sarah ponczek is a cross asset reporter for us at bloomberg away think understands this phenomenon verys there anything that will break people free from this cycle? brands, the watermelon pumpkin spice hand sanitizer? really alluring. i think if you will have any catalyst and something that really sticks. we have seen fits and starts where we see value take the lead. to really see this stick, you need the skittishness over covid to really take hold. you look at nasdaq outperformance, faang outperformance, it is the safety or the stay-at-home trade all wrapped in one. intial jobless claims coming better than expected. back-to-school season, people are worried what that looks like. our kids going to be able to go to school? there is still a skittishness. as long as you have that remaining, you can say this trade will go away. joe: you talk about all of this, one trade. incredibleing an year, especially in the midst of this crisis. big realis it all one rates trade where real interest companies withnd no profit before the year 2050. allh: these really are interconnected. a lot of people lo

sarah ponczek has a great piece about the companies doing well.nies that are technologically advanced, perhaps have fewer people working for them. she points out the value of intangible asset per employee. brand recognition compared to the number of people employed. joe: i think this is a super interesting chart. the companies whose business models really are about i.t. and -- about ip and intangible assets. if those are the companies that are making all the money and doing phenomenally well, you raise the question of can you sort of generate inflation? trend, more about this we want to bring in mauro g uillen. thank you so much for joining us. has the coronavirus crisis just sort of accelerated a move that we were already going to see but perhaps compressed it into a short period of time where companies are really just going to take more and more share of the economy? see ani think we will acceleration of that trend. network effects are going to a think lead to a concentration of business power. . we shall see what the implications are of that, o

people have from a company this big. , i want to this bring in bloomberg's cross asset reporter sarah ponczeky was a different. it was not just tech. sarah: today did buck the trend. if you look at the percentage of stocks on the s&p that gained today, it is between 80% and 90%. stocks on athe best percentage basis, your airlines, cruise lines, hotels. a very different tone from what we have experienced for the last couple of weeks. this is kind of to be expected. we have seen this narrative, this episode before. really any time you have a day when you have positive news about a covid treatment, covid vaccine. over the weekend, convalescent plasma, the fda. still yet to be seen if this is really the start of a broadening out of the rally. but today really did buck that trend from the last couple of weeks. romaine: when we talk about the potential broadening of this rally on a sustained basis, we have to talk about all this cash ostensibly on the sidelines. it seems that some people are dipping their toe back in the water. the latest data, we saw short positions actually drop pretty substantia

sarah ponczek and catherine grayfield wrote a terrific article that i put out last night and i will put out again this morning, giving some of the historical backdrop to what they have done to the dow. salesforce.com, speaking of data, up 21% per year in the last 10 years. equities surge on the news, and the stock as well. they be some trade glory in there as well. futures up 11, dow futures up 1.31. the vix has not moved, an important sign. 22.44. turkish lira, 7.40, rounded up, esther erdogan talking about the -- mr. erdogan talking about the economy today. he is not happy about what is going on. down, the tip. that will be front and center for chairman powell. anna? anna: absolutely, jackson hole coming up on thursday, and we look to his comments around the real yield and around the average inflation targeting. on my data board, i've got a host of reactions really to u.s.-china policies. european focused data board, but it does react to the big global scenes between the u.s. and china, the fact that we are seeing this more positive mood music overnight. that lifted stocks in europe.

sarah ponczek. we are getting more breaking news in terms of the earnings drum roll in australia. we are getting suncorp reporting net income for the full year that beats the average analyst estimates. they offer retail business banking, general life insurance amongst some of their businesses. the four-year net income coming in at 913 million aussie dollars, the estimate for 818 million. the final dividend per share are being issued is just one billion since. to the be speaking suncorp ceo a little bit later on. ahead, alibaba's revenue growth returns to pre-pandemic levels. the company says it is keep an eye on very fluid policies in the u.s. we are breaking down the numbers at of china's most valuable company. before that, we will be assessing the latest with neil ferguson. we will be gathering his thoughts on what he is calling the new cold war and prospects for the u.s. election, next. ♪ karina: you are watching daybreak australia. iran has shown a new cruise missile as the u.s. called for new sanctions against tehran. mike pompeo said iran is not come playing with the 2015 nu