People disappear from westminster and it is quiet. You have been reading about the problems, and that is something on the social scene i suppose, and the controversy over which songs should end the problems, a musical event that happens every year. Of course it is much scaledback. I am preoccupied by the latest comings and goings. Tom we have Economic Data on thursday, jobless claims. What is the trend of the economy that you see . Right now in america aims to be almost a two art economy, very separate. A twopart economy, very separate. Anna we are talking this morning about the kshaped recovery. Going to john olsens great piece this moaning about how tech stocks do well, value stocks, other left behind sectors not doing as well. Even as we look at the u. S. Right now. Also really dominating in the news overnight. Anna a recovery, kitd juckes writing on that as well. An unusual august. For our briefing with first word news, there is ritika gupta. Ritika President Trump and speakers at the Republican National convention put a spot ash put a positive spin on his handling of the coronavirus pandemic. The president thanked frontline respondents and said the virus is going to be fading. Would warned of what happen if joe biden is elected. There is a light at the end of the tunnel. Job gains are outpacing what the socalled experts expected, but biden set by leftwing policies would stop our economic recovery cold. He is already talking about shutting the country down again. It is madness. Broadly, ae procession of speakers set out democratsthe portrayal of the president as incompetent. The phase one trade deal was discussed, and the trump says both sides need progress to commit to success. Trade is one of the rear areas of cooperation between Worlds Largest economies, though china is far behind its promises to increase purchases of pharma, energy, and manufactured goods. A German Medical Team determined that Alexi Nowotny was likely that Alexei Navalny was likely poisoned last week. The biggest reshuffling of the Dow Jones Industrial average in seven years. Pfizer and raytheon have also been signaling that Tech Companies have gained even more dominance. The new members of the doubt are salesforce, amgen, and honeywell. The weightit reduced Companies Global news 24 hours a day, on air and at bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries,. Im ritika gupta. This is bloomberg. Tom thanks so much. Glad you ended with that dow switch. That is a huge deal, the symbolism of this, for those of you in a global audience, i cannot say enough of the symbolism that occurred yesterday with the Dow Jones Industrial average. Sarah ponczek and catherine grayfield wrote a terrific article that i put out last night and i will put out again this morning, giving some of the historical backdrop to what they have done to the dow. Salesforce. Com, speaking of data, up 21 per year in the last 10 years. Equities surge on the news, and the stock as well. They be some trade glory in there as well. Futures up 11, dow futures up 1. 31. The vix has not moved, an important sign. 22. 44. Turkish lira, 7. 40, rounded up, Esther Erdogan talking about the mr. Erdogan talking about the economy today. He is not happy about what is going on. Down, the tip. That will be front and center for chairman powell. Anna . Anna absolutely, jackson hole coming up on thursday, and we look to his comments around the real yield and around the average inflation targeting. On my data board, ive got a host of reactions really to u. S. China policies. European focused data board, but it does react to the big global scenes between the u. S. And china, the fact that we are seeing this more positive mood music overnight. That lifted stocks in europe. It certainly lifted the dax, and the dax, and the decks year to date now down by only. 9 , which is one of the best performing market in europe, certainly a big one, in the best performing markets in europe, far far behind. The euro and the pound both benefiting as the dollar retreats given that news around trade. German companies have turned slightly more optimistic that the economy will continue on its long road to recovery, but job worries linger. Angela merkels cabinet is set to discuss an extension of its generous Wage Support Program today. Holger us now, schmieding. Let me ask you what is going on in germany. We have had confirmation of the relatively good. I suppose you could say a gdp picture. German businesses and confident seems to be picking up just a touch, and we look for progress around job support schemes. How likely is it that the government will add to the job support scheme, the furlough skin, and allow it to run longer. That is very likely. We have an election next autumn, and none of the major party wants to be seen as being too restrictive. That it will help people who are waiting for their jobs to come back. The scheme is working well, it will be extended, it will probably be modified. Economic data tells us that germany is recovering from the drop in gdp in the second quarter, which is about as bad as the drop we had seen in the u. S. So the furlough scheme, to make this point for international viewers, it covers typically or at least at the start, 67 of net wages of german employees. What are the latest signs her mother German Economy and how it is recovering . Because european pmi were certainly pointing to a bit of a slowdown in the past recovery. Isger well, the pmi data difficult to interpret. They have been externally high in july, and that suffered a significant, unexpectedly pronounced set back in august. I would look more closely at the surveys such as the german ecosurvey, which has a longer history, it is wellestablished in the country, and which does suggest that indeed the recovery is flattening out a little. More precisely, the pace of the rebound is becoming less steep, but the rebound is continuing. That is in line with what we call the tick shape recovery, starts almost like a may, juneas the case through july, and now it is getting flatter with in part of the economy. New virus concerns adding to the flattening profile. Tom i want to draw everybodys attention to the importance of chairman powells speech. Usually it is a different speech. I believe mr. Bailey, to attend as well, and the virtual conference. Holger schmieding, are you looking at the real yield, the yield minus inflation to the real yield, or are you looking much more at the nominal yield and Inflation Expectations . Course, look much more actually at the nominal yield, and to some extent at Inflation Expectations. Inflation expectations matter for Central Banks, and the key question to ask is how long will rates stay as low as they are . And the answer is probably with Inflation Expectations remaining comfortable in the territory that Central Banks would like, central below that, bank policy rates can stay low for longer, which is no surprise. That is what we look at. Tom what is the price of that . I mean, you have been one of the best people i know on the chronic nature of negative Interest Rates in germany. What is the price to a Banking System . What is the price to society, indeed, of chronic negative rates, or a chronic negative real yield . Holger well, germany is a very good example for all of these things, indeed. We have real yields negative more often than other countries simply because our benchmark, the bund, is seen as a safe haven in europe and beyond, and tends to extra demand with german over german paper over spanish or french paper come our yields are lower. That means for those especially in germany who value the certainty of investing in bones, they do pay a price in bunds, they do pay a price for it. The dax is not doing too badly. That ife, of course, is Interest Rates and yields are low for long, it is a problem for the Banking System. As an economist, i must say what i really look at in the Banking System is, does this chronic problem for the Banking System, which we have over here, impair credit creation . This is not the case. So in a way it is a sector problem for financial institutions, but it is not a macro into it is not a macroeconomic problem in the sense that the week Banking System is actually hurting the overall economy. What would it take to take germany out of negative rates . Im looking at the 10 year bond value, for example, at 0. 46 right now. What would it take us to get back to positive territory . Virus andsuming the the vaccine. Holger that would probably be a significant contribution. What we need is a return to the conditions of 2019 or 2018, when we did have an economy that was doing fairly well across europe until the trade war, and then the virus struck. So we would have to have an established upstream that probably surpasses the terms of the level of gdp, what we had before the pandemic. So i would say lets wait for about two years until we make that. Anna Holger Schmieding of berenberg, thank you so much. Thanks so much for joining us. Holger. Hhol we will be talking about the jackson hole symposium all week. It starts on thursday and into the weekend. We will not physically be there, but we will be there even if this event is taking place remotely. This is bloomberg. Good morning. Anna ritika this is bloomberg surveillance. A deal valued at 5 billion come about 4. 4 billion of the deal will be paid in cash. The british firm will funded in part with a 3. 5 billion issue. It is based in california and is backed by softbanks vision fun. Apple has won an early Court Victory in a fight with epic games, the maker of fortnite. A judge set apple will have to immediately reinstate the videogame on its app store. The fight has to do with the tolls that apple charges app makers. The bank mistakenly transmitted payment to lenders of the cosmetic giant revlon after an employee did not manually select the cry the correct system options and software. Some are looking at returning the payment. That is your Bloomberg Business flash. Tom . Anna . Tom thanks so much. This is jack ma. It is not just another big ipo, the bragging rights and all that. The symbolism here is extraordinary. On one third, i believe it is by alibaba, and nt will become public. It is not in new york. Maybe they will comment on that at the convention. Far more is a dual listing in hong kong and shanghai. Anna edwards, i look at this announcement, and obviously the bragging rights have been large, with aramco being part of it. For those of us in america, the listing not in shanghai, which i believe is in all chinese, but in hong kong, the winners of this looks like it could be citigroup, j. P. Morgan, and Morgan Stanley. There are a few maims a few names missing from there. Anna yes. Ford might get the bragging rights. It could be a very big ipo, couldnt it . It could be the biggest in years. It could top saudi aramcos putting on billion dollar ipo. This really is the crown jewel in the alibaba empire. And it has been accelerating its devolution into online. Everything from loans to chapel services. Not too many travel services these days. Tom we say good morning to dr. Roach of Morgan Stanley. You have to believe that steve roach had to do something with Morgan Stanley landing that relationship. We will have much more on this throughout the day. Right now, Holger Schmieding patient with us. I want to go back to the idea of a twopart economy. What i observe in new york and what i observe across this nation is inequality due to the pandemic that we have never seen. Im sure it is the same story in europe as well. What is the policy prescription to begin to get this inequality improved by helping the poor . How does america do that . How does europe do that . Pretty well, it is a patchy effort, i would say, so far. Many people actually receive more Government Support than they did earn when they had a job. But this is of course the oneoff special factor that will likely lose force overtime. We see in europe that of course there is there are signs of further inequality. They are not as pronounced as they are in the u. S. Because we have more established ways of running welfare states, providing support to people, which are less patchy and less prone to such weird exaggerations as we see in part of the u. S. Going forward, what we do need is a combination of two things. The one is to keep the furlough schemes going at reasonable rates of support for as long as there is a significant pandemic effect on some heavily affected sectors. That is some companies that you think will actually recover once it is over with the virus, keep support on. We will need a lot of Government Support more than before for the retraining of people to go toward the modern parts of the economy, as the pandemic is accelerating to change to digital, for instance. Tom if we assume that the gdp gets back to a lower level, how far below february will the run rate be for gdp . 10 below, 15 below what we knew before the pandemic . Holger well, we should by early next year be, say, 5 below that, roughly that, and we do expect that in the u. S. We will, in early 2022, be back at the prepandemic run rate, and in much of Continental Europe except italy, by the middle of 2022, we should be back to where we were, which of course means that we would still not have the labor market as healthy as it was before. Some people will have lost their jobs, and will not get it back. So we do need this combination of mobility support, income support, and of course, especially retraining support, to make what is now an xl limited switch to her the more Digital Economy an accelerated switch to the more Digital Economy. Anna would you like to see the government extend the furlough scheme . I dont hear any plans to do so, it is supposed to end at the end of october, unlike the german one, which looks as if it will be extended. Holger i think the furlough scam should be extended. There should be a cap i think that the furlough scheme should be extended. There should be a cap. Thankolger schmieding, you so much, getting us ready for Jerome Powell and an important speech scheduled for thursday as well. Coming up on bloomberg radio, with futures up 13, dow futures up 1. 51, bruce kasman of j. P. Morgan, an important conversation. He had a phenomenal note out this weekend on the timelines of inflation. Should we look shortterm . Should we look mediumterm . Should we look longterm . Bruce kasman with us at about 9 00 this morning. This is bloomberg. Tom good morning, everyone. , fromerg surveillance london and from new york. Very much tech dominance. We see that with the dow configuration. Futures again up 13, l futures up one that 1. 52. Up 1. 52. This should be a 21, even a 20 handle vix. 22. 36. Anna . Dow reshuffle story, the rise of tech, and out with the old economy, we will certainly dig into that later on in the program. The data ive got for you here, European Equity markets on the front by up by. 4 . We were up i more than 1 on some of these markets earlier on today, and now we have the dax. 6 ,. 7 percent. A little bit of momentum there as well. We thought perhaps the dax would retake positive territory for the year today, maybe we have to wait another day for that full to generally we are risk on today, and as a result the dollar is down. Dollar index down. 3s. 3 . Really it is a dollar story, so the euro up for prayer. 4 up against the dollar. The pound up. 4 . Any clues on brexit as we head into the autumn . Can any deal be done with trade across the English Channel . James lucier will get his thoughts on the Republican National convention started last night. We will get his analysis. This is bloomberg. Experience the ultimate sports hub. Where you can find games, news and highlights. All in one place, right on your tv. The xfinity sports zone. Use your voice to search every stat and score. Follow the teams you love. And, even get notifications with breaking news alerts and more. With the xfinity sports zone everybody wins. Now thats simple, easy, awesome. Say xfinity sports zone into your voice remote today. Pres. Trump these are the incredible workers that helped us so much with the covid. We can call it many different things, from china virus i dont want to go through all the names because some people may get insulted. Bidens radical leftwing policies would stop our economic recovery cold. Hes already talking about shutting the economy down again. It is madness. The economy is on the ballot. Law and order is on the ballot. Our most cherished ideals of freedom and free markets are on the ballot. So when it comes to what joe biden says hell do, look at his actions. Look at his policies. Look at what he already did and what he didnt do. The Intelligence Community recently assessed that the Chinese Communist party favors biden. They know he will weaken us economically and on the world stage. Joe biden and the democrats are still blaming america first. Donald trump has always put america first. And he has earned four more years as president. The republicanof party. We saw it with the Republican National convention as well. On thursday, mrs. Kushner will introduce her father for his important speech there. Of course, the contrast there between trump and biden. We have a most interesting guest to give perspective. James lucier was a sell side analyst years ago i mean years ago and on the high ground of utility and analysis. One atme number washington prudential on washington analysis. You read prudential every day, every week, just to keep up. He is now an expert on policy. We will have a different conversation here with james lucier. Wonderful to have you on the show, jim. I have to go political here and i want you to full your policy analysis into those key swing votes where the electoral really matter. Which policy matters to the democrats, the republicans, the disaffected of those key swing states . Jim obviously the key thing is going to be home income for many of those states, recovery from covert as quickly as possible. So it is a question of who has the best policy mix and who can go back to the precovid economy. Trump tried to go to those voters last night who seemed to be solidly behind him until may or june and said, look, i can bring back the precovid economy. Tom how can he do that without a stimulus bill . What is the urgency for Vice President biden or President Trump to get a stimulus bill done . We have seen the impact just in the last number of weeks here in new york city. I cannot imagine what it is like as well nationwide. Jim they are relying on a fundamentally Strong Economy prior to covid and they hope the tailwinds from that will support him. Arry kudlow talked about vshaped recovery, if you can believe that. It is two different visions. To the private sector lead or should the government lead . Morning to you, jim. So it is clear that the coronavirus, covid19, has played havoc with the u. S. Economy, but has it played havoc with Republican Voters assessment of the trump economy . Do Republican Voters think he has done a good job or a bad job with economy . Seven out of 10 Republican Voters still approve of trump on the economy. His ratings with certain groups are quite resilient, arent they . Jim that is actually the case. George w. Bush by this point in his presidency already lost a lot of his core supporters. Trump has surprisingly good ratings on the economy from people who otherwise do not like his personal style, for people who disapprove of his character, and so on. So what trump started to do last night is to make the case that really, im the guy who can deliver the Economic Performance that you have already seen, whereas biden is an unknown quantity. Parties always tell you that it is all about the winning, no matter which democratic system you are operating in. Would it be different with the policy that the republicans adopt . Would it be different if they really are still out to win this or if they are focusing maybe on maintaining hold of the senate, trying to limit damage there . Jim the key thing for the republicans right now is holding onto the senate. This election is very much a struggle for holding the senate. So last night it was less about policy than it was reaching out to groups. He was trying to find more trump voters that turned out in 2016, the socalled low preponderance voters who would come out. He was trying to to recapture people who supported him as late as may or june. A big part of the message last night was reassuring republicans and suburban Republican Voters in particular who would like to see a racially inclusive party, that you do have a party that is inclusive, despite what you might hear from democrats or from the media. That is why Herschel Walker was so important, that is why vernon jones was so important, that is why tim scott was so important at the end. All of this is about shoring up suburban Republican Voters, shoring up the republican base, and keeping trump in the game so he has a shot at winning, but, more importantly, they hold onto the senate majority, which is the key thing for the republicans in this cycle. At the opposite is to look joe bidens economic plan. Has he stated yet how he will support the economy and garner that Economic Confidence that mr. Trump seems to have . Jim well, he talks about Good Union Jobs all the time, but if you look at his tax plan, it is scored by the Brookings Institution to raise 2. 1 trillion over the next 10 years. Do the math. 2. 1 trillion dollars over 3. 6 trillion is a 50 tax increase. He has to come out and explained that his Green Stimulus Program number where you have government demand driving demand for electric vehicles, for advanced equipment, all that stuff come is the key thing that will drive jobs in the economy. Tom this is your wheelhouse. What is your advice to Vice President biden to connect the dots, or as you say, do the math . Jim i think biden needs to come out and start making the case more forcefully. Perhaps that is the case for Kamala Harris now. The Vice President is traditionally being more aggressive partner on the ticket, and she needs to come out and take the case to trump and take the case to the American People that we dont need to revert to the past. We really do need a bold vision for the future, and i think that as long as biden stays in delaware for whatever reason, it is going to be harder to present that image for the dynamic future. It could be that you have a plan for the natural handoff to come kamala here. Biden needs to put on the gas right now. There,s there a risk jim, that if they do come out policy heavy, that they lose those voters who are only voting for the democrats because it is not trump . That is maybe what some sentiment of the population are looking for. Jim that could be the case. Muchw that last week, very on joe biden as an empathetic person, a nice man who has suffered in his own life and has understood the suffering of others. Trumpsn assault on character and an assault on trumps handling of the pandemic, not necessarily on a policy message, which is a pretty aggressive policy message, probably not as calibrated to the rest of america as the rest of the democratic National Convention was. Tom jim, thank you for joining us. We have other voices coming on surveillance today and through the week as well. Our convention coverage, the Republican National convention the tonight, 9 00 p. M. , first lady scheduled to speak as well. That will be most interesting. Look for that at 9 00 p. M. Tonight. Now with first word news in new york city, here is ritika gupta. Stephen hahn has backed off his claim that an experimental therapy has provided a dramatic benefit to coronavirus patients. As a press conference with at a press conference with President Trump, stephen hahn said blood plasma from the virus could save a huge number of lives. Now he says he misspoke. In wisconsin, a second night of violence between police and protesters after a black man was shot by police in an incident caught on video. Police used tear gas to try to disperse crowds. Tropical storm lorna is set to become a powerful hurricane before making landfall wednesday along the western u. S. Gulf coast. It poses a threat to the oil and natural Gas Infrastructure in the region. Energy companies have shut down 82 of the oil output and more than half the natural Gas Construction in the gulf of mexico. Hong kong will relax social distancing rules starting friday. People will be allowed to eat at restaurants in the evening, and they can remove masks when exercising outdoors. Just seveneported new locally transmitted Coronavirus Infections yesterday. Global news 24 hours a day, on air and at bloomberg quicktake, powered by more than 2700 journalists and analysts in more im ritikauntries, gupta. This is bloomberg. Tom thank you so much. Greatly appreciate that. It is not that he is a congressman from arkansas. Oning up, a conversation razorback football. How about that . Razorback from, arkansas, in the 6 00 hour. This is bloomberg. Good morning. Anna i am anna edwards in london, with tom keene in new york. Youre watching surveillance on bloomberg tv. The simultaneous listing could mark one of the biggest debuts in years. Lulu chen joins us from hong kong. How big could this get . Empire atfinancial group empire is the crown jewel ecommerces entire and sent tech conglomerate. And right now what we are told is that the company could raise as much as 30 billion in ipo do a listing in hong kong and also shanghai at the same time. What that means is it could surpass the worlds biggest ipo in history, saudi aramcos 29 billion ipo, and the company is targeting evaluation of 225 billion, according to people familiar. Tom what is the significance of a changed hong kong to the u. S. Underwriters not in shanghai but in hong kong . J. P. Morgan, Morgan Stanley, and citigroup . How do they delicately trade this initial Public Offering giving the commonest party assertion in hong kong . Lulu that is a really interesting question. Right now it does seem that they intentionally decided not to go to the u. S. It is also great timing because right now what we are seeing is a bunch of u. S. Listed Chinese Companies also weighing whether they want to delist from the u. S. Stock exchanges and come and list in hong kong because of the scrutiny the Trump Administration is placing on Chinese Technology companies, and also issuing warnings that u. S. Endowment funds, for example, need to sell their stake out of these Chinese Companies. In hong kong right now, companies are just not getting the same level of scrutiny. I think it is the chinese governments intention to really prop up hong kong and also its own star market in shanghai as an alternative to tech listings and also Chinese Companies ipos. Mightand the geopolitics influence the strategy of a business like this going forward. And and group, i understand from your story this morning, has had to put a limit on its plans to expand in the United States as a result of geopolitics. Where does the growth come from that . What is the pitch that an t group will be taking and how big it can be . Basically handinhand with alibabas shift as well, right now i think the company is very focused on competing domestically against tencent. They are not on scent on sent tech. On sent tech. Also Southeast Asia is another huge area that they are looking at. They have invested in nine local startups that focus on digital wallets, so that is a huge area that we need to watch out for. Tom lulu, thank you so much. Lulu chen from our Hong Kong News bureau, thank you so much on alibaba. Coming up, lots to talk about here, even with the distractions of the busy august. Carla freeman will join us from the Johns Hopkins Foreign Policy institute. Interesting. Always equity markets lift, dow futures up 1. 61. An amgenalesforce dow, dow. Honeywell international. This is bloomberg. Anna ritika this is bloomberg surveillance. Pimco says the gold rally is not over yet. Nicholas johnson says it has room to extend gains while real Interest Rates remain low. Gold set a record above 2000 announced earlier this month. It has given up some of that increase, but it is still up when he 7 for the year. Most bearish strategies has conceded to buy from 2900 to 3300. Left cites what he calls unbridled Federal Reserve easing and a breach of technical resistance levels. And leaving the old media giant in making money from streaming, according to the disney will generate 11. 2 billion in direct consumer direct to revenue this year, almost 20 of total sales. Streaming plus service has already attracted 20 million subscribers. Interestinglways and entertaining to speak to mr. Kuperman of omega. He was on fire yesterday because he was so casual on some island north of where the hurricanes are. Here is leon cooperman, his criticism of the fed. Leon they have created a real speculative bubble, in my opinion. Have to admit that i am and comfortable at the present time because not because of the virus. It is a factor. Im uncomfortable because of what the market is focused on, and that is the amount of debt that is being created. Who pays for the party when the party is over . We just celebrated our 200 44th birthday, and it took us 24 years to go to over trillion. We will probably get to 27 trillion and we have created a reals neck a live environment. On julynounced a split 30. Wasay average call amount 27,000 calls. Friday, they created 2 million calls and the stock is up 17 since the announcement of the split. Tesla and their five for one split august 11. Same thing, big increase in call volume. Their stock is up 49 since the stock split was announced, against the s p, up 1. 9 . The last time i checked, if somebody gave me five singles for a dollar bills, it did not create any well. That was the old calculation. This is the new calculation when youve got a big component of robinhood investors, that is sort of one theory out there. What is riskier right now, the highflying stocks or bonds . Leon no question that bonds to me represent returnfree risk, and that is what is working in favor of the stock market. What ive not fully appreciated Interest Rate environment does for stocks. I was focused on the fact that we have had cereal Interest Rates in japan and europe and their stocks we have had Interest Rates in japan and europe and their stocks i think that is indicative of a problem economy. Weve had artificial support for the economy since 2008, you know , 13 years. And i dont look at that as being a positive. I look at that as largely being a negative. Steven rattner, close to mike bloomberg, who i have enormous respect for, wrote an article this morning, the economic recovery that isnt. I think it is creating a very speculative tone to the market. I have said for months now that we are really dealing with three markets, not one market. The first market is the faang market, and frankly, these are very fine companies, these Technology Companies whose demand has been pulled forward by at least five years due to the virus. They are not cheap, but by historical standards of the and the of 1972, Technology Bubble of 2000, they are not in any way expensive and people can conjure up whatever they want to conjure up. Tom into the world of steven rattner, you learned at Columbia Business School of a 60 40 for a 60 30 10 market of asset allocation. What is the leon cooperman theory given the distortions that we have now . Can you stay with original investment science, or do you have to invent something new for the next 10 years. Leon look, im 77 years of age, i have no clients, i retired at 18. End of 20 right now i have very few bonds. I think bonds represent return free risk, and i would begin to us plain to you there are three markets out there. Riskyis the faang market, appraise, but not ridiculously appraised. Then there is the robinhood market, totally ridiculous. I said that market would end in tears, and the very next day, some young man committed suicide. Carl icahn is as bright as they come. He liquidates his position at . 72 a share, and three weeks later trading at five dollars. You check in to what is going on, the robinhood let form. Eastman kodak robinhood platform. Tesla robinhood platform. That is going to end in tears. That is not rational to me and i dont spend time on. The third market, there are things to be done, and that everything else. We hope leon cooperman will be safe, given laura coming down on the tropics now. What willconundrum of happen with smallcap, midcap can they switch over from the tech dominance that we have seen . Has really been pummeling in the last couple of days as tech surges that has really been humbling in the last couple of days as tech surges. David up, must watch sowerby. This is bloomberg. You doing okay . Yeah. This moving thing never gets any easier. Well, xfinity makes moving super easy. I can transfer my internet and tv service in about a minute. Wow, that is easy. Almost as easy as having those guys help you move. We are those guys. Thats you . The truck adds 10 pounds. In the arms. Okay. Transfer your Service Online in a few easy steps. Now thats simple, easy, awesome. Transfer your service in minutes, making moving with xfinity a breeze. Visit xfinity. Com moving today. Tom this morning, 100 years ago, american beat sugar, it was dropped from the dow. In 2020 it is exxon that is shown the dow door. The new dow it is digital dom is. Amgen, honeywell returns. And salesforce. Com. Equities surge higher this morning. It will be a virtual jackson hole. Chairman powell will speak and rationalize a growing and negative real yield. And it was not that freshman year in college, western civilization course, the one you slept through. Republicans lineup for the bodyguard of western civilization. Good morning, everyone. Frommberg surveillance, new york, from london. Fromedwards Holding Court london, over francine lacqua, on a much needed break. We were talking with holders meeting earlier on germany. With holders meeting holgers
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