johnson. guy: 3:00 p.m. in london, 10:00 a.m. in the united states. from london, i am guy johnson. from new york, alix steel. welcome to "bloomberg markets." inflation data bit of a ywan.-- yawn. equity markets commit fresh record highs. alix: you can thank nike for that. what we saw from the inflation numbers is it definitely is transitory, at least for now. your records for the nasdaq. we hit one earlier this morning. s&p pretty much flat, but the dow outperforming, and a killer number out of nike. bloomberg dollar index a little bit softer. volatility even lower, if you thought that was possible.

guy, and looks like we are a transitory inflation, steady as she goes. guy: university of michigan indicator out -- these are final numbers. 85.5, putting much in line with expectations. current conditions number dipping. expectations could emerge was. the number to draw your attention to is this transitory debate. this one-year inflation number, consumers have a tendency to overestimate this -- 4.2. that is up from 4. five-year number still 2.8. alix: transitory, that is the key word. you thought we were over that word. we are not, we are deep in that. peter coy is looking at the latest u.s. transitory inflation numbers. personal spending and consumer numbers. reorder and is in washington for updates on the investiture plan.

abigail doolittle is looking at the movers for today like nike and fedex. peter coy of bloomberg businessweek is here. we got downside inflation risk for the first time in a very long time. walk us through what we got. peter: 0.4% month over month on the personal consumption expenditures, which is the inflation measure that the fed pays attention to. year-over-year came in at 3.9. that is a change in the personal consumption expenditures from one year ago. exactly on expectations. not alarming on the inflation side. you go to the income spending side, we have zero change month over month in spending, which was below expectations. on the other hand, the numbers were revised upward by equal amounts. take it as a whole, the report shows reasonably strong spending as well.

overall i would consider it a bullish report. guy: it does feel like the economy is still cracking on and a fairly decent pace. peter, thank you very much indeed. peter coy on the inflation data. let's talk about politics and the infrastructure bill. president biden calling a political win on an infrastructure deal with a group of democratic and republican senators. pres. biden: this bipartisan agreement represents the largest investment in public transit in american history. i might add to that the largest investment in rail since the creation of amtrak -- you all know i have nothing but affection for amtrak. guy: the president. annmarie hordern joining us from washington. that was victory, but he is trying just to another bill as well. walk us through the mechanics of what is about to happen. annmarie: good afternoon, guy.

he wants his cake and eat it, too. they were able to nail down this bipartisan deal for infrastructure -- pipes, bridges, those lights. but what the president said yesterday, he will not sign the bipartisan deal unless it is also alongside the more democratic-focused bill which is via reconciliation to the reconciliation budget, and these are all the bells and whistles, nod to the progressives, that the democrats want. social spending, health care, a little more infrastructure when it comes to things regarding climate change. this is very gets really tough in washington, d.c., because that is something the republicans just do not want to spend a lot of money on, but the democrats do. ansi plus he put the line in the sand, a redline cup -- nancy pelosi put the line in the sand, a red line, saying that unless the reconciliation bill gets what they want, she will not announcing her chamber the bipartisan deal reached

yesterday. alix: the fed is giving u.s. banks a clean bill of health as they easily passed the stress test. it paves the way for a deluge of buybacks. here with more is sally bakewell. we are expecting -- sally: payouts could be the largest ever with some early estimates indicating that the six biggest banks could return more than $140 billion. they are sitting on mountains of excess cash. this exercise is primarily an indicator of how much the money can be doled out to investors. it shows that the industry is becoming more climate ties to the stress tests that had been introduced after the financial crisis and induced anxiety and frustration at the banks. guy: thank you very much indeed. sally billy quote -- sally bakewell. look for the announcement of the banks. a deluge of emails detailing

what is going to be happening. we are seeing the nasdaq turning negative. american industry leaders are reporting earnings after the close yesterday, having a big impact on the equity price action. nike and fedex. abigail doolittle, over to you. abigail: it is a tale of two stories because nike at its all-time high, best day going all the way back to -- excuse me, highest since 1980. best day since march of last year. at one point, the best day since 1987 with the stock up about 14%. up, up, and away. superstrong quarter. they beat sales estimates by 12%. they beat adjusted earnings by 86%, hitting on all cylinders. this is true relative to 2019 and 2020. they put up a big order relative to profits relative to the prior years.

we take a look at those prior years. we are going to see nike knocking the cover off the ball relative to 2020 north america beating bike 141% relative to 2019. prior to the pandemic, beating by 29%. that is true for europe, china, asia-pacific, latin america. fedex on the other hand, not quite the same story. they put up a record quarter and they beat sales in the big way. worst day since december 2020. worst day since 2020, and for nike, best day since 2020 relative to fedex. they did beat on sales, but relative to adjusted earnings, disappointing labor costs weighing on the profit outlook -- not the profit outlook, profits that they reported. adjusted earnings basically coming in flat. alix: thanks a lot. super appreciate that.

nike definitely reverberating through the european market, upside as well. buying shares may not seem like a good deal, but it actually is. we talked big tech and valued next. this is bloomberg. ♪

>> buy energy, buy financials. go for the gusto. i think the economy is going to surprise to the upside, and that is likely to continue. alix: they see from bank of america recommending buying companies that benefit from a

growth rebound and can fight margin pressure. in the meantime, maneesh desphande of barclays tells investors to hold onto tech giants. what is the inflation thesis you have on this call? maneesh: the baseline thesis is by the time we get to the next year, we should get back to normal. it is a question of the kinks of the system that have been shut off the last year. guy: if that is the case, talk me through the arguments about why you want to rotate back into growth. maneesh: i would like to distinguish between secular and cyclical. what we are saying is that the covid recovery trade, the surgeons of stock--the surgeons of stockton 2020 --the resurgence of stock in 2020, now

we are going to get back to midcycle growth where we want to get back to secular stories, the fundamental pieces why you want to rotate back to at least parts of tech. the second argument is also evaluations. if you look at valuations for tech, it is always going to be high compared to the rest of the s&p. they are back to 2019 levels. for industrials and especially some of the discussion, for example, very high compared to that. that is part of the stock market that is still pressing a very robust recovery. we don't deny that the recovery is going to continue. alix: where does that leave things like energy and banks? in terms of your view of the next six months in terms of growth? maneesh: i think that is still going to go and we do want to have some exposure to the economy.

you think about the cyclical stocks sectors, in particular consumer discretionary, mining, and energy. we think banks are best positioned for that. there is still the tail risk that you could have high inflation and high rates. at the same time, stronger economy would also benefit the banks. i want to caution that the big e-commerce kind of beneficiaries , those are the ones we like. if you look at other parts of tech like software or hardware, they are still quite expensive. guy: do you think that concern around regulation is priced in? do you think the risks around the sector are well understood? maneesh: protecting human? -- for tech, you mean? guy: for those big assets you

were talking about. maneesh: i guess it is a question of -- people have become numb to that. it is an ongoing story. especially i headwind. we are in the middle of regulations, and there is hearings on that front. but still, that is not going to happen anytime soon. it will take at least six, seven months before we get anything meaningful there. in the medium-term we think these are attractive. alix: something we have been talking about this become and i wonder if you can help us understand how to play that, is if you take a look at the equity market and the dollar and yield, from the fed until now, it has been around a trip. there has been volatility and a lot of churn in the market. have you take advantages of those dips when volatility is still 15? maneesh: there is going to be

short-term rotation. i think the advice is to stick to the medium-term. don't panic enter on the week to week news. you have to focus on the medium-term. and that is why the method of looking a little bit ahead gives you a bit of an asset. guy: is the risk that the fed acts sooner or later? maneesh: the risk is -- i would say the baseline of having a couple of hikes by '22 or '23, that is the baseline. if you're talking about risks, the tail risk for the market is that it is sooner. our baseline view -- i think even chairman powell has acknowledged we don't fully understand what is going

speeding into other parts of the inflation basket? i think that is where you are. getting back from an inflation perspective is an attractive way to position that. guy: perfect. maneesh, have a great weekend. nice to see you. maneesh desphande of barclays joining us, talking about the fed. neel kashkari speaking now -- this sounds familiar. he is reiterating the transitory narrative, talking about the fact that hopefully the u.s. economy is at the start of every strong recovery. the data speaks to that at the moment. but he speaks about the economy still being in a deep hole, and some of the high inflation readings are not a surprise, apparently, but he thinks some of the price increases are likely to be temporary.

expects pressures to ease by september as schools open. alix: i was going to say, the one thing he is using his burglary, not transitory foot-- is temporary, not transitory. that is expected. guy: temporary and transitory, you have got to get quite nuanced if you are picking apart any difference there. i think in the level we are dealing with us -- let's talk about what is happening with the meme stock story. it is going to potentially find its way into many more portfolios. you may end up owning some of these meme stocks. we will have details next. this is bloomberg. ♪

>> is time for the bloomberg

business flash. i am rich a good group to.-- ritika gupta. the company says it has been given federal approval following the may 22 test flight moving towards its first fully crewed test flight this summer. adia will boost the offering of cloud services to customers. the company says it is increasing revenue by double digits and the acquisition is expected to boost operating margins immediately. booming cryptocurrency firms are starting to find the right candidates to fill positions. that is leaving if you were people -- fewer people to find workers to expand their

business. gemini and crypto.com are hiring. that is her latest business flash. guy: thank you very much indeed. we are awaiting the results of the russell rebalancing and what impact of the meme stock meeting at will have on these indices. dave wilson is the perfect man to dig into all of this. dave: thanks, guy. you are talking about the annual reconstitution, as it is called, of the russell indexes, russell 1000 for larger company, russell 2000 for smaller companies, growth and value version of the indexes, among others. we have seen companies really take off as a result of, among other things, the whole push of the meme stocks, and it showed up in terms of what influences russell 2000 and see entertainment, the biggest influence -- amc and or to make him at influence over the last 12 months, and right after that,

gamestop. you want to talk about meme stocks, they are the definition. gamestop delete started taking off in january, a-- really started taking off in january, and its market value with it. amc is a more recent kind of emergence here. that influences how the russell is going to play out for those companies and others, simply because this is a process of reconstitution that takes place over a couple of months. may 7 was the date russell said in terms of market value to decide which companies would be in the russell 1000 and the russell 2000. back then you could see gamestop was at $12 billion, amc entertainment at $4.3 billion. it may end up staying in the russell 2000, even though if you look at the numbers now, you are tracking budget $28 billion market value. why does this all matter? you have institutions following these indexes, you have tens of

billions of dollars invested in etf's that track some version of russell's indexes. that is why there is so much of a focus on how these gauges are going to look once we get past the close today and you get the burst of trading. alix: that is what i was going to ask -- if you wind up tracking these, when do you wind up selling? has that been happening in anticipation, or do we watch after the bell, premarket? dave: short answer is yes, alix, because there are some index funds that will manage the risk that goes along with these kinds of changes by doing things ahead of time. we may well see that in some of the exchange traded funds, the first three ishares funds, and then you have a vanguard funds tracking derosa 1000 growth in value. some of the trading may have happened, but the bulk of it will be after the close today,

and you will no doubt be seeing updates in terms of volume going out half an hour, as all the trades get settled and the record-keeping gets done. before they open on monday, you have all new indexes. alix: it will be fun. dave wilson, thank you very much. someone who wind up covering small caps said he is looking for a deterioration of all of the in the russell 2000--of quality in the russell 2000 component. you will have a portion of the committees fall to the lowest since 2000. i wonder how that will go from there. guy: part of that is common in down to what is happening with the meme stocks coming in. part of it is going to be if you look at what is happening in the u.s. economy, if you look at how some of the smaller company's are stretched, the good ones are a play on recovery, there are still many stressed companies out there the moment, and it will be fascinating to see as

this whole shareprice story unwinds what the profit picture is going to look like. i think you are highlighting a really interesting story at the moment. you talk about democratization of the stock market. i guess this is the ultimate kind of move. stocks are getting forced into the really big, heavyweight kind of etf narratives. alix: interesting to see if they can't live up to some of the expectations. for example, amc has been moving money for seven quarters in a row. sure, there was a pandemic, etc., but it is also a solid reopening play. they have the meme stock thing, yes, but a solid reopening play can get momentum and people going back to the movie theater, that is more fundamental vs. trading meme stocks. you look at the russell 2000, or any of these companies going to make money anytime soon? guy: it is a legit question. amc is a classic example. in some way the company not only

from a reopening point of view, but from a balance-sheet point of view, is much more geared to this recovery. and not all of them are going to be like this. you have really got to kind of pick and look at -- i don't want to say the credit bottom-up analysis. alix: i have yet to go to a movie theater. are they open in the u.k.? guy: no. my wife and son went to see " peter rabbit" the other day. alix: like the cartoon? guy: "peter rabbit 2." alix: oh, "peter rabbit 2." that is different. coming up, president biden's infrastructure deal is being hailed as a political win, but is it? this is bloomberg. ♪

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president biden: republicans in

this group did not want to go along with family plan issues, childcare tax credit, and we will see what happens in the reconciliation bill and the budget process, if you get some compromise there, and if we can't, i will see if i can attract all the democrats to the position, but they will move on a dual track. alix: that was president joe biden speaking outside of the white house after reaching that $579 billion additional spending deal. the president said there is more work to be done. as you heard him there, he said dual track. rob portman did not agree with that. greg, on a percentage basis, what is your confidence the infrastructure deal they reached yesterday will go through? greg: around 50/50, slightly higher than that. i tell you there are a lot of obstacles could i'm skeptical

there will be anything done next few weeks. maybe they can get something by the august break, but there is a big problem. that is joe biden has said he will not agree to just one bill. you have to get a second bill after that, and that is a greg? this becomes a stand-alone? greg: it could, and it is not an issue with mansion of west virginia, it is an issue with mitch mcconnell, and i think he will tell his troops it is not a good strategy -- that the second bill is too expensive. mitch mcconnell cares about only one thing, when he the house and the senate in 2022. he is not going to do joe biden any favors. alix: is the bigger threat mcconnell, or is it now going to be the progressives in the house? greg: that is a good point could i do think a lot of the progressives are saying we are not going to go for a strip down

bill and nothing else could we want to go big, and they will pose a big obstacle in many issues, including state and local tax exemptions. so, there are a lot of angry progressives that i think will further complicate this story. guy: why has biden done this, greg? why is he taking this tack? why -- what are the advantages, there are significant risks. greg: for joe biden it is progress. the public wants bipartisanship. there certainly was at least a facade of bipartisanship. i think that helps biden, whose job approval rating is about 60% positive, but i don't see how you get a bill when he issues an ultimatum that it has to be two bills, not just a when they agreed upon yesterday. alix: if in the conversation is we got that done, what is next,

is that what next nothing? do we need to pair back expectations for treasury issuance or a knockdown effect on and if the structure bill? greg: there is so much that has to be done. they will run out of time. they are now gone for two weeks, come back for three weeks, gone for two weeks, then come back for six weeks. you have to do something on the structure bill and some tax hikes. i would argue they will run out of time. guy: yesterday we got the u.s. bank stress tests. the fed clearing the big banks to kick out a lot of money to shareholders. we will find out details about that after the bell monday. if those numbers are really big, and this is an industry that has really benefited from government help during the pandemic, how is it going to go down in d.c.? greg: i think there will be some progressives that will say we should not be doing any favors for the banks, but i will say generally it will go down well.

i think jerome powell has a first-rate beautician in washington and in the markets. i see it would be a good story -- a positive story. alix: i do want to ask one more on the infrastructure issue -- something that came out in bloomberg article -- talking about how asset recycling was talked about in the bill -- it was the back part of the bill and it features the sale or leasing of infrastructure like roads, airports, to private operators, which would open the door to investors like private equity, which has dry powder on the sidelines, to come in and take advantage of that. how important is that, and what kind of multiplier can that deliver? greg: i think it can be part of the final solution. it is not right now in the negotiations, so they would have to return to that. there is a lot of stuff, just briefly, that has to be resolved. are you really going to raise billions of dollars by giving the irs more money for enforcement? are you going to call back money

from states flush with cash? there are a lot of things that still have not been resolved and may not get resolved for several more weeks. guy: is what you are seeing in washington right now, greg, market positive? greg: i do think it is to see some partisanship. you only have to look at the stock market this week. when it looked like we were going -- getting a deal, the market like hearing the story. i hate to be a skunk at the picnic, but i would argue that the markets might be too optimistic about this getting done quickly. it is going to be a very long slog. alix: a skunk at a picnic -- an unpleasant analogy. if the markets have to re-rate it a little bit, where will the biggest have to come in? greg: what you mean by re-rating? alix: re-rating -- if the market has to price out some of the bill, where will it be at the most? greg: the reassessment on the

social stuff -- whether it is child tax credit, aid for college education -- there is a whole bunch of stuff in the second bill that i think the markets are going to eventually realize that are not going to come, and i should also add the threat of big, new taxes has subsided dramatically. that is one positive answer for your earlier question. i think that the markets will be thrilled to see the likelihood of no big taxes. guy: greg, always a pleasure. thank you very much indeed. we are getting quite a big move in the bond market. i see treasuries and also european government bonds moving sharply to the upside. we have some auctions next week. i don't know whether this is position in advance of that, but treasuries are moving sharply to the upside as well. when i look at the recent moves, this feels more substantial. we are up by 1.7 -- germany is up by 3.2.

italy is up by six point -- 6.4. we are getting a move toward the back end of the week. alix: interesting p i wonder, to say, is it just going to be positioning? is it italy legally -- leading it, or is it the u.s. leading and italy claim catch up there. what is priced into the curve becomes interesting. the kashkari narrative -- is that priced into the curve right now, and does that need to rerate even more, or do we need to start pricing and more growth if the inflation narrative is not going to be an enormous overshoot? guy: i am not sure kashkari really added very much to what we knew already. alix: don't tell him that he will not be happy about that, guy. guy: i am sure he won't, but he is certainly at the debit end of the -- darvish end of the spectrum. -- darvish -- doveish and

suspect -- spectrum. i do not take anything new were inched from kashkari. i am tears, the back end of the week, you get positioning. remember where we were last week. the narrative that the fed was significantly more focused than the press conference had seemed to head -- have hinted at. we took another step forward. we have round-trip off of that. it looks like it is done all of that ended to readjust a little bit. maybe it is positioning. maybe it is ahead of some auctions next week. alix: that is why i'm also curious about how the market will interpret job status. if we get what we got last time, which was disappointing, but still an enormous on of job growth and wage growth compared to what we normally get, would that be viewed as good or bad

news, and how would the market react to that? is bad news bad news because bad news means the fed could make up a stake here, that they have to speed up? the market will have to sort that out. guy: we will be talking about that next friday when we have had these payroll numbers. next friday from a big date in the calendar. next, a time of heavily increased u.s. oversight on the chinese tech sector speak to a cao -- ceo next. this is bloomberg. ♪

rick to cut: i am ritika gupta. coming up, live in the green room -- this is bloomberg. ♪ alix: --

ritika: first word news -- i am ritika gupta. derek chauvin will be sentenced. he will be facing a maximum of 40 years in prison after a jury in april found him guilty of murder in the may 2020 death of george floyd. he knelt on floyd's neck for more than nine minutes, ignoring repeated cries that he could not breathe. -- the chinese online grocery store priced shares at $13. they had marketed 21 million shares at $13 to $16 each. global news on air and on quicktake. i am ritika gupta. this is bloomberg. guy: chinese stocks have been under a bit of pressure, but the appetite for those companies lifting in the u.s.. let's talk about the number.

abigail doolittle. abigail: it has been a difficult year for some of the chinese companies listed here in the u.s. -- china cracking down to some degree, some regulatory concern. china, petro china on the other hand, soaring up 623%, in line with oil, and then a china life insurance company up -- down a little bit. earlier this year, these companies had been soaring. this is in white, the china dragon golden etf, all of these companies listed in the etf, especially the big tech one. absolutely soaring. then what we have here in yellow and purple, the nasdaq 100 and the s&p 500 -- very interesting to see that earlier this year china tech shares absolutely outperformed all forms of u.s. shares along with the csi in blue. as long -- as the year has gone

by and rigell tory action has continued, you can see that the china tech shares have taken a nosedive on the year overall. when you compare that to the nasdaq 100 here in the u.s., up 14%, that is a huge divergence. one question you want to ask about this, of course china came out of the pandemic faster. is this a towel on the u.s. stocks, or will china shares catch up? we'll be watching this carefully. this would be a big quarter for china-listed ipo's here in the u.s.. $9.3 billion. that is the most going back to august of 2014, when alibaba raised $21.8 billion, and of course, one of the big names, the ride-hailing company, a big truck, big ipo corner here. it be extreme to see what kind of demand there is considering there are some of those rigell tory concerns. -- regulatory concerns. alix: thank you.

bloomberg abigail doolittle joining us. it's break this down even more and what it means in the united since. joining us from beijing, the cfo and director. thank you for joining us. quite late there. thank you very much. congratulations on the listing. i am curious as to why you decided to list in the u.s., particularly in light of the fact that the u.s. can be somewhat hostile in terms of investments in chinese equity. there is a geopolitical element of risk there. why did you decide to do that? >> there is technology enabling retail to be more advanced in terms of efficiency and in terms of application for long-term business. we think this technology can be replicated across the world. that is why we issued to the u.s. so we will have an

international brand and we were re--- bringing this model and technology in china, not only limited to china. we will bring this technology to all the players in the industry. guy: did you feel any pressure from the chinese government? -- to list in china? what is the viewing beijing of companies like hearers -- like yours turning to the nasdaq, turning to new york? jun: they are fine with that. we are -- a company with good lifestyle customers. we are ok listing in the u.s. without edinburgh -- added burden. alix: along the same lines, china has been cracking down the tech sector with more government oversight on the big internet giant. what is your conversation with

the government about your sector? jun: our sector has always been the focus of the market that is powered by venture capitalists and large internet tycoons. we are confident here with the vision of technology and we have no restrictions of doing business because we are bringing value not only to customers, but also to the supply chain. so definitely fine. with that you talked about wanting to roll this guy: work? are you looking for partnerships? are those conversations around partnerships active right now? can you give us a sense of direction as to where you are going -- what partnerships are you looking at? jun: we do not want to be giving details, but we are looking for an international partnership in the long run as alternative strategies to expand our business boundary.

we partner with third-party partners. definite, we can do that. alix: in terms of the explosive growth, what visibly do you have going forward. can the growth continue -- if not, what kind of growth rate would you be looking at? jun: i think the online penetration will be growing at a fast record pace, to eventually reach 45% penetration by 445. it is much as over one trillion u.s. dollars. this is a opportunity all tech companies have long for. alix: --

guy: we appreciate you joining us. it is deafening the weekend where you are. next, what are we going to do -- we're going to talk about jobs, aren't we? you have a good one. alix: you know, we have -- you threw in an extra element. it is not a competition, but if it was, if you have a thought and you have a chart, that would kind of, kick my butt. alix: i am see really competitive, then i am like i am not secretive at all. guy: there is no secret here. alix: the spirit of competitiveness. you should see me play settlers of canton. it is brutal. we will leave it right there. guy: ok. this is bloomberg. ♪

alix: every friday guy and i highlight a chart that caught our eye from the past week. i'm going to go first -- not competitive, purely for fun, kind of competitive, i am looking at the delta variant, which we tracked in the u.k., certain elements of portugal, and does this crimp the recovery and stock market claims kid this is seven-day cases for 100,000 people. you can see it moving up and coming down just a touch in the u.k.. italy is the greenline. the u.s. is the blue line -- a little higher, you have to look close, but it is there. it is the same with certain other areas in here. if the vaccination rate does not keep up with the cases we are looking at, does this reverse the reopening trade we have been seen or will the market on other stuff?

fed, earnings? i don't know. guy: maybe. i feel like the market is feeling like it is moving beyond some of the stories. i feel like we will have to wait until october, november, before we see this stuff getting interesting. for the time being, not that interesting. we are paying attention. alix: he dissed my chart. guy: let me bring in my chart -- a number of different elements drew me to this chart -- the first one isn't one of the biggest pieces of news we have had out this week, we are getting an infrastructure deal however taylor riggs, was a californian, was on "surveillance, talk to the energy secretary, and making the point that in california, you get to the end of the day, you are trying to have dinner coming basically the lights go out and the energy company is telling you have to unplug things because there is not enough power to go around.

taylor was asking the energy secretary how are you going to fix it? what does the infrastructure build do to help you see is what the energy secretary had to say. >> the president want to see an example -- form vimpelcom keeping nuclear plants we have on line open, or an investment in baseline -- baseload clean power, geothermal, hydro power, baseload clean power -- all of that has to happen. not all of that was included in this first piece, but we are going to fight to ensure all of that is included in the second bit of legislation we hope will arrive at the president's desk the summer. guy: i do have a chart that goes with this that is on the terminal that highlights the problem taylor is having with her supper when she goes home. this is what happens with peak loads. it is a fantastic chart and it highlights everything -- member, monday was the longest day of the year, another reason i'm doing this chart. we have peaks at 3:57 local

time. you then get sundown at 8:07 p.m. you then get peak close peter conditioning units are kicking in. it is still hot. he builds up. we get peak load later on. it is an important chart. this really goes and highlights the need for the infrastructure bill we are getting and the need to invest in the d.c. grid, all different types of loads. california relies on solar. this chart highlights the need for the infrastructure plan we are pushing onward in the united states. and i heard the energy secretary talking about my chart as well, which is so important. alix: it is so important come in with that, i will give you the wind in our noncompetitive chart battle. this is bloomberg. ♪

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>> the countdown is on in europe

-- this is bloomberg markets: european close with guy johnson and alix steel. guy: 30 minutes until the friday close -- what you need to know this hour, brazil pushing back on angela merkel's bid to restore a you key -- u.k. man. the u.k. sees dr. in cases running 40% to 95% of confirmed sequence cases now the delta variant. and christine lagarde says they must water the green shoots of recovery, echoing that the region is not doing enough on the physical front. let's check where markets are. equity markets actually coming