sebastien galy, a nordea investment funds senior macro strategist is joining us now. even though we are looking weaker today on european equities, not getting a lot of direction from u.s. futures, it has been a good week. how much more strength do you expect to see through the second half of the year? >> quite a bit, but very much frontloaded. so, this is the face of recovery after a crisis. we are essentially in the last we are disconnected between hope and reality. you see that in the nasdaq. you see that in tesla. it is a powerful force. beyond this, it is a much more complex environment. gains in equities from 2021 will happen in 2020. yields have been compressed. people will be looking for safe havens, to generate some degree of income with some degree of safety. and i think that it is great that we are in a recovery, but people should look beyond what will happen in two or three months, where things can get very complicated. nejra: what do you expect are inrs to do, if we the last phase of the post covid-19 rally. markets? do they move money into other asset cla

frank vang-jensen, president / ceo, nordea. up, we will be speaking to the ceo from swedbank after 6:30 a.m. u.k. time. let's get to the first word news update. u.s. infectious disease expert dr. anthony fauci says many states reopened too early as texas and florida report record numbers of deaths. minella may return to a locked down cases rise in the philippines. the virus spreads in brazil's most poor and remote areas. the u.k. has warned russia is seeking to steal rotavirus vaccine research. multiple countries have been targeted by a group that is almost certainly part of russian state intelligence. u.s. and canada backed up the findings. netflix shares plunged by as much as 50% after a disappointing subscriber forecast. up two .5t to sign million new users in the third quarter, less than half the number expected. toflix has a new co--ceo work alongside the current ceo. global news, 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in comingan 120 countries. up, mixed si