this is bloomberg. ♪ yousef: you are watching "bloomberg surveillance." let's get into the story around prudential. they reported and adjusted operating profit for the first half that beat estimates. company ceo mike wells, welcome back to the program. how would you describe the kind of disruption that coronavirus has inflicted on your business? mike: thank you for having me. it has been interesting for us. with our footprint in asia, we have been dealing with the coronavirus well into last year. you have seen a tremendous amount of activity and i think demonstration of the firm being agile. we are still focused on , long-termbjectives objectives, and short-term we had regulators allowing virtual sales for the first time. that is a concept that was barely discussed year ago. you saw consumers interested come as you can imagine, helping them in life protection. 70% of chinese consumers went online for insurance. retention rates on our insurance were 95%, growing by 10% alone without any sales. -- our you saw us announcement that we are taking the company t

this is bloomberg. ♪ ♪ >> live from bloomberg's world headquarters, this is bloomberg markets: the close. i'm carolyn heinz. we have revved up and there is a rally in tech, mainly in amazon, driving u.s. stocks to a record. dollar the lowest in more than two years. a consumer crunch. walmart is warning of failed pressure with the end of stimulus checks. what it means for the sector in the second half if shops are left without government aid. curaleaf posting strong revenue in the second quarter despite endemic headwind. we hear from the company's active chairman. more.g into that and romaine: the s&p 500 did break ab

this is bloomberg. s bloomberg. ♪ manus: this is "bloomberg daybreak europe." i am manus cranny in dubai, nejra cehic alongside me in london. tencent says president trump's ban on wechat's messaging service will apply only to its overseas operations, suggesting the impact of the world's largest gaming operation should be modest. the reassurance comes after the internet giant delivered a better-than-expected second-quarter results. we are tracking the stoxx and numbers in the reports from singapore. jewels. , what was the most you are -- jules, what was the most reassuring part of this message? juliette: we have had something like 1.2 one billion monthly active users outside its key markets, and the one that is used within china, there was a concern that you affected the chinese market, what does it mean to $.10 overall business moving forward, and reeling the -- really the company trying to make the decision that their understanding of the executive order is on its overseas operations. see a knee-jerk reaction. many think the rally could be overdone. have a loo

it is a simulcast on bloomberg radio, on bloomberg television. off. off, abramowitz joining us on the simulcast through the morning, francine lacqua in london. , andcided to do this endurance test here. we

this is bloomberg. ♪ is bloomberg. ♪ francine: this is "bloomberg surveillance." i am francine lacqua here in london. the markets focused on the pandemic and also what is happening with jobs in the u.s. here in europe, tourism stocks are actually dragging on the european stoxx 600. that is dragging down some of these yields. treasury yields are steady. this is bloomberg. we will have plenty more on the markets and on covid-19. ♪ hike! simon pagenaud takes the lead at the indy 500! coming to the green flag, racing at daytona. they're off... in the kentucky derby. rory mcllroy is a two time champion at east lake. he scores! stanley cup champions! touchdown! only mahomes. the big events are back and xfinity is your home for the return of live sports. but what if you could stdo better than that?k. like adapt. discover. deliver. in new ways. to new customers. what if you could come back stronger? faster. better. at comcast business, we want to help you not just bounce back. but bounce forward. that's why we're helping you stay ahead and adapt with a network you can c

this is bloomberg. ♪ >> this is "bloomberg surveillance." yet.iggest acquisition the agreed to by therapeutic company for triple its market value. first approved treatment to help with allergic reaction to peanuts. government now saying it has the ability to block a sale to microsoft by imposing tighter restrictions on exports. tiktok has a new regulations. that is your bloomberg business flash. tom: let's get a data check on a monday, what you need to know as equities lift, left, lift. futures up 11, i can't believe i'm saying this -- 3515. up 69 points. this is the oddity, the short squeeze. 24.02 on the vix. must watch on tech. this is bloomberg. ♪ so you're a small business, or a big one. you were thriving, but then... oh. ah. okay. plan, pivot. how do you bounce back? you don't, you bounce forward, with serious and reliable internet. powered by the largest gig speed network in america. but is it secure? sure it's secure. and even if the power goes down, your connection doesn't. so how do i do this? you don't do this. we do this, toget

this is bloomberg. ♪ matt: welcome back to bloomberg markets. this is the european open. we are 48 minutes away from the start of cash equity trading in europe and the u.k. let's get the bloomberg flesh news for you, today's topic -- flash news for you, today's top corporate stories. dueces tell bloomberg that to a new rule in china, bytedance will need government approval. beijing added artificial intelligence technologies and those that analyze data to make personal recommendations to an export control is. atre told the rule is aimed delaying the sale and not an outright ban. a deal to create a world leader in waste and water services again. veolia is offering 2.9 billion euros for a nearly 30% stake in french rival suez. it revives an eight-year-old attempt to take over suez. they are meeting shortly to take over -- to look over the offer. it will make an offer for the rest of the company, as well. credit suisse plans to double its headcount the next five years. the firm is accelerating its pursuit of wealthy clients in the nation, targeting

this is bloomberg. ♪ >> this is bloomberg surveillance. let's get the bloomberg business flash. --ket the pharmaceutical takada pharmaceutical is finalizing a deal to sell part of its business to blackstone. it has been in investment mode. this company has agreed to pay $533 million if it fails to buy virgin australian airlines. the unusually high breakup fee helped win over the air than administrator. virgins creditors will vote on the deal in september. in the world's largest container shipment has restated its full-year guidance. aersk reported second-quarter ibitda that beat analyst estimates. it says it was able to serve customers under very difficult circumstances. and that is your bloomberg business flash. tom: thank you so much. you are on a surge that the euro is on a surge -- the euro is on a surge. hearing 115 on the euro. francine? francine: tom, if you look at european stocks, they are trading higher with u.s. futures. they seem to be following the u.s. futures'him. i think there is a correlation as you rightly said, with yields and equities, gold back below $2000 a

this is bloomberg. ♪ matt: welcome back to bloomberg markets. this is the european open. we are just under 20 minutes away from cash equity trading. in terms ofn arrows futures. a story that caught my eye this weekend was bob prince who said that while governments and high-grade corporate debt have been a traditional place to hold debt, the pandemic and a number of other things before that have upended their role. prince spoke with jon ferro. on: while everyone focuses the change in payroll and the growth rate, the big issue is the depressed level of spending which is reflected in the level of unemployment rate at about 10%. the longer we are in that situation of a depressed level of income and spending, the more vulnerable individuals and companies are two that set of circumstances. and the most likely timeframe for that virus impact on him -- on income and spending is 18-24 months. it is uncertain. we have just had a four month fiscal program or one quarter, imagine having to do that a a secondder, -- quarter or eight in a row to make up for t

this is bloomberg. ♪ welcome back to the bloomberg european open on bloomberg tv, and in the region, futures may be to the upside, not much, but let's get a look at some of the events that are happening today, things you should be aware of. at 10:00 this morning london time, we will get the final cpi reading for the euro area. we had the u.k. number that showed pent up demand apparently for services, including haircuts, by reading some of the details. get more on the pound action, but we also get that eurozone cpi number, as i mentioned. then at 11:00 a.m., by videoconference, a discussion on sanctions on belarus. at 3:00 p.m., reviewing strategies for compliance when it comes to oil supplies, opec. decide to comply? that seems to be one of the references. and later today, the national economic club will host a conversation with the richmond fed president on the economic outlook, with thomas barkan. president donald trump says he caught off the trade talks with china last weekend, throwing the future of any agreement into question. if the due collapses, it risks a return of the tarif

this is bloomberg. ♪ nejra: this is "bloomberg surveillance." let's get the bloomberg business flash with laura wright. hi, laura. aura: nintendo has posted soaring prophet helped by the popularity of switch sales and hit game animal crossing, despite the console being hard to find from most of the year because of supply and shipping issues. the gaming giant is facing a production target for the switch to about 25 million units. samsung is launching the galaxy 20 series, but it is not just a smartphone. it is focusing on an ecosystem for its products, including a watch and wireless earbuds. that is your bloomberg business flash. nejra? so much, laura. a strong first half of the year for barclays trader has not stop its top shareholder to renew calls to shrink the investment bank. edward bramson says that barclays should mimic cut at deutsche bank's trading operations to improve profitability. details from italy, estefania joins us. what did you learn from the letter that bloomberg managed to get a hold of? >> thank you so much. grandson is back,

"bloomberg surveillance," our simulcast, bloomberg radio, bloomberg television. lisaine lacqua in for abramowicz and jonathan ferro. we have been talking about the slowdown in france. i want to really digress here. this isn't something you normally do, but like brexit is a new brexit because of the pandemic, how hasbro exit changed -- how has brexit changed because of this huge catastrophe? francine: first of all, i would like to qualify it, it is a well caffeinated francine lacqua that joins you. we are looking at michel barnier , the chief negotiator on the european commission side, briefing reporters in brussels about the fact that there just wasn't enough progress. that is having an impact on sterling, and it does seem that both the eu and the u.k. are worried that there is just not enough progress for the moment to find a deal before the end of december. but remember, they still have two months to negotiate. the u.k. has once again said they won't ask for an extension. it could be like the eu, where at the 11th hour, they find an u.k.ment, or that the would

this is bloomberg. ♪ ♪ matt: welcome back to "bloomberg markets: european open." we are 42 minutes into the trading day right now and we are seeing gains in european equity indexes. the ftse kind of hovering back and forth between gains and losses, currently down a little. we see the dax gained 0.2% and the cac in paris up 0.6%. let's get a bloomberg business flash news now. >> commerzbank has appointed hans-joerg vetter as its supervisory board chairman. it is a blow for its's second-biggest shareholder, cerberus, which tried to block the move. the private equity firm launched a campaign in june to change the lender's strategy. u.s. aviation regulators have proposed a long list of -- for boeing's grounded 737 max. the release by the federal aviation administration is a major step in getting the 737 max backup into the air. alphabet has sold $5.75 billion of bonds, the largest ever corporate bond sale dedicated to environmental, social, and --ernance the borrowing can be for green energy projects and green building. annmarie: thanks so much. president trump's late

this is bloomberg. ♪ matt: welcome back to "bloomberg markets: european open." there 40 minutes away from cash trade and we are looking at futures that are for the most part down. dax futures, you can see, are unchanged, but what seann cac futures are falling .5%. insurers have struggled to keep up with claims as the coronavirus crisis upends every aspect of our lives. german insurer munich re has withdrawn its guidance for 2020. it is the latest sign of the told the pandemic is taking on european insurers even despite the impressive job that germany itself has done in dealing with this pandemic. we are going to talk to the chief financial officer of munich re to try and get a bit more detail. christoph jurecka joins as. thank you for your time this morning. you have scrapped your guidance, but can i ask if you still at least expect to post a profit for 2020? christoph: if you look at our q2 figures, it is a pleasing q2 result despite the challenging environment we are in. posted 1.5 billion covert related claims in the first half of the year. ande is a signific

this is bloomberg. ♪ ritika: "bloomberg surveillance "bloomberg surveillance this is ." -- this is "bloomberg surveillance." ofcould lead to hundreds millions of dollars in damages, corn to a fed fort -- fed court filing. facial scan images of children, sending comfort -- confidential information about adults to china. tiktok's streaming app is under threat of being shut down in the u.s. would you suggest the growth of its data center business will slow. chipmaker is forecasting sales in the low to mid-single digit range in the quarter. that is down from a 50 port surge. -- from a 54% president trump has continued his attack on goodyear. he says he may swap out the goodyear tires on the presidential limousine. the president called for a boycott of the company after allegedly banning employees from wearing his trademark mega hats at work. goodyear asked that employees refrain from supporting candidates or polluted -- from that supportsn candidates. tom: equities, bonds, currencies, commodities there are some real nuances in the market. nicely after the six-day run of higher yields, the 10-euro

this is bloomberg. ♪ tom: "bloomberg surveillance." uneventful friday. anna edwards is in for francine lacqua. tom keene in new york. the weaker dollar. on the e.m. front, turkish lira. erdogan with a terrific week. strength, downa to a .32 right now. this is truly a joy, the gentleman from the massachusetts institute of technologies. he redefined emerging markets for sir john templeton over the years. we are thrilled that mark mobius could join us. and a and i are actually jealous. i believe he is in portugal this morning -- anna and i are actually jealous. we have to rip up the script and speak about the effect of japan upon the pacific rim and on asia emerging markets, and what will come after shinzo abe. mark: you know, shinzo abe, in my view, is one of the greatest accomplishments that we have seen in terms of proper governance in japan. he pushed for better corporate governance among the big companies in japan, and i think that was a terrific accomplishment during his reign. now, of course, the business of getting rid of inflation was a losing game

this is bloomberg. ♪ his is bloomberg. ♪ ♪ francine: this is "bloomberg surveillance." i am francine lacqua in london. let's that to your market perspective. investors await the release of u.s. fed minutes today. u.s. stocks have benefited from risk-on sentiment. let's get back to peter garnry from saxo bank. i know that you mentioned gold. how much of an upside do we have from here? peter: the upside could be considerable if we get yield curve control. goldman play a fundamental role going forward. central banks are changing their inflation longer-term. latest movett th by allocating half a percent of -- to geico, is evidence of very informed investors around the world rotating to gold. it is very interesting. we are also having exposure to miners. gold equities,what about european do they contain create more of an opportunity than u.s. funds? did her fish european relative to u.s. equities. the big problem with europe thehat last half of all companies on the stoxx 600 index have very bad earnings relative to the u.s., and they have lower share of technology stocks and

this is bloomberg. ♪ economics, find, politics. this is "bloomberg surveillance ." i am francine lacqua. let's get straight to a bloomberg business flash with leigh-ann gerrans. worth 3.4 a deal billion dollars, a french drugmaker pivots innovative therapies. andcipia has drugs for ms immune disorders. it is a 10% premium over the friday close. meanwhile, a coronavirus vaccine companye with a german finance chief telling the financial times that it plans to demanded ethical margin. curevac more than tripled in its debut friday. it was the biggest listing there this year, and microsoft is interested in expanding tiktok, including the u.k. operations. it is unclear if parent company unedance wnaants to seel the -- sell the unit. and that is your bloomberg business flash. francine? francine: an injection of the raised positivity with unprecedented amounts of stimulus, but there is also a warning about a second wave of coronavirus creating a downside scenario. to be joined by a multi-asset strategist. think you for joining us. when you look at how the economy will perfo

this is bloomberg. ♪ francine: this is "bloomberg onveillance." the focus is the virus, the focus is on some of the companies reporting earnings out there, and the focus is also on hsbc speeding up the shakeup of its global business, warning that loan losses may reach some $13 billion this year as it battles the economic fallout from the coronow, a couple things i am watching back, european stocks are down. let's also focus on one of the sectors hit pretty hard by the pandemic, earnings at montclair, best known for ski jackets, fall short of forecast. it is another confirmation that the luxury industry is struggling amid the coronavirus, at retail assets around the world. of montclaircutive joins us. i know that you have been patiently waiting, so thank you for joining us today. when you look at the coronavirus pandemic and how it changes the luxury sector in the future, how will it regroup. will you have less shops? will you have to sell more online? how will you change your company? think for sure we have to check mentality. the world is changin

this is bloomberg. ♪ francine: economics, finance, politics. this is "bloomberg surveillance ." i am francine lacqua. we start with apple and corporate news, the world's most valuable publicly traded company just hit a new milestone. apples rally pushed the market cap to $2 trillion, the first time in american company hit that level. it took apple 48 years to hit the first trillion dollar value, and the next trillion dollars only took two years. airbnb has filed to go public as the company emerges from the effect of the coronavirus pandemic. the price range has not been set. airbnb already began seeing signs of recovery in june. bookings were down only 30% from a year earlier compared to 70% in may. delivery hero is replacing wirecard in the dax index, and the food company has gained almost 50% since january as the lockdown boosted demand. position may spark controversy. the company has yet to have a single profitable year. and that is the bloomberg business flash. the on to u.s. politics, polls are projecting joe biden will win, but as the markets prepare for a potential biden

we are joined by bloomberg and b and bloomberg audiences. hear the top stories we are following from around the world. china through the ranch in tiktok, saying it can block the sale of the video app to foreign suitors as microsoft and oracle are among those bidding for the company's u.s. operations. distro bidding a covid-19 vaccine. we will discuss the ethical trade work for the distribution of vaccine once one becomes available. as doctor -- as a doctor tells us for health security. buffett devised japan's biggest trading houses. we will discuss why he is making a $6 billion bet on five of japan's biggest trading companies. what's going on in markets? greg: right now, we have a mixed day. interesting things as the dow revamped day, apple stock split. and. coming back and of course, a few other mixed things. it seems perhaps technology is working today. we have a lot of other names showing strain. we do have markets near record levels. and we have this whole saga over tiktok. china firing back, bringing in rules that seem to be around expo

this is bloomberg. ♪ >> this is "bloomberg surveillance." let's get to the bloomberg business flash. -- is planning a sheriff sale. on takinglay plans .ichard brand into space virgin galactic says the triple occur in the first quarter of 2021. southwest airlines have scaled back its aircraft cleaning operations. it is no longer wiping down armrests and seatbelt after every flight. as well as other areas around seats. this is to keep planes from being on the ground longer than expected. regulators are looking into a small group of investors who got rich when the price of oil dropped. it happened on april 20 when the oil went two -$37. it was the first time crude had ever crossed into negative territory. bloomberg learned that there was a tiny firm that made as much as $500 million that day. the u.k. and u.s. were trying to see if any rules were broken. tom and francine? francine: thank you so much. saying on that $500 million jackpot, let's speak to the co-author of the story. liam, first of all, who are they and how did they make so much mon

this is bloomberg. ♪ ♪ economics, finance, politics, this is "bloomberg surveillance." let's get straight to the bloomberg business flash. >> bp has cut its dividend for the first time in a decade. it was widely expected after shall made a similar move but it was unthinkable before this year. big oil's generous payouts have long been one of the main attractions for investors. bp reported a loss that was not as bad as expected. bayer said the pandemic has hurt demand for some of its medicines, hitting outlook for the year. it's consumer health unit got a boost earlier this year from people stockpiling over-the-counter medicines. that affect waned in the second quarter. commerzbank has appointed hans-joerg vetter as its supervisory board chairman. it is a blow for its second-biggest shareholder, cerberus, which tried to block the move. the private equity firm launched a campaign in june to change the lender's strategy. it resulted in the exit of the bank's chairman and ceo. that is the bloomberg business flash. francine? francine: the bank of england is set to keep its fo

this is bloomberg. ♪ ritika: this is bloomberg surveillance. goldman sachs expects almost a quarter temporary layoffs in the u.s. to become permanent. it says some 2 million could remain unemployed well into 2021. while the transition rate from temporary to permanent layoffs remains historically low, the figure nearly doubles june to july. saudi aramco has reshuffled its senior management, putting it in charge of portfolio optimization, as the biggest oil producer adjusts to lower crude prices. saudi aramco says assisting assets and boost assets to increasing the market. data.a quick check of the we are stronger across the european equity markets. there is risk on in europe. the cac and the dax by only 2%, tom. affecting travel and leisure. tom: last week the democrats, this week the republicans. this week president trump. leslie vinjamuri will speak with us about the republican national convention, most of that taking place at the white house. leslie vinjamuri next. this is bloomberg. futures up.3, dell -- dow futures up. there is no red on th

this is bloomberg ♪ karina: this is bloomberg surveillance. let's get the bloomberg business flash. two of j.c. penney's biggest landlords -- according to dow jones simon property group and are -- dow jones says they have offered concessions. meanwhile, lyft posted their worst public perform -- their worst performance as a public company. their losses rose by 31%. still, numbers were better than expected. they maintain -- they maintained their forecast. marketas a 44 billion in -- market in china. it is threatened by chief -- the app that has become integral to everyday life in china. one hong kong resident says the band threatens to turn iphones into expensive electronic chaff. that is the bloomberg business flash. francine: karina, thanks so much. an economist at wells fargo says -- not all economies are on the upswing. joining us now is sarah house, wells fargo senior economist. i like that you put the u.s. overview which is wrapped in mystery, inside of an enigma. what are you expecting from the job numbers? sarah: i think in terms of the continuing claim numbers that we will ge

this is bloomberg. taylor: u.s. treasury market headed for the worst week in the months after it attempted to send 30-year bonds and received a less than enthusiastic response from buyers. scarlet fu has a special guest. scarlet: i am joined by the cio of the guggenheim global which oversees $260 billion in assets. it is always a pleasure to speak with you. start with treasury. got a selloff that pushed the 10 year yield to an eight week high. this felt like a significant shift. in late july, you said the markets could drive the rates below zero, even without the federal reserve setting is zero rate policy. what about the recent rise in are the drivers for negative rates still there? is, theirst thing seasonality for bonds turning negative, traditionally the bottom is the second week of august. the selloff arrived on schedule. i am not surprised. but having said that, we have good support on bonds and in terms of the 10-year note and getting rates above 1%. i don't think that is very likely. as far as the negative r

this is bloomberg. ♪ shery: you are watching daybreak asia. i'm karina mitchell. a massive explosion has killed almost 70 people in beirut and left thousands more wounded. the blast was so powerful it shattered windows across the city and was even heard in cyprus. authorities blame explosive materials stored at the port but haven't said whether it was an accident or deliberate attack. meanwhile, the de facto leader of myanmar has filed to run in upcoming elections. barred by the previous military constitution from becoming head of state. she is credited with ending decades of army rule in myanmar but has faced international criticism for failing to stop attacks on minority muslims. china is offering more signs of a recovery with auto sales rising. deliveries of passenger cars and commercial vehicles rose in july, topping 2 million in sales. the easing of the coronavirus shutdown is allowing car buyers back into showrooms, raising hopes that a slump may be coming to an end. virgin galactic is pressing

this is bloomberg. ♪ welcome back to "bloomberg markets." open.s the european futures pointing to a positive open this tuesday. rth withrebecca cheswo us. i want to get right back to her. exxon, raytheon, honeywell. what does this tell you about, you know -- i thing anna said earlier, or maybe it was annmarie who said it was the sign of the times. we are seeing old economy stocks out and tech stocks in. rebecca: yes, tech dominates everything at the moment, including our working lives and including the stock market. actually, the more we think about it, this is not going away. this dominance of structural trends and also the new normal that we are seeing, this is not going anywhere, and these tech companies, people worry about concentration in the market. they worry about the valuation. but they deserve it in terms of what they are earning, what they are providing, and their prospects into the future. and with that in mind, i have got a great chart here, talking about whether we are going to ca k-shaped -- whether we're going to see a k-shap

we are joined by our bloomberg and bnn bloomberg audiences. here are the top stories we are following from around the world. a drop in jobless claims, applications in jobless benefits down. still human get. it may be offering a ray of hope battered by the coronavirus. later, we will speak with ,ebekah dopp, chair of exponent which began as a 20% project inside google. we will also speak with the ceo loren's, a cookie company, about the state of small business during the pandemic. it could be that slightly better-than-expected jobless claims number keeping markets buoyed it. we are still watching for signs that congress will emerge with a deal on the stainless package. earnings are also in the mix. -- on that earnings package. communications and tech are showing strength on the day. facebook is up 5%. everything else in the broad market is weak. modestlyo, we are positive but not in a major way. gold stocks moving lower come despite the fact that gold continues to shine. another data point showing the economy is bad but maybe beyond the worst.

this is bloomberg. ♪ watchingou're "bloomberg surveillance." let's get into more detail around bytedance, because they will reportedly need approval to sell their tiktok operations in the united states. that is after beijing added artificial intelligence technologies to their export control list. let's get more from jodi schneider. disruptd this really the plans for the bytedance transaction? jodi: it really could either delay it or throw a wrench into the whole deal because the new areas that have been added to these tighter restrictions on artificial intelligence exports are the very technologies that uses to make tiktok this viral sensation. it would be required to seek the government sign off on a deal. a person familiar with the matter says they don't think it would stop it, but it could delay this deal. we are seeing several bids that have already been put in. we saw the bids from microsoft and oracle. they sent in rival bids. there also was another pitch on friday. andourse, president trump the trump administration once the sale done pre

this is bloomberg. ♪ ritika: this is "bloomberg surveillance." let's get the bloomberg business flash. disney posted surprise profit in its fiscal fourth-quarter -- in its fiscal third quarter. disney was able to defer payments for games delayed by coronavirus. disney+ will market ulan" as action "m pay-per-view. wirecard added to rising costs to cover bad loans. commerce bank is trying to emerge from a leadership crisis area both the ceo -- leadership crisis. both the ceo and chairman announced their resignation last month. bmw's automotive division posted a 1.8 lien dollar loss in their second quarter. the pandemic forced dealerships and factories around the world to close for several months area one bright spot, bmw says sales volumes have started to grow in china. that is your bloomberg business/. -- bloomberg business flash. tom: thanks so much. futures up 15. i want to go to em. turkey continues to unravel this morning. 7.03. lire to i am really watching euro-lira. that is really something to watch, tangential to the horrific last in beirut

this is bloomberg. ♪ francine: this is "bloomberg surveillance." let's get straight to the bloomberg business flash. here is leigh-ann gerrans. leigh-ann: wirecard is losing its place in germany's benchmark dax index after a consultation that favors the immediate removal of bankrupt companies from the index rather than waiting for the quarterly review. wirecard's successor will be announced on august 19. the changes will take effect from the 24th of august. cisco is giving a lackluster tail forecast, saying businesses are spending less in the pandemic in the quarter through october. revenue will fall up to 11%. company plans to reduce expenses by $1 billion through a rebound that will include job cons and early retirement. the plan will cost about $900 million. lyft has reported its worst financial performance as a public company, with sales plummeting 61%. but it is maintaining quarterly profits by the end of next year. there is a similar story that uber reported last week. both companies face risks from the virus, and the push for gig economy wor

this is bloomberg. ♪ francine: this is "bloomberg surveillance." let's get to the bloomberg business flash with leigh-ann gerrans. leigh-ann: investor carl icahn billionng a $1.3 windfall from brick-and-mortar retailers, started making the and itre short in 2019, paid off in the first half of this year as the coronavirus led to even more store closures more consumers shopping online. a major deal could be on the horizon for brookfield. sources tell bloomberg the alternative asset manager is in talks to buy blackstone's stakes in shamir energy partners. it is holding in the -- it's around in the company is $8 billion. no official word on the deal yet. microsoft is delaying halo infinite, the biggest video game plan for the november lodge of its new console, partly due to the challenge of working from home during the coronavirus crisis. the delay of the latest entry in the multibillion-dollar halo franchise may hurt sales of the xconsole.eries, that is a bloomberg business flash. francine: the battle against coronavirus, russia has said it has improv

bloomberg's kevin cirilli. our special coverage, democratic convention, begins tonight at 10:00 p.m. new york time. that is it for me here. coming up now in the u.s., you have balance of power with david westin on bloomberg radio. he will be speaking with tom steyer. a long day for him as well as we look forward to the democrat national convention. within markets you are seeing an s&p sitting right at that record close. tech continues to be the outperform or, up outperform her, up .7%. happy monday, everybody. this is bloomberg. ♪ from bloomberg world headquarters in new york to our tv and radio headquarters worldwide, i'm david westin. welcome to "balance of power," where the world of power meets the world of business. we will bring you the most important speeches from the democratic national convention, as well as key issues facing the party and the nation. tonight we will talk about health care the virus and jobs. we will be joined by former treasury secretary larry summers, and the architect of obamacare,

this is bloomberg. good morning. ♪ ritika: this is bloomberg surveillance. let's get to the bloomberg flesh. global rally in technology shares lifted the value of softbank's stakes and publicly traded firms like uber. it also boosted valuations to the japanese investment in tech startups. hit 11.6 billion dollars. it is an early loss in a court battle that the gig industry cannot afford to lose. a judge has ordered uber and lyft to convert their drivers to employees with benefits. companies plan to appeal, reclassifying the drivers could force the companies to pay overtime and health care benefits. some of the biggest tech companies in the u.s. are lining up against president trump's ban on temporary foreign workers. among them, amazon, facebook, apple, and microsoft. president suspended a number of nonimmigrant visa programs. the tech industry has joined a lawsuit against the ban. that is your bloomberg business flash. that.e greatly appreciate risk-on-field today, dow futures up 2.81. and the vix really interests me, coming in 21.21 right now. almost down

this is bloomberg. ♪ welcome back to "bloomberg markets," this is the european open. i'm matt miller. we are 40 minutes away from cash equity trading. we see green arrows in terms of futures, especially here in germany. a slew of companies are putting out earnings. among them is commerzbank. they have abandoned their goal for a full-year profit after losses tied to wirecard and surging bad loan provisions that banks across the industry have seen. but at commerzbank this comes amid a change in leadership. the company appointed a new chairman this week and it is still searching for a new ceo. fortunately, the chief finance officer is in place with her feet on the ground working. bettina orlopp joins us now from frankfurt to talk about the earnings report and the plans going forward. thanks very much for your time. about the lossk here. the loan loss provisions are nothing surprising. we have seen them sorting across banks throughout europe, but the wirecard story is specific to germany. much has that hurt you? how quickly do you think you can return to a profit after 20

this is bloomberg. ♪ ritika gupta time for the -- ritika: time for the bloomberg business flash. i am ritika gupta. last week mark zuckerberg defended his company's coffee can strategy before congress. this week he is showing how he does it. facebook's instagram photo sharing app is launching its close of -- it's clone of tiktok called instagram reels. in germany, commerzbank has abandoned its goal for a full year profit. losses tied to the falmouth of -- to the failure of wirecard -- commerzbank trying to emerge from a leadership crisis. both its ceo and chairman announced the resignation last month. another european carmaker is reporting a big hit the coronavirus. bmw's automotive division posted a $1.8 billion loss in the second quarter. the pandemic forced factories around the world to close for several months. one bright spot, bmw says sales volume's have started to grow in china. that is latest business flash. focusone asset class to on his gold continuing to hit all-time highs. ,oining us is mike mcglone bloomberg intelligence commodity strategist. i have to say i never th

this is bloomberg. ♪ ritika: let's get the bloomberg business flash. saudi arabia's state run oil giant plans to pay $75 billion in dividends despite a profit 73% drop ina earnings for the second quarter. the company expect its performance and demand for energy will improve over the rest of the year. most of aramco's payout will go to the saudi government, jones 98% of its stock. warren buffett is gambling on better days for berkshire hathaway. spent 1.5haway billion dollars buying back its own stock in the second quarter, and that higher pace may have kept going in july. bircher posted a 10% drop in operating profit, -- berkshire posted a 10% drop in operating profit, slower than some analysts predicted. priceing to reuters, the of close to $5.5 billion is said to be competing with private equity firms. it is a software company focused -- rober is ar software company. that is your bloomberg business flash. guy: thank you very much indeed. european stocks beginning to make positive moves. we are off very light volume, though. -46.45%,ndon market, the a

this is bloomberg. ♪ vonnie: this is bloomberg markets. i'm vonnie quinn. nvidia is due to report and a couple of days. and a less are becoming more optimistic. shares are up 7%. abigail doolittle has the story. abigail: shares are up 7%. this stock is up more than 100% this year, more than 170% off of the march lows, and it is a $300 billion cap company. analysts are excited ahead of the report on wednesday. white we have nvidia, in blue, the average price targets. so, the stock is above the abovee price target, 17% 420 three dollars, which suggest maybe the market is a little frothy. work in have analysts conjunction along these lines, similars it suggests conversations have been had, but it seems like analyst are using this stay-at-home idea. most of their revenue comes from gaming. if the percent of their chips come from gaming. 27% is the data center. a lot of pressure for them to in some automated areas. similar to some tech companies this year, i should say, this is the top performance this year. docusign was up more than 200% this year. nvidia up by

this is bloomberg. ♪ this is "bloomberg daybreak: europe." spacex's falcon nine rocket is launching its 10th starling commission, which includes 57 sidelights. the launch is taking place at the kennedy space center. looking at it there, waiting for it to take off. it is one of those moments where it feels like the world is watching with bated breath for that launch to take off. we are going to keep coming back to this. we will bring you the launch in just a moment. how exciting for a friday. we might be making progress on that, but here is a place where progress has not been made yet. congress is struggling to agree on a new stimulus deal a week after the $600 a week payment expired. house speaker nancy pelosi slammed the offer from the administration as not going far enough. further delays to fiscal support could exacerbate the spike in americans leaving the labor force. applications for u.s. unemployment benefits unexpectedly fell last week to the lowest since march. but the july jobs report could show thousands jobless. thomas harr is stil

this is bloomberg. ♪ this is bloomberg "daybreak: europe." as new york struggles to get back on its feet, some of the largest employers have made a hiring pledge. they are planning to hire 100,000 new yorkers with a focus on diversity. annmarie hordern joins us now. tell us more. who is involved and what is the plan? annmarie: we have talked about this a lot about the pandemic has affected the most vulnerable in our society. now you have a group of ceos starting to put a plan to take action. officers fromtive some of the biggest corporations. what they are doing is this new pledge to hire 100,000 new yorkers who are traditionally underserved residents in the next 10 years. thiscounsel, they say plan, they want to work with schools and nonprofits. this comes at a desperate time for new york. new york was ravaged by the pandemic. new york city unemployment is just over 20%. say -- this likely is high time for something like this to happen. between ceos and their typical workers, the average ratio is 200 to one. manus: this is not the first time

this is bloomberg -- 8:30 jobless claims. this is bloomberg. ♪ tom: "bloomberg surveillance." for those of you on bloomberg radio, the sun rises in the central time zone. galveston, 113 miles from lake charles, really the center city of hurricane laura. nevertheless, galveston greatly affected by the historic hurricane. not only the surge, but that effect as well is the massive rain falls that are expected. our rob carolyn talking about 40 inches of more -- 40 inches or more of rain. we have brian sullivan of bloomberg looking at the commercial aspects, and then amrita sen will join us on the oil outlook. what will this do to commercial western louisiana? brian: you are going to have 10,r rail lines, interstate which is a major artery for that area, is going to be closed. in, wipescomes everything out, puts saltwater over everything, and now you've got 40 inches of rain on top of that. this is going to keep people from getting in to repair things. tom: brian, you are expert at this. do you anticipate a rapid , as i recall, andrew was horrific. which is this going to be? brian:

this is bloomberg. ♪ welcome back to "bloomberg markets." european open, almost 45 minutes into the session, 44 minutes, and we are looking at a big drop, with the ftse, all the heavy metals and mining stocks, but the dax and the cac, although you see red arrows there, they are basically little changed. now, calls for renewed sanctions on belarus are growing. the nation's opposition leader has taken refuge in lithuania after a disputed presidential election and a violent crackdown on protesters in minsk and around belarus. i caught up with the lithuanian foreign minister, whose elation -- nation's leading calls for new sanctions. definitely experiencing some stress. able to speak up, and he will be willing and able later, because there are many requests. she is free and united with her children, and that is the most important news for now. what kind?ou tell us she says she was given a choice that she hopes no one else ever faces in belarus, and you said there was some pressure put on her. can you tell us what kind of pressure? foreign minist

this is bloomberg. ♪ ritika: this is "bloomberg surveillance." let's get the bloomberg business flash. convention, night one has wrapped. michelle obama, senator bernie sanders, and republicans who cross the aisle to support joe biden spoke. >> i am sure there are republicans and independents who could not imagine crossing over to support democrats. they fear joe will turn sharp left and leave them behind. i don't believe that because i know the measure of the man. it is reasonable, measurable, respectful. and you know, no one pushes joe around. ritika: boeing will make deeper job cuts than the 10% originally planned. the plane maker is planning buyouts to employees for a second time this year. most of the offers will go to staffers in boeing's commercial airplane unit. the jetline market has plummeted since the start of the pandemic. oracle is considering a bid for part of -- the company has approached other parties to partner with the streaming app, including venture capital firm sequoia capital. it is in talks with tic top owner -- oracle is i

this is bloomberg. ♪ yousef: you are watching "bloomberg surveillance." in dubai.f tok to the markets, a moment reflect for a lot of the key metrics. stoxx, down 3/10 of 1%, many weighed down by rolls-royce. u.s. equity futures down. jerome powellto and jackson hole. what are we going to get? will the market be surprised by some of it? we have an option, the euro-dollar pretty much unchanged, with the whole fx complex quite contained moves, and then wti as we keep a close eye on hurricane laura, currently at $43.30. new trouble at tiktok. months after taking the helm, kevin mayer is stepping down as chief executive. owned by bytedance, trump has come under scrutiny by president trump. the company may face restrictions also on its operations in the u.k. our reporter joins us on the phone. some of thegh reasoning behind this sudden departure. seems very much that kevin thought this is not what i signed up for. be one of theo biggest social media challenges, and he had some experiences, but he actually ended up being in the middle of a sort of geographic con

we welcome all of you on bloomberg radio, bloomberg television. this is "bloomberg surveillance ." good morning. with the first word news, i'm karina mitchell. nominated joeally biden for november's election. last night, testimonials from the party's old guard such as bill clinton. mr. clinton: if you want a president who defines the job as spending hours a day watching tv and slamming people on social media, he's your man. in a real crisis, it collapses like a house of cards. covid just doesn't respond to any of that. two beat it, you've got to actually go to work to deal with the facts. addressa joint keynote featured newcomers, mostly from the party's centrist wing. bloomberg has learned a package would eliminate the biggest between disagreement w republicans and democrats. pelosipeaker nancy suggested democrats might also agree to a smaller deal. president trump raising questions about the future of the trade deal with china. he says he called off last weekend's talks with beijing. he says he doesn't want to talk to china right now. the president called china's handling of the

a reminder, it is supported by michael bloomberg, founder of bloomberg lp and bloomberg philanthropy's. next, we will assess expectations for softbank. this is bloomberg. ♪ >> we are less than 20 minutes from the open of trade in japan, south korea, and australia. let us see how we are setting up. >> asian stock futures are mixed. i think they are slightly higher this tuesday ahead of the session that brings us the final 's gdp andngapore india's factory output. on the earnings front we have softbank and wh group among companies reporting. japanese markets come back online. nikkei futures in chicago off by 0.2% ahead of that. the dollar near a one-week high. wti peeking above $42 a barrel early in the asia session. we have been observing a shift in the em space out of stocks as demand takes up for higher returns. more inflows into high-yielding markets and away from bullish positions on china. charles schwab, kathy jones, seymour expanding opportunities in em debt. -- volatilitycks is picking up for mainland shares. price swings for the msci china index is outpacing the asia case by

this is bloomberg real yield. this is bloomberg. ♪ lisa: this is bloomberg markets. i'm lisa abramowicz. over the next hour, we are focusing on the fed's new framework to the unrest in this world. we will do to kristin forbes as she weighs in on the fed's new program. and i was picked to patrick rishe of sportsimpacts about the walkouts that called the cancellations of events this week. and you will hear from canada's highest ranked tennis player, milos raonic, who will talk about what it is like playing to an empty court. let's get up check on the markets. fed'sf quiet after the announcement yesterday about the change in their inflation approach. the s&p and nasdaq creeping back to their all-time highs. yields rising on the 30-year after people started to price in perhaps more long-term inflation. really the standout of the day is the dollar, falling to the weakest since may 2018, if you look at the bloomberg thought index, with the expectation of very easy policy for a very long time. speaking of which, japanese prime minister shinzo abe is resigning. country's lon

this is bloomberg. annmarie: thank you so much. laura wright in london. donald trump has moved to ban tiktok and wechat pay are he signed an executive order prohibiting u.s. residents from doing any business with tiktok or its chinese owner, beginning 45 days from today. he issued a similar order for wechat but it is not as expansive and does not extend to tencent's wider is nice. shares have slumped, erasing $30 billion of market value this morning. let's get into the markets with laura cooper, our bluebird market strategist. what a friday morning to wake up to. we have the u.s. jobs numbers coming out but it now seems that trade tensions are back in the forefront. how much do you think that this is going to weigh on the market, less so for today, but more so near term in the next few weeks and months? laura: we did see a knee-jerk reaction on the back of this pair of executive orders and i think probably, it speaks markets, the aggressive nature of this. i think today is going to quickly shift back th

this is "bloomberg surveillance ," live on bloomberg tv and radio. alongside lisa abramowicz, i'm jonathan ferro. tom is back with us on monday. we are within 2% of all-time highs on the s&p 500. lisa: tech names got bid up so much. i am struggling to understand the why behind this. jonathan: since february 19, the average stock down 6%. it has been one portion of this market which is absolutely ripped through 2020. lisa: are we at the phase of recovery where you can go into more cyclicals, given the fact that you saw a bit of an increase in treasury yields? treasury yields coming back down today. we are going to be getting data, though, i date: 30. one thing i am -- at 8:30. one thing i am watching is the jobless claims, still expected to come in at over one million americans in the past week, even though it is expected to come down. a.m. -- aen 40 5 10:45 a.m. conference from speaker pelosi on the road to nowhere. each week that this goes on is more pain. selling $26, u.s. billion of 30 year notes. strong demand all around, which has given investor