alix: it is 10:00 a.m. in new york, three of actium in london, 30 ash 3:00 p.m. in london, 30 minutes into the trading -- 3:00 p.m. in london, 30 minutes into the trading day in the united states. welcome to "bloomberg surveillance." we are not seeing a ton of exuberance in the u.s. market. it is still about the data that continues to roll in very positive. yields go nowhere after yesterday's voracious bond buying. small caps kind of go nowhere. tech doesn't really go anywhere. the nasdaq hit its own record high as well. dollar is also a little bit mixed here. oil set for its best week since early march. copper at one point seeing a pretty strong move on that china data. the market may be taking an early friday lunch. i don't know. we will see.

we've got housing starts, building permits crushing it. now we get u mich sentiment coming in a little lighter, but expected conditions also coming in a little lighter which is quite interesting. we were set to 85 for expectations, but came in just under 80. wonder what that actually reflects in terms of vaccine. the longer-term expectations for inflation at 2.7%, which is also interesting. joining me now for more on that is richard curtin, university of michigan research director. what did you make of the current conditions index higher, but expectations lower? what does that tell you? richard: it tells me consumers are really thinking that economic growth has really improved quite a bit, and job

prospects having proved quite a bit. but when they look to the future ahead, it gets a little less confident about the progress of the economy. they are stir watery -- they are still worried about how covid will end, and these recent pauses and concerns about safety have upset a lot of consumers in terms of their forward-looking expectations. but the main thing, the most important thing is when we ask consumers to tell us in their own words how the economy is doing, more people mention favorably mention job gains than we have recorded in some years. when you ask what you expect the unemployment rate to do, we have recorded the highest level ever, and that goes back 50 years or more, that expect climbs in unemployment. that is really

interesting. what happens to wages in that? richard: if you look at those under 45, they expect income gains of 4.5%, so they are pretty good. we need to watch to see how the economy develops, if it can produce that sort of continued surge in jobs, surge in wages. i think we will see a boom in spending that lasts longer than we initially expected. alix: so they feel better about jobs, they see unemployment falling, they feel ok about wages moving higher. i wonder what they set about prices they are paying for. in the beige book this week, we saw most industries saying they are having to raise their prices in some capacity or eat it. richard: when we ask about buying conditions for various products, we have recorded more people talking about high prices

then we recorded in a decade or more. what has offset that is that they more often report favorable progress in jobs and income. i think that we have seen that interplay between prices and income, and as long as income is rising a little faster than they are concerned about product prices, we will see continued gains in sales. alix: so this is a question the entire financial market is trying to assess. that scenario you just described transitory or not? what kind of questions do you ask to gauge that? is inflation spike transitory? richard:richard: well, we ask directly what they expect the inflation rate to be. i think you already mentioned, we recorded a 3.7% gain over the year ahead, and that is up quite

a bit from last month's 3.1% or last year's 2.1%. i think consumers expect some uptick in inflation, given where we were a year ago, but when we asked them about the long-term inflation outlook, they are pretty confident that the current inflation is well anchored, and they expect a lower rate over the longer-term. alix: does that inform how they look at spending and investing their money? richard: it does. i thing this gets into how much are they going to draw down their very high savings levels. it really depends upon the age of the household. among older folks, they recognize that they have invested more in the stock than

they had usually done in their elder years, over 65. so they are a little more apprehensive, and they think higher savings is needed to balance those risks. among the youngest, the millennials, you see that they are not reluctant to spend because they have had quite a tough time managing their budgets and have not spent as much as they think they need to, so i think most of the draw in savings will occur among the younger folks and those that are still employed, but among the older folks who have the most savings, we will see declines in their precautionary motives and savings. alix: as we wrap this up, what is the best answer that the

market needs to pay attention to? what is the best answer that market is up and's should really be keen on here? richard: i think it is on jobs. consumers rate jobs and inflation quite unequally. they are all about jobs now, and as long as jobs continue to expand and we continue to draw more people back in the labor force, consumers will continue to spend. alix: really appreciate it. this was a lot of fun to break down with you, richard curtin, university of michigan research survey director. coming up, the global chief economist at goldman sachs young hot cs -- at goldman sachs jan hatzius. this is bloomberg. ♪

alix: live from new york, i'm alix steel. this is "bloomberg markets." we just talked to the professor that runs the umich survey. he said what stood out is how positive consumers feel about jobs, that they feel great about it. they see the jobless rate declining, and that is fueling the rest of their sentiment. let's put that down even more. jan hatzius, goldman sachs chief economist, joins us now. always a pleasure to get the perspective. i don't know if you heard my last interview, but just how optimistic people are about the jobs picture, i am trying to get a sense of how long that lasts and how related. jan: h -- and how real it is. jan: hi, alix. always good to be on.

i do think that is going to improve sharply in the coming months. the level of unemployment and underemployment is still very high, so i think that means it can continue to improve over a longer period, and i also think that often, as we see in some of these surveys, markets are more focused whether things are getting better or worse. things are still not good, but it is getting better quite rapidly. alix: based on that, he also made the distinction between older generations that have more savings, but see more risk, versus the younger generations that don't have as much savings, but don't see as much risk. they will spend. if we look at spending bifurcated like that, how does that feed into gdp? how does that help or hurt the economy? jan: a dollar spent by an old person is the same as a dollar

spent by the young person, so you probably want to take the average, but if you have young people being more willing to take some risk effectively, and if that also translates into other things like starting businesses, for example, i think that would probably be a good thing. but just from a spending perspective, it is really just the total number of dollars that should matter. alix: so spending is spending, is basically what you're saying. you're obviously pretty positive on growth, looking at unemployment falling to about 4% by the end of this year. inflation is going to remain limited, kind of stay in check, etc. i wonder, how does that measure up with what we have seen in the bond market yesterday, in terms of where we are in yields and sentiment within the markets? jan: we have a forecast of very strong growth this year, 7.2%

for 2021 gdp growth, if you take the annual average, or 8% on a fourth-quarter basis. that is very optimistic. at the same time, we think the increase in inflation we are going to see over the next couple of months for a variety of more technical reasons is going to be relatively short-lived, and we don't think we will have a major inflation overshoot. i think that is a mixed message for the bond market. i think the growth side is something that should price bond yields higher over time, at least at the longer end of the curve, where is the inflation story sort of says at the short end of the curve, you might not see increases for quite a long time, and we actually have a written literally -- we actually have a relatively dovish view on the fed.

in terms of what has been doing on in the bond market, there was obviously quite a sizable selloff from very low levels until a couple of weeks ago, but markets are now priced for much stronger interim data, so it is actually harder to shock the bond market into a selloff, even with some extremely strong numbers, and the numbers we have had over the last few days have been extremely strong, but just haven't had that much of an impact. alix: explain that part to me again. is it because we are pricing for the near term? is that the problem? jan: the bond market has adopted a much more optimistic view of the economic outlook than it has a month or two or three months ago, and because of that, the hurdle for what you need to see in terms of the strength of the economic indicators is much higher in order to get a selloff. so even with very strong numbers, the market has actually

held pretty well. alix: so we might see some better numbers ahead, but is this as good as it is going to get? are we looking at some kind of top here? jan: a lot depends on making that question very precise. in terms of the sequential growth pace, the month on month change in, say, gdp or payrolls or retail sales, i do think we are pretty close to a peak. april, may is probably the fastest growth phase of this expansion, leaving aside the initial bounce back. but is it -- but it is extremely fast. we are getting a boost from reopening the economy, from the stimulus payments that went out in march. as a consequent of that, i think we will probably get a deceleration, but the

deceleration is coming from extremely strong growth to just very strong growth, and then eventually towards normal growth rates. so it is a confusing environment because these are pretty unprecedented types of numbers. we just haven't seen this in a very long time. so i think you need to be very precise in terms of how you are thinking about changes in acceleration and all of these good things. alix: which begs the question where the exceptionalism is going to be as economies reopen and we get vaccinations. first it was the u.s. exceptionalism. that was kind of in the first quarter, second quarter of last year. then it spread to europe a bit. then it moved to the u.k., then back to the u.s.. where do we see growth rates underpriced that have the real potential to pick up in the back half? jan: i think in europe, we probably have them underpriced. europe got off to a much slower start on vaccinations.

the virus performance ha sn't been great, but we are seeing some signs of stabilization on infections, although some of the data is kind of noisy, so that is not a high confidence view. where i have more confidence is that europe is doing a lot better than they were a few weeks ago on vaccinations. the daily number of vaccinations has really increased a lot, and deliveries of vaccines to the european union are really picking up and have further to rise, so over time, that is going to enable the european economies to really open up in the service sector much more. it is pretty depressed in those areas. the level of gdp, especially in the service sector, is much below normal than the u.s.. so it's white a lot of room. i do think it is probably somewhat underappreciated. alix: does that room lead to

anymore inflation than what the market is expecting right now? jan: i think it will be very slow for inflation to come back in europe. what happens to inflation really depends more on the level of output and the level of employment relative to normal, and there is still a very big gap. part of the reason to expect that growth is going to be strong is that you are coming from a low level, but the low level is probably also something that is going to weigh on inflation, so we really don't see european inflation get through the 2% levels that would be desired by the european central bank. so you will have a combination of strong growth, strengthening growth, and at the same time, still easy policy. the ecb is not as aggressive as the fed, but at the same time, i think they will be quite easy, too.

alix: so talking about the ecb versus the fed, it feels like the fed made it very clear about not being preemptive in terms of inflation and letting it run hot, whereas the ecb might think about pepp differently when we get to that 2% level. is the ecb going to tighten too fast? it doesn't really feel like the doves and the hawks in the ecb are in the same page -- are on the same page when it comes to pepp. jan: i don't think they are going to be tightening quickly, but i do think that even more aggressive easing and even more accommodative policy via really delaying any rate increases i think probably would be sensible , and i do think the fed has been leading the way, and the ecb has moved in that direction as well, but probably could move further. i think that would be desirable for bringing back european

activity to normal levels more quickly. alix: there's also been a lot of scrutiny on the recovery fund, and a lot of talk about let's get that out faster. there's also still talk about budget deficits and making sure they don't go too far, too fast. how do we compare the firepower of europe versus the u.s., so we understand the support we are going to see for growth? jan: i would say the same thing on fiscal policy as on monetary policy, that there is definitely evolution in the thinking of policy in europe to move anymore transient direction, for lack of a better word. that has occurred on both sides of the atlantic, but europe still has a ways to go, so we are not hearing about imposing austerity anytime soon the way we did after the last crisis, so that is a lot of progress. but i do think that even more

movement in that direction would allow the economy to potentially recover more quickly and would be quite desirable. alix: let's move to the numbers we got out of china. obviously on a comparison basis, the numbers were enormous. retail sales were really good, industrial production was really good. on a sequential basis, what is the right interpretation of china gdp right now? jan: the headline gdp number for q1 was really driven by the comparison with the first quarter of last year, the fact that these numbers get reported in your on your terms, so that is probably an obvious point, but nevertheless work make -- nevertheless worth making. beyond that, we have seen some deceleration in china. it is not a surprise. we have been expecting it. china is actually the one major economy where we don't have an above consensus view on gdp growth because they are already

basically back to the pre-pandemic trend, and credit growth is still rapid, so policymakers have an incentive to tap the brakes a little bit in order to prevent financial imbalance. that is a little bit of what we are seeing, sort of a broad proxy for credit as it is slowing somewhat. i thick is probably decelerating a bit. alix: it might sound like a throwaway question, but it is really not. i want to get your idea of what you worry about. what keeps jan hatzius up right now at night? jan: i think it is really about the virus. the virus gave us this incredible downturn in 2020, and the fact that we are getting on top of the virus via vaccinations, and our expectation is that is going to continue to be the case, is the driver for our very optimistic

growth forecast. so something that disrupted this would be at the top of the list. variants is obviously something we are all watching, and vaccine hesitancy is something we are watching, and the question of whether the j&j suspension is going to have a negative impact there -- have an impac -- have a negative impact there. we talked about the u.s. and europe and china, but the wider world, the emerging world, while we think that vaccinations there are also really going to pick up in the second half of the year, clearly they are further behind than the advanced economies, so that is another thing to watch closely, i think. alix: really good to catch up. maybe next time in the studio. that maybe too ambitious. jan hatzius, goldman sachs chief

economist, thank you so much. this is bloomberg. ♪

♪ alix: time for etf friday. today we will look at what blackrock's results say about the etf markets. we learned more about the money flowing into the company. net investment flows rose to a record $172 billion. more than $100 billion of that came from new money. larry fink says it is an incredible amount of money still on the sidelines. between that and the market performance, they actually topped $9 billion, crushing the etf industry. vanguard, as you can see, is trying to attract more etf flows to compete. this is bloomberg. ♪

alix: live from new york, i'm alix steel. this is "bloomberg markets."

morgan stanley wrapped up wall street earnings week. sonali basak has more. we are looking at the losses from archegos. sonali: almost $1 billion for a single client. however, it is important to remember, even with this loss, they brought in a record amount of money this quarter. without the loss, they would have maintained their lead in equities trading is a total in revenue for that business. they've had a huge jump in their fixed income trading business as well. what did james gorman have to say about the archegos losses? the family office represented around 10% of their client base. these kind of losses almost never happen. we didn't even see this kind of loss during the financial crisis. they are not planning for major changes in their prime brokerage business due to this loss. in some ways, the loss made sense at morgan stanley relative to some of their peers because morgan stanley was the biggest prime broker to archegos.

as we know from our own reporting, goldman had gotten in later on, so it makes sense that their exposure would have been less than morgan stanley's to begin with. he also called the sales of the stocks that contributed to more than $200 million of those losses is money well spent. alix: i'm sure, to get out of that and move on.aughter] sonali basak, things a lot for joining us -- sonali bassett, thanks a lot for joining us -- sonali basak, thanks a lot for joining us. joining us is chris difficult task -- christopher kotowski, oppenheimer senior analyst. christopher: if you look at the earnings season, it was pretty much as expected. i think this time last year, we were all acting a big wave of loan losses from the fallout -- we were all expecting a big wave of loan losses from the fallout of covid. that never happened. instead, you have these three countervailing impacts on the

banks overall. one, you had rates plunge, and that put big pressure on net interest income. that now looks like it is stabilizing. second, you had credit cards being paged down by about 12% -- being paid down by about 12%. that has but more pressure on net interest income. offsetting that, you had this massive explosion in capital markets activity. when you add it all up, it looks like we are going to end up with revenues being up 2% year on year, but with net interest income down. the fear in the industry is, ok, they be the capital markets activity will stop and the pressure will go on, but i actually don't think that is the case because what we are now seeing is it looks like net interest income, which is the bank's biggest revenue source, kind of hit bottom in the third

quarter. basically, we hit bottom in the third quarter, and now rates have risen a little bit, demand is coming back a little bit. alix: but it seems like on the calls, they all reported weak loan demand, and you have a curve that is now going nowhere fast, and if anything, flattening at this point. what is the case for banks, then? chris: the simple case for banks is that they are very profitable. the earnings and average returns on equities is somewhere between 12% and 14%, and they don't have any incremental capital needs because for the time being, the loans aren't growing, so they can use all of the instrumental capital they are generating to buy back stock. if there is no loan growth, they

are going to reduce the share count by about 5% to 7% per year. that will help. but i do think loans are going to bottom. it will take a while because the consumer is flush, but credit card balances in march were flat for the first time since covid struck. so i think you are likely to get some benefits there. it will be slow, but it will be there. alix: ok, slow but it will be there. what do you think about the capital markets part of it? it feels like this back -- feels like the spac boom may be taking a bit more of a pause. when do we see the peak there? chris: there's a bunch of different things there. one is interest rates are ultra low, credit spreads are ultra tight, and equity valuations are

ultra high. if you are a cfo, cio, or ceo of a company, there's never been a better time to raise capital. conversely, from the point of view of doing m&a transactions, if you are the owner, if you are a sponsor, a private equity sponsor, there's probably never a better time to sell a company given how strong the markets are , so i think until the markets break, there's going to be a lot of activity. if you had asked me this a year ago, i would have said we are pulling forward a lot of activity, and i think that's not the case. as long as rates remain low and equity valuations remain high, you are going to see continued capital markets activity. alix: pivoting off of that, yesterday and today we saw banks issuing a ton of debt for themselves. jp morgan, goldman sachs, and bank of america this morning, the story was that they were

taking advantage of record low yields. do you have a sense as to why they have been in the market in the last two days with such ferocity? chris: i suspect they want to prepare themselves for rising rates, but i don't know. they are always active issuers, in any case. alix: but i think the rhetoric was that changes to the slr, the supplement or leverage ratio, may have freed them up to go ahead and buy more treasuries. do you have a sense as to how they are handling that? chris: the slr is one of the worst innovations around. it is a ratio that makes no sense. so what happened in the last year really is that the fed printed next to $3 trillion of money. that money was put in banks as

deposits, and then the banks put it back into the fed. it means that some of the banks are going to bump up into the slr limits. they are going to need to think at the margin about how can they artificially try to lower some of their cash and liquidity balances. i am not sure how issuing debt does that, so i am not sure that it is linked to the slr thing. i suspect it is more trying to prepare for rising rates. alix: there's swaps, there's hedging, they buy treasuries, so it is a can superior see theory i guess as to why we saw rising debts in macro data. the issue that has come out of the pandemic for all of these banks is how they treat their junior associates what the right way is to treat them.

i wonder if you have a sense as to how they keep their expenses low while sort of dealing with this social issue that has really cropped up in the last year. chris: i mean, it is an internal problem on wall street. there's always been associate level people, younger people who are doing a lot of the work when things get extra nearly busy, and the reality is that this is an unprecedented investment banking environment. investment banking revenues are up 77% year on year. from a company's perspective or from an investment bank's perspective, the thing is it is the clients that are driving it because as i was saying before, every cfo and ceo in the world

is saying we need to get this paper out now. we need to do this deal. so it is being driven from the client thomas within then the investment banks of course -- the client, so then the invest of course -- you end up with this huge swamp of work. it is a real problem that you have burnout all across the street. i think that is a real issue in a lot of places. i suspect it will moderate. the cure, you always try to make it up in compensations and so on

, but it is kind of in the nature of things. you look at it like if the revenues are up 77%, the amount of work is up, too. alix: it is like, ok, deal with it basically. here's some cash. but than the expense ratio, you have to account for that. chris: and they will hire more, but it doesn't help you for this quarter. alix: chris, thanks very much. just want to break some news for you. president biden's administration is announcing about $1.7 billion in investment track covid-19 variants. the variants are the big risk to herd immunity and reopening economies. it is the vaccine versus the variant. how fast the variants develop, how fast we can get full vaccination, so $1.7 billion to track those investments in the

u.s. -- to track those variants in the u.s. coming up, we will speak to joe sitt, thor equities chairman and ceo. all anyone can talk about in the office is how the starbucks is closing down stairs. what does that mean? we'll break it down. this is bloomberg. ♪

ritika: coming up on "balance of power," former sec chair harvey pitt. that is coming up. this is bloomberg. ♪ alix: live from new york, i'm alix steel. this is "bloomberg markets." bank of america ceo brian moynihan expecting offices to look the way they did after labor day. he spoke about office trends and how they are making real estate more efficient. >> we are letting people make their decisions. we are encouraging them, showing them lots of data, trying to get appointments for our team and

things like that so they can get back to work. we are already in the mode of high-performing work places. think people will think about commuting differently. i always tell the story that we had our big buildings in midtown and a building across the street, and we asked people to move to jersey city or something like that, they might think, you are sending me to outer mongolia or something like that. the reality is they have now gone from home and they are much more adaptable, so we have to think about a realistic configuration -- a real estate configuration. we can just keep making that real estate more efficient and more dedicated to the team, more efficient for our team to work in, and work on their personal decisions. we have found in our work from

office strategies to work from home strategies that certain tubs of jobs and certain types of activity are better served, and we have about 20 thousand people working from home before the pandemic, but it has to be a certain type of job and certain activity, and we will see how that plays out. but my big expectation is after labor day, we will get back to generally moving towards being back to normal. between now and then, it will be partial. for cities and towns, as those people who are vaccinated come back to work, so in charlotte, we need to get the people commuting downtown, and then to restaurants, and downtown life can come back, and the great cities need that. alix: that was brian moynihan, bank of america chairman and ceo, speaking with david westin. check out the whole interview on "wall street week." let's get more on manhattan real estate. larry fink of blackrock is worried about manhattan, but is

joe sitt, thor equities ceo? you and i are both bulls on new york. you and i both grew up here. so we are going to want to see it come back. what do you expect it to be in september as the investment bankers come back? joe: right, thank you. we are already getting good readings. gyms are starting to fill up already. restaurants are reporting good sales numbers. we see a little bit of tourism starting up. hopefully the warm weather brings in a wave of excitement, and i think by september, we get as i call it the violence reopening of new york city. alix: what does a violent reopening look like for a real estate guy? joe: we happened to be benefiting a little. everyone's biggest fear today is inflation. that is why we see so much focus on copper, crypto, etc. but ultimately, you see all over

the country, people running to buy homes. i think that, with the violent reopening of new york, is going to come together to be a positive for maybe the first turnaround we have seen in new york in quite a while. alix: how does the sort of migration to miami affect what you see? i feel like a lot of private equity or banks are opening hedge funds and moving down there. -- or hedge funds are opening up and moving down there. what have you seen? joe: two things that have impacted us the most in new york city is zoom and taxes. i think zoom is the new air conditioning. what air-conditioning did in america, going back decades, was helped so many people feel comfortable to live further from the big city and migrate down south. now what replace that is zoom

enabled them, and taxes. alix: so it seemed like we could get salt coming back, but at the same time, governor cuomo looks to be ramping up taxes for the wealthy in new york. how does that play out within the realistic market? joe: personally, i do believe, i joked that starting january 6 that schumer and pelosi got elected as a triumvirate presidency, so i believe that one of his top agendas is making salt taxes did a double, as you just alluded -- salt taxes deductible, as you just alluded to. i think that is critical to rebalance things, nothing that is going to make a big difference to new york. the second thing is we have been hurting disproportionately more than probably any other city in the united states, and i think that stimulus money, if you look at it broken down, the weight is proportionate beneficiary is new york city. so i look at that and think we

will have an explosive reopening for new york. so i think everybody is wrong. [laughter] alix: joe, talk about the retail space. downstairs and on lexington avenue, there is nobody. there's a high-end chocolatier, zara, and sephora. everyone else has closed. what goes there now? joe: everything has got a positive and a negative. i will give you the other side of the coin. first of all, cheaper apartments means younger people, bieber at a younger and -- younger people, people at a younger income strata -- at a lower income strata can come into the city. if rents cost half the amount the cost before or 60% less than what the cost before, that is going to allow for more creative businesses. when you have rents moving into the multi-thousands per square foot, it's quote is out a lot of

that creativity that makes for a city -- it squelches out a lot of that creativity that makes for a city. it was scary watching the migration of businesses from new york to those southern businesses. for the first time, we are seeing rivers migrations back to new york -- we are seeing reverse migrations back to new york. we met with creative concepts coming out of nashville come out of austin. it could mean good news for new york, almost like a new chance and a new lease on life. alix: that got everyone excited in the control room. this is kind of a dovetail on that question. what kind of changes are you making to your retail portfolio now? what kind of changes do you expect over the next six months? alix: joe: for ourselves -- joe: for ourselves, focusing on creativity. it used to be all about the retail side which is not the biggest weighting for us.

in terms of the retail side of the portfolio, it is focusing on what i just said. the more creative tenants, the younger tenants, the guys coming from other cities that are ready to give new york city a chance, and to be candid, the mainstay of our business the last five or six years has been focusing on biotechnology laboratories and e-commerce logistics. if anything, that has been on fire and continuing to ramp up for us globally. alix: before we let you go, you do have holdings elsewhere outside the u.s. and new york. our people traveling? are you seeing mexico opening up again? joe: it's funny you said that. yes, we are may be the largest developer in the country in mexico, and we do own many resorts. we are seeing explosive growth. what we are seeing in playa del carmen and tu -- and tulum,

we are seeing explosive growth in people looking for resort destinations. that does not have to wait until september. it has already started. it always used to be about city hotels. by the way, i do believe new york city comes back with a grand opening for a brand-new hotel in soho. but we are seeing the explosive demand for resorts, and now we are counting on it coming back to new york city. alix: we will look for that in 10 days. joe, thanks a lot. joe sitt, thor equities chairman and ceo. thank you. the director of the cdc says cases are up, with almost 70,000 new cases a day overall for the u.s. hospitalizations are up, deaths are on the rise, and she is worried about it over woman the

health care system yet again. we will continue tracking those -- about it overwhelming the health care system yet again. we will continue tracking those headlines as they come in. this is bloomberg. ♪

alix: the u.s. job market is rebounding strongly from the pandemic, but here's one sideline. according to the san francisco fed, mothers between the age of 25 and 54 remain out of the workforce at the highest rate. now nearly half a million work -- have a million moms went back to work in march, but there are still millions fewer working than before covid. we know the fed will be taking that into account as well. coming up on the european close, a record day for some equities. judy dempsey joins us. this is bloomberg. ♪

(announcer) do you want to reduce stress? shed pounds? do you want to flatten your stomach? do all that and more in just 10 minutes a day with aerotrainer, the total body fitness solution that uses its revolutionary ergonomic design to help you to maintain comfortable, correct form. that means better results in less time. you can do an uncomfortable, old-fashioned crunch or an aerotrainer super crunch. turn regular planks into turbo planks

without getting down on the floor. and there are over 20 exercises to choose from. incredible for improving flexibility and perfect for enhancing yoga and pilates. and safe for all fitness levels. get gym results at home in just 10 minutes a day. no expensive machines, no expensive memberships. get off the floor with aerotrainer. go to aerotrainer.com to get yours now.

♪

alix: live from new york, i'm alix steel. we are counting you down to the european close on "bloomberg markets." european auto sales soared more than 60% in march. the eu most probably won't renew contracts for the covenant indexing with astrazeneca and j&j, while german chancellor angela merkel pleads for more control. a strong china means strong european corporate earnings. you can really see that reflected within the market. the ftse 100 at one point crossing that 7000 mark. your stoxx 600 actually hitting other record, seven straight weeks of gains. banks and autos really outperform. you see some good numbers throughout the whole week,

whether you're looking