the cfo of societe generale. a warm welcome to the show. the banks are winning. their future is tied to the yield curve. three cents a share in a dividend and guidance. solid guidance on the loans. the improving situation for bad loans. how did they hit the top line? good morning. dani: a beach when it comes to socgen, net income coming in at $1.4 billion. the estimate had been under one billion euros and one of the impressive things here, equity trading coming back strongly, reflecting european peers as well as -- but overall, estimating they will move higher on these earnings. it is a very strong european banking season. manus: absolutely. checking in on some of the headline numbers for our viewers, when it comes to what tasks do you sit on, equity revenue up 10%. fixed income trading down 33%. that beats the street, wall street, because they dropped by 44%. it is about the guidance really around the cost of risk for the rest of the year that is going to set the agenda and the conversation you and i will have with the cfo but that is not the only conversation w

kit juckes with societe generale . next, raising vaccine sales. more on that next.s is bloomberg. ♪ alix: live from new york, i'm alix steel. guy johnson over in london. this is the european close. by amtek shares -- bion shares quadrupled this year. joining us now is a bloomberg health care and pharma reporter. on the call, did they say anything about boosters in light of the delta variant? naomi: those were big topics on the call. people asking about boosters. they have repeatedly said that they think the best approach will be to continue with the booster doses for existing vaccines, so looking at a third dose of the existing vaccine. that would probably be enough to deal with the delta variant. now, they are not ruling out a booster with a different sort of vaccine in the future, but right now, they are saying they will stick with that. guy: this is a company that has come really far really fast and that is reflected in its share price. however, in some ways they are still a one trick pony. this is the only product they have on the market. what next? i know they

jonathan: subadra rajappa joins us now from societe generale. 850 8000 is the median estimate. the range is huge. it always is these days. a lot of people in this bond market wondering what moved the dial more, big upside surprise or big downside surprise. which one does? subadra: i think the bar is quite high. you need to see either at or above consensus number for today and for bond market yields to continue to rise from here on. thus far, what we have seen is more rally on bad news, doom and gloom getting priced into the bond market. for that to get unwound, you really need to see a very strong number today, and not just a headline number come up across the board. you need to see the participation rate increase. you need to see strong evidence that people are actually coming back to work. so you really need to be strong for a report overall. tom: where does the wall of money fit into all of this? we really haven't talked about it this week, the overwhelming price action of your world, bills, notes and bonds. there's a wall of money pushing price up. subadra: it will be next

societe generale taking a price target down to 280 krona.here it trades right now. it trades at 253.90. perhaps a bit of negative sentiment driven by that. the stock not all that far from its recent all-time highs that it hit in the last year or so. president biden vows to hunt down those behind the kabul airport attacks that killed 13 u.s. service members and dozens of afghans. we will get an update next. this is bloomberg. ♪ ♪ pres. biden: for those who carried out this attack, as well as anyone who wishes america harm, no this -- know this, we will not forgive, we will not forget. we will hunt you down to make you pay. >> we know that the window of time is closing and it could be 10,000 people who are brought to safety, but i would like to make it clear again today that we will not forget those who are not going to be brought to safety by the airlift. >> this attack shows the importance of continuing that work in as fast and efficient manner as possible and that's what we are going to do. >> all of us are put in a situation which is -- i