that is the headline coming through from siemens health and ears -- siemens healthineers. let's recap because it is an interesting one. the numbers are much better. the share buyback is expected to begin in the fourth quarter. credit numbers coming through. second income net income better than anticipated. they are seeing full year 2021 social revenue in line with previous guidance. full-year adjusted rest below 40 basis points. they saw that previously below 60 basis points, so bringing down the cost of risk. interested to look at the way businesses have been handling that in the provisioning banks are having to do. we have got plenty to come in terms of our conversation around banks. we have unicredit in the news. that will be picked up later as well. lots to look out for. in terms of the interviews and the guest who will be speaking, we will be talking to the cfo of natwest, allison rose. that is coming up in the next hour. we will also speak to the ceos of wholesome, edt, renault, and l'oreal. plenty more ceo interviews after two days of many ceo's coming to you here.

that will employ over 2,000 people, and siemens says they'll utilize their robust u.s.th the buy america standards from the federal railroad administration and plugging the bipartisan infrastructure plan congress is negotiating now saying this: the secretary and the administration continue to urge passage of the bipartisan infrastructure framework which would encourage job creation and investment by american-owned companies in this sector. but, neil, that taxpayer money for this project is still going overseas. see mens is based in germany, and they're going to be benefiting from this 3 billion government contract at the end of the day. neil? neil: thank you very much for that, hillary vaughn. in the meantime, i don't know how many of you have been following this elon musk court hearing thats's going on concerning tesla's purchase of solar city, but, of course, at the heart of this is where whether he was intimately involved in something that came back to haunt him, proponent for saying they really hadn't examined the details of that, that he has been saying that he has

microsoft, salesforce, a number of companies, siemens, the auto companies, they've come out for it, in favor of the jobs package. others have said, yes, there ought to be an increase in the corporate tax rate. everyone seems to agree that it is wrong that we have so many companies who paid no taxes last year. and we have to close loopholes that enabled that. you know, a lot of people, maybe they feel 28% is a bit too high, and maybe 26%, 27% might be a better number. but i have made dozens and dozens of phone calls to ceos across industries. they agree we need big investments in infrastructure. they applaud the president for calling for not just traditional infrastructure. they like the investments in research and development, broadband, technology, semiconductors. and they know that higher corporate taxes are a way to pay for it. david: now, people in washington often measure one's power by how quickly it takes to get your call returned. so when you are governor of rhode island, you are calling the ceo of microsoft -- i don't know if you get your call returned right away, probably you

kid on display at the max. asha you're outside moscow or he is eulissa for vala, joined an arabic, siemens, preparing for the events. opening the record. the launch of the month 2021 international s face and all preparations are in full swing in the most regional members of the 1st slide. alabassic teams are practicing best sounds right before the show, and we are lucky enough to be part of the hassle. so this is my 1st life would be 5 life. our 6 team i flight has existed for 12 years and during this time, dad become multiple well champions in both group. and so by 6, the guys train in the pool to 50 to 64 planes with paste and engines. the team also has a unique support to says he want in the arsenal immediately after the marks asian sho, zacharon will travel to poland to participate in the world championship. it's better not to look down the pilot instructor irina marketplace policy. blaine. she has been involved in asians for for over 35 years. why do you think so many people suffer from ara fabian? why are many people so afraid to fly? to say it's absolutely no typical for me. so i ju

siemens the civil rights movement as part of our narrative as an ongoing journey towards a more perfect union as part of that , the tactics of the civil rights movement, the peaceful nonviolence struggle and yet we rarely ask about particularly the kind of short lifespan of the civil rights movement in the 1960s and the tactics of peaceful nonviolent protest. the fact is you point out in your book what you describe as violence in black process begins as early as 1964 in harlem, in philadelphia and of other cities. the turn towards violence was of course universally condemned in its own period when violence broke out in response to george floyd. it's universally condemned in our time. there is the question of why are they burning down their own communities ? i think particularly the civil rights movement and the shift towards violence as a tragedy was captured and i want to quote this on the 50th anniversary of former president barack obama gave a speech in which he described that transition in the following way. quote, if we are honest with ourselves we will admit during the course of 5

i talked to the ceo of siemens a couple times in the last few weeks, i talked of the ceos of the bigomakers. they are raising prices because they have higher input costs. next year, when the input costs are back to normal, they will not lower prices. they might not raise them as much in the future, but the bottom line is you see this inflation not as a sector of what we saw the 1970's and 1980's, we are not worried about anything more than 3% or 4% in terms of core cpi sticking around too long. neil: inflation will be transitory in the sense we will not have inflation growing at 7% annualized the next 12 months. the fed thinks inflation is growing do something around 2% next year. the issue is whether inflation, how much inflation grows. if it sticks around the 3%, that becomes an interesting discussion at that point. inflation is going to moderate and i think that is going to provide temporary relief to some of the doves on the committee. i think the bigger issue is we are transitioning from one inflation story to the next. the fed does not get a chance to catch their breath. they'l

dani: to your point, we've seen a lot of corporations from pepsico to siemens energy one about higher costs, whether it be from materials or labor. at this point, how important is it for companies to have rising power and be able to pass on costs and not see a hit to their margin? martin: that is a crucial point, and for instance, you can see over the past decades, corporates have had no pricing power. it's like the global equity market has been very high and macro tailwinds are extremely bullish. that means for equity markets and housing markets, they are very strong, for the corporate sector or any board, you have the best opportunity for decades to hike prices and they can potentially stick. because we have multiple supply shocks. the macro backdrop from monetary policy, fiscal policy and the banking system is very positive. much different than post the financial crisis. for companies, it is actually the best opportunity to put prices up and see when they stick. i think we will see that in the reports in the next few weeks in america and europe. dani: interesting to dig through wha

kailey: on the margin question, we saw the likes of siemens energy and conagra come those pricing pressures showing up in a very real way. when we talk about the ability to pass costs on, the consumer isn't necessarily having more dollars in their pocket to pay for all of these goods and the higher prices they are faced with. do you expect that to become a problem? how do you factor that into allocating within a portfolio? alicia: i think we have to think about the stimulus coming from the government. 39 million households are getting payments of child tax credits, so these are the households that have a propensity to spend. it is not the high income households. high income households will save. the low income households who are eligible for this will spend. so you do have some fiscal here being able to support the economy. i think margins are near their peak and it is been very impressive how corporate america was able to survive the pandemic and retool companies. i think you are seeing some of the benefit in eps. eps alone has gone up about 10% for the second quarter as earnings season ha

siemens owns around 75% of the company. they had a big hit a few weeks ago.his should be a more positive space for them. anna: we will keep an eye on that. interesting they talked about a real drop-off and expectations for covid testing. hard to judge, i suppose. thank you to our equities reporter. a minute until the start of cash equities trading. we are focused on china, the story of technology in the u.s. and commodities. >> the market closes in five minutes. all of the major indexes have closed down. big tech also soggy. less worried about it overall. the u.s. stock market only made a record high monday. these are the big themes we are watching. anna: back to the highest levels we have seen in a decade. thank you for spending the past hour with us. futures pointing to the downside. weighted down by some of the factors described. the opening is next. this is bloomberg. ♪ ♪ anna: welcome back to "bloomberg markets: european open." eight minute to go to the start of cash equities trading. amazon fails to deliver. the e-commerce giant plungers after missing e

it was siemens at the heart of it yesterday.oday, we see the european future picture looking mixed. the u.s. picture looking fairly mixed, fairly flat this morning, down right now. nasdaq features down .1% this morning. let's get to the gmm and ceva close we get about the asian session here -- see what we get about the asian session here. msci asia-pacific is down .4%, but we are going to study through asia, a lot of focus on inflation risk and over in the united states, the fed watching. the delta spread watching that. interesting to note that we do have the hong kong market up .3% , a plan to exempt ipo's in that particular city being implemented on new listings elsewhere in china certainly a focus for investors. let's get to earnings stories we've had out this morning and get a perspective on the making sector. income from commissions on services such as credit cards, asset management and corporate finance -- finance fell to an all-time high. that are shaped than expected, credit losses -- better shape than expected, credit l

have a negative impact on will corporations to be able to complete global when i had to do against siemenslessons that corporations if they haven't hired taxes those are passed on consumers shareholders lower returns we act as though corporate taxes are freebie don't affect anybody what i wish in this whole discussion of how we are going to tax things, and spend money, we have a more honesty transparent discussion of effects of this, u.s. competitiveness commercially important we saw when corporate tax rate was so high at the same time we need to create revenue to pay for the things we demand it seems a growing demand for steppeding again i think we should think about where we produce spending if you want to raise revenues i think you look at where most fervent introoests are corporate tax rate is not top of that list lower than people needed there is probably room to increase some certainly not back to where it was, i think there is more if you need revenue to think about how to he equalize corporate tax base still very complicated, swiss cheese not creating level-playing field i look at