tv Bloomberg Markets European Close Bloomberg June 7, 2021 11:00am-12:00pm EDT
been given the green light. the treatment has been approved. it is the therapy that is very much in the early stages of treatment of alzheimer's. but the level of unmet needs in this space is absolutely enormous. this therapy has already had a very rocky journey. this is a huge win not only for biogen, not only for biogen's shareholders and scientists, but it will be fascinating to see exactly how this gets rolled out, how the rest of the health care industry gets involved. but this is a huge unmet need, as we all know. alix: it was halted about 15 minutes ago, pending news from the fda. it was just around a four-month high earlier in the session. as you pointed out, eli lilly for example is just working on its own alzheimer's drug. there are also some small cap drugmakers also working on something. but i think this is going to
reverberate through many different areas of the health care market. medicare is probably going to end up picking up a lot of the bill for this drug, so i wonder how it is going to play out over time, as most of the individuals taking it is going to be available for medicare. guy: i think as you take a step back and think about the broader cost and think about the savings that could be generated there, the fact that people will be able to maintain their cognitive function for much longer, will need the kind of care they would've had, all of these other costs, really hard to quantify and calculate at least now, but maybe further down the road we will be able to do that. as you say as well, the other thing we need to think about here is the first treatment through the wall has the toughest journey. may be others that are going to follow maybe have an easier
journey. maybe the lilly therapy gets an easier journey through. maybe this encourages other companies, other pharmaceutical companies to start pushing as well in this space. that will encourage more money, more capital to come into the space, more research to be done. but this has been an incredibly long journey just get this far. -- just to get this far. alix: analysts saw the potential for biogen to surge to as much as $450 a share, and it could tumble as much as $200 a share if it didn't get approved, so we could see some serious upside. the previous trade was around 280 six dollars. it has been halted pending this approval. it does also point out when you look at the biotech sector how much their fate is tied to the approval of a single drug. obviously for the bigger guys, it is different. but for biogen, you can see how it is closely linked to your point. $450, that is almost double the stock price based on potential
approval. that is what analysts are saying. j.p. morgan said it is going to be the mother of all binary events. we are still waiting for that stock to start trading. guy: but there are other stocks that are trading. adr is up 50% after its partner won the approval, so you are starting to get an indication just in terms of the size and scale of the potential moves we could see as well. have a look at what is happening with lilly. eli lilly stock, just to get an idea, because as you say, it could be moving sharply on the back of this. at the moment it is only up by around 3%, but that has certainly had fairly substantial spike. we will see exactly how that one trades once we may be get a price for biogen. alix: just to reiterate the news, biogen's alzheimer's drug has now been approved by the fda. the stock was halted pending that news. it is a drug which could help slow the cognitive decline that comes with alzheimer's,
particularly if you wind up catching it early. we are taking a look at other stocks as well within the index. i should point out within the spider spy etf that tracks biotech's, it dropped from february's record, so you wonder if this is really going to be the catalyst to help the entire sector move higher. the index up by over 2% now. guy: let's bring back into the conversation bloomberg's senior health care editor drew armstrong. drew, the fda has given the green light. walk us through the implications. drew: they've given the green light, but i am actually reading over the statement they put out now, and i would say they are highly conscious of the controversy surrounding this drug, and the uncertainty of the evidence around it. one of the things the fda said here is that the data for this drug was highly complex and left residual uncertainties regarding the clinical benefit of biogen's
drug. they say they are going to require biogen to conduct a postapproval study. now, those events have drawn controversy as well, since drugmakers can drag their feet about doing them. but i think the controversy with this approval is not over just because the fda has given this greenlight. we are going to watch the implications play out in the health care finances and the medical world for next months and years to come. alix: take a couple of steps back. what is the drug? what is it supposed to do. we talked about slowing down the cognitive decline that comes with alzheimer's. what do we know about? drew: we know that, exactly as you say, this is a drug that is meant to be used relatively early in the treatment of alzheimer's, and slow. i think that slow word is really important, slow the kind of to climb. it does not halt it. it does not reverse it.
i think there is still a lot of uncertainty about exactly how these drugs work. the side effect profile, when you compare it with the effects of alzheimer's disease, is relatively mild, which is good news. it does have some side effects in terms of the development of other drugs and the ability to go ahead with clinical trials when there is an existing therapy on the market. it has some financial side effects as well. we've heard pricing in the range of $30,000 a year. i think it probably has side effects in terms of how people think about the fda and how it is going to approach controversial therapies in the future. guy: the unmet need is absolutely massive here. biogen is the first to get approval. it has been an incredibly long and difficult journey to get even this far. what does this mean for other companies that are going to be moving into this space, other companies that have potential therapies in progress? talk me through the implications for them. drew: one of the reasons you are
seeing biotech stocks trade higher is because anytime there's a controversial decision like this, everyone reads it as saying the bar just got a little bit lower for anyone else who is in a space with a lot of unmet medical need and a drug where the evidence may not necessarily be as strong as somewhat historically expected, and we have seen this in the past with drugs for muscular dystrophy. we have seen this trend happened with cancer before. i think if you are a drug developer or someone who deals with the fda, you are going to try to read into what does this mean for me, and does it mean that my drug has a better chance of getting across the line. i think it will also reset the profile for what it means for other alzheimer's drugs. it may mean you have to do better than this to get approved. a lot of times the fda does consider what are the other therapies that are on the market, so it may mean that if you are competing, you have to do better than biogen. that is not a terribly high bar. again, we really have to
emphasize the controversy around this data, the uncertainty of some of the evidence, and what i think is going to be an ongoing discussion about whether this drug gets paid for, and even if it remains on the market when more evidence is collected. alix: it also slows it, it doesn't erase it, so you're still heading towards the same result at the end, but i think that becomes a different kind of conversation. the fda is requiring i/o gin to conduct a postapproval clinical trial. is that normal -- requiring biogen to conduct a postapproval clinical trial. is that normal? drew: that is standard when you have an approval granted on an accelerated pathway. the company is supposed to go out and conduct an additional clinical trial once the drug is on the market. the fda and the company has other ways of continuing to collect evidence. we have seen this sort of thing happening with covid vaccines. everybody is watching to see, even though they are out there under these emergency authorizations, how they continue to perform. i think the issue with a lot of
the accelerated perfume will -- accelerated approval trials is that drugmakers frequently don't do them. it ends up being up to the drug sponsor to conduct a trial. and if your drug is out there, getting used, getting paid for, unsurprisingly there are a lot of incentives not to necessarily look too hard at something that might end up getting it pulled off the market, and there's been a lot of criticism of these postapproval trials and the fda's lack of enforcement in terms of saying it needs to be done by this date in terms of making sure the -- making sure those things happen in a timely fashion. guy: we talk about the unserved market here. how big is it? how big a cost is this for the u.s. in terms of care and health care? talk to me a little bit about how big the market is. drew: it is massive. you are talking about tens of millions of people in the u.s., and from a market perspective, that is huge.
there's projections out there saying this could be a $3 million a year drug by 2024, from some of the analysts we collect on the bloomberg terminal. that said, think about the market. i have a grandparent, now deceased, who suffered from elderly dementia and alzheimer's. it is tragic. i think people have to really understand if they don't have someone in the family or close to them who suffered from this disease, the need is massive. it is an awful thing to watch someone go through, whether they be a grandparent, a parent, a spouse, a friend. it is truly a horrific disease that robs people of their minds, and anything that helps is a massive step in the right direction. that said, because of that need and because of the desire for this drug, i think it puts a huge number of pressures on the fda and on drug companies to try to get something, anything that works, even if it may not be sincerely to the types of standards that we have seen from
other drugs and other diseases where the therapy classes are more established. alix: so well said, and one of the issues obviously is that there are no survivors. that's usually how a lot of fundraising gets into drugs like this. ask a lot. we really appreciate it. bloomberg's senior health care editor drew armstrong. we are still waiting for biogen to start trading. it was last at 286 dollars. analysts say it could go to $450 on approval of the drug. this is bloomberg. ♪
this is the european close on "bloomberg markets." biogen is starting to trade. it was halted. we are getting that number, so let's put it on the screen for you. i'm still seeing a halt on my screen, but i am sure we are going to get an update any second now. we will get that number to you. that is not a retrading stock at the moment. what until we get a retrade and that stock reopens on the positive news that the fda has given a conditional green light to its alzheimer's treatment. we will come back to that story in a moment. i want to make sure we are giving you all the numbers as they come in. let's talk tax in the meantime, when we start to see that number coming through. the u.s. treasury secretary janet yellen calling it a revival of multilateralism after she helped secure that landmark deal, imposing a 50% min among global tax. that they set the g7 meeting
this weekend in london. let's bring in bloomberg's maria tadeo on this story. there's much skepticism that this gets translated into reality. this is a first step. walk me through what needs to happen for this to actually happen. maria: it is a first step, and the mood music here is positive. this is something that plays well especially in europe. this is a g7 deal. for it to be fully operational, for it to actually work, and needs to be international. it needs to be fully global. that could happen in july at the g20. that is the excitation, but it is not a given. you have the oecd saying the only way this is going to work is if they manage to keep that rate of $15.
there's an agreement that they assume this will become a reality, and you will see companies paying more in the countries where they operate. alix: for more we are joined by the rothschild european american chamber of commerce new york chapter executive director. even if it is ratified by the g20, what countries are not going to like that and individually not approve it? >> we know that ireland has a lower tax rates than 15%, so ireland is probably not going to be all that happy with it. but like your colleague said, the agreement is right now just first draft. it needs to go through the g20 meeting in october. most european countries are on board, and we also have to consider that congress needs to approve it. guy: absolutely. what about what you're saying to
your members? what does the corporate world feel about this? clearly, there is an appreciation certainly within tech companies that there is likely to be a higher tax rate going forward. broadly across larger swaths of corporate america, here in europe in terms of the corporate narrative as well, health care companies could be affected by this. what do you think they are saying? what are you hearing from them? yvonne: obviously none of our members in the u.s. or europe want to pay more taxes than they have to, but i think this is more of a legislation to prevent tax avoidance then increasing the burden on companies. they always wait to optimize your taxes going forward. this won't change that. i think it might actually be an
opportunity where it levels the playing field. a lot of the companies, especially manufacturers of things, have a facility on the ground, so they are paying taxes wherever they are operating, so i don't think this is really -- we are not seeing a lot of pushback on this, and i heard google, the same statements. they will have more certainty in their assessments going forward. alix: and facebook said something similar. i am curious as to what your members think about amazon because the profit margin has to be 10% or more. that won't apply to amazon. yvonne: yeah, that is going to be an interesting question, how that is going to be dealt with. i don't think it is one corporate against another. it just has to be seen how the amazon situation is going to develop. they do have facilities on the
ground. they have all of these warehouses that they are setting up across europe. but i also want to emphasize this is not about taxing the americans. european companies will be taxed as well. this is i think more of an opportunity to level the playing field and make sure that we are not racing to the bottom on corporate taxes. guy: who do you think is the biggest winner out of this? decent it is europe? do you think ash do you think it is europe? d -- do you think it is europe? do you think it is the united states? yvonne: i think it is both. the estimate in the u.s. is that they are going to raise $500 billion over the next 10 years, 580 in europe, so i think this comes out in the wash. the question is where i see the opportunity is what are we doing with this money. i think this is also a question of can we trust government to do something smart with the taxes
that they pay, and i think it was janet yellen who also emphasized that after the meeting, but the europeans have been saying the same thing. if we make a smart investment into infrastructure and if we use the money wisely, this will create a great environment for companies to operate in. it is not only about taxes when companies expand into the u.s. or into europe. guy: we are going to leave it there. thanks for the input. yvonne bendinger-rothschild, u.s. chamber of commerce new york chapter executive director. let's figure out exactly whether markets are right to ignore it right now. norman's element -- norman's element -- norman is joining us. the markets don't seem to be seeing this is a major game changer. is that because there has
already been an expectation built into prices that taxes, certainly for tech companies, are lightly to be going higher? the market is already seeing this coming? norman: no, we don't think the market has fully priced this yet. i think instead, as you pointed out earlier, there are a number of hurdles still to get to the point where this becomes law around the world. if we look back to 2017 when they cut taxes, the market actually didn't price that until almost the eve of the u.s. tax cut, so we would expect something similar when there's a higher probably of realization, perhaps later this year or 2022. alix: where will it be price the most? norman: when you look at what they are targeting, it is high-margin multinationals. that's the challenge for a lot of investors because that's the place that's made them a lot of money over the last few years, so a lot of those companies will be exposed if it passes as it's currently written right now. guy: the other thing janet
yellen talked about over the weekend in an exclusive interview with bloomberg was higher interest rates. are we on the cusp of a pivot from the fed? if so, what do you think the implications of that are for the assets that you are tracking right now? are we going to see a pivot here for equity markets? europe is trading near record highs at the moment. walk me through what happens next. norman: if we look at where we think that policy is, we do think there's a pivot, but not on the front end of the curve. i suspect what treasury secretary yellen is hinting about is this is going to be a bit more flexibly on the movement of the long end of the curve, so a bit more steepness to try to take some steam out of certain segments of the economy here. we think that will play through the wider economy and the wider markets, so we think the first half has been a bit bumpy, but
-- [indiscernible] the second half will be a bit more challenging for investors. alix: does that thesis come with buy europe, and that if we see some policy divergence, for example, but you've also got a ton of flow into european equities, does that continue? norman: we do think that continues not so much because the fed is going to pivot, but more so because of the fact that europe is about six months behind the u.s. in terms of its reopening. you are seeing overall mobility in europe really start to accelerate here. you haven't seen really the domestic names in europe in particular see that price in -- see that priced in. we think that comes in the second half of the year. guy: does volatility go up in this environment? norman: without a doubt. when we look back during both the 1990's and through the global financial crisis, when
the fed begins to step away, not even raising rates, but begins to step away, volumes start to pick up, and that means you want to look at opportunities for a bit more protection then you've had in the past. alix: like where? norman: we think right now, the lowball environment means buying put options in the market. we think it makes a lot of us the lowball environment -- the low vol environment means buying put options in the market. we think that in a lot of sense right now. alix: morgan stanley is effecting a 15% decline in equities later in the cycle. as your time -- what is your time? norman: we think that risk starts to pick up in august, probably kicking off with jackson hole, and as these tax discussions in the u.s. and around the world start to pick up, we think that risk profile starts to increase for investors. guy: what does the dollar do in this environment? norman: we think the dollar
right now is on the cusp of the next leg lower in terms of the bear market. we normally see a dollar strengthening, but if we get europe reopening, european strength, we think that is another leg of strength for the euro and some of the other currencies around the world. alix: thank you so much, norman villamin, upb private banking cio. the fda is also having its own release, saying the biogen. i were highly complex and left uncertainties, and it looked at the data with a fine toothed comb, so trying to get ahead of that. also, biogen is going to have to keep tabs on what happens after this, and sort of a posttrial as well which apparently is very typical when it comes to these new kinds of drugs. guy: i think that is a point
that drew was making earlier on, that companies dragged their feet, they don't want to make these things happen because they want to bring the product to market and don't want anything that is going to risk that. but it is interesting to see that the fda as may starting already to indicate its awareness of that risk and maybe potentially starting to put biogen in a position where it needs to actually do what it says or do what it is meant to be doing. european stocks are about to wrap up for this monday session. it has not been the busiest from a headline level. we will deal with the details in just a moment. but as you can see, that dax is flipping from positive to negative. the close is next. this is bloomberg. ♪
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not that exciting. we have not gone very far in terms of the session. we have to take a step back and appreciate european equities are near record highs. maintaining this momentum on a daily basis is going to be small steps forward. that is a lot of what i am reading at the moment. stoxx 600, 453 the number. it does seem to be very incremental. up another .3%. friday a bit more volatile. in terms of the individual markets around europe, the ftse, the dax, the cac 40 coming into a low volatility environment. you see that with the numbers being delivered. the dax is flat. a little bit about performance from the cac 40. airbus doing relatively well and starting to outperform. in terms of the rotation, we see money back into the auto sector.
you're not getting the big stop sector rotation moves that happened earlier on. it is getting more nuanced, more subtle. you can see that on the gr jar -- on the grr. it will appear in just a moment. i promise you that. the car sector up .9%. it is interesting to see the staples doing well. basic resources down 1.56%. a bit of china in that mix. asml having a good day. there's been a lot written about the fact that chip prices will persist for a lot longer and as a result of which the lift all graffiti companies -- the lifto
graphy companies are likely to continue to do well. reckitt down .6% today. in a day where there has not been that much corporate news this is a bit of a standout story. they're unloading their baby food formula and i am intrigued. basically the market has largely price this in. as the companies pivot away from that kind of business, you see this happening at nestle come interesting to see what happens at that. i wg, this is the wework business that has suffered today. the brand name you probably know is regions. the company coming out today. a lot of businesses in the u.k., some in europe. 3000 locations. iwg down 10%, pushing out the recovery into next year.
it is heading for a much more hybrid model. it is having a pivot business model at the moment that looks like that will take a little bit longer than anticipated. the stock was down hard. they've come back a little bit since then. alix: i love the world -- i love the word pivot. susannah streeter joins us now. what is iwg price debt now? are we over or under pricing the hybrid world? susannah: you talked about recovery next year. recovery because it is moving towards this model because certainly the way office space is being used is certainly changing. we have seen the likes of british land adjusting its portfolio to much more high end offices.
iwg is facing. alix: it looks like we are getting connection issues there. guy: one of the downsides of working from home. alix: interesting we put the hybrid portion aside for the second. when you comment in you may have a different kind of workspace. restaurants are still doing the six feet apart thing. i wonder physically how it looks , what that means for a company like i wg. guy: i was chatting in the break and we are talking about not everybody wants to do the hybrid model. there's probably a seat if get portion of the workforce that says i do not want to be at home. my business is saying i can come in three days a week. what will i do with the other two days? maybe there is not per trade within one of the offices to have that part of the market as well -- maybe there is an opportunity within one of the
offices to have that part of the market as well. i do not think we've reached the implications of what the hybrid model will mean. alix: it does feel like in new york city in particular it is get your butts back in the office. that is the bible i am getting. -- that is the vibe i am getting. the european subsidiaries like get back into the office. david: -- guy: what is interesting is the banks and asset managers. banks have much more of a you need to come back to the office, whereas asset managers, a reasonably solitary experience, does seem to be moving in the direction of more hybrid model. you can come in two or three days a week. different industries. judging anecdotally by the conversations i'm having, there is definite resistance to people going back in five days a week. you still wonder if this is how these conversations go.
maybe one of my competitors start going in five days a week? does that change the narrative? you wonder if that is the direction will be headed in. susannah is back with us. what is the market for flexible workspaces? what will it be looking like? who will be region sees customer? -- you will be regency's customer? susannah: we had a tech survey showing the majority of workers surveyed said they prefer to work from home, 79% of tech workers. we know how they are in demand. it seems as though it is the top talent. it is going to change work policy at employers right around the world. it is going to be the hybrid approach and also the fact that there are lots of younger workers who do not want to work from home all the time. they do not have the space.
they do not want to be in their bedrooms or kitchens forever. it is those workers that might seek out spaces companies like london's workspace provides and that is where they feel they will see a real uptick in demand. i think for i wg with this more flexible ways of working and thorough flecked of use of space is how it will recover. there is talk about the totalization of this work. british land is investing in high end style developments to attract those companies that want to have a huge suite of luxury offices and not rows and rows of desks. that is where will see growth in a high end luxury. alix: i envision like the luxury apartments in new york city where you have the polls and the spa. i do not know if that happens in the u.k. as much. for iwg what is the moneymaking
opportunity? what is the margin versus the traditional office space? susannah: that is very difficult to say. they are trying to work that out for the moment, what kind of premium they can charge for short-term rather than long-term rent. it will be a shifting down to see what their clients are demanding, the flexibility, but also the revamp of all of the office spaces as well. that will cost a pretty penny to make sure they can attract those workers back to much more luxury suites than they have in the past. all of that has to be taken into consideration as well. certainly the weight we work is changing dramatically. these companies have to work fast to move up. there are plenty already offering the flexible condition.
it is a bog standard office work supplies, the big property companies, used to offering long contracts so we will have to work fast to stay ahead. guy: how do you price a company like this? you have a near 20% reaction when the news came out this morning. it looks like the stocks will close down around 10%. how easy is it to put a price when we do not know with the operating environment for work will be like a year or 18 months down the road? susannah: it is very difficult. you did see that real knee-jerk reaction when that came through when there was a free update to say we are not going to see the level of revenue we saw even last year. that came as a bit of a shock. certainly it is going to depend on how quickly they are able to
transfer to a model to cope with this kind of tides of demand across the industry, from the luxury end to the ad hoc working arrangement individual office workers will want. i do think it will stem from the workers themselves, the top talent who were saying i do not want to go back to the old ways of working and just how quickly they can adapt to that. it will make all the difference down the road. guy: thanks for bearing with us. appreciate your time. susannah streeter. later in the day we will have a conversation with the i wg founder and ceo. 10:30 p.m. in london. very much looking forward to that conversation. european stocks have settled.
ritika: i am live in the principal room. coming up new york city mayoral candidate ray mcguire. this is bloomberg. let's check in on the bloomberg first word news. the supreme court says it will not take uppercase that asks it to decide whether it is sexist discrimination for the government to require only men to register for the draft and not women. the justices have refused to hear the aclu's appeal saying they would give congress more time to revisit the issue. the last time there was a draft
was during the vietnam war. in mexico, the president took the lead in midterm elections for the lower house of congress. a survey indicates his coalition will not retain a super majority needed to pass constitutional reforms. in peru the presidential runoff is still too close to call. the adventure favored trails -- -- the investor favorite trails -- google will pay to settle a lawsuit in france and is agreed to change the way its business works around the world. google uses dominance over ad sales and purchasing on its platform to distort the market, hurting rivals such as rupert murdoch news court. -- such as rupert murdoch's news corp. traffic jumped over last week spring holiday according to data from a sandwich chain.
that took place before the u.k. government reported against non-essential travel to portugal. u.k. residents may have gone to the european soccer championship today. global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. i am ritika gupta. this is bloomberg. guy: thank you very much. it is 4:00 this morning -- tomorrow morning if you want to avoid the quarantine in europe. if you can be back in the country by 4:00 tomorrow morning you will not have to quarantine. alix: did you see tickets were over $1000? guy: if you have a job you cannot quarantine for, you have to get home. for some people this is an option. prices get higher. if there are not enough seats, you will be coming back. alix: this is my problem with
what happened last week, and so surprised the index showed a lot of activity in airport. how you ever believe what the u.k. government tells you? this is exactly the point of what you're trying to avoid. this is what happened last summer. i know people who were in the south of france and had a pick up and go at a moments notice. this is what they were trying to avoid. i cannot get my head around how you will ever feel comfortable leaving the country. guy: we had all of these calls from airline ceos saying you need to put the u.s. on the green list, it needs to happen now, the u.s. needs to reduce its restrictions. if you have volatility, are you going to be poking -- are you going to be booking a long-haul flight with this kind of risk? alix: no way. guy: if your flight is going to be impaired even more, are you going to be taking that risk if you have to be getting back, if
the u.k. is coming off the list? maybe will not take that risk. the volatility is a huge disincentive. alix: would you? that is the question. you are not coming here anytime soon, i do not think. guy: thanks. alix: i am saving that line, nice bottle of wine for the team. let's talk about biogen. that trading is still halted. it just received approval from the fda. how much is this drug possibly worth to biogen? mark: it is tough to know, because as far as i know we are still waiting on the pricing to be announced. that will factor quite heavily into its commercial potential. with at least 2 million patients in the u.s., conservatively who meet the requirement as we
understand them, and speculation it is going to be priced in the 10 to $50,000 year range, you do not have to try too hard to see this could be a blockbuster for biogen. they needed it. they lost the u.s. patent protection on their top-selling drug for ms which puts them in a $3 billion deficit going forward . the question is now going to be, how are physicians going to react to what the fda did and how are payers going to react? what the fda did was take a compromise path because they gave an accelerated approval, which is another way of putting that would be a conditional approval.
this is not a completely unambiguous approval. guy: how long are they going to have the market to themselves? let's assume the follow-up trial goes ok. others will want to get in on this base. marc: sure. you have companies like lily who are pursuing similar but they hope slightly better approaches to clearing the brain. i do not see any near-term competitors in the next two to three years for biogen. alix: how does this drug get paid for? i assumption is most of these people will be older, which means there on medicare. do we know how it gets paid for? marc: that is an excellent question. i have not seen the pricing, but you hit on the perfect next
step, which is that medicare, which is going to be shouldering most of the financial burden for this drug will do its own assessment, decide for itself how it use the totality of the evidence. there could be another shoe to drop. alix: -- guy: we know how much alzheimer's care costs in america? just a ballpark figure? if you can keep these people with cognitive function for longer, what is the savings? marc: i do not have those fingers -- i do not have those figures at my fingertips but it is excessively expensive. if you have a drug that can slow, not talking about preventing, but even slow cognitive decline, you can make a case for that, in terms of the economics, fairly readily.
it is important to bear in mind that if you look at the details of what the fda said, they basically approved this because they saw it reduced the protein buildup in the brain. they are saying it is reasonable to assume that is going to have an impact on cognitive decline. we need to see the results of this study to make that case. guy: appreciate the input. thanks very much, indeed. we will talk more about this. this is bloomberg. ♪
annual worldwide developers conference and tomorrow, the colonial pipeline ceo will be testifying before the senate. jbs last week, when you had some meat plants shut down. increasingly our commodities are under cyberattack pressure. it is a big deal. guy: absolutely and the government is making it clear the country needs to take this serious. bank of england chief economist will be speaking tomorrow on inequality in covid. debt auctions in the u.k.. i think one coming out of germany as well. it is the deadline for portugal coming off the u.k. green list. alix: 4:00 a.m. is the magic number. it is good to have you back. it feels like we are during up, volume seems to be relatively light in the u.s.. we are waiting for the cpi number on thursday. guy: a big week of policy as
well. a lot of g-7 will be taking place. i will see what is happening. joe biden has a huge week this week and next week. the g7, he will see the queen, then he is going to nato, then the eu summit, then he has vladimir putin in geneva thursday. alix: let's recap the fact that guy will be on location. if your reporter, that is what you live for. guy: the first time in a long time. alix: i do not think i could handle it, it would be too confusing. coming up, ethan harris will be joining "balance of power" with david westin. we are headed to radio. guy: dab digital radio. we will talk about the story with biogen. this is bloomberg. ♪
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>> it will be the biggest deal in the way of performing the weight corporations are taxed globally. -- reforming the way corporations are taxed globally. ♪ david: from bloomberg's world headquarters in new york to our tv and radio audiences worldwide, welcome to "balance of power." fed chair jay powell may not be ready to think about higher interest rates but his predecessor janet yellen is thinking about them and does not think they would be all that bad for the economy. our bloomberg senior treasury reporter sat with her for an exclusive interview just after the g7 finance ministers meeting in london. congratulations, terrific interview. give us what you learned from the secretary. >> absolutely. we were sitting on the plane on the way back. janet yellen was sipping a diet