He promises to support workingclass americans and reform the tax code read Michael Pompeo notifies the u. N. Of demands to reinstate sanctions against iran while slamming european allies who oppose the move. Good morning morning and a warm welcome. There is a lot for investors to digest. Hope in the vaccine front. A rise in joblessness. The tech sector is pushing stocks. Ms asiapacific up 1 . Z q futures, up near nearly three point 0. 3 . Joblesset shrugging off claims. Tech is the right spot. Dollar index under some pressure. 10 year yields, pretty steady. That is what is going on between asia and the futures market. Now to politics. Joe biden has accepted formally the Democratic National nomination to challenge President Trump. Vote for aericans to new leadership that will overcome local division in the the current president has american darkness. Too much anger, division. Wordand now i give you my you can trust me with the presidency, i will draw in the best of us, not the worst. I will be an ally of the light, not the darkness. It is time for us, we the people, to come together. Make no mistake. United, we can and will overcome the season of darkness in america. That was joe biden, the democratic nomination for beendent kailey leinz has tracking this. Staying up late. You rune waking up, can us through the main themes from the speech this evening . Thate biden emphasized theme of light versus darkness. It was arguably the biggest moment of his political career, which has expand nearly five decades. Starkd it to promise a contrast to President Trump read even though he is a democratic nominee, he wants to be an american president. Painting the picture of a country at an inflection ointment retaking direct aim at , saying he has failed the american people. Leiden focused on the pandemic in particular, going after trump for what he called a failure of leadership. He laid out what he would do day one in office. He said it would include a National Plan and mandate as well as rapid testing. I would say there were some speeches questions about his ability to deliver. He is not known as a great orate or. He was able to give a relatively stirring and emotional speech in the last night of the Democratic Convention read a lot of people, especially in d. C. , are saying he really passed the bar in terms of the Trump Campaign made it sound like there would be issues with his speech. We also heard from other speakers. What was their message . A lot of the speakers were his former competitors. Running against him. Buttigieg. , Peter Michael bloomberg. They are trying to show they are rallying around their nominee. A coalition of moderates and progressives, trying to bring back some of those swing voters. Trying to bring those people back into the full. Fold. Does a Trump Campaign do next week . What is going to be their strategy after the dnc . The dnc spent four days coming after the president on the economy. They are going to have to flip narrative, focusing on the strength of the prepandemic economy and the recovery. The dnc has prerecorded speeches, he was not happy with it. There may be more pomp and circumstances in store. With going to coincide President Trumps acceptance speech. Thank you for joining us this evening. We should note, Michael Bloomberg is the founder and Majority Shareholder of this network. I want to get to janet. She is a director there. Quickly, i am not sure if you woke up early enough to hear the speech. He did talk about tax cuts. Takeaway frommain bidens speech . Think he is making himself stand out from President Trumps policies. President trump is a supporter of tax cuts. Posing tax raises for especially the wealthy. Should appeal to his voter base. He is opposing to raise the so that seemsrate to be a bit more unfriendly to businesses and there would be more regulations on for example pharmaceutical companies. Antibusiness than trump rate it would be difficult to implement all of these in a struggling economy. I think ultimately these fullyes would not be implemented. What assets are you going to be watching as we head into it is still who is going to be in the white house. Put adifficult to Strategy Trading in the outcome. What we think is generally speaking, we could still have upside no matter who is in the white house. Moreally for trump, he is friendly to businesses. Up ifrket could still go he is in the white house. Biden, a unified democratic government, that makes it fickle for stocks. Also, as a nation, his priorities are raising Corporate Taxes. Potentially, there could be some correction. Be aink there should still buying opportunity. House,s in the white there will be more fiscal stimulus and that will be positive for the economy. Some of the antibusiness policies like raising taxes, that may not go through because of the difficult economy. Is it more worrisome and terms of the democrats having a full sweep of both houses of congress . Three,were to have all you could really have regulatory changes. Is that more scary for the markets . Yeah, absolutely. If you analyze the historical market data of whoevers in the white house and whether there is a unified government, history shows a unified government is more negative for markets. That is a risk we are watching. I think the situation is pretty different from history. There are racial issues, social divides. Unprecedented in modern history. That is a difficult situation for any president in the white house. Any aggressive policy or agenda would be a bit more moderate. Keep those thoughts there. I want to dive into what we are seeing in the tech space. Thisour first word newss morning. The u. S. Has handed the u. N. s demand to reinstate global sanctions against iran. Michael pence pale Michael Pompeo hitting out at european allies. Back, saying the u. S. Is attempting to mislead the world. Brexit are deal on fading. Sources say british negotiators sought to break the deadlock. Agreementtted a trade based on what they see as common ground, but it has not led to a breakthrough. Belarusss authoritarian leader is rebuffing efforts to i was hasr lukashenko he refused calls from western leaders. Lukashenko is hanging on after a crackdown on protesters. Federal reserve officials are are calling they in the senate to reject her nomination. It says her views are so extreme and oh considered, she would be a distraction. Blinder. Nclude alan global news, 24 hours a day. Powered by more than 2700 journalists and analysts. Tech shares continue to drive gains. The nasdaq hitting a fresh record. This is bloomberg. Good morning. This is bloomberg daybreak. Molly shares rose after fool recommended buying shares retailer. Nese Juliette Saly has more. What is going on . We saw that call coming davidh from motley fools gardner. The shares have raised to a record today. Call. Ing this essentially saying the call business is booming and jd. Com has unmatched ability to deliver goods. There topgave out five reasons to buy u. S. Shares. Lets have a look at how jaded m is comparing to alibaba. The revenue cap is growing. Move in alibabas growth. Boxaba is the white impaired to jd. Com. Jeffries thomas chong saying he maintains a buy on the stocks. He has raised the price target for u. S. Shares, to 314. 21 buys, one hold. Just to add to the overall text value willng outperform growth longterm. Japan. Ooking at asia x 21 buys. Thank you so much. Janet, i wantis to pick off where jules just left in terms of value outperforming longterm in growth. If you look at this chart in the bloomberg, you can see growth outperforming. Zoom, peloton, shares skyrocketing. Does value have legs to run . Thee dont think environment is favorable for value stocks yet. If you look at the circumstances favoring value, you need a very strong economy. Near the kind of strong growth that would support value stocks. Numbers are still quite high. I think based on the environment, it would not be supportive of that. Interest rate is a very important driver for value stocks. We are going to be stuck in a low Interest Rate environment would not just u. S. But globally. Verynk that will be beneficial to growth. That is why you are seeing so investorows and retail interest in growth stocks. I dont think value is going to outperform growth anytime soon. You are also overweight u. S. Equities. Why show that . We have actually intrigued u. K. Equity exposure early in the month. Somee there has been progress in the european economy. Out shortterm basis, it informed the u. S. Euro has been stronger. After the Recovery Fund has been investor there is more interest in this region. That is going to be used for a long time. There is some support for that growth story. Especially china, where growth is not a price. It is more oldest and terms of exports to china. I wanted to ask you about inflation. Expectations are rising rate if you get the breakevens. About thehey talked worry of disinflation. Is it premature to have this debate . Bit think it is a premature. We are not worried about the inflation in the short term, although you do see that. The u. K. Has been picking up everything is because of the basis i think it is worth having that discussion read ultimately, if you are a longterm investor, you do have to make your plans regarding that. We think longer term, inflation could emerge as a problem. Beinge so much money thrown into the system. It is going to be quite inflationary in the longerterm. We have such a big output gap. We are looking further down the line. See more people foreople are planning ahead the future and not necessarily caring about the risk of inflation in the near term. Some may roll their eyes, but is it possible to start worrying about stagflation . Look at these unemployment numbers in the u. S. We saw them go higher. The economic recovery is going to be bumpy. In a worstcase scenario when the economy has a more permanent could be an it issue. We are still in a nation to recovery. The data can still be quite fluctuating. People focus a lot on the initial jobless claims. It is disappointing to see it is above one million, but these are weekly data. What we think is the economy is still in a recovery stage. We think the third quarter, Fourth Quarter of gdp should be strengthening and double digits. It is too early to be too pessimistic for now. Joblessooking at these claims data, there is a lot of improvement in the data that is encouraging. It is already back to precovid levels. Thinka bit pessimistic to we are going to be in a stagflation where meant. With the glass halffull. Thank you for your optimism. The u. S. On a collision course with u. N. And demanding the return of sanctions against iran. We discuss that next. This is bloomberg. Good morning. This is bloomberg daybreak europe. Return. Is amending the of global sanctions against iran. Like pompeo formally handed the demand to the u. N. Yesterday. Several members say they remain committed to the deal that eases sanctions on iran. As the u. S. Seeks these sanctions, the Islamic Republic unveiled new missiles. They announced a Ballistic Missile named after general solemani. Lets get more on this. To guru when it comes geopolitics. This does seem to be dividing the u. S. And its allies. Is it likely this could ever go through in the Security Council . We can say from the Immediate Response from the your ends and others that they all were opposed. Embarrassingite results where they try to extend indefinitely an arms embargo. Of all the members of the Security Council, only one voted alongside the u. S. , china and russia vetoing it. There is a response of negativity to the u. S. Move. They say the u. S. Walked away from the iran deal and 2018 so can it still be a participant . They say it is important to keep the deal or some semblance of it alive because you want to have the ability to monitor iran. The Immediate Reaction from the rest of the world is no. Of course, the fundamental thing here, the heart of it, is the fact the Republican Party would like this deal did. Problem atses a big the u. N. And it is collateral damage, so be it. How is it received in europe . Is it being taken as possibly this is rhetoric for the november election . It comes against the backdrop of four years of sustained criticism by the trump administration. France,arly germany and saying that is not going to be enough to contribute to collective defense. They have not done enough in trade. Europe is used these comments, whether from donald trump or Michael Pompeo. It has contorted to an unwinding of the alliance. You can see how that is going to play out no matter who wins the election in november. Plex thank you for your time. We are going to discuss the d c next. This is bloomberg. Annmarie good morning from Bloomberg European headquarters, im Annmarie Hordern. Stocks pushre higher. The tech rally continues. Positive news serves as a tailwind after u. S. Jobless claims also unexpectedly increase. Joe biden tells the Democratic National convention he will end the darkness. To support workingclass americans and reform the tax code. U. S. Secretary of state Michael Pompeo formally notifies the u. N. About reimposing sanctions on iran while slamming european allies who oppose the move. A lot going on in terms of the market. Unexpected rise in u. S. Jobless claims. We had this tech rally and this potential for Regulatory Approval in october. What would a vaccine mean for the markets and the economic recovery . Up. Aq 100 futures we had the fresh record yesterday. A lot of stocks, all the stayathome names still getting momentum. The bloomberg dollar index is up this morning. Price action, politics, that was the big news overnight. Joe biden has officially accepted the democratic nomination to challenge President Trump in november. He urged americans to vote for new National Leadership that will overcome divisions. Of thell be an ally light, not the darkness. As president , the first step i will take is get control of the virus that has ruined so many lives. And understand something this president has not understood from the beginning. Will we finally wipe out the stain of racism from our National Character . I believe we are up to it. I believe we are ready. It is long past time the wealthiest people and the biggest corporations finally paid their fair share. We can and we will deal with Climate Change. Isis not only a crisis, it an enormous opportunity, an opportunity for america to lead the world in clean energy. Make no mistake, united we can this season ofme darkness in america. Annmarie joe biden. Now joining us is the director of the center of u. S. Politics at University College london. Another american in london. The view from d. C. I have been seeing is that biden has met the moment. They say it is one of his best speeches in politics in decades. He went for this presidency in 19 72. It is a momentum moment for him. To trump set the bar too low for biden . As one commentator said, it looks like donald trump is actually going to have to face off against a real candidate and not a caricature he has built himself. It is possible that by setting the bar so low and biden by all accounts doing extremely well last night in his speech, that it is going to make it even more of an uphill battle for him. Conventions are all about fostering unity, bringing the creatingether, enthusiasm and articulating a consistent and coherent narrative for the campaign. I think bidens speech largely achieved those objectives. It avoided any topics that might highlight underlying risk within the party and it kept a fairly relentless focus on the main goal, denying trump four more years in the white house. Annmarie that was clearly the message over the course of the entire week. A lot of unity in this party is what we are seeing. Will it fade as the Election Campaign continues . We see typically what coming out of a convention is a few percentage point pump. So that does eventually dissipate. Whenever we going to next month with the republican National Convention, it is likely donald trump will get a similar bump. A lot of experts think these conventions by and large dont have a huge impact, but i think they are important substantively forgiving voters a reintroduction to these candidates and ensuring that the choice is very clear between what the democrats and republicans stand for in this case. Bigarie as you said, the message is focused on President Donald Trump. , what policygo on should the democrats be aggressively complaining on . Campaigning on . Thomas that is a good question. In many ways, i often feel like they want to make it more about character and fitness to lead rather than about specific policies. That are some policies achieve broad consensus within the party. Gun control, Climate Change, and end to some Corporate Tax cuts and so on. I think those are big themes that democrats and joe biden will hit as we get further and further into the election season , but by and large, i do think the democrats just want to make this about a referendum on trump. They want to make voters ask themselves, are you better today than you were four years ago . They are hoping for Many Americans that the answer is going to be no. Annmarie i wanted to ask you because every day we ge