tv Bloomberg Daybreak Europe Bloomberg August 31, 2021 1:00am-2:00am EDT
>> good morning from bloomberg's european headquarters in london. i'm tom mackenzie. this is bloomberg daybreak europe. last rites out of couple -- kabul. the u.s. pulls its final troops out of afghanistan, ending the nation's longest war. china's slowing recovery snaps risk sentiment. the service sector is back in
contraction for the first time since last february. the eu recommends new restrictions on u.s. travelers in another blow to the tourism industry. let's check in on the markets. it is a sour mood over in asia, particularly in china. the dual winds of weak economic data, but also [indiscernible] the focus on game makers and private equities. msci asia-pacific seeking out gains in terms of 2%. it is very much hong kong and mainland china. there are some futures up after 12 record for the s&p closing out above 4500 yesterday. the u.s. 10-year has dropped lower in terms of the yields. let's switch focus on that major story out of afghanistan.
the u.s. has officially ended its military presence in the country, the final flight out of kabul ends america's longest war, despite pressure on president biden from allies to delay the pullout. here is the u.s. secretary of state. >> u.s. military flights have ended and our troops have departed afghanistan. a new chapter of america's engagement with afghanistan has begun. it is one in which we will lead with our diplomacy. the military mission is over. a new diplomatic mission has begun. tom:'let's get morese -- let's get more from bloomberg's simone foxman. >> that u.s. diplomatic effort is moving right here to doha. this has been the center of talks between the united states
and the taliban, as well as the taliban and the former afghan government over the past few years. and some level, that is not surprising. continuing to broker that international discussion with the taliban. but for the united states, as much as blinken may talk about how the military mission is over, we do expect to see a continued focus on over the horizon capabilities, drone strikes, that would take out any terrorist activity. from the international perspective, the un security council passing a resolution yesterday calling for every effort to be made for rapid and secure reopening of the kabul airport that would allow both afghans, as well as foreigners, to continue leaving the country, provided they have the proper documentation. and that is going to be key for the taliban in terms of showing to the world that it means what
it says, that it is going to continue allowing those departures, and that it deserves the kind of international aid that has kept afghanistan's economy afloat for the past 20 years. tom: simone foxman, thank you. china's economy taking a hit is the delta virus variant curbed consumer manufacturing and travel. the manufacturing gauge was slightly lower than estimates. for the latest on what is happening in china, we are joined by our china economy editor and our chief north asia correspondent. let's start with you. what are the details? what stood out to you from this pretty grim pmi reading? >> as you said in your introduction, a real dip in the services sector in august. that is because china locked down again for about a month
because of outbreaks of the variant. there are only 50 cities across the country that had smaller outbreaks. people cancel or -- canceled their holidays, i had to cancel my holiday. millions of people did the same. the number of flights plummeted again. beijing is reopening, most of the places that were on high-risk are no medium risk or low risk, so it is coming back, but there was a real hit to the services sector during the school holiday period, which is where a lot of those places get their revenue. those that have already been pretty badly hit over the past 18 months, they were slowly coming back, and now they have had this again. looking at the manufacturing data, you are seeing the headline number went down. new exports fell into contraction. even on the manufacturing side, which was doing better, still not a great picture. tom: absolutely and a question
as to whether or not there is catch up in the months ahead. let's bring you in. the seem to be changes in terms of policy initiatives when it comes to this crackdown almost on a daily basis. what is the latest? >> the latest is more restrictions on online gaming and especially with minors. there was a widespread circulated commentary in state media that essentially hailed xi jinping's regulatory crackdown is a profound revolution sweeping the nation. they are targeting industries that really don't fit in with socialist values. online gaming is a theme, at least through state media, as being what some of the comments were spiritual opium and electronic drugs. those are the descriptions that were later scrubbed from state media, but it shows you the level of anger, if you will, from regulators and the government perhaps even as high as xi jinping about the moral decay coming from videogames.
regulators are now saying those under 18 years of age can only spend online videogame playing three hours a week. friday night from 8:00 until 9:00, saturday, the same timeframe, and sunday, as well as public holidays. three hours a week. there will be a lot of angry teenagers in china, but this is part of the overall regulatory crackdown coming from high up in china. tom: a lot of time slots for gaming. thank you very much indeed. ok, joining us now is our guest. monica, how are you looking at china right now? how much exposure do you want to be getting to china on a short-term and long-term basis when it comes to chinese equities? > in the long term, we do believe that the china story will continue. [indiscernible] short-term -- [indiscernible]
we slashed position to neutral. [indiscernible] the pmi is simply reflecting the broad weakening in the economic picture of the country. [indiscernible] we expect to the policy side to turn back and helping the economy to conclude the year around 9% of gdp growth afflicted. -- affected. tom: which spots are offering opportunity that are overlooked at this point?
>> we are looking at sector levels. those sectors that are more insulated from the regulation, like biotech and the clean energy stocks. this was an opportunity. the regulatory wave, to open up at the sector level. these are the stocks we are looking at. tom: a number of investors we speak to point to the opportunities in fixed income in china. we know the credit risks as pronounced by the likes of ever grand, how that is all playing out. is there an opportunity in a yield environment when you are looking at a sovereign of around 3% and some of those development bank yields, as well? what is the opportunity in chinese fixed income for you? >> we are well-positioned on the chinese. [indiscernible] within the overall fixed income
spectrum in emerging markets. it is providing this value into the portfolio. exactly this is where we are located at the moment. tom: there is a divergent view on monetary policy from the pboc versus what is happening with the fed. the pboc having to step up some support in the midst of what is looking like weaker data and this regulatory crackdown. what is the broader implication on money flows in these divergent paths? >> it is obviously an opportunity, but it will really depend on how this monetary policy -- [indiscernible] for the emerging markets including china, which by the way has ample liquidity, what the fed will be doing is crucial. if the fed will continue
[indiscernible] [indiscernible] tom: ok, of course, a lot of that will come down to the strength of the dollar and if you get a strong greenback, the question is how vulnerable rem asset? do you have a view? >> i think that over time emerging markets will move to be less and less. [indiscernible] if i look at india for example, where the central banks are really starting to [indiscernible] i think that they are much, much
stronger than they were at the time of the taper tantrum. [indiscernible] tom: ok, monica staying with us. thank you very much indeed. let's get the bloomberg first word news with simone foxman. simone: more than one million homes and businesses are without power in the aftermath of hurricane ida and could be for days in the summer heat. the new orleans area summer storm defense has presented -- prevented flooding. president biden vowed to continue providing federal support to louisiana and this is sippy -- mississippi. it could cost at least $15 billion. two deaths have been attributed to the storm so far. the eu has voted to impose fresh non-essential travel restrictions on the united states amid a surge in u.s. covid cases. the governments of each member state have the final say on accepting proof of vaccination
to waive restrictions. airline stocks in the u.s. dropped in anticipation of the news. 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. back to you. tom: ok, simone foxman, thank you. markets are continuing to embrace the fed's dovish taper tilt. traders are awaiting further guidance on the economy's strength. we discussed that next. this is bloomberg. ♪
persisting at a high-level level, we have the tools to deal with that. a friend of mine likened it to a doctor telling you you have gangrene in your leg and we have the tools to deal with it. the tools are an amputation kit and they contain a big saw. tom: that was bill dudley and jeffrey lacker. following the virtual jackson hole event, markets will be watching when the fed will begin tapering its bond purchases. we still don't have a timeframe. u.s. jobs data later this week may signal whether the u.s. economy is moving back to normalcy. monica is still with us. how closely will you be scrutinizing the jobs data friday? to what extent do you expect a guideline or a framework for
when the tapering starts? >> i think that jay powell last week was quite clear in citing the importance [indiscernible] it won't be just friday. [indiscernible] however, we don't think the participation rate will recover anytime soon. in any case, it would be also important to look at wages. what we are looking at today is much weaker than expected in the second quarter. it will be weaker in the third
quarter. consumption is a big chunk of the gdp figures, so i think that certainly the unemployment that we need to look at as part of the picture. tom: we have seen some of that high-frequency data flashing, as well. when does the ketchup really start again momentum, do you think -- catch up really start again momentum, do you think? >> we need to closely monitor at the end of the summer, in order for europe to get a lot of benefit out of tourism. this is. key to look at we do not want to overstate it. the divergences in the policy stances and evaluation -- evaluation should give advantage
to the european equities versus the u.s. one. notably, the european market is more [indiscernible] in case of higher prints and rates, this is the region we would like to be in. tom: and that ties into the growth versus value debate and we have seen growth stocks, the premium in the u.s., overvalued. we saw that taking hold with tech stocks roaring higher, the u.s. 10-year edging down given the added momentum. your call on growth is not yet playing out, monica. when do you see that reversal? >> we think that could be the value call, something that is multi year. we really related it that value should have to the performer.
tom: you have talked about the fact that you are overall neutral on equities and that you need to hedge in this environment. what are the hedges you are putting on? >> some optionality on the credit exposure. [indiscernible] this is where we would play the protection. we are neutral exposure to equity. [indiscernible] we are less constructive on tech, on consumer discretionary. it is not time to be reaction all, but on the relative level, this is where you can find some opportunities. tom: do the kind of earnings
strength we saw in the second quarter, does that get repeated in the quarters ahead, or are we starting to see some of that steam come off the top? >> [indiscernible] the current rate of growth we are seeing is exceptional. [indiscernible] still, we will have decent etf growth around 10% to 15%. tom: 10% to 15% of eps growth. monica, thank you very much for joining us indeed. coming up, more than one million homes and businesses were -- remain without power in the aftermath of hurricane ida. we will get the latest on that next. this is bloomberg. ♪
>> the people of louisiana and mississippi are resilient and in moments like these, we can certainly see the power of government responding to the needs of people if government is prepared and if they respond. that is our job, if we work together. when folks get knocked down, we are there to help you get back on your feet. tom: president joe biden speaking about the government response to hurricane ida and hurricane ida has caused catastrophic data. two people have died. more than one million homes and businesses lost power in new orleans. electric power company entergy warned that those in the hardest hit areas could be without power for weeks. joining us from dubai is our
energy editor. we are 24 hours on from ida hitting the louisiana coast. what is the assessment so far of the damage? >> the damage has been extensive, as expected, given just how powerful this storm was the battered into the battered into louisiana and parts of mississippi. however, so far, it seems like the damage was not nearly as bad as hurricane katrina back in 2005. new orleans' flood defenses seems to hold up pretty well. while ida's winds were stronger than katrina, it looks like the city itself has escaped sort of dire, dire damage that it suffered during katrina. the big problem seems to be with the power grid in and around new orleans. that has suffered a lot of damage and we have got about one
million homes without power at the moment, 2 million homes, and they could be without power perhaps for weeks. tom: how have the energy markets reacted? >> on the whole, they have reacted pretty calmly. crude prices rose slightly yesterday, but not by much. i think that is because most of the pricing in the oil traders did for hurricane ida was done last week. u.s. gasoline prices did rise quite a bit yesterday before they paired gains. so far, traders don't seem to think that the core infrastructure, the offshore oil rigs have suffered too much permanent damage. we are still waiting to see just how long it takes for those rigs and their refineries to come back online.
tom: we were talking about the refineries yesterday and that question of the timeframe for those coming back online. do we have any clarity of what happens with those refineries in the gulf of mexico and when they may be back fully online? >> we were talking about weeks for some of them to come back online, when they look at big hurricanes in the past, in that part of the world. however, we are still waiting to see, give or take there are still about 2 million barrels of crude production online at the moment and about 2 million barrels a day of refining capacity, as well. i think in the next few days, we will find out. one thing that is also interesting is the logistics hub for the region might have suffered damage, which would be problematic. tom: thank you very much indeed,
paul. coming up, the u.s. withdraws from afghanistan, we will get analysis on that after two decades. plenty more ahead. stay with us. this is bloomberg. ♪ in business, it's never just another day. it's the big sale, or the big presentation. the day where everything goes right. or the one where nothing does. with comcast business you get the network that can deliver gig speeds to the most businesses and advanced cybersecurity to protect every device on it— all backed by a dedicated team, 24/7. every day in business is a big day. we'll keep you ready for what's next. comcast business powering possibilities.
risk sentiment. back in contraction for the first time since last february. eu recommends new restrictions on u.s. travelers in another blow to the tourism industry. ok, so some grim data out of china earlier this morning. really painting a picture of a slowing recovery. of course, you had very severe restrictions put in place to counter that delta very insurgent that we saw in china a few weeks ago. that no doubt playing into the data. the question is when two things start to revive? is this a short-term knock or is this pointing to a more sustained slowdown? manufacturing also hit by a drop off in new orders and new export orders, as well. the nonmanufacturing released it out, as well, falling into contraction for the first time since february of last year. the economists we have spoken to
pointing to the pboc and additional support there, there may be another reserve ratio cut. question marks about the health of the global recovery on the back of this pandemic. let's check in on the markets. it was china leading the losses across asia, not just because of the week data, but as a result of the initial and additional policy measures outlined restricting some areas of gaming and also a focus on the property sector and private equity. the ms ci asia-pacific is up 0.05% -- is 0.5%. s&p futures are gaining after a record for the month of august, closing about 4500. ok, the u.s. has officially ended its military presence in afghanistan, the final flight out of kabul ends america's longest war. it comes despite pressure on president biden from allies to delay the pullout. joining us now is our guest.
he was previously the director of the counterterrorism finance designations office at the u.s. state department bureau of counterterrorism. thank you very much for joining us. your reaction to what we have seen, this final chapter in this two decade war. >> really mixed emotions on my side. i had lived in afghanistan serving at the u.s. embassy in 2004, working on our counter narcotic mission trying to keep the taliban's coffers dry. they profited from that. it was an important counterterrorism mission, to uproot al qaeda for the acts that committed on 9/11. on the other hand, the united states has spent trillions of dollars in lost a lot of blood and there was a lot of oil involved in thousands of afghans have died. we can't overlook that. it is a really mixed emotion.
i think the underlying decision to leave is the right one. obviously, there was a lot of chaos surrounding the departure and it could have been smoother than it actually occurred, but it is really a mixed day for me. tom: where does this leave afghanistan? >> right now, the taliban have declared that afghanistan is a free and sovereign state again, it has control over virtually every province in afghanistan, and it is going to be the primary game in town. myconcern is with the taliban's rise and its decision not to break ties with al qaeda, al qaeda is going to become resurgent, is going to use afghanistan as a safe haven again, and the worst case scenario is they try to stage external operations and attacks from inside afghanistan against external target. at the same time, the taliban has not demonstrated it can govern. the attack on the kabul airport
a few days ago in large part was because of the taliban's incompetence. isis is going to try to exploit that however they can. my fear is that will lead to a civil war in afghanistan, where you have this triumvirate of terror. the taliban on one side, al qaeda on one side, and isis on one side. tom: you are painting a daunting picture, but it is aligned with some of the other analysis out there. you are pointing to the resurgence or the attacks by isis-k, an affiliate or spin off of isis. the terror groups operating out of afghanistan and pakistan, you are talking about the potential of a civil war. what is the threat beyond afghanistan's borders? >> with the u.s. departure, inevitably there will be fewer human resources that the various
components of the intelligence community are going to devote to afghanistan, putting resources on the ground, assets on the ground is more dangerous when you have less force protection and the u.s. military has departed. the ability to collect technical intelligence still exists. the national security agency and other entities as part of the u.s. and its allies clearly have a capability to pick up signals intelligence, to listen in on the conversations of groups like al qaeda and isis and the taliban, but in the future, my concern is that we are not going to have the same level of intelligence in collection and fidelity of information we need to protect our interests worldwide. while it is unlikely that a group like isis-k can strike the homeland, al qaeda plays the long game. 10 years from now, we could be having a very different conversation about al qaeda's capabilities and that is something we all have to be thinking about. tom: i very much want to draw on
your expertise. we touched on this around financing. where does the financing for al qaeda, isis, and isis-k come from? is there an opportunity to cut it off from the source? > it is going to be difficult. they are very adaptive to circumstances and pressure placed. groups like this, in terms of al qaeda and isis, tend to use illicit means of financing, that means extortion, criminal activities, taking from people. al qaeda has historically profited from running nonprofit organizations and siphoning money from those kinds of sources. to carry out a terrorist attack, it is important to understand that it does not cost a lot of money. the attacks in london in 2005 by al qaeda, you are talking tens of thousands of dollars. it does not require a lot of financing.
isis had a lot of access to natural resources in iraq and syria and they were able to develop a lot of savings for the rainy day. they pushed out a lot of money to their affiliates. there is this relationship with the core group that was really important for isis-k's finance. it is the illicit activity that is fundamental to their success. tom: you have drawn a distinction between the taliban, isis-k, and al qaeda. you have talked about the distinction. when it turns to isis-k, the phrase my enemy's enemy is my friend, is the taliban and entity that the west needs to work with to counter that particular threat? >> i have reservations at this time that the united states and other governments can work with the taliban to counter isis specifically. for instance, sharing intelligence with the taliban for me would be a bridge too far.
i think the ability to counter the organization is going to be incumbent on the country and their intelligence capabilities, not any reliability and reliance on the taliban itself. the taliban in the past has attacked u.s. interest. it is still designated as a terrorist group under u.s. law. the head, network is closely tied to the taliban. this is one of those cases where the enemy of my enemy should not be our friend. tom: jason, valuable insights on this important and historic day. right, let's get the first word news with simone foxman. simone: more than one million homes and businesses are without power in the aftermath of hurricane ida and could be four days in the summer heat. the new orleans area storm defenses built after hurricane
katrina did succeed in preventing flooding, but the electrical grid is still down. president biden vowed to continue to provide federal support to louisiana and mississippi, but analyst estimates it could cost insurers at least $15 billion. two deaths have been attributed to the storm so far. the european union has voted to impose fresh non-essential travel restrictions to the united states amid a surge u.s. covid cases. governments of each member state have the final say on accepting proof of vaccination to waive restrictions. airline stocks dropped in the united states in anticipation of the move. new data from china, china's economy took a knock from the delta virus outbreak in august. the official nonmanufacturing pmi slumped to 47.5, signaling a contraction for the first time since the initial virus outbreak. factory pmi fell from 50.1,
slightly lower than the 50.2 median estimate from a bloomberg survey of clients. 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. back to you. tom: thank you very much. coming up, merkel holds the economy day as their candidate struggles in the poll. we will be live in berlin next. this is bloomberg. ♪
alongside germany's key business leaders. the economy is traditionally a strong suit and this is an opportunity to put those credentials on display as they slide in the polls. our europe reporter is on the ground in berlin with the details. is the conservative bloc able to convince german voters that their credentials on the economy remain? maria: well, this is what they are really clinging on to come idea presenting the cdu as the party of growth, the party of german industry and companies, and we are going to keep this economy going. they are going in with a completer -- a completely clear manifesto. under the cdu, there will not be tax hikes, we will also cap the corporate tax rate at 25%. one of the fundamental issues the cd was facing as they are going up against the finance minister.
he is a man who has the economic credentials going into the vote. he was overseeing the coronavirus stimulus furlough program, but also he was overseeing the stimulus money that went into the areas affected by the flooding. the flooding that happened here in germany, especially in the home region. this is something that continues to haunt him. the cdu does find itself in a tricky situation where they want to portray themselves as a business friendly party, but they are competing and -- against a man who has created his entire public image about being competent and leading the german economy. tom: absolutely and it is by no means certain, of course. a cdu led coalition, what would that mean for germany's fiscal response? maria: well, the cdu again going
into this with what is your very typical, traditional, orthodox central rate manifesto of the german government, saying we want to put public finances back on track, we want to go for the debt break in germany, no new debt and putting our fiscal stance on a path to reducing our debt and deficit after coronavirus. the issue is if this is a party that doesn't want to increase taxes, they also say we don't want to borrow more money. they are betting everything on runaway growth in germany. that has not been the case in the past few years. the economy is still very much dependent on china. the other issue they are facing is that they say we don't want to take in new debt for the future generations, we don't want to do that. when you look at the demographics, it is the young germans that actually say they want to spend money. that means a greener, more digital, more modern economy. tom: bloomberg's maria tadeo
keeping us up across the important german election. let's stick with the eu and countries in the bloc have voted to impose fresh restrictions on non-essential travel from the u.s. amid a surgeon virus cases. bloomberg's reporter joints me now. a big hit to the all-important tourism sector here in europe. >> it is a big hit to the tourism sector. it could have been much more severe headed come during the summer months, when we see so many more americans traveling. also, you have to realize that there is an out for this. every country has to accept these restrictions and they can set up their own details. if you are vaccinated, perhaps you will still be able to travel. something like that could increase vaccination rates more globally. people who want to start seeing the world, really it is safer for them and the world if they are vaccinated. hopefully, we will start seeing some progress in that respect
with these new kind of restrictions that are coming. tom: certainly anything that moves the needle on that front when it comes to the vaccination process. what does the pfizer shot mean toward getting more acceptance of the vaccine with the fda approving it? >> we are seeing vaccinations become much more part of the natural landscape. getting your annual shots, getting her childhood shot, that is something everybody goes through. that is something we do for measles, mumps, rubella, it is why we don't have polio. that is where we are moving to with these covid-19 shots. when they first came out, it was unbelievably fast, the development of the shots and they got an emergency use authorization. it was an emergency. we did not have all the data we wanted. now that we are almost two years into the pandemic, we have better data and the cdc and the fda is saying, now we can actually look at the evidence we
have and determine whether we think this is going to be a fundamental piece of our landscape going forward. the fda has approved the pfizer shot and now the cdc makes the recommendation of whether this is something that should just be part of the standard script for everybody. it certainly looks like that is what they are going to do and perhaps there are some people that might be more inclined to get it if it is fully recommended, but there are many more companies that will be able to mandate the shots once they get the cdc backing. tom: what is the status of booster shots? >> booster shots are coming, certainly in the united states they are coming. in the middle of september. we are on track for that, in israel they are already rolling out. we are seeing some impressive data that you get a much stronger immune response when you get this third shot. you have to remember what they are thinking about here is that it is not necessarily just a booster. the experts are really thinking that perhaps they said there
would be a two shot dose schedule, maybe we really just only three or perhaps four. that is part of where we are still learning when it comes to coronavirus. tom: ok, three or four shots potentially. thank you very much indeed. coming up, moods get messy. almost one billion pounds spent by the premier league club. it has been a sensational transfer season, but there is still time for some final deals. more next. this is bloomberg. ♪
tonight's deadline, 11:00 p.m. tonight, by the way. it has already been an historic football transfer season. premier league clubs have spent almost one billion pounds, but the main attraction has been the moves from the world's two biggest stars. leonel messy and cristiano ronaldo. let's get more from joe easton. messi and rinaldo dominating the conversations. >> we expect them to have a reasonably big impact on the sponsorship side of the clubs and how well they are able to attract new deals. ronaldo has this big homecoming effect and you have seen the impact across the fan base has been big. it needs to translate on the field. they were able to get new sponsorship deals and increase their revenue. their revenue did increase, but they weren't able to really
translate it into a champions league performances getting into the final. they only made it to the quarterfinals. the commercial impact was kind of petering out by the end of the previous season and that is kind of reflective in the share price. you kind of need to see both the commercial impact and also the on the pitch results. tom: there is that initial bump, but they have to perform, get some trophies and some silverware. >> that's right. tom: where do we stand in terms of the balance sheets of these top clubs trying to repair things post-covid? >> a lot of them did see a big hit because of ticket sales and that is really impacting the lower end of the league tables, particularly outside of the u.k. in the u.k. and england, it is only about seven or eight clubs that were really well-financed. you do get to the extreme levels of man city, chelsea, they have these big backers. in terms of the ticket sales impact, the top clubs have been
able to whether that. even if you look at man united, they have spent around 110 million on combined in pounds. even though they have had this big ticket hit, they were still able to go and spend honey. it is kind of the lower-level clubs and those of the areas where you see a lot less transfers this time. a lot of money that we have seen, the billion pound terms of spending, some of that has been focused on two or three big names, but those man united liars -- players, chelsea. it is really about the rich remaining rich and the poor of clubs struggling. tom: thanks very much indeed. the transfer window closing tonight. what a season it's been. joe, thank you. let's take a look now things happening today on your agenda. the u.s. ending its military presence in afghanistan after 20 years. later today, ecb members holtzman and knox speak at a
conference. we will get italy's cpi figures in u.k. mortgage approvals, which could tell us if the market is set to steady or if that spectacular growth in the coming months is set to continue. let's check in on the data at the end of this hour as we head toward 7:00 a.m. here in the u.k. the msci asia-pacific gaining 0.7%, brushing off some of the broader concerns and china. over in hong kong, a little bit of moderation in terms of the negativity. tencent has come back from the earlier lows. the futures over in the u.s. gaining 0.3% after a record for the month of august. the s&p comfortably above 4500. the u.s. 10-year, 1.27. that has been underpinning this continued drive around those growth stocks. technology coming through strongly yesterday.
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>> good morning. welcome to bloomberg markets, the european open. i'm anna edwards, mark cudmore joins us in singapore to take us through all of the market action this hour. the cash trade is less than an hour away every at here are your top headlines. last flight out of kabul. the u.s. pulls its final troops out of afghanistan ending the nation's longest war. china's slowing recovery.