Skip to main content

tv   Bloomberg Daybreak Europe  Bloomberg  March 10, 2021 1:00am-2:00am EST

1:00 am
sive machines, no expensive memberships. get off the floor with aerotrainer. go to aerotrainer.com to get yours now. ♪ >> good morning from bloomberg's middle east headquarters in dubai. i am manus cranny. it is "bloomberg daybreak: europe." the nasdaq bounces back amid a boom lower in yields. tesla leads away, 20% rally. today's attention turns to the 10 year treasury auction. biontech could produce 3 billion
1:01 am
vaccine doses next year. this hour, we speak with abn pharma. hackers breach a silicon valley startup, giving them access to 150,000 surveillance cameras, some belonging to the likes of tesla. 6:00 a.m. in london, 10:00 a.m. in dubai. so we went from down 11% to up 4%. you have gamestop, bitcoin, dollar. some really aggressive, bizarre tail risk moves. are these accidents in the wings or a cathartic moment to pick up a little bit of value? taz let anyone? good morning -- tesla anyone? good morning. annmarie: many are pointing to these rallies as often what we see in the middle deep selloffs. you can see what is happening
1:02 am
alongside the nasdaq. we need to point out some of the big individual names, tesla, biggest gain in more than a year yesterday. they did have an upgraded by new street research talking about strong demand. those tech flyers of 2020 getting a reprieve. you see it across the board. did you see this about it being a dinosaur slowly reverberating up the dinosaur's back until it finally hits the head, an all module -- homage to jeremy grantham. manus: i want to reflect on what jeffrey gundlach said. i like when i can quote people verbatim. bond markets, 30 year, was a bloodbath. it's completely oversold in his view. 10 year could make it to 3%. i go to the top of the page. nasdaq is dicey.
1:03 am
it could plunge like it did in 2002,2003. you've got the rest of the shift in gears. we did not choke on the bond auction last night. annmarie: we saw a strong bond auction actually. let's start with what jeffrey gundlach calls the dicey nasdaq. manus describing that 4% rebound yesterday. brent crude under $67 per barrel. there is a report showing that stockpiles for gasoline are falling but also adding to the volatility, the bloomberg dollar index up 0.#%. that is not going to -- up 0.3%. that is not going to help. we have recalibrated a little bit. yesterday, strong start to a week of auctions. today, we have the 10 year
1:04 am
securities. let's bring -- break this all down with henrietta pacquement, head of investment grade credit for europe at wells fargo as a management. she noticed of the recent highs for the 10 year at 1.6% and said stabilization around this level would helpful for risk assets. the bulk of the damage has been in tech. let's start right there. has enough of the wind been taking out of the tech sails? henrietta: i think it's been very helpful to see that price action. if you look at the comments from the fed, for instance, and what they tried to do, calm down what was happening on the yield side, it was capped by what they could do. a bit of a correction there made sense, given how far it had run. at this point, a bit of stabilization if you have it on the rates side and as a result on the tech side will be
1:05 am
helpful. manus: when you see the very lengths of -- very lengths -- veirulence of swings, -- virulence of swings, this shows warning signs to me. they are coming more often and bigger in size. does it ring any alarm bells for you across assets? henrietta: i think it is not just in the equity market spreads. the price action that we saw in the treasury markets 10 days ago when we have the 70 year auction -- seven here auction was extraordinary -- seven year auction. i was probably more worried about that than the volatility. given where valuations have got to. that is meant to be the risk-free as said, meant to be the more liquid market.
1:06 am
that is not something you particularly want to see. it has normalized a bit since, which is good. we have two tests, one today, once tomorrow as you mentioned in terms of the auctions, to see how those go. in terms of how the volatility on the equity markets, i think it is testimony to the huge confusion of -- infusion of liquidity that the central banks have made over the last few months given the pandemic. annmarie: let's stick with those auctions for a moment. do you see big risks to the 10's and the 30's than what we saw yesterday? henrietta: i think it will be more of a test given the duration of those bonds. we are in the area that has had more pain over the past two months. the 10 year, the 30 year, that's where more of the price action is. it was good to see a good auction yesterday but i think the real test is today and tomorrow. manus: i am actually enjoying this conversation.
1:07 am
you've got my attention. let the equity traders eat cake. what we need to focus on his, where is the contagion i credit marketsn? talk me through where in credit might dislocate the most or that you are most worried about. henrietta: i think what the central banks are keeping an eye on, that they want to make sure that the credit markets are functioning properly and that companies have got access to the market. if you look over the last few weeks, credit markets have actually been reasonably well behaved. there has been a bit of softening in terms of spread but it has been quite limited. that has validated the central bank's sort of modest comments, at least on the u.s. side, and the comments we saw from the ecb as well, rather than action on the ecb's side, for instance.
1:08 am
i think we are also in a situation where there's a difference between what is happening in the u.s. and what is happening in europe. things are looking up on the u.s. side. manus: can i just interrupt and frame that. you say that we showed a chart in terms of the repricing of the yields in some of the credit markets. you would say that the credit markets believe it is gross, not inflation, and we could perhaps see a rollover on those credit spread blowouts? henrietta: the credit spreads have not really blown out so much. the move in terms of price action on the credit markets has been driven by the rates side rather than the spreads side. that has been driven by a bit of inflationary pricing, and in the u.s., a rise in terms of real rates as well, reflecting the better economic prospects on the u.s. side. manus: henrietta pacquement,
1:09 am
head of investment grade credit for europe at wells fargo management. i should be more careful when i call a credit blowout. you are right. let's get the first word news. let's get across to laura wright in london. laura: congress is nearing to passing president biden's $1.9 trillion coronavirus rescue plan, and treasury secretary janet yellen it says her department is planning to send out aid as quickly as possible. she feels the stimulus plan will avoid repeating a key mistake made after the global financial crisis, not enough help from the federal government. the airline sector says most governments are moving too slowly in setting up a roadmap for a return to air travel. and industry group says britain has detailed plans that more countries need to act. it things by the end of the year, air travel will be at about half the level of 2019.
1:10 am
>> so competitive to travel that they will not replace travel. for the business travel, it will come back but probably 12-18 months later and after the year. >> european council president is accusing the u.k. of blocking exports of covid-19 vaccines, saying he is shocked. it has drawn a sharp rebuke from the british government, who are vehemently designed -- denying the move. dominic raab has written a letter to the eu sang they claim is completely false -- saying the claim is completely false. global news 24 hours a day, on-air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. annmarie: thank you. coming up on the program, biontech and pfizer may have the capacity to make 3 billion doses of their vaccine next year. we are going to hear an interview from their german
1:11 am
biotech firm ceo next. this is bloomberg. ♪
1:12 am
1:13 am
♪ annmarie: good morning. this is "bloomberg daybreak: europe." i am annmarie hordern in london. governments around the world are scrambling to get as many citizens as possible vaccinated, with more than 300 19 million doses already administered globally. there is a long way to go before we can return to normal. beyond tech's ceo -- biontech's ceo says he is working with pfizer to ramp up supply and produce another 3 billion doses next year. he spoke to matt miller. >> this could be possible. we are evaluating it. it also depends on the order book. the question is now with the number of additional vaccine companies coming into the
1:14 am
market, our key question is, how much is required? and where is the need to deliver them? this is something that they are evaluating at the moment. matt: what about the possibility of forging new partnerships? i know you have already worked with a bunch of other smart companies. are you in talks with others to produce the vaccine in higher quantities and in more places? ugur: yea we areh. we have some undisclosed negotiations ongoing. we have managed to establish a network with 13 partners and partners producing for us raw materials like lipids, and partners who are helping us in producing and partners helping us also for fill and finish,
1:15 am
like novartis. of course, the production expert includes the biotic production -- biontech production side. as well as the production side in terms of pfizer and in europe . manus: that was the biontech ceo speaking with the bloomberg's matt miller and a cameo appearance by matt miller's dog. let's focus in on the euro area. the ecb decision comes as the central bank stepped up the pace of emergency bond buying maastricht. -- buying last week.
1:16 am
the weekly gross bond purchases came in at 18.2 billion euros. may be the numbers did not match the rhetoric. henrietta pacquement as the head of investment grade credit for your about wells fargo asset management. we can debate -- for europe at wells fargo asset management. we can debate whether it was enough bond buying or not. only a 25 basis point move higher in bunds. that move is capped by the double discount, growth and vaccine. will it enter? -- endure? henrietta: i think the ecb is going to be working on its messaging on thursday, because at this point in time, you know, given the gross prospects that are available in europe compared to the u.s., i think they want to keep that rate differential with the u.s.. they do not particularly want to see a rise in real rates on the
1:17 am
european side, which you have seen on the u.s. side. so, it depends how the vaccine rollout accelerates, and we hope it does, because that will open up a bit more in terms of what can be done from an economic perspective. at this juncture, they are going to want to keep rates well behaved. they have a more complicated system to deal with at this point. annmarie: when you think about their communications, what does christine lagarde need to say on thursday to convince marcus at the ecb is going to -- markets that the ecb is going to keep financial conditions easy and loose? henrietta: they have a fair amount of flexibility with their purchase program. it's been more words than actions. i think if rates move too fast and there's too much volatility, because it is not just the level, it's also the speed at which they move and how people can plan around that. if that gets out of hand, than i
1:18 am
suspect they will come and heavier with their purchase program. but at this moment, they are trying to use words to soothe the markets and it has worked to a point, because we have had these lower growth prospects on the european side. we will have to see if that lasts. manus: and, i mean, we have easy credit conditions in the euro zone at the moment. what do you think is the trigger point for them really to do an awful lot more on bond buying? is there a bund level that you think is particularly important? is there a spread that you think is most manifest for them to keep an eye on? henrietta: i think they will be looking at credit conditions, absolutely. if you have widening in spreads on the credit side, they will be looking at that. they will be looking at the
1:19 am
volatility of the moves as well, and also they will be looking at real rates. in the u.s., some of the rise was driven by real rates. that is not something they want to see. annmarie: strategist from citigroup and commerzbank are becoming a bit concerned about the glut of issuance, as well as whether or not the ecb is going to really step up and do massive eyeing. will -- buying. will investors think twice before getting involved if we do not get a clear signal from the ecb about their intentional purchases? henrietta: if the messaging is not clear, yes, we might see volatility on the rates side and more of a test from the markets to see what the ecb's resolve is like. absolutely. i think they need to get there messaging on point on thursday. manus: what is the biggest risk in the european outlook for you? we have touched a little bit on oil, the value of the euro. what is the biggest risk?
1:20 am
henrietta: at the moment, i think what they really need to get right is the vaccine rollout , because they need to work towards an opening of the economy. you were talking earlier on about summer in europe and how important the summer is. i think that is something that is key, absolutely. they need to be in a position where they can open up, have some form of travel before the holiday season, for instance. i think that really is the priority at this point in time, is get the conditions right so that you can loosen the constraints that are imposed by governments at the moment to open up the economy. annmarie: just to round out the conversation, looking at central banks globally, we have this question today talking about the fact that are interest rates at record lows clouding trader's ability? they said we can ease further
1:21 am
and you heard from the rba governor talking about the fact that the rates market is pricing in an earlier lift off but we do not see that. where is the disconnect with traders reading central banks? henrietta: i mean, one has to realize that we are at extraordinarily low rates. we are talking about -30 on the 10 year in europe. that is not a normal level of rates. even in the u.s., you know, we are looking at mid-150's on the 10 year depending on where you look at it. these are still very accommodated levels, even in the u.s. they are not down to the levels that we saw last year but that was after height of the pandemic -- at the height of the pandemic. we are still in a low rate environment. yes, there is a movement to price a better outcome, be it terms of inflation or growth in
1:22 am
the u.s. you have to see the amount that is being thrown at the problem. we've just had another $1.9 trillion fiscal package, and that is going to have the effect of broadening the growth. you have got a lot of savings on the higher earner side. what they are doing with the stimulus package is sharing that with the sort of lower earning areas of the economy. it is setting itself up for growth going forward. annmarie: and potentially, a biden administration hoping for infrastructure package. henrietta pacquement, had of investment grade credit for europe at wells fargo asset management, thank you so much for joining us. hospitals, jails, and carmaker tesla are among the victims of a massive surveillance hack. the latest. breach in the cybersecurity world, coming up next. this is bloomberg. ♪
1:23 am
1:24 am
1:25 am
♪ manus: this is "bloomberg daybreak: europe." i am manus cranny in dubai. let's take a look at cybersecurity now. a group of hackers say they have breached a massive trove of security camera data out of a silicon valley startup, gaining access to live feeds of surveillance cameras inside hospitals, jails, and carmaker tesla, amongst others. joining us now is our reporter for cybersecurity. thank you so much for being with us. how did it happen? more importantly, what do we know about the scale, the size of this hack? >> i think the scale and size of the attack are probably what are the most extraordinary things about it. on monday, a group of hackers was able to access the live feeds, as well as the archives
1:26 am
of 150,000 surveillance cameras inside, as you said, hospitals, police departments, prisons, schools, and companies, including tesla. this is probably one of the most extraordinary aspects of this. they were able to access administrative credentials that were publicly available on the internet. they were able to use that username and password for an administrator account they found online to look directly into these live camera feeds. my colleague, who broke this story, said that in videos he was able to see, there was at least a feed inside a broader hospital that showed eight hospital employees tackling a man. other videos obviously show a tesla warehouse in shanghai, workers on an assembly-line. the hackers said they were able to access 222 cameras inside
1:27 am
tesla's factories and warehouses. annmarie: this is a lot of surveillance and a lot of questions will be raised. who exactly is responsible for this hack? >> well, so the people who are behind it really sort of describe themselves as an international hacker collective. they do not particularly do this for ransomware or any sort of malicious purposes, they say. they say they do this to really sort of highlight pervasiveness of video surveillance and also to demonstrate how easy it is for these systems to be broken into. one of the hackers said that they do it because they do it out of curiosity, because they are fighting against intellectual property. they also say they do it for fun. annmarie: wow, all right. thank you so much for joining us. that's a bloomberg exclusive. i suggest everyone check it out on your terminal or online.
1:28 am
coming up, crude this morning extending the clients, adding more volatility to -- extending declines, adding more volatility to the market. ole hansen is up next. this is bloomberg. ♪
1:29 am
(announcer) do you want to reduce stress? shed pounds? do you want to flatten your stomach? do all that in just 10 minutes a day with aerotrainer, the total body fitness solution that uses its revolutionary ergonomic design to help you maintain comfortable, correct form. that means better results in less time. and there are over 20 exercises to choose from. get gym results at home. no expensive machines, no expensive memberships. go to aerotrainer.com to get yours now.
1:30 am
annmarie: good morning. i'm annmarie hordern, with manus cranny live from dubai. this is daybreak: europe. the nasdaq bouncing back amid a move of lower end yields. tesla leads the way with a 20% jump. biontech ceo tells bloomberg it could produce 3 billion vaccine doses next year. we speak with adrian -- adienne
1:31 am
pharma, producing russia's sputnik vaccine, in italy. and access to 150,000 surveillance cameras. some along to the lives of tesla -- the likes of tesla. speaking of tesla, what a bounceback yesterday in the nasdaq, down 10%, 11% into a bit of a technical correction and then up 4% the next day. wild swing. the bulls breathing a sigh of relief. dip buyers are getting the dictation. is this a debt-cap bound? is it real? it often happens in the middle of deep selloffs. rbc says the big tech and want may be at least -- big tech unwind may be at least halfway done, but it is not finished yet. manus: no, and it certainly dipped this morning.
1:32 am
the question is when you see a drop of 11%, a rally of 4%, the sea relents these moves -- there is the performance on tesla, up at 20% into the close. will that in your? -- endure? you begin to wonder if we are at the precipice of something much bigger. you could recap what happened in 2003. you saw a nearly 50% drop. let's see how those auctions go tonight, and marie -- annmarie. there is the nasdaq, down by half of 1%. the dollar rises by a third of 1%. yields had a bit of a
1:33 am
breather, down from 1.6%, 1.52%. let's turn our attention to the commodity story, because chevron is providing the pre-pandemic production plans from the permian basin. the ceo spoke to alix steel. >> we intend to be one of the very best companies in this industry, and i think our shareholders deserve for us to continue to deliver that to them. manus: so, crude is extending its slide amidst a strong dollar with mixed reports, someone say. u.s. stockpile spurring yet more price volatility. our favorite commodity voice is joining us now, ole hansen, head of commodity strategy at saxo. have we squeezed too far, too fast? you say we rejected the 70 bucks
1:34 am
and it raises a prospect of a long-overdue period of consolidation. is it a big drop or a micro consolidation at 70? ole: good morning, manus. you just have to look at what has happened to copper over the last couple of weeks. even though it's got probably the storm's fundamental stories, it also corrected lower. it was inevitable that we would get a period of consolidation. now is a good time. we briefly saw it kiss $70 earlier in the week, only to come straight back down. we have also seen the spectrum of interest has faded somewhat even though prices continue to go up. that could indicate that the so-called paper investors are barking a little bit at these high prices. you also have to look at the u.s. oil producers. their market cap has now returned to the levels from before the pandemic last year.
1:35 am
obviously they are looking at the shareholder values and so on, but they are starting to increase production. i think we need to keep a close eye on the u.s. producers. annmarie: let's stay in the u.s. is the saudi oil minister correct when he says there is no longer any reason to fear the shale drillers? he said the days of drill, baby, drill are over. ole: at the end of the day, they are looking at making a profit, and they are making a handsome profit at these levels. the question is whether the banks will allow them to lend the money they need to expand. we saw a big rally in the nasdaq, but that move from momentum to value has the potential also to put interest back into the energy sector, which has been down and out for
1:36 am
quite a while now. i think we should be a little bit cautious in ruling that sector out for now. manus: i have to caution there, your latest tweet, with data out of china, is the calm before the inflation spike horse, so to speak? it is slightly more commodity-oriented on the ppi. ole: they are the first out of the block. i just looked at the oil price inflation, looking two months ahead, and we are about to hit the low from last year. that means in april the oil and price year on year is going to go to 250%. that will start to show up in the official data. but we have to remember that during the last nine months, we have seen a lot of stimulus around the world being handed into the pockets of consumers. that has gone straight to china
1:37 am
in exchange for consumer goods. consumer goods are now coming to the market with a higher price tag. yes, they are exploiting inflation, and that is something we need to be somewhat worried about. annmarie: when i think about china, i automatically think about iron ore. we have seen that cool off. we have a crash in nickel. his the 2021 super cycle premature? ole: i don't think so. we have not even seeing the real growth sprint just yet. i think that is still to come. but nothing ever goes in a straight line, especially when it comes to commodities. the market is having a moment of rest, and we need to continue to keep and i on what the paper investors are doing. they are focused on not only the commodity fundamentals, but what is happening on the dollar and the yields. the bond auctions are going to be key for market like growth. manus: let's focus in on the
1:38 am
dollar, very quickly. by the way, nobody fell over on the three year paper last month. we did not have an accent. they will probably hold their breath. you say we have had a bulldozer dollar, but what caught my eye on your notes, yes, you might have a bulldozer dollar wiping out consensus short trade, but it is not reflecting the position. you say the markets have not shaved back on his shorts cash on its shorts, perhaps as the bulldozer moves suggest. ole: for now, we've got dollar strength. the market is not prepared to give up on the weaker dollar story. i think they are probably right in doing so. in the short term, from the technical perspective, the dollar strength looks quite valid. there is a risk we could see strengthening further. the speculators are holding onto something like 10% reduction over the past month and a half,
1:39 am
which is clearly nothing. we are still having a multiyear short in the dollar. i think the expectations for bond yields are eventually to pick and maybe the real yields start to move deeper into exit territory again. annmarie: polly hansen, thank you for joining us. it's get to first word news with laura wright. laura: climate activists are urging the ecb to rethink its rules to lower its carbon footprint. they want the central bank to stop -- the reports by greenpeace at the new economic foundation say that without that, and taking climate risk into account, the ecb will not be able to meaningfully lower its carbon footprint. two of the world's largest sovereign wealth funds are warning investors to expect much lower returns in the future, in part because the typical 60-40 balance of stocks and bonds does not worthwhile in the current rate environment.
1:40 am
australia's future fund says the days of bonds acting as a buffer against equity market risks are over. disney's flagship streaming service now has over 100 million users might just 16 months after its launch. disney+ is lodging itself is the most formidable competitor to netflix, which has just over double the amount of subscribers. the success has prompted disney to increase the programming budget. global news 24 hours a day, on air and it quick take, -- and at bloombergquint take, powered by more than 700 journalists and analysts in more than 120 countries. this is bloomberg. manus: laura wright with the latest in london. we have breaking headlines on the retail side. this is one of the major retailers around europe my proposing a 70 sent per share
1:41 am
dividend. the estimate was on the slightly above that, at 20.9 6 billion. he also have adidas. we will come back to the adidas numbers in just a moment. coming up, the sputnik has landed. adienne pharma will partner to manufacture the vaccine in europe. the company's president gives the latest since the agreement.
1:42 am
1:43 am
manus: this is "bloomberg daybreak: europe." russia is pushing ahead plans to manufacture covid-19 vaccines in europe. it has signed a deal for the sputnik shot in italy and is also discussing production options in germany and rants.
1:44 am
-- and france. let's get to maria tadeo. she has the interview of the hour. maria: good morning, manus. sputnik has a deal with adienne pharma, a company that will be making the russian vaccine in italy. that potentially would get a way to get the vaccine into the european union, so that is a key conversation happening in europe right now. we are joined by adienne pharma's ceo and founder, antonio francesco di naro. the obvious question is, why are you making this vaccine? antonio: it is important to manufacture such a product.
1:45 am
maria: to pick up on that, i know you are saying this is about good intentions and helping the situation, but there are a lot of critics who argue this is a propaganda tool from vladimir putin, this is a political weapon. what do you say to those critics? antonio: [indiscernible] maria: what do you say to critics that say this vaccine is a weapon, a tool by the russians , it is almost a propaganda exercise to get this vaccine in europe? would you agree with that? antonio: it is not propaganda. if it were propaganda, why would the manufacturing be in italy? maria: in terms of how to
1:46 am
understand how this deal came about, was it you that reached out to them, the russians reached out to you? what are the details? antonio: the russians contacted us. they contacted another company, and we have been selected. maria: ok, and i guess this is also a very technical question, but a very important question. the commission says they do not have the obligation to use sputnik, and they would like to inspect some of the sites in russia as needed. the fact that you are making this in italy, does it make it easier to get approval? antonio: no. not at all. they do an inspection and
1:47 am
russia, because in russia, it is on the manufacturing side. they will inspect that. maria: ok, and the production you would be making, do you have any figures in terms of how many vaccines you could make at the site in milan? antonio: that is another point. [indiscernible] whenever release such numbers. -- we never release such numbers . and we are subject to inspection. i cannot release numbers. maria: ok. i know you can't be specific on the numbers, but what about the
1:48 am
production? is this just from italy, or is the intention that you make it in italy and then would distribute that to the whole european union? antonio: we have not decided yet. after the inspection, we will decide. maria: given all the experience that you have, do you seriously believe this vaccine, a russian vaccine with very high efficiency, would be approved in europe? is that a realistic scenario? antonio: i wish that it would. [indiscernible] maria: let's just say the
1:49 am
vaccine gets approved by the european medical agency in the next few weeks. how quickly can you get this production going? antonio: by next week. we start now. [indiscernible] maria: do you trust that the emea will give it the ok? antonio: as i told you, i wait. i wish the emea would do a good job. maria: antonio francesco di naro, the founder and ceo to adienne pharma, a company that could be principal to helping
1:50 am
make that sputnik vaccine in europe. we appreciate your time, sir. antonio: have a good day. annmarie: maria, thank you for that interview in brussels. one of the key points he said was that his pharmaceutical company, adienne pharma, that this was not a propaganda tool. there are many questions about why russia wants to make these vaccines in europe, the sputnik vaccine. coming up, we bring you key events to look out for today. ♪
1:51 am
1:52 am
annmarie: welcome back. we have had a number of earnings out today from the retail sector. adidas is seeing a 2021 gross margin of about 52%. the estimate was for 51.5%.
1:53 am
forecast sales, they say, are going to bounce back here 2019 levels. the ceo will be rolling out his first five-year strategy for the company. they are expecting, like all these retailers, a heavy impetus on e-commerce, as well as sustainability measures. interesting that they are going to be able to pretty much get the pendant behind them -- the pandemic behind them in 2021 as stores begin to reopen and get back to 2019 levels. manus: they are certainly going to be the trophy figures. the biggest question of 2021 is what r -- at least those are the views to consider. they have a big value. if you think of the decimation of the likes of oxford street, and this is a very present band on the likes of oxford street, the main thoroughfare. the owners of zara say their
1:54 am
online sales were up 77% in the full year. they are saying this first quarter of 2021, they are expecting sales to be between march 1 and a little on down, 4%. the online sales are expected to grow. the spring and summer collections have been well received. they made a gross profit of $3.22 billion, lighter than expected. net sales have missed estimates , but the online side of the business is really important. annmarie: i am seeing by april 12, close to 100% of their stores will be reopening. i don't know about you, but i cannot buy clothes online. i like to go in person, try it on, touch it, and feel it, etc. yeezys are the collaboration
1:55 am
between adidas and the famous rapper kanye west. they are expensive and people line up, dying to get them, and they also resale. manus: i know. the producer of the other showed loves them. i am sure he would pay how much to them. annmarie: he would show you his yeezys. we should check on the markets. yesterday, a bounceback on the nasdaq after a technical correction, but this morning we are 0.3% on the nasdaq 100. we keep looking at the historic meaning of all this, and a lot of people look at the fact that when you have these rallies such as yesterday, is it just the middle of a deep selloff? manus: it certainly had people
1:56 am
questioning the valuation for a moment, but they came back in. this is looking dicey. roll the dice. there is a saying, roll the dice, settle the price, where she goes, nobody knows. bottom line, volatility is expecting to rise -- you like that, don't you? my favorite line, the bond market, a bloodbath, oversold, top down on the 30 year spike. 3% on 10 year is a possibility, though. annmarie: i will teach you about trainers and you can teach me about all these interesting market sayings. we should end on what is happening today. looking at the treasury department, strong demand on the three year, and today we have the 10 year. re: still going to see continued strong demand? manus: absolutely.
1:57 am
annmarie is going to be up tonight, focused on the bed cover ratios and what gets allocated to the dealers. she is all over the bond markets. that is it for the two of us. we will do it all again tomorrow morning on "daybreak: europe." ♪
1:58 am
1:59 am
want to save hundreds on your wireless bill? with xfinity mobile, you can. how about saving hundreds on the new samsung galaxy s21 ultra 5g? you can do that too. all on the most reliable network? sure thing! and with fast, nationwide 5g included - at no extra cost? we've got you covered. so join the carrier rated #1 in customer satisfaction... ...and learn how much you can save at xfinitymobile.com/mysavings.
2:00 am
anna: good morning. welcome to the european open. i'm anna edwards, live in london. mark crumpton joins me in singapore to take us through all the market action. cash trade is just less than an hour away. here are headlines. the nasdaq bounces back amid a move lower in yields. growth tied to tesla leads the way with a 20% jump.

36 Views

info Stream Only

Uploaded by TV Archive on