Transcripts For BLOOMBERG Bloomberg 20240704

Again. We will break down the logistics with craig fuller. And the consumer check in, seconds away from retailers reporting next week. We will get instant analysis with the woman behind the survey. From new york, i am kriti gu pta. It is a summer friday and both sides of the atlantic would of getting economic guy guy data thats moving the markets . Absolutely, and in some ways, its more important data today than yesterday. Todays data is forwardlooking particularly the ppi number but also the data that is dropping on the screen now which the you which is university of michigan data. Its a longer term Inflation Expectation the people will Pay Attention to because the fed will think about this. The 510 year inflation number drops from three pointto 9 . More broadly, sentiment is 71. 2 and dips in line with expectations and current conditions, 77. 4 and takes it higher. The expectations number dips to 67. 3. The concern at the moment is that we are in a situation where we could see inflation reaccelerating from here. There is evidence of that within the ppi numbers. Maybe a little bit more good news in the 510 year Inflation Expectation numbers. Kriti this is what everyone was worried about. You started to see the commodities part of the ppi come back up. Thats that concern that perhaps inflation has not been a done deal when it comes to expectations. You are seeing yields pair their initial move off the ppi data. The stock market is starting to pop iris it was sensitive to what we are seeing. Guy lets get some analysis on whats happening now. Jaonne hsu is from the university of michigan. What is the instant analysis . Ultimately this month, the consumers are not seeing a whole lot of material differences in the Economic Outlook relative to last month and we see that in the fact that the sentiment is unchanged after dramatic improvements. Consumers do have a passive outlook on inflation. A positive outlook on inflation. The numbers came down a little bit. I think that consumers are not expecting inflation to pop up again but they expected to continue to slow down. In terms of the 510 year, its been in the same place for the last 10 years. Its great news it didnt go up but its essentially unchanged. Kriti is this indicative of the trend we will see or a fluke in the numbers because when you look at the other economic data, you are seeing this divergence. Even if we are getting the consumer data, more consumers are feeling it. What are your thoughts . They are definitely feeling inflation slowing down and we see that in the number of places in the survey, not just in the expectation when we at people about buying conditions for cars, durable goods and homes. They have notice that inflation slowing down. High prices are continuing to weigh in consumers minds. We still have about 37 of consumers telling us high prices are eroding their Living Standards it was still hurting them in the pocketbook. Guy in terms of the relationship to gasoline prices, where were we when the data were taken and what do you expect to happen from here as gas prices push higher . The data we released today are based on interviews throughout the last two weeks. There is some geographic variation in how gas prices are going. Gas prices will influence peoples sentiment but i would not say that the only thing that will be pushing the Inflation Expectations numbers. Kriti one of my favorite charts on the bloomberg terminal is when you look at consumer data and look at car spend. They ordinarily track each other closely. It people are feeling good about the economy, they will spend more. You have seen a diversions and that kind of data. Can you explain or theorize why that might be . Absolutely, consumers have been feeling dismal about the economy since inflation started. Thats reallyweighed on consumer minds but spending is still robust because of labor markets. Consumers continue to feel that their income prospects are strong and thats precisely what is supporting spending. Guy where does that leave us . The two big threats the Financial Markets are trying to figure out our do we get a recession and what kind . And what is the medium term for inflation . We think about those risks, what is your data telling us about where we are . It tells us consumers continue to be concerned about high prices. They expect inflation to slow down but i think the big question for investors and consumers and policymakers is what will happen with labor markets. Is the soft landing going to be achieved . If labor markets continue on this trajectory, its going to be great news for consumers who will continue to support spending. Consumers are still sleeping with one eye open and waiting for the other shoe to drop. If labor market start to weaken, all bets are off. Kriti im glad you mention sleeping with one eye open because one thing that is lost in this narrative if is if for folks who believe a recession is on the table, they think it happens all at once. The layoffs can happen all at once. And your expertise in this survey and that sentiment, how quickly can the data change . The data typically are not going to plunge or spike for no reason. When there are layoffs and when there are slowdowns in labor market, even if they are wellpublicized in one particular sector like the tech sector in the last few months, it will not necessarily move markets. Over the course of several months, if there are mass layoffs and a number of different industries, that will move sentiment dramatically. Guy on that note, unionization is not as strong as it once was in the United States but we are starting to see some punchy deals being delivered by the teamsters and others. Im curious how you think that might fold into what you will see. Its not a heavily unionized labor force in the United States the way it once was but we are seeing some fairly eyepopping numbers. To those numbers from ups do those numbers from ups, give the Consumer Confidence to continue spending in the way they are . I think its unlikely it will ripple to the wider economy. When consumers think about labor markets, they typically think about how it affects them. Unless they are specifically in a unionized industry or belong to a union, it may not affect their own income expectations. On the contrary, strongly or markets are seen by consumers as something thats not good for businesses. If businesses are having trouble hiring people, it can still be seen a something thats of vulnerability or business conditions. It will cut both ways and if it affects their own income, it will support spending. If its something that jeopardizes businessesabilities to hire and retain workers, then it wont be a good thing. Kriti always a pleasure to have you on the show. We appreciate the instant analysis as always. Coming up, we will put air question of the day is good news bad news to the Global Market strategist at j. P. Morgan asset management. Stick with us, this is bloomberg. Oh, booking. Com somewhere, anywhere. I just want to lie motionless in a chair booking. Com, booking. Yeah its also consistent with what we believe will be happening which is that inflation will gradually make its way down, but it is not a data point that says victory is ours. There is the more work to do and the fed is fully committed to resolutely bringing inflation back down to its 2 target. Kriti that was the San Francisco fed president speaking with Yahoo Finance yesterday. Our question of the day is good news bad news . Jordan jackson joins us now. A pleasure to have you on the show this morning. Lets put that question to you, is good news bad news . Is this all a positive thing or should we be sleeping with one eye open . I think good news maybe isnt as bad news. We look at the Inflation Numbers and you really dont want to look at the year over in inflation. The base effects were instrumental but now we will be an environment where the base effects will work against you over the next couple of prince so the yearoveryear Inflation Numbers, look over the month over the month rate and if you look at core cpi, over the last two prints, its running sub 2 . We see signs that the inflation momentum and disinflation trend is still in effect. Whats interesting is when you look at the repricing of fed expectations, we see markets are pushing out rate cuts and not necessarily pulling forward rate hikes. We are in this environment of the one year sofa rate is higher by more than 100 basis points. We are pushing out the notion of rate cuts and the fed has done enough. Maybe there is a higher risk they go again in september or november but they will be cutting next year. I think we gotta make sure we are looking at the incoming data and annualize that instead of looking at yearoveryear statistics. Guy all the good news sounds too good to be true, is it . It is priced in and if you look at the valuation on the market, is still pretty elevated. The markets are sensitive to this incoming data but i think the underlying narrative is still there that the fed will be cutting rates next year, maybe the soft landing narrative is gaining momentum and we are still in the camp of a slow recession and even that environment with a deep contraction in the environment next year, maybe earnings start to look a little better next year. The goldilocks scenario is priced into risk assets and we look at revaluations and credit spreads. Kriti its consensus here that things are looking good but do we interpret this as resiliency that the cuts are being pushed further and further out or do we interpret it as a recovery and that perhaps this tiny, shallow pullback that many were expecting has come and gone . I think we are talking about resiliency here. If you look at the leading economic indicators, they are still pointing to recession. The incoming data continues to be very resilient. I think this contributes to the pop higher weve seen in yields to some degree as well. We still anticipate a bit of slowing and at worst and at best the soft landing and it worth the soft recession. I think risk assets are appreciating that. That doesnt mean we couldnt be in for some more volatility, i think we still will be over the next couple of months but once the fed signals they will take their foot off the gas, you will see another rally and risk assets. Guy do you think the economy justifies the rally and risk assets . Is this economy really that good . Do you think it justifies the good news story you are talking about . Inflation will come down but it will probably remain more animated than it has for a long time and rates will probably be higher than they have been for a long time. Margins are probably going to get squeezed because labor is kicking back in in a big way. Listening to you, it sounds like we or we are in a warm, fuzzy blanket world. There isnt going to be the same liquidity in the market. Im still struggling with the notion of white equity markets should go higher from here . What is the justification . Presumably multiples will have to expand further than they are because earnings are not there to justify what would you would argue. I think thats a fair point. Investors certainly have a lot to digest with these different pieces of the underlying economy. I think we have to recognize that the consumer is probably in decent shape. There was a big restructuring of consumer Balance Sheets over 20202021 and they locked in those low rates for longer so when you look at Household Debt coverage, its in good shape. When you look at the labor market, its tight. We are in an environment will where real wages will start to move positive and thats another good support for more consumption. We got the Consumer Sentiment numbers this morning which suggest that consumers have seen improvement. Consumers are in a position where they feel ok. The big cloud over the market i think is where we see Political Uncertainty beginning to ramp up , certainly the move higher in oil prices that will feed through the gasoline prices and at and that acts on another tax on the consumers and that could be inflationary on could be deflationary on Consumer Confidence. I would also add that when you look at business investment, we are starting to see that beginning to improvechips money is flowing through to encourage businesses to invest in capex, not Just Software and r d with Companies Getting excited about ai but also structure and equipment. Put this together and we are banana slip away from a recession but we could narrowly avoid a recession next year and. Risk assets kriti away from recession, that is not comforting even remotely. You brought something interesting, the political turmoil that will start to ramp up specifically in the United States as we get closer to the president ial cycle. Is it too early to be pricing in what a Different Administration might mean for Financial Markets . I think it is too early. We certainly want to get closer and start to see what the makeup of washington will look like over the next administration. I always remind investors that it is policy that matters for markets, not politics. We will see a lot of headlines and that will move markets day today but we will want to see what the policies that come out of this next administration will do. We have a divided government and we might have that likely through the next administration. We will likely not see many of many meaningful changes to policy. If they over to go over the long haul come investors want to look at policies versus the politics. Guy good news by the sounds of things, great to catch up and thanks for joining us. Still ahead, more Driverless Cars on the road in San Francisco. Regulators get the green light for expansion in the city. This is bloomberg. Kriti its almost 30 minutes past 6 00 on the west coast. Joining us now is ed ludlow. There is a lot to go through in the tech world right now. What is it like to ride in a robo taxi . Ed to ride in a robo taxi in San Francisco is normalized. Ive been a registered writer crews and wamo and have taken both but the california regulator last night has basically ripped off the restrictions now in the city. Cruise can have full commercial services and wamos and the full coverage of the city of San Francisco, charge fares to give passengers rides in a car that has no driver. Yes, its just San Francisco for this technology, this was a big moment. Its real now here at least in this city. Guy a bunch of questions is San Francisco an easy city for these things to operate in . Can we replicate this elsewhere . Why do we need a Steering Wheel at this point . Will we see cars produced without Steering Wheels . Ed questions. San francisco is a difficult terrain for these cars to navigate. Multitraffic channels, think about the pedestrians and cyclists and the steep hills, some traffic lights and oneway direction roads and many stop signs. That is part of the reason that so Many Companies tested. And the other is talent, you look at the origins of these companies that were founded in San Francisco or Silicon Valley as the Software Engineering is here. The second question on the future ,no, the future is not retrofitted cars that have external sensors on them. Later today, i will talk to the cruise they want a purpose built shuttle where there is no steering will. Zooks is also getting that path. Wamo seems to be committed to the retrofit vehicle types. Kriti talk about how far you can go. You say is commonplace in San Francisco but has every other city in california made as much progress in terms of giving these robo taxis room to maneuver . Ed no, but that is the next question. Did last nights decision open up doors for other cities . Literally, yes it did. As part of their decision, the cpc allowed wamo testing of driverless public rights in Mountain View in los angeles but not charge a fair. That is an expansion and you also see both companies are testing in arizona and texas where the Regulatory Framework is much more friendly to make progress. Say that cpc had not voted in favor of the Companies Last night, i think there was a real question to ask if they just give up on San Francisco and find another state or city where regulations are more friendly. We havent even got to europe yet. Thats the next talking point. Guy absolutely, it raises questions about the future of public transport and how the two fit together. This completely changes the narrative on how you think about transport planning going ahead from here and whether or not car ownership is necessary. Fantastic stuff as ever, looking forward to continuing coverage of this story. Catch ed low on ed ludlow on Bloomberg Technology in 90 minutes time. Coming up, we will talk about the data today, ppi in july and university of michigan, this is bloomberg. Ahhh 76 of 23andme Health Customers surveyed taking heaactier ons. Because they know health isnt just a future state. Health happens now. Start your dnapowered Health Journey today with personalized insights from 23andme. Wow, you get to watch all your favorite stuff. Its to die for. And its all right here. Streaming was never this easy, you know. This is the way. You really went all out didnt you . Um, its called commitment. Could you turn down the volume . Here, you can try. Get way more into what your into when you stream on the xfinity 10g network. Kriti we are an hour into the u. S. Trading session. Abigail doolittle is tracking. Abigail whether we will see a bullish reversal by the end of the day. The nasdaq sliding around ahead of the ppi print and on the ppi print and recovering quite a bit, at this point down. 4 . This week, different story and one pressure on Technology Stocks has everything to do with rising yields. Looking at the two year and 10 year, decent moves for the 10 year, up four weeks in a row. The dip bloomberg dollar index up. A sizable, up. 5 . That is pressuring risk assets not just this week but last week. Looking at the first two weeks for the nasdaq and it is below the 50 Day Moving Average, almost like a gap to the downside which would tell you investors are caught off guard to some degree. The last time we have below the 50 date moving in march was a brief move below. This one looks a little more serious because the trend similar to apple is being broken. Apple is actually hugging the 100 Day Moving Average and maybe below on the week. Nvidia down 6. 9 , its worst week going back to 2022, ahead of reporting earnings in about two weeks or so, investors wondering whether the numbers will back up the ai hype. Apple down another week, down 2 this week, microsoft down, tesla down. Big tech names not adding a break. Guy it is interesting to see what is happening here. The july soft landing enthusiasm very different now that we are in august. Thank you very much indeed. It makes you wonder about the liquidity in the market. You think about the svb failure and july. I want to talk about the data and what it is saying about the economy. Cpi yesterday i would argue lesser and we would and the university of michigan numbers and the ppi data which is more forward looking. What it tells us about where we are going with inflation and the story around what is happening with the economy is a story about freight and goods and what is happening and the services story. Craig fuller joins us now. Do you want to talk about what is happening in freight. It has been too long, good to see you. Freight rates have come down sharply and the goods narrative has come down sharply. That side of the economy has weakened. Craig a lot of folks are asking, what is going on . The second half, earlier this year. Maybe a second half recovery. That looks like it is off the table, list related to consumer activities. Anything because anything that is exposed to consumer, high discretionary, looks like it will have a more difficult time. One of the Interesting Data points we are seeing is materials and stuff we believe is related to the infrastructure bill and government stimulus actually looks like it is outperforming seasonal norms than what we traditional see. That is an Interesting Data point but in the backdrop of concerning consumer activity. Kriti in terms of the commodity exposure, talk about the rising commodity costs, whether oil or central gas and whatever, what how how does that feed into the cost you are seeing . Craig youll because of surcharges has is largely passed on by the motor carriers. Because of the fuel, because of the surcharges is largely passed on by the motor carriers. The product the companies are selling to move it from. 8 to b is driven by the fundamentals of supply and demand. We think about from a to b is driven by the fundamentals of supply and demand. Understanding those metrics helps us to understand what is happening in the market. Guy lets talk about what is going to happen next. Are we going to see more failures in this industry like yellow . Craig it fell because of Company Issues and it acquired a lot of debt in the mid to thousands. In the mid2000s. It has been on the brink of bankruptcy for different times. The teamsters, government, bondholders, a lot of folks have been trying to prop it up. It finally just went under. The yellow employees were so convinced that it wasnt going to fail that they were pretty combative when you started to report on the fact that it is going to fail because they just couldnt see it. Yellows story is too much debt because of its lack of flexibility, it was a low cost provider and that is what we look at yellow. As it relates to the broader industry, bankruptcies are a realistic challenge for particularly smaller talking companies and we expect those to accelerate into the latter part of the year. Kriti it is interesting you say it is a Company Specific story but there is this broader theme of lower volumes. See trucking and shipping, ups, fedex, in terms of the economy and along the macro conversation is things are turning around, recovering, a resiliency. Where is that recovery resiliency in the shipping market . Craig consumer and retail is the most challenging part of the freight economy right now. When you look at volume of goods moving, particularly the nearterm trucking data as well as visits we see at truck locations across the countrys and Distribution Centers, anything exposed to Consumer Retail number that go into a target Distribution Center compared to truck visits at a walmart or costco, a costco and walmart truck visits are relatively stable, whereas the truck visits at target have really slowed down. We believe that is because grocery and Consumer Staples which drive the predominance of walmart and costcos business have held up in terms of volume relative to consumer discretionary, which provides a larger target of larger portion of targets business. Looking at student loans, retailers are playing it conservative. We will have data to find out how they did and what their outlooks are but we believe there are concerns in the consumer side in the second half. One of the things we are seeing that has surprised us is some of the resilience in other parts of the freight economy, particularly related to Building Materials and stuff associated with the structure. Those things seem to be outperforming. Weekly that is largely because of the stimulus and the government we believe that is largely because of the stimulus and the Government Spending that takes a while to filter and get into distribution. Kriti where does the labor story fall into this . Intuitively if you had the teamsters are Auto Union Workers pushing for higher wages, that will pressure margins for shipping companies. Does that get passed on to the consumer . Craig it ultimately does. It is easier for ups to pass that on to consumers because it effectively hasnt oligarchy over its business. It made sense for ups to pass that off. We saw it in the railroads. They will able to absorb the Cost Increases. Labor and they will pass that on to consumers. Labor in terms of parcel represents a significant portion but they are able to absorb it. If you look at the finished goods versus transportation, it is an enormous amount of cost. Our economy will be able to thin that out. In other parts of the freight economy, particularly trucking, it is a much lower margin business and a more fragmented business and its response to really a lot of pressures related to an oversupply situation with too many trucks on the road and too much capacity is keeping rates low. Because they cant absorb additional Cost Increases on labor because that is their largest cost outside of energy, they are having to really eat it and it is unfortunately going to put a lot of companies out of business. Guy from what im hearing from you, it is the u. S. Government on preventing the u. S. Economy from falling into recession. Is that correct . Craig that is absolutely the case. It drove the consumer cycle during covid and all the stimulus the government gave consumers. We have seen it respond much faster. When you give consumer stimulus in weeks we see freight demand and a massive surge as we saw during covid. The latest data we are seeing frankly caught us by surprise because a lot of that stuff we didnt realize had taken so long. It does take 18 to 24 months for the Infrastructure Spending and programs are they are sending it to states and municipalities, it takes them a while to make investments, planning. We are starting to see that happen and it is absolutely the case that the federal government, whether fiscal or monetary spending, is popping up goods side of the economy and showing up in the freight data. Kriti greg fuller, freightwaves founder and ceo. We thank you as always for joining the program. Coming up, a noble endeavor, unintended george nobles etf with a 59 plunge. This is bloomberg. My cpa told me i wouldnt qualify for the erc tax refund, so i called innovation refunds. Their team of independent tax attorneys will work with your cpa to determine if your company is eligible. [whip sound] take the first step to see if your Small Business qualifies. Fabulous surroundings. But everyones looking at their phones for Financial Insights from merrill. Is he hailing a ride to the concert hall . No. Hes making sure his portfolio and retirement plans work in harmony. They want to adopt a child and build a new home. So theyre talking numbers with their merrill adviser. Shes not researching her next role. Shes learning how to handle market ups and downs without the drama. Personalized advice so impressive your money never stops working for you with merrill. A bank of america company. Kriti this is Bloomberg Markets. You are looking live at the principal room. The pimco founder joins Bloomberg Markets at 2 00 p. M. New york time, 7 00 in london. Stay with us. This is bloomberg. It is etf friday. Hedge fund veteran george noble entry into the etf industry has come to an end. Isabel lee will join us. A 59 plunge, what . Isabelle it was invested in tech firms but had large bearish positions. The largest was on qqq at is up 40 year today and had a huge positions in nvidia, apple and those are rallying. They are the ones rallying market. It just didnt work out. Guy naming this thing nope maybe was the giveaway. Is this maybe a black eye as well, this has been a market that continues to work for the passive and not the active. Is this another example of that . Isabelle it is because a lot of people are saying it is a stock pickers market. A lot of which will funds have missed the tech rally. You never want to be to heavily allocated on something and then not have good returns and clients are questioning what happened. In the etf industry, tickers matter. Nope eight be something negative but it is catchy and nope maybe it is catchy. Kriti does he have any other Success Stories . Isabelle this etf made a big splash when it came out because it is from george noble. He started his career in the 1980s and had to hedge funds, was with fidelity. This was his first foray and maybe it didnt end well on this etf but people are waiting to see what he does not. Guy we will watch with interest to see what the ticker is. Thank you very much indeed. Coming up, President Biden going off script, ending a wrinkle to mend fences with china. More on that story. This is bloomberg. The biggest ideas inspire new ones. 30 years ago, state street created an etf that inspired the world to invest differently. It still does. What can you do with spy . If youre trying to get a view of the whole organizational Financial Health and youre trying to do that through multiple systems, that makes it very, very cumbersome. Its not just tech, its not just people. Its how they Work Together to provide that experience to the customer. As a finance organization that is what you want to do. Kriti republicans and president ial hopefuls descending on the iowa state fair. At a fundraiser in utah, President Biden took aim at china and called their Economic Situation a ticking time bomb. Kailey leinz joined us with the details. Does it really hold any weight . Kailey a certainly werent fully accurate what he said. Not only did he say the Economic Situation was a ticking time bomb but he referred to comment as Party Leaders as bad and said it has gone from 8 growth to 2 growth which isnt true era china grew 5. 5 last year. He said he had or people of retirement age than working age people and that is off by a few hundred million. The president continues to make these off the cuff remarks at dome events that risk damaging relationships with china at the same time the administration is trying to stabilize ties with aging. In june he referred to xi jinping as a dictator a day after secretary of state Antony Blinken had returned from a trip to beijing in that effort toward normalization. Words ultimately do matter and it may work against what the administration is trying to accomplish. Guy they are fairly sophisticated enough to realize we have an election coming up and this is aimed at a domestic donor audience. Using they are really going to care do we think they are really going to care . Kailey these words come in tandem with specific action the u. S. Is taking to counter chinas development of certain technologies. Earlier this week the president signed an executive order limiting Outbound Investment into certain chinese firms. It was related to quantum computing and Artificial Intelligence by design because they dont want to raise tensions whether but it is a titfortat think the u. S. And china have a going on. There is real action that comes with spoken words. Kriti you are seeing federal aid and President Biden trying to tackle issues in hawaii as well. Walk us through what we know for the disastrous images we have out there. Kailey an entire town essentially reduced to rubble and a resort destroyed and 55 people have lost their lives. The president spoke about this in utah yesterday when he was giving remarks on his legislative accomplishments, highlighting he has approved a Disaster Relief us authorization. Fema has been working and the National Guard has been mobilized to deal with the immediate consequences of the fire. It is going to turn eventually to a reconstruction effort. I would note the disaster in hawaii came in tandem the president ial request to congress for funding yesterday. 40 billion in total, 12 billion would go to emergency aid and there is 4 billion for border and migration and 24 billion in additional assistance to ukraine which is a trickier conversation in this congress and asking for that amount in supplemental funding is a difficult proposition that republicans in the house may not be eager to provide. Guy i am curious about this Supreme Court ruling on the 6 billion opioid pack. What happens now . What happens in where do we go from here . Kailey it is now on pause. The Supreme Court decided to take up this court and the appeal alleging insulation given to the family as part of the bankruptcy plan shouldnt be allowed. The Supreme Court has said they are indeed going to hear those arguments and that happened for some time. They will hear it in the december term. Hearing the arguments then means the case wont likely have a decision until early next year. For now the bankruptcy plan is threatened but on pause. Guy thank you very much indeed for updating us on those things. Lets talk about the markets. End of the week in europe, negative into the week. Stoxx 600 trading 459. 39. Some of the biggest looses we are seeing, the data is worth watching. The front of the u. K. Curve, better than expected gdp data out of the u. K. Today. U. K. Economy continues to surprise on the upside. Does that mean the bank of england has more work to do, echoing the noise we are getting out of the st. Louis fed . The bank of england has been repriced to the upside. Ubs saying it does not need the government banked stock as a result of the Credit Suisse acquisition. What happens next year is fascinating because the stock is benefiting. There are a lot of really ticked off people who bought thea t1s that got wiped out and they are saying why did we do that if this was not required . Kriti is there a liquidity issue . Isnt there a liquidity issue . Interesting to see ubs actively trading more positively on that. It feels like they were operating without the backstop and now perhaps giving the vote of confidence to the markets and their peers that we can handle this Credit Suisse acquisition. We will dive into that in the next hour indepth on the european close. Sonja marten will join us. Health happens now. Start your dnapowered Health Journey today with personalized insights from 23andme. You dont have to worry about things like changing tax rates or filing returns. Avalarahhh ahhh wow, you get to watch all your favorite stuff. Its to die for. And its all right here. Streaming was never this easy, you know. This is the way. You really went all out didnt you . Um, its called commitment. Could you turn down the volume . Here, you can try. Get way more into what your into when you stream on the xfinity 10g network. Its an amazing thing when you show generosity of spirit to someone. And you want people to be saved and to have a better life, then you dont stop. We have been able to reach over 100 Million People impacted and affected, and at risk of hiv. The rocket fund takes all of the work that were doing, all over the world, and looks at the most effective ways, to get resources to them, to get services to them. The idea that we have saved five Million Peoples lives, its overwhelming. Its everything. European stocks are taking a hit today. We are flat on the week. Countdown to the close starts now. The countdown is on in europe. This is Bloomberg Markets european close with guy johnson and alix steel. Lets get a check on the markets, figure out what is going on this friday