vivendi one of those.it is in talks to sell 10% of universal music group to bill ackman and his back. -- spac. that would value you and g -- umg at about $42 billion. i know you are focused on astra as well. mark: astrazeneca has chosen a new uf -- cfo. the current cfo will move to a new role, a senior executive role in the board of astrazeneca. relevant because astrazeneca is so much in the news. anna: absolutely. let's think about what is going to be driving markets. it is all about job data. mark: it really is. i would like to say there are loads of things to watch. everything we watch until then can be overshadowed or dominated by what happens in the job data. one extra caution i will give, the initial reaction is not necessarily the one to read too much into. you have to give this number, particularly one with so much nuance to read into it. the micro data really matters. it might not be until monday we understand the full interpretation of this number today. anna: especially, especially -- absolutely

by the family that controls vivendi.l in turn control universal music. a lot of what he does is opaque, the patriarch of the family. that is a risk to investors, something they do not particularly like, and an issue that has not been resolved. alix: aside from the cash, how do you unlock more value from the industry, from the company? >> a lot of it [indiscernible] if you can pump all of the cap local -- capital of universal music's songs into new chinese artists, that is opportunity. you can look to india where penetration of western music is not as high as it should be. there are great opportunities there to do more things. the growth right now is coming from streaming platforms. you paid up front and got vinyl or c.d.'s 10 or 15 years ago. that is a great cash generator for warner music and sony. that is the opportunity investors are trying to get involved in. alix: thanks, alex webb, of bloomberg opinion. i have this old boombox at home. my daughter is seven and came in and asked, what is that? the dollar pushing the

vivendi down .40%. here, because some analysts we spoken to this morning said vivendi was hoping to get a valuation of $50 billion they didn't get there. the announcement of the valuation of $42 billion is coming as a disappointment to investors. vivendi sold down .40%. as for the spac, initially, the reaction wasn't that positive. traded down as much as 12% to 13% lower. in after hours, we are down 2.5%, brian. a lot of movement. a massive deal in spac space this morning. >> absolutely. that would be one of the biggest deals we have seen one to watch joumanna, thank you. >>> another one to watch this morning. including another investment in china. we have kristi na here with us. >> reporter: a trump order with ties to the country's military the order doubles the list of companies off limits to the united states investors and authority for the ban to the treasury department from the defense department to give it stronger legal grounding >>> apple is working on a new ipad pro and new ipad mini according

france's vivendi is spinning off which will complete the listing in late september.ng it and they say they will distribute umg shares after the completion of the listing. tanteen will continue to list as a remain co after the transaction. they will still have access to $2.9 billion in cash and they intend to pursue another business combination with an existing company those shareholders of tanteen get two potential bites at the apple. tanteen became the biggest spac in september when it raised $4 billion in an ipo committing a minimum of an additional $1 billion. they represent thousands of artists. one of the interesting features of this spac, this is obviously very different because effectively they're taking a subunit of a company that was going public and effectively buying in early at a set price we'll see whether that price is as advantageous as bill ackman believes it to be. there are some tax advantages to doing it that way. we've critiqued a lot of these spacs over the years because of the way sponsors get warrants and promotes in these deals. one of the thi

let's get to individual names, vivendi holding media down.pital is calling on french regulators to investigate vivendi plans to spinoff universal music. obviously negative impact on that stop. -- on that stock. a german multinational e-commerce company based in germany, i wanted to highlight it come up over 1%. etsy bought dpop for $1.6 million. etsy caters to people my age and want to cater to people younger than me. you can see rising in sympathy. telefonica down .6%. spent the whole day on the downside. one of the heavier performers within the stoxx 600 and sam palo, italian banks and spanish banks continue to outperform very well on not a lot of news. the 52 week high in tesla last week. still the highest level in over a week. let's get to the fun story. the basic resource five-day start. it exemplifies a pop higher and how we are still holding that level. it is the commodity story, it is the oil story, all of that being baked into the market for the underlying equities market. the question becomes can we sustain this and is it a reflatio

this indie -- vivendi barely budging. anyway, coming up next, we will switch to commodities. the ring. i think alix may have had some involvement in this. alix: i didn't, but i love it. guy: ceo matthew chamberlain is going to be with us. this is bloomberg. ♪ ♪ guy: live from london, i'm guy johnson. alix steel is over in new york. this is "bloomberg markets." time to dig into commodities. alix: get? -- get it? guy: yeah, i definitely get. [laughter] alix: it's monday, man. guy: it is monday. abigail doolittle is here to rescue me. she's going to dig into what is moving markets. abigail: this rally for the metals are standing out. on the year, we have copper, iron, zinc, industrial metals surging. this on the expectation of an economic rebound coming out of the pandemic. let's take a closer look at copper, also known as dr. copper, a great tell on global economic growth, and perhaps china in particular, given that they are the world's largest user of natural resources. over the last year, copper has a beautiful uptrend. you can see this out of the march low, up about wonder 5

vivendi certainly one of them. keep an eye on that story.x: coming up, let's say with the fed and inflation. henry mcvey, kkr head of global and macro asset allocation will be joining us next. his view of what is transitory and how the fed will handle it in the longer-term expectations of the world with lower rates. this is bloomberg. ♪ ritika: this is "the european close." coming up, brad smith, microsoft president and chief legal officer at 5:00 in new york and 2:00 in san francisco. this is bloomberg. alix: the main event this week, the fed decision on wednesday. morgan stanley sigma market is not positioned for any hawkish surprised. let's get the private equity take with henry mcvey, kkr head of global asset allocations. he says the market is likely entering a new more challenging period for returns. equity markets are high, credit spreads are tight. henry mcvey joins us now. henry is also on the fed advisory board and cio at kkr. thanks for joining us. alix: give us the insight. what will happen to the fed and address the transitory in

vivendi spun off goes to a shareholder vote on june 22.h awaited breakthrough needed to resolve the 17 year dispute over subsidies for airbus and boeing is set to be finalized tuesday, just in time for biden's first summit with the eu. this according to the financial times. the deal could take the form of a multiyear record on subsidy limits. goldman sachs welcomed all staff back to its manhattan office on monday. meanwhile, citigroup will not recall more of its staff until july. morgan stanley ceo james gorman said their return to office policy will remain flexible until labor day, but sent a tough message to u.s.-based employees, arguing that if they are comfortable dining out in the city, then they should feel comfortable working at the bank's headquarters. >> when the vaccines were not ubiquitous, we had to dealt with that reality. if you can go to a restaurant in new york city, you can come to the office and we want you in the office. now, our position here is we want people to be vaccinated. well over 90% of our employees in the offi

a blank check firmed -- firm is buying 10% of universal music from vivendi for about $4 billion.e transaction values the home of taylor six and billie eilish at $42 billion including debt. haidi: royal caribbean freedom of the seas set sail on sunday, marking the first cruise from a u.s. port since the pandemic suspended operations six -- 16 months ago. the trip is being dubbed a similar voyage to prove cruises while covid-19 is still circulating around the globe can still happen. bloomberg's quick takes took a look on board. >> this is the ship that will be the first one to leave a u.s. port in about 15 months. the industry has essentially been on lockdown since then due to the covid-19 pandemic. >> the journey has been long. we have worked with health experts along the catch around the globe. we have changed a lot of the ships. the evolution of knowledge has been tremendous. we have learned so much. the world has learned so much. this is a game changer for us. >> the company says about 650 people will sail on this. the ship has the capacity for about 45 -- 4500. the company say

owner vivendi had plan to spin off universal music in an ipo.s announced android users will be able to opt out of being tracked by advertisers in smartphone applications. developers will no longer be able to see a user's unique advertising id. however, unlike the iphone policy, users will not be opted out of adverts trucking by default. global news, 24 hours a day, powered by more than 2700 journalists and analysts. this is bloomberg. anna: annabelle with an update on the first word news. coming up in daybreak, tesla sinks after a report casts a shadow over sales in china. we have all the details next. this is bloomberg. ♪ anna: tesla shares tumbled in a report and electric carmaker dropped in the month of may. they had been nearly cut in half, just below 10,000. winning us is our asia transport leader. how soft are the orders in china looking for tesla? what do we know? >> orders in china dropped about 9000 800 inmate. this is just the latest in a string of reports that would sing -- seem to indicate the carmaker is facing a sales shut down. th

. >> vivendi will hold umg tomorrow where shareholders are voting on the remaining 60% of shares that meeting starts at 10:00 cet tomorrow. >>> coming back to the story in the uk a takeover of the uk supermarket chain of morrison. that is after the rebuffed approach over the week the u.s. firm made a cash offer of 5.5 billion pounds which morrison's deemed to be under valued susanna streeter is with us. what do you make of the news and what do you make of the rational of the private equity going after morrison's >> the market sector has seen big growth over the past year due to the shift to online shopping we witnessed. that is really what enticed the first suitor along there could be more. we hear reports this one private equity company may come back with a better offer. there could be more also sniffing around. what they are interested in is the fact that sky rocketing online sales are really morrison's biggest opportunity over the last quarter, digital sales were up 13%. morrison's has a smaller piece of the pie compared to tesco it is the enormous growth opportunity that i think i

. >>> and bill ackman is buying vivendi at more than $40 billion. the first of the kind spac agreement, it could distribute shares to the shareholders universal is home to lady gaga and drake. >>> turning our attention back to the markets when a rate hike could be on the line and inflation worries on the minds of investors our next guest says those concerns are overcooked. lee baker is the owner of apex financial. lee, thank you for being here. >> good to be here, frank. >> some people like their steak rare or well done. it is hard to know what the markets are doing with inf inflation. i like the russell which is down 4% are people's inflation concerns warranted? >> it depends on whether your outlook is short or long term. we are looking out for the long term no need to be terribly concerned about we are looking at with inflation. year over year, the 5% number, yeah, that's a huge bump when we look at the trend line, we are at 2.2% which is barely above the target that the fed set for inflation. >> lee, where are you right now? which town >> atlanta

by a billionaire is said to be in talks to merge with universal music, setting the stage for the vivendiwned record label to become a separate business. we are told the combined entity would be valued at about $40 billion. they were planning to's been it off into an ipo, but this spac would deliver another route for the world's largest music company to go public. ant group has been given the green light to start operations as a consumer finance company. ant is transitioning to become a financial holding company that will be regulated more like a bank. the unit will allow them to continue to ensure lending, it's more -- its most lucrative operation. google says it will allow android users to opt out of being tracked by advertisers on their platform applications. it all is an early move by rival apple to increase iphone privacy. google has been mulling away to give android users more control over added tracking with a less stringent approach than apple. the option will become available in late 2021. and polly moorehead. keep it here with us. -- and plenty more ahead. keep it here with us.

vivendi plans to spin off most of umg later this year, listed in amsterdam.lobal news 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i'm ritika gupta. this is bloomberg. ♪ ♪ >> what the economy really needs right now is a way to help people for the jobs of the future, the businesses of the future, and for the kind of plans that president biden is proposing. unfortunately, the opposition is not proposing much either. tom: really thrilled to have him on yesterday, with bill dudley. hubbard and deadly really speaks volumes about -- and dudley really speaks volumes about our booking team. taylor riggs and romaine bostick in for jon ferro and lisa abramowicz. joining us now, josh wingrove is on the lawn of the white house this morning, our white house correspondent josh, i think of -- i think "the washington post" had it beautiful. it was a photo of the gentleman from oregon, a personification of what the democrats face. he won like 110% of the vote in the 1990's and his oregon dist

vivendi plans to spin off most of its umg later this year and list it in amsterdam.loomberg has learned apple is working on a new ipad pro with wireless charging. it is also redesigning the ipad many for the first time in -- the ipad mini for the first time in six years. shares of amc are lower. yesterday, the company put its investors on a wild ride. it lost 40% of its market value, then regained half of it. mc raise more than 540 $7 million by selling new stock in the midst of the frenzy -- amc raised more than $547 million by selling new stock in the midst of the frenzy. global news 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i'm ritika gupta. this is bloomberg. ♪ tom: good morning, everyone come on a jobs day. lisa and jon off today. with us, romaine bostick and taylor riggs, 12 minutes away from this important report. we are going to go to michael mckee off the report. jeffrey rosenberg will join from blackrock, on fixed income dynamics as well. then we will turn to the equity

vivendi hasn't leveled shareholders over key terms of the deal.g regulators to ensure they provide more information ahead of an annual meeting on june 22. the universal music spinoff will go to a shareholder vote. shery: just away from the start of trade. sophie, what are you watching? >> turkey -- asian companies. also keeping an eye on julie packard. and lg display. this after the lackluster forecast for the current quarter, which missed estimates. the outlook is singling it is lying expectations. also keeping an ion retail store stocks. falling monthly sales data. also keeping an ion nissan. a media report in the coming weeks. shery: we will be watching those. and we will take a look at how crypto and nfts are shaking up the art world. we will get more market insight with eli lee. the market open is next. this is bloomberg. ♪ wanna help kids get their homework done? well, an internet connection's a good start. but kids also need computers. and sometimes the hardest thing about homework is finding a place to do it. so why not hook community cent

that are fascinating about that deal, if you buy it through percy, you get a tax discount if you own vivendie's not getting warrants in this case. what do you make of that >> i'm not sure. i didn't look into the particulars of it. i wouldn't -- having looked at hundreds of spac deals, i wouldn't get too wrapped up in the particulars of any one deal. one of the nice things about spacs, they are flexible, they have warrants, they have shares, you can detach the warrants, detach the shares. you have to provide transparency to the shareholders. i give gary gensler credit to provide transparency i think it's a healthy development. that's why spacs will be here to stay. >> tom, thank you. going to be with us to talk about other knuckle heads. >> we didn't yell at each other? >> no yelling. i know that you know -- >> sometimes you guys yell >> we still have some time. >> this time you did not >> yelling involved. just maybe -- >> louder voices than this >> louder voices maybe more intense voices sometimes. >> maybe maybe. the morning's young. we still have a ways to go when we come back, genie's cr

vivendi is the majority owner. t t tencent is a holder as well. andrew >> i was trying to figure this out. it is the strangest spac a different. this is not a spac this is a different deal supposed to be the biggest spac in history, if you recall. the view was they were going to buy airbnb or bloomberg. instead, they have taken universal, which was going effectively go public through a direct listing like a dividend effectively, they are buying 10% of that. there's no shareholder vote required for this. then still money leftover. $1.5 billion leftover. a stub spac. two spacs. if you are a shareholder in the current spac, you get a second bite at the apple. $1.5 billion more to go. they can buy a company valued up to $10 billion it is a unique structure there is a third component where they are giving rights to shareholders today to effectively pony up for a third merger or third investment deal in the future. over the next five years they are calling it not a spac, but a s.p.a.r., a rights deal. they are calling it the pershing square spark holdin