Mixed about the moment. What we got is the cac higher, the ftse a little bit lower. We have some interesting moves when it comes to the Foreign Exchange markets. The euro trading sick differently higher trading significantly higher. The dollar has been going down. That manufacturing data a real surprise. I would thought id i thought i would bring up airbus. It has launched the new longrange version of its a321 today. We will talk to one of its customers a little later. Vonnie historic crowds took to the streets again in hong kong to protest a bill that would allow extradition to china for the first time. Chief executive carrie lam apologized and shelves the bill, but protesters are still calling for her resignation. We are joined by stephen engle, bloombergs chief asia correspondent. Will she have to go . Stephen thats what all these protesters who are still here in front of the Government House on the harborside of hong kong want. They have a number of demands, including the complete withdrawal of this controversial extradition bill. One of their demands has just been met, and that was to not have the protests held on wednesday that turned violent categorized by police as a riot. We just had a press conference where the Police Commissioner of they have not classified it as a riot. That has major ramifications for legal effects for any of the protesters. They are in front of carrie lams Office Manning that she resign. Office demanding that she resign. I spoke to the man who was inind the occupy movement 2014, joshua wong. Carrie lams job as chief executive is almost an impossible one. You have to please beijing and the people of hong kong. This was his answer. No doubt that the cheapest ticket of of hong kong might be that the chief executive of hong kong might be a pet of beijing. It is time for us to freely elect the leader of our city. Long was hua joshua wong was just released from a jail sentence today. He said he will participate in this ongoing struggle to get this bill withdrawn completely. We have no end in sight right now. Still, the steadfast are saying on here in front of the Government House. Is there anything carrie lam can do to preserve her job . Is there anything she can say or do that will change the situation for her . Stephen she has lost a lot of Political Capital with the people of hong kong for sure. Whether she has lost that Political Capital with the bosses in beijing is another question, but keep in mind she is the fourth chief executive of hong kong since the handover in 1997. It has not ended well for her three predecessors. One had to resign after a big movement of 500,000 people into thousand three. He stepped down in 2003. He stepped down. Another ended up in prison for financial crimes. The predecessor right before this didnt seek a second term because of the occupy protests. Hat lasted 75 days it looks like carrie lam is headed in the same direction. Will bluntly not seek a second term that would start she will likely not seek a second term that would starting 2022. Vonnie with us now is bury rittles. Is barry does this have effects for the economy more broadly . Guest this population tasted Economic Freedom, even though it was under british rule. It is an impossible to resolve situation. China has to figure out how much latitude they have to give the people of hong kong. It is important that there is a lot of Economic Freedom in hong kong. Without it, you see an ongoing drag on returns. That is the big unknown. How does this get resolved, and what might that mean for whether or not hong kong can reach its full potential . Nie we definitely see me weve definitely seen outflows and some concern about liquidity. Does this get so bad that the central bank has to step in and defend the peg, the Hong Kong Monetary authority . It depends. These things tend to blow over. Easier for the entrenched perpetual power to maintain that power then he sort of ragtag uprising from the population. That said, this is worth paying close attention to. I certainly dont think it is up to the u. S. Central bank to have any thing to do with that, although they keep getting capped for things like the trade war hurting the economy, you guys need to cut rates. Issue ofbring up the the trade war, so lets talk about that a little. The fact that the hong kong authorities have back down must imply some degree of weakness in beijing. Beijing can fight a number of different conflicts at a number of different times, but not all at the same time. Is this an indication that basically beijing wants to focus on the united states, and really cant have this hong kong situation escalating much further, because otherwise the two situations could combine and turn into a much bigger crisis . Barry oh, to be a fly on the wall for that meeting. Im not sure how much the potential trade war is affecting their thinking about hong kong. I think if you play out the decision tree in different ways this can go, if there is a very heavyhanded crackdown, the net result of that isnt very positive. But the trade wars aside. Just between hong kong and china , what they are looking to do is make sure that they still have control and their authority isnt questioned, but at the same time they recognize hong kong isnt beijing. Hong kong isnt Mainland China. They really need a different way to finesse what is a very complicated situation. Guy lets talk about trade a little bit more. Earlier i spoke to commerce secretary wilbur ross. I have to say, i thought he was definitely playing down expectations when it comes to the g20. Ross i think eventually we will have a deal with china, but i dont think it will come directly out of the g20. The main thing that could come out would be an agreement on principles for how to move forward. That is the most that could come. Think the do you market is in terms of expectations around that g20 . A lot seems to be writing on it, including the way the fed is going to move next. How important is it . Shouldnt we be concerned that nothing really is going to come out of it, and then you really have to look at the fed . Barry theres this weird cycle that seems to take place with all of these unnecessary selfinflicted economic wounds. Theres a little crisis that is created. Response,s selloff in and then we end up with some sort of solution to undo the crisis, and rallies back to where it was. It is sort of one step back, one step forward, with no actual games. It is only when these sort of nonsensical distractions dont happen that the market seems to make regular headway. But think over the past two years how many of these issues weve had where some sort of problem is manifest by the administration, and there is a negative reaction by traders and investors. Then the problem is resolved and it brings us back to square one. , but not a of noise lot of positive forward motion. That is why i try and stay focused on earnings and what the fundamental Economic Indicators are telling us. Vonnie that is part of the problem though, right . We talk about the eerie quiet calling out for some kind of fomc action. Asking if markets are broken. We are seeing equities all over the place. Barry thats a lot to unpack. First, markets arent broken, but in the short term, they are so noisy. Theres so Little Signal in all of the up and down daytoday noise, you really have to look at markets on a monthly or even weekly basis to sort of identify any sort of trend. , therms of the yield curve five year and the threemonth have now been inverted for a full quarter, a full 90 days. That is a very unusual situation. Historically when we get that yield curve inverted for that long, we see a recession 12 to 18 months out. It is admittedly a small sample set, less than a century. Weve only had so many recessions over the past 100 years. That said, that is the biggest warning sign that makes me nervous. The trade war is a pain in the neck. The sniping back and forth white house and the fed certainly isnt helpful. But when you see a yield curve invert for a full quarter, it is time to start making plans for things starting to slow down. Whether it is a full contraction or not is hard to say, but this is not a drill. Start to man the lifeboats. Vonnie barry, thank you. Lets check in on the first word news with kailey leinz. Kailey iran may break a landmark agreement that was developed to keep it from developing a nuclear bomb. They will exceed agreedupon on its inventory of low enriched uranium. The u. S. Pulled out of that deal a year ago. Argentina isnt ruling out a cyberattack for causing a massive blackout that struck five south american countries. Uruguay, brazil, paraguay, and chile were also affected. Officials are looking at the technical issues or even humidity. For boeing, this weeks Paris Air Show will be different from the others. It is likely to be dominated by the crisis over the grounding of the 737 max. Boeing will try to convince customers it has a strategy at hand. Boeings ceo. E to we are making good, steady progress, but i dont want to give a specific timetable. We will take the time necessary to make sure the plane is safe. We expected to happen sometime this year. Kailey telecom billionaire to buy draghi has agreed an auction house that represents a 61 premium. He is an avid art collector. Global news 24 hours a day, on air and at tictoc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. Im kailey leinz. This is bloomberg. Guy . Guy thank you very much indeed. Coming up, more from the Paris Air Show. My interview with qatar airway ceo is coming up next. We will talk about tension in the gulf and much more. This is bloomberg. Live from the Paris Air Show, im guy johnson. Vonnie from new york, im vonnie quinn. This is bloomberg markets. Lets get a check of Global Markets right now. Abigail doolittle will explain. Abigail a little bit of a risk off tone. The s p and the nasdaq both higher. 1 , ondaq is up 7 10 of pace for its best day in about a week. The bulls are out. That is not so true for the dax in germany, just about flax. That is true about flat. That is true too of the nikkei. Confirming the risk on tone, stoxx on pace pace for its third week up in a row. The german bunds are selling off a little bit. Investors not seeking that safety. It is yielding 24 basis points overall, which speaks to the uncertainty of the time as investors are amazingly paying the German Government to hold their money. As for the nasdaq, lets take a look at some of the biggest boosts for that index. On the point boosts side, facebook shares higher nine out of the last 10 days, today up to 16 . Investors excited for the unveiling of the cryptocurrency tomorrow. Amazon also higher. Arrayfarma pfizera up 57 , with buying them out. Acquire uniquire up as well on the potential that it might be bought. Take a look at the tech heavy index right now, up eating percent on the year. The s p 500 up up 18 on the year. The s p 500 up 15 . Some sectors are underperforming a bit. That means there could be some volatility, but right now stocks are relatively stable. Guy i want to draw a line between the recent tanker attacks we seen in the gulf and what is happening here at the Paris Air Show. The line is drawn between those tanker attacks and Qatar Airways. The country is already under blockades. Will those tanker attacks further elongate that blockade and further continue to impinge on Qatar Airways business . I spoke to the companys Ceo Akbar Al Baker and ask him if he was concerned about this. Akbar we have no relation with those issues. We are talking about qatars sovereignty and independence. Been in any of the regional tensions that have been ratcheted up, but actually our adversaries. There has been no clear evidence. I know you can always create evidence, but is that evidence on an International Level correct . See therelly could are several countries that have anything pointing at anyone country, so i dont think it is my business to comment on summing that has nothing to do with Qatar Airways. Guy there is a Global Economic slowdown underway at the moment. Are you feeling that . Akbar every Global Economic slowdown has opportunities. Major airline in our region, it is my duty to find those opportunities in comic slowdowns. There have been in economic slowdowns. There have been slowdowns. The business is cyclical. But if you want to ask what is really happening in this softening of demand or what is happening to the Global Economic situation, you should ask our neighbors who are really getting the pinch. ,ou can see they are shrinking and the results show. It doesnt mean that we are not going to be affected, but mostly not because of the global slowdown, but because of the economic blockade. Airways,ceo of qatar akbar al baker, talking to be a few minutes ago, highlighting detentions that are running high highlighting the tensions that are running high in the gulf. Vonnie exactly. A little trepidations, to stay the least. Coming up, huawei warns of a hit to its bottom line because of u. S. Sanctions. This is bloomberg. Guy from the Paris Air Show, im guy johnson. Vonnie from new york, on vonnie quinn. This is bloomberg markets. Huawei is warning u. S. Sanctions will curtail revenue by about 30 billion over the coming two years, said to be preparing for a fall of up to 60 in International Smartphone shipments as the trump hammers oneons ban of the chinese tech giants most important businesses. Lets go to our analyst from princeton. How does huawei arrive at this number . Reporter it seems as if they are cutting all growth expectations for 2019. Prior to the ban, huawei was expecting roughly one hunter 25 billion in revenue, now calling for roughly flat to slightly down revenue in 2019. Guy how do i put this in the context of the trade story . This is a number now that we can all work with, and we can folded into the egg picture of sanctions in the amount of money involved. Is that how i should think about this, that they are basically crystallizing what their part of the trade narrative is . Woo jin sure. If i think about the numbers , the founder said he expects International Sales to be down 40 to 60 , i am quite surprised that they are still selling roughly 100 billion in goods, whether it is smart or mobile infrastructure. That speaks to the sustainability of the company. Where i think it is quite interesting is that, because of the trade war, the International Sales are probably more carrier related, hesitant on buying huawei goods this year. There could be more pain to come Going Forward. I think that 30 billion in sales is quite conservative. Vonnie and yet they are not making any layoffs or doing anything strategic at the moment. Why not . Woo jin well, we have to keep in mind they still have 100 billion. At the end of the day, if you think about not only huawei, but anybody within the supply chain, it really is tough to manage operations based on a tweet. Anything can change overnight, whether it is coming from china or from the u. S. Side. If the relations improve over the next 20 days, you dont want to lay off people on a snap. You want to get them up and running Going Forward if things do improve. Ho of Bloomberg Intelligence on the huawei story, thank you very much indeed. Ceoext, we will talk to the of the company this morning placing an order for 100 airbus aircraft, including 27 of the brandnew ones. This is bloomberg. Guy from the Paris Air Show, im guy johnson. Vonnie from new york, im vonnie quinn. This is bloomberg markets. Lets get a check on the bloomberg first word news. Heres kailey leinz. Kailey hundreds of thousands of demonstrators again protested a bill that would allow extradition from hong kong to Mainland China for the first time. Chief executive carrie lam has apologized and shelve the bill. Protesters want her to resign. All of this puts pressure on china to compromise on the demands or risk further unrest. President xiinas jinping will visit north korea for the first time thursday. He will meet with kim jongun at a time when both countries are in standoffs with the u. S. China is north koreas only ally. The two met earlier this year in beijing. The European Union has joined china and five other countries in protesting the trumpet administrations 16 billion bailout for farmers. The countries say the subsidies could violate wto rules. The Program Seeks to help American Farmers affected by trade wars. Superrich americans are descending on londons housing market. The proportion of homes in the citys best to check best district sold to americans this year was doubled. One of the buyers bought a 120 million home near buckingham palace. Global news 24 hours a day, on air and at tictoc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. Im kailey leinz. This is bloomberg. Kailey, thank you very much indeed. Lets talk about one interesting area of the aviation market. From bigairlines Lease Companies like air lease. They are here at the airshow, one of the biggest comedies when it comes to placing orders with biggestairbus companies when it comes to place orders with boeing and airbus. We saw a large order today of 100 aircraft. Ceo john plueger is with me. Where do you see demand for this aircraft . John it is a natural complement to the a321 series. The aircraft is a perfect complement and will add huge range capability. I think you will see this aircraft become highly used transatlantic, between north america and south america. We have a huge interest from many of our current airbus customers all over the world. That is why we decided to make the decision to launch this aircraft. It is a very natural complement to us. We see huge demand. Guy theres a lot of talk about lowcost come along hall across the atlantic. You are basically frontrunning this low cost, long haul across the atlantic. You are basically frontrunning this. John our deliveries are from 2023 all the way to 2026. Guy do you see more of those aircraft coming on . John absolutely. I think this is going to be a defining aircraft from middle to longrange, efficient, environmentally friendly fighting. Environmental friendly flying. ,nvironmental sustainability filling the aircraft with the right size and capacity, the most amount of people you can get on that aircraft, adds to that efficiency. I think the world will welcome this aircraft and the airlines are clamoring for it. Guy how many maxs have you got . Order, 15 on40 on fleet, but then the aircraft got grounded. Guy how has that affected you . John it is tough for our customers, but they are coping. Theyve largely met the requirements for the summer. Basically all hands and all eyes are waiting and watching on the Regulatory Oversight for the aircraft to return to service. Primarily, the collaboration europe, china,a, canada. This has got to be a global reentry of the aircraft. I would hope, and i think the airlines hope, the regulatory authorities are all working collaboratively together. If there is one possible good thing out of this, i think rather than freshening the regulatory process further rather than fragmenting the regulatory process further, it is a chance for authorities globally to come together in a new area of transparency and working together to make sure this aircraft is absolutely as safe as possible when it returns to the sky. Guy you said to some of your customers that their companies are worried you heard from some of your customers that their customers are worried about it. Guy i think most john i think most airlines are worried about public perception. People know about the max. There were two horrifically bad crashes. But again, a transparent process with multinational glittery authorities working in conjunction, getting this multinational regulatory authorities working in conjunction, getting this aircraft certified, over time it will gain its place with customer acceptance. But this is a concern for a lot of ceos of airlines and the flying public. Guy you are a big lease or big leasor to Chinese Airlines. Do you get any sense that the trade war with china is going to have meaningful impact on your business . John so far, no. We are watching carefully just like everyone else, but we are a u. S. Company. We get requests for boeing aircraft by our Chinese Airline customers. We are delivering aircraft on schedule to the chinese customers. So far, through the leasing vehicle, which is what we offer, it is hard to see an impact, but we remain watchful. Guy at the margin, you dont think you are getting more airbus versus boeing requests . John no. It is pretty uniform. As a matter of fact, i think what you would actually see is perhaps a little more requests on the boeing side because i think the demarcation for the Chinese Airlines is right now, no direct purchasing come about leasing as an avenue on a vehicle to provide boeing aircraft to enter china. There are too many aircraft in europe, too much capacity in europe. Would that be your sense . How do you think that is going to change . John capacity rationalizes the ebbs and flows overtime. I think at the end of the day, you had evolved of airlines. We had airlines go bankrupt. We will probably have a few more. It is the nature of this industry. You have a class of lowcost carriers as opposed to the legacy carriers. If you are somewhere in between, you have to be very careful about your strategy. This is an evolving marketplace. I think you probably will see more failures over the next 12 to 18 months. We in the leasing Community Act as a great buffer for that because we take those airplanes and put them other places. We provide a great buffer for the industry, and if we do that well, we can serve our customers well and be profitable doing it. Guy do you think the fed needs to cut rates to keep the u. S. Economy on track . What is your sense with the economic tea leaves . John i think the market has already priced in fed rate cuts. You can see it in the bond prices and the spreads. So it would not surprise me if the fed would cut at least one or two more times by the end of the year. Guy you would welcome that . John lower Interest Rates are always better for our business. We are a capitalintensive company. Naturally, any further cuts in the Interest Rates are helpful to our business. Guy john, great speaking with you. Thank you for joining us. Great stuff. John plueger is the ceo of air lease. Coming up, i spoke to the ceo of Virgin Atlantic on what he had to say about a third runway. 2026 is theunway in schedule, and we have the ambition to double in size at heathrow. In order to change that, we must change the current allocation of slots. It is 350 new slots that will come online. The current regime does not work, which will allow us to become the nations second flag carrier, which is great for consumers and businesses in the u. K. Shai wegin atlantic ceo iss speaking to me earlier. 320s, and is new a certainly making to look a big oppression over the next few years. Vonnie did he mention brexit and how that is informing his forecast . Actually he doesnt feel that he is impacted by brexit. He largely flies into the united states. He believes the bigger effect is probably going to be in terms of businesses that are more eu exposed, which he is not at this point. He said some interesting things about rolling up some of the Smaller Airlines in the u. K. For all of those Different Airlines to feed into his business, which is definitely going to drive out of heathrow. Hes looking forward to the new third runway. Many people in london not quite so sure. Vonnie looking forward to hearing more of that interview in a bit. Coming up next, a big week for Central Banks, with ecb officials in portugal, fed chair jay powell confronting rate cuts, and the boj looking at options amid local pressure and economic amid political pressure and economic uncertainty. We will dig into details next. This is bloomberg. Guy from the Paris Air Show, im guy johnson. Vonnie from new york, im vonnie quinn. This is bloomberg markets. As dovishness sweeps the globe, bank leaders make Big Decisions this week against the backdrop of ongoing trade wars. Today, European CentralBank Officials meet, likely on their agenda. Does the euro zone need more stimulus . Wednesday, it is decision time for powell. Fedomists expect the to keep rates on hold, but forecast cuts if needed. For the bank of england, economists are looking for the rate to remain unchanged, but show whether policymakers are starting to splinter after a year of you nana bitty of unanimity. We are joined by michael mckee. Likely wednesday will be the major day, but obviously we will be watching with bated breath to see what comes out of sentra today, for example . Sentra today, for example. Michael they have the same problem the fed does, and the bank of japan, the boe. But you are right, the fed will affect the outlook for every other economy, which means that the other Central Banks will basically be following what the fed is doing. Guy the fed has quite a tough job, but you could argue there are banks around the rest of the world that have even tougher jobs right now. Who is really feeling it . Is it carney . Kuroda . Draghi . I think draghi is hoping he can hang on until september and then get out of there before any really tough decisions. Carney, it is tough for him to make any decision whatsoever. Powell is the man on the hot seat. He has to get in front of the press after their decision. Unless they cut rates and change the narrative, hes got to try to thread the needle between not saying theres too much concern about the economy, but not ratifying enough of what the market believes. He will have to explain the dot plot, which has never priced in a cut, if that is indeed the case. If it doesnt, youve got to explain why it hasnt happened. Hes got a very tricky explanation to give to the markets. We will see how the markets react to that. Vonnie if the word patient is taken out, do markets interpret that one way . Does pricing get all changed up . Michael basically hes taken saying they are watching very closely what the markets and the economy is doing, and that will be the kind of phrasing the use Going Forward. But it is going to be less about the statement, i think, then about what jay powell says. People will be looking to him to set the course for where they are going to be in july, which is the first time markets are pricing in a rate cut. Guy what is draghi going to say . Michael i wish i knew exactly, but he is also in a situation where the Economic Outlook is deteriorating. The inflation outlook is deteriorating. The ecb was planning on trying to start moving forward on ending its qe program. Do they reverse that . My guess is that he doesnt go so far as saying whatever it takes this time, but that he does say they are watching and they are prepared to take action if necessary, which is sort of the formulation that jay powell used a week or so ago. Hes got to sort of let the markets know the ecb is going to be there without promising direction one way or the other. Vonnie how much will fomc members be talking about the Economic Impact of the trade war in china . That is going to have a splash back effect on the u. S. As well, whether or not it is a direct effect. Michael it may not be put directly into the statement, although they referenced tariffs, but you can bet jay powell will be asked about it. The question will be modeling, if you can say it will subtract x amount for the u. S. Economy. What happens when the stock market falls because there is no trade deal, if that were to happen . We saw the effect, shortlived, during the mexico trade in broke o. O mexico trade imbrogli we will watch the kinds of interviews we see in speeches from other fed officials over the next couple of weeks to get a feel for whether they are really concerned about the impact on the economy. The direct impact may be onlya maybe only a tenth or two. Can Monetary Policy do anything to mitigate that . Vonnie michael, thank you. That is our International Economics and policy correspondent michael mckee. Deutsche bank may exit its u. S. Equities trading business and create a bad bank to wind down legacy assets. Bloomberg has learned that is product that is part of a broader overhaul to be announced next month. The bad bank could hold up to 150 billion of u. S. Bad assets after years of failed efforts for deutsche bank. Sales of closing retailer h m gain for a fifth straight quarter for clothing retailer h m gain for a fifth straight quarter, trying to end a three year slump in earnings. H m has struggled because the clothes fell out of favor with shoppers, and it has been investing heavily in online platforms. Ubs still feeling aftershocks from its chief economists use of the phrase chinese take. A Chinese Railway corporation has decided against hiring ubs for a dollar bond sale, prompt by the remarks. The economist paul donovan has apologized. The bank has placed him on leave. That is your latest Bloomberg Business flash. On the bloomberg now, the trump administrations effort to block iranian oil with sanctions is being underpinned by the jump into domestic supply. Oil output is up more than 40 in five years, while gas stockpiles decline. Now iran warns it will breach its Nuclear Stockpile cap in 10 days if sanctions are not removed. What to the heightening tensions mean for commodities . Its futures in focus. Bloomberg terminal users can interact with all the charts used on the show using gtv. You can also catch up on analysis and save charts for future reference. This is bloomberg. Guy from the Paris Air Show, im guy johnson. Vonnie from new york, on vonnie quinn. This is bloomberg markets. Time for futures in focus. We are joined by ira epstein of ira epstein and associates at the cme. Where do you think this week will take us . Ira if another tanker gets hit, you go up. Without those tankers, the economic areas of the world, be it asia, europe, you are not getting the demand as world economies are softening, and we are softening in america, too. We are the best house on the block, but that does not mean we are not seeing some softening going on. Ourddition, we are watching oil go down, that will pick up again once pipelines go online. Iea reduced daily demand by byd thousand barrels 1000 barrels. I think opec will keep production cuts in place for the rest of 2019. Vonnie i do want to ask you about rates. We are at 2. 10 on the 10 year. How are traders positioning themselves ahead of the fomc meeting . Ira everybody thinks it is builtin that the fed is doing rate cuts this year, so you are not getting the normal coming out of the market in front of that, and i question that. I still think the fed will do what they said, they will be patient. They have nothing to lose by waiting on this meeting and seeing how the talks between president s trump and xi go. If those two gentlemen can get trade talks back online, then i am not in the camp that says we have to have a rate cut, even by september. I would be the opposite. I think things could get better with the economy. On the other hand, should they not be able to get those talks back online, then i change gears and think you get a rate cut in july. Vonnie all right, ira. Thank you for that. That is i read epstein of the ira epstein that is ira epstein of the Ira Epstein Division of lin and associates. Here with ours stock of the hour. Drop ang out a 4 40 drop over the past year, itself to selling in a 61 rahi premium to fridays closing price. Some of the biggest shareholders, the top five of them own about 50 of the stock, including third point. It looks like theyve netted a profit of about 85 million pounds. The company has been public for about 31 years and has gained more than 500 in that time. Guy is it really that big a surprise . Drahi loves his art. Emma he does. He is obviously known for investing in telecom companies, but he did say sothebys is one of the most elegant and aspirational brands, and says he has been a client of them for some time. It is perhaps a surprise from a business point of view, but not his personal interests. Vonnie right, because we dont get to keep the art. [laughter] guy emma, thanks very much. Coming up, more from the Paris Air Show. It is, as ever, airbus versus boeing. Is mueller berg versus enburg vs. Faury. We will hear from both of them. This is bloomberg. Guy 30 minutes left in the european trading day. From the Paris Air Show, im guy johnson. Vonnie from new york, im vonnie quinn this is the european close on bloomberg markets. Guy european markets are just beginning to turn around. We are now positive on the stoxx 600, only up a fraction. Eurodollar trading higher as well. Manufacturing data a little more negative than the market had anticipated. Airbus is trading up by 1. 9 . What is interesting is that boeing is also trading up i around 1. 9 today trading up by around 1. 9 today. Vonnie the times is one of the worst performers in the dax lufthansa is one of the worst performers in the dax. Here in the u. S. , pfizer down about 1 10 of 1 , moderating losses on that deal, buying a biopharmaceutical company