hi, nejra. this comes as president emmanuel macron is open to revamp his right presidency, including a new top team. he wants to keep pushing for reform, controversial in france. brexiteers on a bright agreement -- broad agreement, despite talks this week ending a day earlier than planned. they are looking to near i so cold -- a so-called landing plan. both acknowledge major sitting points do remain. passedna bill has congress and now heads to president trump for approval. the legislation would impose sanctions on chinese officials who crackdown on dissent in hong kong. the house and senate moved quickly to pass the legislation after beijing imposed a new national security law in the city. elaine maxwell has been arrested --jeeves lane maxwell ghislaine maxwell has been arrested. epstein'ss jeffrey close associate for years. u.s. prosecutor say she helped him identify, befriend, and groom his victims. declined tohave comment on charges. global news, 24 hours a day, on air and @quicktake by bloom

♪ nejra: good morning from london. i'm nejra cehic. these are today's top stories.xtending lending. the fed prolonged seven of its nine emergency programs until year's end. stocks trade mixed ahead of today's rate decision. stall overus talks liability protection for businesses. credit suisse plans to merge its investment bank and training unit in a sweeping overhaul. it's a big day for bank earnings. we speak to talk executives. welcome to daybreak europe. let's get to bank earnings. deutsche bank's red headline. saying they are on track to meet all targets. let's get to the numbers coming through. the second quarter fic trading revenue comes in at 2.0 5 billion euros. the estimate was 1.81 billion euros. upbeat on the second quarter f site -- a beat on the second quarter fic. in terms of pretax profit for the second quarter, that comes in at 158 million euros. that's a surprise pretax profit for the second quarter. the estimate was for a loss of 133 million euros. that's what we are looking at in terms of second-quarter net revenue. that comes in better than expec

nejra: makes sense.lso said that standard chartered hopes to reinstate the dividend as soon as possible. should shareholders expect a resumption of dividends and buybacks before next year? all, that isf something we will be consulting on with our regulators. they've said that they will only consider this in the fourth quarter of this year. our approach to returning capital to shareholders has always been, make sure we have a strong, healthy balance sheet. i'm happy with this quarter's results. 14.2%.rted this is a very strong capital number. it leaves us confident that we got the right capital base to whether whatever comes ahead, in terms of the economic related stresses. second is, we've maintained a very healthy investment program. our first priority is to invest in growth area we operate in growth markets. they are recovering. we want to make sure we are prepared to capture that. we would like to restore the dividend at the appropriate time. we will do that in consultation with our regulators. to the

hi, nejra. french prime minister edouard phillippe has resigned according to a statement from the in these ape paris. it comes as emmanuel macron is revamping his presidency, including a new top team. he wants to keep pushing for pension reform, controversial in france. brexit negotiators appear to be homing in on a broad agreement despite talks this week ending a day earlier than planned. officials told us the two teams are beginning to near a so-called landing zone that could form the basis of a deal. the two sides will regroup in london next week. -- majorowledge meter sticking points to remain. a turkish court has opened a trial to two aides of mohammed selman -- mohammed bin salman. other saudi nationals are being tried. prosecutors are seeking life in prison for the defendants, who have all left turkey. areas across the u.s. are tightening rules as virus cases continue to accelerate. texas is making face masks compulsory. it is reversal of governor greg abbott's long opposing the move. war

nejra: right.o come back to the virus as well, certainly we see optimism coming through in markets right now on the headlines that we've gotten on a virus shot from pfizer. one of your key calls looking forward is that social distancing is here to stay. how do you integrate that view into that portfolio? , since we's clear don't have a vaccine, having a vaccine is our out-of-the-box call at this point. we want to advise investors to hedge your portfolio in case you have a second wave. recovering, that has been reflecting the global economy. if we have a second wave with lockdowns put in place, what will matter is how deep the second yield will be. we think our social distancing could be a way to hedge against that scenario. nejra: what is your base case scenario for the second half? you have some very interesting recommendations and trades below the surface. what do you see the second half looking like? scenario iseconomic accounting for a ratio. is, if we haver a second wave, how deep will the bb

nejra: interesting. environment for retail investing has been good for several years, according to the nasdaq ceo, spoke to us about investments in the u.s. could change in the near future. adena: for retail investing has really been pretty great over the last 10 years, frankly. i think that the fees that theil has had to pay, democratization of the markets over the last 10-20 years has really been a key trend that has driven the u.s. markets. i do think that is a longer term trend. certainly it has driven more demand. >> is it a free lunch? this goes back to our relationship with arthur levitt and his respect for the individual investor 30 years ago. schwab says it is free. td ameritrade says it is free. is it a free month -- free lunch? adena: first of all, it really is free for retail. i was at nasdaq with arthur levitt's during his tenure. he was on a mission to make it so we democratize access to the capital markets. online brokers have done an in us amount to create services that really do benefit

nejra: thank you so much. coming up, tsmc surges past johnson & johnson to become of the world's 10th largest stock. ♪ nejra: this is "bloomberg daybreak: europe." green on the screen in asian equities. u.s. futures come off the highs from earlier after we saw tech stocks lead the gains in yesterday's session. european futures positioned ever so slightly positively. the dollar at a 22 month low. a touch of a comeback against some g10 currencies right now. oil fluctuating around $41 a barrel. tsmc kept up its record-breaking street today, it briefly became the world's 10th most valuable company. to shares boost comes after intel warned its seven nanometer chips are behind schedule and it may outsource production. tsmc's rally is attracting flows into taiwanese equities and increasing demand for the local currency. fabiana fedeli is still with us. when we were talking about the u.s., you talked about taking profit on big tech names and wanting to move more into cyclicals. do you have more conviction in tech stoc

nejra: ok.said, will you release the numbers earlier -- when you released the number earlier, you said renault is not in a position to give a reliable guidance for the full year. at the same time, you said this morning the third quarter might be good. can you give us a little bit more detail on guidance and when you expect to see a recovery? first, i think we expect h1 to be the floor. we should see in the next semesters gradual recovery of our results. what we know, if we can talk about q3, it is because we have pretty good.h is we see the restart of the activity, especially in europe -- it is more complicated and other regions -- but in europe we see a pickup in june. the books will drive us through september. you have the incentive plan from the different states, especially in europe, again, which are june inlace now, from france, from july and most of the other countries. we know that people are going to be willing to buy cars, and also because the car is safer in everybody's mind then publi

nejra. much.an lawmakers have ended a standoff of the europeans buying, votingnd to back the program seen as key to propping up the euro area battered economy. rules of purchases could be legal, but the vote music the bundesbank can stay in the program. the citigroup economics director, christian schulz, joins us now. in terms of the monetary side from the ecb, how much more do you expect through 2021? i spoke to eric nielsen of unicredit earlier. he says he expects bond buying come at negative rates, and yield curve control to continue --ough 2025 hello, nara through 2025. christian: hello, nejra. we think there will be more bond buying. by december, we expect another big, multi-hundred billion bond bechase program to announced. that is simply a function of the issuance by governments, which continue to come. which means that unless the ecb continues buying, there will be a negative impact on the financial positions, so they just have to beef it up a little more. nejra: how do you expect them to

nehra.orning, nejra: good morning.f we look at markets, we were seeing some gains in asia, we china.e to see them in we saw some green on the screen for u.s. futures after the index closed lower yesterday. now those gains have been given up. seeing in negative print for european futures, they'll. interestingly, i made the risk-off sentiment in equities, the 10 year yield is higher. the dollar is absolutely steady. gold getting a lift after the fed comments as well. getting very close to $1800 an ounce, study in today's session. the u.s. bids farewell to the world health organization. the white house has submitted a letter that starts the one-year period. president trump has accused the w.h.o. of being too deferential to china, as u.s. virus infections rise to just shy of 3 million, causing doubts on efforts to restart the economy in certain states. manus: meanwhile, the fed remains in a whatever it takes mode. the vice chairman, richard clarida has said they will only add up to more forward guidance and asset purchases

nejra: interesting.n the boe, voices building, goldman, bank of america, rbc, seeing a perfect storm in the u.k. prompting more action from the bank of england. money markets pricing in a cut to zero by february at the moment. what is priced in sterling in terms of boe action? viraj: i think there are two headwinds started to grow for the pound in the short term. from a valuation perspective, i think if these two short headwinds materialize more potentially over the coming weeks and months, we could see a pullback down to 1.22, 1.23. they will naturally intensify as theead to your end, but markets potentially bring forward early next year to make this year -- i think a cut in the bank rate by a basis point of 10% could see it opened the door to negative rates in 2021 increase. certainly if that narrative that the bank will shift away from qe to rate cuts as the marginal talk for supporting the economy happens, then it will be negative. never echo great to catch up -- nejra: great to catch up with you tod

nejra: yeah. going to be speaking to the ceo later, digging more into the nuances of the language as well. what is his prime objective at the moment? manus: he's a new ceo in this seat now. he comes from a background of running these kinds of businesses at abb. he has 18 divisions, four to five are technically underperforming. what is he going to do with those? his shareholder roster want to be sated. investors, a little less perhaps. but in terms of pushing us. but these are active investors. they want demonstrable return on equity. so what he will do with the underperforming divisions? the death of the global recession and a recovery, the mechanism of recovery, what is the momentum? when you dig into the numbers, it is the personification of lockdowns. europe collapsed by 18% in terms of orders. it was in the eye of the covid storm. how is america recovering even the news you have just given us from the white house about trump talking to the nation saying to wear a mask cannot socially distance?

nejra: it is.e saw some underperformers yesterday in one day of trading, but that's partly what drives the benchmark down. on the flipside, green on the screen at the end of the session in the u.s.. it's interesting as we look into the third quarter for investment, whether it investors will look through it the way they did in the first quarter and what they will say about the second quarter with that clarity reality to the market. manus: they've given guidance in terms of that quarter, moving forward in terms of 3.8 billion dollars in terms of earnings. is looking toan turn the page with the latest .elease i'm an electric suv the ceo spoke to bloomberg. take a listen. makoto: first it represents a new chapter. i would say that nissan has a great experience, we have learned a lot from the customer which -- which is reflected in platformwith the new which also has a lot of the .issan technology it's all in this car and is something that can open the new nissan chapter and provide the custard the exci

nejra: dr. we see every day, more updates on the pausing of reopening plans in various u.s. states because of the resurgence of cases, there is a widely read article in the bloomberg talking about covid-19 in the usa, being increasingly a disease of the young. many young people spreading the active. being as reopening is being put on pause, and order to actually pause the spread, is it enough to wear masks and adhere to social distancing rules? then: i think right now, notion of is it enough is an important question but enough is all we have at this moment. part to has to do their wear their mask consistently and continuously went out in public. we also must keep our distance. if people are not in masks, they need to keep a wider berth. it is essential that we understand and recognize you may feel completely fine. we understand the desire to be out, particularly during summer months israel. it helps our mental health and/or physical health, but we must recognize that there is a virus or collatin

nejra j pitch --i'm nejra cehic in london.apan is weaker in asia but the msci index green overall. the 10 year yield a steady. the dollar is getting hit by u.s.-china tensions at a 16 month low. g10 currencies strengthening against it. gold at a record, oil pulling back. airlines aretish hitting back at the decision to quarantine visitors from its top tourist destinations. the spanish say it is a safe country and working hard to contain outbreaks's. spain's health ministry report 930 new cases thursday and friday. emmanuel cau from barclays is with us. 30 days with what we are hearing from spain, but is this enough to shake your thesis that we are going to see a strong rebound in europe and in many ways, europe has weathered covid better than u.s.? emmanuel: i don't think so. i think the situation on the covid front is across regions so infection remains high. in india, in japan, spain. i guess markets and economies will have to deal with this uncertainty for much longer, at least until a vaccine becomes available. to limit th

nejra cehic is in for francine lacqua and london. very busy and the busiest of the busiest in surveillance is maria tadeo in brussels. she is door stopping. you have done a lot of door stopping. how do you doorstop anxious politicians in brussels? nejra: you call out their name with a big smile, you hold out your mic, and you fire your questions as quickly and ferociously as you can. we certainly have seen that this morning. there has been so much optimism priced into the recovery fund in terms of european equities, but also the btb bun spread. some investors say we have been here before in terms of brussels often taking its time to come to an agreement, so you might not necessarily see a lot of pessimism and markets next week if we don't get agreement straightaway. as investors say, it will come eventually. tom: i am an amateur here. in thes that mr. rutte netherlands is front and center. is that how you see it? never echo yeah, as usual, when you go into these meetings, you may get the as

♪ nejra: good morning from london these are today's top stories.u leaders agree a 750 billion euro coronavirus recovery package after more than four days of intense negotiations. the eu council said that the decision sent a concrete signal on europe. >> there are different views, different opinions, different approaches. but we took -- we sent a strong signal to europeans and the rest of the world that we share values and that the union is a you get a values and citizens and that it can answer with strength and in a robust area if needed. european stock futures push higher but the euro dips on the news. global equities already receive a tail as an oxford university trial shows promising results. we will be watching novartis. the group ceo joins us this morning. resume buybacks quarter. intenseur days of negotiations, eu leaders have agreed on a landmark stimulus package that will see the block help 750 billion euros to member states mitigate the downturn. maria tadeo is in brussels. great to have you with us. take us through the details of the deal

nejra, we must

nejra: interesting. you so much for joining us. great to have you on the show today. now let's get to the first word news with nora right in london. >> the economic rebound in the u.s. shakier. gross domestic product shrank the most on record, a massive 32.9% when annualized. the labor market is showing further sign of strain. the number of people continuing to claim unemployment benefits rose. talks in washington over a new relief package are making little progress. senate republicans are planning to vote on extending stopgap unemployment insurance. democrats say measures must be part of a comprehensive plan. if it fails, it gives republicans a chance to say they tried to save jobless aid before it expired. the u.k. has reimposed lockdown restrictions across the north of england. the announcement comes as the government says some residents have been failing to adhere to social distancing measures. it applies to lancashire and west yorkshire. they will no longer be allowed to meet indoors with people fro

nejra: absolutely.apital markets did a survey where they said institutional investors are more worried about what keeps them up in terms of the elections and they are about covid. we keep talking about covid every day but there's actually a lot more risk going into the back half. are we going to see the range bound trade of equities shaken? manus: yes, it is a question of whether we run out of steam on the stimulus. i think we were a little bit red . we turned it around. s&p this morning. back in the red by .8%. giving up the green. jp morgan says the 7% upside left, relative valuation of fund positioning will be the drivers. they say there could be for hundred billion dollars. the nasdaq is pumping it away. they do say that you could see that gap between s&p and nasdaq. have a look at the dominant theme of the day, risk. above 125. you are just seeing a real momentum in this at x market. my favorite line of the day, nejra, let me find it for you. the yuan start to look compelling but it is the yuan bui

nejra: yes. it is interesting that the flows are coming back now just as we start to see an intensification of tensions between the u.s. and china. what is investors' thinking around that? are they much more focused around china's recovery from the pandemic and putting concerns around tensions to decide to mark or do they think that even if tensions accelerate, it is not going to have much of a negative impact on chinese assets? wei: i think geopolitical concern, especially as we head into the election where the major reasons holding investors back from investing in chinese assets so far this year, where some of the about escalation in recent days it seems to be louder in rhetoric than substance, then the actual substance. we are getting some indications from the u.s. that there is not a huge amount of willingness to further escalate from here. i think that is giving investors some comfort. intono mistake, as we head november elections in the u.s., being harsh on china on the rhetoric front will

nejra: yes. you were talking about a couple of things one of which that you need to measure and you need to account for the steps that are taken. what needs to be done concretely at the recruitment level to ensure that it is a diverse recruiting process? nneka: i will borrow your phrase, "concretely." i will give you an example of how you may unknowingly or even sometimes consciously exclude a whole part of the population. said we haveine been scratching our heads. it came to the last box and it was something arbitrary about having policy experience or ftse 100 experience. we know there are no black executive directors in the ftse 100. .hat immediately discounted me and if that happens at all levels of recruitment whereby you are inadvertently taking in exclusion criteria, you are hemorrhaging talent. there is an argument for saying that when you are not so selective, you dilute or lower the quality but i argue differently. you are opening to a richer and more diverse talent population. that sure

mira. -- nejra. nejra: the euro group is expected to announce the name of its new president., singapore holds an election. the prime minister seeks to renew his mandate after the pandemic pummeled the island's economy. let's get back to europe. christine lagarde said the euro zone faces about two years of downward pressure on prices but could see a turnaround after that. christine lagarde expects the crisis to spur digitalization and automate automation. the central bank will need to keep its monetary policy exceptionally loose. inflation dynamics will be impacted with disinflation to inflation and then that will occur that we will have to anticipate and measure, but it will most likely be based, if we have an increase in productivity, on a natural increase in interest rates. >> the european central bank and other banks launched instruments to elaborate on negative rates for securities. massive purchase of securities. were temporary instruments, but in fact, they mastered so the nonconventional instruments have become conventional instruments. there is a second change to cons

nejra. asia, china's manufacturing pmi rose in june to 51.2 from 50.7, signaling the country's recovery is accelerating, supported by external demand. confidence among japan's large manufacturers fell to the lowest since 2009 in the boj's latest survey. the imf warned that asia's loss of economic output will likely persist until 2022. joining us now is the head of the global portfolio solutions for india and aipac at goldman sachs asset management. thank you so much. lots of different signals that we need to distinguish from noise for the markets as we head into the second half. what stands out for you in terms of guiding where risk assets, particularly equities, are going to go in the second half of the year? >> good morning. great to be on and thank you for having me. i think that it is critical to note one of the key things that is still driving markets is the uncertainty around the pandemic. substantial uncertainty as it relates to the widening of the infection spread, the medium-term da

nejra: getting a quick check on the markets.e she index -- that the chinex in china extending gains after that massive rally yesterday. that is it for "daybreak: europe ." the european open is up next. this is bloomberg. ♪ anna: welcome to "bloomberg markets the european open." today, the markets say all hail the mega caps. america's biggest companies propel the nasdaq to another

i'm nejra cehic in london. another production delay. stock fell 10% in extended trading sparking concern the world's largest chip maker will fall behind its rivals in an area it once dominated. the most powerful chip will go on sale at the on the other hand 2022 or 2023. a year behind schedule. the nasdaq erased a huge monday rally. concerns of plunges in microsoft and tesla. the biggest internet and software companies have fallen in six of the last nine sessions. janet, it is interesting because all 11 tech companies that have reported have beat earnings forecasts but the sector is gone . does that stock market reaction versus the earnings tell you it is time to take some profit from the tech sector? > i think the sector has has done really, really well despite that we have been in a very difficult economic situation. the rally mainly driven by the big techs. it is normal for markets to take a breather on this kind of strong rally. we still -- in the sector. t is quite normal. pnewline we'll pick up on this in a moment. you stay with u

nejra: thank you. -- francine: thank you.ealth officials are grappling with a second wave of the pandemic. china has reported them most domestic cases since march. spain, india, and australia are facing rising outbreaks. we'll get the latest with a virus expert this hour but first, let's discuss the economic impact. peter dixon with commerzbank. how difficult is it to model the type of recovery -- recovery will get given we aren't sure if this is a continuation of the first wave? peter: it is impossible, isn't it? we don't fully know how badly the wave impacted upon the economy in the first place. we are getting more indications of that now, but the real issue if it is a second spike, we don't know to the extent economies will recover ,nd if there is a second spike basically however bad the first wave has been in terms of economic impact, the second impact will be awful. we're all trying to figure out what going on, but at the moment, it certainly is weighing on investor sentiment. it is weighing on business sentiment, and ce

nejra: thank you so much. ecb president christine lagarde says the print -- says the mix of grants and loans in the rescue package could have been better. similar concerns among members, arguing that more debt would be difficult for some states. italy's government approved a proposal for extra spending combat the impact. rth from her glaze is still with us. how much more upside does the

nejra is not here so i am a bit lonely.likelyty trading to be a bright spot given the hunt for cash and the increase in volumes. 31%s expected to rise about for all of wall street banks. jp morgan is expected to see its trading revenue rise 50%. that will certainly help them out. one other area that might be strong for banks will be mortgages given how low rates art. spotsl, one of the bright that i think a lot of analysts will hope to find in these earnings is that this is just a temporary hits from the coronavirus rather than any sort of existential capital issue for these banks, manus. street has more on the forbearance of the regulators getting us through this. this is what will drive this. reality check may be on the landing but it is about forbearance in this trump administration. it will be a tailwind that will help them out. trading revenues will be tailing off quite significantly for the backend of two to. -- of 22. the regulatory forbearance on the capital treatment will also be a factor. we also have to remember

nejra cehic joins us from london.ly baffled by the need of the united kingdom to take a summer holiday. what

nejra: you also talk about the fact you are determined to achieve a solid rebound in the second half.u plan to do that if demand remained suppressed? carlos: during the lockdown, we had a rigorous management of foreign sentries. we had a significant reduction of inventory by 24%, which means we are entering h2 with low inventory. the new rebound of the manufacturing system is smooth, efficient. we see plants are coming back that is satisfactory from a cost perspective, and quality perspective. in terms of supply chain, the rebound has been very smooth so far. the level of inventory entering h2 is low so we expect to invoice a significant number of pendingthe second half, that we would like the economy stable as possible but the condition seem promising. nejra: at the same time, you are dependent on the european market, recovering very slowly and in large part due to incentive schemes and big markets like france and germany. are you in favor now of these incentive schemes? we are not in favor of incentive schemes. we are not in favor of any initiative that would distort the market cond

nejra: right, so with that structure, do you expect to be able to compete with salesforce still, whichally of acquiring qualtrics? christian: absolutely, we kicked off in the last months great use case for customers. we launched human experience, management, which helped accelerate the sales of qualtrics but also our core applications to subsectors. we did the same in commerce. we plan to expand experience management across our solution portfolios and they are excited about that because they see the benefit for our customer and this won't change with the ipo. we are only allowing qualtrics more autonomy to go after the market of non-sap customers as this is a high-growth segment. nejra: christian, is there a risk though that investors start to see some flip-flopping or lack of clarity around strategy, not just because of this change with qualtrics in as much as two years, but also that you've gone from a co-ceo to a ceo structure? christian: absolutely not. first of all, when you look back into our last quarter, we are very proud of the result because it shows the resiliency of sap dur

♪ nejra: good morning. i am anna edwards live in london alongside matt miller in berlin.att: today the markets say, do i smell fear as stocks and futures slide. near nine-year highs, the nasdaq rumbles overnight after trading at its highest relative to the s&p for 20 years. the cash trade is narrowing. , stocks andcovery futures sliding after unexpected uptick in u.s. jobless claims. delay to the stimulus plan means one thing for markets. this may get worse. , china to the u.s. to close its consulate in chen u du. mike pompeo calls the chinese president a true believer into italian -- totalitarian ideology. delay, thisuction follows big drops in microsoft earnings despite solid results. we are an hour from cash equity trading. you can look at drops of more than 1% across-the-board in european futures. you have got you are -- got u.s. teachers that continue to fall after the slump we saw yesterday. anna: we have got numbers from vodafone out this morning. let's get to that. 21 organic services revenue, this is the bread and butter of what they do. down, but the estimate wa

♪ nejra: good morning, welcome to bloomberg markets. am anna edwards live in london alongside matt miller. >> today the markets so don't think about it too hard, global stocks shaking off a wall of earnings. ? e dark clouds on the horizon the cash trade is an hour away. but no -- now the terminal, beijing state tv cuts off the english premier league along with a spat with the u.k., all reports prius -- president xi jinping could close the u.s. consulate in showing do. tension and political -- mitch mcconnell good unveil a gop plan opening up discussions with immigrants. cost cuts assifies it sees a considerable slump in economic output. -- confirms its diagnostics unit. units from unilever coming from across the wire. what are you seeing? anna: we got the numbers from unilever. let's get to the story in london. unilever with underlying sales, down .3%, but better than the market anticipated. the estimate was for a drop. 3.89%. that is a good number for the underlying sales story. they were telling us about what they plan for their tea b

chief finance the officer of natwest group speaking with nejra cehic earlier this morning.omberg first word news. we go to london. >> thanks. hasfrench economy experienced its sharpest contraction on record. minister isinance painting a pessimistic picture for the road ahead. he said the worst is still ahead. the data for the whole of the euro area comes out and is expected to show a 12% slump. ae u.k. has reimposed lockdown restriction across the north of england. somemes as they say britons have failed to appear -- do social distancing. they will no longer be able to meet indoors with people from other households. the economic rebound in the u.s. is looking even shakier. gdp for the second quarter shrink the most on record, a massive 2.9% when annualized. the labor market is showing strengths. withumber of people unemployment benefits rose. global news, 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. annmarie: thanks so much. now, the hong kong government has denied att

nejra: good morning. welcome to "bloomberg markets: european open." i am anna edwards in london alongside matt miller in berlin. matt: today, the markets say feel the animal spirits. european futures .2 gains as the relentless surge in chinese -- point two gains. the cash trading is just one hour away. here are your top headlines from the bloomberg terminal. global verona virus cases -- coronavirus cases top 12 million. vice president pence says schools should reopen. raphael bostic warrants about the hit to consumer sentiment. stock market frenzy pushes the shanghai composite to its highest level since 2008. that's after mega cap tech took the nasdaq to another record overnight in the u.s. recovervenue begins to from the pandemic fuel slowdown as your -- europe's technology company sees a bounceback and software deals throughout asia. just under one hour away from the start of cash equity trading in europe. let's take a look at where futures are pointing us right now. ftse futures up about .6%. take a look at u.s. futures. they have been down though