stephen: the city is really important when it comes to the united kingdom, having this financial services industry around it employing 2.3 million people, it generates 200 million in economic value annually, producing one hundred million, pays 100 million in tax, that's really urgent. so, we recognize that it is an important industry. it's incredibly important for the long term to be able to allocate capital into the kind of economy that can thrive in the 21st century and that's with the whole agenda is about. how are we using technology to provide better services to clients? initially what happened was technology resulted in inconvenience around online services and apps but what's now happening is technology through the use of data and artificial intelligence is into -- attempting to make better decisions for clients so that you really get the outcome that you need. that's the reason they are all in now, using the data to get better at supplying and i'm very optimistic that we can do that. when you see what's going on in the u.k., the fact that one in 10 don't have any household savings,

do they have the residence -- the reticence that is being reported in the united kingdom on taking in refugees, or are they using those two borders? tom m: they have been more generous, certainly. hungary has taken in about 200,000 refugees from ukraine, but that compares to 1.2 million for poland, so poland is taking in the vast majority. the u.k., last i saw, had just issued 300 visas or thereabouts. u.k. is a big player in this. other nations that border ukraine are taking in refugees, but it is poland front and center on this. overall you have seen 2.1 million refugees from ukraine, the biggest refugee flow in europe since world war ii. the united nations organizer here said he thinks they can get to 4 million in the next few weeks. lisa: given this backdrop, this is why you get this earned gypsy -- this urgency and why we got the gina raimondo statement on taking actions on companies not complying with sanctions. do we get any sense on whether there will be action on that in the near term? annmarie: gina raimondo basically throwing out this threat to chinese companies, and it is

nina: well, you know, i think we're seeing russia push back on the white house and the united kingdom's prognoses that an attack could become imminently. pushing back on the idea that their diplomats and staff are not safe on the ground, that citizens are not safe on the ground. but just a reminder, whenever the russian government alleges they are not about to do something, in the recent past that has not been true. they said they were not involved in the annexation of crimea, they were involved. they unilaterally took the peninsula. they were not involved in the shootdown of mh17, they actually work. i think we are seeing a lot of this back-and-forth. because investors are smart and we know the u.s. does depend on some russian oil, that europe depends on russian gas and oil in order to fuel its heating during the winter, that things can get pretty ugly, pretty quickly when these sanctions are imposed on russia, if they do decide to invade. so i think that is why we are seeing that volatility in the markets. and there's the very real consequence of the fact that ukraine is a large count

there are headlines out of the united kingdom. our english expert, jonathan ferro, is not here to help us with them. let's struggle through this as we can. the chancellor of the exchequer is to be fined over lockdown parties. i'm not sure ifferro attended. the u.k. prime minister will receive "a fixed notice penalty" this from the bbc. kailey: this is an issue that some of us had forgotten given the more in ukraine, which in some ways was a political blessing to boris johnson, focusing on foreign rather than domestic issues. this is an investigation surrounding allegedly a dozen gatherings that happened in the prime minister's offices with his staff during a covid lockdown in the u.k. it has been an ongoing investigation. a total of 50 fines have been handed related to those parties and government buildings. but now the chancellor, rishi sunak, who has had a rough couple of weeks, probing of his wife, he and boris johnson receiving fines. tom: we are not making jokes about it, but here are the headlines. i would respectfully sugge

tom: net trade starts and ends with not only individual trade growth in the united kingdom and the united states but aggregate global trade. the imf make clear they are seeing a trade slowed down. is that the true overlay of the dampening of global trade and what it will mean for fx and the dollar? >> we talked about supply problems for quite some time through the pandemic and we've got energy issues particularly in europe and that will come to fruition in the trade issues. i did a foreign-exchange story that illustrates this. if we look at the currencies, but we see is that the energy exporters for the commodities exporters have been performing the best. that is because their terms of trade have increased as the prices of commodities have increased and that's true for the commodity importers. japan for instance in most of the europeans with the exception of norway. the countries that can export into the higher priced commodities, those countries are about to do better. lisa: we have seen that so far. are we pricing in a recession in europe and not a recession in the u.s.? is that with th

kingdom. >> the european central bank painting a slightly brighter picture with a new report showing polly -- policymakers sticking to the juneout look for inflation. the e.c.b. is expected to hold rates steady thursday but further easing is possible before the end of the year. jakarta is bringing back tough restrictions on offices and restaurants as coronavirus cases surge there. the city will shut entertainment venues an places of worship, limit public transport and order all nonessential staff to work from home. global deaths have topped 900,000. india remains the latest epicenter with more than 1,000 people diing from covid each day for the past eight days. here in the u.s., large parts of california are being covered by an eerie orange glow as wildfires and a record het wave -- heat wave continue to spread dense smoke. power is slowly being restored after being switched off for half a million people to prevent fires in a windstorm. fires have burned 2.5 million acres this year, the most o

reporter: in the united kingdom, you have a picture that is supported by these hawkish remarks we have seen from central banks over the weekend. it distinguishes them from the fed and the ecb, and also soaring energy prices support the commodity focus. realistically, you have a good image for the markets today. the pound is higher and the ftse 100 is doing better than you expect off the hawkish remarks because of commodity prices. tom: on those commodity prices, we have been talking but the fact that brent and wti are $80 barrel. do you have a sense of if these prices will be sustained? reporter: you've got technicals, indicators pointing towards bullish markets at the moment. you have these parameters, these constraints across whether it is the european continent or china. there were floods that pushed coal prices higher. i expect that to go into the year end. i -- i expect brent to go into the 90's. anna: there is interesting stuff on gas prices. eddie van der walt talking about how gas prices normally peak in october, asking whether this year will be the same in that sense, given th

right now, i think it is foreseeable that the cases will continue to drop in the united kingdom and as a result, it's appropriate to lift restrictions. just because they are doing it at this minute doesn't mean it might not be in some parts of the states. we are expecting them to go up on some parts of the west coast. >> if we see cases go up in the west coast, is the u.s. just behind the u.k.? is there a scenario where a month down the road, policies might reflect more of that in the u.k. of this endemic strategy? joshua: absolutely. on the other side of the break search, it has got to look -- other side of the omicron surge, it has to look different. there's growing hospitalizations in the united states and in parts of the country, it is continuing to grow. it comes way down and we are in a different situation and we really do have to adjust. hopefully, we will get a bump in collective immunity from omicron and that will bring us some protection at least for a while. and that will allow even more openings. i do think that 2022 doesn't look like the future will be exactly where we are

we were talking about the great hurricane of 1987 and of the united kingdom. we have the great hurricane of 2018. it is hurricane florence. we get a further update from our stuart wallace. stewart, give us a quick update on how it is halting shipping in the southeast imports. all of the shipping is trying to move out of the area. you have the commercial stuff coming out of the ports, but you have the navy there. you can see a lot of the applications on the terminal. the fleet of vessels moving out of their. sea andurther out to you are far less likely to be damaged. we need to think about what is happening on land. given the speed of the hurricane, there is a good chance it is going to knocked down a lot of trees and cause a lot of damage to property. pretty much whatever the size of the trees, they all come down at the same wind speed. this is something that is been going on for centuries. galileo and leonardo da vinci started that. tom: what can you say about the depth of the rain? is one of the disadvantages of the scale that we use to measure hurricanes. i

where is the united kingdom? jonathan: i think the focus is very much on the europeans given their dependence on russian gas. the likes of the europeans and their dependence on russian gas does not compare to the united kingdom. it is why the focus is on them at the moment, and that has funded the war effort over the last six weeks. until the europeans do something about it, they will continue to fund the war effort. tom: that of course comes back to gold. lisa: there were headlines talking about how the united kingdom is exploring fracking, exploring other avenues of energy. so they are kind of coming out with what they can, but to jon's point, this is not an issue with the united kingdom. it is germany. tom: to me, i'm not getting much love off the data screen, but i do note euro swissie, strong swiss. a bit of a surprise, not record strong swiss, but there it is as haven has come back. jonathan: we are down 0.1% on the s&p. on the nasdaq, 0.1% lower also. kind of the theme of the session so far, steeper curve,

the united kingdom leading, as i was coming in today i sent myself, what is next? what happens after? we don't have a vision of that in any way, shape or form. jonathan: the u.k. seems determined to say this is over. in a couple of months, we are done with this. lisa: how much is this politically motivated, and how much it is motivated by science? boris johnson being on the cusp of being forced to resign. jonathan: that is the issue i have with the situation at the moment in british politics. whenever you see a situation like this, people are asking that question. are you making that decision because of politics or because of the science? if you're asking that, regardless of what the answer is, there is a perception problem, there is a credibility problem, and that is really difficult to address. lisa: but the problem with this pandemic and the entirety of the past two years is that it is an entirely social phenomenon. people give it to each other by being in close contact. if you prevent contact, people are going to vote. at a certain point, enough. i think that i

romi: well, we are incredibly focused on the united kingdom. the united kingdom pensions market is absolutely enormous, over 7 trillion pounds in total pension assets. within our segment, which is the divine contribution segment, there's around one trillion pounds in pension assets being held on behalf of over 20 million consumers. and so within the u.k. already, we have an enormous opportunity, and so that is the opportunity we are currently focused on. and yese we ar, certainly built to scale -- we are certainly built to scale. annmarie: what would be the first port of call? romi: for us, what we are building is a very long-term business, with our customers staying with us for many years. and therefore, we are incredibly focused on growing our customer base and acquiring more customers so that they don't have the same kind of tension problems that you are alluding to earlier. so, we're very, very focused on acquiring new customers because we know that pension health is urgently needed within the country. manus: so, where's the target -- i pre

labor force that eventually had to leave the united kingdom which has not been totally replaced. the georgia workers having a bearing on the labor market in the u.k. that is was causing the difference between the two. on the wage front, what we are seeing, and we can really celebrate, is that the euro area is at the lowest unemployment number it has ever been. 7% unemployed is a record number. the second aspect of the labor market is our participation of employees in the labor market is back to the level where it was pretty covid. on those two accounts we have good news to celebrate. what we are not yet seeing is a significant movement in terms of wage increases and then -- and now we are not seeing a lot either expected -- that normally should be the next step that we see. we have lower unemployment, more people living the schemes under the which they were. operating -- the output gap closing gradually, an economy returning to full capacity. we should see movement and we are not seeing a lot of it yet. a lot of the information we are getting is backward looking. we are also very

the british government says senior executives who travel to the united kingdom can temporarily leave if their work is likely to bring major benefits to the economy. -- multinational executives, looking to make an investment in a local business or setting up a new company. critics question why -- smaller firms. global news, 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i am vonnie quinn. this is bloomberg. haidi: [indiscernible] vaccine rollouts -- restrictions. -- half the population under lockdown. our bureau chief joins us now. does it look like -- ? >> good morning, haidi. that is certainly the hope in sydney. they came in the high teens and expressed some satisfaction. having said that, -- up to around 160. a lot of people were out in the community before they were identified so still that risk that we could see a spike in numbers. yesterday, we had brisbane which went into lockdown, joining sydney, perth, and darwin. they are in a holding pattern. we are looking at two weeks in sydney. haidi: wha

it was assured by the number of nations including the united kingdom, united states, and russia that its territorial integrity would be maintained. that has not happened and russia has invaded. what message do think that since other nations, other leaders with aspirations to be nuclear power, to maintain their own security? what message does it send about the need to maintain his weapons rather than give them up? rafael: i think that having nuclear weapons is never a good idea. as you know, my main mission at iaea is to prevent the spread of nuclear weapons. this logic that perhaps it could have been better if nuclear weapons -- i could never subscribe to that idea. if anything, this would make the situation much worse than it is now. i think what is important is the message to others is we must all abide by our international commitments. insofar as the iaea is concerned, these commitments have to do with not diverting nuclear material to make weapons, and in this case, adhering strictly to safety and security rules, which are the ones we are trying to enforce at the moment. kailey:

tom: is it a value trap or can you go long united kingdom? richard: there are more attractive opportunities elsewhere. investors are being rewarded for focusing on areas sustained and visible earnings growth forward. when we look at the u.s. -- over 20% earnings growth now with all 11 major sectors upgrading revenue expectations. emerging markets -- strong earnings growth, particularly in asia. when you look at europe and the u.k. specifically, you are seeing weak earnings growth despite the talents. the.spite francine: do you think they will have to reverse the hike? richard: we think the u.k. will be on hold. they are balancing inflation, still stubbornly high but growth remains weak in any historical context. that creates an environment where the central bank is on hold and where it is likely to remain weak going forward particularly when further rate hikes are coming in the u.s. francine: richard turnill and nina schick, staying with us. tomorrow, talking brexit with the brexit international trade secretary. i am looking forward to that i

. >> jon ferro, the united kingdom is totally different. >> it is changing. the government is used to this. the u.k. government was involved in the mortgage t market. >> this is a front and center issue. >> this is the issue in the united kingdom right now print -- now. what we have seen this is the 1980's is the government pushing this. >> homeownership is universal. it is leverage without the expectation of payout on principle. >> i am shopping this weekend. how much more expensive is london and new york? >> new york was much more cheap before. it is relative. it has gotten expensive to the fact that property is ridiculous. on an average salary, you can afford to live in the cent ral of london now. you cannot afford be rent. just for rent, it has gotten to that point. >> >> this is not going to end. this is something we will continue to debate. washington's attention has been divergent. i want to bring in other stories. chris christie -- he is showing off his moves, ok. it has nothing to do with politics. he and jimmy fallon had a special father's day dance

if we take the idiosyncratic the united kingdom going back into lockdown, what governments globally are prepared to take this pretty drastic action. had not omething we assumed despite vaccine morning. good annmarie: we're seeing the markets play out is what is happening in everyday lives in sense that many have thought that we would be well ahead in terms of vaccine process. not. that's taking slower than expected and of course here in he united kingdom, it's the third national lockdown for england on the heels of what we nicholas yesterday in scotland. basically it means, unless it's go out, ed basis to meaning you can't do your job at home and schools are shut, measures coming from prime minister boris johnson. he does think that the four top priority groups that need to get well, wed, if all goes could get to them by mid-february. anus: 80% of israel will be vaccinated by the middle of april, back on the lockdown, you electronic tickets to go outside your property to go to the grocery store. still illegal not to wear a mask. t is fineable and again, anne marie pretty draconian measu

reactions from the united kingdom, sanctions elevated there. what is the reaction in europe? >> before we get to the reaction, we have to look at the situation in ukraine. this is now a clear invasion of the country with heavy fighting in the east, in the south of the country, and troops moving from belarus into the capital of kyiv. that is the information we have from the ukrainian for ministers, they believe there will be a big night of fighting around the capital. that is where the ukrainian president seats and the russians have made it clear that they want this government out. we will be hearing from european leaders. they say they are working closely with nato and the u.s. to put together what they say will be the mother of all sanctions. will that the it to deter blood recruit? at this point, he is not acting like a rational leader. i would point to an essay he wrote last year where he said, for me, an independent ukraine separated from russia would be an abomination. now he is making good on that. kailey: that raises the questions what good will sanctions do? we'll nee

as omicron rapidly spreads, the united kingdom is bringing back restrictions and advising workers to stay at home. : stacks joins -- goldman sach -- you have been following this story from the beginning. how extensive is moving back to work from home right now? tom: it is a mixed bag not like 2020 when there was a universal retreat from the office. 20% around the nation and 30% in london is a good reflection of where we are with the new guidance. tom: and the impact on local businesses? tom m." if you look at restaurants and bars, they will have no furlough to support them. francine: how do you see executives feeling about restrictions? tom m: resigned is the best word, and they are hoping for a more speedy exit from this work from home. tom: they have the systems in place to ensure this transition back to work from home? tom m.: it is more of an annoyance with the offices being relatively open now back to being early to be deserted. francine: our finance reporter who keeps calling everyone to find out their plans. that is it for the european market open. "surveillance: early edition

as you know, in coventry in the united kingdom, there are phenomenal italian restaurants, and they are serving bowls of spaghetti, but it is weird spaghetti. how weird is our economic spaghetti right now? james: you are seeing all sorts of strange shapes. i recently wrote that if you pick your favorite indicator or two and look at the line chart, it looks like a weird piece of spaghetti doing something that you don't expect. if you overfocus on one or two things, whether it is inflation or industrial production or service is pending, you are likely to make a mistake because the key here is to not focus on the data piece by piece and compare it to past recessions. it is to look at the whole ball of spaghetti and say since the pandemic, this is different. why does the data look like this? i think there's a very coherent story as to why the data looks like this. what we have to figure out next is what normalization looks like. tom: i get the idea of the study of what, but i would suggest the real mystery here, including for the fed at their meeting today and tomorrow, is the when of it. w

i think there's enough chat coming from the united states, but i think there are parallels in the united kingdom, that the active role of quantitative tapering during this tightening cycle makes some of the rate hike bids, particularly at the top end, a little bit rich for me. kailey: something else united states, the u.k., and all of europe and a lot of the west is dealing with at the same time is the issue of the tensions on the border with ukraine and potential sanctions when it comes to russia. how do you view that kind of potential asymmetric risk? simon: it really muddies the picture because of the aforementioned impact russia has on the european energy market, both real and perceived from investors. so certainly from a positioning standpoint. we have seen natural gas prices which, that backwardation i talked about earlier which was coming through about three months ago, after about two quarters, now has rolled out to four quarters. two guy -- to guy's question, it muddies it for the monetary authorities because the very issues that potentially sanctions and energy this russian --

this g7 met in early june in cornwall in the united kingdom, and three sentences on afghanistan was in their communique. today they have a special session devoted to this. kailey: i think it was hard to know even then how the situation was going to unfold, the speed of it taking most everyone by surprise. coming back to domestic affairs, we had the full approval of the pfizer vaccine yesterday. joe biden calling on companies, saying you need to mandate that your employees get vaccinated area as lisa pointed out earlier, putting the onus on the private sector. are we not going to get anymore mandates from the administration when it comes to the public sector? annmarie: his press secretary jen psaki was asked about this issue, and she said as of now, it is not changing on the federal level, but she does think it is going to be done agency by agency, so certain agencies may start to mandate the vaccine. we have already seen what is going on in the military now that we have full approval. they are going to mandate that you have to take up those vaccines. so it doesn't look like it will be

on very nervous to opine what i think will happen within the gritty united kingdom. i just don't think i'm qualified to do it. says thisrichard haas is political fragmentation. there are two big local questions to be answered. one is the uk's future in the eu, the other is the presidential campaign as well. if one is looking more certain than the other, -- tom: you wonder what tomorrow will top the day before. sides, we are beginning to frame how ugly this campaign will be. there's a grand american tradition of ugly campaigns. it's nothing new to have brutal presidential campaigns. people in england are appalled by the length of the presidential process. if it's this much fun now, i can't fathom where will be -- where we will be starting labor day. jonathan: many people are appalled by the substance of the campaign and the u.k. as well. it's been ugly, ugly, ugly for both sides, and i wonder if that has a lasting impact on the economy. the amount of uncertainty that has been built up globally around these -- there's no question about these uncertainties in america in

you're in the united kingdom, manufacturing was stronger than the market had anticipated. is already pricing in action from the european central bank in june. rates are showing at 0.1%. fairly flat opening. jobless numbers came in down. the big move is technology in the united states of america. i am dying to see how market takes the apple story in terms of dr. dre doing this deal. what are they going to do? maybe i am being overly further on apple. buying a headphone manufacturer? does it show a lack of inspiration? manufacturing here is doing quite nicely, thank you very much. dollar sterling -- it has had a cracking run. cable has had a one-way street. how long is the market going into the weekend? in terms of currency and in te rms of european equity markets -- you are going into elections here. eastern ukraine. this is where the weekend news flow will be. the us is where the agenda will be set on monday morning in terms of what is happening with the troops that are amassing along the border. and in terms of eastern ukraine separatists over the weekend. monday morning

the united kingdom is said to offer a third covid vaccine dose to people ages 12 and older with severely weakened immune systems following recommendations on the government advisory committee. local authorities say the blister will go to those with conditions including leukemia and advanced hiv. no decision has been made on blisters for the wider population. a new survey has found vaccine mandates are said to become more common in the workplace. a survey found 52% of u.s. employers are considering requirements for a covid shot by the end of the year, more than double the 21% of companies polle thed -- polled the currently have minutes. -- it means many developers will no longer have to pay a commission of up to 30%. it is part of a settlement with the japan fair trade commission, and apple says it will be limited to early next year. members of the billionaire sackler family will pay about $1 million and walk away, part of a settlement of opiate related claims. i just as he improves of the settlement plan. the plan also rends the family's members immunity to civil liability. global news 2

president and other leaders are gathered in cornwall in the united kingdom. part of the agenda is the plan to end up pandemic by the end of 22 a two. -- 2022. we are with our european anchor, very good to speak to you. a diverse agenda, what are the details? >> the headline from it is that there will be a push to vaccinate the world by the end of next year. a billion vaccines will be delivered to cover around 80% of the world's population. this will do a number of things for the g7 leaders. the thing that is most crucial is that if they did not do this there would be an opportunity for china to do the same. very much a focus of the summit will be a pushback against china and russia. another aspect is climate related, the poorest countries around the world are asking white they should sign up to your pleasures when you are not providing us and our populations with the kind of business we need? you help us with this, maybe we can help you with that. boris johnson has another conference later in glasgow. he wants to lay the foundation for that. he wants everybod

who exactly should he be talking to to get a best outcome for his united kingdom? ed: that depends on who you ask. i think that the british position throughout the process, the hope has been talked to angela merkel and emmanuel macron and settle a deal between the big three. they have been remarkably united throughout this process pushing back from that saying no, the u.k. must go to the eu negotiating team. clearorning it is quite the existing changes to his mandate and they want the u.k. to go through that. it will be interesting to see if johnson finally gets merkel and macron and if they listen to him and do that deal. that is what this is boiling down to. tom: what will be the chancellor of germany a? 's response? ed: she has been calling for compromise from both sides. we know the three key issues, progress.ave made no to get a deal with require a compromise on both sides. if they are prepared to do that is another matter. francine: we know prime minister boris johnson and the commission president spoke by phone yesterday and managed to get a breakthrough. wh

don't they just wait out the bazaar affairs of the united affairs-- the bizarre of the united kingdom? christian: to some extent they have, right? the eu leaders have been saying, we wait. we talked economics earlier, i do think from an economic point of view that we must not forget that the u.k. is the second largest economy in the eu. germany is the second-largest trading partner after the u.s. if you look outside the eurozone. therefore, it is still an thing for europe to get a deal done with the u.k. as well. i would not undermine that. you would see chancellor merkel coming in trying to forge a deal whenever it looks like it could go astray. tom: what are the most emotional moments for me was to seep theresa may yelling, outright yelling. scotland is part of the united kingdom -- in her comments for or five days ago in that emotional element speech. speech.onal parliament what has been the effects on the debate of brexit in edinburgh? gerry: i think across the country but also in edinburgh, there is certainly a lot of lethargy around but discussion. most people would prefer a res

you are looking at a live shot of the united kingdom. future indicators of one quarter of 1%. this is bloomberg. ♪ it's another day. and anything could happen. it could be the day you welcome 1,200 guests and all their devices. or it could be the day there's a cyberthreat. only comcast business' secure network solutions give you the power of sd-wan and advanced security integrated on our activecore platform so you can control your network from anywhere, anytime. it's network management redefined. every day in business is a big day. we'll keep you ready for what's next. comcast business powering possibilities. >> good morning, welcome to bloomberg markets europe. markets live managing editor joins us from singapore to take us through all of the market action this hour. the cash traders just less than one hour away. here are your top headlines. the fed is a highlight in a massive week for central banks. markets watch as powell is expected to kick off tapering and lay the groundwork for rate hikes.

off of stimulus and the way forward, the united kingdom, we have barely covered this. a major change. france will allow movement of goods between dover and calais and dunkirk. we got video of the anticipation we would see, the symbolism of a fair amount of those agricultural goods moving forward. the one thing we have not talked from the united kingdom emails in and says you have to talk about brexit. i need to leave you with a discussion on bloomberg radio and bloomberg television on brexit. the brexit conversation is exactly the same as it was a week ago, a month ago, a year ago. they are moving forward and i think having more beatings. -- having more meetings. a lot of do with fish. we will continue forward. important conversations, particularly on stimulus. stay with us. this is bloomberg. ♪ ♪ lisa: for our viewers worldwide, i am lisa abramowicz in for jonathan ferro. to begin with the bait issue. a 900 billion dollars relief package stuck in limbo. president trump: i am asking congress to amend this bill and increase the ridiculously low $600 to $2000 or $400

geoffrey yu, there is a lot of talk about vaccination dynamics between the united kingdom and europe and frankly, the united states come on how it for ginger growth in europe. how far behind is continental europe? geoffrey: if you look at the rates, the u.k. right now is in the top four groups by the end of this week. so apparently they are still about 2 million to go, whereas europe, why disparities as well. there are some other larger nations, such as the netherlands, which is well behind. so the risk of ecb in this context needs to look at policy for the slowest vaccinator, as that could delay things even further compared to their current schedule. that is in digital focus point when we look at policy differentials and exchange rates. tom: that's exactly where i wanted to go. we look at exchange rates, obviously sterling has broken stronger, but euro has a certain resilience to it. can you make a big figure call on euro? geoffrey: my baseline for the euro is even if things don't improve from here, that is one assumption. not just in the near term but probably for the year for the

states, the united kingdom, canada. until two years ago, the vast majority of australians felt quite positively toward australia, but as the bilateral relationship has significantly deteriorated and china has adopted a much more aggressive posture toward australia, we have really seen that plummet. only 20% of us trillions say they trust china. the same number have confidence in xi jinping. that number has more than halved in just two years. rishaad: the cold war was about capitalism versus communism at its most base level. the thing is, this particular sort of battle is about those ideologies. we have those that say china has got ever closer to russia and likewise, where is the united states and its allies are also coalescing. is this the start of a new cold war? >> this is the question everybody wants an answer to. i don't know if it is a new cold war, but i would say we are seeing a really significant theme of competition between systems, and it is not the same kind of systems as during the cold war, but what we can

. >> the united kingdom pushed back what they called russian violations of the global order. the crackdown on leaders in singeing province -- the russ ian opposition figure alexei navalny. the u.s. secretary of state and the u.k. foreign secretary said he unites democracies against autocracies. >> what we are trying to do is to uphold the international rules-based order that our countries have invested so much in. -- so much in. the challenge for us is to demonstrate in concrete ways we can deliver for our citizens. >> biden officials tell bloomberg news the white house was support pfizer's move to begin exporting coronavirus vaccines to nations desperately in need of them. in a statement, the official says the company is ahead of schedule in its supply to the u.s. demand for shots in the u.s. has begun to wane, falling to 2.4 million a day according to vaccine tracker. global news 24 hours a day on air and on bloomberg quicktake powered by more than 2700 journalists and analysts in more than 120 countries. i am vonnie quinn. this is bloomberg. has? haslinda: we are taken loo

i believe it is so james fleming, their head of security in your united kingdom, but he is absolutely heated about their measurement of duplicity. jonathan: those promises met with skepticism worldwide, and we can go over point by point over the last six weeks where russia has lied repeatedly, and jens stoltenberg saying that again, they have lied repeatedly. we don't believe their actions are for anything other than to regroup to attack the donbass. so actions on the ground speak for themselves. tom: we will continue to follow that. maria tadeo today in budapest. right now an exceptionally important brief on the equity market and how it correlates to commodities, bonds, and the rest of the financial world. mandy xu is chief equity derivatives strategist at credit suisse. i was going to give you a new job, chief executive, but you don't want that headache. [laughter] what it comes down to is the known known of the derivative space, which is in every case, it is always asymmetric. what is the lead asymmetry right now as we enter q2? mandy: what everyone is focused on in the derivative

we have this terrible united kingdom variant. it first arose out of southern england in september. now the data is showing it is much more aggressive in terms of its ability to be transmitted. the second part has not been peer reviewed. the u.k. government put it up on its website, a pretty compelling that the death rate is higher. it's racing through the country at a high rate. these ice let's are these variants. so that is -- even though the number of cases have been going down steadily, and now many people think it will start going back up, that's issue one. second, vaccines are not here yet. operation warp speed promised emergency use authorization. they will come, the president two days ago said -- committed to every american who wants to be vaccinated can be vaccinated by late spring, early summer. so hold off, don't dial back the masks and social distancing right now. this is the worst time to do it. lisa: this may be premature, but looking forward based on where we are in the schedule and the technology discovered through this process, are we closer to the next pandemic or

the united kingdom is said to have reported no deaths within 28 days of a positive covid-19 test. the bbc says that is the first time that has happened since the start of the pandemic. prime minister boris johnson is facing pressure with a highly anticipated reopening later this month. health officials are increasingly worried about another surge in india. moderna is seeking full u.s. fda approval for its covid-19 vaccine. the drugmaker with data to support its application for use in adults. the move could make shots into a stable force of revenue for years to come. moderna says its messenger rna vaccine has been shown to be highly effective. the world health organization, world bank and wto have endorsed the international monetary fund's call to invest $50 billion in covid vaccines and treatment. in a statement, they say governments must act immediately or risk continued outbreaks of the virus and it's more deadly variants. the imf proposed a loan plan with at least 40% of the global population by the end of the year. johnson & johnson must pay a $2.1 billion award for the claim

election was not a major factor for the united kingdom, but in a sense it weighed toward the size of those who wanted to see the government take a different tack. particularly when it comes to foreign policy, boris johnson is setting himself up as a liberal international order. the election of joe biden will only influence that sort of thinking. it has been a pivotal week. you talk me through how much time is left because we've had a lot of these kinds of weeks? anand: i seem to spend a lot of time in the last years describing weeks is pivotal song of reluctant to do things again. things can drag on. is meantean parliament to vote on a deal the week of the 14th of december. now the european parliament is saying we can arrange a virtual session between even christmas and new year. there is still time. a the end of the day, this is text that has to be carefully checked by lawyers, and then on the eu side translated into a host of languages. while we are probably not at the end of the road yet, i would say the end of the road is homing interview and there is not that long before you end

lisa: you are seeing it on the front end in the united kingdom. it gives a sense that perhaps the emergency isn't over. jonathan: let's head down to d.c. and catch up with mario parker. let's start with the top of the agenda today. a democracy summit led by the united states. what do we expect from this? mario: we are expecting president biden to follow through on some of the things he said earlier this year, that the world is in a fight for democracy right now versus apocrypha -- versus autocracy. one thing that is very essential for us to pay attention to is the fact that taiwan was invited , which is sure to increase tensions between the u.s. and china. lisa: is there a reason why the focus is suddenly entirely international at a time when there is still a lot to get done on the agenda? mario: president biden, one of the things he sought to do with his presidency is to show that democracy can still work, that it is still irrelevant form of government in the 21st century. so he is trying to get global consensus and build global consensus around

. >> we are in close corporation with the united kingdom and united states. >> this is "bloomberg surveillance: early edition" with francine lacqua. francine: good morning. i am francine lacqua here in london. energy crisis, gas prices continue to soar.

the united kingdom is putting more troops on standby to support nato. government officials say 1000 soldiers will support military response in the region should it be needed. boris johnson is set to meet with the u.n. secretary general -- the nato secretary-general. u.s. lawmakers say they are stunned by the progress iran is making with its nuclear program, even as talks go on in vienna. a capitol hill briefing focused on how long it would take for iran to produce a nuclear weapon. afterwards lawmakers from both parties expressed concern about the timeframe. it is not clear if the u.s. and tehran are close to a nuclear record. the protests blocking traffic from detroit into canada could drag on. police say they prefer to negotiate instead of telling away vehicles blocking the bridge. talks are ongoing with several groups protesting mask mandates in an effort to get them to leave voluntarily. the bank of canada has warned an extended shutdown could hurt the economy and worse and supply chain snarls -- worsen supply chain snarls. global news, 24 hours a d

the united kingdom has more access, and i don't think they are magic solution. sometimes people talk about it as if it is the only thing that matters. there are a lot of things that matter. but i do think that having access to a test is a good thing. if you are, for example, going to see the grandparents and really want to take every precaution, doing a rapid test on top of making sure people don't have symptoms, it is an extra level of security. but in general, when cases come down, i don't think people are going to want to be testing themselves every day. i just don't think that the test is going to serve to define our life. i think it is a tool we can use to help us in certain situations. dani: i definitely need to tell it to the variety of friends who have required for a dinner of three people to make sure you get yourself a rapid test first. thanks for joining us, of course, on the holiday. coming up, james athey joins the program. on a day will be are looking at u.s. markets closed, but still, there are consequences of this bond yields push higher that we

kingdom and here in the united states and many other parts of the world. we have data to suggest that for many of our vaccines that require two doses, two doses are really needed to help control this variant. at the minimum, we note that the antibody responses that you develop against this variant are much more robust after the second dose of the astrazeneca vaccine. caroline: is it just a case -- i came from the u.k. three or four weeks ago. i had spent six months there. they were celebrating how quickly they managed to get the vaccine into people's arms, but they were doing it very strategically and i have not been offered mind because i was not in the age group receiving it. is it the young being impacted at the moment? dr. karron: i think it is going to very country by country -- vary country by country depending upon what the status of that country is with respect to its population. in countries where young people have not yet received vaccine or have navy -- have may received one or two doses, it is possible that they will be more impacted than other

did a formal statement to the united kingdom about a week ago. really concerned about northern ireland, the republic of ireland and such. within the last three hours, disputing the report in "the times of london," jennifer jacobs. the official said the united states is not planning to issue any official rebuke over northern ireland. that's one way to start things off. lisa: he's meeting with boris johnson, so it would be a surprise to come out with some sort of major rebuke today ahead of those negotiations. that said, still so many tensions underpinning these meetings. that cannot be overstated because honestly, even post trump, there are some remaining tensions. tom: a new atlantic charter. i'm not sure they will get in front of the prince of wales, the military pride of the united kingdom, for the signing of a new atlantic charter. probably in there is a paragraph on our markets because away from inflation, jobs, we need a meme update right now. yesterday was insane. romaine: and we keep talking about this rotation from one meme stock to anoth

he also used it in southbury in the united kingdom. -- in southbury in the united -- in in the united kingdom. we don't know what the consequences they have talked about would actually be. when it comes to china, but i imagine you can see here is leaders that want to implore china to first come out and condemn what is going on, and then put china on guard and warned them they cannot help russia when it comes to skirting around sanctions, also providing military support to president putin, is key right now as the president is in europe ahead of a key you-china summit area today, what is key is the messaging and the actions on china follow-up. tom: maria tadeo, please tell us the military momentum, if any, that ukraine has at this moment. maria: of course, a lot of this information is not made public. the ukrainians are always very secretive about the equipment they have and that has been destroyed in this fight with russia. the secrecy around the military operation has had a crescendo because it really concerns the polish government. a lot of the weapons have to go through the polish b

we have seen big moves in the united kingdom. outside with emma chandra for first word news. >> apple's ceo says they will stop sending overseas cash. -- ade the comment >> we pay the 400 to ireland. we paid 400 to the u.s.. provisioned several billion dollars for the u.s. for payment as soon as we repatriated. and right now, i would forecast said repatriation to occur next year. >> he is confident that apple will win its tax battle. he called it meddling that the eu will that apple must pay more than $14 billion in back taxes. british prime minister has sent out the first of brexit negotiations. she says she wants to -- she suggest that she is willing to leave the eu single markets to accomplish that. the supreme court is refusing to --ise the id requirements that lawmakers intentionally estimated against minorities. news 24 hours a day card by more than 2600 journalists and analysts in more than 120 countries. this is bloomberg. caroline: thank you very much. coming up, a special interview that you do not want to miss. joergens

the united kingdom has more access to tests and had a huge omicron wave. i do not think they are a magic solution. some people talk about it as if it is the only thing that matters. i think having access to tests is a good thing. if you're going to see the grandparents and want to take every precaution, doing rapid tests on top of making sure people do not have symptoms is an extra level of security. i don't think people will want to be testing themselves every other day. i just do not think the test will begin to define our life. i think it is a tool we can usep help in certain situations. haidi: the school of public health is supported by michael bloomberg. you can always get a round up of the stories you need to know to get your day going in today's edition of "daybreak" and on your terminal. you can always customize settings as well for the industries and assets that you care about. this is bloomberg. ♪ david: welcome back to the show. good morning from the asia-pacific. an upward move we are still seeing across bond markets. the three year yield now

you are wired into the united kingdom. jonathan: a similar situation. tighter labor markets, which is picking up. job openings in america a little south of 11 million. the jobs are there right now. will they be filled? we will find out a little later. 830 eastern time -- 8:30 eastern time. the queen of rates joins us next. this is bloomberg. ♪ ♪ (announcer) if you've struggled to lose weight, you might think you were born with a slow metabolism, but what you may have is insulin resistance. fat becomes trapped inside your body and it becomes very difficult to lose weight. now there's golo. golo works to reverse the effects of insulin resistance, increase metabolic efficiency, and targets stubborn belly fat. join over two million people who have found a smarter way to lose weight and get healthier. go to golo.com and change your life. that's g-o-l-o.com. >> the labor market is tightening. >> there are not that many people coming back into the labor market. >> you would have to have a pretty catastrophic payrolls figure for the fed to change the timeli

states and united kingdom. i will close by saying, even as we are having this conversation, one ship is at sea, queen elizabeth, with british exports, submarines, auxiliary ships. it is headed toward the indian ocean and into the south china sea. they are a good ally to have. tom: james stavridis, in your book, i am going to be honest, it is so good, i am going to be very careful not to give it away. the heart and soul of 2034 in our modern technology is a lack of communication. it starts in that opening scene in the south china sea. how does this g7 set up a communication process to avoid your 2034? james: first and foremost, it's about cyber and cyber security and protecting our networks. by the weight, protecting undersea cables as well, that comes up in the book. it's this putting together the technologies of cyber, of space, of undersea control, all of that has to be protected. that's a job not just for nato, because nato is a regional alliance, that's a job for all the democracies. i think that's going to