for more, francisco blanch, at bank of america merrill lynch, head of commodities and derivatives, whato you think? we are having a hard time understanding $71 a barrel oil when you have iran probably coming back at some point, demand weak, and not sorting out all the variants in emerging markets. how do you understand that? francisco: we have the oil macro bulls versus the micro bears. the micro bears, one of the issues is a covid wave, but if you look at the macro picture, it is brightening quickly. we know vaccines are very effective, which means the u.s. is coming back rapidly and americans are getting on the roads and so europeans will be taking to the roads as well. and on top of that, you have issues such as inflation picking up. oil has been a big laggard across the commodity complex but also generally across all goods in the economy because demand has been lagging. alix: you don't think that $71 a barrel oil will see demand destruction? francisco: i don't think we will see demand retraction at $71. we talked about $71 a barrel being a bit of a wait on the market -- bit of a wei

recovery helping to lift global demand and speaking of a bounce back, over at bank of america, merrill lynch the korean won will rally further with the current account seen as the primary driver with portfolios studying as well as a strong trade surplus holding up. that greenback firming on rising real rates. still predicting stronger korean won at the end of the year. stronger than their march forecast, haidi. haidi: sophie kamaruddin in hong kong. coming up, six of the world's key financial centers are struggling to kickstart that return to the office. roughly 15 months after the long dance began. we take a look at the latest. this is bloomberg. ♪ >> penetration of vaccines around the world is going to take time. it may not be until the end of next year before we get enough penetration broadly to accept vaccines have a meaningful impact on intercontinental traffic. >> business travel will certainly come back because businessman like to face people, they like to have -- to notice the body language. people don't like justice in front of the screen and conduct business. i'm confident that bus

previously i worked as a computer programmer at morgan stanley in electronic trading and at merrill lynch and deutch bank serving the equity derivatives trading desks. earlier this year the blow up of a single family fund arcagos capital led to 10e billion in bank losses after the firm's bet on a dozen total return swaps imploded. because these derivatives aren't currently reported to the securities and exchange commission on form 13-f banks and regulators alike were entirely in the dark about arcagos's positions until this blew up. the extent of hedge fund and family involvement in cryptocurrencies lives in a similar regulatory blind spot. chairwoman waters has introduced draft legislation to try to discuss some of these issues with form 13-h and i think hedge funds should report their cryptocurrency positions on this form. if a majority of hedge funds with billions of dollars in assets under management begin to hold significant positions in crypto as certain surveys indicate they are interested in doing, it may produce dire risks for systemic -- for financial systemic risk and may induc

seeing any potential volatility being implied into spreads when you look at the bank of america, merrill lynch mood index. what's going to be the catalyst? the federal reserve, the fed, has really doubled down on the transitory message. jonathan: let's talk about credit spreads. a couple weeks ago, had a mini stress test for this market. what did credit do? lisa: absolutely nothing. the bottom line is this, if companies can access funding, what's going to stop this? tom: can i mention something? i think it will be the theme for the second half. real wages are flat on their back. lisa abramowicz put a chart out on twitter. i followed up with another. inflation-adjusted wages are a disaster. jonathan: we will go into the details in a moment. here's the price action this wednesday morning. equity futures down six on the s&p 500. a very small breach of 4300 on the s&p 500 in yesterday's session. 1.4561 on 10's. in foreign-exchange, the euro unchanged on the day. lisa: no matter what data we get, it seems like the pressure is lower these days for the 10 year yield. that is the story of the second q

and a reset first of all, bank trades are pretty crowded i know we talked alsoabout the bank, merrill lynch fund manager calling commodities the most overcrowded trade. banks have been overcrowded. you kind of set the stage by giving megacap tech ammunition to break higher. that is great for overall markets while you reset expectations on banks and some of the industrial trades ultimately that i do think are value trades and i do think they have the ability to run. so, what happened last week, largely equity positive. that is what i hear all of us saying. >> guy, when i look at the markets, the russell has been making runs. any small tech interest in some of these names >> interest rates go higher, typically it benefits russell. then it gets to a point where it is not when we reset 175 on the ten-year, the russell says we don't like it. for the russell specifically, the iwm, this 150 area is a sweet spot >> that drives me crazy. >> did he say too much >> one of those terms you hear all day long the other one drives me crazy. i can spend an hour on things that make me nuts. i think we are ri

so imagine you are merrill lynch opening up your statement and finding out that number isn't real and furthermore that it doesn't intend to cover it and that they didn't have enough money to cover it. but for 16 years before bernie went down that they lacked enough money to handle the brokerage so what do they do, not one dime of the payments came out of the fund. any victim that had withdrawn more money than they put in after the years they would clawback money. the case law supported that, but a lot of victims not only have the money that they've lost even though over the 30 years they may have taken all the more they may have had no money left but they had their homes and ira, the average age of a victim was 75-years-old and some of them had to go back and work in walmart and things like that and in my mind if they failed five times they didn't have the money honestly to pay them back why shouldn't these investors have basically cleared bernie as legit and at the same time this was going on, the t.a.r.p. program was putting $800 billion into wall street firms at the same time to ke

bank of america, consumer banking and merrill lynch president aaron levin. errill edge here and how significance parents are talking to kids about money issues. >> great to be back, maria, great to see you again. it's been too long. look, i think the great thing our survey shows that parents are having those conversations. 80% plus are talking to their kids about wealth and education and savings and investing which is critical. only 50% or less had conversations when they were growing up. that's the key theme. it's about making sure, understanding how important it is to save and to plan and that's something critical than ever, thinking of financial life. maria: i think this is so critical, aaron, really because i look at my own situation. i learned the basics of money at home. it's hard to learn it in school. you have to understand and watch parents and others in your household and understand their values. i mean, my mother taught me from a very young age to save, save. she was a student of the depression, so she was always saving everything. that stayed with

and we have banc of america, merrill lynching saying we could see further rally for the korean won givennt account will become the primary driver as the portfolio flows look steady. we have that strong trade surplus as well for south korea. turning to australia where the r.b.a., kick-inning off tightening next year with a series of hikes and takes the cash rate to 125 by the third quarter of 2023. and earlier, than what the forecast was, reaffirming the call for the first r.b.a. in early 2023. not much action when it comes to the aussie dollar as well as bonds. stocks are opening a little changed as well in sydney after rising most in march for the a.s.x.200. keeping an eye on copper, prices under pressure. keeping an eye on stocks and the copper sector on china's plans to stockpile sails, and noting that beyond these measured sales, that could create a disinflationary impact. we've seen the u.s. 10-year yield edge up slightly early in the asia session while the offshore u.n. is gaining some ground. this after an eight-day decline that had it testing that 100-day moving average and we're