i ritika gupta. this is bloomberg. ♪ es. i ritika gupta.s is bloomberg. ♪ >> i think it is clear we made substantial further progress on achieving our inflation goal. this also been good progress towards maximum employment. we continued to improve moderation in the pace of asset purchases. jonathan: boilerplate stuff from john williams, the new york fed president. good morning. tom keene, lisa abramowicz, jonathan ferro. equity futures down 37. yields are higher by five basis points to 1.54%. crude is positive, stronger to $76.26. euro-dollar -0.1%. a cyclical twist to this market in the last several days. tom: i like that phrase. i think that is very accurate. nasdaq 1.54% of the negative as well. you wonder where it will settle. jon, 1.5 4% is unimaginable months ago. the bulls are sort of like, whatever. jonathan: i think price sets narrative. last monday, what were we talking about? we are staring down the barrel of $76 crude. tom: for all you that are not part of global wall street, this has been hugely anticipated, what will happen wi

i'm ritika gupta.omberg has learned house democrats are set to propose raising the top corporate tax rate to 26.5 percent, less than what president biden was asking for to help pay for his 3.5 trillion dollar economic agenda. the rent rate is 21%. top rate on capital gains would rise from 20% to 25%, again less than what the president wanted. another sign north korea is trying to increase its capability for nuclear strikes against south korea and japan. kim jong-un's regime announced that it testfired a new model of long-range cruise missiles over the weekend, the first known missile test in north korea since march, days after north korea staged its immersed for literary -- its first military parade since joe biden became president. the foreign ministry says president biden should upholds the spirit of the phone call he had last week with president xi jinping come on a report that the u.s. was considering a new investigation into chinese industrial subsidies. tote is looking to raise in an ipo that wou

i am ritika gupta. -- with first word news, i am ritika gupta. the taliban supreme commander will be the top leader. what to do about afghanistan's struggling economy. new orleans is hot, hungry, and most likely will be without electricity for days to come. no power since sunday when hurricane ida came ashore. utilities have not been repaired. it is unknown when repairs will be complete. they say to stay away from now -- for now. the u.s. supreme court took no action as the most restrictive abortion law in the nation took effect early today. the texas law bans abortions after the sixth week of pregnancy, a time when many women do not even know they are pregnant. the supreme court could act today, although there is no firm deadline. in china, new outbreaks of the coronavirus halted production this month. global news, 24 hours a day, on air and @quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. i am ritika gupta. this is bloomberg. ♪ itika gupta. this i

i am ritika gupta.hose in california have overwhelmingly rejected the call to recall gavin newsom. two thirds voted no whether he should be removed from office, a major win for democratic leaders characterizing -- kim jong-un's regime fired two ballistic missiles that felled -- landed off the east coast. they could hit south korea and japan. president biden had an idea with a meeting with xi jinping but president xi declined. he has not left china in more than 600 days. the u.s. justice department asked for an emergency court reporter to restrict an antiabortion law in texas, likely to reach all the way to the supreme court. it outlaws almost all abortions after six weeks of pregnancy. that is the top business call in the u.s., putting to "businessweek." they have been highest when it comes to networking entrepreneurship. harvard in third. global news 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i am ritika gupta. this

i am ritika gupta. formal announcement will come in november. interest rates near zero through 2022. market anxiety caused by a debt crisis. the people's bank of china has injected money into the financial system. the most since february. another sign kim jong-un is removing constraints from his weapons program. the report said it has been expanded in recent weeks. down .9% from july. supply disruptions in the u.k. are taking a toll. invesco is a major player. it could become a behemoth. discussions indicate passive investing is the future. global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. i am ritika gupta. this is bloomberg. ♪ >> there is no regional divide separating the interest of our atlantic and pacific partners. this partnership with australia and the united kingdom is a signal we are committed to working with our allies and partners, including in europe. we look forward to cooperation with nato, the europe

ritika: with the first word news, i'm ritika gupta.ressure mounting on congressional democrats to raise the debt limit and avoid crippling default. senate republicans have blocked the bill that would suspend the debt ceiling into december 2022. democrats have offered no immediate backup plan. oil has broken through the $80 a barrel barrier. the median crude benchmark rose to the highest since 2018. there are signs that demand is running ahead of supply and there have been a slurry of british price productions from traders and sellers. >> where is that hurdle rate? august, we are over $80 a barrel this morning on a branch basis, and we look at the rig count in the u.s. and other parts of the world, they are showing you $80 a barrel is simply not enough. ritika: goldman saying prices could hit $90 a barrel this year. the minimum is required to hold by law more money from the sales group -- stated by the tsunami in 2011. global news 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in mo

i am ritika gupta.is bloomberg. ♪ >> if we move slowly -- if the fed moves quickly and if germany or the ecb starts to taper quickly and clamp down on the stimulus, then we will probably see lower longer term. tom: jones, there is no coupon, takeaway inflation there is no real yield. stay with us for the jobs report. claims tomorrow. jobs report on friday. to continue our discussion for central asia, robert hormats joins us. a cross party public service to this nation working with secretary clinton, but longbow and faraway away working for others and driving 148 miles from kabul to the khyber pass. one of the few people with real boots on the ground experience over there. how does the united states now manage the western pakistan tribal regions? how does the united states manage a new relationship with pakistan? robert: it is going to be a challenge because we have seen the taliban as our enemy for so long. now we find we are working with them to help get people out of the country. i suspect over time w

i'm ritika gupta.capitol hill, democrats have had a wall in their effort to avoid government shutdown, a debt default, and advance president biden's agenda. time is running out for funding the government and praising the debt ceiling. in japan, fumio kishida is set to become the next prime minister. the former foreign minister won the leadership of the party. he will place a test of broader appeal and election. the largest maker of u.s. memory chips is falling, micron. micron is coming off a record year, but it's sales forecast the period ended in miss estimates that in missed estimates. netflix has bought night school studio for an undisclosed amount. the company is best known for his debut title, the supernatural mystery adventure "oxenfree." netflix plans to make games part of its subscription service with no added fees or in-app purchases. global news 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i'm ritika gupta. t

i'm ritika gupta. democrats have hit a wall in their attempt to avoid a government shutdown, avoid debt default, and advanced president biden's economic agenda. meanwhile, time is running out for funding the government and raising the debt ceiling. japan, the former foreign minister won the leadership of the country's ruling party and is expected to be named to succeed outgoing prime minister yoshihide suga. he has promised tens of trillions of yen and spending. he will face an immediate test of his broader appeal in a general election that must be held by november. one of spain's canary islands, lava that erupted 90 is ago is flowing into the ocean and large clouds of steam could be seen drifting into the air. the temperature of the lava is estimated at 800 degrees fahrenheit. residents are being warned to stay indoors because of the risk of toxic gas. netflix acquired its first videogame developer. the company is best known for its debut title. netflix plans to make games part of its subscription wit

i'm ritika gupta. this is bloomberg. ♪ rep.osi: i spent a good deal of time in the meeting talking about the debt ceiling because we have to get that done. it would be $15 trillion in household elf that would go down the drain. unemployment would go up to 9%. the president is negotiating. we are hoping we can come to a place. it is not about a dollar amount. jonathan: speaker pelosi on the effort down in washington. from new york this morning, good morning. your equity market up 19 on the s&p, two hours away from the opening bell, the final trading day of q3. we advanced 0.4 percent. yields are higher by a basis point to 1.53%. euro-dollar, $1.1573, -0.2%. as always, the focus seems to be on the democrat from west virginia, joe manchin. senator manchin said, let's look and see. i'm concerned about inflation. tom: there it is. i really wonder how many people around him are supporting his efforts. annmarie hordern is in washington, joining us right now. we talked to jack fitzpatrick about the philosophical stuff going on. let's g

i'm ritika gupta.s may be the start of a new era and human spaceflight. elon musk's spacex has launched four civilians into orbit. it has been reported that -- is paying $2 million for the flight and also donating $2 million to charity. the latest cruise missiles tested by north korea were fired by a train, according to the country's official new tendency -- official news agency. they suggest that kim jong-un has a new option for attacks against u.s. allies in the region. there is continued squabbling between the democratic already's progressive and moderate wings asked democratic party's progressive -- democratic party'ss progressive and moderate wings. the push for $15 an hour federal minimum wage may have stalled in congress, but the tight u.s. labor market is making $15 the de facto minimum these days. an analysis of jobs posted from spring 2019 to spring 2021 show that many service sector industries crossed the $15 threshold. the risk of battery fires has general motors playing it safe to get gm h

i am ritika gupta.he european central bank is deciding today whether the economy is strong enough to start slowing down stimulus. policymakers are due to settle on how much bond buying the economy will need in the fourth quarter. data points to an improving rebound in the u.n.. that despite the delta variant and supply chain problems. german prosecutors right at the finance and justice ministry today. an investigation into whether officials at an anti-money-laundering unit failed to handle cases correctly. the case is centered on warnings that banks warned the financial intelligence unit. in china, inflation levels at the factory level has seen a 10 year high. it rose 9.5% in august from a year earlier driven mainly by high prices were commodities come out put prices in the coal industry, up 57% from a year ago. the biden administration reportedly is trying to sue texas for the controversial abortion law. it is one of the most restrictive in the nation. a lawsuit would set off a federal state clash at a

i am ritika gupta. survey suggests the fed is moving toward scaling back. economists surveyed say a formal announcement will come in november. they predict the fed will hold interest rates near zero through 2022. china is trying to -- the quarter funding needs. china has injected cash into the financial system. the work at an enrichment facility is a sign. reports sandy enrichment plant has been expanded in recent weeks. it is the worst stretch a performance for the british retail sector in weeks. down .9% from july. that is due in part to every surgeons and coronavirus cases. -- that is down in part to a surge in coronavirus cases. one claims to be making $500,000 a year. global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. i am ritika gupta. this is bloomberg. ♪ >> we still have a long way to go, but i am confident congress will deliver to my desk the bipartisan infrastructure plan and the build back better plan i h

i'm ritika gupta.e than 1.5 million households in britain are being forced to switch energy suppliers after two more retailers collapsed as prices soar. that brings the tally of firms going out of business to seven since early august. the u.k.'s business secretary said earlier this week that more companies would be in trouble as capped retail prices fail to cover costs. japanese prime minister yoshihide suga is warning about china's growing military influence ahead of the first in-person meeting at the so-called quad group. they told bloomberg the changing power balance in the end of threat to japanese prosperity. they join leaders at the white house tomorrow. aging said the group is engaged in cold war. the total hit to revenue this year for the world carmakers is estimated at $210 billion. that's the latest dire forecast from alixpartners, which says the industry will build 7.7 million fewer vehicles in 2021 due to the chip crisis. semiconductor availability worsen as carmakers exhaust stockpiles and

i'm ritika gupta.his is bloomberg. ♪ >> for a long time this economy has worked great for those at the top. while ordinary hard-working americans, the people that built this country has been cut out of the deal. i have said this from the time i announced i was going to run, this is a moment for great change, and this is our moment to get working people back into the economy. jonathan: from new york city this morning, good morning, alongside tom keene and lisa abramowicz. i jonathan ferro . to the equity market, we are down five points on the s&p. there has been a story to this week where the highs of the session have come early and then we sold them at the open. we will see what happens around the opening bell. in the fx market -- i assume you are on radio too. the euro is stronger by a 10th of 1%. in the commodities, we are down. very excited to catch up with daniel yergin later this hour. tom: we will get you out front of the sunday talk shows. henrietta, good morning. i want to know the path after t

ritika gupta has been going through that report. what did the details tell you? tika: we got that weaker u.s. jobs number. we have goldman sachs cutting their forecast from 5.7% -- 25.7% from 6% -- forecast to 5.7% from 6%. switching spending from goods to services. that fiscal support being reined in. all this could impact the u.s. economy. let's take a look at this chart here. you can see this blue line is the u.s. gdp forecast taking a dive here in september as those covid cases continued to surge. i will say they are raising their forecast for next year by 4.6%. guy: it will be interesting to see how the delta story works its weight through the -- works its way through the u.s. economy. what does the next month look like? how is september going to set us up for the rest of the year? amy, what is the setup? what are the options markets telling us about what september is going to look like? >> the options market has been pretty glum, but it has been glum all the way through the summer and is also pricing a lot of demand for downside protection even through year-

i'm ritika gupta.ew data suggests a booster dose of johnson & johnson's vaccine increases the potency of. the one-time shot. the booster was -- potency of the one-time shot. the booster was 100% effective. the shot led to a 12 fold increase in production of antibodies when it was given six months after the first one. in canada, prime minister justin trudeau won the election, but fell short of a parliament tree majority. boris johnson says president biden has too many domestic priorities to find time to negotiate a trade deal with the u.k. the two leaders meet today in washington. johnson says he would rather have a good deal than a quick one. uber may be about to report it's pursed -- it's first profit. the company said adjusted earnings in the fourth quarter could range from flat to $100 million. global news 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i'm ritika gupta. this is bloomberg. ♪ >> the federal reserve cert

i'm ritika gupta. this is bloomberg. ♪ i'm ritika gupta.s is bloomberg. ♪ ♪ >> we've been seeing this steady drift of ip and production racing for the lowest tax jurisdictions around the world. there is nothing economically efficient about that. so i think that the core values the president has put forward is reversed the negative impacts of the trump tax cuts and get this corporate tax reform right so that we are encouraging more incentives to invest here directly. jonathan: brandy's of the white house national economic -- brian deese of the white house national economic council. tom: i actually had to read this one twice because it makes no sense soever. i don't know how you affect the mystic tax law -- affect domestic tax law to change global tax flows of many different units, many different countries. it doesn't make sense. jonathan: you need alice to come with you. tom: exactly -- allies to come with you. jonathan: exactly. lisa: nobody can get on the same page with this. president biden is facing opposition every way he looks within h

i am ritika gupta.is bloomberg. ♪ >> revenue growth has been fantastic because of a generational shift. at the dust settles into next year i think it will be a focus based on which business -- who has the pricing power, who can hire the best labor, and who has more diversified supply chains? tom: the gentleman from south africa has always be holy -- has always folded the behavior of management into who will prosper in the stock market. this is a treat for lisa abramowicz and myself. it is nudge, the final edition. it gets thicker. richard thaler said we have to do it. cass sunstein and richard thaler, we are thrilled to bring you the laureate from chicago. i want to take nudge and your work to this baseball season. the cubs are in disarray. the san francisco giants are ascendant, and the gentleman that has driven forward the san francisco giants experiment is a berkeley thalerite. tell us how the judge in the behavioral economics folds into the success of the san francisco giants. richard: moneyball is

i am ritika gupta.his is bloomberg. ♪ >> this is a very strong labor market, good recovery, and is no more room to go? sure. that is some of the points that many of the more dovish members have been highlighting, and that is i think the broader takeaway is that the reopening is happening. jonathan: that was that takeaway after the report on friday. jeff rosenberg of blackrock. good morning. here is your equity market. i am jonathan ferro. tom keene will be back in couple of days. the s&p market is up 2%. at the bigger move is in the bond market. yields are higher by four basis point come and yields are higher on the curb, a little bit steeper and we have a ton of job openings in the united states. they say, north of 10 million. there is a believe that they will stay open and eventually get filled maybe later this year and into next year as well. that that supply will finally meet the demand. what happens if actually the job openings just are too close and not because someone turned up? lisa: that is the

here's bloomberg's ritika gupta. ritika: a similar story here.hose dip buyers back in europe, but not enough for the stock 600 to recover the losses we had seen yesterday. we see the majority of the sectors in the green. i am looking at the semis. they have been higher today, but we are seeing the s&l turning lower. they gave an upgraded sales forecast, saying by 2025, they are going to have $35 billion of sales. the kb boost to some of its peers -- that gave a boost to some of its peers. asm the top performer in the stoxx 600. look get some others, like next. they also boosted their sales and profit guidance, so that has given a boost to some of those other retailers, the likes of jd sports. as to what is moving to the downside, just a couple of sectors, but when i am looking at is the energy space. total is lower. brent is a touch softer today. i'm also looking at those utilities, down as well as that crisis continues. we just had that headline earlier that three more energy companies will be going bust. guy: it is a story that is still ongoing

i'm ritika gupta.his is bloomberg. ♪ >> the markets are going to pay much less attention to q3 results, much more attention to q4 and 2022 outlook. and yes, supply chain issues are a concern, but they are going to fade. asia is reopening. the port backlogs are going to ease. all of that stuff is temporary. it is not permanent. that provides a tailwind to the upside. jonathan: jay pelosky of tp w has a message area 2021 is over him. he's looking to 2022. good morning. your equity market up about 0.3% on the s&p, one hour and 12 minutes away from the opening bell, as we round out q3. yields are higher by a couple of basis points to 1.5358% on tens. euro-dollar, $1.1579, -0.16%. down in the sea, there's a fight. and senator manchin has this to say, "fiscal insanity." democrats fighting with them across -- with democrats. tom: henrietta treyz of veda partners joins us on the debate of the moment. we were speaking with nancy pelosi, who is steeped in her father's politics in both tomorrow. has nancy pelosi

i'm ritika gupta. this is bloomberg. ♪ >> the future of our nation and indeed the world depends on a free and open pacific flourishing in the decades ahead. this is about investing in our greatest source of strength, our alliances, and updating them to better meet the threats of today and tomorrow. jon: the president of the united states, important new partnership with australia. from new york city this morning, good morning alongside tom keene and lisa abramowicz, i'm jonathan ferro. this thursday morning, price action shaping up into retail sales and claims earlier this money. we are negative a little more than one points have -- .1%. bonds hire a single basis point higher. the story of the moment come across asset, it has to be in foreign exchange. ella stronger, weaker here. that's to 1.1770 tom: there are nuances in the strong dollar and weak euro. pacific rim is maybe what i would watch. i would also note renminbis strength and goldman sachs are with a note today speaking of men be strength -- of

i am ritika gupta.s is bloomberg. ♪ tom: bloomberg surveillance, futures up 16 of the inflation report. it was transitory. dow futures up 123. lisa abramowicz and tom keene. i wonder if mr. solomon at goldman sachs, the idea of the politics behind the move. it is just a cfo change at goldman sachs. lisa: goldman sachs named dennis coleman as the new financial officer as of yet -- as of next year. as you said really well, basically banks are rethinking the way they look in the years to come. the pandemic was a tipping point for a technological shift and trying to bring up some of the younger banks in a way it had not been in the past. tom: mr. coleman very much associated with united kingdom as well. also associated with us is barry ritholtz, bloomberg opinion columnist. thank you so much for joining us. housing. we needed a dishwasher. the sump pump had been used in hurricane ida. i love homeownership. is it worth it? barry: you have to live somewhere and as someone who has lived in rentals and my own h

i am ritika gupta. this is bloomberg. ♪ ika gupta.. ♪ >> getting the whole world vaccinated is not just an altruistic effort, it is strategic. if we want to stop variance development, not just in this country but around the world, where we have the uncontrolled transmission, that is will you -- where you will see new variants. a variant anywhere in the world can be anywhere at all. jon: from new york city this morning, good morning alongside tom keene and kailey leinz, i'm jonathan ferro. here is the bounce back in your markets. equities are firmer, higher on the s&p 500, advancing .8%. this is a turnaround, basically turned upside down. same in the bond market, yields higher, lower yesterday. as we kick off a two day meeting for the federal reserve, tom keene in greenwich, connecticut. i have so much runway to play here. can we take this shot again? it is beautiful of tom malone at a table for two. you know that -- tom alone at a table for two. remember that song, if we could play that going into commercial break, that would be beaut

ritika gupta digging into the details. ritika: morgan stanley cutting u.s.ities to neutral as they shift preferences to european and japanese equities. at a time when there is a lot of concern about lofty valuations over in the u.s. this is the chart. s&p 500, orange line, trading at a premium to global equities which is your white line. this is on a year-to-date basis. they cite a number of reasons, one is the spread of the delta variant. we also had morgan stanley coming on bloomberg and saying rates are going to move higher on a hawkish bed which will weigh on the equities outlook. not alone in sounding the alarm. credit suisse, citigroup both chiming in. citigroup saying a minor correction could be exacerbated by the fact we have so many bullish trades at play. they are saying the s&p 500 is outpacing short by 10 to one. credit suisse concerned about some of those extreme valuations. taylor: thank you as always, ritika gupta. let's look at these equity markets. we are joined by gargi chaudhuri. i am curious how you are thinking about some of these other

i'm ritika gupta.anese prime minister yoshihide suga is warning about china's growing military influence ahead of the first in person meeting of the so-called quad group. he said the changing power balance could threaten japanese prosperity. he will doing leaders from the u.s., a straley, and india tomorrow at the white house. beijing says the quad group is engaged in cold war mentality. philippines president rodrigo duterte has signed a law taxing casinos. tax collections will be used for universal health care and to develop medical facilities. the law is also said to be part of the government efforts to regulate all forms of gambling. a wider reopening is seem to be delayed by a low vaccination rate. the department of disease control officials said the reduction in quarantine from 14 days will help boost thailand's economy and tourism. the u.s. food and drug administration has authorized a third booster dose of the pfizer vaccine for at-risk groups. that includes people over 65 and those at high risk

i'm ritika gupta. this is bloomberg. taylor: thank you, as always. morning, it was a bloomberg survey talking the best companies that found about half of companies in the u.s. have mandates for vaccinations, but the conditions vary widely. max nisen is with us. what are you hearing about what is out there? max: there certainly has been palpable movement in the direction of more mandates, stricter mandates. an example obviously coming today from the government for federal employees. but there is still a really large section or segment of employers that are reluctant to do a mandate in general or a strict one. that is for a lot of different reasons, but i think the big one is they are scared of alienating employees in what is a really tight labor market, and one that is tightest in the areas are there is the most need. think about nurses, teachers, places that have a lot of contact. there are a lot of job options right now. if people are reluctant to take the vaccine, the mandate could be something that drives them away. while i do think there's a very

ritika gupta i am -- i am ritika gupta.s is bloomberg. >> the question i get asked the most is when vaccines will be available for children under 12 and that is a question i cannot answer because we do not know the data yet for kids under 12 and hopefully we will have some of that data and the fda will be able to share it transparently. jonathan: that was joshua of johns hopkins bloomberg school of public health. good morning, alongside lisa abramowicz and kailey leinz, i am jonathan ferro. this tuesday morning, equity futures are down about two, but basically unchanged on the s&p 500. yields are higher by four basis points. that is a steeper yield curve off of the back of a downside surprise and jobs report. we started this morning having a discussion about whether we are downgrading the importance of september already. this is a quote from continental over the weekend at the munich autoshow, "the chip supply shortage and rising prices were on the automotive industry for all of 2021 and we thought q3 will be the start of t

. ♪ ritika: with the first word news, i'm ritika gupta.loomberg has learned house democrats are set to propose raising the corporate tax rate to 26.5%, less than what president biden was asking for to help pay for his 3.5 trillion dollar economic agenda. the current rate is 21%. ♪ lisa: -- for nuclear strikes against south korea and japan. it is the first known missile test in north korea since march, and it came days after north korea staged its first military parade since joe biden became president. the united nations nuclear watchdog has signaled progress in talks with iran on getting access to the country's facilities. they will replace damaged cameras and memory cards. earlier, the iea warned against provoking confrontation. a dutch court ruled that workers who drive passengers using the uber app are covered by collective labor laws. that would allow workers to claim overdue salary. uber says it will appeal. global news 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 1

i'm ritika gupta.is going on a hiring spree. it will higher 125 thousand workers for transportation and warehouse jobs in the u.s. amazon will offer average starting pay of more than $18 an hour. the company will also offer sign-on bonuses for up to $3000 in some locations. center elizabeth warren once the fed to break up -- senator elizabeth warren wants the fed to break up wells fargo. the senator says it has run out of time to fix the problems of its customers. last week, regulators fined wells fargo over its management of mortgage accounts. boeing expect mobile jetline sales to bounce back from the pandemic later this decade. that is 5.9% larger than what boeing forecast last year. still, the company warned that the recovery could come in fits and starts. that is your latest business flash. guy: let's pick up and talk more about that. thank you very much, indeed. boeing's outlook, i still slightly struggle with how you could forecast something 20 years forward. we will talk about that in the next h

ritika gupta, thank you so much for helping me out during the close. s bloomberg. ♪ ritika: this is "bloomberg markets -- the european close." you're looking at life out of the principal room. coming up, kpmg chair and ceo paul knopp. this is bloomberg. it is time for the bloomberg business flash. a look at some of the biggest business stories in the news. walmart is looking to fix supply issues with the hiring spree. the world's largest retailer will add 200,000 employees. the jobs include order fillers, freight handlers, live drivers, and management positions. royal dutch shell prepares to restore -- for -- plans to install stalling -- charging stations. the british government will finance 75% of the installation cost. another automaker is being hammered, ne-yo, the chinese electric -- neo, the chinese electric vehicle maker. shares are falling in new york. that is your latest business flash. alix: spanish charging company has announced it will build a u.s. factory in arlington texas. the company focuses on charges you can install in your home. if the

i am ritika gupta.his is bloomberg. ♪ ♪ >> the white house, the house, and the senate, have reached agreement on a framework that will pay for any final negotiated agreement. so the revenue side of this, we have an agreement on, ok? thank you. framework, agreement of a framework. jonathan: the framework. anne-marie to translate some of this shortly. alongside kailey leinz and the soprano let's, i am jonathan ferro. futures down 21 on the s&p. thank you to the team at bloomberg for getting -- 1.4148 is where we are on the 10 year. mohamed el-erian writing people that you have to tell people the spurs and tots are the same team lisa:. nobody calls them the tots. that is the one and only tom keene jonathan:. jonathan:the regular audience knows this but i am sure we should have a disclaimer. let's get to annmarie hordern. a story in washington came out from the bipartisan policy center, a new piece of analysis on when the debt limit may be breached. october 11 to november 4, is that new? annmarie: we were w

i am at ritika gupta. this is bloomberg. ♪ president biden: the u.s.l double our financing to help developing nations tackle the climate crisis. i am proud to announce that we will work with congress to double that number again. >> the president of the united states at the you general assembly. alongside tom keene, i am jonathan ferro together with kailey leinz. s&p futures up 26. yields higher by about a basis point. as can he and i have talked about this morning, where you were on the last friday of august when you heard from chairman powell at that jackson hole meeting, we have not moved since then. tom: i use as a proxy to fix. rounded up to 23. getting over 20 is a big deal, but we are nowhere near 20 five fourth 30. jonathan: looking forward to talking about airlines this morning after the decision to reopen travel you wonder if we can get -- if we can actually refuel. tom: the guidance on airlines is a movable feast. where also plugged -- all plugged into google flights trying to figure it out. it really plays up the idea of how quickly they wil

i am ritika gupta.loomberg. ♪ >> numerous other variants, delta is still the variants of concern that we have our eye on. other variants seem to have higher transmissibility but we don't know if they will result in increased deaths or hospitalizations or consumption of resources. jonathan: good morning, alongside kailey leinz and lisa abramowicz, i am jonathan ferro. coming into friday on positive territory. with all the china jitters, let's talk about the china jitters and get to bitcoin. bitcoin is down five percentage points. china coming out saying what is illegal. kailey: all crypto transactions. if someone can find me a firm definition, it would probably be helpful for this market. there is a question of the timing and this more firm crackdown from china is coming simultaneously with massive questions about china, evergrande, it's quite it -- credit quality. jonathan: we need to discuss the context here. is there a broader concern about capital flight, and is that one small part? lisa: people are

ritika: with the first word news, i'm ritika gupta.oughest restriction on abortion in the u.s. will stay in place for now. sharply divided supreme court refused to block a texas law that bans most abortions after six weeks. abortion providers had asked the lobby put on hold while the legal fight goes forward. lawmakers in new york have extended the states freeze on evictions through january 15. it will provide relief to homeowners, renters, and small businesses who have struggled during the pandemic. climate talks with john kerry pushing improvement to the broader relationships. the chinese foreign minister told john kerry united states must take first steps -- john kerry says china must do more to curb its climate emissions. regulators in nine a -- in island -- -- in ireland -- it has at least 28 investigations open into tech giants such as apple and google. bloomberg has learned at least two of china's largest non-bank creditors have demanded immediate repayment of some loans. that adds to liquidity payments. ever brand is struggling

i'm ritika gupta. this is bloomberg. ♪ >> i would love to see a sooner rather than later us taking our foot off of the accelerator because i think the longer we make these purchases for longer than necessary, i think it may actually make it so that we have less flex ability down the road. jonathan: robert kaplan there. from new york city this morning, alongside tom keene and lisa abramowicz, i'm jonathan ferro. 12 when its way from initial jobless claims data in america and a news conference with christine lagarde. you're a stronger, euro-dollar $1.18 -- euro stronger, euro-dollar $1.1837. in italy, the italian bond market is bid. yields lower by four or basis points to about 71 on the italian 10 year. so a rally on the periphery this morning. tom: very good. this is a joy. a lot of different opinions on the market today, but if you are an optimist or you are wondering what the optimist theme is, on a global basis, no one delivers that tone right now, that narrative, like jay p elosky with tpw investme

i am ritika gupta.his is bloomberg. ♪ ♪ ♪ >> senator manchin is a valued partner and we will continue to work with him and push our agenda, but it is not abnormal for this to happen in a legislative process. we are full steam ahead trying to get our legislative -- legislation passed. jonathan: on abc over the weekend, from new york city, good morning. alongside lisa abramowicz and kailey leinz, i am jonathan lines -- jonathan ferro. unchanged on the s&p 500. 1.3681, yields up. would you throw a line between the bond market and the nasdaq, just to soften the touch on the nasdaq? lisa: that could be a piece of it and another piece could be what was reported on punch ball. i don't want to make too much of basis point moves, but corporate taxes hitting big tech more than other country has companies. -- companies. jonathan: democrats support raising the tax rate to 25%. let's have that conversation now. let's start there, 25%, not 28%. it is widely known. joe: it could change about 10 more times. i'm struck

i'm ritika gupta.ant payments app toast is seeking to raise as much as $770 million in an ipo. toast says that software is easy for restaurant owners to use and let's diners order online or in person. -- has agreed to buy data company new staff. he star office services help verify digital identities. kansas city southern is backing out of a merger deal with canadian national railways. instead, it will accept a competing offer from canadian pacific. canadian national's bid was higher, but it began to unravel at the question of whether it would win regulatory approval. it would become the first to operate in canada, the u.s., and mexico. that is your latest business flash. guy: thank you very much, indeed. let's turn back to that news we heard so much about on friday. it really dominated things. analysts say the u.s. courts ruling against apple. this is the epic story that could wake billions from its profits, forcing major changes on how it makes money using the app store. dave wilson tracking the story

. ♪ ritika: with the first word news, i'm ritika gupta.rate faxing policies -- corporate faxing policies -- corporate faxing policies -- corporate vaccine policies are incorporating mandates. ford calling it quits in india after failing to make significant inroads. ford will shut down its indian factories and take a restructuring charge. about 4000 and please will be affected. american airlines has seen a big drop off in passenger bookings due to the spike in covid cases. the airline estimates third-quarter revenue to be down 32% versus 2019. ed expects booking to recover once covid cases speak -- cases peak. hackers made off with a trove of data that could be used to target you and agencies. no word target un agent to -- target un agencies. no word who was targeted. u.s. antitrust officials have made public the data they are using to help prove mice book has a -- proof facebook has a monopoly over social media. the company said that the case is without merit. global news 24 hours a day, on air and on bloomberg quicktake, powered by more t

. ♪ ritika: with the first word news, i'm ritika gupta.ebook is pausing work on instagram kids, it's project for people under the age of 13. the company says halt will give it time to work with parents, experts, policymakers, and regulators. several members of congress wrote facebook urging it to drop instagram kids entirely. reports suggested that facebook knew that instagram could pose risks to teenagers. in germany, left schultz of the centerleft -- germany, olaf scholz of the centerleft social democrats wants to form a coalition by christmas. meanwhile, armin laschet of chancellor angela merkel's conservative party insists he will also seek a deal with the greens and the free democrats. bigger nancy pelosi is promising to pass president biden's infrastructure bill this week, also signaling that the headline number on the spending and tax package will be lowered from $3.5 trillion. a split between moderate and progressive democrats set up a showdown over the president's economic agenda. in the u.k., pressure growing on prime minister bo

with the details, ritika gupta. ritika: even more from the euro zone. it is that ppi data, soaring through the month of july. up to .3% from the previous month. a lot of it from a year ago is down to the effect, but it does show you how a lot of the recovery and demand is hitting those supply chains. a big part of it is coming from energy, those prices up 29 -- 28.9%. the issue here is the risk. it continues to feed through into retail prices. 3%, the highest in a decade. we know the ecb is went to talk about this. you need to taper sooner rather than later. alix: more with how this is impacting the market, thank you very much. you have ppi rising. you have hawks speaking out aggressively over the last few days before that ecb meeting. what is your take of what is going to happen next thursday and where is the balance of risk in the equity market? >> the point you just mentioned prior to this is fond markets seem to be little impressed by all this. as an equity investor, it surprises me. i think there is a bit of risk to the upside there in terms of haw

i'm ritika gupta. bloomberg. ♪ >> about 22% heaven gotten any shots -- haven't gotten any shots and that is causing an awful lot of damage for the rest of the country. this is a pandemic of the unvaccinated. that is why i am moving forward with vaccination requirements wherever i can. jonathan: good morning. -34 on the equity market. we are -.8%. into the bond market, yields are high. 150, 270 on tens. have gone from 112 to 150 so quickly in the last month. in the fx market, dollar strength, down by a 10th of 1%. $76 and $.20 a barrel. -- $76.20 a barrel. new york state now facing a health care worker shortage and new york governor calling it a disaster, a state of disaster emergency amid the shortage. that is the problem going forward. tom: it is region to region and city to city. there are stories just like this. what are they going to do? the national guard is going to come in and clean bed pans? jonathan: no idea. that is ultimately the plan. tom: pfizer, formal eua submission in coming weeks and o

ritika gupta is looking at some of those. ritika: we had $61 billion supply coming through. we are seeing the five-year auction drawing and yields of .99%. we are sitting highest yield we've had in some time if you look at the average on the five-year, it is covering at 2.37, pretty much in line with the average. we did see the two-year auction earlier a touch softer. we are seeing indirect bidders around 54.3%. that is a little below the average, 59.8. we know the five-year auction very much in focus. i said we had to year with a double whammy of supply. how about treasury selloff. it was the belly of the that was underperforming. we have seen that continue today where we see the treasury selloff with anticipation of higher inflation perhaps or the fed is going to hike rates at the end of next year as well. we see the selling across the 10 year, we hadn't seen that since february of last year and also hitting a high at 30 years, sitting close to 2%. bonds are the story today and we have seen that play out in the equity space. alix: that rotation for sure. in terms of supply

ritika gupta joins us. spillover from asia really hitting european equities the most with the exposure to china they have. we are off the session lows. the ftse down .8%. miners getting hit, base metals. cap 40 down 1.8%. a lot of luxury stocks exposed to china. the dax was off nearly 3% at one point. they have a lot of global manufactured goods, so they have a lot of exposure. they really underperformed. this is on a day when we have the reconfiguring of the dax. that has gotten overshadowed, but it does increase the dax to 40 from 30. not a great day to start off trade. we have all of the sectors still in the red. in terms of individual movers, i mentioned the luxury names down. miners continue to be hit as iron ore stays below $100. let's flip up the board where we did see a turnaround in airlines off the back of the report the u.s. would be easing some restrictions for e.u. and u.k. travelers that have been vaccinated. i.a.g. surging up. they are looking to raise about 2 billion euros in a-shares sell. t

ritika gupta has more details. ritika: downward surprise for retail sales. they are down 0.9%. they were expecting a rise of 0.5%. u.k. retailers getting ready for school to start and going back to work. it seems the coronavirus's crimping a lot of that demand. we are down four straight months on retail sales. we are lower across the main categories. one important thing to note is this does not include restaurants. there could be this idea of the consumer preferences shifting, spending less on clothing and more on going out and socializing. interesting to compare with the u.s. they saw the consumer driving up retail sales. we are not seeing that in the u.k. i want to highlight the headwinds facing retail. supply chain, labor shortage, and inflation. i picked this out because the bank of england saying inflation could peek at 4% this year. a lot of talk about how that could hold. alix: thank you very much. what all this means for the boe next week. joining us is peter schaffrik, rbc global macro strategist. you have confirmed the data we are getting in the u.s., growth scenario.

i'm ritika gupta.is bloomberg. ♪ >> >> david will -- david is up to it. >> it's all about the strategist. i am more concerned about the high yield bond market. credit is one way he showed that was to look at the vix relative to the yield gap on high-yield bonds. when you run those numbers on the bloomberg terminal you find out the vix was it a four to start this week. you still haven't seen any -- >> high-yield doesn't show the haste >>. >>>> there is concern there is more risk if something happening in the high-yield market simply because you don't see the risk there to the same extent. >> you could argue the fed has been backstopping the stock market to some extent. there is no doubt it's part of a mix in the sense you could argue yields are artificially low and so investors have to go wherever they can to find yield in a lot of cases it's been the high-yield market which explains why the spreads between the securities and treasuries are small as they are. but whatever the source of it is, you see lo

i am ritika gupta. coming up, the ceo of bm technologies. oomberg. ♪ ritika: let's check in on the bloomberg first word news. a law on abortion in the u.s. will stay in place for now. the supreme court refused to block the law. maybe paramount pictures waited 35 years for top gun's sequel. the opening has been pushed back to 2022. there are concerns that the coronavirus will hurt the movie theater business. paramount also moved the pamir of another tom cruise film to next september. global news 24 hours a day, on air and on bloomberg quicktake, powered by more than globe bravo -- 120 crunchies. -- countries. alix: i re-watched the trailer for top gun. it looks good. that is my type of movie. guy: what is not to love? the first one was great, which is my only concern. the second one has a lot to live up to. there is a point in my life where i could deliver a lot of quotes from that movie. alix: you can still do that. guy: in a sad way, i am sure i can come along with most of life of brian. another mission impossible has been delayed as well. w

. ♪ ritika: i'm ritika gupta.ho have died from covid-19 have surpassed the number killed in the 1918 influenza pandemic. more than 673,000 deaths since the beginning of the pandemic in the u.s. according to john hopkins university, just shy of those that were estimated to have died a century earlier. the u.s. will soon reopen to most foreign travelers as long as they are fully vaccinated against covid-19. the white house at the new measures will also involve stricter requirements for testing and contact tracing. it is part of a swift reform by the u.s. to try to curb the spread of the coronavirus. the new rules take effect in november. in canada, prime minister justin trudeau is expected to remain in power but he may fall short of the majority in parliament. his liberal party is likely to win 155 seats. the opposition party is expected to win 119.

i am ritika gupta.omberg. ♪ this is bloomberg. ♪ >> with an infectious disease, it is hard to stop transmission without vaccinating children because they continue to spread it. everything we know about the biology of sars-cov-2 suggests these vaccines would likely be effective in children, but this is the first data. it is important to figure out the right dose. we need to look at all the data provided in the trial. this seems like an exciting develop. tom: we are going to look at the markets in a moment. futures negative. the vix down a solid five basis points. we are going to get to that in a moment. a short conversation now with an important author and supporter of biden pandemics. i love the cover of your book, deadliest enemy where you have me coughing at grand central station on somebody 14 feet away. to quote from your book, where are the black swans and red alerts of this pandemic? what do you see coming? >> i think there are two factors that are going to be key. just what we as humans do in ter