[reading names] reading names] [bell ringing] [reading names] the reading of the names this year. An audio recording with the names of those who died in 2001 with families in the plaza area. Also two moments of silence to observe the fall of the south tower in new york city anticrash of United Airlines flight 93 in shanksville, pennsylvania. A different memorial. We are looking to that final moment of silence on the north tower fell in about 20 minutes time. We do want to give you an update whats making headlines outside the Business World and over the rest of the world. For that we want to give you bloombergs first word news. Thanks, President Trump and joe biden will mark the 19th anniversary of the 9 11 attacks in the same place but not at the same time. The president intends a Memorial Service in shanksville, pennsylvania, for one of the high jacked planes crashed. Biden will go to shanks bill but not until later in the day. Pennsylvania is one of the battleground states. Poll shows biden has a narrow lead there. The coronavirus outbreak, passed brazil this week to become the worlds second business yeg. The country is record lows to 100,000 new cases every day. India will soon also surpass the u. S. , which is the current number one. In the u. K. , Prime MinisterBoris Johnson is facing a revolt from his own party. Johnson wants to breach International Law and rewrite the brexit deal. It would give parliament a veto oferte move. The e. U. Has threatened legal action. Both sides say they want a trade deal, but time is n issue. U. S. Consumer prices roads for a third month in a row in august. The c. P. I. Was up. 4 . The big factor, the sharpest gain in used vehicles since 1969. They rose 5. 4 . College tuition costs, schools returnling to Remote Learning because of the pandemic. News 24 hours a day powered by more than 2700 journalists and analysts in more than 20 countries. This is bloomberg. Thank you very much. Lets turn back to that story, what is happening with brexit. We also need to talk about what is happening with the eurozone economy. Joining now Paschal Donahoe is the irish finance Prime Minister and theure row group minister. We greatly appreciate your time. Lets dive in. I want to start with brexit in i might. I want to get your sense of where we are in terms of the mood music amongst your colleagues within the eurozone. Is the e. U. Prepared to walk away from the trade talks with the u. K. If the u. K. Does not back down on pursuing its internal markets bill. The very high level of solidarity within the European Union. Most of my colleagues here in berlin today continues to be palpable, continues to be at the highest level. And the European Union is not walking away from this, but what the European Union is making very, very clear is we have an agreement. An agreement that protects the good friday agreement and also stands by the single markers which is at the heart of the european project, and also a Core Foundation of the Irish Economy and of our country. In order to look at other agreements in the future, we have to honor agreements that have already been made. This is an agreement that was made by the British Government this time nearly a year ago. It was a agreement made by the current British Government. And the prerequisite of any future agreement was to be honoring agreements that have just been made. The basis for current and future agreements is trust. How damaged has trust been . Trust has been damaged as a result of this. Its been damaged because of the nature of the announcement. Its been damaged because we have a process under way that was always predicated on an agreement that was just made. With that being said, the European Union and ireland is very clear that we want to engage. We recognize all that is at stake. We recognize the value of an orderly agreement in the future between the United Kingdom and the European Union. And ireland antiEuropean Union will not be found wanting in work, creativity to find a way forward. But that has to have a foundation. That foundation is honoring agreements made and honoring an agreement that was passed in the house of commonts that looks to get the pal right between protecting the good friday agreement, recognizing the desire and democratic will of the british people to leave the European Union, but also standing by the Single Market of those still in the European Union realize and want to protect because its so important to our few two. You laid out a really sound case for walking away from the talks if the u. K. Does not back down. You have to have some planning going on in back rooms. Whats the contingency plan . Whats the scenario where you walk away . From an irish point of view this time nearly a year ago outlined what kind of Contingency Planning we would have to deal with the consequences of brexit if an agreement could not be found. Within the European Union, my colleagues and all our Member States, for example an agreement made just before the summer, the agreement that looked to look at how we could create a new budget for the European Union, that agreement had within it to put funding in place to deal with the consequences of brexit for countries that are most affected by it. We have already done the kind of planning that is needed to deal with the consequences of brexit. And we stand ready to deal with what those consequences could be. But before we get to that point of having to deal with very, very difficult circumstances, again i would echo what many of the european leaders have said that stand by an agreement thats already in place. And lets lead our efforts to put in place and build upon that an agreement that can lead to a good future relationship between the e. U. And the u. K. Minister, as you say that is the positive outcome. That is in many peoples minds the desirable outcome. It is increasingly possible that we do not get a deal. If it becomes apparent that we are not going to get a deal, is it important who walks out of the talks first . There are matters that are a consequence of a decision or a statement that was made by i believe during the week. And i think my views and the consequences of that statement are very, very clear as are those of the European Union. As opposed to anticipating what might happen if the situation gets more difficult. Let me make very, very clear the European Union is ready to engage. The european commission, traveled to london this week to engage. But it is all based on the maintenance, the key assumption that we have which is you make an agreement, it will be honored. As opposed to anticipating what might happen in an even more difficult situation, lets just go back to where we were, if possible, with an agreement that was made. And lets see if it is possible to get a relationship that builds upon that. Prime minister, you are contending with the resurgence in the virus and a stronger euro. Christine lagarde yesterday seemed to take a back seat. They are worried about the stronger currency. Is the europe too strong right now to help receipt covery . Is the euro too strong right now to help the recovery . We always monitor an array of economic indicators. One of those is where we are from an Exchange Rate point of view. We are meeting here today. It was not a topic of discussion. Its a longstanding view of the eurogroup. It is so important to us an Exchange Rate reflects the economic fundamentals of the euro area. It was not a subject of discussion today. And this is a matter the president has commented on. What is your assessment of where we are going into the autumn . The Economic Data has improved over the summer. Do you expect that to continue . What degree of certainty going into that period . We are, of course, in a atmosphere at the moment in which there is much uncertainty. The figures released by the European Union a number of weeks ago did point to a decline in income. National income across that period of nearly 12 and decrease in employment of nearly 3 , which is affecting so many millions citizens within the European Union. As we look where we are at the moment, we have seen evidence of growth, of a rebound now in recent weeks and months. And as we look to the future, we believe it is very possible to build on those signs of recovery. In particular as we move into 2021. But thats why the agreement that has been made by the European Union in relation to the recovery is now so important. What the European Union has done is created a new, very strong economic tour the purpose of which is to strengthen the recovery in europe at a time needed the most. Which is when we move into 2021 and 2022. For the eurobond, the European Union, it will recover. What we have now, don, true building on other interventions put in place. Gives us the ability to drive this recovery at a time when further support for us will be needed. If there is a second wave, and this is the beginning of it, is the eurogroup going to have to do more than that 750 billion euro . We believe we have things in place at the moment. We believe the scale and timing. We did have a discussion in eurogroup today regarding the current economic status. At one point i reiterated in a message that came out of that euroarea of discussion is the importance of taking care with the changes, change in levels of economic support that are there at the moment. We dont want policy cliff edges within europe at the moment. We dont want a withdrawal of economic support that are there. What we want, and this will take very careful judgment and will take much debate and consultation within the euro area, is get to a point that the changes and level of economic support are in line with hopefully an improving recovery. We believe the use of judgment combined with the deployment of the recovery and Resilient Fund in 2021 and 2021 are the kind of measures that are needed to guide the recovery within the euroarea. But as always, we keep all of this under review. We meet every month. We are all aware of the nature of this recovery, how its difficult from recoveries in the past and the need to support it. It was pointed out in a News Conference earlier on, Financial Markets sentiment towards europe has improved. How do you sustain that improvement and keep it going . What do you need to do as the eurogroup . I think the three elements for the continued maintenance of this confidence as noted early on Financial Market septemberment towards the eurois strong. As a result of the work that has been led by president lagarde and also because of the work that has been done at a budgetary level at the European Union. Three more elements regarding how we can maintain it, firstly the deployment of the recovery and Resilient Fund. A huge economic till to support economic recovery. Secondly, looking to make continued and steady progress in relation to the completion of Banking Union and acceleration. And thirdly, just go on to a point which at the moment ago which is taking care regarding how we change the level of budgetry support and supporting individual Member States in making sure the right National Form plan for their economy, and as i said, we adjust the and take with care in response with employment and investment in each economy. I think within the euro area as we work to deliver those three important Economic Policy blocks, it should be the kind of change that is needed to maintain to support. We have to leave it there, first down recall. Wed love to fip wed love to continue the conversation. Thank you very much for your time. Its a busy time. Joining us now is bloombergs david merritt. You were listening to the interview. What was your take away where we stand with brexit now . Dave i thought it was interesting the tone of mr. Donahoe. Theres been so much noise and fury this week on both sides. Very strongly worded statements from the European Union and from the British Government. Lots of threats of walking out. We have had a very calm response and motivation is clearly still there to get a deal and a belief that there is a deal still to be done. There is work going on behind the scenes. What the headlines thats been grabbed by this huge row over the Northern Island and controversial bit of legislation that mr. Johnson has introduced, perhaps all is not lost. In fact both sides still want to get this deal done. Will parliament here in the u. K. Even allow Boris Johnson to pursue this tact . David that is the big question everyone is asking today. Theres been an amendment tabled to this bill, which effectively will neuter it. Give parliament the final say. This government isnt supposed to be dealing with rebelons. They have a huge majority that mr. Johnson won last december. They run a very tight ship. Remember when they threw out all those very senior conservatives voting against the government . Even so youve got a growing list of conservative m. P. s who say they are either going to vote against this bill or vote for this amendment. I heard from one this afternoon giving that support to this amendment. Can they keep this rebellion in check . Even if they can get through the commons, it was widely expected to be blocked in the upper house, the house of lords. The path of this legislation will not be smooth and next week we might hear mr. Johnson suffer a significant defeat. Were he to do so, what are the implications for his government . In theory he has an absolutely massive majority. He should be absolutely cast iron in his ability to dictate to parliament what policy he thinks that he thinks this government should be pursuing. What does it tell us about where faith with the countrys in him, parliaments faith in him, his partys faith in him . David i think its a very good question. Theres been many questions asked over the last weeks and months around the capability of mr. Johnson to do this job. We know he was very ill from covid19. Question about how long he has taken to recover. He has not had a good crisis, pandemic crisis, his popularity has fallen off a cliff. And there are lots of whispers on the back benches about how long he can really continue. Its extraordinary when we consider the scale of that victory back in december. We talked about him having a free reign and one of the most powerful politicians in memory. And that has evaporated over the course of the summer with all these different missteps and u turns by his government. Then this on top of that. There is a growing sense that he is losing his grip on power and is not the force in british politics that he used to be. That vote next week, thats where i think could be a key moment. If enough of them are willing to rebel, then maybe hes not going to be around at downing street as long as we thought. Today should have been a victory lap for the u. K. Government. It has signed a deal with japan. Its going to add great deal of not going to add a great deal to the u. K. G. D. P. Nevertheless has it been overshadowed . Are deals such as these call into question if the world cant trust britain to stand by International Agreements . David i think very much overshadows it. You are right to highlight the economic effect of it is very small indeed. The scale of the trade is completely dwarfed by the trade that happens with the European Union and crucially with the united states. We heard this week from the u. S. Nancy pelosi saying that any chance of a u. S. U. K. Trade deal is completely off the table if Johnson Presses ahead with this legislation, which in her view does away with the good friday agreement. There is a huge knock for this tampering of the agreement with. So bigger deals. They can chock it up as a win, but the big prize is still to come and thats whats in danger. Thank you very much. Lets hear from greg on that subject of the deal that has been done with japan. He is the u. K. Trade minister. Take a listen. Its our first major pretrade agreement as an independent trading nation now that we have left the European Union. With one of our best friends and allies and biggest trading partners and biggest economies in the world with japan. So its a very significant moment for all of us, for the contry, for the government, and actually it improves on the e. U. s existing deal with japan in particular areas. Particularly on digital. Particularly on nngs services. Financial services. And also on u. K. Food and drink. So there is actually some really improvements on the existing e. U. Trade deal with japan. Its a very good statement for Global Britain as we go forward. Minister, why should the japanese believe that the u. K. Will stick to the tones of the agreement if its prepared to reneglect on an International Treaty with the e. U. . We havent. What we have done is we have published the u. K. Into the markets bill. We are hoping that we never get to we hope we get a deal with the European Union that would obviate the need for those provisions to come into play. Its also really important for the u. K. Government as you would expect to guarantee that the integrity of the u. K. s own internal market, which is what the internal markets built up, to make sure goods and services can flow freely, unfettered between england, northern ireland, wales, and scotland. Thats an encredibly important thing for the people of this country antiu. K. Government to secure. You might not think you broke any International Law. Other countries disagree. Europe, the u. S. In particular is very concerned about the reneglecting on the deal with northern ireland. What do you say to that . Look, i say what i have said which is the u. K. s own internal market is ex most important thing to the United Kingdom government. What we have done is if we dont come to further deal with the European Union, we will supply more elements of the e. U. Law to make sure we preserve the u. K. Internal market and also secure peace in northern ire lapd. We are still ireland. As you see today with the deal with japan, our Major International partners. The u. K. Is still a reliable country to do agreements with, particularly in the area of trade. We have shown actually confidence in the United Kingdom government and rightly so. Do you think the e. U. Will walk away at the end of the month if the bill does proceed . Thats a question to put to the European Union. What we have been absolutely clear is what we are seeking from the European Union is a canadastyle free trade agreement. To be similar to what the e. U. Has granted canada and japan and others no more, no less than that. That is what we are seeking. But if there is no further agreement, then we go to trading with the European Union on australia. That was part of our interview with greg hands, u. K. Minister of state foreign tradepolicy. All morning we have been watching as america remembers the 9 11 terror attacks. 19 years ago today. We want to go back to the 9 11 memorial and museum here in new york where they are marking the fall of the World Trade Centers north tower with the time moment of silence as the reading of the names continues. An audio recording while families are still alive in the area. Reading names] this was a land worth defending. A very last breath. It was a unity based on love for our families, for our neighbors, loyalty to our fell citizens fellow citizens. Pride in our great flag. Gratitude for our police and First Responders. Faith in god. And a refusal to bend our will to the depraved forces of violence, intimidation, oppression, and evil. In new york, arlington, and shanksville, people raced into the suffocating smoke and rumble. At ground zero the world witnessed the miracle of american courage and sacrifice. As ash rained down, police officers, First Responders, and firefighters ran into the fires of hell. On that day, more than 400 First Responders gave their lives, including 23 new York City Police officers. You are looking at President Trump in shanksville, pennsylvania. At the same time where you still have the reading of the names here at the 9 11 memorial and museum, an audio recording. The final moment of silence as the north tower fell in new york city. We do want to check in with other news making headlines right now. First the first word news. Thanks, alix. President johnson is playing hardball with the chinese parent of tick tock tictok. Hes refusing to sell off tictoks u. S. Operations. The president said it does so by tuesday the u. S. Will shut down it down for security reasons. The sale is unlikely because new chinese regulations complicated talks with bidders microsoft and oricle. Chinese and iranian hacksters have stepped up to disrupt the u. S. Election. Thats according to a report from 3450eu crow soft. The Company Stays hackers have targeted both the trump and biden campaigns. It warned targets Political Party advocacy groups and academics. China denies the allegations. At least 10 people have died in that Massive Wildfire in northern california. And 16 others are missing. More than 2,000 homes and other buildings have been destroyed. Roughly 14,000 firefighters are trying to put out more than two dozen bush fires that are range interesting the northern boardtory just north of mexico. The u. S. Government is paying less as it boros more. Thats one reason why investors appear more comfortable than congress about another round of stimulus. In just payments in the federal budget declined about 10 in the first 11 months of this fiscal year. When you measure that against the size of the economy, servicing the National Debt will be cheaper than any time in the past half century. Global news 24 hours a day on air and bloomberg quick take powered by more than 2700 journalists andalalists in more than 120 countries. This is bloomberg. Guy thank you very much indeed. Return to the markets. Joining nouser now, christopher j. Wolfe, c. I. O. Thank you for your time. Look, thes in a gabbing is down 4 1 2 as we approach the end of the week. What have we learned this week from the price action about where we want to be investing money . I think we have learned a couple of things although a week is a short time frame. The first is momentum is still alive and well both on the up side and down side in markets. Whether its the retail, robin hood crowd or the machines. We see that momentum carries markets on two extremes. Thats a feature of the meakts we expect to see over the foreseeable future. Thats the first thing. Second thing is there were hints that earnings and revenue numbers for Third Quarter may not be so bad. We saw oracles numbers, pellton peleton. A little price action has been anticipatory of the better strength we have seen in the technology sector. The last piece is i think investors are starting to stick their stake their claim. What they feel more confident and certain about Going Forward is that the future is in technology. Kind of like the graduate movie futures and lastics. It is in tech. Alix jpmorgan warned maybe the selloff isnt over as the volatility premium is increase the over the broader s p volatility. How safe do you feel buying tech here . Very careful. Not as safe as id like to be. Take a step back. I think the price action this week is also indicative of Something Else which is we could be in correction territory. For somebody whose names have run off a lot have anticipated a lot of good news for a very long period of time. We want to be more careful. While generally the Technology Story looks compelling to us, i think right here, right now, this moment, we want to be a lot more careful before stepping in right here. Take a pause. I think for many clients, this is a good moment to reconsider that everything from allocations, not just tech but the overall market profile, the recovery we have seen in stocks has helped a lot that have remained invested. Guy what should it look like . A lot of people say a lot of time talking about the 6040. How much do you want in equities right now . We have had quite a runup, particularly in tech as you say, beginning to broaden out a little bit. Where do i think the barbell, where is the safe haven trade . Thats a great question. Let me frame it the following way. The way we look at the world today is that combination of things have conon that means allocations should change a bit but remain essential to the way you have an opportunity to go forward. Allocation is 60 to equities is still where we want to be if thats where clients started. We at the margin see the arc of good news bend upward. Things are reopening rather than shoulding down shutting down. That means places like europe starts to look more attractive. Global portfolio looks interesting now that we have seen big valuation gaps develop. When you look across the spectrum, opportunities outside the u. S. Start to look more interesting. Number one, number two, is in the u. S. Its still a Tech Health Care story. There is more focus in the u. S. We want to be invested. Some of the mid caps and other sectors, some of the Consumer Sectors start to look more attractive at these levels. Within equities its broadly diversified. The bigger challenge is on bonds. Curve is flat. Fed has indicated they are going to be waiting for a lodge period of time. Ultimate sources of income will become more in demand and stay that way longs as long as the curve is like this. Some may have equity risk. Well see more in high yield. And more products that create synthetic income whether its options or strategies like that that we think clients will be employing over the next several years as long as the fed keeps the curve flat. Last piece is on the private side. Private markets are ripe with a lot of many private opportunities. We continue to see a migration from public to private credit stories. Alix a lot to unpack. The first one. Which is europe. That case made sense to me a few months ago when we were seeing a resurgence in the virus here in the sunbelt states. Europe was getting it back together and opening you ever for summer vacations. This is a different story now with what appears some kind of second wave with new infections exceeding the u. S. How does your story hold with the headlines . The arc of the virus is an important thing to consider. Its important to consider where you are starting from. Everything from valuation levels to how we think about consumer spending. Business investment spending. Pent up demand, etc. At the outset we are starting to see lots of little vs whether its p. M. I. Data, employment data, railcar loading, shipping data. To the extent that the corporate sector we expect globally, u. S. Will lead it, to recover more quickly than the consumer sector, thats that bodes well for equities. If you are on a 20 , 30 , 40 discount on a valuation basis, we think a lot of bad news is built in. Including a second wave which we would not anticipate to be as strong as the first wave in europe. Guy if we are going to shift away from what has done well during the pandemic, as we start the recovery from the pandemic, walk we me through where that ultimately ends up taking us. Sin lickals will benefit. We saw earlier on in the week, some of the travel stocks as wefment how far down do you want to go . Does the same thing apply in high yield . Thats a great question. Not so far down on the equity story just yet. Back to school and the travel industries are kind of two of the biggest things that we need to see a bit more data on through september. I think that story around technology, around health care, and some of the consumer sector, particularly Consumer Tech still look reasonably attractive. There is some value out there, but i think we dont want to make a wholesale call from growth to buy value. We dont think things have broadened out yet. Part of the reason is we do anticipate or want to get a stronger line of sight what policy changes will come. To the extent we have more tax heavy policies or change Corporate Tax rates, that would affect some of our views. Right now the trend is your friend for some of this investing. The ideas we have discussed. I would assume that as we get through this correction, we are going to look for opportunities to add to the positions that we already like in the tech, in the health care, and consumerer space and not make a movement from growth to value. Alix a similar question. How far do you go down on the risk when it comes to credit . In a similar vain its much more active individualp selection. Not that far. The reality here is two things are happening we have seen before. One is you are starting to see reasonably rapid gown grades, as a result of the debt accumulation that we are worried about solvency risks going into the end of the year and beginning of next year. The private side looks more attractive. More opportunistic than what we see on the public side. I think spreads on the credit side have remained high that reflects some of those risks. We want to be more active around this approach right now. And not over allocate. Its a couple percent in portfolios. Guy even if the virus numbers start to improve and people start returning to a more normal way of life, thats likely to be accompanied by less stimulus from the federal government. Is there a danger that that stimulus is withdrawn too early . We are watching very early whats happening in d. C. The house going back next week. As a result of which that tips there is a danger. I think at this point when we think about scenario planning. We look at it in the following way. 50 probability its a v and a jaget recover into 2021 ask our base case. It is a meaningful probability which we assess at po 30 or so that a set of failures tends to take place. That could be the policy failure around fiscal side where we dont see enough stimulus or there isnt enough to help the consumer, and that drags things down. Although i would say what mitigates that is they have been saving more and ultimately i think thats a good mitigating point. I think the other piece of the puzzle is there is upside risk here. There is a lot of pent up demand. Through this down turn some massive profits and cash flows have been generated by corporations. So for investors, there is not zero chance, we think its about 15 to 20 there could be some meaningful upside going into 2021. This scenario i think makes the most sense. While there are risks there, we dont assess them as warranting lets get into a super defensive mode. Lets hold gold in switzerland and move on. Its much more about being diversified and capturing what we expect will be a lot of opportunities driven by policy changes and momentum big swings in markets. Alix cans of gold under my bed. Christopher wolfe, thanks a lot. Coming up, investor backlash from the destruction of heritage sites in australia. More on that next. This is bloomberg. This is bloomberg markets. Coming up, stanley fischer, former Federal Reserve vice chairman. This is bloomberg. A live from new york, im alix steel. This is bloomberg markets. C. E. O. Force the who has more on that. Rio tintos board trying to wipe the slate mean. The mining giant blew up two rock shelters in Western Australia in order to gain access to high grade iron ore. The explosions destroyed ancient Aboriginal Heritage sites and created a backlash from investors and community leaders. The original response was deemed insufficient. It held an internal review which found no individual was at fault. And it cut the bonuses of its c. E. O. Of the head of its division and the head p. R. Woman. Otherwise the company voiced support for the executives. Pension funds made clear that response fell way short. And this became a huge example of how rio was failing on issues. Environmental, social, and governmental issues has become increasingly important to institutional investors. You have those three being pushed out. You look at rios shares rising in london, overall Materials Companies are the biggest gainers in the 600. Outgoing crerks, o. Jacques it has twubbled since he was named c. E. O. In 2016. Bloomberg opinion colleagues david point out that the c. E. O. Delivered when it came to returning cash to shareholders. You look at dividends, share buy pax. He mismanned operations. Part of this mismanaged operation. Because rio tinto is a behemoth. Its head quarted in london with operations on the other side of the world. Ultimately it failed to communicate and understand Community Issues in Western Australia. Guy . Guy thank you very much indeed. Lets stay with the markets. Massive rally off marlos stalling. We are flat on the week. Mike joins us for todays futures in focus. Heavily correlated to tech. Talk me how the market is positioned right now . Its positioned very in a very vulnerable way. Coptory me is one of the name worrying about. Copper has the highest 352 correlation to the nasdaq ever. That means what matters for copper now used to be supply and demand . Not really. I look at corperisky. Then you look at managed money net positions. Copper there about the highest its been in three years. I see a lot of optimism. I fear realism will kick in and the dominos may fall. Coppers more likely to fall crude oil and galore. Alix what do you make that have . We made a lot about the nasdaq and its rally due to the options trading and retail guides and robin hood traders. Is that the case for copper . There is fundamental reasons. Chinas been restocking. There has been supply issues in south america. We have heard these stories before. Coppers been in a bear market since 2011. It peak around 4. 50 a pound. Got down to around two, around three it looks dicey and expensive. Maybe copper will stable lies. If nasdaq drops, copper should drop. Guy lets talk lumber. A great thing to do on any day of the week. Lumber futures for november rising 4. 7 , 640 per 1,000 board feet on the chicago mercantile. Basically. Walk me through what is going on here. To do the housing market. Huge demand in the united states. Move me through the positioning there. This is a fascinating story that gives as you gook macroeconomic underlying story. Lumber is a good indicator but not widely traded. It reclently peaked around 8,000 a board foot. That to me is Like Crude Oil and potentially copper. A lot of these commodities bounce. The risk goes back to the more enduring trends which has been down. Lumbers had a massive rally. Up recently. I look at it just not likely to continue up like it has. Supply will come on. Yes, the demand might continue, but remember we do have potential recession. Alix and get colder which is not that good for construction. Wrap it up with oil because you are looking at two weekly losses for oil. We havent seen that since april. How are we positioned here in the oil market going into next weeks opec meeting . Bearish. Crude oil net management has turned lower. Ill report on that monday. The market is over on 40 like it did at 70 in 2018. Im just going to stick with the trends from crude oil. Longterm trend is down. Markets bounce. Whats been the enduring trend . Lower. Crude oil, good luck going higher. Opec needs to sustain those cuts. We know what happens with opec, they cannot do that. Alix all right. Thanks very much. Good to have you on Bloomberg Intelligence commodity strategist. He didnt talk bitcoin. Literally every time he talks to might it doesnt take long. The cost of the nfment well break down how much advertisers look to bank on the sport after a long waited kickoff. This is bloomberg. Alix its time for the bloomberg business. A look at some of the biggest business stories. The exercise Equipment Company reported Quarterly Sales at the timents. State at home orders and gym closures peletons tread mills workout bikes. Bloombergs learned that china build tesla model 3s intended for delivery outside the country will likely start Mass Construction in the fourth quarter. In sports, the nfl season got under way last night. Patrick mahomes passed for three touchdowns to lead the super bowl champions Kansas City Chiefs to a 3420 victory over the houston oilers. Attendance was limited and the 16,000 people aloud in the stadium that seats 76,000. That is your latest business flash. Alix thanks so much. Among the nfl season debut and show of unity among the players for race equality, michael barr cohosted business sports from Bloomberg Radio joins us now. Who were you going to be rooting for on sunday . I guess the detroit lions. I dont know. Maybe. Alix im confused. Maybe you are going with the bears . Hard to say. For avid nfl watchers, this is a big deal kicking off last night. What they are talking about today is the booing, not the game. What happened . Before the game started, the anthem played, and the some players came out in unity. Out on the field. The houston texans, they said in the locker room. They stayed in the locker room. The fans booed when they came out after the anthem played. The booing was there. I have to be honest, i dont know if it was a good look. I doubt it. Fans booed, about 16,000 in the stands at arrowhead stadium. Guy i guess people see this as a business they are still trying to understand how sport deals with this issue. And how they as advertisers and responsibleors deal with it. How is the nfl positioned, has it done a good job versus other sports . The nfl won in terms of the money involved. Going through a covid era. There is a lot of money involved in advertising. You are talking about giving 176 million per team, 32 teams of the tv money. Thats a major reason why they are playing. In terms of covid19, they are living in like a virtual bubble. Not like the bubble like you are seeing in the nba or you are seeing also in the nhl. But they are encouraged to stay at home. And dont break the rules. I think thats the key to the whole thing. Major League Baseball you had a couple of players that broke the rules and it caused some issues. Lets hope it doesnt happen in the nfl. Alix how does this journey of the nfl in this time play out along with the race for social equality. Colin kaepernick a few years ago did not get the support that players now are getting when they kneel or when they dont come on for the anthem, among their players. What do fans do . What do advertisers . Fans boycott . If they dont go . How does that reverberate in a Financial Sense . Nfl is king. And, yes, you heard a lot of complaints here or there. But the money is there. E tv money alone in talking, 1. , 1. 9 billion in ads for tv. Just for a regular alone. The thursday night game draws close to 500,000 for an ad. And an ad in the sunday game is bout 600,000 to 700,000. There are complaints, but the nfl will always be king. And if you have a product out there and the baseball has proven that, put a product on tv, people are going to watch it. Guy fans were allowed in yesterday, last night. No, sir many, but some. Looked like an empty stadium. What does it do to the sport when you dont have fans in a meaningful way . How does it change the section of the sport . Its an integral part. I dont think the players, it doesnt bother them at all because they, too, once they are playing football or any other sport for that matter, they tune out the crowd. Arrowhead had about 16,000 in the stands and it holds about 70,000. And then sometimes theyll pump in crowd noise also. Guy thank you very much, indeed. So youre a small business, or a big one. You were thriving, but then. Oh. Ah. Okay. Plan, pivot. How do you bounce back . You dont, you bounce forward, with serious and reliable internet. Powered by the largest gig Speed Network in america. But is it secure . Sure its secure. And even if the power goes down, your connection doesnt. So how do i do this . You dont do this. We do this, together. Bounce forward, with comcast business. Lookentertainmentour experience xfinity x1. Its the easiest way to watch live tv and all your favorite streaming apps. Plus, x1 also includes peacock premium at no extra cost. This baby is the total package. It streams exclusive originals, the full peacock movie library, complete collections of iconic tv shows, and more. Yup, the best really did get better. Magnificent. Xfinity x1 just got even better, with peacock premium included at no additional cost. No strings attached. Guy alix steel in new york. The european close right here on bloomberg markets. Well update you on what you need to know. Chief economist of the e. C. B. , phillip lane, toughening up the banks language on the eurosaying today inflation has been significantly muted, quote, by stronger Exchange Rate. Well talk Monetary Policy in a moment with former fed vice chair stanley fischer. The u. K. Striking a trade deal with japan. The agreement comes as talks with the e. U. Remains at a krill cal stage. Well hear from u. K. Trade minister greg hands. The world remembers 9 11. 19 years ago. Lets check Financial Markets and talk about where we are today. Let me walk you through the price markets. Equity markets generally higher. In europe the ftse is up. The dacks is lower. The dax is lower. Over in the