do not miss our interview with the ceo of julius baer. he will be sitting down with my colleague and coanchor, manus cranny, in zurich later this hour so that is definitely one to keep an eye out on, anna. anna: let's get to the german tech giants and they are telling us this morning that their cloud revenues, 9.329 point $5 billion and this is for the full year. they had seen 9.229.5 so they are bringing -- 9.2 to 9.5 so this is a positive sign. the cloud push is accelerating and business travel is beginning to recover. does not feel that way sitting here in london but i know some people are traveling a little bit more than they were and we will be speaking to the ceo of s.a.p.. that is on the european market open so we will be conducting that at 7:00 this morning. dani: thank you so much. you can catch anna covering all of these earnings. we have a whole host of ceo interviews in the european market open in the next hour so definitely stay tuned for that. that is our european market open anchor anna edwards. now to the nordic region's b

julius baer saw a net income rise by 23% to 606 million francs. speaking to the company's ceo. he started by asking him if there has been any slow down so far in the third quarter. >> we came into 2020 without a crystal ball. in our last conversation, we were also discussing about how is client activity evolving? the first half of 2021 in a sense has surprised us with all of the activity that has happened, with the continued very strong interest of clients in the market. we would apply the same -- going into 2021 that we apply in the second half. we have on the one side, record valuations, but we have also a record earnings season. we have macroeconomic factors, a diverging recovery curve now as many nations come out of the pandemic. i think there is plenty to go about with volatility, with client interest. there is also an element of caution. this is a time for active management. >> bonds trading down, bond yields shouted a warning shot to me. what did they say to you? >> a similar level of pcr tests last week when traveling. obviously, we take a

jonathan: that was the julius baer to ceo -- that was the julius baer ceo a little bit earlier.ay. equity futures positive five points, advancing a little more than 0.1%, just about holding onto this morning's gains. yields higher to 1.23501 tends -- to 1.2350% on tens. jeff bezos saying the quiet bit out loud yesterday following that launch. "i want to thank everyone on employee and every amazon -- every amazon employee and every amazon customer because you paid for all of this." heavily criticized about how in some parts of the country, amazon employees are treated. just a touch of self-awareness after the euphoria. tom: there's one part justifying space, that's always been there. part of it is the billionaire debate that is out there right now. where is the billionaire debate six months on if they are not going up into space? i think the jury is out on that. jonathan: i think the interest will be there, tom. tom: and again, we are going to go to orbital. we go from shepherd to glenn. jonathan: what is the difference? tom: the same difference as 1961 , on to three orbits by jo

julius baer reporting there half up just over 3%. we are looking for declines.ectations are higher for european stocks. banks are little bit mixed. we came out of the big bank earnings season. most of the banks put up solid report but in terms of stocks performance not so great. hard to strip out what we've been seeing in yields. if we look at what the big u.s. banks did the day after the reported, wells fargo and morgan stanley, decent performance. the rest of the big banks down. nonetheless, investors not pleased by what banks put up. relative to european banks, it is interesting. valuation is a wide divide. take a look at price-to-book. for the u.s. banks, it is 1.3 times, which is not that high. it is much higher than the price-to-book at .5 for the european bank. expectations are interesting going into the earnings season for some of these european banks. interesting to see what they produce. alix: absolutely. i appreciate bloomberg's abigail doolittle. joining us is leon kalvaria. i want to start with today's market action. the narrative is you have verizo

alix: that was the julius baer ceo speaking to manus cranny. talk about how different areas of the market investors view these themes like inflation. a group at goldman sachs are eyeing a jump in inflation. how do you invest in that environment? joining us is meena flynn, partner and co-of private wealth management, and bloomberg's sonali basak. good to have you both year. what did you learn in this study? what are your clients focused on? meena: family offices influencing capital markets is continuing to increase. that is because of their size as well as the number of family offices. you combine that size with their framework, which is unique, and it does allow them to take advantage of unique opportunities that others might not be able to act on. in terms of what we found to be most notable for the allocations to alternative, the interest in digital assets, and also their focus on operating businesses. for example, in alternatives, these clients suggest their average allocation was 45%. you compare that to the traditional ultra high net worth