good morning, tom mackenzie. tom: this is now the key risk within the chinese market and the chinese economy. what we're seeing today is a bleed across to the rest of the proxy sector. you can see it with the hang seng property index, it is now to five year low. the read across to the rest of the sector, what is the mean for regulators and the broader economy? manus: let's step back for a moment on risk. so far we've seen that ever grand for the moment seems to be a country level risk, not a global risk. we've got to resist the temptation to game the market, despite record highs and instead diversify the exposure and seek ways to protect yourself. will the earnings story take us through the tapered risk, a great note from the ebf. tom: it's an uncomfortable rally, that's the point of these calls we are getting. jp morgan saying cut. ubs allying somewhat with that view. asia is in the red this morning. let's check in with what's happening on the msci asia pacific. casino stock still under pressure, reflected in wha

i'm tom mackenzie. this is "bloomberg daybreak: europe." decision day, investors await any changes to the ecb bond buying program as rising bureaus energizes the hawks. mobile stocks fall amid fears of a recovery slowdown. the fed says the delta variant hit u.s. growth in july and august. china's regulatory crackdown continues. tech shares take a beating as gaming companies face oversight. inflation searches to a 13 year high. it is the ecb we want to focus on. i want to bring your attention in terms of real yields on high-yield bonds in europe. as a result of that enormous balance sheet held by the ecb, those real yields of high-yield bonds are in negative territory. that 3% inflation picture, you get negative yield in the high-yield space. that talks about the reach, the lack of yield as a result of the oversight ecb balance sheet. will that change to any degree? will the middle move at today's meeting? is this a bet by investors that the inflationary picture is more transitory than hawks are suggesti

tom mackenzie alongside me at london hq.vey for german economic sentiment is due out later today. it will shed light. german manufacturing data surprised to the upside in july. companies expressed their concerns about the impact of higher prices and shortages of materials. maria tadeo is in berlin with all things german. inflation up at levels we have not seen 2008 so it is a worry for the bundesbank. this is like shockwaves. maria: yes. we will see how much of a worry it is for the german central bank on thursday when the east be meets but you know, overall, when you look at the german economy, it is hard to tell what is the state of this recovery because we do have data points that contradict each other and the narrative that we heard from the german industries and also the companies that say they worry a lot about prices but also about big supply issues coming across everything. it's not just chips but things like metal and even paper. yesterday, as you said, we did get the pickup in factory orders. it was a much better t

i am francine alongside tom mackenzie. embarrassing revelations of their stock trading during the pandemic. treasuries spike. two year yields hit an 18 month high as the five-year tops 1% and fed officials signaled the taper is coming soon. powell and yellen testify later today. brent crude costs $80 a barrel while the global energy crunch continues, sparking further gains in natural gas. we are just under an hour away. futures are holding onto gains. 0.2 -- between 0.2 and 0.3 percent. a similar picture across the board for the s&p futures. the focus is on china. we await more news from evergrande. this is also an energy prices -- crisis. what it means for the recovery. the s&p 500 futures gaining a touch. the futures of the nasdaq unchanged and you are looking at the global macro groups. tom: as you say, it is a question of energy, the yield story, and china as well, the three big elements laying into the market sentiment. a mixed picture across asia. the pboc coming in with another net injection of 15.5 billion u.s. dol

i am tom mackenzie in london with manus cranny in dubai. focus is shifting to uscp i later today. risks from delta and supply chain shocks have pushed price higher. if consumer prices are hotter than expected, the fed could alter their timeline. that's what investors are watching. still with us is martin malone. where is your view now? what are you saying in terms of the data at hand, and your team and your view on whether or not this is transitory or embedded or the timeline for the fed. martin: we do view there is a transitory issue, and structural issues that could come about, but simply in q3, we see a peak out of inflation just over 5%, and that could taper down to probably 4% in the first half of next year, and the second half of next year, down to the 2% figures. the fed is right about transitory, but it could upset -- could be upset by events or if we see restrictions on color wages. manus: what is the bigger risk, $100 oil, goldman says $80 employee -- oil impacts inflation. what is the bigger risk for you and how should you positi

i'm tom mackenzie donlon -- in london. happy friday.ning us now is edward park, cio at brooks mcdonald asset management. good morning. thank you for joining us this friday. more hawkish tone from central banks. the pboc injecting liquidity, but the norwegian bank and the bank of england as well, the rate cycle needs to be firmly in focus. the yield moves we saw overnight, that spike in the u.s. 10 year, do ucs getting back to a level around 1.7%, where we were in march? >> i think we are still a ways away from that. we saw a flattening of the yield curve. the federal reserve might do more now sooner than initially expected, but that will dampen inflation down the line. especially one of the things we are watching very closely is where that 10-year is, in the middle of that. . we have seen disappointing growth since the middle of this year. our expectation is inflation is going to be a controlled transitory narrative that will ultimately win out. as a result, we will not be testing that 1.7 percent, 1.8% we saw at the beginning of the ye

manus: i like that, tom mackenzie. might take some of the emotions out of it. pen -- oppenheimer and rates will remain low. tom: where are we in this cycle, the economic cycle, the other side, the mirror side, the flip side of this debate saying, the monday selloff in the u.s. was a clear crack in these markets of the you could see the s&p fall as much as 20%. he is flagging the risk around the economic data. let's check in on how the markets are playing out. the asian session, china is back after the three-day holiday. csi 300 lower, not as much as the future suggested in terms of the futures u.s. side after a mix close on wall street yesterday, bitcoin is a story today, falling below 40,000, it is back above 41,000, the pressure from the regulatory front in focus again for the crypto currency space, manus. manus: you're on fire today, you really are. let's talk about the pressure ever so slightly, the developer says it will repay nearly $36 million in interest due tomorrow on the domestic bond, let's bring in the greater china editor. john, so let's see what

i'm tom mackenzie. u.k.'ata for august have come out today, and it's expected that the reopening of the economy is helping bolster sales for clothing retailers. that's as they are looking to update wardrobes and they get ready for the return of school and colleges. let's get to our reporter for what to watch out for. i imagine that you've been out there updating your very suave and sophisticated wardrobe. >> i'm not going to lie, i have been doing shopping whilst i've been here, but we are expecting retail sales are going to be rising, the expectation is north of 3.7%. a lot of that is clothing as people repaired to get back to school. less casual wear and more dresses for social occasions. but while we're seeing retail sales for clothing driven higher, we are seeing digital sales, online sales, actually falling a big drop from a year ago as we get the vaccination rollout. it's not just the u.k. you can see on the chart here, france and germany. pretty big drop. it's also a tough story from a year ago. everyb

tom mackenzie alongside me in london. to know about a market that is squeaking higher come of this on a commodity complex. trading above $3000. for the first time in 13 years. a huge report out this morning about the overall supply situation. we are ranking on this market. tom: there are questions about the supply of boxlike to china. the goldman picture outlined getting more sustained price hikes. $80 a barrel is the number they looked at. manus: what are the emergency stockpiles in china? we have seen them do this cautiously in a number of commodity markets. we need to understand the ballots. -- we need to understand the balance. the race in vaccines and new variants. that will not end until covid-19 has touched everyone. according to the experts, eliminating the virus will not happen in the next 3-6 months. closed schools, canceled classes, working from home will become the norm again. any indication on the numbers. hit me with the data. are they coming down in countries that have been hit hard. and are we looking at a

i'm tom mackenzie. this is "bloomberg: daybreak europe." japan is set for a new leader. the prime minister plans to resign after just one year in the job. the nikkei jumped. opportunities in china are too big to miss despite the crackdown, we will bring you our exclusive conversation. it is jobs day, another banner report could push the fed closer to tapering. the dollar is mixed after another record on wall street. the fed and jobs are in focus, but the political story of the hour is this news that the prime minister of japan will be resigning. he will not be running come september and not in the general elections later this year. the reaction on japanese equities, a leg higher, the belief that the unpopularity of mr. suga and any placement could prove positive. fiscal support is something we will dig into shortly. let's check in on the markets broadly. mse i asia-pacific is up after a positive close. -- msci asia-pacific is up after a positive close. the nikkei up 2%. the yen is at 1.10. a broadly negative weaker data playing out, president xi jinping outline plans for

manus: good morning from our middle east headquarters in dubai, i am manus cranny, tom mackenzie alongside me in london. we are "bloomberg daybreak: europe." there are ongoing ever grant debt concerns. -- ever granted debt concerns. and bill dudley says the fallout from china real estate will not stop the fed from signaling its own track to taper. shell sells its permian basin for $9.5 billion as it plans to distribute $7 billion to shareholders. good morning. my favorite line from reading, was yesterday a rational de-risking, were we already traveling at extreme altitude? that is a very lofty call. good morning. tom: and we talked in the past how this is been an unloved rally, and that was permeating what we saw in the price action yesterday, but it is also reflected in the positioning by stocks traders around some of these defensive derivatives. we can show you a chart that shows demands, the skew chart, it is the steepest since 2018. these stock investors have been hedging this rally. manus: hedge meet up before you go-go. channel my inner wham! here is the debate. ivanka of edge versus

tom mackenzie in london hq.e that they use is for many months so these are the latest headlines coming from the ceo, oliver. matt miller is on the ground, isn't he? this is a global issue. renault le maire saying europe has to fix -- bruno le maire saying europe has to fix that. the dax undergoing a big revamp, the biggest since the 1980's. the industrial heavy dax getting a little bit more blood. the online fashion retailers, hello fresh, and 10 companies all joining the index. what does it mean for traders? he is in frankfurt. how significant are the changes? >> pretty significant. the biggest since the dax was introduced in the late 1980's. this all started a year ago when the company collapsed while being in the index. he decided to make a couple of changes, with new measures for companies to post a profit before they can join. the final step was they added two new members and among them are a couple of both stocks. the index gets a little bit new dna and a fresh taste. tom: what is the impact likely to be o

i'm tom mackenzie. this is "daybreak: europe." ecb policy makers sparring over ending stimulus amid a rise in inflation. stocks are mixed as we position for the u.s. jobs report. chinese taxpayers some gains as ride-hailing companies come under criticism. we will hear from president xi jinping. opec plus sticks with plans to supply hikes. perspective from -- of energy aspects. i want to bring your attention to the positioning of two of the biggest, most important central banks. a terminal chart showing what is happening, in terms of a yield differential narrowing between the pboc and the fed. when it comes to the benchmark, the u.s. 10 year and chinese 10 year. chinese 10 year 280. the u.s. 10 year at 130. not near the 70 highs we got earlier for the u.s. 10 year. but those of you coagulating coming to the idea that 150 is what you get come the end of the year. china is different. pboc pumping about $40 billion to $50 billion into its banking system to support sme's. that is playing into the bond space. 280 on the u.s. benchmark.

tom mackenzie alongside me in london hq. let's set your agenda. china's a covering weekends.etail sales crumble as consumers pull back from the face of new covid outbreaks. treasuries hold yesterday's game after lower-than-expected u.s. inflation gives the fed wiggle room. paring back bond purchases. apple debuts the new iphone. a lack of major upgrades push the stock lower. plus. >> this year, we will have recovered to pre-covid-19 levels before the end of the year. we had anticipated it would be 2022 at best. manus: europe's recovery is going better than expected. but risks remain. more on our exclusive conversation with the ecb president this hour. madame lagarde says it's going faster. 5.3%. the bond market took it well. the crack went mad for team transitory. good morning. tom: good morning. where does this year lead? you are sitting in the middle east. will will you put your assets? look to the u.s.. junk bonds in the u.s. yielding less than inflation now, sub 5%. inflation at 5.3%. that's above what you're getting on u.s.. that issuance, the demand we have been talking

i am francine alongside tom mackenzie.ing revelations of their stock trading during the pandemic. treasuries spike. two year yields hit an 18 month high as the five-year tops 1% and fed officials signaled the taper is coming soon.

joining us is bloomberg's tom mackenzie. how do they fix this problem? tom: you point to the heart of the matter, which is social stability. for the communist party, they want to make sure that does not spiral out of control. it is not unheard of to see protests in china. it is rare. you are seeing it in north and the south, so the question is do they ride to the rescue. it has gone from the boardrooms to the streets now, and it is not just investors, who have been buying wealth management product. that has been tiding the company over in terms of funding the last few years. but also employees. we saw that in the north of china. and homebuyers themselves on the 1.5 million people have put down deposits on properties that have other stuff to be in constructed rrr in the -- constructed or are in the process for evergrand. rishaad regular we saw regulators -- we saw regulators approving a process to restructure. do they approve that now? $300 billion in liabilities, they came out and said today the rumors of bankruptcy are not true. bondholders, though, pric

i love our viewers, tom mackenzie. mpanies of wine listed and somebody wrote in vweus. they produce wines and sell other things. then there are italian wine brands. tom: there we go. worth checking out and following as we adjust to this world of less wine, but better quality. plenty more ahead. that is it for the european market open. this is bloomberg. ♪ in business, it's never just another day. it's the big sale, or the big presentation. the day where everything goes right. or the one where nothing does. with comcast business you get the network that can deliver gig speeds to the most businesses and advanced cybersecurity to protect every device on it— all backed by a dedicated team, 24/7. every day in business is a big day. we'll keep you ready for what's next. comcast business powering possibilities. it's moving day. and while her friends are doing the heavy lifting, jess is busy moving her xfinity internet and tv services. it only takes about a minute. wait, a minute? but what have you been doing for the last two h

i'm francine lacqua in london with tom mackenzie. ignations, kaplan and rosengren step down within hours of each other after stock trading activity while in public office. the u.k. has the military ready to alleviate its worsening fuel crisis. power prices hit record highs. olaf scholz begins coalition talks after claiming victory. armin laschet insists a deal will be struck by the end of the year. francine: i'm excited about the future. we are seeing a little volatility. it does give us an indication of what the market is looking at. energy prices at a record high, we are worried about china and a repricing. tom: the central bank of china with liquidity injections led to a mixed picture across the chinese session. they want to see the healthy development of the property sector. the story around evergrande continues to unfold. the u.k. government lining up the military to be on the road driving those carriers to ensure there is enough petrol. currently there is not. a lot of concern within the u.k. on that story. the cac quarante is l

i'm francine lacqua here in london with tom mackenzie. >> evergrande will repay bond interest due tomorrowis a dollar coupon today as well. it is fed day. u.s. futures fluctuate. the fomc is expected to signal a reduction in stimulus later this year. it is just four days until the vote in germany. chancellor merkel campaigns for armin laschet in a tightening race. francine: let's have a look at the futures. we could see a big selloff in china, but things seem to be -- somewhat with evergrande. we have had cash injection from the pboc. we are seeing a bit of a selloff. overall the focus will be on the fed. because we have china and everything else, the fed are more hawkish than expected. we could see market jitters. tom: we look ahead to the fomc, the flags pointing to the november taper. you are right to highlight what has been going on in china. you had this injection of liquidity from the pboc. a calming balm. you look at the evergrande payment, we are waiting for details and uncertainty remains. a less bad session is an asia. the shanghai compass it currently in the green. the ftse 100

i'm anna edwards in london with tom mackenzie.ster yoshihide suga plans to resign after just one year in the job. the topix closes at the highest level in 30 years. hsbc ceo says opportunities in china are too big to miss despite the crackdown. our exclusive conversation with noel quinn. another been a report could push the fed closer to tapering. initial job claims at a low. anna: let's look at the futures picture with those headlines in mind. the european futures picture looking lackluster compared to asia. the asian equity session pushed higher with expectations we might see further fiscal stimulus in japan. that is not translating into the european trading day. we have the jobs report later on. tom: the ftse 100 currently flat. the ibex flat as well. nothing has fed through from the positive asian session. china was down. japan strongly higher in the back of that political news, the bet there may be more fiscal support as suga steps down. cyclical's taking over from the big tech mega cap companies. u.s. futures are pointing hi

francine: i vote for tom mackenzie in pink velvet tomorrow. appen, i will be disappointed. tom: i'm not sure i'm at that level. maybe we will give it a spin. laura wright, in the pink, thank you very much. switching to the energy crisis in europe. this is a major story. here's what some of the energy ceos set on bloomberg tv this week. >> this is just the first inning of a multi-year, decade long commodity super cycle. it's driven by, we have the war on climate change. >> this it be a wake-up call to speed up the transition towards a fully sustainable economy. >> we need to invest more in renewables. >> more batteries to be sold in the u.k.. >> you simply produce more and store it. if they rise, take it out of storage. that's what we are missing right now. francine: we spoke to the chief executive who says he doesn't see the gas price surging paring anytime soon. >> honestly, it's the first time we have seen such high prices and summertime. it did not start from europe. started from china. all the lng from the u.s. went to a better price. it li

i'm francine lacqua london with tom mackenzie. tom: your top stories, germany decides.olls narrow as candidates invited take over from chancellor angela merkel. silence from evergrande. the developer has yet to make any announcement on a dollar note coupon due yesterday. european banks raced to assure markets their exposure is limited. and the white house ways invoking a defense law to force companies to provide data on semiconductor sales. we'll get the latest on the chip crunch. francine: happy friday. let's look at the futures, 10 seconds away from the market open, euro stocks futures open, quite a week, all about evergrande still at the forefront. markets although -- are a little bit easier, banks trying to reassure their clients about it. wind is also picking up here in the u.k. next week, which means the energy crisis could abate a little bit. but it's also about inflation trade. tom: absolutely, futures pointing lower, essentially snapping today, three days of gains across the european market. the spanish ibex opening .4% over here in the u.k., the ftse 100 flat,

i am francine lacqua with tom mackenzie. here are your top headlines. debt ceiling fears.len warns of catastrophe including a possible default. treasuries selloff is eased. elizabeth warren launches a blustering attack. jay powell potentially complicating

i'm tom mackenzie. this is "bloomberg daybreak: europe." president biden and president xi speak on the phone a med u.s. frustration over dead-end talks with china. global stocks tick higher. the ecb slows the pace a bond buying but christine lagarde insists it is not a move to wind down emergency stimulus. biden's vaccine mandate, he calls the unvaccinated a threat, and requires shots for federal workers, and pledging new rules for larger private firms. the presidents of the largest economies in the world picking up the phone for the second time to talk things through. there has been an impasse on how things are progressing with conversations at the highest levels. we have a chart showing what is happening on the trade front. xf:when president trump was in office, they wanted to reduce china's surplus with the u.s. that has not happened, the export machine in china firing on all cylinders. you saw that with the august data. almost $295 billion of exports, the biggest market remains the united states despite tariffs on hundreds of billions o

i am anna edwards in london with tom mackenzie.ages over the impacts of china's common prosperity goes. a front-page editorial in the people's daily seeks to his concerns. boris johnson's appears to set the head off a tory rebellion over his $12 billion pound tax hike after breaking a key manifesto pledge. plus, bitcoin nurses losses. the largest cryptocurrency takes a beating as el salvador fumbles its rollout as legal tender. anna: european equity market futures point to the downside. in fact, increasingly so through the last hour of the program. we have seen a bit of a deterioration in expectations for the start of the european trading day, in particular here in london. ftse 100 futures down by 0.5%. we will have seen barclays -- will that have to do with the mining sector? we have seen barclays downgrade that sector. take us to do market open, tom. tom: we are looking at the ftse 100. maybe that barclays downgrade is playing into this as well, down 0.2% in the first few seconds. the standout was japan on some better gdp data. b

let's get into it with tom mackenzie. what don't we know when it comes to ever grand? who will wind of being made whole? >> to rehash a phrase from the late donald wren's full -- from the late donald rumsfeld. we have more clarity on it because we have had reports of the housing regulators in china are looking and scrutinizing the bank accounts of ever grand. 1.6 million individual and china have put down deposits on ever grand properties that have yet to be built they want to make sure money gets to suppliers and they want that purgatory -- prioritized over creditors. we have yet to get any clarity in the $83 million offshore bond amon they have maybe a 29 day window. more coupons are due next week so the pressure increases but we know now that it's going to be the homeowners and the suppliers because they are concerned in china about social unrest. guy: exactly, everything flows from that, we appreciate you sticking around. we greatly appreciate it. night posting -- nike post -- posting first quarter sales, missing wall street estimates. they are citing supply chain

joining us now is bloomberg anchor tom mackenzie, recently returned from beijing. phasis on you guys shouldn't be focusing on profit doesn't sound good from investors. tom: that was the line from the regulators today. this is another gear change in this ongoing regulatory crackdown. there's two reasons that officials have cited this. one is addiction in gaming and china. the other is managing content. this is about shaping the minds of china's youth. been quite explicit about this. we have seen the impact on tencent. it is driving a stake into the heart of the gaming business. tencent is the big beast in the room. the south china morning post reports around banning new releases of online games. gaming represents about 30% of tencent's revenue, so that is a big deal. by the way, today, another front opens up in that regulatory book. this time, the quantums in -- the quants in china are in focus. we heard a few days ago they said this was a concern. this increases volatility and unfairness, even if it provides liquidity, so another front being opened up in that regula

i'm anna edwards with tom mackenzie. we are counting down to inflation data out of the u.s., will it move the needle on expectations about the taper timeline? evergrande hires advisors to explore all feasible solutions to ease his cash crunch. labour boost, firms battle lockdowns and brexit. anna: you have been through the u.k. story, we have unemployment data out of the last hour focused on the u.s. cpi data later in the day. that will be a focus for markets despite the fed playing down the significance as we look to labor markets stateside. futures to the downside. tom: in the u.s. they snapped five days of losses, posting a modest again on wall street. in asia, china is lower but japan is where the excitement is, the nikkei close to the 1990's level as it closes above the 30,000 level. the read across to europe, we have jobs numbers out of the u.k., 241,000 new jobs in august. job openings jumping 35%. the ftse 100 down 0.2%. a bank of france survey industry suggests sentiment is coming off a bit. the cac quarante is

tom mackenzie is joining us on set. where are we in this process?e have been talking about this for a while now. what is the latest evolution on what we are getting in terms of the news? tom: you have the pboc governor getting the banks in a room together and saying don't freeze liquidity to the developers. the developers are continuing to build out projects. that is key because you have 1.5 to 1.6 million people who have put deposits down on properties that have yet to be built. that is spreading, that concern. that follows the intervention you mentioned in terms of the bank. it was symbolic largely. it was the local government stepping in, but it is important because it shows that they are going to try to shore up the banking system. the other key diff element is around the wealth management products. you are talking about mom-and-pop investors and tens of thousands of evergrande employees. evergrande has made a payment on that. that got a long way to go. but it goes to show that the hierarchy remains, ensuring the units are built for those people

i am anna edwards live in london with tom mackenzie. tom: here are your top stories. jobs numbers. the smallest increase in seven months adds to uncertainty over the fed's taper timeline. the u.s. is closed for labor day. aluminum surges. crisis hit a decade high as a coup in guinea fuels concerns oversupply of a key raw material. plus, we are live at the munich autoshow. don't miss our conversations with the ceo's of vw and bmw, plus many more. anna:anna: lots to discuss when it comes to the mining sector. that is something we will keep an eye on in the london market. this was a future of the asia session. you wonder how much of that story from asia will be picked up. a little bit in terms of the sentiment. futures dewpoint to the upside. europe underperformed. the u.s. has yet to digest the jobs data. tom: futures pointing up. the data coming from germany looking positive through the month of july, but supply chain is still an issue. cbi coming out with a tongue lashing for the lack of effort around trying to ensure there are workers available to ease some of the su

tom mackenzie joins me to take us through the market open.urning a little more positive, still in the red, but getting less negative than half an hour ago. ♪ anna: welcome back to the european market open. a minutes ago for the start of cash equity trading. i am anna edwards. tom: traders weigh the economic recovery after data overnight points to a slowing u.s. labor market. that is ahead of the key august jobs print tomorrow. investment garbage. trash about treasury. rates rebound after an initial selloff on his comments. the long march. the ceo of the hong kong stock exchange sees china regulatory reform continuing and governments around the world following suit. we get the take leader. anna: markets just a few seconds away from the start of equity trading. features certainly pointing well. not in any direction. flat for many markets. even the german market. now pretty much in with fairly flat being suggested for the start of trading day. jobs to look ahead too. chinese regulation. tom: a big focus on what is happening with jobs as we lead

tom mackenzie joins me next for the market open.e you through the start of european equity trading. this is bloomberg. ♪ anna: welcome back to the european market open. a minute to go until the start of cash equity trading. tom: here are your top stories. gas prices continue to soar amid supply shortages. a fire knocks out part of a u.k. power cable as analysts warn of blackouts. european registrations dropped 18% in august from year ago as the global chip shortage continues to squeeze output. spacex sends civilians into orbit. elon musk's venture blasts off for a three day voyage and what could be a new era in space travel. anna: let's take a look at the futures. 20 seconds until the start of the equity trading session. european equity futures have been to the upside. ftse futures may be seen as a bit of a lag or -- lag. as we have seen some of the gas prices come off, you wonder if that is going to reverse a little at the margin. tom: the italians weighing in with 3 billion euros of aid. a mixed picture when it came to the futures

i'm tom mackenzie. that ceiling drama is back.off tapering due to risks from washington, d.c. china's top forecaster sees gdp growth near zero in the third quarter due to virus curbs. the evergrande crisis since shockwaves. the accuser love trying to influence a report in favor of china when she worked at the world. she denies the allegations. let's take a look at the futures, pointing positive. they are in the green. a positive close in europe yesterday. travel and leisure was on top, and at the bottom, the pressure on iron or remains. ubs says that raw material will drop a low $100 in the next month. we will see how the markets open. u.s. retail sales number came in more positively than estimated, but the jobless claims numbers were a disappointment. with retail sales, when you look at the u.k., that number is a fourth straight month of declines in retail sales. what does that tell you about concerns over the pandemic, and the question for the boe? the ftse 100 brushing off concerns about slumping retail sales, and over in franc

tom mackenzie joins me in the next hour. we will take you through the market open.nting to the upside. up by more than 1% in some cases. euro stoxx 50 futures up by more than 1%. some movement in french listed companies. we went through some of the news lines to watch out for. we will be back with the market open, next. this is bloomberg. ♪ ♪ anna: welcome back to the european market open. a minute to go until the start of cash equity trading. tom: here are your top stories. ecb policy makers call for an end to crisis mode after eurozone inflation rises to 3%. opec-plus meets. delegates expect the group to stick to planned output hikes. they see global i -- oil market is this year. president biden defenses report with afghanistan, saying that it saved american lives. we bring you our interview with the nato secretary-general. anna: 20 seconds to go until the start of the european equity session. let's have a look at where we are positioned across the futures. there will be higher at the start of the european trading day. it looks as if we are putting to one side con

i am francine lacqua london with tom mackenzie. quite a lot going on over all in the markets. back and ready to go. tom: it's a busy day. here are your top stories. china's recovery weekends. retail sales crumble as consumers pull back in the face of new covert outbreaks. global gas rallies. prices shoot up as the specter of winter approaches. mario draghi says he is ready to intervene. apple debuts its new iphone, but the lack of a major upgrade pushes the stock lower. francine: let's have a look at the futures. 12 seconds to go until market open. we have quite a lot of news. we have china. that has filtered through some of the european futures. that is filtering through what we can expect from the s&p 500 in the u.s. i think it is the sixth straight time in a row that the s&p has been sold off. you can see dax futures trying to stabilize. we are looking at the dax. i don't know if we have a better picture of exactly what is going on. the picture is one of a lot going on. they went through the inflation data. markets saying great, let's move on. tom: even though the taper talk

haidi: that was the iea executive director speaking with tom mackenzie.up, the return of our generation next series. the outlook for the global travel industry and its recovery. we talk about expansive plans and the experience working for the family business. this is bloomberg. ♪ >> we check for the outlook on reopening. global air traffic is below forecast management 20 amid a recovery hampered by the spread of the delta virus. restrictions have dampened mobility. now i nation a full rebound. not predicted until 2024 and it could take longer. however, bloomberg intelligence expects that travel budgets could recover more quickly and china versus in the u.s. and europe. airport services provider is sticking with a plan to expand 500 lenses globally by 2020 five from about 180. their transmission director and founder -- is cautiously optimistic about the return of travel. i sit down with her i one of the lounges at the hong kong airport. >> at one point, all our lounges were close and 90% of all our totals were close. it was tough to read however, we can se

tom mackenzie fresh from china. cult to understand when you are an outsider from china, because this is almost self-inflicted. tom: arguably it's another self-inflicted blow-by chinese policymakers. they put in place some changes around coal mining to make it safer and more sustainable. the knock is that coal production is low, prices have shut up, and the industrial sector that shot up -- prices have shot up, and the industrial sector has been affected. they will argue that longer-term will lead to more sustainable growth across the sectors. francine: i've never lived in china but i always grew up with the belief, especially in the markets, that actually whatever china's problem is, it gets sorted because the government is so smart, so interventionist. is there a part of the chinese economy right now, apart from evergrande, that we should be worried about? tom: i think that last line is the crucial point, which is that it's a bit of a myth because this is an authoritarian regime, top-down, everything gets implemente

tom. right. so we've been listening to us and con commander general and mackenzie speaking about. he was trying to strike me off, can capital cobble describing it as a tragic mistake? can, civilians were killed in that strike, including 7 children. the youngest child was just 2 years old. general mackenzie said that the intelligence was regarding the isis k group was quote, wrong regarding the vehicle that was targeted and destroyed. and this strike reparations have been considered to those effected but obviously here in admission by the united states, that innocent civilians were killed and try and strike and the investigation has concluded. it was a tragic mistake. well shabby time. c has been following this and joins us live now from washington. and this really does raise some very serious questions and concerns about the rules of engagement, particularly now us is withdrawn from the country and how this risk is going to be managed going forward. the risk of further civilian casualties, not just the rules of engagement with the but how you estimate jo, patients are reported upo