He says it is pelosi who refuses to compromise. And boston fed president Eric Rosengren says over eagerness to reopen the economy without containing covid19 has backfired from the United States. We hear from him at this hour. Manus it has just gone 6 00 a. M. In london, 7 00 a. M. Across europe. Arlsberg. They have guided for the full year, profits will decline by 50 . They had pretty guided a little earlier in july. That buyback is off the table. Organic profit will decline 10 to 15 for the full year. Firsthalf sales coming in at 28. 83. Firsthalf net income coming at 2. 86. Jeffrey is on a buy. We caught up with the anheuserbusch ceo the other day, he said china is back to normal for them. Is thek with carlsberg exposure to mainland europe. That is the top line. Up. Sche telekom, dial me never a fish ibitda comes in and 9. 3 billion euros. The estimate was it. 3, so it was quite upbeat on secondquarter adjusted ibitda. Analysts were saying they were expecting the virusinfected be limited. Secondquarter revenue comes in at 27 billion euros, estimate euros. 5 billion upbeat on that number as well. What weve got is going to telecom seeing 20 deutsche 2020 adjusted if it at 34. 4 million euros. At least 5. 5 billion euros. The takeaway is that it is raising its forecast and reporting profit that Beat Estimates with gains in its newly enlarged tmobile unit bolstering its finances. Tmobile results have consolidated, and the pandemic, we understand, head limited impact on growth in the u. S. Market. Manus you have the markets, lets read through those. Nejra absolutely. We are looking at global stocks raising. The s p 500 yesterday going above its record, it closed six points away from it, still the riskon is pretty clear. S p futures are unchanged. Tech stocks led yesterday. We have been talking how over the past few days, investors have been rotating into more cyclical sectors, so they are making a come back. The dollar is Holding Losses from yesterday. That 10 year yield is continuing to slide. We have that auction and demand that looked pretty robust. In terms of gold, wild swings. We dropped below 1900 after hitting a record next week, the biggest drop in seven years, but it climbed back yesterday and is heading for backtoback gains looks like, manus. Manus lets talk about that read a rally. It has been pretty strong. You have the msci world climbing yesterday, erasing losses for the year. Quite staggering. U. S. Stocks briefly reached record highs propelled by tech. The largest 10 year treasury auction ever drew a lowerthanexpected yield. The 30 eur year paper will go for sale today. Nejra on capitol hill, virus stimulus talks remain stalled. Nancy pelosi said she rebuffed treasury secretary stephen mnuchins attempt to restart negotiations, because the white house will not budge on demand. But mnuchin said it was pelosi who refuse to compromise. Talks remain in limbo. Pelosi said democrats will come down 1 trillion, if the administration will raise its ceiling by that amount. Joining us is Christian Gattiker, from julius baer. Glad to have you with us today. Yesterday we touched the record high in u. S. Stocks. Is now the time that we take a pause, or do we continue to see this riskon for the rest of the week . Onestian that is a tough to forecast, but i think overall, the Major Concerns reports,cal inflationary pressure, i think this is somewhat of a relief and it will continue in the coming days. We caught up with an investor yesterday, and he said it is very overpriced at the moment and you probably want to add them hedges. Momentum on the equity side of the trade. Do you think we are fully priced at risk level on the s p . Christian may be on their overall market. The market is fairly priced, but that isnt keeping it from getting overpriced. The real question at this stage is how well these neverending winning streaks of Growth Stocks continue, and will there be a major sector rotation. We had the first attempt this week of those laggards of value stocks trying to do some catch up. I think that is possibly the move for the next few months rather than the overall market doing it all. Nejra interesting, because as you say, we have been talking about how we had a few days of tech stocks underperforming in favor of cyclical sectors, small caps. Yesterday we saw tech stocks make a comeback. Rather than looking at the Overall Index level, when you look at rotations below the surface, what composition of gains in sectors gives you more conviction of the quality of the riskon rally . Thestian we dont doubt i. T. And this new economy rally, we think is wellequipped and well supported by growth, i cash flows. By cash flows. This remains one of the pillars. I. T. Stocks are more cyclical. There may be some further upside if the economy gets better in the coming months. On the other hand, we think there is interesting sectors as well. It is health care, and on market isside, the underinvested. We have raised industrial stocks. We have some pull out on financials, but this is kind of probably the biggest one in weighting position. We think the trigger will be most likely yields, treasury yields moving up. Recentollows the developments. This is a mix, a technical position, but also not forgetting about some of the cyclical part of the market. Forlorn hope your that yields might break 2. 75 on totreasuries best brick find 75 on the treasuries. The debate is this on cpi. Td securities, we constantly disagree with you. They say, we are not going into a stagflation world. Is this an anomaly on cpi . The highest spike in a couple of not fit or does this into your stagflation narrative . Follow their dont narrative. We think theres actually an eventually, boom so inflation will behave. We dont buy into this major rate. T in inflation if anything, it is more of a normalization and still below average if you take a longterm comparison. We are nowhere near anything like the 1970s type of inflation rates. We are only talking here about the normalization. Dumb to haves stagflation fears. We are talking of increasing growth in a rather normal inflationary environment. Pricing looks very dramatic in the shortterm. Manus ok. We will extrapolate that thought in just a moment and talk of little bit more about the fed and rates. Christian gattiker from Bank Julius Baer. Time for your first word news. Laura is with us from london headquarters. Good morning. Laura president ial hopeful joe biden, and running mate Kamala Harris made to their first joint appearance last night in wilmington, delaware. The event was dramatically scaled down from previous elections due to the pandemic. Ongoing restrictions made it one of the few joint appearances on the democratic ticket. Mployment surging by over 114,000. It shows recovery is outweighing the impact of the lockdown in victoria, but it does not cover the harshest restrictions on melbourne, including the curfew. Germany and lithuania are leading alls for sanctions on belarus, as the president crackdown on opponents, after victory. An election lithuania is among the nationss offering to mediate between the two sides. If that doesnt work, the nations foreign minister says there will be consequences. All options are on the Table Including sanctions. My position is that it is not enough to issue another statement about concern. It is making no impression whatsoever to anybody. So they are definitely should be a discussion on what the political consequences would be. Global news, 24 hours a day, on air and quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. This is bloomberg. . Anus, nejra manus laura, thank you very much. Coming up, america is over eagerness to reopen the economy before containing the virus has backfired, according to the boston fed president , Eric Rosengren. We will hear more from our interview next. This is bloomberg. Nejra this is bloomberg daybreak europe. I am nejra cehic in london and manus cranny in dubai. Officials are blooming the failure of the u. S. To contain the virus. Dallas president from called the u. S. Failure to adopt use of masks. He told bloomberg that america has over eagerness to reopen before containing the virus backfired. He said additional stimulus is needed. Take a listen. I think it would be an appropriate time to have Forward Guidance. I think at this stage of recession in the pandemic, Forward Guidance probably is only mildly helpful. The reason for that is the longterm treasury rate is still quite low. Interest rates are quite low. In that environment, i think people already assuming there will be quite some time before Interest Rates rise again. So well it might be marginally helpful, i would actually say that our lending facilities and some of the facilities being run by the new york fed are probably providing more support because they are giving at the cost of funds to individuals and businesses. Talk about lending programs. Chairman powell emphasizing that spend. Can lend, not is that the right prescription for the economy right now. Youre lending programs have not seen quite a takeup. Our willingness to buy corporate securities quickly pushed Interest Rates down. As a result, we didnt need to buy very much because the market reacted to our announcement. I would say Credit Conditions are much better than they were in march or april because of the federal reserves actions. That has been an important stimulant to the economy. In terms of spending, that has to come from fiscal policy. The u. S. Economy also benefited from that kind of very quick and very significant stimulus provided by both providing better unemployment benefits, broader unemployment benefits, checks to lower income individuals. All those things have been very helpful in preventing, particularly low income individuals, being able to continue to make spending decisions over the course of the spring and into the summer. But i think many of those programs have ended. By the end of july the pandemic has not ended. We need stimulus policy to continue. That is critically important that Congress Comes up with some kind of agreement to continue to provide support. Have you modeled the impact from the end of that fiscal stimulus . My personal assumption and my forecast is that some form of additional stimulus will occur. It would be bad news both from my forecast and for the economy if we dont do any additional stimulus at this time. You supervised the main Street Program, perhaps the most controversial. According to your figures, 856 million in loans in the system, but its a program that could do 600 billion in loans. Does that suggest modifications need to be made to the main Street Program . We have already made quite a few modifications. We had an initial term sheet, came out with a revised term sheet, then it was revised again to make it broader and accessible to a wide range of small businesses. We also opened it up to the nonprofit sector. While we are not liable on that part, banks are perfectly able to start negotiations with nonprofits. As you know, it takes a long time to actually negotiate a bank loan, so it doesnt surprise me that it would start gradual and pick up over time, i think that is exactly what were seeing. One reason we are seeing a lot of mending primarily from Community Banks and big than big sized banks is they are more flexible and able to add at dapt morekly ana quickly. The goal is to make sure businesses who need it, that were credit worthy in february and had their cash flow disrupted, are able to get their cash flow and financing. I think we are seeing a pickup in that activity. I expect as borrowers and banks get more familiar with the program, we will continue to see more increases. Manus that was the boston fed president , Eric Rosengren, speaking with our michael mckee. Christian gattiker is our guest host this morning, from Bank Julius Baer. You say no major change in investment is warranted at the moment, but you go straight to the dollar as being, i suppose the focus for you. You say it is not so much a debasement in the dollar that we have seen at the moment. My question to you, there are signs of it we dont see signs of a big u. S. Dollar debasement around the corner. Andou think the real rates dollar debate has run its course, christian . That will be one of the major topics at least until the u. S. Election and maybe even after that. We say we dont expect the debasement of course, markets are starting have started to price that, 2000 per ounce for gold, you could talk about debasement for the u. S. Dollar. We dont follow that. In terms of market action, we think in the shortterm it is somewhat overdone. In terms of the news flow, it will stay with us for the time being. Nejra we were just hearing ,a couple of fed officials Eric Rosengren and also mary daly, saying that no additional Forward Guidance is needed right now for the bond market. Do you agree with that . If you do, what could shake the bond market and push yields higher as they briefly did move higher this week . , goodian Economic NewsEconomic News and a recovery over all would push yields higher irrespective of what people talk about, yield curve control or whatever. I think the fed does not want to see treasury yields lingering about 15 or so. I think that should go higher. 5 or so. I think that should go higher. If you look at senior loan in terms ofrvey, credit, i think the measures taken have to be really around credit channels reopening again. That is ever more important. Think about fiscal support. Think about the time where government, this is also the call from fed officials as we understand it, this is about the time where the government has simply to step in and create demand. Christian gattiker from Bank Julius Baer stays with us. Coming up, tencent plays down President Trumps wechat bn. We discuss that next. 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 Trumps ban on wechats messaging service will apply only to its overseas operations, suggesting the impact of the Worlds Largest gaming operation should be modest. The reassurance comes after the internet giant delivered a betterthanexpected secondquarter 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 kneejerk reaction. Many think the rally could be overdone. Have a look at my chart, you are seeing this movement of tencent trying to hold above the 50day moving average, with a little bit of what they are calling a triple top pattern forming after a massive runup over 50 since its march lows. In terms of confusion over the distinction between wechat and whether it is used within china, it took a little bit of shine over the overall results. Billionsing 29 to 60. 5 in the three months and of june. Bloomberg intelligence thinks perhaps the stayathome trend, we know it will dissipate at some point, the fact that so many people remain inside due to the pandemic could continue to help its overall mobile gaming sales. That should see the positive momentum in tencent outweigh the effects of the ban. Nejra bloombergs juliette saly, thanks so much. We will continue the conversation with Christian Gattiker, our guest host of julius baer, shortly, manus. Manus we will indeed. Coming up, mark jenkins says that credit market is out of sync with reality. We have more from our exclusive conversation. Where are the duplications in markets and credit . We discuss right here on daybreak europe. This is bloomberg. Manus good morning from bloombergs middle east headquarters in dubai. I am manus cranny alongside nejra cehic in london. This is bloomberg daybreak europe. Asian equities are on course to afterthis years declines the s p briefly touched a record driven by a rally in tech stocks, gold holds above 1900. Nancy pelosi says she has rebuffed an overture from Steve Mnuchin over stimulus, as the white house hasnt changed its position. Pelosi who refuses to compromise. The boston fed president , Eric Rosengren says, over reagan is reopen the economy without containing covid19 has backfired for the United States. We will hear from him this hour. Nejra welcome to daybreak europe. The other comment Eric Rosengren made alongside his colleague, mary daly, caught our attention, was the fact that they talk to down guidance in bond markets right now. Manus but if you listen to Td Securities a great interview yesterday on bloomberg she talked about what is driving real yields. That is the fed. It is about the reassurance. She said september will be critically important. For her, this 30year paper auction today is a liquidity not a supply event. Fascinating take on the markets. Nejra yeah. Definitely. When it comes to those real yields markets, there is a great piece on bloomberg talking about the fact that, it is not so much about inflation expectations, because we have talked a bit about the prospect of stagflation, it is much more about nominal yields staying anchored. We saw that shaken a little bit this week, but back down again today. Manus yes, lets look at equities. One analyst says they are fully and you should hedge. We are fully priced on the s p 3367. Own a shade at he recommends buying gold as a hedge against the dollar weakness. Economic activity is just a quarter of where we were in 2019. The fee of other things we touched on in terms of breakevens versus youve real yield. Break even just come back we hit the highest level in january of this year. The dollar rose, but we are not in debasement mode. That is julius baer, not me. Gold the hedge on hedge, do you buy on the depth . Is it a dip or correction . Think you quite the on the show a couple of days ago with regards to gold. On the heels of a threeday rally, the msci index climbed yesterday to erase its losses of the year. U. S. Stocks reached record highs propelled by tech shares. Drewreasury auction lowerthanexpected. 30year treasuries will be sold today. Manus and over on capitol hill, it is about stimulus talks. They remain stalled. House Speaker Nancy Pelosi says she rebuffed treasury secretary stephen mnuchins attempt to restart negotiations because the white house will not budge on its demands. Mnuchin says it is pelosi who refuses to compromise and talks remain deadlocked and in limbo. Pelosi said democrats will come down 1 trillion, if the administration raises its ceiling by the same amount. It is called meeting in the middle. The disconnect between the real economy and the Financial Markets during the pandemic is making it harder for Credit Investors like the carlyle, to deploy fresh capital. The firm manages 50 billion in credit assets, and it is saying it is having a hard time to project how long the crisis will last when considering you transactions. Mark jenkins spoke to bloomberg exclusively. Mark there are two things that have happened through this period of time. One is you saw this rapid shift in volatility in the market where you saw a drop off in demand quicker than we have ever seen before. Then you saw a rapid recovery in the markets because of what the fed was doing and the federal government in terms of stimulus. That created some noise in the marketplace. So we are trying to figure out what the longterm trend is. We have been doing two things. One is, as the markets recovered, we have been repositioning the portfolio. Side,stance on the liquid we are improving and upgrading the quality of those assets to reposition those. On the illiquid portfolios, we are repositioning the portfolio to higherquality assets that we think can sustain a period of the pandemic that we are in right now and come off the back end stronger. On the more liquid side, we are looking at companies we think thaters in the field we think are leaders in the sector they are in, that are looking to make a acquisitions. We have seen situations where companies are looking to make acquisitions in their space. They may be in the number one position and are looking to increase their position in the market, or they are looking to make a positions with respect to equipment, as they see opportunities coming off the back en of this recession we are going to. Dthose are the things we are focused to as opposed the stressful opportunities. There has not been that many of them right now. I want to get back to distress opportunities, but you mentioned acquisition financing, something we have seen banks traditionally play in in a big way. To what extent when you are looking at the market broadly for loans are you seeing banks markets . From the mark going into this in march and april, there was something north of 300 billion of revolving lines of credit that were pulled drawn by corporates as a defensive mechanism to bolster liquidity. Clearly, that puts a lot of pressure on the bank Balance Sheets. Some of that has been refinanced into the marketplace. As you probably observed, there have in north of 250 billion of highyield issuance. 70 of the revolvers drawn in the leverage space i think have been paid back. But the banks by and large, over the past 1015 years, have actually been exiting the market with respect to extending large amounts of credit into leveraged credit space. If you look at the trend, that has been happening since 1997 when highyield markets have taken more than the banks have come out. Banks have regulated a little excess leverage out of their Balance Sheet. Today they dont really hold as much risk in credit as they did 10 or 12 years ago. That migration was already happening. You are seeing folks like ourselves in the private market who actually have less leverage or no leverage on the structures with more Patient Capital looking to make these loans. The banks by a large are looking into the syndicated market, where they can distribute loans more broadly to people like ourselves. This crisis in particular has made them step back in a bigger way, given they had taken on so much capacity in the beginning . Mark i think they are not as aggressive clearly as they were prior to the crisis. I think also if you think about what they havent started to realize yet, i mean realize in their Balance Sheet but they have clearly provision for, is the impact on the consumer side. Consumer credit, autos, etc. May have broader issues to think about from an overall Balance Sheet management perspective than just corporate credit. When you are risk managing, you have think about that. That will impact their thinking with respect to how aggressive they will be at extending credit. Nejra that was carlyle groups global head of credit, mark jenkins speaking to bloombergs wall street correspondent, cinelli bostic. Christian gattiker is still with us. We were talking about your assessment of the market being that mr. Bond says no growth, mr. Gold says inflation, stocks says, where is the problem . What is credit telling us . The fed has got are back . Christian i think that it is telling us that Central Banks are heavily supportive. Iso the highyield highyield, the junk is junk, but the bulk of the credit market is very well underpinned with the help of the federal reserve, because this is a major transmission mechanism of monetary policy. If the government does not step in [indiscernible] listening to the carlyle group, it was interesting. At the start of the conversation, he talked about liquid and illiquid markets. When it comes to migration of credit, they were moving to higherquality. Is that something that sort of makes sense . We have had a couple of people say this, as you say, junk is junk, but you want to migrate in terms of duration and in terms of Higher Quality credit, because of the potential default risk. Is that the driver . Mark i think that is where the too. T is hurting, it is probably where the central bank doesnt want to have everybody walking in and just keeping some of the risktaking a live. Live. Sktaking a they dont want to save everybody. You that want to create a moral hazard issue on the corporate side, let on the other hand, you would like to see investors calls. Thi these risk i think that is why you get the support from the federal reserve. It is a natural behavior of investors, but i think the Central Banks will stem against it. I think they will not stop until there is an increase in Risk Appetite also on the credit side. Nejra thank you so much for joining us, Christian Gattiker head of research at Bank Julius Baer. Great to have you with us today. Lets get back to first word news with laura right. Fed officials are warning that failure to controlled the pandemic is undermining recovery. Boston fed president Eric Rosengren said americas overtaken is to reopen has backfired. He is confirmed many layoffs will become permanent job losses. My personal assumption and my forecast is that some form of additional stimulus is going to occur. It was definitely be bad news both for my forecast and for the economy if we dont do any additional stimulus at this time. Laura last weeks blast in beirut is hurting attempts to tackle thehe the exposure and put three major hospitals out of action and also impacted more than two dozen clinics. Live look at the says foreign medical teams in the country are diverting some of your focus to containing the virus. The u. S. Is upping the heat over airbus, adding extra tariffs on some good from germany and france. The move is designed to squeeze the European Union into settling a longrunning dispute over subsidies to the aircraft maker. The u. S. Won a judgment from the wto in october. That you you is awaiting a judgment against boeing subsidies that could come in october. Global news, 24 hours a day, on air and quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. This is bloomberg. Wright. E fish laura thank you so much. Coming up, we will look at bilfingers results and speak with the companys ceo. Manus this is bloomberg europe. I am manus cranny in dubai and nejra cehic joins me in london. This Company Reported a loss for the Second Quarter of 35 million euros. The company affirmed the guidance for 2020 published in midmay, anticipating a revenue decrease of around 20 against the prior year. The companys ceo is tom blades. He joins us now. Thank you for taking the time. You confirmed the guidance for that you gave us a little bit earlier in the year. 202does that say that the worsts yet behind us, that things are normalizing to a more steady outlook in terms of the order intake . Contextualize a confirmation of 2020 guidance. Yes, indeed. It is what we see. We expected a gradual recovery. We have seen that across april and may. April and may were bad. June was less bad, i wouldnt say it was better. If you look at our numbers, revenue is down in the same quarter of last year by 29 , order intake only down by 15 . 1. 2, that makes us ready for the bones. We see Going Forward that orders are makes us ready for the bounce. We see Going Forward that orders are going to increase. We think we are on track from what we see today for a 20 revenue drop on the full year, which is in line with our previous guidance as we mentioned. Nejra where does that leave the costcutting, tom are you done with job cuts for now . Tom that is a good question. We are a people company. We are an assetlight company. Our headcount a year ago was 37 500 people, now it is 31,000 people. 6000 people left. Some of that was planned already. A adjusted our sg in count. Currently we have about 30 of for workforce on for lull. We will reverse it Going Forward, but i think our numbers show that we have done the adjustments. If you look at the numbers a little deeper, we are a little bit more agile Going Forward and ready for a recovery. Manus a couple of different pieces that i think are worth pursuing here. You had a smile on your face thing, i am getting ready. That the market will want to know, where is the biggest backlog geographically for you . Tom i think it is a lot our traditional lines our strongest area of courses europe. To securey fortunate a longterm contract but we have been talking about for a while, a Famous Nuclear project in the uk. We signed audits for a little over 500 million. About 120 torently 130 are actually in our backlog. Offspect as these call materialize, to have 150 million this year, another 250 next year. That gives us the confidence for the bounce that i mentioned. Nejra can you also give us an update on upstream oil and gas because you did make a comment in may that it would be down for a while. A course, we have made quite recovery in the Oil Price Since the lows in april. Is that an outlook you still hold on to . Do you feel in a more optimistic . How is that how has that part of your business changed if at all . Tom i would not say it is optimistic, let us say our abating. Is a when we looked at it in earlier april, we were quite glum. We focused on the uk side, we will be down 50 year on year. We think if you take 2019 as the baseline, 50 will be a 25 drop in 2021. So we do see things returning a little bit, but it is going to be a while. s lower for longer probably the sayings lower for longer probably fulls here. Biggest risks the to ceos in the industry . End tohat furloughs early . Ave us a context as a ceo of fairly sizable employer. How critical hasnt been and how critical is it that european nations and governments are prepared to be flexible if needed . Tom i think the furlough plans valuable. Really if i look at the different plans across the european continent, they do have a different impact on the way you use them in the way you plan to use them potentially in the future. I think on the onesided have the uk which is all in an all out, very binary. Either you are on furlough or not. The german model actually status. You could be working instead of 30 hours a week, you could be on 20 hours a week and you are on a half or 50 furlough. Requirements, as they materialize, i think the flexibility will become more evident, but i like the german model, to be honest. I think it has allowed us to the balance. We have been able to reduce working hours, and then ramp up again as we go forward, as business recovers. Nejra tom blades, ceo of bilfinger. Thank you for joining us, we appreciate your time. Coming up, joe biden and Kamala Harris make their socially distant debut. Next, we discussed the race for the white house. This is bloomberg. Berg. Nejra this is bloomberg daybreak europe. I am nejra cehic in london with by. S cranny into joe biden and Kamala Harris made their first joint appearance as candidates. The candidates promised to bring steady leadership to the white house and attacked them a trumps field response to the coronavirus pandemic. Joining us with more is annmarie hordern. Great to have you with us. What are their policies . Annmarie it was the first time we were able to see joe biden and Kamala Harris together on stage, and it might be one of the few joint appearances due to the pand. They did not get much into policies that what you did hear overarching is there a talk on President Trump and his handling of the health crisis, the pandemic, what ensued after was the economic crisis, trumps policies on Climate Change and how that would differ in their administration. They found a way they can use Climate Change to build jobs in america. Something that was a, thread through both their speeches was the Racial Justice crisis in america and what america is grappling with. Four, the harris, this was her first introduction to the ticket. Her speech was dedicated to taking aim at President Trump, but leaving that in with her own personal story and biography. One of that is being a top prosecutor. For that fact come democrats are hoping she will take those skills as an interrogator that were laid to bear during the senate hearings, to debate against mike pence in october. Manus good to see you this morning. They also highlighted the ticket. Nature of the they are playing very much to the sentiment of change and diversity . Annmarie absolutely. They both highlighted this. Joe biden talked about this in the sense that little girls around the country, especially those with diverse backgrounds, are waking up for the first time and seeing themselves in this new light, as a president , as a vice president. Harris also noted that joe biden is the only one who worked for him black president and has chosen a black running mate. 24 hours since he named Kamala Harris, the Campaign Financing brought in 26 million. 150,000 of the country bidders were firsttime contributors. Manus annemarie, thank you very much. It is heating up on the campaign trail in the United States of america. Annmarie hordern is tracking the markets. We just got the u. S. Equity market, futures are little lighter as we go into the european opening, so it is all about the reports, isnt it . Nejra absolutely. European futures are negative. In cyclicals, we have another false dawn. This is bloomberg. Anna good morning. Welcome to Bloomberg Markets european open. I am anna edwards live in london alongside matt miller in berlin. Matt today, the markets say dont overlook inflation. As cpilds above 1900 data is due out of europes largest economy. European futures are pointing lower this morning. The cash trade is an hour away. Lets get your top headlines of