tv Bloomberg Markets European Close Bloomberg April 19, 2021 11:00am-12:00pm EDT
guy: from london, i'm guy johnson. alix steel is over in new york. we are counting you down to the rpn close on "bloomberg markets -- to the european close on "bloomberg markets." football seeing its biggest split in decades as the world's richest clubs, including manchester united and real madrid, breakaway from the ua for champions league to form a super league -- the uefa champions league to form a super league backed by jp morgan. india's covid rates surged to the highest in the world. london says it will intervene in the acquisition of arm on national security grounds. european stocks a bit like they are in the united states, kind of going nowhere. a little bit of a drift lower by
0.1 percent. the euro catching a bid. the pound catching a bid against the dollar. dollar weakness fairly broad at the moment. alix: can i just say how glad i am that football headline broke when you were here? if i was so low, i would have been in some serious pain last week. guy: there would have been a lot of soccer, let's put it that way. alix: i would have been like, so, what's up with that? in the market, dollar pressure is pretty broad. you can see that reflect it within the market. the s&p down by 0.4%. the energy sector was the outperformer. now that has flipped into negative territory. copper still able to hold onto some of its gains, but it was over 2%. that is where the reflation reopening narrative was, and now that is getting drained out of the market. the flipside was some selling on the long a did the market. now pretty much flat. i wonder if we get a bid to the bond market as we see the
session unfold. guy: i was talking about a game of two halves earlier, getting back to the football story. alix: oh god. [laughter] guy: but you are seeing a similar thing around the world at the moment because you and i are both in countries where the vaccination rates are high, and really, you have started to see the effect of that price into financial markets. but that india headline that we saw at the back end of the last hour i think is really significant because global covid cases are at a weekly record now , just over 5.2 million despite the vaccine rollout we are seeing. boris johnson was supposed to go meet modi next week, but now that is not happening. i think in some ways, maybe we are getting ahead of ourselves. alix: 100%. also, are we get peak optimism
in the u.s.? if that slowly turns, are we front running it a little too much? guy: let's talk more about this and how significant a develop and this is. u.k. government reporter emily ashton joining us now. boris johnson, post-brexit, meant to be a key trading relation. indian albion put on the red list. did they have any choice -- india now being put on the red list. did they have any choice? how big a deal is this? emily: clearly, he was going to have to cancel eventually given the number of cases and given the rise of this worrying new variant that seems to be driving the outbreak in india. we have been told by the health secretary in the commons that there are no 103 cases in the u.k. linked to this variant.
it is not yet clear how resistant to vaccines it is. matt hancock is also just announced that india is on that travel ban list. the u.k. is doing very well with its vaccination. 10 million people fully vaccinated. it doesn't count a lots if variant arrive -- count for a lot if the variants arrive and make vaccines irrelevant. this may come as a surprise to people in the u.k. on the u.s. -- the u.k. and the u.s., where cases are going down and vaccinations are going up, but it shows how mixed the picture is around the world. in india, just over 1% of people are fully vaccinated. the more cases there are across the world, the more variant cases could pop up. so it is not truly safe until the whole world is vaccinated.
alix: emily, thank you for joining us, bloomberg correspondent. if we are seeing these variants kick in places like india -- kick up in places like india, how does it spread? guest: there are a lot of variants causing concern. we don't know how good they are at minimizing vaccine benefit in terms of severe inlets and death -- severe illness and death, but i think over time, we will start to see them over mine -- see them undermined that headline efficacy number you see from pfizer and moderna. i think that is really what you want to watch. it is not going to be like a light switch where one day, the vaccines no longer work. but you will start to see increased risk from vulnerable populations. you might have increased risk for severe illness and death. that is ultimately when the
variants really start to win the race. guy: there is this sense, it feels like in the u.k. and the united states, that we are past the worst. scott: i think it depends on what you are solving for. it is pretty clear that the impact on hospitalizations and deaths is going down, that the vaccines are showing some significant benefit in the u.k. and a number of other countries. in the u.s. as well, we are starting to see good numbers on that. but that is not the same as reduction in transmission. in the u.s. we are fairly flat. there's a lot of transmission in younger populations. we still don't know really how these variants impact younger populations in terms of severe illness and death, but there is some evidence that when you have these huge outbreaks in younger populations, you do get more
hospitalizations from them, and then you have this sort of persistent state of a difficult outbreak, but not the same as march 2020, when hospitals were overwhelmed. i think ultimately, that is what a lot of policymakers and leaders in europe and the u.s. are talking about once we get to that point where deaths are significantly lower, and hospitals are under less strain. that will be a sort of turning point. it won't necessarily be the end of the outbreak, and that could take a lot longer. alix: the problem we are trying to understand is that has already happened in the u.s. and the u.k., for example, and maybe certain pockets of europe. if these variants eventually erode the efficacy before we get a booster, do we go back into lockdown? do you think that is something we could see in the fall? scott: i think the most likely scenario is that the negative signals from the vaccine, if we do see them over the summer and into the fall, require some type
of reformulation, require another booster, particularly for at-risk populations, and that is probably more of a 2022 story. but we can't guarantee that, and we are definitely watching it. i think until then, there will be this uncertainty because this virus has shown itself to be very aggressive in terms of the way it mutates, and it is not necessarily mutating in ways that are reducing our concern globally. guy: what does it mean for long-haul travel? is this going to be something we are going to have to deal with for quite some time? it is going to take a long time to immunize the indian population, and they have one of the biggest producers of vaccines in the world, if not the biggest producer, in the serum institute. we just have to shut down travel as we work through this process? scott: ultimately, this is where the difference between emerging
and developed markets really shows. i think there are going to be persistent outbreaks in a number of emerging markets that aren't able to vaccinate at the same levels as developed markets. that includes india, even though they do have first dibs on their own vaccine. we are also talking about much of latin america, turkey, some southeast asian countries struggling with spikes. that is likely going to be the travel environment for much of the summer into the fall and winter, and then you get travel corridors, vaccine passports, some resumption of travel in areas where people are comfortable going, but ultimately, you don't get that full resumption until there is this collective sigh of relief at the global level that this virus has been vanquished. alix: how does that happen when the emerging markets are probably going to be getting much more of the astrazeneca and j&j than the mrna? scott: what we are seeing now is that all of the vaccines still
seem to be very effective at reducing severe illness, and that some are probably better than others. some are certainly better at providing protection after one dose. chile is a really interesting country to watch. they have been vaccinated with the coronavac. that could explain why chile is still having such a severe outbreak. in general, the trajectory to a better public health situation for countries using some of these lower efficacy vaccines out of china, perhaps the astrazeneca vaccine, that trajectory could be slower, and that also affect our ability to travel, our confidence in the status of the outbreak in these countries, and that is part of this larger question around vaccinating significant persons of the population global -- significant percents of the population globally. guy: we are going to leave it
there. thank you for your input. scott rosenstein of the eurasia group. the u.k. publishing its data, reporting four covid deaths on april 19. that number has come down really quite significantly. and you just don't want to undermine it. i guess this is the problem the government is now facing in terms of reopening travel. you have india climbing rapidly, and you get those kinds of numbers. alix: in the u.k., over 10 million people have that second covid dose. guy: absolutely, and huge numbers protected by the first. anyway, we are going to talk about the impact this is going to have in terms of markets. european stocks heading other record earlier. seven straight weeks of gains. chris watling, longview economics chief market strategist, is going to be joining us next. this is bloomberg. ♪
♪ guy: 14 minutes past the hour. guy johnson in london. alix steel in new york. this is the european close on "bloomberg markets." european equities have been creeping higher. it has been one of those stories that we have been watching, but not quite believing. take a look at this. this is 2021. the stoxx 600 has only had three weekly declines. the last seven weeks, we have been increasing ever so slowly, starting to play a bit of catch-up. the question is, are we starting
to price and a little bit too much good news? europe is still struggling in terms of the vaccine rollout, but the market will front run that. chris watling, longview economics ceo and chief market strategist, is joining us now. things have been getting better in europe. the vaccine program has been kicking in. there's greater acceptance of the astra vaccine. things are starting to become a little more positive. the market is aware of that and has been pricing that in. my question to you, if all of the good news is now in the price, what is going to keep the market rolling? chris: it is a lot to price in, isn't it? as you say, valuations are very high. i think the market is starting to worry about this idea that the growth is peaking, if you
like, and the growth rate may be there in terms of the global economy, but it is going to be its highest in q1 and q2, and maybe that is where the market peaks as well. but i think markets are about economic growth and liquidity, and liquidity looks pretty good at the moment, with the fed still foot to the floor in terms of liquidity. no real hint yet from jerome powell or his colleagues that they are taking their foot off the gas. likewise, the ecb and other central bank's around the world. also, commercial banks are making a ton of money now, and they are going to want to put that to work. i think there's a lot going in this market. vesely if you have gone up seven weeks in a row, you are probably going to have a paul's week or two, but the main trend i think is absolutely up. we are in a bull market, and for now it looks pretty good, i think. alix: does that go hand-in-hand with a stronger euro and yields over in europe? chris: absolutely.
what we saw in the first quarter of this year was markets consolidating their gains from that egg november and december surge. as they have consolidated across global equity markets, they are pretty solid. as they consolidated those gains, the dollar looks very oversold, the euro overbought coming into the end of the year, now that has sort of unwound. the u.s. has gone from being overbought to being ready to go again. the primary trend in the dollar is down, and our opinion. we have a countertrend move in the dollar in the first quarter, now that is done. we are sort of moving back to the primary trend, if you like. i think the euro looks interesting here, and i thing it's got legs to it. guy: do we get a positive yielding bund anytime soon? do you think the ecb is going to allow that? chris: i think they will allow it. whether or not markets want to
push it is a different question. i think the primary trend in bond yields is up. we have had very strong moves, and we are pausing and that trend now. we have seen u.s. treasury yields topping out in mid-march and moving quite a bit the other way, and the rest of the world has followed the lead of the states. onset were deeply oversold in march -- bonds were deeply oversold in march, so they are pausing, and often those pauses go on longer than you expect. we are pausing on yields, but i do think the trend is up on yields at the moment. alix: see, he didn't laugh at you. guy said this once to somebody and got laughed at, so i think that is an improvement. guy: in the space of a couple of weeks as well. [laughter] chris: i would never laugh at guy. alix: missing out, chris. guy: in public, maybe. in private, possibly.
alix: you had the ftse 250 up huge, the domestic facing stocks and the cac 40 also outperforming. do you go there? do you go to those that have more cyclical exposure? chris: we like germany at the moment. it's got a lot of cyclical exposure. it is plugged into china, plugged into the global trade cycle. i think global trade will do well for a long period of time. brexit is out of the people are starting to put money to work, and on a relative basis, it is one of the cheaper markets. it's also a value market that's got some cheap banks and interesting stocks. mid-cap stocks tend to do well because they are plugged into the domestic economic growth. it might do well for a month or two -- for a month or two as we pause. but i think the value-based
markets are two of the best. guy: people have come on the show talking about the rest of the world, india, brazil, these countries are way behind. the case counts are rising and accelerating really rapidly, and we are seeing new variants. how should investors stick about that and plug that in in terms of their thinking about where they want to invest? do you simply not invest in india or brazil? what does it mean for the emerging-market bucket in your portfolio? chris: it makes it a bit harder for emerging markets. really, different emerging markets have different flavors. you have to thing about what kind of country you are trying to invest in. if you look at southeast asian economies, they are very much a play on global trade, not really about how the virus is doing domestically. they are about how global trade and their exports are doing. so as long as these economies are functioning on a manufacturing level, their
stockmarkets can do well, and actually, they get a bit more stimulus often when they've got these variants kicking in and infections going up. so you have to be careful. you have to dig into the detail. india is not a cheap market, so you've got to factor that in. but emerging markets in general i think will do well. the dollar is going down, that is generally a good tailwind for the emerging markets in aggregate. as i say, look at the different buckets. alix: chris, always good to chat with you. we will get you back soon. coming up, nvidia following after the u.k. said it will intervene in the plan to buy the country's most valuable tech company, arm. this is bloomberg. ♪
deal over security concerns. what does this mean for nvidia? reporter: what this means is we are finally getting the ball rolling on the u.k. review process after investigations in the eu and the u.s. this is the moment that starts the clock. the u.k. government has set a deadline of july 30 for a report on the national security implications of the transaction that will run alongside a competition review that is also underway. guy: can you walk me through the various arguments about why this is a national security issue? or is this simply about concerns that there will be a brain drain were softbank to sell the asset? jonathan: the ministry emphasized today how important the semiconductor industry is. semiconductor chips obviously
underpinned as critical national infrastructure at the heart of pretty much every defense technology there is these days. there is a separate concern as regards to jobs in this country. nvidia has already committed to maintaining a headquarters in the u.k., and in fact boosting jobs, in the same way that softbank did initially. this is very specifically targeted on the question of security. alix: is there anything nvidia can do to fix this? jonathan: it is difficult to tell for now because we don't know what particular national security rounds will be thrown up. that will be something -- security grounds will be thrown up. that is something we will have to wait for. this is part of the reviews that they would expect. it is a process they expect to take almost 18 months. guy: jonathan, this is certainly
something the u.s. markets are paying attention to. we have seen that impact on nvidia's share price. bloomberg's jonathan browning, thank you very much, indeed. the european close is coming up. the ftse softer, as well as the dax. the cac is flirting with the line, but still in positive territory. spanish banks have been having a particularly strong day, and that supported that market. we've drifted lower as the u.s. session has got underway. we will deal with the details in a moment. this is bloomberg. ♪
the end of the day. drifting into negative territory. quite a run for european equities. we may get a period of consolidation. we will wait and see as the week develops pure a lot of news, a lot of earnings, a lot of central-bank action. a lot of data, those little lighter in the united states. fading the move a little bit. let's talk about what is happening with some of the individual markets. ftse 100 fading, down .2%. the dax under low bit more pressure. take a look at the madrid market. a very strong day, pushing the market up. up 1.31%. dispersion from the individual markets in europe. also dispersion across the land tech. euro catching a solid bid -- also dispersion across the atlantic.
up 1.1% on the cable rate, approaching 1.40. we are north of 1.20 on euro-dollar. in the blackout period for the fed. the swiss franc reversing. stoxx 600, let's see what is happening. staples doing well. banks backing up as well. some of the spanish banks doing well. retail is getting a bit. -- retail is getting a bid. chemicals under a lot of pressure. cyclical stories fading explains what's happening with the dax. let's take a look at some of the individual names. a money laundering case at abm amro. regulators concerned about it. the stop for the dutch bank -- the stock for the dutch bank up 2.4%. air france, waiting for details
of the capital raise. ben smith said the news is more positive than he first expected. we await some of the details of that. the question is will it be enough for air france. still waiting for the details of what the dutch will do in the netherlands to make sure that happens. air france bouncing back today. a bit more positivity surrounding the vaccine rollout story. then we come to the football story. more about this in just a moment. juventus up 17%. the italian class breaking with the champions league. the spanish club doing it as well. six u.k. clubs are with the friends and the germans -- with the french and the germans not going for it. juventus reaping the rewards. is it going to provide more stability? is it a negotiating tactic?
there are so many unanswered questions about what will happen. this is the biggest split in european football since the 1950's. alix: i will understand it by the end of the block. alex webb of bloomberg opinion has been following the story. you need to dumb it down for me. what are the takeaways i need to have from this? alex: sports and football operates completely differently from the u.s.. all of these leagues have a set, prime number of teams. that means as an investor or owner of one of the teams, you know you're guaranteed a certain amount of income every year. in europe you have a bad year, you drop out of the league. the champions league, the pan-european club competition, at the end of the season the top teams domestically qualify for that. what the european league does is
it limits the risk whether you qualify for the top competition or not. it does so for 15 teams. self-appointed top teams in europe. the question mark is whether that is really the case. for the owners, it limits the risk factor. it means they know they would get a certain amount of revenue for x number of years and they can manage their budget accordingly. guy: uafa were going to make changes. is this a done deal or is this a negotiating tactic? alex: if it is a negotiating tactic it is a very aggressive one they seems to have made legal commitments to do this. jp morgan buying all of the financing up.
it gives little more power to the massive teams, teams like barcelona and riau madrid. the alternative is seemingly unconscionable. alix: is this a good or bad thing for fans? alex: bad. no doubt about it, bad for fans if you're in the u.k. or spain or italy. it is good if you are a fan in the u.s. or asia because you might get to see these top teams play more regularly. the thing you lose, when people talk about the passion of european football, and how does a much greater an american sport , a lot of that is due to the fact there is more at stake. you lose it game -- you lose a game you can be relegated to the doldrums for years. he did not have that risk factor in the u.s.
for the neutral fan that is better. for people who really care about the sport, it is undeniably worse. if you're in manchester, you will stop to travel every other week to see your team player and a foreign country. that is more expensive and harder for consumers. guy: what does the media landscape look like? which kind of companies are we talking about? is it amazon? i'm curious to see which other businesses need to move and who would provide the support that sky did to the premier league? alex: it is absolutely about the value of broadcast rights, which have been skyrocketing. they have started to stall recently as the u.k. has become saturated and we have seen -- we
are looking increasingly abroad to get more valuable rights, and are some pay-tv, online streaming services, looking at this space. there calculation -- their calculation is fans in asia and the u.s. will be more likely to want to watch manchester united and barcelona, even more likely than to watch manchester united. these are huge gambles on the value of broadcasting rights. guy: will wrap it up there. thank you very much. alex webb of bloomberg opinion. this will become a hugely emotive subject, anything to do with football shakes things up. minal modha joining us now to
give us a take on this. what i'm trying to work out, is this a sign of strength from these clubs are a sign of weakness? minal: i think it is both. these are the most powerful clubs in europe, and as alex mentioned, is it a bit of a bluff by them, is it them throwing their weight around a little bit in order to potential get to what they want from uefa or even the domestic leagues? the top six clubs from the upper merely are part of this. they sent a manifesto to the premier league trying to get more voting rights in the last couple of years. part of this could be a means to an end to get to where they want to rather than something concrete they will definitely do. alix: can he related to the u.s. in terms of the nfl or nba? how different does it look now and what could it look like in terms of football going down the road? minal: at the moment the nfl and
the nba, there is no regulation and nothing coming up or down. you do not have the same type of peril you have been the european football competition, where at the top you have all of these clubs only three or four places to get the elite spots, and all the broadcasting rights that come along with it. the greatness of being part of that. on the other hand you also have all of the relegation. what makes football so great, if you end up with a closed competition, i do not see where that competitive edge will come into it. guy: in terms of what this means for the rest of football, it is interesting the french have not gone along with it. psg will not be there. german clubs will not be there
as well. how does european football develop? these are huge clubs in two countries that are massive and in the heart of europe. how significant is that the french and germans are not taking part of this process? minal: is huge. if this does go ahead, and that is still huge if, it gives uefa bargaining power when it comes to their champions league, in terms of broadcast and sponsorship. they still have the big leagues. in terms of the development in the future, there are so many caveats. they are saying these clubs may not be able to stay in the domestic composition. may not be able to stay in the world cup. is that going to be attractive enough to have the best players if it means they will sacrifice and miss out on paying some of the other huge tournaments? guy: what to the players -- alix: blood to the players think
about this? minal: it has been hard. -- what to the players think about this? minal: it has been hard. i've not be able to find out a lot from the players in all fairness. if i was a manager or owner of the club, what you may think and what the owner of the club might be different things. there might be a little bit of towing the line at the moment, that is assuming that that is what is happening. guy: juventus was up massively, nearly 18%. i am wondering, is that the right reaction? are these clubs 20% more valuable? i can see the numbers being posted by jp morgan, i can see the bonuses these companies will get for joining this league.
i am wondering if it is possible to quantify at this stage how much more valuable they will be as a result of this? minal: it is hard because we do not understand the whole structure of how it will work. so much of this will hinge on whether or not the threats of the domestic expulsion will come through. for example, if we take manchester united come in their 2019 annual report there broadcast revenue mix up 241 million houses. that is about 38% of total revenue. if we say -- they are only in the super league, you are one match a week. you may not get through to the knockout stages. that will have a huge detrimental impact on your commercial revel in terms of sponsorship and merchandise, but also your match revenue because only half the matches will be at your home ground. if your broadcast revenue will have to increase from bring --
being 30% of the total to two times that to make up some of the shortfall. while there might be an initial reaction, this will add a lot of value to the club, behind the scenes if some of the threats actually do materialize -- there might be financial issues these clubs face. guy: we will certainly see -- one final quick question. how do you think transfers would work? if your player in one lead can you move to the other league? minal: in theory nobody quite knows your -- in theory. nobody quite knows. weatherby restrictions in your contract to save cannot play for any of those clubs -- would there be restrictions in your contract to say you cannot play for any of those clubs? there are so many different players. if i was a player i would think
i am in flux at the moment. i would be slightly apprehensive about how this is going. alix: i really appreciate it. minal modha. for me does this mean ted lasso season two would not make sense? that would be painful. then i can relate. guy: right. ok. i have no ideal you're talking about, to be honest. alix: [laughter] guy: no idea. alix: ted lasso. guy: i thought i was the one in the driver seat in terms of understanding the language around football. you've just completely throw me a loop. alix: amazing. apple tv. great series. jason sudekis. we will discuss. guy: alix will educate me, i am sure. let's take a look at what is happening in terms of where european stocks are finishing up the day.
the ftse 100 down, the dax down, the auto sector and the chemical sector trading lower. the cac 40 has faded. air france, the details of its share capital rates. the french state now has 20.6% of air france klm. it looks as if that was much better than anticipated in terms of what happened with air france klm. i talked to ben smith, ceo, we will have some of that conversation in just a moment. ♪
it now effectively gives the french state 20% in the business. -- 28 percent in the business. we are waiting how the netherlands will get involved. i caught up with ben smith this morning. he is the ceo of air france. do not have these details then. to get his temperatures on what is happening in terms of recovery and the balance sheet. ben: quite optimistic this will be a key advantage for all countries to have this in place. we fully support digitization of health documents. the sooner the better. it all relates to alignment as quickly as possible. iata, europe, the united states,
already a lot of lengths [indiscernible] i am reasonably encouraged we could see something take place in some of the key markets. guy: when do you think i will be able to book a flight on air france klm to north america? when you think the north atlantic will reopen? ben: you can do that today if you are allowed. guy: for me. when you think i will be able to book that flight? ben: i am hoping by the summer. i am hoping restrictions will be open, whether it is the passport or streamlined and tested or a vaccine could be in place. it should be much easier to travel.
i am hoping by the summer that should be possible. guy: may have to look at this later on in the year, there may have to be more dilution. i am curious as to what kind of demand you see during the latest round. the travel and leisure sector, i cover on an almost daily basis and i'm intrigued to see how big a part of the recovery trade on the financial markets the airline sector has been. the turnaround has been breathtaking. was there strong demand? have you seen strong demand for this recapitalization? i am putting the french government to one side. ben: our operation closes today. we will see the final numbers today. what banks have been telling us, what financial analysts have been telling us, what funds have been telling us is more positive
than i would've expected. still strong signs for the medium-term, long-term. very clear our industry is here to stay. major tools for businesses, for countries. very strategic. healthy infrastructure set up to move people around the world, move people and move goods. it is a major part of the way the world works today. i do not see is a big surprise. what is encouraging is our group will play a big part in that. guy: ben smith, the air france klm ceo speaking to me earlier on cured throughout the week -- to me earlier on. throughout the week we will have a bunch of big names from the aviation sector. tomorrow afternoon we will have
the easyjet ceo. he will be joining us to give us his take on what the summer will look like. alix: this is going to like your super bowl, right? the super bowl is football in the u.s.. guy: which you play with your hands. this is aviation super bowl champions league, super league, all rolled into one. i get to talk to all of these guys. johann will be with us tomorrow. you get to play as well. alix: i'm excited. diesel fuel. i meant it. guy: looking forward to that. this is bloomberg. ♪
chauvin use of force was not justified and floyd was trying to comply with police. show for -- derek chauvin's lawyers will make his closing arguments later today. we are also watching in the day ahead, this afternoon president biden meeting with bipartisan lawmakers to discuss the american jobs plan. tomorrow we get johnson & johnson plus netflix earnings. guy: and that great jay were just talking about. alix: that is apple tv. guy: is it? alix: yes. guy: i am on the wrong page. apple will have a product unveiling tomorrow. a product unveiling for 2021. boeing has an unveiling. watch out for that one. ♪
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headquarters in new york to our tv and radio audiences worldwide , welcome to "balance of power," where the word of politics meets the world of business. we will start with a check on the markets. joining us is abigail doolittle. equities are off a little bit. abigail: it feels little bit different. we are coming out of a four week winning streak for stocks. very small losses. today is the worst day for the s&p 500 in about a month. that might be the different feeling, a little bit of selling pressure. it is not clear what has brought it on. there might be growth names under pressure, including tesla and nvidia. tesla due to the unfortunate situation in texas where two people died in a car that did not appear to be manned by somebody, unclear if it was on autopilot. in nvidia's under pressure from the u.k., up against it, trying to put