my cohost today is francine lacqua. the action comes from your neck of the woods, european bond yields are leading the way. francine: this is on the back of two data points, people are now wondering whether this means we will see more action, whether we will have to taper quickly. and the other is the interview with councilmembers pointing to just that. he was not only talking about inflation, he said at some point we will have to get rid of the pandemic stimulus and we should start talking about it now. alix: the fourth quarter he wants to see that done. here's the growth on inflation. we spoke to robert, this is down by 2/10 of 1%. the chicago pmi for example, there is energy and financials leading the way, green in the s&p, that leads to a stronger euro. this is broadly weaker than the g10 space. yields moved to touch, attach. but now we are flat. --a touch, a touch, but now we are flat. we will break this down over the next couple of hours. i do want to highlight crude, this is diverging as hurricane ida will have pr

this morning, lisa abramowicz and tom keene and joining us from london , i get emotional, lisa, francine lacqua joining the fold this morning here in the american early morning. francine, thrilled to have you participate in an eventful week. francine, let me go to you first. what a different response to all going on in kabul in the united kingdom. just reading the news flow overnight, the worry about isis attacks potentially at the airport. the british take a different approach. francine: i mean the british -- the foreign minister has come under so much pressure because he was on holiday when the taliban took kabul. a lot of the conversation was where was he, what will the u.k. do? do they have enough support from allies to take over this political vacuum the u.s. left? those are many answers but very few -- many questions and very few answers. tom: we all have our political baggage of the great day. back to the 19th century, different then in america. the anticipation is for the chairman's speech tomorrow. lisa: when equity markets keep grinding higher. yesterday was the 51st record high of 20

daybreak europe is up next with francine lacqua. on holiday. ♪ francine: good morning, everyone. welcome to bloomberg markets. i'm francine lacqua live in london. mark cudmore joins me. good morning, mark. good morning, everyone. here are your top headlines. a major hurdle cleared every of the senate passes the infrastructure bill. and now turns to the more contentious $3.5 trillion budget plan.

i am alix steel and francine lacqua is inferring guy johnson. we have to wonder, is it any directional or has it been liquidity again? francine: we are probably looking at what we are seeing from the ecb, saying they will act. maybe they start at the same time. give me a break. the markets are moving. something that is making it move. this goes back to the price action and risk action in the market. the exciting stuff is in the bonds. they are certainly directional eyes in a holding pattern on friday. everybody goes away, but they have back with directions from the fed on how they will do it. watch out for volatility. we could see a confirmation. we understand that this selloff last week -- china is trying to stabilize. alix: you mentioned the headline . i saw that as well and i thought that did it. we have the selloff underway. the markets are pretty contained. moderna is up by about 2%, applying for full approval. you see those yields rise as well. i wanted to highlight italian 10 year, up 10 basis points. that is really the underperformer u.s.

jon ferro off, francine lacqua very much in.e are about 30 minutes away from these initial jobless claims. does any data at this point matter? tom: i think the data matters, frankly. you got a disparity between the so-called hard data in the soft data, the emotional data, confidence and all of that, which shows a lot grimmer picture. but the trend of the weekly claims data, which is its own beast, i would folded in with the jolts data to get a better picture. but it is very constructive. we hear that from the equity bulls. lisa: i'm looking at some of these speeches, and i heard what esther george said, and there's a whole lot of we are doing a lot of watching. it is not clear what they are going to do in terms of doing. francine: no, but it was a fantastic interview that michael mckee had with esther george because it is very clear she was ready to go. i know this is partly because she's president of the federal reserve bank of kansas city, but in general, she just says policymakers at this point need to get started, and i do f

announcer: this is bloomberg "surveillance" early edition with francine lacqua. ♪ francine: good morning"surveillance" early edition. i'm francine lacqua in london. here is what is coming up on today's

my cohost for today, francine lacqua. guy johnson's offer the rest of the week. have some geopolitical issues now surfacing in afghanistan francine: this just happened -- in afghanistan. francine: this just happened for five minutes go. we first heard from depressor terry of the pinta gun, saying there was an explosion -- the press secretary of the pentagon, saying there was an explosion just outside the airport in kabul. we heard from officials that this was probably the most hectic, dangerous phase of the evacuation. we don't know the size of the explosion that happened outside the airport, but the question is what does it mean for evacuation efforts from now on. alix: let's get your quick check on the markets. the news earlier this morning, it came from mr. michael mckee in his interview with esther george, saying let's get the party started. not a lot of taper fears clearly. where you are seeing the action is very similar to yesterday. we have seen a 10 basis point move in the last three days when it comes to treasuries. now you are 1.36%. it was led yesterda

. ♪ alix: from new york, i'm alix steel, with my cohost today, francine lacqua. guy johnson is off.n the gun confirming there was a second blast -- the pentagon confirming there was a second blast in kabul in afghanistan. also confirming multiple u.s. civilian casualties. that second blast is near the baron hotel. francine: there are a number of reports, and we are trying to go through all of them to see what is confirmed, what is not concerned. the u.s. has said there are a number of casualties. there are no records of british casualties so far. the incident we know has just taken place outside the abbey gate, one of the checkpoints to get into kabul airport, where troop forces have been stationed. we are looking at live pictures of the airport from afar. we will get you those as soon as we have them. alix: in terms of the market, we are seeing some kind of risk off feel. we are seeing the russell 2000, the nasdaq, the dow, the s&p all rollover. you not seeing at a bid into the bond market. in terms of the equity market, maybe the fx market, it does feel like we are moving into mor

and for -- in for fer ro, francine lacqua and london.isa, chairman powell is going to watch claims. lisa: very much trying to get a gauge of this economy ahead of his speech tomorrow at 10:00 a.m. eastern. i do think there's a change in the tone in markets. we went from optimism to pessimism to now full on bull. everyone cannot get bullish enough. it is unclear what chair powell would do with that. tom: what is the tone on the bank of england, francine? is there a taper frenzy there? what is the battle with governor bailey right now? francine: there's talk about a taper, but it probably would not come before the fed. it is very different here because we are contending with brexit and there's a severe shortage of workers for almost all indiscreet -- almost all industry groups. it is a small open economy, so it kind of comes at the u.k. from all sides. the bank of england is in a tricky situation, a bit like the fed, but even more difficult because it needs to fine-tune its message. tom: we stop the show right now to inform you of news tha

. >> this is "bloomberg surveillance: early edition," with francine lacqua. to "bloomberg surveillance: early edition." i am francine lacqua here in london.

. >> this is "bloomberg surveillance: early edition" with francine lacqua. nd welcome to "bloomberg surveillance: early edition." i'm francine lacqua in london. more pain on the chip crunch, a

china. >> don't understand the game plan. >> this is bloomberg "surveillance" early edition with francine lacquanding to bloomberg "surveil

i am francine lacqua. mark cudmore joins me in singapore to take us through all of the market action this hour. the cascade is less than one hour away so here are your top headlines. moderating inflation. u.s. consumer prices rise at a slower pace. china is widening its crackdown to online insurance firms. get ready for more regulations. the csi 300 drops. earnings are still coming in fast. we speak with top executives. conversations you don't want to mess. welcome to the european market open. 7:00 a.m. in london. a lot later in singapore. a quiet day. we have had a pretty quiet week but it does seem like today is especially quiet. mark: right in the midst of august. take a step back and look at them longer-term themes. there are a lot of stories going on there. they are just evolutions in long-running stories, whether it is inflation, oil prices, what is happening in china on the crackdown, whether it is any of those themes for the delta variant, the virus, vaccination. those are getting new developments

i am alix steel and francine lacqua is inferring guy johnson.

francine lacqua joins me in london, in part guy johnson. -- i for -- in for guy johnson. francine: i have a really good fact for you, this is trading at a price to earnings ratio of 25 on trading basis so that means there could be a little bit of a buying into. today is not doing much, but longer-term, september it may be quite good. i really struggle to find a movement worth talking about, overall europe, the italian 10 year yield, and you can see that they may be done with their highs. it is kind of a player eventually against some of the other things that you are seeing , in 26 days we hate -- we have the election to see who the successor for angela merkel we will be -- will be. alix: only three hours of gaming for youth in china, which this is horrifying because we are both mothers. i want to illustrate, golden dragon index, it is down by 1%, large cap tech stock up by one percentage point. you are also seeing a move here as well as health care now performing on the s&p, but you can see this is what is happening. a little bit of a bid here in the bond market, crude unc

we have the european open up next with francine lacqua.omberg. ♪ in business, it's never just another day. it's the big sale, or the big presentation. the day where everything goes right. or the one where nothing does. with comcast business you get the network that can deliver gig speeds to the most businesses and advanced cybersecurity to protect every device on it— all backed by a dedicated team, 24/7. every day in business is a big day. we'll keep you ready for what's next. comcast business powering possibilities. francine: good morning everyone. west bounding to bloomberg markets, the european open. mark joins me from singapore. the cash trade is less than an hour away. here are your top headlines. u.s. stocks mosted the biggest decline in a month. investors look at clues about

francine lacqua is joining me in london. is all about ecb officials talking about paring back pep that is causing moves in the bond market. francine: you said it perfectly, we are seeing a meanie taper tantrum. -- mini taper tantrum. one of my favorite headlines was when we had inflation that beat expectations, inflation makers are b deflatingund -- deflating bund -- as soon as next week when the ecb meets, they could be talking about taking accommodation away. there is a debate on whether the pep or the emergency program, but the idea that this could come more quickly than expected because of inflation. alix: there is a ripple effect in the u.s. s&p is flat and weimer we were much lower. you have financials and utilities leading the way higher, and part of the reason financials are outperforming is the bond markets. we are not having a taper tantrum in the u.s. but we are having yields move higher in sympathy with the 10-year-olds -- 10 year. btp's in italy up. europe was up to 10th of 1% and now we are paring gains. we are

i am francine lacqua.e joins me in singapore to take us through all of the market action this hour. the cascade is less than one hour away so here are your top headlines. moderating inflation. u.s. consumer prices rise at a slower pace.

i'm francine lacqua in london. joining us from singapore to take us to the market action. the cash trading's less than one hour away. tilting toward tapering, most see the central bank slowing bond purchases later this year. bullard wants the taper over by the first quarter 2022.

i'm francine lacqua here in london.lobal news 24 hours a day, on air and at bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries, i'm ritika gupta. this is bloomberg. alix: in a year on year basis, prices still rose over 5%, but the rate of change is what is flowing. global effects interest-rate e.m. strategy research co. had recently cut another 10 years forecast to 1.6% to 1.9%. is it possible that inflation actually is the end of the story? zach: it is possible, and likely. a softer report followed a strong one less month. we think inflation surged on the back of reopening, on the back of fiscal's to mills and perhaps markets are under appreciating the extent to which inflation is going to decelerate into 2022 as the economy continues to normalize. we would expect to see more numbers along these lines, and if anything, maybe a little bit slower over the next few months, back to point to come the renwick -- active to -- back to .2. inflation will ultimately prove transitor

i am francine lacqua. mark cudmore joins me in singapore.ess than one hour away. the taliban takes couple 20 years -- cap rule -- kabul. the delta outbreak adds a few risks while key

i am francine lacqua. mark cudmore joins me from singapore.ade is less than one hour away. the push to taper the feds -- calls for a reduction in asset purchases as soon as autumn. the dollar falls again. raising the state, jp morgan boosts pay for more staff, upping the ante

joined with francine lacqua. powell seemed to deliver what he wanted. a dovish type of taper.ome tried to say it was not dovish at all. he is very clear on what the timeline is to some extent. francine: i know twitter has people staying it is a dovish comment. if you look at the initial market reaction, stocks up, yields down, dollar weaker, corporate credit tightening. all things equal to a dovish speech. this is what the markets are doing in europe. there is a little bit of assurance. monday is off -- also a holiday in the u.k.. you can see the european stocks 600 probably traders taking a little bit of assurance from comments of jay powell that they will guide the markets through this and that is what people were expecting. gold climbing. it is definitely climbing for a whole week. this was in part to what we heard from jay powell and we have some great charts that are put -- that are put together. old was wavering, but it has not done badly at all. alix: it has not. it is helped by a weaker dollar. in the u.s., here is what we are looking at. the s&p up by .8%. cyclicals a

dani: the european open up next with francine lacqua.omberg. ♪ (announcer) back pain hurts, and it's frustrating. you can spend thousands on drugs, doctors, devices, and mattresses, and still not get relief. now there's aerotrainer by golo, the ergonomically correct exercise breakthrough that cradles your body so you can stretch and strengthen your core, relieve back pain, and tone your entire body. since i've been using the aerotrainer, my back pain is gone. when you're stretching your lower back on there, there is no better feeling. (announcer) do pelvic tilts for perfect abs and to strengthen your back. do planks for maximum core and total body conditioning. (woman) aerotrainer makes me want to work out. look at me, it works 100%. (announcer) think it'll break on you? think again! even a jeep can't burst it. give the aerotrainer a shot. pain and stress is the only thing you have to lose. get it and get it now. your body will thank you. (announcer) find out more at aerotrainer.com. that's aerotrainer.com. francine: good morning and wel

joined with francine lacqua. powell seemed to deliver what he wanted. a dovish type of taper.e tried to say it was not dovish at all. he is very o

. >> this is "bloomberg surveillance" early addition with francine lacqua.

i'm francine lacqua in london. our cudmore joining us from singapore to take us to the market action. the cash trading's less than one hour away. tilting toward tapering, most see the central bank slowing bond purchases later this year. bullard wants the taper over by the first quarter 2022. alibaba falls to a record low over fears of additional regulation on china tech. investors expect more curbs from beijing. welcome to the european market open. 7:00 a.m. here in london. much later in singapore. good afternoon. what is on your radar? mark: in the last 15 minutes the mood has deteriorated sharply. it was a risk-averse session. we carried that mood into the asian session with commodities taking the brunt of pain. the usual names were suffering, hong kong stocks were down. 15 minutes ago toyota slashed its output for cars, it is mainly a supply story. supply chain issues getting semiconductor chips, and they are worried about the delta variant. that has weighed on the market. equities extend losses, commodities ext

i am francine lacqua. mark cudmore joins me in singapore. the cash trade is less than one hour away. the taliban takes couple 20 years -- cap rule -- kabul. the delta outbreak adds a few risks while key july data falls short of forecasts. it wants two more strong jobs report before tapering. consumer confidence plummets. no earnings today but of course if you look at the european market open, 7:00 a.m. in london. a lot later in the poor and i imagine you are looking at sentiment and the fact that it's not looking all that good for the markets. mark: that's absolutely right. it is definitely a risk-averse day. there are markets. we don't want to read too much into the price action. there is clear risk aversion across the board. marty's a little bit softer. havens in demand via the bonds. it is very much uniform. there are a few drivers. inner city of michigan sentiment reading on friday out of the u.s. really surprised markets by how much it sank and we tied that into china data which came in weaker across the board. it was shockingly bad. ge