and do something on this august 7. jonathan: 1% away from all-time highs on the s&p 500 coming into this one. equity futures off by 0.4%. the data 90 minutes away. lisa: we are getting the u.s. july jobs report. this is backward looking, and only goes back to the first half before the virus started to re-shutter businesses. how much urgency is there for negotiations about the fiscal second round of support? i hear someone will be speaking on bloomberg television, national akamai council director larry kudlow, speaking with some guy that is on at that point. tom: oh really? jonathan: thank you for the promo. [laughter] lisa: then tomorrow, berkshire hathaway reporting earnings. really interesting to see what they are going to do with their $137 bi

alongside lisa abramowicz, i'm jonathan ferro. tom is back with us on monday. we are within 2% of all-time highs on the s&p 500. lisa: tech names got bid up so much. i am struggling to understand the why behind this. jonathan: since february 19, the average stock down 6%. it has been one portion of this market which is absolutely ripped through 2020. lisa: are we at the phase of recovery where you can go into more cyclicals, given the fact that you saw a bit of an increase in treasury yields? treasury yields coming back down today. we are going to be getting data, though, i date: 30. one thing i am -- at 8:30. one thing i am watching is the jobless claims, still expected to come in at over one million americans in the past week, even though it is expected to come down. a.m. -- aen 40 5 10:45 a.m. conference from speaker pelosi on the road to nowhere. each week that this goes on is more pain. selling $26, u.s. billion of 30 year notes. strong demand all around, which has given investors some comfort that the bid isn't going to dry

abramowitz, jonathan ferro off. anna edwards joining us with the london perspective. the vix, 21.59. the marketrn to overall. yields coming in two basis points on the 30 year bond. bond with a0 year negative yield had record interest. that is how odd that is not in the textbooks. , with a lot of things that are not in the textbooks now. the extent to which central banks are manipulating markets, keeping yields low, keep borrowing costs for everyone low. there is nothing normal about what we are seeing here. incredible movement on the equity market yesterday in the united states, getting back to valentine's day levels. this is the strangest recession, heard in that clip at the top of the session. the fundamentals of the economy look so daunting, but is the equity market just doing its job discounting way into the future? tom: we will have to see. it is very important to understand yields have come back. over to a lower yield regime. anna edwards, you have the morning brief. anna: yes i do. i will start with oil prices. thettle risk on through morning, but oil prices ha

anna edwards is in for jon ferro and lisa abramowicz. ferro taking the entire month off. lisa only taking half the month off. we are thrilled anna edwards could join us today as well. remember when augusts were boring? august is no longer boring, is it? anna: i remember when all of europe went on holiday in august, but no longer. we got all-time highs on u.s. stocks. is that really out of kilter with the underlying u.s. economy comes with the underlying global ok?omic story, and is that tom: the persistency across yields is amazing. yields come up 4, 5, 6 days, and they roll over and come back down. we are not through to new lows in the last number of weeks on yield, but nevertheless, watching that very closely. we will get to that with an important guest any moment. david malpass with us later in the hour. i want to go to a story which we have been covering the last number of days. for me in america, it has gone radio silent. that is belarus. this is between poland and russia, with this huge uproar over an election, where the leader took an 80% vote. onthere any forward

both lisaacqua in for abramowicz and jon ferro. in for kevin cirilli is kevin cirilli, our chief washington correspondent. you nailed this in the last hour, vice president pence over at "fox and friends," and they are clearly selling the message on law & order. is that the platform of president trump forward? kevin: absolutely. it plays on two fronts. remember the issue back in the 2004 election, when bush was up for reelection against john kerry, and security moms were something we heard about? , and aftermen vote 9/11. that is also something that played out in both 2008, as well as 2012 and 2016. to take a modern twist on that, look at the racial unrest and protests that the country has experienced over the past couple of months. the republicans feel that the issue of security and law & order will help them make inroads in the suburbs. tom: the practicing candidate here would be ms. harris of california, who i believe has a little bit of legal experience. how does she help mr. biden defend against the law & order's rest of the re

jonathan ferro talked to larry his take in that. he was raising that point about the hotspots and how good he thinks this number is. is july 20. thesurging hotspots in south and west in other places began in the back end of june and lasted through july. there was some pullback of reopens. 1.8 million. that was a big decline in the unemployment rate. this will move the single digits easily in the summer and fall. that is larry kudlow talking to jonathan ferro earlier on. larry kudlow is trying to put a positive spin on things. this looks like a good report. is a good report? >> we made progress. that's the important thing. we didn't backslide. it was a very wide range. there has been a lot of noise coming from a variety of different sources. survey,he census bureau which ended. it went to the reference week. that was suggesting a decline. the home base is starting to show a flattening out of people reporting to work in key service industries. we had the unemployment claims which continue to be in the millions every week. leading up t

jon ferro still on sabbatical. people say, why are you here? to be honest, it's because i was moving. there's a lot of that going on. while you were gone, we got some housing data. one of the things we got out there is a booming housing market with the haves. lisa: people who can buy houses will, although people who can be at work and avoid being tormented for being off for one week may do so. maybe jon will prolong his vacation in order to not be lambasted for being on a sabbatical. what about you? aren't you going to do some portage? i heard you love that. tom: no, we are going to try to get the kids back to school and move forward. we welcome you back on bloomberg television, bloomberg radio. everyone hearing about this challenge of virtual learning, back in the classroom. simply getting people back to the office. the summary is it is not happening, is it? lisa: no. my youngest kid is beginning school today online. they have been asking me, when will real school begin? it is quite clear that teachers are being taught her not say real school

look for the real yield this friday on bloomberg television with jon ferro. but on bloomberg tv right now, i the to frame the yield, dynamic of the inflation expectations, and to your real yield as well. i am focused on inflation expectations with the lack thereof. jonathan: 10 year yields haven't really done much at all. they are still around 0.55%. inflation expectations have started to pick up just a little bit. we can debate why and if they should, but they have. it has squeezed the real yield which has come all the way down to negative territory further and further. for many people, it underpins pretty much every thing in this market whether it is gold, foreign exchange, credit, equity, or otherwise. how would that unwind if we kept better data? and what it means for the economy and for this market. tom: and for those of you joining us on television and radio, this number one thing we have seen is mark zandi suggesting a 14% on employment rate is the feeling in america away from the published 10%. one more idea. fxt was your observation on in your readin

alongside tom keene and lisa abramowicz, i'm jonathan ferro. and the capitol hill president over the weekend flying solo. tom: absolutely odd. it was one of the oddest weekends i can remember in all the years of doing this. we can go on and on about it, but i love what martin schenker said earlier this morning. they've got to do something fast. the idea that they can delay decisions into september, i just don't get that when i observe what i observe on the streets of new york. jonathan: let's observe the price action. we know why there's no urgency. compare and contrast to where we were back in march. d.c. is on the road to nowhere. they have been for the last several weeks. tom: there are two americas out there. good morning, john edwards of louisiana. what we see is the complacency of the politicians that they have time. i don't understand where that complacency came from. jonathan: let's get to the economic data. cpi coming out later this week. retail sales, that is how we conclude the week on friday morning. in the price action this monday

jonathan ferro, lisa abramowicz off today. anna edwards with me in london. with futures update, they just advanced off the walmart news that is out. this is the business story of this pandemic, the digital success of amazon. diy, homeay the whole return.cellent huge same-store sales beat at home depot. now walmart out with a digital 97% at theirup online stores. granted, it is a different -- a different mix than home depot. a stunning statement from the traditional of england, where i believe one and in will be shown the door. anna: they are hoping to do this through voluntary redundancies and retirements and the like, but they got to get to that number. food was a bright spot at marks & spencer's. obviously, the online shift on all of these retailers has structurally been dealing with pre-pandemic comes with costs as well for retailers. they need to reposition their businesses for a new world. tom: it is a really complex tuesday here on our simulcast. we welcome all of you on bloomberg radio and bloomberg television. futures up eight. the vix is a stunning

jon ferro, lisa abramowicz and myself, the simulcast. ferro is in tuscany or someplace.ave no clue where lisa is. edwards --d are anyways, anna edwards has really been strong for us. the idea is all of europe takes off august. is that happening this year? [laughter] anna: well, and a sense, yes. samee still have the patterns when they are taking vacations. they just can't go very far. the stake patient is the new vacation -- this dictation -- the staycation is the new vacation. tom: i see the travails of ryanair and all of that. how will the other airports of europe fare, particularly in london? anna: the airports have specialized in stretching the definition of london over the recent years. so maybe we see some of that pulling back to the center. but certainly, this is a sector knocked. -- businessvel in travel, and leisure travel as well. debatertainly a raging into q3, q4. i read very carefully the minutes. you can do that when you have michael mckee michael mckee joining us on claims at the bottom of the hour -- in one hour, i should say. greats a really indecision a

tom: yesterday, i thought jon ferro was brilliant. jack lew earlier this morning, look at that statistic on the for the 10-1.055% year real yield. jonathan: i am sending lisa some 40 year alphabet debt. she's really keen for this one. look, a message to the bubble crew right now. i get it. using markets are totally divorced from underlying fundamentals. but i think one thing that is really missed what is happening with real yields. it is not just about what the fed is doing with its purchase programs. it is about the shift in the reaction function at the federal reserve. they have told us that even inflation, even if it picks up, rates are going nowhere. that's what the messages, and they are about to formalize that. the shift in the reaction function at the fed is really powerful, and that could mean some really big dislocations in markets, and we could get bubbles because they have shown no inclination whatsoever to if they start to see things get a little bit frothy. tom: there's no one better to speak to the and sheets of morgan s

jonathan ferro loving tuscany. we say good morning to jon ferro , living it up in italy.ht now living it up with economic data. this gentleman just off of interviewing mr. kaplan, here is michael mckee. michael: we are waiting for personal income and spending numbers for the commerce department to come out. we get the advanced goods trade balance already out, and it as -- it is 79.3 billion, which is significantly worse than it was in june, 70.6 billion. the expectation was for 72. that will weigh on growth in the u.s.. the numbers are out for income and spending. income up .4%. we will look and see what the components of that is, because it was significantly higher in recent months because of the transfer payments from the government. last month it was down 1.1%. spending up 1.9%. it was up 5.6% in june. the forecast was for 1.6% gain. it looks like we have a significant slowing in spending in the u.s. the question is what happened with services? we knew retail sales had slowed but we did not know what happened to services spending and we are waiting for that dated acros

jon ferro on sabbatical this morning. really upset over lionel messi and barcelona. he was apoplectic when i spoke to him about this whole blowup. i've got to go to something i got wrong here on radio, on tv, and thank you, i got the hurricane wrong. this has become serious rapidly. lisa: hurricane laura is moving rapidly toward a category four hurricane, possibly inflicting billions of dollars of damage on the gulf coast. interesting to see how that evolves with respect to oil prices. what else can 2020 bring? tom: it is going to bring a lot of challenges in academic growth. futures red and green on the screen. let's get right to the business review this morning. ata: what we are looking for 8:30 a.m. is the july durable goods numbers. interesting to see what this tells us about capital expenditures at a time of such uncertainty for companies. the u.s. is selling a record 101 of -- a record $151 billion five-year yields. see viceing to president mike pence headlining day three of the republican national convention. look out for his 2024 that form, also expected -- m

jonathan ferro and lisa abramovitz are off today. joining us today is anna edwards from a simulcast. dow futures up 62. all the politics in america. milwaukee in a virtual convention. david westin leading our coverage on that. what i find absolutely interesting -- and i think london has done a better job of this -- is the shutting down of our economies. our coverage of the tourism in , all the beaches in the summer, how shutdown is london? anymore, all that much it has opened up, in theory. this is a services economy, and plenty of people, including myself, are working from home. in terms of the shut down, we have lifted a lot of the lockdown measures that had been in place. what is on my mind from a market nightclubs and aviation. those are really driving sentiment across the european continent when it comes to our freedom of movement. it is being eroded, perhaps rightly, because of the virus. that is not good for nightlife or the aviation stocks we see under pressure. tom: we have been watching the huawei story. before we get to jo

alongside tom keene and lisa abramowicz, i'm jonathan ferro.our equity market shaping up as follows this tuesday morning. equity futures up 20 on the s&p. can we make it eight straight day of gains on the s&p, currently the longest daily winning streak going back to late 2017? all about dollar weakness through g10. the euro is firmer. the only currency the dollar is doing better against is the japanese yen. that speaks to the risk appetite improving. $1.1791.dollar at tom: in the silence of washington is kevin cirilli, our chief washington correspondent. without question yesterday, the moment for me was mark zandi of moody's framing out a 10% unemployment rate is actually 14%. has a longg, axios dissertation, the granularity of food kitchens around this nation. they are talking about the pandemic depression, and we have radio silence. how will it be broken? hown: i think in terms of the markets have reacted during the past couple of months, contrasted with what you just laid out for the middle class and the lower middle class in this country, a

alongside tom keene and lisa abramowicz, i'm jonathan ferro.und one hour and 12 minutes away from the opening bell, your equity price action shaping up as follows. 500, -0.4%.he s&p up performing in the fx market, .he swissie, the euro at $1.17.r the 10 year at 0.54%. tom: we will see if we go down to a record 10 year low. we are close to it. out was ar is wonderful book on instagram, "no filter." we want her to dovetail the oddity of microsoft going after tiktok. full disclosure, i am really ignorant on it. and to do it with someone who knows the strategic realities of microsoft. chase.just cut to the they are going to buy tiktok maybe. is it a dalliance, or do you see a strategic initiative here? >> i don't think it is strategic at all. it gives them entry into the digital ad market a little bit stronger, but the revenue buffer is selling software to enterprises. i think they should stick to that. jonathan: i am trying to understand what a fire sale is and what the price for that would be, and what i fair price is. >> that is going to be toug

ferro continues his sabbatical. a most unusual thursday as well. a hurricane much greater than what was anticipated for five days ago, harkening back to 1856 , west of new orleans, far east of houston. we've got unemployment, jobless claims coming up at 8:30. really, all is pushed aside for around 9:10, a speech by chairman powell. much at the center of a storm in many ways. fiscal stimulus seems to be off the table as the political back-and-forth of the rnc and dnc take focus. really interested to hear what he says about inflation is real yields dropped near all-time lows yet again. tom: the real yields dropping is increasing inflation expectations. i looked this morning at great britain, at the united states, europe, and switzerland, and the rate of change of the inflation expectations, with the u.s. leading the way to a higher vector versus the other three major countries. we've got a lot to talk about. here's lisa abramowicz with the morning brief. lisa: it: 30 a.m. is the other bonanza of data ash 8:30 am is the other bonanza of data we are ge

alongside tom keene and lisa abramowicz, i'm jonathan ferro. tiktok on ice for 15 minutes. we are still on the road to nowhere. tom: a really busy first day of august. the moon right now. we will do that in a moment. but it is all-encompassing, this political battle in washington. i am just going to go to the round number. how do you explain to 30 million americans that there is not a check in the mail? jonathan: you can't, and that is the problem. insurance.employment payrolls friday, the unpredictable print, and i think the most unpredictable in quite a while. lisa: politically, it makes no sense not to extend the enhanced lemon benefits, and yet they are still negotiating. they have already expire. what i am watching is how big the deficit is going to get area the u.s. treasury department is going to be laying out there barring plan -- deficit is going to get. u.s. treasury department is going to be laying out there borrowing plan. watchingso going to be president trump. sorry, i am going to talk about tiktok. he's going to give guidance on

ferro off.. what is so interesting is where central bankers will be. mark carney, the governor of the bank of england, it is just out across the bloomberg that he has finally landed. i thought he would be running the toronto maple leafs, but he will join the venerable brookfield of toronto. this is one of the sterling companies of canada, 100,000 strong. esg.e will go all lisa: he's going to be leading the environmental and social governance investment strategy at brookfield, which is eventually expected to rival the size of its real a structure businesses. the question is, what does this mean? tom: this has clearly been one of the leading efforts of the former governor of the bank of england. our francine lacqua numerous times in interviews on esg as he led the bank of england, i would say more than any other central bank. maybe i would get a hat tip to the bundesbank as well, but clearly leading on esg. i heard him speak on this at davos as well. this is to me a very natural outcome to see him join brookfield, of course, with all of their real estate

jonathan ferro, lisa abramowicz, and tom keene. it is a

i'm jonathan ferro. this is "bloomberg surveillance ." ritika: democrats are demanding more republican concessions for a deal on a stimulus package. senate democratic leader chuck schumer says there has been some forward women time, but is calling on the white house to do more -- forward momentum, but is calling on the white house to do more. white house chief of staff mark meadows says the president may take executive action to extend unemployment benefits on a moratorium on eviction. twitter and facebook locked a video shared by accounts linked to president trump. both said the video violated policies on coronavirus misinformation. in the clip from an interview, the president said that children were virtually immune from the coronavirus. secretary of state mike pompeo bans ofling that chinese technology would extend beyond tiktok, encouraging barring chinese applications from app stores. he said they pose significant threats to american personal --as'-- two americans threats to americans' personal data

jonathan ferro is off this week. we wish him well.laimed, arguably more important than the jay powell speech, michael mckee with us with the weekly claim which should be in the vicinity of one million. michael: we are still in that vicinity. we come in with 1,006,000 jobless claims last week. number ofng the same people becoming unemployed each week. no surprise. that was what the consensus was. when you think about it and you had 21 weeks in a row of one million and you go down to more001 week and now two weeks over a million, you are looking at a labor market still in trouble. you're looking at the number of people that get pandemic claims, that is an increase from last week. the people who get benefits who are filing for claims benefits who are freelancers and gig workers rises as well. the total number of people getting any kind of benefits just over 27 million. it shows you how far we have to go. the other thing we want to mention is the revision of gdp is out. it is a tiny bit better. the economy contracted already 1.7% in the s

jonathan ferro still on sabbatical. keene onmowicz and tom this friday. there's little anecdotes along the way. the trump speech, chairman powell, on and on. and there's coca-cola in the real world. they've done 9% per year for the last 10 years. that doesn't get it done. guess what? job cuts. lisa: how much more can central banks do to juice job growth at a time of zero interest rates? i find it fascinating that coke is offering voluntary separation programs with its employees, read, job cuts. more interestingly, yesterday salesforce.com, one of the winners of this, and also job cuts. tom: coca-cola managing the message as they always do. i don't know what their cute phrases for firings. lisa: separations. tom: exactly. that is just as phony as all of the rest of the. what is so important in that set of announcements across the bloomberg, as they make clear this is an international strategy to right size on 86,000 employees right now, what we really need is a morning brief. where you start? lisa: at 8:30, ancient history, which is u.s. july income and sp

ferro still off. somebody said, where's jon? i noticed they are playing football today in the netherlands. i thought maybe he ran up from tuscany to watch. we hope she's well. sort of gone incognito on us. the market still reacts to the powell speech. lisa: i've got to say, august is northerly a sleepy month -- is normally a sleepy month. this has been extraordinary, the best for the s&p since 1986. the biggest increase in 10 year yields on a monthly basis. is 2016, sogain anyone saying it is a sleepy august, not so much. we will -- tom: we will do some data in a moment. i need to brush up on my japanese reading on these trading companies, going back to the restoration and the world before world war ii. to me, this is a big deal. lisa: it is a big deal, a $6 billion investment into these five brokerage companies in japan. i wonder how much of this is diversification away from the united states. is that the real story here, that warren buffett is shifting an increasing amount of his portfolio overseas? old, anday be 90 years we c

alongside lisa abramowicz, i am jonathan ferro.the next hour, live on bloomberg tv and radio, this is "bloomberg surveillance." the equity market unchanged on the s&p 500, down about one point as we count you down to the opening bell with a record high still in sight. this is bloomberg. ♪ the two countries agreed to normalize relations. promised tosrael hold off. the uae will become only the third arab country to have diplomatic ties with israel. , the battlevaccine against the coronavirus is likely to be a challenge for years to come according to pharmaceutical and public health experts. they say a vaccine will provide some measure of protection but they expect it to flare up from time to time just like the flu. yale university says it is dismayed the justice department is for minutes against asian-americans and white admissions. the college says authorities made the determination before allowing yale to provide all the information they requested. maker of the popular online game fortnite is suing apple and google. the companies m

alongside lisa abramowicz, i'm jonathan ferro.om actually dropped me a message this morning at about 4:00 a.m., looking at the price action and this rotation we have seen. i think it's got everyone's attention. we've had a fake after head fake. is it real this time around? lisa: every investor we speak to says buy any dip. buy the big tex stocks on any dip whatsoever -- the big tech stocks on any dip whatsoever. now people are going back into them. you have to wonder what it would take to make people truly believe in the cyclical story. it has to come from the data. data just isn't there. jonathan: i think you have to get a lift in treasury yields. that takes economic data and real improvement. that is where thanks stalled in early june. lisa: i will also say the reason why tom keene was messaging you at 4:00 a.m. is because he doesn't want to actually move up on floor. if i had to move, i would also be procrastinating. jonathan: are you joking about this? lisa: no i am not. jonathan: tom is really moving a bicycle floor. that is

. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. jonathan: from new york city for our audience worldwide, good morning, good morning. this is "bloomberg surveillance ," live on bloomberg tv emblem or radio. take time to appreciate the sound of silence. tom keene is on vacation. [laughter] on, abramowicz, rotation rotation off again. lisa: nasdaq leading the charge after underperforming for the past couple of days, leading to people saying we are going to get this rotation out of growth, into value. that rotation seems to be overdone. i wonder if you are still going to get people trying to push that narrative. jonathan: yields higher off the back of the ppi data yesterday. friday.y, retail lisa: we are expecting a little bit of an increase, kind of like what we saw yesterday. it is going to be interesting to see whether we've got a further selloff in bonds. we will get another record sale of u.s. treasuries on the long end, selling 10 year notes. yesterday we saw that three year auction come in very strong. interesting to see whether

alongside lisa abramowicz, i'm jonathan ferro. as we approach that jobless claims report, equity futures doing ok. the equity market within 0.2% of a record high. talks down in d.c., we are on repeat, going nowhere anytime soon. lisa: it doesn't seem like markets really care. they are looking at the amount of money being thrown at the markets from the federal reserve and the likelihood of a deal being struck. so many people banking on this, and yet here we are, nasdaq futures marginally, basically a churn, but the s&p lower. jonathan: after a big moving yesterday's session. this is how we shape up, with equity futures down around six points, off 0.2% on the s&p 500. just slightly negative. still around record highs after a phenomenal rally off the bottom in march. a 50% move. $.1843 --r, one other euro-dollar, $1.1833. that is a stronger euro. donald trump saying the dollar will be stronger if he is reelected. he likes a stronger dollar now. he seems to change his mind on this one every so often. do yout this point, think anyone t

jonathan ferro off.higher. , 1.51.30 year bond a little bit of real yield asked. -1.06 on the real yield. right now we are going to turn our attention to one of only two topics. one of them is clearly back-to-school, the other is back to office. hugely qualified as mitchell roschelle, a housing market analyst. we are thrilled he could join us. i want to talk about the new york times article this weekend that everybody in the tri-state area red. we welcome you on bloomberg radio and bloomberg television. housell roschelle has gone up 200 42% since memorial day. is it really that crazy on the demand to leave the city and go to the suburbs? mitchell: it is that crazy. i do not know if it is up 200%. if it was up 200% there would be movers walking behind me right now, but it is up pretty strong. i live in northern westchester county. houses went on the market late for the home buying season a couple of months ago, already gone. there is a flood of people coming from the city and coming from other cities. one

jon ferro, can you visualize november? jonathan: i can't even visualize the next couple of weeks when into august. it gets incredibly uncertain. right now, here's the spread. the spread is still what the spread was two weeks ago. a plan for $1 trillion, republicans coming up a little of, and democrats for a plan north of $3 trillion. this was their deadline because they have to face the embarrassment of going home without an agreement. the real deadline was a week ago when the enhanced and implement benefits expired. they had already expired. i think economists are already doing the work on this. how much damage have we already done, and how much damage will we do if this gets delayed another week? jonathan: we welcome all of you -- tom: we welcome all of you on bloomberg radio and bloomberg television. certainly a linkage with what we see in washington has never been greater. i would suggest that maybe off of this jobs report, we go right to the august report, and then september 16 is the next fed meeting. to synthesize a

i am jonathan ferro. offinutes away as we kick august trading.e rally off the bottom in the last couple of hours. yields up 10 basis points. the dollar making a comeback. euro-dollar coming down .4%. in focus, a big payrolls report is coming up friday ahead of our important interview with michael mckee. >> good morning to robert kaplan, the president of the dallas federal reserve bank. he joins us. good morning. we would like to start by asking what you have seen in your district. the epicenter of the latest covid surge in cases. what is happening to the economy? around mid june, the sharp rebound we were seeing started to moderate and stall. the same time and along with the resurgence of the we saw cases increase and hospitalizations steadily increase. that has started to moderate based on the daily numbers i get. it started to moderate over the last number of days. what you saw the state and backup, ors put in a an unwinding of reopening steps, to reemphasize the importance of wearing a mask and we saw some effect to that. you are seeing a rebo

he spoke to bloomberg's jonathan ferro.e everybody sort of focuses on the change in payroll and people tend to focus on the growth rate, the big issue is the depressed level of spending and income in the economy, which is reflected in the level of the unemployment rate of around 10%. the longer that we are in that situation of a depressed level of income and spending, the more vulnerable individuals and companies are to that set of circumstances. the most likely time frames that the virus impact on income and spending is 18 to 24 months. something like that. it is very uncertain. as you can imagine, we have just had a four-month fiscal program, or one quarter. imagine having to do that a second quarter, third quarter, fourth quarter, 6, 7, eight quarters. imagine having to do that for eight quarters in a row to make up for the low level of income and spending in the economy. imagine the potential on the dollar, the potential on inflation, and the effects on other assets. i thinkthat lingers on, you have a combination of eco

ferro continues his sabbatical. a most unusual thursday as well.uch greater than what was anticipated for five days ago, harkening back to 1856 , west of new orleans, far east of houston. we've got unemployment, jobless claims coming up at 8:30.

. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz.ng, everyone. simulcast on bloomberg radio, bloomberg television. lots going on here, including jon ferro and lisa abramowicz out, and only one person can replace the two of them. that is anna edwards in london. we are thrilled she is with us today. off of the fed minutes, the markets adjust, and they reju

jonathan ferro is so off. lisa abramowicz is so off. lucky me, anna edwards joins from england. before we get to your morning brief, would you explain to our american audience on radio and this great ruler in britain? -- great uproar in britain. just in 20 seconds, what happened? >> so a levels are the exams you do that get you into the school or university of your choice if you do well. nobody took exams this year of course, which meant the government had to put in place a system. people didn't like being downgraded by an algorithm and the process is in chaos. it has caused a huge political storm here. it shows the competitive column of the u.s. education system as we stagger back to school. it's a jumble. you know where you were on friday, where you were on thursday. i am watching turkish lira with further depreciation. you have a look at the things to come here. my mind skips to nightclubs and air travel this morning. those are things that are really driving european equity markets now. brief,s of the morning there manufacturing data, estimate is supposed to be around 15. how

guide live creative ideas like these are experiencing a real boom at the moment for instance on the ferro islands have a look at what the central tourism office came up with. this travel guide is remotely controlled just like in a computer game. equipped with a helmet camera she spots the for a while and it's an archipelago in the north atlantic. a route is determined by target us watching from home so you sort of steering this person. and deciding what you want to see and where you want this person to go when you 1st let me turn left and when you press jolly well we. are central tourism office came up with the idea in early 2020 as the islands were closed to tourists in the wake of the corona pandemic instead viewers could watch an instagram live or facebook. at the office as website guests could even take turns steering deter guides. they could be instructed to hike ride steer boats or even fly in a helicopter. levi hanson was one of the guides it's very surreal to be to know that you're walking around you on the phone it's being controlled by someone you know on there so far and it doe

keene and lisa abramowicz i'm jonathan ferro.k appetite building worldwide , particularly in europe. stateside, up 19 points for the s&p 500. we advance .6% on equity futures. ofeign-exchange just short 1.18. ,n the treasury market, .62% and other to treasury yields. up four basis points. notes, and year after that on thursday we get the 30 year bonds. tom: hugely correlated. i love that we go to four digits on our screen. right now that is what global wall street is looking at. we are about ready to go to a 10 basis points away from the worst of a couple days ago. gold down $59. who us is stephen gallo writes intense short research notes that are incredibly informative. head with over the your so-called dollar devaluation. did the dollar move all that much? stephen: i think yes it did. probably what is more astounding is the abundance of dollars in the system. if you look at declining usage of this fed swap lines by central banks, that points to an abundance of dollar liquidity, it is starting to bleed lower, but it has swelled.

jon ferro, lisa abramowicz off. i will be on radio with paul sweeney.interesting friday, not a boring friday, on wall street. right now, we need to regroup. we do that with chris grisanti, who has been absolutely stunning value.ing how do you find -- how do you value?grossi --is: they are asset like and, most importantly right now, their margins are terribly impacted by covid. you have the classic faang stocks but you also have stocks like domino pizza or even lockheed martin. these are companies that are making it through to the other and -- end. but i think there run is coming -- not to an end but there are even better places to be. tom: where are those? capital now,cap but get more specific. marginnow we need more protectors. let's look at terrific companies that are affected by covid. classic example would be disney. disney is a terrific company, except that half of their revenue comes from the in parks and cruise ships. parks and cruise ships. so if you see a world much more normal, at least the way it used to be, two years or three years down the