coming to europe as well and we can expect more and ther are a number of major industries where europe has lead the way in the past to what extent could that help those industries now working to improve their processes and reclaim their position as pioneers of their industries to what extent could that help the european software companies and other digital companies gain clout themselves >> that's a really interesting point. we're seeing that on one hand the improvement and indeed the traditional industrial settings as well as the strong r and d expertise that you have stemming from any other european universities sprinkled across the continent. and they're working very closely and we're seeing more and more of these marriages between traditional ones that tried to work more closely with starbucks to optimize the business and, in-turn, enable these young companies to get fuel and grow. >> i noticed in your notes that you made note of how moving to a fully remote working environment over the bulk of the pandemic is in europe and the u.s. >> basically, and you cannot really afford ignori

but they're ignoring eastern europe and they've been ignoring eastern europe for years and his crane poland lithuania latvia these countries that know russia well and said don't do this but germany just went ahead and did it anyway i mean that surprises me is that i think there was a certain misreading going in there lynn at that the failure point and i think the misreading was that germany itself the self perception was that germany was clearly pursuing a dual strategy of containment the study of russia plus cooperation so basically the old pattern of the cold war and containment is just it's clear because germany in that kind has been instrumented to keep up the consensus on e.u. sanctions so this was kind of. being in the background and why thought the others would accept within the package of culpa ration the snot stream to a pipeline which was also giving germany a certain leverage the said the kremlin and i think the other misreading than was the dynamics inside. you go for an energy union and to really drive this and to a certain extent you know it all the. rhetoric from berli

been such a good century for europe. europe has known terrible wars in its history. most centuries have been marked by dreadful wars in europe. and the 19th century was actually one of the most peaceful and prosperous and progressive centuries in history. there had been a number of very short wars in the 19th century after the napoleonic wars ended. but those wars were short and usually fought between two countries. and they usually resulted in a clear result and then peace was re-established. and so europeans had come to think by the beginning of the 20th century that they had somehow changed and their world had changed and that they happen going to go on living in a peaceful world, and they were going to go on building peaceful and progressive and pragueporous societies. this peace and prosperity and progress was going to spread around the world. we look back and say how foolish that was, but this is something many people eneurope were thinking before 1914, which made the shock of the first world war all the graduator.

how does europe come out of this? when we come out of this pandemic, when we come out of the generational change of leadership signaled by chancellor merkel, where will europe be on the other side of this bridge? tom. good morning, i think europe at the moment in somewhat better shape than in other parts of the world. it has a better control of the virus dynamic. response also seems to come together more than in other places, and there is more visibility about the fiscal availablehat has been . that looks fine, and then if you look at the number of long-term trends that will be accelerated pandemic,k of the notably a clear shift toward , addressingty things such as inequality, i think there is reason to argue that europe essentially is in a decent position. to benefit from these trends. tom: is it a decent position of actual improved labor productivity, or is it an overlay of maybe good policy like europe? can europe jumpstart labor productivity over the next five years? elga: in terms of the productivity trends in eu

as the virus groups europe. cases continue to climb as leaders by going from shutdowns and a brexit bust. willsay it is likely they reach a no deal. european stocks down by .2. the overall market helped buy a better than expected u.s. pmi, given that the european pmi came in weaker than estimated, particularly in france. the euro loses steam against the dollar and you are seeing selling and peripheral bonds, most significant in italy with yields up three basis points. crude down by almost .2. let's break down the two tales with u.s. activity hitting an 18 month high and europe a different story. the economy lost momentum unexpectedly. michael is here for the breakdown. michael: the narrative in europe playing out as europeans forecasted. they are now seeing a covid come back and slowing economic data. indexes, thetiment pmi's, is this month better than last month or worse? the consensus is it was not as good or worse. you can see all of us the euro zone in france, germany, they saw declines in the manufacturing

money in the states or europe? bhanu: for the next three months, europe. scarlet gave a good round up. to main factor if you want understand country allocations is to understand sector allocations and one step further, factor allocations, do we want to be in growth or low-volume,entum, or quality? the market has been more and more priced in, will price in jackson hole and the vaccine. these are already in the price but there is room to run, and as we move away from growth to value which is difficult because of how strong it has been, but if you want to start on a clean sheet of paper, value stocks will do slightly better and that should be a reallocation towards europe. that is a tactical call, i emphasize that. longer term, the amount of stimulus the u.s. economy has, there will be a much bigger recovery in the u.s. next year. tech, from a short-term perspective, is the future. allocationsset portfolio, it will be tough to diversify, given china, given the hopes on vaccines. it will be tactical asset allocation. europes a trade value on and investment gro

we talked about europe and the fact europe is potentially heading in the right direction. it has a social security system that is working. it is managing the covid crisis much more effectively and is starting to invest in technology , i.e. environmental technology. since we have had that conversation, european stocks have gone down in u.s. stocks have gone up. when is the right moment to invest in europe the long-term trade? steen: thank you for putting me on for that one, guy. obviously the game is you believe there is better cohesion going into the u.s. election year that will at best be will beus and at worst a starting point for further social unrest in the u.s.. up, but i do not think overall the s&p 500 is recovering as well. for me europe remains at a changing point. the budget we have in place shows a commitment from your. is that enough long-term, but in the short term you created -- the euro rally to 1.19, coming back down to 1.17. people increasingly want to invest money at home, and personally, not because i'm european, but for me europe is a better place to be

into europe. just simply because we talked about in the session before, where actually a consent since expectation for europe -- consensus expectations for europe are extremely high, whether that's regard to political risk, whether that's in regards to the eu's recovery fund, the handling of the virus, whether that's also for example relative to growth compared to the u.s.. baked into expectations and the price already. i doubt that there will be this huge rotation. one thing we have not talked about, if you look at eps revisions and put them together with annual change of euro-dollar outlook against eurozone against u.s. earnings revisions, you can already see that u.s. earnings revisions are highly benefiting from this weaker dollar. anna: ok. max, thanks very much. max kettner, hsbc multi-asset strategist, joining us here on "bloomberg surveillance." the conversation around inflation will be very topical at jackson hole. that is coming up thursday this week. stay with the bloomberg for our full

nejra: welcome to "daybreak europe." really interesting moves yesterday, we saw a pullback in the s&p 500, snapping the best winning streak since 2017. you saw treasury yields jumped the most since june. supply coming on the market. the ppi numbers, as well. that beat down gold, too. interesting that we saw a little bit of divergence and treasuries and a pullback in the stay-at-home trade at the same time. manus: absolutely. the curve steepen's. when these move comes, they come in lumps and size. at the beginning of a size move. we have to begin with abn, amro. the loan losses were better than had been expected, but it is the wholesale change that is coming. they are going to split the corporate and investment banking into core, non-core activities. they are looking to extricate themselves from finance outside europe, focus the attention of the business. you are looking at commodity finance operations being dropped . the probability of 800 jobs are at risk as we look at about 45% of their client loans in those divisions

and into europe? >> it is probably one of the most crucial point to be made about beer gardens in your -- munich. perspective, i think the europe story has been a bit overblown. i can't see it outperforming massively over the u.s. in the next couple of weeks and months. we do know that really positioning and sentiment toward europe has become stretched. when i wrote a note on the end of u.s. exceptionalism, i don't think we are there yet. sentiment has become bearish around the u.s. recovery, the dollar, the trajectory of the virus. that has been almost exactly the opposite for europe. at the end of the day, what you are buying in the eurozone is a load of financials and they are not in that good of a state. in multi-asset, we still stick equities.ght in it's going to be tricky to see that going to 120 or 125. almost like old prices where you see more and people coming out with even more exuberant dollar targets. the levels where we are right now, that should be the best is,ntum because my issue from

was europe not africa the actual cradle of humanity. athens capital of greece and ancient birthplace of democracy. for years now the german paleontologist madeleine buena has been researching the natural history of this region. what she discovered could radically change our understanding of human evolution. the saudi doesn't it great climate today is mediterranean hot dry summers and cool when winters for the 7000000 years ago things were very different the landscape covered today by athens used to be grass on the savannah 7 of us and the animals that lived here at that time were diff. into greece was home to several species of elephant. there were also rhinos. giraffes. and ostriches animals that today live in africa it's not the enemy it was 4 or 5 degrees warmer than now and whether to a last war or just. at that time 7000000 years ago a mysterious creature lived in southeastern europe. only a few traces of it remain. it may have been our very earliest ancestor. the search for traces of this creature brought madeleine burma to invest

in europe and that means that you know europe is lacking leverage somewhat in this global decision making process and it's also likely that this will accelerate though process towards a more localized into that here in europe as well. more and more governments and citizens are aware how valuable data is and who gets to exploit it all right conrad booze and with us from frankfurt thank you over asia now we're chinese exports have seen another unexpected jump the government says customs data showed exports rising 7.5 percent in july compared to a year earlier that's another positive sign for the world's 2nd largest economy following june's 3 percent gain sales in the u.s. rose despite the terrible with washington chinese exports have been rebounding from the coronavirus faster than the global total suggesting that is manufacturers are taking market share from from competitors in country still under restrictions. over lebanon were times were already tough food prices on the rise power outages becoming more frequent and coronavirus case numbers climbing now the need to rebuild the country's l

europe suffers from an old economy problem. the stoxx 600, 10% of the weighting is represented by tech. the s&p, 25% is made up a loan six just ask tech stocks -- tech stocks. there is an enormous derth of tech investment in europe. it is a major problem and no wonder that the recovery fund has put such an emphasis on digital transitions, green transitions. it begs the question how quickly europe will be able to catch-up in order to attract more structural capital and structural investments in the region. that is yet to the scene. but we have seen that a lot of the money which has now entered feel likene, it does the first leg of attraction is almost a cheap option on a potential cyclical recovery. the less fleeting leg of investments will need to be supported by a pickup and a catch-up in growth and innovation and in technology. anna: we have seen a strong rally in the euro on the back of agreements in the eurozone recovery. has that stalled? thing ishe interesting i think it is important to think and thinket dynamics about as

on a collision course with russia moscow has warned europe not to intervene europe says the future of bella ruse should be decided by the people not by the military of let me or putin i'm burnt off in berlin this is the day. we stand by the people of a lot of stuff the violence and we don't accept the impunity there's been a huge infringements against election rules these elections were not free and they were not fair we will sunk all those responsible violence oppression and full sophistication of the results of the election we do not recognize the results elections. also coming up tonight last week u.s. president donald trump announced a peace deal between israel and the united arab emirates he predicted other arab states would follow he apparently did not mean saudi arabia peace must be achieved between the palestinians and israelis based on the internationally recognized parameters and one you know once that is achieved all things up us all. to our viewers on p.b.s. in the united states and all the round the world welcome we begin the day with the european union standing with the

was europe not africa the actual cradle of humanity. athens capital of greece and ancient birthplace of democracy. for years now the german paleontologist madelyne buena has been researching the natural history of this region. what she discovered could radically change our understanding of human evolution. so i think it's great climate today is mediterranean hot dry summers cool when winters for the 7000000 years ago things were very different a landscape covered today by athens used to be grass much less savannah. and the animals that lived here at that time were different. to greece was home to several species of elephant. there were also rhinos. giraffes. and ostriches animals that today live in africa as i am it was 4 or 5 degrees warmer than now and wetter to a lost war of just. at that time 7000000 years ago a mysterious creature lived in southeastern europe. only a few traces of it remained. it may have been our very earliest ancestor. the search for traces of this creature brought madelaine burned out to investigate a story that

what -- of europe. what do you think? carsten: to meet, it still means -the market is looking for items. the market still believes in the v-shaped rebound. but the next couple of weeks will show the hard data coming in for the month of july, whether this v-shaped rebound would actually also be the v-shaped recovery. and i have my doubts there because we will have so many second round effects. look at the labor market. we've got businesses going bust. i think that this v-shaped will become something like a j shape recovery going to the last quarter of the year. matt: how much of a concern is the second wave of the coronavirus? it does seem that most governments have rejected the idea of future lockdowns. but clearly the populace is worried about it. i mean, there were at least 100-200,000 people on the weekend,let's a over the protesting masks. how much of a concern is this? carsten: the economic outlook, obviously there is a concern. if you that now as governments try to keep it local and regional. we've had a couple loca

in eastern europe in ways that don't seem to. influence western europe the way they did in the past. basically in us continues to push they're trying to use an sanctions weapon yet again and. western allies aren't that. happy about this obviously as your introduction showed that now why is russia the preferred supplier for germany is it all about the price of natural gas coming from russia. well you know traces in interesting factor here because europe's always said that they'd like to diversify their supplies but then never prepared to pay any bonus for that diversity and so that does lead to the russian in more region gas being fired on suppliers and any l.n.g. will have a difficult time competing in trite but i think europe with like so it's not the threat part if they get a good price around them gas is that there is the alternative of low cost elegy coming in from the us but the reality is the marginal costs of supplying l.n.g. to western europe can never compete if you will on the variable cost and we mean this stuff compar

do you see that in europe? i do see that in europe and i sympathise with mark, my teenage daughter has also suffered tremendously from the lack of socialisation, because of lockdown. we need to sympathise and understand that the lies that young people are experiencing at the moment are a far cry —— the lives that young people are experiencing areafarcry that young people are experiencing are a far cry from what young people expected to live in their past. in europe, i think we see the rising spike, in france, in spain, to a certain extent in portugal, is associated with movements of young people. the opening of nightclubs, the socialisation in beaches, parties and so on, it will mean that there's a much higher transmission rates. and the big worry is, this will continue once schools will open and some universities will open. so it is quite a bit concerned. it do you have a sense of where this fits into the global picture? because of thisjoie de vivre into the global picture? because of this joie de vivre la

what signs do we have europe ascending with that? >> it is a sign that europe wants to help. you have two of europe ''s key leaders wanting to help. once the risk of vladimir putin to interpreting that as europe taking sides. that said, we do not know that an ambulance aircraft is planning to go and collect navalny this evening and that will be a team that specializes in treating coma patients and that is being arranged by the foundations piece foundation which previously arranged for a roman critic who had been poisoned in 2018 -- kremlin critic. what we know so far is that navalny is expected to be treated at the hospital in berlin in the german capitol. brent: we have assigned that -- we have a soundbdbite with merk. let's take a listen to the german chancellor. >> we are showing that we seek dialogue with russia and belarus, too although president lukashenko is not spoken with anyone on the phone. we will insist on certain conditions. the release of prisoners, no violence, free speech, the right to demonstrate and dialogue on how the country. those are the values we stand

and europe don't. annmarie: toiment ask about china's domestic market and we've seen the idea of china and china exceptionalism coming out they have covid crisis and their economy rebounding. the other day i saw in a search for serious yield china dollar bonds above $18 billion are yielding above 15%. do you find this only place for yields in china is this something you'd look into in the chinese domestic market? >> i think what you're seeing in china is very interesting. previously you had on export and potentially export recovery is now being changed into chinese -- in the chinese narrative itself in terms of domestic, looking at domestic demand as the main source of growth and for recovery. i think we're getting into very different territory and on that basis, yes, i think those types of yields i think are very attractive and should be looked at. particularly when thy china is opening up markets. we're seeing bad news fall. i for one would get into the hinese market. manus: question is will american

in europe, in the u.s. market, and australia, we have been recruiting employees from lateral hiring. last year, for example in the 1200 collegeuited graduates. since we made this shift over the last couple of years, we have recruited over 13,000 employees within our u.s. business locally. while there have been some changes in the policy approach in this area, since we have put in place our own thinking and executed our localization, we see less impact into our business model as we look ahead. in the u.s., we have set up six new digital centers over the past couple of years. center ine, a digital indianapolis. in phoenix, and hartford, in rhode island. these are centers that are helping us to scale in the u.s., as well. infosys ceoas the speaking exclusively with bloomberg's caroline hyde. jointlyvaccine being is one of thezer fastest moving vaccines in the world. for more, the director of research for bloomberg intelligence joins us. sam, how promising is this development? >> good morning. to have this time

networks at this point meanwhile in europe it seems at times like 5 g. masts a popping up all over the place for europe how much work is best. to be done there's still definitely a lot of work for europe to do there are certainly farther ahead than africa but they are certainly lagging places like china south korea the us that have been able to launch these very widespread networks at this point so there are about 17 countries and europe that have launched 5 g. services but there are the coverage is quite spotty it's really a patchwork of different services and there's still as in africa our constraints it's the 5 g. phones still are widely available they're very expensive and that's not even talking about the industrial uses of 5 g. which are expected to be really the future of this technology so things like connected factories driverless cars that's really where 5 g. is supposed to be particularly useful and that's a much more difficult and a much more expensive. way to go forward so there's still definitely a lot of work here as well when we talk abou

on a relative basis europe looks good, but europe has many other things to deal with. therefore i will be careful -- therefore i will be careful. if i'm looking long term i will still by u.s. equities. taylor: those u.s. equities, the markets have defied a lot of the economic data. is this thanks to fed liquidity and fed injection, or as the economic data continues to roll over would you expect the equity markets to follow? manish: that is true. we have to remember it as liquidity and money printing. you are seeing a lot of money printing happening now. the liquidity is a key factor. this is exactly what happened in march when a lot of people grew and it bottomed on the 23rd. my view is simple. ignore the reaction function of fiscal authority and monetary authority and i see no signs these authorities are going to back off. that means the market will remain supportive. if the schools reopened, the economy reopens, and the risk is to the upside. risk,ms of market rally does it look bare rally? yes. if the markets catch up, the markets will go higher. guy: what is the ca

etf iq europe up next. journalists and analysts in more than 120 countries. ♪ ♪ businesses are starting to bounce back. but what if you could do better than that? like adapt. discover. deliver. in new ways. to new customers. what if you could come back stronger? faster. better. at comcast business, we want to help you not just bounce back. but bounce forward. that's why we're helping you stay ahead and adapt with a network you can count on, 24/7 support and flexible solutions that work wherever you are. call or go online today. francine: welcome to bloomberg etf iq europe. over the next 30 minutes we will be your guide to the market and exchange traded funds. where you need to know everything about the funds and the flows. francine: still shining, eight of the 10 were focused on gold. we will ask of gold -- bullion can keep on climbing. european etf assets top of the $1 trillion mark. equity and flows have underperformed. fixed income. we will ask why. after a slow start, exchange traded funds are takin

invest in europe. he says if u.s. infection rates slow down from here, europe is set for-- europe's outperformance may actually be question. david: the data is telling me the u.s. had less of a lockdown in the second quarter, and u.s. gdp fell less in the second quarter then in the euro zone, not annualized. lower phase of the euro zone, it is highly likely that in the third order, the increase in the euro zone will be higher than that in the u.s.. is basically all in all with the u.s. likely to get even bigger fiscal stimulus then europe, probably subtracting from the issues i mentioned area the u.s. will maintain a slight advantage over the eurozone is the u.s. is lightly to discontinue spending even more than europe. the heros that mean dollar rally we have seen is overdone? david: it has gone a little farther on trend. europe does have significant good fundamentals. the euro is undervalued relative to the u.s. dollar. in currencyhe euro markets may have been a little overdone in july the trend is .

we are not europe's police for the. often we see along the mediterranean to signal to migrants they have no chance of reaching europe. and then they won't even come to libya to begin with and. that the. migrants who were turned back to land a sent to prison many end up song to traffickers migrants from the mediterranean take enormous risks to avoid being intercepted by the libyan coast guard. or in european aid organizations come to help shipwrecked people our rescue work becomes even more difficult when migrants see the foreign ships.

europe has known terrible wars in its history, most centuries have been marked by dreadful wars in europe and the 19th century was one of the most peaceful and prosperous and progressive centuries in european history, perhaps the most peaceful, prosperous and progressive that europe had ever known. there had been a number of short wars after the napoleonic wars ended in 1915, but those wars were short and usually fought between two countries like the franco-prussian war and europeans had begun to think by the beginning of the 20th century that they had somehow changed and their world had changed and that they would go on living in a peaceful world and they would go on living peaceful on and progressive and societies and this was going to spread around the world. we look back and see how foolish that was and this is something that many people in europe, the thinking before 1914 which made the shock of the first world war all the greater. european, after four years of war, a war which they had hoped would be short and decisive and after four years of a dreadful war they looked back and look

europe had few and europe was doing great. u.s. was doing terribly and at that time i thought the narrative had gone too far and we would see a normalization which is to say a slowing of infection in the pace in the u.s. and increase in europe and that's what we're seeing now >> on that point we're seeing rising numbers in europe and according to some indicators, improvement in the united states why hasn't this translated into renewed dollar strength? >> that's a very good question i have been wrong on the dollar now because i have been bullish and the market has tried to embrace the decline narrative but one of the reasons it's so difficult is because it by definition means the rest of the worlds currencies excluding the dollar will be stronger. most don't tend to react well. certainly not at a time facing their own economic challenges. so for me it's difficult to get that without it being in a global economic upswing that's being lead by the rest of the world. i think all other environments tend to be okay for the dollar if not v

do you see that in europe? i do see that in europe and i sympathise with mark, my teenage daughter has also suffered tremendously from the lack of socialisation, because of lockdown. we need to sympathise and understand that the lives that young people are experiencing at the moment are a far cry from what young people expected to live in their past. in europe, i think we see the rising spike, in france, in spain, to a certain extent in portugal, is associated with movements of young people. the opening of nightclubs, the socialisation in beaches, parties and so on, it will mean that there's a much higher transmission rate. and the big worry is, this will continue once schools will open and some universities will open. so it is quite a bit concerning. do you have a sense of where this fits into the global picture? because if this joie de vivre language applies, presumably, to young people in the developed world, in the developing world, the picture is extremely critical for young people economically, as well as

while the tide was turning in the air over hitler's fortress europe, america, new zealand and europe launched an offensive to drive the japanese out of new guinea and the northern solomon islands. enemy forces were wiped out. our troops drove for the airfield on new georgia island. with all of north africa in allied hands, preparations for operation husky were begun immediately, to attack the soft underbelly of europe. the immediate target, sicily. little time was lost. only 60 days after the surrender of axis forces in north africa, patton's army invaded sicily with british troops under montgomery. some 3,000 craft were employed to land on the initial force of 160,000 troops. almost 14,000 vehicles, about 600 tanks, nearly 2,000 guns. but sicily was held by more than 200,000 italian and german troops, strongly entrenched on rugged terrain. it was to be a tough, hard-fought campaign. >> we invaded sicily just 18 months after pearl harbor. actually an incredibly short period of time for a peaceful and unprepared nation to have accomplished so much, to have come so far. it was a brilli

europe just now. basically we're looking for something like said 14 sectors is a huge number of sectors for any company to invest in. yusuf: what is your read on the economic recovery? is that going to be ahead in the rest of the world or in line with the rest of the world? what are you hearing from some of your peers? we also have high foreign exchange reserves. we have low cost of production. all of this should add to the speed of recovery in saudi arabia which would add a lot of benefits. yusuf: for investors, specifically in your shares, any guidance on the dividends? >> yes, we are maintaining our dividend policy for the whole year of 2020. we are going to review this again. as usual, we do that every year. not because of this exceptional year. this would gain and happen, is unbelievable. we don't expect this to continue forever. we believe things will be clearer. there will be hopefully a vaccine and we'll go forward hopefully. yusuf: thank you very much for making the time. great to see you. th

in europe if you act now. natalia kaliada we have to and vapour thank you very much for joining and vapour thank you very much forjoining me on hardtalk. thank you very much for having me. hello there. last week, storm ellen brought us some very wet and windy weather. this week, we have another named storm. this is storm francis, named by the met office. you can see this hook developing in the cloud structure, on the satellite picture. this shows an area of low pressure that is deepening rapidly. it will continue to deepen as it moves across our shores. an unusually deep low for the time of year, bringing some unusually strong winds. with that, some heavy rain. it's a combination that could well cause some disruption. so, that rain already setting in for many of us. it will continue to pile northwards through the day. it then slows down across parts of northern england, central and southern scotland, northern ireland. some rain feeding back into wales. so these areas could see some localised flooding. and then

there is no doubt that a lot of these migrants coming to eastern europe, across europe into france and some of them wa nt to europe into france and some of them want to come to the uk, but the french know they are there in france and they should be dealing with them, and that is why we have to come to some agreement with them. this is a problem for the whole of europe as well as the uk. europe has a real problem, to split the eu in many ways, but something has got to be sorted out finally because they are probably hundreds of millions of people in the world who would much rather live in europe than live in that dreadful countries. it's a fact of life. europe cannot take hundreds of life. europe cannot take hundreds of millions of people, it can't take millions of people, this is a real problem that has got to be resolved, but the specific of calais relies on an agreement with france, but we do need a much better way of actually keeping the security of our waters around this country or else leaving the eu now that is the whole issue of fish protection, our exclusive economic zone which

europe's covid contraction. y's economy ethical bookcase countertops 25 million. -- as the global case count tops 45 million. in the market you have some pretty grim data out of europe in terms of the growth. you have week inflation numbers across the board. that is sitting heavy. the dax is trying to climb into positive territory. the euro continues its climb higher. rket really claim -- really came after the inflation numbers. a little bit of a mixed risk picture. u.k. equitiesthe in the bond market are closed for the holiday. contracted 12.8% in the second quarter. that is one of the numbers that we got out of europe. joining me now is par a garvey -- para garvey. what is happening in the bond market? is it covid? is the inflation number? what stood out? the bond market is all over the place. what we are getting now is a sawinued echo of what we last week. we have the bond market with an attempt to price in the inflation theme. one of the biggest arguments theme. the reflation inflation butwant we know that t

you can stay in europe and we should we should stop this illegal migration to europe and then we can look at how we will fix our internal problems in within europe. peter by strong a.f.d. is foreign policy speaker and the one assad thank you for your time and your comments thank you very much. the french president emmanuel micron is now in lebanon and his 2nd official visit this month it comes at a time a political turmoil in the wake of the deadly explosion in beirut on august 4th lebanon's president has just appointed the country's former ambassador to germany as the new prime minister charlotte n.c. has more on the grounds visit. well this is president marcos 2nd visit to lebanon in a month will it be another photo opportunity or will he be able to achieve something concrete his visit hard already to celebrate a 100 years since the creation of the lebanese state of course it comes under the cloud of those explosions that through this city. when he was just a few days lost his visit was equally. criticized but some saying he was still acting as if france was a protectorate of levon

washington has long been a critic of the plans arguing that the pipeline makes europe a dangerously dependent on russian energy in an effort to hold the project u.s. lawmakers have imposed sanctions on companies involved in the project and move the european commission says violates international law all that has left the german seaside town a vast that's on the front lines of the stuff. this ferry from the danish island of bornholm could soon be stalled by u.s. sanctions the ship is destined for muck around port and therefore has business ties with the port authority port mccrum on the island of ruben is a pivotal importance in the construction of the nord stream to pipeline 2 special russian ships are docked here once they have been equipped they're supposed to live the final 160 kilometers of pipeline but if u.s. senators have their way the harbor management all business associates and even local authorities would be affected by the sanctions gas market expert hi coloma feels this signals that the americans are again taking drastic measures against the project. you know when going

and in europe. i think really going forward what is going to be crucial is whether we do see a vaccine. i think a vaccine is going to be needed to kind of propel this upward lift in yield. i think ultimately, though, given the fact that we are seeing just this economic uncertainty, the fact that we are seeing central banks kind of wanting to maintain these easy financial conditions that we are going to see really range-rebound treasuries going forward without kind of that catalyst on the up side to kind of break them out of that on a sustained basis. >> laura, thank you very much. she was joining us with a look at the markets there. from one laura to another. let's get a news update. we stay here in london with laura wright. >> thanks. israel and the united arab emrate have agreed to begin normalizing relations. the u.s. hailed it as a key step toward peace in the region. at one time sides will hold a range of talks in coming reams. israel has adreed to suspend its efforts to and ex-the west bask. p

from europe signal clearly that it is going to use everything at its disposal to push a human rights democracy and non-biological. to save europe doesn't intend the shift of power spears for sheeple that it simply wants to show we have a responsibility towards our neighbors and that is something europe and also now has to clearly demonstrate or at least some of us are playing do you mean sanctions so that go beyond that. i believe the most important thing is to do all we can and that is something those responsible can decide better than i came to increase the pressure so that there is a nonviolent outcome. because we can all since good things can no longer continue as they are in belarus now. when a dictator has come to the end of the road it's best to find a way forward without further violence just based him and finda and vague or live by the about. what does europe have to bear in mind when dealing with russia now after all bella bruce is founding within its fear of influence. as i say it is we need to avoid the misunderstanding that we want to change fears of influence if we stan

the who today is looking at young people in europe. europe seems to have effectively managed the reopening process. when it started reopening a couple of months ago, things went well. we didn't see big spikes. now you have a number of european countries that are concerned. when you look at the situation in europe, are you worried that they could be sliding back again? yes, as you said correctly, katty, at the beginning of their opening up, they really did very well. what i hope does not happen with our european countries is that they get a little bit complacent and as they open up and see that things are doing well and they are able to contain any of these little blips that might turn into spikes that might turn into resurgences, i hope that they pay attention to the fact that the reason that they've done well is that they've done it correctly, and by doing it correctly, i hope they don't get complacent, essentially stepping over the line and taking additional risks. it has to do with what i was saying just a few minutes ago when we we

europe. the situation is serious so take it seriously. africa motivated. the usa the irish sort of gets a little warbird miraculously goes with the pandemic spreads. in 45 minutes on d w. and how's your view of the world. where i come from the oh is that clear does this go it just like this chinese food does matter where i am born with reminds me of home after decades of living in germany china's food is one of the things i miss the most but that taking a step back i see things a little of difference for me now. men have put 1st as undergone a sense that it's just the other part of the war haven't been implemented in china catch me if i'm not uptown it's people wondering if they're going to take it but if i have a ride to another poster that is this is their job a job that of them how i see it and understood why i have enough my job because i tired to do it except maybe an hour a day my name of the name too and i work at g.w. . who's next the head of the world trade organization is stepping down and member countries are over his successor at a time of the

and will visit greece for a look at how europe's summer travel season has fared in one of its.

and in europe german armies had invaded the soviet union. winston searchal, the prime minister of england, america's strongest ally travelered to washington to meet with roosevelt. together they planned a strategy to combat the axis powers. it began to pay off in june 1942 as the allies slowly stopped the expansion of the axis allied powers. the battle of midway june 1942 was a major turning point. the u.s. navy destroyed four japanese aircraft carriers and ended japan's dominance in the central pacific. this was the first step in a strategy that came to be called island hopping, an island by island advance towards the japanese homeland. in europe the situation also improved. british forces defeated the german, african corp in egypt. an anglo-american invasion force landed to clear the continent of axis forces and german advance was stopped in a series of hard fought battles. in 1943 the tide of the battle continued to turn in the favor of the allies as they gained greater and greater control of the fighting in both europe and pacific. the s