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tv   Bloomberg Daybreak Europe  Bloomberg  July 9, 2020 1:00am-2:00am EDT

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nejra: good morning from london. i am they were to pitch. manus cranny is in dubai. this is "bloomberg daybreak: europe," and these are today's top stories. u.s. coronavirus cases past 3 million with a record number of deaths in texas. the redeye master warns it adds additional risks to the economic recovery. australia suspends its hong kong extradition deal in a swipe at warnsas mike pompeo
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xi's impact is not good. the ceo ofak to siemens this morning. 6:00 in london, 9:00 a.m. in dubai. there's lots of tentacles of risk that will boil through the day. australia, new zealand, looking at extradition, but i love the story. you have to give attribution when somebody else finds a great story. it is about goldman-s. we need to prepare ourselves for the risks that come over the election. they are talking about the year 2000. i was in a different world. worried aboutmore secondctions thana
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whack of the coronavirus. >> it is interesting. you have got jp morgan saying the s&p can hit another record. he says investors are mispricing both the virus risks and the election risks. couldgan says the impact be neutral or positive. aboutve goldman talking volatility picking up towards the end of the year. they talk more about december rather than november but it is pertinent for us to talk about it today because we have biden laying out his plans in pennsylvania later. that will bring the election risk of little bit more to the forefront as they assess where academia gets -- equity markets go from here. let's get to the markets, manus. what we are seeing is green on the screen in asia extending the
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gains from what we saw in the u.s. session yesterday. futures are flat right now but we did see the nasdaq hit another record. we saw some green on the screen for the s&p 500. in the past eight days, china's equity market has added $1 trillion in market cap so that is something that will happen throughout the show. we are seeing a touch of dollar weakness. yuan at its strongest since mid-march. the 10 year yield not moving too much. we are seeing oil pretty steady as well. a barrel with$41 stockpiles raising fresh concern about supply. of course, the other side of that is coronavirus cases continue to search around the world. let's get back to the virus story. the u.s. president threatened to withhold federal funding to districts. he has attached the cdc's guidelines as tough and expensive. infections surpass 3 million
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with record daily deaths in texas, and record daily cases in california. the federal reserve expressing concern about the economic risks in the u.s. bloombergster told that the latest infection numbers are troubling and the atlanta fed president, rafael bostick, has warned the economic recovery will be weaker if consumers do not feel safe. now is theing us head of global macro strategy at natixis investment managers. great to have you with us for the hour. we keep talking about the big run-up we have had in equity markets, but actually, the u.s. secretaries have been in quite a range. the run-up went from the march low to the beginning of june. it really sort of shows how it is difficult to gauge where we go directionally from here. jp morgan convinced of the s&p 500 can get to another record. his reasoning, investors might start to reallocate from bonds
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into stocks. is that something you see happening toward the end of the year as well? >> i think so. this big run-up and something of a pause as the markets were pricing in quite a rosy economic picture, and now, you kind of feel that economic picture needs to unfold. interestingly, it is. we are seeing, so far, pretty much a v-shaped recovery. one of the big tests coming up will be the q2 earnings season and whether it is as bad as expected, worse than expected, or actually surprises on the upside like a lot of the economic data has in the last month or so, but i think as you look forward to the end of the year, if we can contain this virus even better, because a lot of regions have done a relatively good job at managing the reopening. i think stockmarkets will raise
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until the end of the year. to know.need great hurrah. i hope we do. but you are cautious and volatility is going to rise. do you want equity volatility as a hedge or do you want bond volatility as a hedge on your disappointment risk? vol question first. esty: the equity side because your bonds have been very well behaved, central banks are pouring so much stimulus and i remain much to better behaved. some of the risks coming into the end of the year, questions about the u.s. election, what is priced in or not. like byt might look october, a little bit more volatility is expected in the equity market. let's talk about the election. goldman-s is warning -- goldmans
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is warning for a delay. it adds to the risk for murky results and interestingly, rbc capital markets did a survey which said investors were more worried about the election than a second wave of coronavirus cases. jp morgan said that actually, investors are mispricing the risk. too much to the downside on a fight and win. how do you expect investors -- let me put the question this way. do you expect election risk to trump covert risk in the autumn? difficult is a question to answer right now. i think the covert risk at the moment is about locked down, about a second confinement, about shutting down economies, and to me, today, that does not seem likely. things could deteriorate a lot further but i think it would take so much for governments to choose to shut down their economies again.
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thatnk there is this view personally, they have issues with president trump , but at the same time, you know that taxes are going to go up if biden wins. the question is, what is really priced in? i don't think the u.s. election could derail the election entirely. i think volatility can come up and i think there is going to be reactions as we get closer, as, you know, it looks more likely that one or the other is going to win but i do not think either of those actually is going to stall the rally completely. i love your enthusiasm. nothing is going to hold these equities back. stays with us from natixis.
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your first word news this thursday morning. yesterday, the u.k. chancellor announced 30 billion pounds of tax cuts and extra spending to support the u.k. economy. he is raising the threshold for stamp duty, cutting taxes for the hospitality industry and he has offered vouchers to cut the cost of easing out in august. the aim, boost consumer confidence and protect jobs. i want every person in this house and in the country to know never accept unemployment as an unavoidable outcome. we have not done everything we have so far just to step back now and say job done. in truth, the job has only just begun. it will tap the bailout fund if it needs to. speaking to bloomberg, the thence minister left open
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possibility. some politicians have rejected using the funds. they say it would mean the country loses control of its own finances but the minister says there is no stigma about using the credit line. president donald trump has touted u.s. ties to mexico, including those on trade, immigration, and combating drug trafficking as he met the mexican president. trump says the relationship between the two countries has never been closer. the meeting was to celebrate the finalization of the usmca trade pact. 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. nejra: coming up, slow but steady. ppi data signals progress in the nation's economic recovery. we will delve into that next. this is bloomberg. ♪
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manus: this is "bloomberg daybreak: europe." i am manus cranny in dubai. nejra cehic alongside me. new zealand and australia ramp up the risk and rhetoric towards extradition on hong kong, markets are really unsure how to assess the nuance of political risk. s&p futures, flat as they go. the nasdaq, is it in a bubble? justones futures off by .8%. goldman sachs says you should hedge for the u.s. elections. rbc capital markets say they are more worried about the election then they are of a second wave of coronavirus cases. roll it over. have a look at the real narrative which is dollar
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weakness. that drives the yuan trade below seven. last guest -- my vasquez guest said do not mistreat it. cable hardly bid. looks large with the 30 billion pounds to add. 10 billion pounds to bring back jobs. cable is slightly better bid. that is the dollar weakness story. do not be misguided. the tiger roars. slow progress in the economic recovery. factory gate deflation eases back in june with the decline mirroring to just 3% from may's 3.7% and the consumer side rose with more of a rebound in food places and stronger overall demand. so there are signs of an uptick in the economic recovery.
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the different stories for china's international relations, tensions with australia ratcheting higher this morning in the wake of the hong kong new security law. canberra suspending its extradition agreement with the city giving citizens of hong kong a pathway to permanent residency. will be citizens of hong kong who may you looking to move elsewhere. to start a new life somewhere else. to take their skills, their businesses, and things that they have been running under the previous set of rules and arrangements in hong kong and seek out opportunity elsewhere. australia has always been a very welcoming country to such people from all around the world. prime minister scott morrison's comments follow more barbs from secretary pompeo, slamming xi jinping's impact around the world. >> i think the world has seen the true colors of the chinese
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communist party and i am convinced more than ever that the free peoples of the world will come to understand the threat that is presented. the impact that general secretary sxi has on the world noti has on the world is good for democracy loving peoples and i think the world will come to understand that. manus: mike pompeo there. the natixis investment management guest host this morning. you talk about china and you make it very clear that mr. biden is trying to out talk mr. -- out hawk mr. trump. riskierough is a much position. australia has stepped up on being more aggressive. new zealand is reviewing their position. canada has reviewed their position. the u.k. has reviewed their position. risks comeeps up in through, are we cognizant enough of the real flashback or wash back from these? esty: i think there is a
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difference between the political aspect, which we were just hearing, and the economic aspects of imposing sanctions or tariffs and worsening the impact economically for the domestic economy, so for the u.s., we have had confirmation that the phase one trade deal is intact. we are seeing the chinese trying not to escalate on that side, make an effort on agricultural you have to set aside the two, and i think right now, there's going to be a lot more bark than bite about getting those headlines and those political comments, but not as much action on the economic side to not jeopardize this nascent u.s. recovery. ofra: how would you sort hedge these risks in the equity market if you are potentially looking towards asia emerging markets? i know that is a preference for
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you. china is a big part of that. $1 trillion added in the past eight days. we look back to 2015, worry about that, but there are key differences in that equity started from a lower starting point and leverage in the stock market is about 50% what it was at its peak five years ago. does that give you more faith that the rally in chinese shares can continue? esty: it is not just about chinese shares. as you said, it is about emerging asia engine or a and a preference for emerging asia over other regions within emerging markets that are facing much more challenging virus situations at the moment. overall, still, as we were saying earlier, a little more cautious. it is not a question of trying to chase the rally. more constructive about the medium-term, but i think minimum volatility strategies, having more diverse portfolio,
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continuing to participate but not -- i think it is still a little early to become overly aggressive in our portfolios as well. anus: we are seeing quite flow of money into part of the justification for the yuan moves this morning, according to the mliv blog, this narrative about the flow of money into foreign bond holdings. sinceggest flow of money 2018. the second quarter of 2018. do you think that that in any way adds to the yuan? the yuan sixpack? esty: for sure. the fact that you are seeing data recover, that the virus seems to be mostly under control, again, you can have hotspots here or there but generally, it appears more or less under control in china and in parts of the region. all of those flows are going to be supportive for the one.
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generally, i would say emerging-market debt in hard currency, mostly, is an area that i think still has room to benefit because it has not rallied to the same extent as european and u.s. high-yield and investment grade. a bit more room for spread compression on that side as well. with disinflation easing, bloomberg economics says that means it is conducive to more monetary easing. they expect the pboc to gradually guide lending rates down. recovery. the road to italy's finance ministers leaves the door open. tapping the bailout fund, more from that exclusive conversation, next. this is bloomberg. ♪
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nejra: this is "bloomberg daybreak: europe." i am nejra cehic in london with manus cranny in dubai. manus: italy, big on the agenda. they say they will tap the euro area bailout fund if it needs to according to the country's finance minister. he spoke exclusively to francine lacqua. >> the first to take a number of lockdown measures. other countries have followed, which have been essential for containing the virus and reopening gradually. also, our economic responses -- we are aware we might revise the risk. revise our forecast. the data we have so far, the
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there iss tell us that a possible downward revision which will not be so big as other forecasts seem to indicate so we expect that so far to be closer to our forecast. are working on phase two, the european level and the national level. >> the role -- francine: the role of states in the economy is increasing because of the pandemic, but in your case, italy's case, how do you reassure investors who think that leads to inefficiencies? roberto: a stronger role to inject the economy, to guarantees or sometimes even capital. but we will do this as
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necessary. as far as it is necessary and overall, temporary. when needed. nejra: the mishandling -- francine: the mishandling of public funds, can italy do anything to have a commitment? is there anything you can negotiate? common sense does not always prevail. use is amaking good problem of everybody. we all have to make the best use of these resources. by the way, these resources will on a mechanism that is the similar, which makes resources dependent on the concrete implementation. you need to have a complete project. there is a positive ownership of member states.
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coherent witho be the semester and with the common goals. we think that the commission proposal has struck the right balance between -- that i mentioned. for an evenountries bigger -- so we will of course attempt to water down the commission proposal. as far as the timing, i think that everybody is aware that timing is essential. have to conclude the negotiation by july and i am confident that negotiations will be concluded by july. that was italy's finance
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minister, roberto gualtieri. esty dwek is still with us. we have less than a minute, but you think european assets can play catch up. which assets in europe do you prefer? esty: we have been actually looking at european financials that are really benefiting from the european central bank policies. conditions were extremely favorable for banks. you are really seeing the support. and all the conversations about the recovery fund, about help, further integration, saying they can only be positive for medium-term growth for the euro zone, removing even more any questions about a euro breakup so banks should be beneficiaries from all of that. manus: well put. we will talk about the credit side of the trade in a moment. that's esty dwek, our guest host this morning. coming up, saving the summer. the u.k. chancellor announces a
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30 billion pound program to help the economy. the 30 billion pound swerve. ♪
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manus: good morning from dubai. i am manus cranny. nejra cehic alongside me in london. it is "bloomberg daybreak: europe." u.s. coronavirus cases pass 3 million with a record number of deaths in texas. loretta mester warns the search raises -- surge raises risks for the recovery. u.s. secretary of state, mike pompeo, warns xi's impact
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on the world and democracy is not good. s.a.p.'s revenue begins to recover from a pandemic fueled slowdown has europe's largest tech company sees a bounceback in software deals in asia. we will speak to the ceo of siemens this morning. nejra: welcome to "bloomberg daybreak: europe." another record for the nasdaq yesterday. the s&p 500 can hit another record as well. easily re-claim its record. jp morgan thinks investors are pricing election risk to negatively. that is the risk we need to consider, manus. manus: and then you have the other note that we both looked at. that is on the goldmans note which is apparently investors are more worried about the election and they are reflected back on the year 2000, aren't they? nejra: absolutely.
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rbc capital markets did a survey where they said institutional investors are more worried about what keeps them up in terms of the elections and they are about covid. we keep talking about covid every day but there's actually a lot more risk going into the back half. are we going to see the range bound trade of equities shaken? manus: yes, it is a question of whether we run out of steam on the stimulus. i think we were a little bit red . we turned it around. s&p this morning. back in the red by .8%. giving up the green. jp morgan says the 7% upside left, relative valuation of fund positioning will be the drivers. they say there could be for hundred billion dollars. the nasdaq is pumping it away. they do say that you could see that gap between s&p and nasdaq. have a look at the dominant theme of the day, risk. above 125. you are just seeing a real momentum in this at x market.
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my favorite line of the day, nejra, let me find it for you. the yuan start to look compelling but it is the yuan building. i quite like that. well done to the mliv team. let's talk about mr. trump ramping up the pressure on schools to reopen. the u.s. president threatened to withhold federal funding. he has attached the cdc's guidelines. very tough and expensive. these comments, as the u.s. infections surpass 3 billion. the record daily deaths in texas, they record daily cases in california. nejra: the federal reserve speakers have expressed concern about the economic risks in the u.s. loretta mester told bloomberg the latest infection numbers are troubling and raphael bostic warned that the economic recovery will be weaker if consumers do not feel safe. in the u.k., chancellor rishi sunak announced a $30 billion --
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30 billion pound stimulus package. the package includes reduced taxes for homebuyers and the hospitality industry as well as a new cash bonus for employers who did not fire their staff. >> in just two months, our economy contracted by 25%. the same amount it grew in the previous 18 years. property transactions fell by 50% in may. house prices have fallen for the first time in eight years. and uncertainty abounds in the market. we need people feeling confident , competent to buy, sell, renovate, move, and improve. that is what drives growth. that will create jobs. so to capitalize the housing market and boost confidence, i have decided today to cut -- this moment is unique. we need to be creative so i have
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decided, for the next six months, to cut back on food, accommodation, and attractions. i want every person in this house and in the country to know that i will never accept unemployment as an unavoidable outcome. we have not done everything we have so far just to step back now and say job done. job has only just begun. any success from the stimulus plan hinges on one bank uncertainty, preventing a second wave that causes another lockdown. shortly after the plan was announced, we spoke to the u.k. chief secretary of the treasury. take a listen. >> this is a plan for jobs to ensure that we retain as many people as possible in their jobs to address the risk of unemployment. clearly, there is a global impact in terms of the pandemic and we want to take early action to attain that link between
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employees and their jobs. that is why we unveiled the furlough scheme which is a way of attaining that link between workers and employers and what the chancellor set out today was a range of measures, some targeted at specific industries that were affected, which is the hospitality and tourism industry, and the over 11 million people who have been protect good but also a range of other measures to get infrastructure, ticket a housebuilding market going, to get transport schemes built to accelerate that work as part of our recovery. of relief will be felt. as the scheme on wines, what is your projection for unemployment at that point? >> it depends on how we get the economy going and part of the incentives for the chancellor today is to ensure that we protect as many jobs as possible and we support those who do lose their jobs so they get back into the labor market as quickly as
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possible. to limit any economics starving particularly amongst the young. skills, trying untested schemes which we know work well but scaling them up and delivering, for example, double the work coaches. there is a range of measures included on the tax side to cut vat for specific sectors. but also to get this deals for young people -- the skills for young people. thatitics would suggest this holiday is in fact more to house the reception might be that it is helping people and consumers and giving them confidence so they can buy their first home or move faster on a home they were thinking of buying. in actual fact, it will only serve to boost prices artificially and that will even increase prices further when the holiday starts to go away at the end of next march. >> what it is about is getting
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confidence back into the market. we saw for the first time in eight years house prices fall. we get confidence whether that is into the house market, property market, or into conscription. we get our conscription sites working at full speed or whether it is in other sectors such as green in the economy, addressing the climate change challenge, getting the investment to d carbonized, one billion pounds to d carbonize our buildings. there's a range of measures but ultimately, it is about protecting jobs, supporting those who lose their jobs, and supporting them to get back into work and creating jobs by bringing forward, accelerating a number about infrastructure programs, getting confidence into particular parts of the economy so we protect the jobs, we support the jobs, but we also create jobs. that is the best way of avoiding the economic scarring as a result of this pandemic. people will bey,
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relieved i am sure, but at the same time, this will eventually have to be paid for, right? debt to gdp is already above 100% for the united kingdom. should we anticipate tax hikes later in the autumn to try and pay for some of this? stephen: the chancellor set out today that in the autumn he will have a budget where he will address the longer-term fiscal position, but we have this three phased approach and today is about reopening the economy, but we are able to do this partly because interest rates are historically low but in particular because we took difficult decisions over the last decade to get our deficit down. it was 10% when the conservatives came into government. we got it under 2% going into this health pandemic. what measures we have taken in the past have enabled us to take these emergency measures to protect and support people with their jobs. that helps limit the economic scarring as a result of the health pandemic. and then in the autumn, we will
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address through the budget the longer-term fiscal position. the u.k. treasury chief secretary. natixis is our guest host this morning. confidence,as about the vat slashing but avoiding a cliff. this is the most prescient point. the 9 billion pounds of the 30 billion pounds was to try and prevent this momentous cliff of the 12 million people on furlough. was it substantive enough? does it shift the narrative for you in any way? esty: i think that remains to be seen. you know, the one-off payment for employers who keep their employees until 2021 as they come off the furlough scheme. it is a nice step. whether that is enough to incentivize employers again will
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onend a lot on confidence, people feeling able to go out and spend. anecdotally, it seems people are happy to go out and get living so this should be a nice boost but it is too early to tell. the furlough has been such a big program, whether this is going to be enough to take over court. nejra: interestingly, we saw gilt yields drop after the announcement. esty dwek staying with us. let's get to the first word news. australia is suspending its extradition agreement with hong kong. the move by prime ministers scott morrison is set to further inflame tensions with china. australia will also give skilled hong kong migrants five-year visas with a pathway to permanent residence. morrison says the new chinese security log represents a fundamental change. be citizens of hong kong who may be looking to move elsewhere.
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life somewhere else. to take their skills, their businesses, and things that they have been running under the previous set of rules and arrangements in hong kong, and seek out opportunity elsewhere. australia has always been a very welcoming country to such people from all around the world. will call for a moderate approach when it comes to reviving the u.s. economy. sources have told bloomberg his plans would shelve some of the more ambitious proposals being pushed by progressive democrats. the presidential nominee plans to deliver the detail in an economic speech today. 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. manus? manus: indeed. coming up, we have your stocks to watch. at the open. two big corporate stores. airbus, the sales drought. the european plane maker worsens
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and we have the details. this is bloomberg. ♪
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>> i cannot help but be disappointed by anybody in this thenistration other than treasury secretary, who i think a very, very good job. and i am sure there are other people who have done some good work. this is a terrible administration. nejra: that was barry diller, speaking exclusively with erik schatzker about the trump administration. we are just over one hour away
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from the equity market open now so let's get a look at your stocks to watch for today's trading session. ruining is to discuss is dani burger. s.a.p. out this morning with his preliminary results. what did we learn? beat on learned s.a.p. its preliminary second-quarter sales. this has mostly helped a resumption of deals in asia. activity basically ground to a halt. the final months of the second quarter picked up enough, meaning sales grew 2%. cloud sales also grew 21%, so even bigger there. according to bloomberg intelligence, a lot of cost controls helped them out. they saw lower expenses. that combined with more organic sales, they said that sales growth should help cash flow into years to three years so still a long time horizon before they get back to normal. manus: the new slow does not get any better for airbus, does it? dani: it absolutely does not. another month with absolutely
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zero aircraft sales, so in june, they had no sales. may and february. this year, total yearly sales meant it was at have to point it was last year. it shows just how much the airline industry has collapsed and how slow it will be to pick up. pain expected for airbus in today's trading session. nejra: rio tinto also likely to be in focus after closing its new zealand operations. why the closure? dani: it is really an issue. the integrity of the aluminum industry is having to deal with a supply glut. suppliers pumping out the commodities. at the same time, demand is not there. basically the only place a lot of these operators are turning a profit is china. they have announced they will close it. that means about 1000 jobs are likely to get the acts as well. well. as
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rio tinto resuming operations in iceland and australia. more closures for the aluminum plants are likely to come. nejra? nejra: thank you so much. esty dwek from the investment managers is still with us. you don't see a big selloff. any dips could be seen by investors as a buying opportunity. you also talk about disappointment risk. how much disappointment risk is there with the earnings season coming up if you take into account the fact that investors look through the uncertainty last earnings season? [no audio] nejra:nejra: we are having some trouble hearing our guest. manus: a technical issue. nejra: manus, what is coming up? manus: i think may be esty dwek
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has finally left us. it is unfortunate. great question in terms of where is the disappointment risk. angelo meets -- amlo meets trump's. the first official trip abroad. u.s.-mexican relations with annmarie hordern, right here. this is bloomberg. ♪ this is bloomberg. ♪
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manus: annmarie: annmarie: this is -- manus: this is "bloomberg daybreak: europe." between china and australia are ratcheting higher following hong kong's new security law. the australian prime minister, scott morrison, he suspended an extradition agreement with the city. we are going to cross to annmarie hordern.
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this is the new escalation. canada moved on this last week. this is the new move by australia. good morning. esty: we had camp -- annmarie: we had canada last week extending the extradition agreement. the u.k. welcoming hong kong residents. new zealand saying they are going to review their policy on a tradition but australia is taking this stance on both this morning, extending the expedition agreement with hong kong and also the prime minister, scott morrison, giving skilled migrants -- that is what he wants to do -- from the five-year visas with a pathway to permanent residence. as we mentioned, this is going to really exacerbate these tensions in australia and china. australia has been actively as well trying to lure hong kong-based businesses to relocate to australia and after april, called for an independent investigation into what exactly went on in wuhan regarding
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covid-19's origins. china has imposed tariffs on australia. the barley industry, beef siding, even china with risks to tourists and students to avoid australia, saying there could be a risk. relations between the two countries have been icy but what makes it a bit more complicated for australia over canada or the u.k. is that china is australia's largest trading partner. this is something we are going to be watching. nejra: so that's move from those relations now, annmarie, to mexican and u.s. relations. the mexican president chose washington as the first official trip abroad. why? esty: -- annmarie: first official trip abroad. we are watching this video as well yesterday because there is the economy to get there in the middle of a pandemic. a layover as well in atlanta. it all comes down to the economy.
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amlo, which in the mexican president is widely known as, insisted this is crucial to begin the new trade deal between the u.s., mexico, and canada, as a motor to fuel economic recovery. mexico is in dire need for that motor. the country may see its worst economic contraction since 1932. this is due to the pandemic. also for mexico is the oil price class. analysts are expecting gdp to contract almost 9% this year so s way of making sure they can hone in on the economy. this new phase in relations between the two unlikely partnerships has really not gone unnoticed. amlo standing side-by-side with trump, i watched part of this class conference they gave. he endorsed trump's treatment of mexico as he made his remarks alongside the u.s. president. and joe biden,: he is laying out his economic
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pathway to the white house. what is he likely to say? we should be more worried about the election then we are about covid. investors should be. annmarie: we will hear more from him. according to people familiar with what he is going to announce, it's a moderate approach towards the u.s. economy via manufacturing and innovation and it is something that really resonates on both sides of the party i'll. one thing is it does seem like, for now, joe biden seems to be leaving to the side the big structural changes and proposals from progressive democrats. of course, over the past year in campaigning. these are two things that tick the boxes of both sides of the party i'll, pushing to buy american, incentive buy american jobs, clean energy and the economy, eldercare workers. the biden campaign seems to be
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betting he will be able to attract republicans that are wary of the trump administration alongside with independence that have never been able to make up their mind yet. manus: let's see what the roadmap is laid out by the democrats. annmarie hordern on the latest political machinations. we just got to check in on some of the headlines. perhaps we have exhaustion over how we assess data. hong kong now finds 47 new cases locally of the virus. look at the hang seng as giving back a little bit this morning. tot is 220 cases according -- and you have made the point which is are we wary of these data pieces? itra: it does not look like too much given we have seen that slight market reaction. we are seeing u.s. futures edge of it on more into the red now. europeanhead to the open still firmly positive for european futures but they have come off their highs. that is it for "bloomberg
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daybreak: europe." the european open is up next. this is bloomberg. ♪
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nejra: good morning. welcome to "bloomberg markets: european open." i am anna edwards in london alongside matt miller in berlin. matt: today, the markets say feel the animal spirits. european futures .2 gains as the relentless surge in chinese -- point two gains. the cash trading is just one hour away. here are your top headlines from the bloomberg terminal. global verona virus cases --


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