sebastien: you can see in the americans aret demanding european equities. whichve to secondaries, is quite advanced. you should know in general what is moving up. everything moves up. volatility comes through the system, the bad stocks will stay on the floor, and the rest will have done quite well over two to four w eeks. the question is whether you want to be investing in value versus growth. growth is a great place to be, wherever it relates to funds. the question is whether value is a safe place. poorly. to do the question is what exactly is value? in reality it is complicated. some are good in value, others have difficulty. what you will probably be looking for is people with flexible solutions, automated systems, switching for example from equities to doing currencies. so buying a lot of yen. the ability cases, to analyze stocks and shift risks across sectors. and assets do better in terms of their reservoir. and looking at infrastructure. so we recommend, or we savor equities,arket through climate funds. and we push that through to infrastructure, bec

sebastien: i think that's correct. one of the highest estimates i have seen for the global stimulus measures between fiscal , monetary, all over the world is $24 trillion, if you include some potential measures. think about that, $24 trillion. the size of the stock market webally is $50 trillion, so are talking about stimulus measures that represent half of the total market cap of the global stock market. we are getting more money relative to stuff to buy than ever before, and we are getting it three times faster than ever before. lisa: i am buying your cause here and saying stocks perhaps look better than bonds. so why are you selling stocks right now? sebastien: we benefited from the recovery, and there are risks to this rally. to be clear, we are neutral. we think now is not the time to be a hero, if you will. some of the key risks are what you are talking about on your channel this morning, the political uncertainty. the stimulus relative to fiscal in the u.s. and the deadlines we are heading towards. it looks like

other austrians say that sebastien kurtz‘s rhetoric is too hardline and nationalist.nd, frankly, a quite stupid position, because austria, while being a rich country, is dependent on its neighbours and the eu and the euro and it is a common currency and we should finance countries together. he said he is preparing to go to italy to train a winemaking business there. many here realise that help is needed throughout europe, but when it comes to money, the devil is always in the details. bethany bell, bbc news, in eastern austria. a ceremony has been taking place in the spanish capital, madrid, to remember the country's 28,00 victims of the coronavirus pandemic. the royalfamily and political leaders — all wearing face masks — attended the memorial at the royal palace, accompanied by senior world health organization figures. spain's king felipe vi paid this tribute to those who had lost their lives and the families left behind. translation: i would like to start by remembering those who have passed away, and i would like to share our condolences, deep and sincere condolen

sebastien kurtz is doing well in the opinion polls and his message about being careful with austrianpular. but observers here say there will be a deal. the austrian government knows that in the end europe is about compromise and that there will be a compromise. that is how europe works. it is easy for them to be tough for negotiations and then come home with a victory, because in the end they know there will be a compromise, which will be also beneficial for them. 0ther austrians say that sebastien kurtz‘s rhetoric is too hardline and nationalists. this translator says austria should show more solidarity. i think it is populist and egotistical and, frankly, a quite stupid position, because austria, while being a rich country, is dependent on its neighbours and the eu and the euro and it is a common currency and we should finance countries together. he said he is preparing to go to italy to train a winemaking business there. many here realise that help is needed throughout europe, but when it comes to money, the devil is always in the details. bethany bell, bbc news, in eastern austri

other austrians say that sebastien kurtz‘s rhetoric is too hardline and nationalist. to go to italy to train a winemaking business there. many here realise that help is needed throughout europe, but when it comes to money, the devil is always in the details. bethany bell, bbc news, in eastern austria. here‘s the weather with matt taylor. hello. there will be a bit more sunshine today but even if the cloud remains in place it should be a bit brighter than it was during yesterday. also looking warmer across many parts of the country. let‘s look at the details. going into the afternoon, the odd spot of light rain and drizzle, tempest in the north and west of scotland, particularly across the hebrides, this weather front approaching, breeze picking up, heavy bursts of rain. away from that, lots of cloud in the north—west of scotland, 15 degrees are high, warmer to the east of the high ground, aberdeenshire, reaching 24 degrees. breaks in the cloud possible, sunny spells possible, may still be gloomy on some of the hills in the mess, temperatures in the teens, more widely

loans and paid back he is considered $1.00 of the biggest obstacles to a deal austrian chanceless sébastiencould it's cooks' thinks an agreement can be reached but not necessarily this weekend. is used. there is still a lot of questions to be answered 1st of all to where should the funds school who will be the main recipients what is the suitable critical year for this. though clearly delighted to be meeting up again in person the jovial atmosphere is not expected to last long german chancellor i'm going to mecca is cautious optimism in the days leading up to the summit seems to have subsided. this put off it will take a lot of willingness to compromise from all in order to agree on something that is good for europe that would be good for the people of europe with regard to the pandemic that would be a suitable response to the economic difficulties we're experiencing so therefore i expect a very tough negotiation about the e.c. as it should be able. to nab dispositions like the seats are still a part i'm joined now by our correspondent arena strands in brussels maria we know this is a reall

sebastien cts was one of the few leaders to come in this morning on twitter and he said actually he's already happy with the outcome so far well merino there is some sense of optimism but we heard the dutch leader mark were just saying this could still fall apart so what needs to happen today to reach an agreement. you know leah's real definitely would have to discuss the mix of grants and loans this is the big topic and also on the what conditions the money will be handed out and if it will be attached to some sort of fruit of mechanism and here we have 2 countries that are strongly opposed to this hungary and poland so there's still a lot of discussion going on today and that's for sure and remind us why it's so urgent that they reach an agreement on this package as soon as possible. so we were heading towards a summer break here in brussels usually or was this really quiet here and when the parliament is reconvening in september there has to be a badge it also you will have to make sure to find the money somewhere to make it accessible i'm still january 2021 and this is really cruc

valid a company's business model is in the corona era and let's get more on that we are joined by sebastien link he is of the a full institute in munich welcome to the program and thank you for joining us we just heard millions of people unemployed in germany how much worse could it have been without the short time work schemes now good morning welcome and thanks for having us yeah we have does corona crisis affecting the german economy and of course the german market is also very strongly affected by this crisis however unemployment did not increase that much we've seen unemployment going up by less than 2 percentage points and unemployment rate going up by less than 2 percentage points since the beginning of the crisis but we've seen more than $7000000.00 people on showtime burke so decision that we would have seen lots more on employed if we would not have to scheme in place and so that looks like good news on the face of it but when you drill down a little bit deeper many economists saying that this is essentially helping to prop up so-called dumby jobs which economies would would be be

. >> hey, sebastien. >> but neutral overall. >> sorry. >> go ahead. >> small caps tend to lead out of a recession okay i agree with that point. i think, though, even if you look at a fiscally adjusted pe ratio for small caps, they are still not cheap. even if you eliminate the effects of what's going on right now or minimize them and look at a long-term horizon, normalized earnings, if we get a normal economy back, i like small caps, too, but i can't make the case they are a bargain right now what am i missing? >> well, i think you have to look at the cyclicality and how you want to take cyclicality if you're of the view we're going to get to this eventually. valuations at the moment are very hard to estimate. it depends which earnings measures we look at. i agree it's different if you look at longer-term earnings or current earnings there's so much liquidity in the system if you're giving a choice between cyclicality or more secular-type risks in value stocks, for example, i'd rather be neutral between value stocks, 6 to 18 months horizon, maybe hold slight overweight to growth stock

up, sebastien galy.berg. ♪ it's pretty inspiring the way families redefined the word 'school' this year. it's why, at xfinity, we're committed to helping kids keep learning through the summer. and help college students studying at home stay connected through our university program. we're providing affordable internet access to low income families through our internet essentials program. and this summer, xfinity is creating a virtual summer camp for kids at home- all on xfinity x1. we're committed to helping all families stay connected. learn more at xfinity.com/education. ♪ nejra: u.s. jobs figures surprised to the upside, but jobless claims show that weakness persists. and the coronavirus is accelerating in america. case closed, german lawmakers back the ecb's qe program, ending a standoff between the central bank and the nation's top court. boris johnson will tell citizens to act responsibly as restaurants and pubs to reopen tomorrow. this is "bloomberg surveillance." happy independence day in the u.s.

other austrians say that sebastien kurtz‘s rhetoric is too hardline and nationalist.r. he said he is preparing to go to italy to train a winemaking business there. many here realise that help is needed throughout europe, but when it comes to money, the devil is always in the details. bethany bell, bbc news, in eastern austria. you are watching bbc news. a reminder we will have more on these stories to come. and you can keep an eye on our website. now it's time for a look at the weather with matt taylor. hello. there will be a bit more sunshine around today. even if the cloud remains in place, it should be a base be a bit brighter than it was yesterday. also looking warmer across many parts of the country. let's ta ke across many parts of the country. let's take a look at the details as we go into the afternoon. there will be an odd spot of drizzle around, dab his conditions in the north and west of scotland, particularly across the hebrides. heavy bursts of rain and a breeze. lots of cloud in the north—west of scotland. 15 degrees is the high, but a good deal warmer i

as the rain frustrates the hamilton in budapest as ferrari's sebastien vessel goes quickest. thanks for joining us new flare ups are prompting new lock downs as the coronavirus continues to ravage the world and the w.h.o. says a record 237700 43 infections were reported in the last day or restrictions have been reimposed in israel and the philippines as well as more states in india which has become the 3rd country to record more than a 1000000 confirms kovan 1000 cases the other 2 are brazil which has now more than 2000000 confirmed cases including its president john you're both so narrow and over 76000 debts and the us that's where more than 3600000 p. people have been infected 77 thousands of them in just the last day and nearly one 139000 people have died including 948 reported on thursday so the top infectious disease expert in the u.s. has warned the country could reach 100000 new corona virus infections a day that's if it doesn't embrace stricter containment measures dr anthony fauci says local leaders should be as forceful as possible on encouraging the public to wear