europe is cheap, it is how you -- it is value. >> we do expect that cyclicality in europe to provide stronger returns over the next six to 12 months. >> but we have seen is certainly the interest in and the flows into european equities have been reasonably strong as of late. >> that catch up trade potential could be quite lard. -- quite large. >> with the improvement in the european economy, competence from investors, consumers and so forth, i think you will see an uptick there. the question is how much of that has already been priced in. >> the challenge for europe is that when growth is firm in europe, that doesn't necessarily always mean that equities will do well. you could still believe in your catch up trade, but it is not necessarily an equity story. alix: i really don't thing i say the word catch up -- the word catch up -- the word ketchup, but ok. joining us now is lucy macdonald , jp morgan managing director. many are saying it is the catch up trade. when does that timing happen? lucy: even though you had quite a nice band, there is still more potential in the medium-term.

and europe and the united states, never mind joe biden�*s presidency, europe and the united states are not in lockstep as they used to be. certainly, i'm worried, but i would challenge your assertion that all of europe no longer trusts the united states. germany, france, maybe some other western european countries, that might be the case, but i think the uk and the united states certainly still retain great trust and confidence in each other. and our allies in central and eastern europe still have great confidence in the united states and, frankly, high expectations. but the burden is on us. the burden is on the united states to regain the trust and confidence of our german allies, of our french allies, recognising that throughout the history of the alliance, there has always been friction. i mean, i was a lieutenant in germany when there were hundreds of thousands of german protesters out on the street because of the deployment of pershing ii and the french kicked nato out of france, back in the �*60s. so this is... it's never been a bed of roses, but it has been shared values. and

and europe. there is some easing happening towards the end of the second quarter and structural easing of capacity. by all accounts it takes a good two years to normalize the capacity with decisions that are economic -- it would be unwise to remain dependent on japan and taiwan for supply. discussion on how to build capacity in u.s., in europe, and how much it will cost. how much subsidy they will pay. guy: certainly sing a big impact in terms of the stock story across the entire auto sector. always a pleasure. the dax is where the action is on this. a little bit higher during the settlement. ftse 100 still down, but playing catch-up after yesterday's close. the dax down 2.5% today on the back of the infineon and that feeding into what is happening with the auto sector. alix: in the u.s. it is a story of tech weakness. it reaches across the board but tech is now down 2.7%. within that is at across the board. apple down. it is also the recovery trade like american airlines. united airlines lower.

one of europe's biggest generators, one of your wrist that's one of europe's biggest network providers, a huge shift -- one of europe's biggest network providers, a huge shift underway at that company. the new ceo has come in, and she's got some rabbits to pull out of hats because she needs to figure out how to reverse this chart here. this is engie. that's the orange line at the bottom of the chart. we have seen underperformance going through from engie, so what is the strategy? the strategy is to slim the business down, to focus on areas that are part of the next generation energysolutions. recharging more efficient -- generation of energy solutions. recharging, more efficient solutions. that is going to give it to go forward that will hopefully reverse this chart. judith hartmann is the engie executive vice chairman, and also the cfo. let's talk about where you are, and then where you are going. talk me through this quarter and the demand shift you are starting to see, and how that sets you up for what happens next. dr. hartmann: absolutely. it is great to talk to you, as always. we

do you think europe's doing enough, yes or no? europe could do more. so what we see in our intelligence reports is that the sanctions really work. but the problem with europe is sometimes that europe is too impatient. you put down the sanctions and in six months�* time you want to lift the sanctions because, of course, they hurt also the other part or other sides. but, yes, we could do more in europe. i'm just mindful of one particular area where estonia suffered in the past. i believe as long ago as 2007, there was a very disturbing cyber attack on estonia, which everybody in your country believes came from russia and involved the russian state, and it closed down key bits of infrastructure. it was a real problem. now russia's cyber capability is much greater. how worried are you about the vulnerability of your country to cyber warfare instigated from moscow? i think everybody should be worried about this because of our systems, and that's why we have the nato cyber security centre here in tallinn. we do constantly these kind of exercises. we just h

when i'm criticizing this country i want europe to be a better place i want to take part in europe. i want britain to be a better place i'm fighting for this country but maybe not in the way that people traditionally fought for it which is you know to keep the. prejudices in place. johnny ph vision a europe that confronts its colonial past head on and stops marginalizing black people. many valuable artifacts from african countries are held in european museums the fact the treasures are here testifies to a colonial past and triggers modern day controversy should they be repatriated and what context can european museums show them today. when we go to the museum 3 we look at those objects. like it is not the case in the whole thing. i think institutions any and. whole global north africa conservative that means they don't want to change that poll position of course. take the lens noise museum it holds the famous bust of now for t.-t. which attract hundreds of thousands of visitors each year for close to a century egyptians have been demanding her return without success so how can these

the europe is trying to redefine itself stroh's and to redefine it. with strategic autonomy and that strategic or ptolemy is to be defined by european civilize asian values unfortunately it comes just at the point where really the whole idea of universal human balance is rejected by most of the grow as you no longer appropriate and they say well we all have our other supplies they should chinese they are civilization with our use our harmony and community not individuals and not price and so it's quite difficult so they are they will make an effort yes on syria it will be like that ukraine is a much more problematic for the european union but i mean basically the european union has almost 0 or ations with russia now it's gone i mean it was not so long ago 10 years ago when it was thought in the europe and elsewhere that there would be a great a europe stretching from brought it. down to to lisbon and that if europe if russia was not part of the european union it would share everything but institution since i think the protein one stage mentioned and a

we like europe. manus: i am curious, we are showing the government bond yields, and dramatic repricing in bond yields in germany, france, spain, portugal. no more so than perhaps in the bund market not yet at zero but nearly there. we've seen a structural shift in the yield story in europe. is it too soon for you to take a short position? jp morgan saying he is increasingly uneasy holding longer dated bonds in europe. supriya: there is a bit of a catch up as the economic picture has caught up. there -- bond yields have moved higher. the spread in some of the peripheral countries, you have seat spreads widen. that is a little bit of a different story, related to a little bit of speculation of a view by the hawks of the ecb gaining the upper hand and perhaps scaling back the pandemic on buying program. that would have the most impact on spreads. that is playing out there. i think it is getting to the point where it probably has gone to file and there is not a clear-cut argument from the ecb for investo

europe is in a very difficult position of trying to sort of. position itself and it needs of course investment and it needs trade ok well i mean if we can i just say if we discount what comes out the b.b.c. about syria and us stations and every nato nation really. one might than argue that a syrian family maybe on the outskirts of a glib is going to be thinking you know we have a 70 percent extreme poverty in syria 60 percent unemployment. report. rebranding of isis and al qaeda in syria to kick off another war in syria it couldn't come too soon help from powers like china and russia and this with iran even while why are they being so. not trying to not being slow i mean the fact is that the united states and europe has sanctioned every effort to reconstruct syria and i mean let's be clear we're not talking about reconstructing the government all the state such we're talking about ordering humanitarian reconstruction houses help you know with water supplies electricity is all that is being sanctioned by western states and the situation of ordin

but like for people who want to come to europe to work which is much needed. and in the last 20 years saying that an ever increasing reduction in the opportunities, the legal migration into europe. so i think those a ways to deal with this in addition, we would suggest the more collective approach find europe. so that the country for the right, i'm not left alone and changing this paper sharing quality within europe. i would also that we ignore the history and all of these claims to the cause of europe's colonial legacy in africa. i'd much rather longer vote because their enclaves on another continent. so that doesn't justify the actions of the government, but all the front to have to be taken into account rather than a knee jerk reaction, which is simply to build fences to prevent people moving. ruth, so we've been talking a bit about how brian valley and his treatment in spain has really been sort of at the center of this diplomatic dispute between spain and morocco. it's been reported that spain's high court served valley with a june 1st summons for a preli

what do you need to know out of europe? europe picking up speed. u.k. retail sales surge, as do services pmi data from the eurozone. german manufacturing data, however, showing some evidence of supply chain crunches starting to bite. a deal down under? report suggests that britain could offer a terra free-trade deal to australia -- a tariff free-trade deal to australia. let's talk about where we are with the markets as we come to the end of what has been an incredibly volatile week. european equities outperforming a little bit. alix: -- services manufacturing, orders super strong, prices very strong. but the market responded positively. then bitcoin rolling over by 6% as china continues to vow to crackdown on the mining and trading system. that has reverberation effects throughout the market. the dollar climbs around the highs of the session. the nasdaq 100 gets hit because we were up quite positively before, now down 0.1%. amazon falling below its 200 day moving average. the s&p giving up a lot of its gains now, only up by about 0.4%. usually we see a

europe's growth to recovery. eu finance ministers meet today as optimism about the bloc's economic rebound grows. we will get more on that story next. this is bloomberg. ♪ ♪ anna: welcome back to "bloomberg markets: european open." 10 minutes into our trading session and european equity markets looking positive. the ftse a bit of a laggard. let's get some of the stocks on the move with dani burger. dani: they get stuck to the downside in the stoxx 600 is lufthansa. their biggest private holder, kb holdings, has sold about half of its stake at a discount. that is knocking prices lower. to the upside and ending the biggest again there is richemont this morning -- biggest gain er is richemont this morning. they've had this rebound and it bodes well for the rest of the. jeffries calling julie resales outstanding -- jewelry sales outstanding. another stock to the upside this morning, travis perkins selling their plumbing unit to hig for about $460 million. jeffries -- po hunt, rather, commenting on this one, sayin

moving onto europe. finance ministers gathering in lisbon for the first person euro growth meeting since september. optimism about a strong economic recovery is growing. take a listen. >> i believe the optimism about the prospect for the euro area are justified. we have over 30% of european businesses who have received a vaccine. i believe we will deliver our target of a large majority of participants receiving their vaccine by the summer. this combined with really good and sensible economic decisions mean that we should be optimistic about our prospects for the second half of 2021 leading into a strong start for 2022. therefore, i believe it's possible that we will see further revisions in our growth expectations as we move through the year. >> minister shao, in the case of portugal, the central bank is saying we could see an uptick in growth. we are seeing you reopening for tourism. it's a key factor for your economy. how optimistic about you -- are you about the prospects? >> we are becoming very opti

europe is very close. in europe. yeah. it's like on adrenaline so it didn't match the energy. she changed styles experimented with electronic beats and made sound collages discovering the world a new in the process. and just a mix of the african reality in the digital form basically but. now spends most of her time in germany she lives with her young daughter in berlin but africa is a strong part of the mix on this track she sample speeches by kwame nkrumah the 1st leader of an independent gonna. and mixes them with bits of dialogue she recorded during taxi rides around cameroon . now. she no longer feels the need to enlighten germans who blank on their country's colonial past in germany i have conversation more with people like jim need to. in berlin gets a taste of home at this cameroonian restaurant these days her search for identity has faded a bit into the background. the mixture of the to make. because going back to come and that. that i felt i belonged to which was true but i guess i needed to do that. so at the end of the day for me to create. that mixture in my everyd

turning her back on the past, she looks to europe and north america. before the war, the trade of south america with europe was nearly $1 billion per year. the trade with the united states was somewhat less. south america sold raw materials to europe and used money to buy manufactured goods. and of course there was much , trade between europe and the united states. thus, a triangle of trade was erected between three continents. this three cornered relationship was not a simple the variety of one. climate and resources produced a variety of trade. the caribbean area, largely tropical, produced coffee, sugar, chewing gum and bananas. 50% of the trade of this area was with the united states. the west coast, mountainous and dry, produced cotton, cocoa, and minerals. only one quarter of its trade went to the united states. the amazon area of brazil sold manganese, cocoa and coffee to the united states but a great deal more coffee and cotton to europe. the temperate area of argentina, uruguay and paraguay produced wheat, corn, and wool. it sent these product

in the allied forces in europe. he was touring the newly liberated or drift concentration camp nearby after that tour eisenhower to the pentagon and wrote about how important he felt. it was to document nazi crimes to make sure that no one could ever deny what had happened. so scott was really among the first americans to document holocaust atrocities. historians and anybody who wants to study in commemorate the holocaust. oh him and the other liberators a debt of gratitude for recording what they saw the long-lasting impact of his efforts demonstrate the power of a person's action. he was documenting the history of the holocaust armed with just his camera. and for those who are interested learning more about this subject, we did a program just last month as part of black history month about african-american soldiers who served in the us military and about what they saw and also about the ways that their own experience of even violent racial discrimination shaped their reaction to seeing crimes in europe. we have ju

in the allied forces in europe. he was touring the newly liberated or drift concentration camp nearby after that tour eisenhower to the pentagon and wrote about how important he felt. it was to document nazi crimes to make sure that no one could ever deny what had happened. so scott was really among the first americans to document holocaust atrocities historians, and anybody who wants to study in commemorate the holocaust. oh him and the other liberators a dead of gratitude for recording what they saw the long lasting impact of his efforts demonstrate the power of a person's action. he was documenting the history of the holocaust armed with just his camera. and for those who are interested learning more about this subject, we did a program just last month as part of black history month about african-american soldiers who served in the us military and about what they saw and also about the ways that their own experience of even violent racial discrimination shaped their reaction to seeing crimes in europe. we have ju

. >> you will enter the continent of europe and in conjunction with other united nations, under take operations aimed at the heart of germany and the destruction of her armed forces. this was without a doubt the most difficult assignment ever given to one man. the brilliance with which he answered this challenge marks him as one of our greatest soldiers. mr. raymond massey, distinguished actor now brings you some of the finest moments in our history. the story of the general of the army dwight d. eisenhower. ♪♪ ♪♪ ♪♪ ♪♪ >> the time is june 1945. the occasion, the return to his homeland of a war hero whose stature has seldom been matched in the esteem of his countrymen. the european phase of the greatest war america ever fought is over and part of the warmth with which the people of abilene, kansas, greet general dwight d. eisenhower reflects the deep joy of a nation approaching peace again. some of it is the kind of welcome any hometown might give a favorite son who has done a good job. but more than anything else, it is a tribute. a gratitude felt in every corner of

. >> you will enter the continent of europe and in conjunction with other united nations, under take operations aimed at the heart of germany and the destruction of her armed forces. which was without a doubt the most difficult assignment ever given to one man. the brilliance with which he answered this challenge marks one of the greatest soldiers. mr. raymond massey, distinguished actor now brings you some of the finest moments in our history. the story of the general of the army dwight d. eisenhower. ♪♪ ♪♪ ♪♪ ♪♪ >> the time is june 1945. the occasion, the return to his homeland of a war hero whose stature has seldom been matched in the esteem of his countrymen. the european phase of the greatest war america ever fought is over and part of the warmth with which the people of abilene, kansas, greet general dwight d. eisenhower reflects the deep joy of a nation approaching peace again. some of it is the kind of welcome any hometown might give a favorite son who has done a good job. but more than anything else, it is a tribute. a gratitude felt in every corner of the al

finally, europe is catching up. >> to be on the growth side, europe will play catch up. >> europe was lagging in the first quarter, but is catching up. >> you get that really big boom in growth still to come. >> that european recovery has exhilarated. >> it was really strong, really powerful. >> we are trying to push that hawkish narrative. >> the question is, how much of that has already been priced in, even though you've had quite a nice run? there is still more potential in the medium-term. >> we are talking about early days here in terms of the upside that we see for europe. >> i still think equities in europe look attractive. i think that is a market where evaluations are still cheap. >> europe is cheap. it is cyclical, it is value. europe has been one of the best places to be in the world in terms of equity markets. guy: did you get the message? europe is starting to pick up a little bit [laughter] seema shah of printable global investors is joining us -- of principal global investors is joining us. are you still cautious on europe? seema: how can i go against such resounding po

tom: the timing is 3:00 in europe. that is central europe. in eastern europe it is 4:00 p.m. about at the point of pre-conferences and agreements. i would think in the next six hours we will have a lot more to talk about. lisa: this comes at such a delicate moment internationally and economically. the idea people are just starting to travel again. we are seeing president biden try to set a new agenda for the united states and prepare for his trip to the summit in europe. such a perilous moment in some ways. a crossroads for 70 different aspects of the global economy. this highlights them in one swoop. tom: no doubts we will have comments from the white house as they wake up at 9:00 washington time. markets are range bound, but then they are not. the vix in nicely with enthusiasm. s&p 500 up 23 point. jon called in from coventry, wanting to quote the dow. 4292 on the dow. a nice lift to the markets. on "balance of power" the cogent voice on the republican side, glenn hubbard with republican -- with columbia business school. stay with us on belarus. this is bloomberg on radio,

fought overseas in europe during world war ii. this is and here's a photo of some of the the black women who served in europe. black americans and the military during world war ii faced racism and discrimination really horrible treatment in europe both by white american soldiers and sometimes by europeans the troops are segregated by race. they lived in seven often lived in segregated barracks. many relegated to menial duties some veterans that i talked to during my reporting told me that um black soldiers are often ill-treated and that sometimes the german prisoners were actually treated better than the black american soldiers the german prisoners. sometimes had more rights and privileges given to them than black american soldiers. it's really a very jarring scene to imagine. i'd like to pause for a moment to greet our viewers who are watching us from all around the country. good morning to you. thank you for joining us from omaha, nebraska, boynton beach, florida, farmington, connecticut tullahoma tennessee, not far away and reh

what do you need to know out of europe? europe picking up speed. u.k. retail sales surge, as do services pmi data from the eurozone. german manufacturing data, however, showing some evidence of supply chain crunches starting to bite. a deal down under? report suggests that britain could offer a terra free-trade deal to australia -- a tariff free-trade deal to australia. let's talk about where we are with the markets as we come to the end of what has b

europe matters but a strong united germany in the center of europe that could be a threat. so baker sets out to persuade both those leaders as well as the other europeans. that a united germany anchored in nato. would enable the rest of europe to live peacefully knowing the germany would not have any ability to build its own nuclear capacity. yes, the economy would be strong but that strong economy could also be a bulwark against the soviet union. this is a long way of saying. that the emergence of germany are united, germany. was thanks to. president george h.w. bush brent scowcroft his second national security advisor and secretary of state james bacon. that's fascinating that diana. bakers one of his great skills was in his personal relationships that he used to great effect and notably foreign minister edward chevron nazi became very close to him. yes, and i remember in fact an incident of what horse tellchic good friend of mine. who was helm of kohl's national security advisor. we were talking i asked did it was there any point in when you thought this is all going to

there is a need for labor in europe. there are many who came after the financial crisis, and because they are there, there are no hurdles for that. she says democratic and nondemocratic countries are different, but i wonder if democratic governments like the spanish government, who hosts a war criminal, that says a lot about what kind of democracy we are talking about here. with regard to black male -- with regard to blackmail, the moroccan government says they want them to be good warriors in the fight against terrorism, for good economic partners, and still, the moroccans probably need to take it easy. at the same time, there is a need to be silent. otherwise, the spanish will say, "they are blackmailing us. they are using terrorism and migration in order to blackmail us." let's go back to what are the rules of this kind of -- i'm sorry again. i will get right back to you. i saw ruth raise her hand wanting to respond to something you said, sorry wanted to let her go. please just keep it brief. >> yes, just to mention i

has always track real world jobs many of which in europe in the u.s. or in service sectors that may not contribute that much to g.d.p. on the outside edges of the labor force often suffer the most the oldest and in the case of this next piece those who are just entering the labor force. when it comes to business they've cracked it because it is a dora took over this not store from his parents modernizing it to cater to a growing demand for healthier snacks. become us with. something unrelated and to be honest the crisis helped our decision to run the shop and so pistachios. nikos is interested in nutrition and disco friend is a dora gave up her job as a physical therapist to work in the business in nay then he never got people like us can't be satisfied with the jobs on offer and what they pay that's why i think it's the right time to take advantage of the chance to build something of our own. building their own future increase. in power a c.e.o. class took the leap of faith after their studies and founded their own company adventists which develops me

stoxx 50 futures for europe up. u.s. futures, strength coming through after the day that was yesterday. what does the gmm say? mark: the gmm does reflect that we did have somepurchase of bon. anna: first quarter sales from hugo bosque coming in, beating estimates as china sales almost doubled compared to a year before. the brand says it is unable to provide a precise outlook for the year but expects to see a recovery globally. we are joined by the cfo. very good to speak to you. you managed to achieve a forced quarter -- first quarter ebit profit even though it was predicted you would be reporting a loss. how much does that underline momentum, or would that be to overstate it? >> we see very good underlining momentum. we have to say still in europe we were hit by the pandemic and the lockdowns. the opening rate was only 50% in europe. we had very promising results in q1 because we could limit our sales decline to only 8%. we see ongoing momentum in mainland china. we have doubled net sales compared to last year. if you c

europe has not climbed that way. fresh record highs being climbed by europe. valuations historically have been lower, multiples have been lower. interesting to see with the u.s. doing what it is doing whether that trade can close the gap. the ftse down .2%. the dax is back. up .2%. was not trading yesterday. the cac 40 down .2%. the component parts from the center point of view tells you why you are seeing a faded london. let show you the grr and give you an idea of how the sector rotation has developed today. what you can see is like the united states, technology is doing well. down in the commodities trade, falling once again. basic resources down. we see oil come unstuck. we are watching the iran trade. the metal it is about what is happening in china. talking about deutsche, we are seeing the trait royal the berlin housing market -- we are seeing that trade roil the berlin housing market. the male parcel business back. -- the mail parcel business back. deutsche bank moving a quarter of staff involved in the trade. the bigger banks trade, deutsche bank part

and in europe we have this romantic idea of. business people. they will never cultivate something that is dangerous and they would never cultivate something they don't need. just business people and we should let them do the business and. i. and we can't expect them to act in any other way except as business. the only way that would change is if there is a root and branch revolution in the way that we do business and that would need to involve all corporations all over the world because as long as we treat food like a global commodity. we have a very big problem. and part of that problem is that food will go to the highest bidder and the highest bidder may not be someone that wants to feed you the highest bidder maybe someone wants to feed your car this is entirely the wrong way to look at food food should be sued. agribusiness is all about making money. making profits it's about because. it's about an informative. big uniform lannes with one group. it's about corporate control. and it's mostly also economically it's about international markets

the real key to all of those is we need europe and the u.s. to be in a fight and that's why stress the importance of data and georgia standing with ukraine ever wrote and brought engagement and we take the russian threat seriously. we stand up to them. >> vladimir you bring a russian perspective to the conversation. what's going to happen on the day and there is now a call for a major demonstration. what's going to happen and how is that going to play itself out and how is that going to react? >> thank you very much for having me. it's so wonderful to be part of this distinguished company. essentially what is happening right now there's a direct -- between forces who are under putin's mafia rule and the mafia and government which shows they want to maintain the grip of power at any cost in a similar way that -- so it's going to be a crush. putin has scheduled his annual draft of the federal assembly and as a matter fact we don't have much of a parliament left in our country. they were pointed by the administration rather than free and fair ele

the fact is about one quarter _ in europe. the fact is about one quarter of _ in europe. the fact is about one quarter of the - in europe. the fact is about i one quarter of the population has had a vaccine but you are in london where something like two—thirds have had the first dosed. two-thirds have had the first dosed. ., ., , , ., dosed. you are disputing that. the uk is _ dosed. you are disputing that. the uk is one _ dosed. you are disputing that. the uk is one of— dosed. you are disputing that. the uk is one of the _ dosed. you are disputing that. the uk is one of the leaders . dosed. you are disputing that. i the uk is one of the leaders in terms of the vaccination rate and you have chosen a single dose strategy but we have a different strategy. the point is of course that we are constrained by the vaccine delivery that all of europe has, but i assure you, we have a very professional system, a complete system that uses every vaccine as soon as we get it. we are very mindful that back in the summer of last year, you would tourism minister at the time, you took

do you think europe's doing enough, yes or no? europe could do more. so, what we see in our intelligence reports is that the sanctions really work. but the problem with europe is sometimes that europe is too impatient. you put down the sanctions, and in six months�* time you want to lift the sanctions because, of course, they hurt also the other part or other sides. but, yes, we could do more in europe. i'm just mindful of one particular area where estonia suffered in the past. i believe as long ago as 2007, there was a very disturbing cyber attack on estonia, which everybody in your country believes came from russia and involved the russian state, and it closed down key bits of infrastructure. it was a real problem. now russia's cyber capability is much greater. how worried are you about the vulnerability of your country to cyber warfare instigated from moscow? i think everybody should be worried about this because of our systems, and that's why we have the nato cyber security centre here in tallinn. we do constantly these kind of exercises. we just

than europe. i think that will be one of the interesting things to keep an eye on over the next couple days or so. anna: something else we are watching is the dynamics in the bond market in eastern europe. i saw out of the gates this morning hungarian bond yields rising on this new rate signal coming through from the deputy governor. it seems as if the market has been asking questions in eastern europe for some time about how long qe can remain in its current form and how long central bank governors will stick to a dovish line. how are things changing in that part of the world? guest: when you look at not just hungary, poland, and the czech republic, all these markets are looking at inflation picking up, probably quicker than the banks would like them to be. we need to discuss, should they have the accommodative policy, or should we be tightening policy. it seems the central banks are more comfortable with raising policy. if anything, we would rather be underweight those markets from the rates as

and in europe we have this romantic idea of farmlands that business people. would never cultivate something that is dangerous and they would never cultivate something they don't need they're just business people and we should get them to the business and. i. and we can't expect them to act in any other way except as. the only way that would change is if there is a root and branch revolution in the way that we do business and that would need to involve all corporations all over the world because as long as we treat food like a global commodity. we have a very big problem. and part of that problem is that food will go to the highest bidder and the highest bidder may not be someone that wants to feed you the highest bidder maybe someone wants to feed your car this is entirely the wrong way to look at food food should be sued. i will be. all about making money. making profits it's about pick or peroration. it's about an informative. big uniform lannes with one group action. it's about corporate control. and it's mostly also economically it's about international m

and europe was at a high. finally, europe is catching up. as long as that rummage the driver, i think they will be higher with -- they will be happy with higher yields. because of credit risk in italy, that is something the ecb won't tolerate. whether it is pepp or something else, they will throw money at that and keep bdp spreads quite tight -- dtp spreads quite tight -- btp spreads quite tight. alix: if you are looking for the value trade, the europe trade to top out, that is going to pressure yields even higher. i am wondering where in yields that turning point will be. bhanu: if u.s. breakeven yields go to about 2.7%, so another 20 basis points, that would be high enough in my mind for the value trade to turn down, and for real yields to bottom and go up from here. so real yields from there on can increase that about 30 to 40 basis points, and that should probably mean that nominal's move up to 1.80% by the end of this year. alix: really appreciate that. such an interesting conversation. thank you so much, bhanu baweja, ubs chief strateg

and that book aims to normalize blackness here in europe and calls for europe to actually confront its colonial passed head on in the german city of life. take johnny pitts photos now. phil this square, by the central train station the british photographer and author took them on a winter journey through europe in berlin, paris, stock home, lisbon, brussels, and moscow pits went searching for black europeans and how their identities shape the continent. that was one of the virtues of brian in this way. i didn't have any kind of theories. i wasn't, you know, searching for some kind of confirmation bias. i was just so open to explore. you know, what the stay of black life was in europe today. pitts titled his autobiographical report, taj, afro p n, a term he used to describe himself the child of a white english mother and an african american father. he lives in south london, or black and white residence, interact with more east than most places in europe, including germany. you don't hear much about even also from bismark called in the burling conference for all the of the european power

in europe. they must go to the european system for approval. it is not a political question. for the moment, i tell you that sputnik was not ready to go so they are not convinced about the effectiveness of their own vaccine. for me, it is not a political question but a science-based question. maria: thank you very much for joining us this morning on bloomberg television. that is manfred weber. matt? anna: great interview -- matt: great interview and great to hear from manfred weber. let's get a business flash. laura: apples high-stakes antitrust fight with epic games kicks off in front of a california federal judge ater today. the maker of fortnite is trying to show the app store is run like a monopoly. apple insists it does not abuse its market power. the case comes on the heels of the eu blaming apple of breaking competition rules. the global semiconductor shortage will not be result for a few more years according to the intel ceo. he told cbs the company is reworking some of its factories to

why can't europe take a unified position? because in some european capitals, it looks like you greeks arejumping the gun. you're being irresponsible. not really. we are being actually proactive. what we're saying is that the digital green pass, it's a greek idea. we sent a letter, our prime minister sent a letter onjanuary 12th to ursula von der leyen saying that this is an idea that we should develop in order to underpin our return to normality. and this is something that has, you know, progressed a lot and it's on the brink of actually being implemented. so this is a very, very important step on the way. isn't it true that the pandemic has ensured that tourism will never be quite the same again? not in the foreseeable future, anyway. i mean, the truth is, when people get to greece, and you're proclaiming how open you are, they will still have to act in a different way. there will be social distancing. of course. there will be masks in public places. nightclubs won't be operating in the way they used to across the greek isla

when i'm criticizing this country i want europe to be a better place i want to take part in europe. i want britain to be a better place i'm fighting for this country but maybe not in the way that people traditionally fought for it which is you know to keep the. prejudices in place. johnny pitts vision a europe that confronts its colonial past head on and stops marginalizing black people. many valuable artifacts from african countries are held in european museums the fact the treasures are here testifies to a colonial past and triggers modern day controversy should they be repatriated and what context can you appear in museums show them today. when we go to the we look at those objects. like a disney vacation thing. i think institutions any and. whole global north fairly conservative that means they don't want to change their poll position i. take programs moya's museum it holds the famous bust of now for t.-t. which attracts hundreds of thousands of visitors each year for close to a century egyptians have been demanding her return without success so how can these art collections be

hi everyone welcome to focus on europe i'm happy to have you with me here in europe we really are feeling the effects of the climate crisis with extreme heat waves droughts and out of control fires portugal has been hit particularly hard by forest fires over 100 people lost their lives in 2 deadly blazes in 2017 as wave after wave of flames closed in on the country's cities rescue workers were totally overwhelmed and roads cut off that has left this young portuguese woman cloudy had to walk to augustine you know wondering what kind of world are we really leaving behind for children european governments she says are not doing enough to protect the climate she feels they are literally putting her life at risk and so she's taking legal action against 33 countries in europe to change that. this side lives cloudy or do i have to go sit in your speechless. she can still remember when everything here was green. but ever since the wildfires the pines are all dead. it makes me very sad to see such an amazing place that was destroyed by the fire. this is very symbolic because it means that it will

beyond the horizon lie other battlefields, europe and asia. the sun moves west, toward the two americas. mountain and lake and plain, it lies 1000 miles further east than new york. lies closer to europe in the northeast than to the united states in the northwest. it is not one place, it is 1000 places. light strikes the palms of natal. morning begins over a continent. ♪ it is not one place, it is 1000 places. the sun flashes down the harbor of rio de janeiro. the continent of south america, not mountain and jungle alone, but great cities. buenos aires, the third largest city in the western hemisphere. 2000 miles to the northwest, the sun glints across the mighty amazon. ♪ and in caracas, the soldiers in the new white barracks begin their day. high in the andes, in peru, the sun touches the inca ruins, reminders of a civilization that flourished before the coming of the conquistadors. but the new civilization of south america lives and works in trades with the rest of the world. turning her back on these symbols of the past, she looks to eu

beyond the horizon like other battlefield, europe and asia. the sun moves west, toward the two americas. mountain and lake and plane, that lies 1000 miles further east than the ark. lies closer to europe in the northeast than to the knighted states in the northwest. it is not one place, it is 1000 places. light strikes the palms, morning begins over a continent. ♪ it is not one place, it is 1000 places. the sun flashes down the harbor of rio de janeiro. the continent of south america, not mountain and the jungle alone, but great cities. buenos aires, the third largest city in the western hemisphere. 2000 miles to the northwest, the summit glimpse across the mighty amazon. in caracas, soldiers in the barracks begin their day. high in the andes, in peru, the sun touches the inca ruins, reminders of a civilization that florist before the coming of the conquistadors. -- that flourished before the coming of conquistadors. the new civilization of south america works and lives and trades the rest of the world. turning her back on the past, she look

-- in europe and the u.s.. annmarie: at the moment, it does seem like the market is coming around to the fed's view, slowly but surely. so when you look at inflation, do you agree that it's going to be fleeting? yves: i think what we are observing is part of the broader theme of distortion. we've had this recession triggered by a shot, the first of its kind since world war ii. everything is massively distorting. there are some real economy bottlenecks, people talk about semiconductors and the auto industry, for instance. but these are normal events in the context of what happens with all the disruption. all the -- are these long-lasting disruptions that potentially could shift the supply curve to an extent that it would trigger inflation? we don't believe so, and things would eventually normalized by next year. manus: absolutely refreshing that somebody who works in financial markets for so long says there is profound confusion. i'm so glad you said it rather than us. goldman sachs say you want to allocate to c

you get through into europe. yes, technology is weaker but it's actually only the 6th worst-performing sector. there are plenty of other sectors doing worse, including some that you might -- that you might have thought would do well. what is driving this? >> that's a great point, the fact that the price action that we are seeing, we are not just seeing tech under pressure. there is some cash down from european equities from that downbeat u.s. session. like you mentioned, those cyclical sectors are coming under pressure, so travel, leisure, autos, these are all leading declines today. i think this is just a little bit of a reprieve from those trades. ultimately, europe still remains attractive. we have a earnings that were quite supportive for valuations. for context, european equities for their record high, their coming off their record high. i think this is probably a bit of a broad risk aversion, but really not something that's going to spark a sustained selloff. anna: it was interesting, dani burger telling me

and europe and russia. e commerce, a g for love on the line has been very outspoken on this matter tweeting on sunday that caught the outrageous and illegal behavior of the regime and beller, as we'll have consequences now is that the common stands among the leaders. as far as we know, yes, all you lead us on the same page, even the direct, the neighboring countries like poland and the baltics. although they have some more intense economic relations with b as a border traffic for example, for agriculture products going back and forth. but it seems that beta has a cross a red line and they are also other ties which can be cut. there's a student exchange between the, between the you and bella was the us building a highway between villiers and mania in minsk. and there are several other options, but the question is always, do you want to hurt this, the state leadership or the economy or the people are better or worse than basically they haven't 3 rounds of sanctions against bell or is following the disputed el

and the politics of europe. we start strong on this monday with carl bildt, former prime minister of sweden for an extended time. the minister of foreign affairs but far more than that, he has applied his public life to the fractured continent, moving from athens. his work in kosovo and all of the balkan states as well. he is the cochair of the european council on foreign relations. thank you for joining us. there has to be a response, less with the original assertive belarus and far more from moscow. what can europe and european political leaders asked of mr. putin this morning? carl: you are entirely right. there has to be a very firm response. this is piracy, banditry in airspace. if this is tolerated by lukashenko, it could happen anywhere in the world. it is a threat to the global safety and security of airspace everywhere. firm action has to be taken. european leaders are meeting in brussels for other issues. i think they should declare belarus as one where you should not fly over belarus airspace because