allianz announcing a probe from the doj and the u.s. over some of their investor funds, also saying they're seeing second quarter eps at 2.2 billion euros, as well. so again, it's the operating profit they're seeing in the upper half of their target range, which is important. and don't miss our interview with the cfo of allianz. that's coming up later this hour. let's stay with the financial industry and get to ing numbers, which are just breaking second-quarter net income, coming in at just under 1.5 billion euros. the expectation had been 1.15 billion euros, as well, also going to make additional distribution of 1.70 4 billion euros. second-quarter net income coming in at a pretty solid beat, expecting some shareholder distribution, a payment of $.48 per share in october, as well. so a beat, and also some payouts to shareholders coming on deck, as well. let's get further into the conversation with ing. joining us is the ing cfo. thank you so much for joining us this morning. so, your numbers coming out looking like a pretty hefty beat

to the upside, insurance at allianz. they are doing well. a rebound to some extent in their share price after recent legal concerns. they are on a move to the up j side. technology, financial moving higher. let's get a first word update. here is laura wright. >> fighting the delta varpte risks. blackrock says employees won't have to work at the office until early october. amazon september to january next year. the recruitment and employment confederation said firms are struggling after securing more jobs. vacant sis grew at the fastest pace since the survey started in 1997. football superstar leonel messi will leave the only club he has played for since he was 13. they can't sot sign him due to financial and structural obstacles. he was expected to sign a new contract with the club this week. his most recent four-year deal was worth almost $675 million. global news 24 hours a day and on bloomberg quick take powered by more than 120 journalists and analysts. anna: the recent -- in germany is shaping up to be the key for next months election.

let's start with allianz. we were talking with our colleague, but let's check in on the share price once again, 4.5%, continuing to make moves to the downside, this on the back of the confirmation that they are cooperating with the doj. the a doj launched an investigation into one of their funds that didn't do too well at the start of the global pandemic, and seems to early for allianz to put a number on what impact they could see their. a lot of uncertainty. hsbc also in focus in the financials arena, paying a dividend, quarterly profits coming in better than expected, up 1.6%. and provisions not being as large, or provisions that were made in earlier quarters not being required is certainly a theme that we've seen running through the u.k. financials up to this point. sticking with the u.k., make it is of interest, aerospace engineering business. they have a great two a deal, that deal coming with -- agreed to a deal, $8.8 billion, 6.6 billion pounds. the buyout would be the biggest ever for the u.s. for this

joining us now is katharina utermoehl, senior economist for europe, allianz. thank you for joining us. we are trying to figure out market movements, and everything points to supply chain issues. are you worried the strength of the recovery will be less robust than we thought three months ago? katharina: i think what we are seeing today, also with markets turning red, probably a lot of issues we had on our agenda the last few weeks have come back to the forefront, and also because summer months will probably magnify the issues. yesterday's fed minutes included the t-word, and on the surface it looks like the fed is ready to say goodbye or at least start the normalization process. there will probably be more talking about the t-word before we see any action. mark: i think i might adopt the idea as referring to it as the t-word. i understand what you're saying about summer markets, we are seeing over to headlines, but it is clear the narrative is the delta variant is making it more negative about growth. we will see peak growth at some point given the pace of the

allianz trading down. last year the ftc investigated some of its funds and that we have the doj looking into this as well. the concern is it is a bit of an unknown. the company say get cannot forecast for this. the market arcing this down. axa bouncing strongly, got hit during the pandemic but really bouncing back strongly. a little bit of caution on what is happening with delta but strong numbers. then we get to the meggitt story. up 55% today. let's talk about the details. it is an industrial company, and aerospace supply company like boeing. the british government will have an interest. it is very old company in the u.k. the offer is at 800, we are savvy -- we are trading at 728. why the discount? one reason is we could be having issue with shareholders. i think 75% need to approve. also the british government. interesting how they deal with this. alix: let's get more on that deal. charlotte ryan joins us now. the u.k. government business secretary says he is taking a strong interest in it. does the u.k

marseilles' dimitri payet was hit by a bottle thrown from the crowd, and he sparked a pitch invasion at the allianz arena when he threw it back. the chaotic scenes that followed saw the match halted for half an hour before the game was called off, with marseille refusing to carry on, claiming that some of their players had been injured. let's get more on this from the french football journalist sara menai. sara, shocking scenes, and lots of investigations are under way — from local authorities in niece to the french football federation. what is the latest? good evening, yes, as you said shocking and shameful. well for now, marseille obviously intended to take legal action. marseille obviously intended to take legalaction. only marseille obviously intended to take legal action. only three minors were arrested last night, the investigation goes on. a public prosecutor has taken up the case and both clubs have been summoned to a disciplinary hearing that will take place at the league headquarters on wednesday. what the punishment will be, of course, we do not know yet. maybe a lifetime stadium band

the reality is that allianz are trained on past human decisions, and they're built by fallible humans themselves. and so there's still this possibility that the bases creep in to the development and application of these algorithms. but certainly, the promise is that we can least make the situation better than it currently is. one of the things i'm really concerned about about these systems is that they seem to be part of a philosophy that increasingly sees human decision making as black box and unknowable and computer decision making as transparent and accountable. and that to me is really frightening because of course, computer decision making is not as objective and as not as unbiased as it seems. at 1st glance, we build bias into our technologies, just like we build them into our children, right? we teach our technologies to discriminate, but on the other hand, people's decision making is actually not that opaque. we can ask people about why they're making the decisions that are making, that can be part of their professional development. and i think this idea that human decision ma

been working for a while with covered a lot of topics, we're already using. gout speaks, we've had allianz visit my sister. there is certainly a bit of a crisis of ideas at this point, and the good script writer is hard to find as it is. but in animations, great writer is even rarer because it would do pantomime. there is minimum dialogue . writing scripts for talking has is easier. you have dialogue, but are buried doesn't talk. he uses gestures. so all of that has to be thought out . and every writer we have is worth his weight in gold. once the writers are happy with the script is then developed into a storyboard and a symbol to d at a magic. this process can also take several months vertical slew the after several months of writing and rewriting it all goes to a storyboard artist. he's like a drawing director. he has to take all the text, visualize that, determine the framing, what the characters do. at the same time, he has to understand editing framing. everything has to be quite expressive. the drunk process is rather quick, although a storyboard for an episode takes about 3 months,

saudi aramco in what could be a $25 million deal on the purchase of a 20% stake in allianz industries. it is backed by an agreement and it could be reached in a couple of weeks. jay-z wants to add -- mobile to get into the mobile sports is in his. it is undergoing a reorganization under michael rubin, the founder and executive chairman who is now taking over as ceo. the u.s. government opening a formal investigation do tesla's autopilot program. the national highway traffic safety administration says it launched the investigation after 11 crashes that resulted in 17 injuries and one fatality. that is your latest business flash. alix: let's get more on tesla. dave wilson has been taking a look. dave: beyond that, we are talking about 765,000 vehicles, all four of tesla's models going back to 2014. the question is -- did the autopilot have an issue that led these crashes in the 17 injuries and the one fatality that resulted from them. that is the focus at this point. because we are talking about a u.s. agency, there is the potential for recalls, for other corrective actions. you see the

caicos has joined other destinations requiring tourists to carry coverage in case something happens allianz says claims have skyrocketed 75% since the pandemic began and demand for travel insurance has soared, too. squaremouth, an online broker for travel insurance, says its sales have grown 67% >> there's certainly been an increase in awareness, huge change to our demographic. our average traveler is 10 years younger than they were before covid. >> moncreif says all 20 places cover coronavirus if you catch it if your travel plans are disrupted by advisories, border closures, quarantines, that may require a cancel for any policy. squaremouth says travelers can expect to pay 40% more for that coverage and likely won't get fully reimbursed of course, without coverage, travelers will be shelling out the full 100%. >> i was more concerned with the cost of having to stay an extra ten days during a quarantine, which would have been a big hit for us financially that we weren't prepared for so i was happy to have that insurance. >> reporter: some credit cards may offer some protection and you can o

there was too much laundry on the line for the bodyguard in the bodyguards and the families and 16 of allianz and when they saw the amount they said there's a family here that has a lot of kids and adults in that fit with bin laden. you said family man the real-time's headline of the review and the attacks on the right that is betraying was bad and they change the headline to something more bland like bin laden that the point is it hitler was somewhat nice to his girlfriend, that does not mean he was a great guy either. the idea that somehow the mass murder of bin laden could also be nice to his family and uphold his wives because of the educational containers and advisors. the fact that these ideas are compatible is crazy because we've known that from anyone who studied history that wars with human emotions and human stories and you can't, i'm not attempting to do two-part which is you understand everything you forgive everything, that's not my intent with the book but it does have at his history and i think as one of the few people in recent decades whose change a sufficient and it doesn't

steve, thanks. >>> let's bring in allianz and grammarcy adviser, mohamed el erian. if steve wants to stick around, we'll let him jump in. mohamed, let's dig through this. i think it's a little surprising there's no market reaction today, but barry knapp sent a note out saying he wouldn't be surprised to see at some point a 10% reduction because of this, just because of the tightening nature of this, any tightening from the fed you do see some sort of reaction, at least generally with time. has this been so well telegraphed that there is none of that or is the market waiting until the fed says this instead of just coming at it this way? >> two issues, becky thank you for having me. one, why haven't we seen most of the reaction chair powell hasn't spoken the migration towards what i think is sensible, you've heard me say they've started tapering already, but this migration to let's get going is from below. it doesn't involve yet fed chair powell, new york fed president john williams nor rich clariter, the vice chair as long as the big three aren't saying it, the marke

we did see revenue rise through sponsorship pacts with companies like allianz and jeep. they were not able to really succeed on the champions league stage, and as such, the share price impact, the overall commercial impact did not last long. we will likely see some revenue impacts on men united if they can get sponsorship deals up. we need to see results on the pitch as well. anna: it is what happens on the pitch that matters. around covid, they played so many times to empty stadiums. what role did transfers play in trying to rebuild finances? >> we saw a lot of the smaller clubs really badly from the loss of ticket sales, whereas the larger clubs were able to weather that. even with man united, they had a hit from ticket sales, 30 million pounds in one season, but they are going to spend almost 110 million on just two players. clearly it has not been a huge hit for the bigger clubs. clubs like chelsea, man united, they have big pockets with big backers. but we have definitely seen fewer transfers in the lower levels of the league. smaller clubs have been hit harder beca

plus, the market outlook from allianz. the power speech in jackson hole gives a lift to the week. and market opens in sydney, seoul and tokyo. you got to keep it right here. this is bloomberg. ♪ total gym includes everything you need to get into the best shape of your life. for every body at any age. it works every muscle group, including your core, using your own body weight as resistance. customers love total gym because it's fun, fast and effective. nothing delivers full body results like total gym. and right now you can try it risk free and enjoy special savings too! get on demand workouts free, free shipping and more. call now! ♪ kathleen: welcome to "daybreak: asia." i am kathleen in new york. >> i am sophie kamaruddin in hong kong. haidi: and i am haidi stroud-watts in sydney. gasoline futures and oil advance after hurricane ida slammed on shore in louisiana, disrupting energy supplies in the u.s. plus, after a five month delay, we finally get a look at huarong's annual report. there is a silver lining. let's kick it off. >> we are taking a look at what is going after a

>>> joining us right now to talk more about the markets last friday's jobs report and so much more, allianz adviser mohamed el erian. is this a goldilocks moment or do you look at the jobs number and think the market has to pull back >> it comes from a supportive top down and bottom up top down has been continued and with bottom up strong earnings that has powered the markets through all sorts of things. when you get to the economy, the concern here is inflation. and we're going to get a cpi number this week and the wage numbers in friday's report were really good for the u.s. economy. were less good for import costs. keep an eye on the inflation story. if the inflation proves to be tame, then you have the goldilocks on the economy as well, andrew >> what is your gamble though? is it going to be tame or is it going to be sfwhield wild? >> i think we're going to continue to see high inflation trends, higher than what the expects. higher than what most people expect i think there is a combination of factors, both demand/pull over the lestening but cost push as well. when i look at this i thin

that level of interest represents about 1.3% of el eri, allianz and grammarcy's advisers mohamed, when you saw the comments last week from fed chair powell, what did you make of his approach at this point? can you say or do you feel that the fed is in sync with where they should be or behind the curve on inflation >> so i think they are behind the curve, but what i think doesn't matter, joe. it is what chair powell thinks that matters and the marketplace has now embraced an even more dovish approach going into the press conference we're talking perhaps we're going to have an announcement in august or september about taper. now people are saying it won't come before november or december and that's why the market feels comfortable with continued liquidity injections from the fed. >> do you think at this point for fed chair powell, i mean, if we do see inflation in wages and you're seeing that starting wages are going up, you're seeing that across the board with people that are already employed there, do you fear a wage price spiral is being, i don't know, just not a fear anymore because

powell and the fed have set out to announce a taper, joe >> steve, stick around, thanks let's bring in allianz and gramercy advisor and also the president of queens college in cambridge and a mets fan, which i feel bad for you mohammed, you have thought for a while, i think, although they did okay i think they won yesterday, did they not you have been thinking that the fed is behind the curve for a while, haven't you do you feel better after what you heard last week? >> i did not, oe and good morning i did not because while chair powell acknowledged two things, one is what's been happening on the ground, includingly higher what the fed expected and the movement of the fomc to an earlier taper, he packaged his expectation in a very dovish tone the market got it immediately and steve just said it he stressed that we still have a way to go on the employment side he said as well that there's a very big difference between tapering and rate increases. and what the market concluded is that it's going to be an even slower timetable for taper and i worry that that's going to be problematic for both the