tv Bloomberg Markets European Close Bloomberg May 7, 2021 11:00am-12:00pm EDT
♪ guy: here's what you need to know out of europe this hour. the euro spiking sharply higher as u.s. payrolls deliver a massive miss. yields down on both sides of the atlantic. the u.k. transport secretary will lay out london's traffic light system. british airways and iag delivering guidance ahead of what will be a cautious summer season. the eu split on vaccine patent waivers. spain backing the proposals, but vestige are -- but vestager siding with merkel, and macron saying the priority is giving shots away. let's get back to this big payroll miss.
the euro sharply higher as well, clearing through $1.21, even looking at $1.22. is this going to be a problem for the ecb? the pound, we are going to watch carefully how the pound trades over the next few days because we've got scottish election results coming up. we've got to keep an eye on that. the chairman 10 year down sharply -- the german tenure down sharply. we got some comments from the latvian central bank governor talking about an ecb taper. that had a really big impact into the btp market a little bit earlier. the whole effect has been superseded by that big payroll miss, though. alix: it is a very specific reaction here in the u.s. you got that big miss on jobs. it was buy tech, buy bonds, sell dollar. if you have lower yields, you're going to have less interest
margins, therefore the financials get hit. it does seem to me the market is taking this relatively in stride. arc innovation etf up almost 4%. we were looking at its worst stretch of losses since 2018. that has now gotten a little but of relief after that bad jobs number. take a look at five-year five-year forward breakevens. if you want to look at how investors are looking at breakeven patients, not doing that much. yields going about two basis points higher, but it is not a huge amount being factored into the market. i wonder how much inflation expeditions need to be reset after what happened with that jobs number. but then you look at top or blowing its way higher ash look at copper blowing its way higher here -- look at copper blowing its way higher here. a record high for the red-hot metal. guy: the dollar certainly a big factor in all of this as well. the market is definitely digesting that record miss in the u.s. nonfarm payrolls. what does it mean for monetary policy?
minneapolis fed president neel kashkari telling bloomberg earlier this jobs report makes a clear point. >> for all of those people saying the fed needs to normalize quantitative easing, today's jobs report is just an example that we have a long way to go, and let's not prematurely declare victory. guy: a bit of vindication for the fed in this data. they want to see the data. they want to see it delivered. they don't want to anticipate it and change policy before the data is actually delivered. mike mckee, bloomberg economics and policy correspondent, talking to neel kashkari in that interview, joining us now. what does it mean for monetary policy? what does it mean for the markets? the markets have started to get a little bit excited about the possibility we could get a taper, and that talk would start fairly soon. michael: that is starting to go away as people look at what happened. we don't have the kind of pressures that would suggest the fed is going to have to do something soon. the thing you've been looking at in the shorter and longer run is
average hourly earnings because if we are seeing a tight labor market, wages should go up. they are distorted by what has happened over the last year. you take a look at where we are, we are not seeing any particular gains. we went down a significant amount last month. when people start coming back to work and that starts going up, then the fed will be looking at it. but for right now, wages, earnings are not a problem. what we are going to have going forward is an ongoing debate between the fed and the markets over what is going to happen. you see where we are in terms of their mandate, the 6% unemployment, 6.1% unemployment is not what they are looking for. want to bring it down to the white dotted line. they have inflation where they wanted to be, but how long is that going to last? that is the question for the fed. they get the white line down before the blue line goes up too far? so we are going to end up with
this debate between the markets in the fed over whether the fed is doing too much to try to stimulate the economy. neel kashkari telling us today he didn't think that was happening. the fed is doing what is needed to stimulate an economy that needs the help right now. this is the average hourly earnings again, but look at what is happened in the markets in terms of the fed, since the fed balance sheet has been going up. we have seen stocks rise significantly. you can see it here, the white line is the fed balance sheet. the blue line, the s&p 500. yellow line, i never put bitcoin on the chart, but i did this time just to show you what has happened. the fed is putting all of its liquidity in the markets, and the fed is worried about a car crash. they said we could have a problem with some risk assets if there is, in their euphemistic word, repricing. these are the things you want to keep an eye on. the market is going to keep going up. at some point, you might have a
fed that doesn't do a taper. guy: i think with elon musk going on television this weekend on "snl, - you're probably ok putting that on the -- on there. we have certainly seen the narrative of the strong dollar, which cut a lot of people offside at the beginning of the year, starting to fade now. the euro starting to regain some traction, back through $1.21. is this going to be a problem for the ecb? geoffrey yu, bny mellon emea markets senior strategist, joining us now. is there going to be a reaction to these kind of levels?
geoffrey: $1.21 is that soft line mentioned back in march. now that it has been reached, this means the euro from here on is going to start to generate disinflationary headwinds for inflation, oil prices, and that is something the ecb will start to counter. alix: how do they do that? geoff: rhetoric is the first thing they started off with. you will start to see a slowdown in the pace of purchases, so i think talk like that is going to be dismissed very quickly by executive board members. you're going to hear them talk about keeping the current pace and making sure financial conditions don't tighten. there are investment programs in europe right now for reflation. $1.21 is tolerable, but
they are on watch. guy: the second story i read this morning talking about the fact that we had the latvian central bank about this taper, watching financial conditions. can i assume that the ecb won't even get anywhere near a taper until the fed is well underway? geoff: the other interesting thing about today's comments was the suggestion that the -- is not going to be utilized. the u.k. has talked about starting to scale down aggressively, not hitting prior targets. canada was only talking about a slowdown as well. the euro zone, the ecb is not an opposition anytime in the near future. what they do have right now is an investment plan. you need governments to step up, and hopefully vaccination's are going to help inflation as well. alix: this is not the first time we've heard this from the ecb, the idea that they are going to scale back pepp or look at
other tools. why are we even talking about this? it just shows how disjointed the ecb is. what is my take away? geoff: i think like the fed over the past week or two, you always want to inject a bit of debate into monetary policy. want a two-way flow like we like to see in markets, to see what the reaction is. lily this has had a reaction, but if it is appropriate or not, that is the question. maybe a bit like the u.s., you want to avoid dual stimulus where you have a fiscal peace and monetary peace at the same time, so maybe inject a bit of debate into that, but i don't think the ecb will move aggressively on the quantitative side anytime in the future. guy: if the ecb were to taper, would that be euro negative? one of the things happening at the moment, and to a certain extent, ecb policy is moving this direction as well, is looking at the premium that
european bonds trade at, and bunds in particular trade at a significant premium to model right now. if you look at the relations with treasuries as well, you can see that very clearly. as a result of which, europe is attracting flows. we are seeing that into equities as well. if you were to see them ticking their foot off the gas when it comes to bond buying, what that actually be euro negative when logically, you would think it would be euro positive? geoff: actually, i don't think it would be euro negative. firstly, real rates, that is going to help the european real rate story, so it is going to be supportive for the euro. secondly, let's talk about levels here. if the euro goes higher, we get to $1.24, four or five figures either way on the anchoring conditions is except it will. the rhetoric will be stepped up, but unless we have a very fast surge by june, for example which to $1.25, i think the ecb will be ok with that.
when it comes to equity investments, a very popular trade before the pandemic, you are worried about the effects earnings translation, you go into that hedge and get a little bit of a yield pickup, especially for dollar investors, so that is except a bull as well. if we get to $1.25 or $1.26, there's going to be much stronger pushback. alix: stay with us. we will get his thoughts on the u.k. elections and how you play the pound. that is coming up next. also, should point out, headline here, 2/3 of u.k. adults have now had their first covid-19 vaccine dose. that is amazing. guy: absolutely, and the numbers are reflecting it in terms of the cases and the mortality. the really interesting thing is how does this now translate into everyday life. we are still easing in terms of restriction. but then, these are the kind of numbers that we need to see maybe to reopen the travel corridors, particularly with north america. you guys have got really strong
bloomberg's u.k. politics reporter emily ashton. give us the latest. emily: we woke up this morning to the news of this election in northeast england. we knew that the conservatives had a good chance of getting that seat, but actually, it took away at almost 7000 majority, which was unexpected. things throughout the day have done very well for conservatives. they've taken a number of councils for control to the conservatives, and we have just seen a mayor in the northeast of england that has been reelected with 73% of the vote. it shows that the conservatives are still hugely popular in the northeast, very bad news for labour and their labor, -- and their leader, keir starmer. guy: thank you very much, indeed. boris johnson's conservative party making decent gains in the north of england.
going further north into scotland, though, the picture looks quite different. because of covid, it has taken a long time to count the votes in scotland. we are just starting to get the first ones coming through. the snp winning glasgow south side. this is basically the leaders of the two main parties in the same constituency going up against each other. you wonder what this picture is going to look like over the next few hours as these constituentcies -- constituencies in scotland start to report. geoff yu, b strategist of emea markets -- bny mellon strategist of emea markets, still with us. north of the border over the next 24 hours is likely to get very interesting. if we do see a convincing win for the s&p and -- for the snp and other like-minded parties,
what decent this looks like? geoff: i would define convincing as 69% or 70% plus 40 -- plus for the snp and the green party. this is a clear bloc for the referendum, and it could mean calling for a referendum as soon as possible, so we are looking at a 12 to 24 month time horizon. i know there will probably be legal issues along the way. this is not priced in right now, but anything lower than that is a small majority. i think that is base case. anything lower, sterling benefits from that. so a swift referendum within two years, that is not in the price, and that is where we could get risk coming through. alix: swift and two years doesn't feel like they match up, so how and when do you hedge that risk if that scenario plays out? geoff: the difference this time compared to the 2014 vote was
there was a prearrangement for an agreement that show to the snp obtaining a clear majority in the elections, and westminster would precede -- would proceed to talk immediately. there are constitutional processes within the u.k. to get to that point. this time around, boris johnson has been clear he will not agree to a referendum, and nicola sturgeon will say we will take it to court. so i think it would be 18 to 24 months at the earliest, but withstanding the pandemic, it may not be that. guy: if we do see sturgeon and like-minded parties winning, if we do put ourselves on that kind of timeline, and say there was a significant referendum risk, because at the moment i think pulling is hard to judge -- i think the pulling is hard to judge it -- i think the polling is hard to judge in scotland,
when the market starts pricing at back end, are we going back down to $1.20, $1.10? this would be another mess again extremely complicated breakup. geoff: i think those numbers are stretching it at this point. the fiscal dynamics involved in a breakup compared to brexit negotiations, it will probably take far longer than -- far longer, and there is the monetary issue to force out as well, so this is going to be a volatility play for different parts of the curve. the first step is to identify when is the most likely time we will have a referendum, and then you have a target for which the sterling markets aim for, and then you look at the terms. i think whatever happens tomorrow when we get the result, and would markets open on tuesday, that could be reversed quite swiftly. alix: thanks a lot.
do we have a nickname for it yet? re: at that point -- are we at that point? like, scexit? guy: celtexit? there's got to be something around there. alix: so we are not there yet. the other story in europe, eu leaders are gathered on patent waivers for covid vaccines. spain back the u.s. proposal to waive international property -- to waive intellectual property rights. >> we welcome bidens proposal. we believe it needs to be much more ambitious. this is the spanish government's proposal. we need to accelerate the know-how in technology and the knowledge around vaccines. secondly, we need to increase manufacturing capabilities of all vaccine producing countries, as well as accelerate the distribution to countries that are in need. >> it should be a completely
extraordinary move to massively invest in new medicines and other things that we need. so i think we need to be a bit careful. but we are in an extranet situation. >> yes, i am willing to have this debate. we work closely with chancellor merkel on the subject and with the european commission. alix: joining us now is bloomberg's maria tadeo. does this threaten to derail other conversations that need to happen among eu leaders? maria: no, i think this summit is really about the vaccines, and this is still top of the agenda. it is a real conversation they care about, but also at this stage, the european roll up is improving, so they can afford -- rollout is improving, so they can afford to talk about this. this is really about the technology, whether or not to remove that ip, and it has a really direct impact on pfizer and biontech, german technologies, something that germany would want to talk about, and they would care in
detail on whether or not that is going to be superseded. so it is a conversation that is happening. there is no consensus around it. some in europe would tell you there should not be removal of this ip, that innovation has to be rewarded, and that if anything, it is rich countries that have been stockpiling vaccines that should be exporting in bigger numbers to help countries out. guy: the issue is going to be that europe is on a different tack to the americans, and this looks like it is going to be a big deal for president biden. how big of a risk could this be? maria: the european view on this is rather different. they would argue that president biden was late on this. they would say that the u.s. at one point decided to block exports of vaccines, but also ingredients. they would argue that for a rich, big country like the u.s., they have not been the most generous, and now the rollout in the u.s. is going very well, and some any have decided to go on
the pr offensive saying that we need this globally, but to some extent, the europeans argue we have been exporting vaccines for months now, so we don't really need lessons on solidarity. guy: on that note we will leave it. bloomberg's maria tadeo, thank you very much, indeed. coming up, signs of strength. siemens raising its revenue and profit guidance for the year, but there are commodity headwinds. we will talk more about that any moment. this is bloomberg. ♪
fighting obviously for these chips. guy: the ceo over at siemens speaking to matt a little bit earlier on -- matt miller earlier on. they are not facing headwinds when it comes to chips, but they are facing raw materials issues. you hear this from every industrial company now, how big a problem this kettle to millie be. -- this could ultimately be. alix: other issues like travel costs as well. bloomberg intelligence says that could be a bigger issue for them as well. plus, there was some stockpiling that happened, so maybe sales will not be as gangbusters. we will stay with this corporate theme here. british airways seeing a rebound to pre-pandemic levels could take place. this is bloomberg. ♪
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session and we are wrapping up the week in europe for equities. let's you -- let's walk you through the price action. the payrolls miss being a factor in what we are seeing. we are treading up around .8%. a lift on the payroll number. tech stocks particularly took off. it was interesting to see the comparison. critically been a positive week as well. this is what we are seeing in terms of the weekly trade. we are up quite nicely, up 1.64%. we did see a swing this week. that has quickly capitalized on. at you can see, we are finishing the week on an upward trajectory. the positive price momentum being generated. in terms of individual markets around europe, this is the breakdown.
outperformance from the dax. adidas having a solid day. the ftse 100, the commodity story, the narrative continues. underperformance from the cac 40. where is the rotation? in the states it was obvious. we saw the tech stocks outperforming. the nasdaq having a better day. in europe it is the miners. the commodity trade that continues to march ever higher. basic resources up 7.42%. some idiosyncratic factors but we are continuing to see significant strength. the energy sector is in the mix, up 3%. travel and leisure under pressure. iag, we will get more details about that in a moment. the top of the next hour we will hear from the u.k. transport secretary laying out the narrative in terms of how the traffic light system is going to work in the u.k. how are you going to go on
holiday, which countries can you go to? technologies underperforming. let's talk about the sector breakdown. adidas coming through, really delivered in terms of expectations. there is underlying concern about what is happening vis-a-vis china and that is a storage watch out for. that seems like it is for another day. today's numbers strong. we were just hearing about what is going on at siemens strong numbers. continuing picked up. interesting to compare and contrast with adidas. siemens getting strong numbers out of china. the pickup and offending the company, which has been so slimmed-down. there are ongoing commodity headwinds. iag, really cautious today. they are in a very different position. very cautious about what kind of pre-pandemic looks like going into the summer.
we will see later about positive headlines. we will watch that one. at the moment that stock having i positive day. air france saying it is going to have to raise even more money. a very different position. european travel, u.s. travel. i wonder whether or not the european travel story will have a much bumpier ride out of the pandemic. earlier we were talking more about the travel story. we caught up with the expedia ceo to talk about what we were seeing. >> there are places around the u.s. that are virtually sold out at this point. if you look at places like miami , even places outside the u.s. like mexico and the caribbean where americans go, to bookings now, spring break, and into the summer, just pack. guy: joining -- alix: joining us
is sanford bernstein senior analyst has an outperform rating on iag. dan, we just heard from expedia. really good about the summer in the u.s.. what you expect to hear from the u.k. today and how does that factor into your modeling? dan: we think we will see a list of countries. i do not think the u.s. will be on that list yet. in our view iag went out with a cautious note saying about 20% to 25% of capacity. then up into q3. we think of all goes well we can get to 60% of 2019 capacity in q3. that would be a good cash performance for this year. guy: most of it will be short-haul. howlett work around europe? what about the long haul, short-haul capacity mix? daniel: i think there could be a
decent chunk of long haul because they are so exposed to the north atlantic. looking at infections in europe, u.k., and the west, this is a reasonable assumption to see the market coming back throughout the summer at some point. that is something where we would be hopeful for long haul travel, especially on the transatlantic. in europe, the eu is pursuing the eu green past which would give you a digital vaccination key which may remove quarantine and testing requirements. our expectation is this will take until september to fully implement. alix: i should've said 250 pence for your price target. it is the american in me. i wonder how competitive it will actually be. we made this point you will not go greece and spain and italy at the end of august. is that a race to the bottom? who can benefit the most from
that? daniel: definitely the low-cost airlines are better set up. they would be able to sustain a drop much better than the others in the european space. ryanair would be the two to call out on the short. we think the transatlantic will come back and help them perform well on cash. guy: just pick this apart a little bit. ryanair and easyjet out with numbers next week. is your expectation that the u.k. corridor opens first? in my getting a flight out of madrid on iberia -- how different is the timeline for a flight out of london? i can say business, but i'm curious how those things will fit together. daniel: on the relationship to
the u.s. -- basically the u.s. side needs to come to terms how and when they will allow, as ig showed. europe and the u.k. are one of the few regions not allowed to travel to the u.s. right now. on that list is brazil and india. the u.s. needs to make the move. there is not a major difference between u.k. and europe. i would expect both of those events, travel court or, u.s. /u.k. and u.s./europe to be close together. alix: my other question is the risk of all of the variants. we talked the other day about 62% vaccinated, there the best country in the world, they depend on tourism, yet they have to shut down because the cases rising. do you think restrictions will be enough to prevent that kind of spread?
what kind of downside you have to your price into the travel stocks? daniel: the bear scenario is we stay where we are right now, which is like 200 million cash burn good you can say the liquidity they have would carry them into 2022, the end of 2022. that is how i look at the downside. alix: it looks like we are taking a little bit of a hit on the technology front. that would be the super bearish view. daniel roeska, senior analyst at sanford bernstein. that is the bearish view you have the spread from india. i am areas as to what you would have to eat -- i'm curious as to what you would have to here to book a vacation in july? guy: i think it will depend on which countries will be on the green list and the red list. where you will be going.
that is going to be a huge determinate. portugal on the list, greece on the list come italy on the list? alix: you only go to the green countries. guy: if you're going to an amber country, the requirements in terms of testing on your way back are significantly more onerous. for some people that is fine. they can take the test. they've the capacity to be able to quarantine at home. i do not have that capacity. there will be four of us. i think pcr testing, even the green bucket, it is still expensive. one of the challenges the airlines will have to work out, and they're already starting to do, is reducing the pcr costs. the pcr costs could be as high as flights. guy: it is not realist -- alix: it is not realistic. guy: testing will be a huge problem. you need to pick your country and then you need to pick your capacity to quarantine and your
cost tolerance in terms of testing. alix: can you take a car on a boat to france and then drive? guy: yes. you have tunnels as well. alix: ok. is that fun? guy: is a 12 hour drive to the south of france. alix: that's it? guy: it is a bigger drive down to portugal or to spain. greece is quite a long drive. the south of france is fine. or you can go to the atlantic coast or go to normandy. france has it all. you go to the rest of europe, that is a long drive. driving is fine for some countries. if you are dutch or coming from germany, it starts to become a more realistic option. for the u.k. it is a long way. alix: learned a lot in that conversation. guy: i look forward to being able to think about summer holidays. alix: i am totally shocked. brand-new information.
guy: is going to be good. it has been a long, dark winter and it will be nice to get out. it is like you guys being stuck in new york. you cannot go anywhere else. alix: i am a new yorker born and bred. we do not like anybody else so it is fine. i understand, in theory, what your point is. moving on. guy: european stocks, positive day, positive week. the first week in may turned out to be a good one. the cell inmate group not getting it right -- the sell in may group not getting it right the first time around. commodity traits front and center. alix: coming up, that is elon musk in china last year. this saturday he will host s&l. what kind of -- he will host snl. looking to volatility could we see in things like dog
ritika: this is bloomberg markets -- the european close. coming up, sarah house, wells fargo senior economist at 12:00 in new york, 5:00 in london. this is bloomberg. >> i am elon musk and i'm hosing s&l this week with musical guest miley cyrus. i am a wildcard so there's no telling what i might do. >> me too. >> your moms are not going to be here. alix: elon musk hosing saturday night live tomorrow night with miley cyrus. i do not know how funny he is but he did ask to receive just to on what to do with the sketches on twitter. he tweeted about it. it will be prettier interactive. -- it will be pretty
interactive. the market might care which is why we are talking about it guy: saturday night live. a big part of the u.s. population 18 to 49 will watch it but it is not normally a financial market event. what you've basically seen is the doge father, which is what elon musk has become known as, which is pretty cringey itself, has created this huge market expectation. it comes down to the idea of numbers. the more people that hear about those coin, the more people that might be interested in what is happening with the currency. that is why the market has been front running the dogecoin story. how much is the doge in the window? this is the parity cryptocurrency. alix: let's just point out that the other date and the meeting guy is like elon musk is on snl tonight, we are like it
is wednesday. we were like it is saturday night live. guy: i was getting ahead of myself. alix: saturday night live. ed ludlow will be tuning in. he is joining us from san francisco. what kind of stuff are you expecting? the highlight of my weekend. guy: can you say that in a slightly less reddish understatement sort of way. ed: when you cover it on must and his companies as a journalist there is very little sleep involved. anything can happen. that is a sincere statement. we know he tweeted about doge father. if you read all of the serious crypto pungency, market participants -- the crypto pundits, market participants, the idea is he could bring this to a mainstream audience. someone covering tesla, the last
time elon musk did something similar on the joe rogan podcast, the stock closed down 6%. alix: is that the one where he smoked pot? ed: that is exactly it. when he smoked some marijuana products. alix: that is what i thought. to be totally candid it is -- every saturday morning it is routine to watch the highlights from the new york times. i wonder how much we are front running. guy: saturday morning or sunday morning? alix: sunday morning i watch the highlights. guy: ok. i thought you said saturday. i want to make sure you're getting your times right as well. alix: i cannot stay up that late anymore. that is the problem. i wonder how much is already in it? ed: the thing about elon musk is he does not behave like a standard chief executive officer of s&p 500 company. pity -- he does not behave like
the director of any publicly traded company. he uses twitter as a way to disclose company development, not just a tesla, but spacex as well. it is difficult to get information in a timely fashion out of spacex. the expectation is there is a chance he said something about either company or he says something controversial. based on past president he has not been able -- past precident he has not been afraid to wait into the covid debate. we are kind of bracing. we are bracing but we are exciting. he has a cult following. he is entertaining. people believe in his messages. guy: to alix's point, there was a doge day everybody got excited, and that turned out to be a nonevent. the speculation going into this, i appreciate. he is making it clear this will
be a live event. do we know what his financial involvement in this is? i was leaving something earlier on which caught my eye. nine wallets can take 40% of all doge coin. i wonder elon musk has one of those wallets. ed: we do not know definitively. elon musk put his money where his mouth is with tesla and they made $100 million of profit from their bitcoin investments and trimming by 10%. he has said he wishes he got into several different cryptocurrencies earlier. at the same time he has said he is excited about cryptocurrency, but people should invest with caution. he does not have an effective -- we do not know if s&l reached out to him or he reached out to snl. alix: to that point, i have a
hard time thinking his communications team was like this is a great idea. we have to watch what you say on twitter but you should definitely go lightly scripted into snl. if his tweets are so heavily scrutinized from the sec, what will happen when you unleash it? that is insane? ed: i have sat through a lot of elon musk earnings balls and i think back to factory -- elon musk earning calls and i think to factory date last year. elon musk does have a tendency to go off script. he will often interrupt other executives. you start your earnings call, the ceo reads off the piece of paper. there are prepared remarks of elon musk. it always goes in a different direction. it is interesting to see how saturday night live will go. he is sappy. tesla does not spent -- he is savy.
tessa spends a negligible amount of money on advertising. he uses his own following to promote the brand. one would assume going on saturday night live, this is part of that, to promote him, to promote his companies and the different things he believes in. guy: i just have one wish. that he is funny. alix: i don't know. that promo did not look funny. guy: low expectations from alix steel. alix: they are so funny, maybe they can help. let's put kate mckinnon next to him and have her talk. guy: -- kriti: we might find it -- ed: we might find a new star in the world of television. you never know. alix: that is what we need. guy: you have the time advantage on your time. you can stay up and watch. alix will have to tune in later. guy: maybe i will get early as well. and, thank you rick -- ed, thank
we are also moments away from president biden speaking in the east room of the white house. he will be talking about the jobs numbers. no doubt the jobs numbers will give extra fuel to the politicians who say we need more fuel, on the other hand it will say we need less employment insurance. dealing with that. guy: that is a huge debate. some of the governors are talking about that at the moment. can biden thread the needle and keep both of those constituencies happy? we'll be taking president biden's very shortly on bloomberg television. alix will go to bloomberg radio and bring you that press conference. that is all coming up. this is bloomberg. ♪
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[inaudible] from the world -- >> from the world of politics to the world of business, this is "balance of power" with david westin. david: from bloomberg's world headquarters in new york to our tv and radio audiences worldwide, welcome to "balance of power." we are waiting right now for president biden to come out from the east room of the white house and address the economy disappointing job numbers. in the meantime we will try to sneak in a quick report on the markets with abigail doolittle. it should've been a big market moving event. i am not sure it was. abigail: it depends what market you're talking about. there are process that moves. stocks are up but it is a boring up. not so surprising, just given the idea the initial reaction to that jobs report was bad news is good news because the fed will be in place and there will be more stimulus. if you look at bonds and the huge reaction down, which would've been -- david: