♪

>> good morning. this is "bloomberg daybreak: europe." high-end tom mackenzie in london. donald trump and a joe biden rack up primary wins on super tuesday with a rematch of the 2020 presidential election and now looking more likely than ever. we bring you all the latest as the final results come in. stocks in hong kong rebound as markets look ahead to a press conference from top chinese policymakers and testimony from fed chair jay powell. bitcoin, meanwhile, hitting an all-time high before retreating. plus, u.k. chancellor jeremy hunt repairs to deliver his spring budget -- prepares to deliver his spring budget with a focus on potential tax cuts before a looming general election in the u.k. the selloff was pronounced when it comes to technology. the big names of the likes of apple losing stock pricing, tesla down around 11% in two.

. days you saw the nasdaq closing lower by around 1.8%, the s&p 500 index lower by about 1%. we look ahead to jay powell' testimonys. is expected to reiterate that patients around the prospect of rate cuts on the strength of the u.s. economy. ftse 100 futures pointing up by about 1/10 of a percent with the focus on the budget and whether or not those tax cuts come through from german hunt. s&p futures pointing to -- from jeremy hunt. s&p futures pointing to gains. nasdaq futures pointing up. let's have a look cross asset. we will start on u.s. treasuries, given the focus on that testimony coming through from jay powell later today. two days of testimony coming through from the fed chair. he is expected to reiterate that we, almost consensus that there is the ability to be patient on rate cuts.

in terms of the u.s. 10 year, the benchmark currently at 4.15. the pound and focus today, will it move on the back -- in focus today, will it move on the back of the announcements? a better stability after losses yesterday. reports suggesting there's a buildup in inventory in the u.s., $82 a barrel. bitcoin, 66,454, up 5% so far on the session after breaking through the $69,000 level yesterday. let's get to the u.s. politics. former president donald trump sleeping republican primaries, moving closer to clenching the party nomination. president biden has dominated the democratic contests. both gearing up for a likely rematch in the race to the white house in november. trump described it as a quote amazing day. pres. trump: we were getting along with everybody, we were

getting along and we were respected by everybody. we had no words. remember when i had that -- no wars. remember when i had the debate with hillary clinton, she said he's going to cause wars. i sent my personality is going to keep us out of wars, and that's what happened. tom: at this point, let's bring in bloomberg anchor kriti gupta. any surprises? what stands out? kriti: the only thing that stands out as nikki haley did clench a victory in the state of vermont but that was her only victory for the night. we expected a. pretty big trump sweep. does nikki haley dropout? we are expecting to see some sort of turn in the financing. that's why this really matters. is trump able to convince some of nikki haley's donors to end up backing him at a time when he is really bleeding cash around some of these legal battles? not only as nikki haley his

biggest threat to that gop nomination, which it kind of seems he's going to clench as of july 15, but she's also thought of as the fiscal conservative and that c she's been -- that's why she's been given all this money. will she run as a third party candidate? it's unexpected. she has not officially dropped out of the race. for president trump, it's all about how he's going to tackle president biden. if it is a trump and biden show off, the margin of loss will be very narrow. tom: what is the market read through of that very likely mean rematch in november? kriti: do you do more economic damage globally within the caret or the stick mentality? do you use more tariffs, which seems to be the trump mentality? or do you do it through things like incentives? this is where there is a lot of global pushback around president biden and the foreign policy story. we are not even going to vote

for biden simple because of his stance on the war in gaza. there's a question about whether or not the inflation reduction act is actually going to be doing more economic damage to a lot of these kind of countries, europe included, not to mention several of the others around the world. the question for the markets is going to be, what do these policies actually look like? president trump and his campaign believe it or not has been quite reserved relative to his last campaign that he ran. a lot of experts saying if he is able to clench the nomination or if nikki haley drops outcome of that rhetoric is going to get tom: investors standing by for fed chair jay powell's congressional testimony later. he is likely to use it as an opportunity to signal that the fomc is in no hurry to cut interest rates. i am joined by jill disis. what message does powell need to get across at this testimony? jill: well, tom, i think you

nailed it, it's all about patients and trying to reassure investors that it is, that you know, eventually there will be rate cuts down the line but we will have to see exactly when that is. i think it's also about trying to reassure investors that we are not really in for another rate hike. i realize it is may be a bit wilder to believe given how things look just a couple of months ago when we had traders really pricing in those bets of a cut as soon as much. obviously -- as soon as march. obviously, the landscape has changed, particularly after that really hot january cpi print. still pricing in the possibility of another interest rate hike, however remote. at this point with jerome powell, we've seen a lot of the messaging over the past few weeks about stressing that idea of patience, that's really what he's got to nail down, this clarity over policy direction from the fed. tom: you touched on that hotter

than expected inflation data out of the u.s. and number of jerome powell's colleagues have downplayed that, they are able they say to look through that january data. are we expecting to get a similar message from powell in terms of the way he interprets that data? where are you expecting his messaging to land? jill: when you look at a lot of the statements that powell has made in relation to a lot of his fomc colleagues, he is actually really kind of in the middle of the pack so i would expect him to be sticking with that status quo and that idea that inflation remains under pressure, that cpi print in january was very hot. and as much as fed officials like to say they are incredibly data dependent, they like to depend on where that data is getting them to make decisions on rates. i think that beginning of the year data was, we will have to see what we are ultimately sing out february, march as they continue to create that rate trajectory for the rest of the

quarter, rest of the first half of this year. i would expect powell to pretty much match what we heard from those fomc officials but maybe we will get further guidance next money comes to those big data markers we are all looking out for. tom: that's a preview to the fed testimony or at least the testimony coming through from jay powell. when you think about the monetary policy of the u.s. on the way that markets have realigned or it seems aligned with the dot plots, the views from some investors that may be you even go from in terms of the forecast from 3 to 2 at a later point when we get the updated forecast and expectations that in the stickier inflation environment, we may have to fade more of those bets. where are investors on that right now? jill: it is really interesting to kind of wash how that investor perspective has evolved over the past few months. that dot plot, we were seeing investors price in a rate cut

at the beginning of the are -- an additional rate cut at the beginning of the year then what we saw in that dot plot. that january cpi print has caused a lot of jitters in traders who are worried we are still not seeing enough to bring those expectations around how much under pressure that cpi print actually is. i think what will probably help in terms of clarity more than, you know, whatever powell has to say, especially if it's in line with what we have for it from a lot of other fed speak over the past few weeks is what the next bit of cpi print looks like. are we actually seeing that trend of disinflation a bit more? are we actually seeing that kind of cool down? i think that will probably help investors crystallize a little bit more what their bets are on what the cut trajectory looks like for the rest of the year. tom: jill disis, thank you very much indeed, on what to expect from jay powell later today, and of course the way the markets

are starting to interpret this data. let's cross over to asia, where avril hong is standing by. broadly, it is a positive picture across asian equities this morning. avril: i think it's a bit of a mixed bag. there is powell, super tuesday results, china's mpc. against this backdrop, there's not much appetite for risk. the technology sector bearing the brunt of this selling, maryland what we saw in the -- mirroring what we saw in the u.s. overnight. apple suppliers particularly hard-hit. let's take a look at the japanese space. we want to talk through some of the expectations of the boj. market pricing in an april lift off. the biggest lender in japan positioning for a marsh move and -- march move and additional move in october. it believes, mufg, that after a marsh move, there needs to be

enough -- march move, there needs to be enough lead time for another hike. flip the board again. i want to take you to what we see in the chinese equities space. jd.com leading the charge today, helping the hang seng with the rebound. it is the consumer names that are lifting the broad gauge today. this is as investors keep a close watch on what we are going to get from the most senior officials at a press briefing, including the, pboc governor the commerce, the finance ministry chiefs potentially giving us some clues on how exactly they intend to boost consumption to help the chinese economy reach that around 5%. growth target jd.com in focus because of its earnings later today, tom. tom: we are certainly looking ahead to the press conference in a little under 50 minutes time. avril hong with the check on the asian markets. really interesting to hear from

japan's largest bank on expectations that there will indeed be a rate increase coming through from the boj in around two weeks time. the press conference out of beijing with the pboc, the finance ministry, and regulators around the securities side as well all expected to speak and answer questions. here is what else is on your agenda once you get past that important press conference out of beijing. we will get a polish rate decision later today. the two-year currently at 5.75. we watched a polish base rate. we have testimony from jay powell. we have been unpacking that for you, two days of testimony kicks off today at 3:00 p.m. u.k. time. the bloomberg analysis is the expectation that powell will reiterate that patience around cuts. maybe he will remind investors and the market that the most likely next move is a cut rather than a hike.

the resilience of the u.s. economy is something he is expected to articulate. jay powell with the testimony and potential market reaction to that, as of course, we came out of the gates at the front end of the year with expectations for as many as seven cuts, that has been pared back to three right now. job openings will build out the picture on the labor market in the united states. coming up, we will speak to the dhl group ceo to discuss the logistics company's earnings. some details around the shareholder buyback as well. this is bloomberg. ♪

♪ tom: welcome back now. though u.k. chancellor is expected to cut two percentage

points from the payroll tax national insurance in his spring budget. jeremy hunt is under pressure from his own party to make pre-election giveaways but will need to raise other taxes or cut spending in order to do so. let's bring in lizzy burden for the details. she will be covering the budget and all it's a granular detail. what will the rabbit out of the hat moment be for the chancellor? lizzy: there is not going to be a lot of money for rabbits out of the hat except for the big giveaway you just previewed, the national insurance cut, an extension of what he already did at the autumn statement. there had been speculation he would cut income tax but this is thought to be less expensive and less inflationary and incentivizes people back into work because it only applies to people with jobs. you've already got conservative mp's arguing it would have been a sexy south on the doorstep to cut income tax that the know of -- sexier south on the doorstep

-- sexier sell on the doorstep to cut income tax. the bank of england has to counteracted by keeping rates higher for longer. in order to give something back for the -- before the election that sells on the doorstep, our reporter alex morgan hears they will cut income tax but they are going to save that for the conservative manifesto pledge on that will be a key battling for the general election. tom: lizzy burden with a preview of the budget coming out of the u.k.. she will be covering that story throughout the day for us. special coverage of the u.k. budget plus other reaction and analysis, coverage begins at 12:15 p.m.u.k. time with the chancellor's speech at around: 12:30. follow our live blog on bloomberg.com. coming up, dhl group reports full year earnings. i am going to speak to tobias meyer, the dhl group ceo, next.

stay with us. this is bloomberg. ♪

♪ tom: welcome back to "bloomberg daybreak: europe." dhl group is extending its share buyback program to 2025. the volume has increased to between one and 4 billion euros after the forecast for 2024 for the company came in the below the estimates. dhl group ceo tobias meyer joins us now. the forecast coming in slightly more conservative than some analysts expected, below the estimates. what is behind that relatively cautious forecast for the year? tobias: yeah, it is simply that the relatively slow start that we are seeing and the outlook for the coming months for the first quarter, first half just

does not look so bright and that's on a macroeconomic side, but also on trade. we see a certain slowness. it is leveling out. there is clearly not the freefall we see in the middle of last year but we are not at a stage where we see that stimulus, particularly on the b2b side of our business, express cargo being shipped from asia. within asia, there is a lot of weakness in the sector. b2c, the trend very much intact again so that's clearly a positive in our business portfolio but the b2b side, the recovery seems to be slower. tom: what does that mean for the outlook for volumes, tobias? tobias: so what we have seen last year on the volume side is a drop, particularly on the airfreight, also on the air express side, that came from the highs of the pandemic. we anticipated that that on the

right side particularly we would see a decrease again -- rates side particularly we would see a decrease again, so that is no surprise. the volume on the b2b side is softer than we originally expected. the b2b trading is not really picking up so this is what's making us a bit cautious, at least for the first half of this year. tom: ok. you talk about the trade slowness you are seeing, you say it's not as pronounced as you saw last year, you think maybe it is starting to bottom. where is that most pronounced in though in terms of the slowdown in trade? tobias: so we do see some weakness ensure europe that is a bit -- intro europe that is a bit stronger than we did expect so there is some contraction on b2b shipments. . we see this on the road freight side and on our air express offering so it is quite broad,

the european weakness in trading. this also trays out of china for instance towards the u.s., that is something we have seen for a while now. so these are the main two spots were our expectations for the last month have not been met. and i think we just need to wait a bit longer until the interest rate hike is absorbed by the broader economy. . we see some activity in the real estate sector, which obviously influences especially in asia consumer confidence as well. this is the part that is lacking expectations. again, on the bsc side --b2c side, are e-commerce business doing quite well, structurally intact, that's the positive. tom: you are announcing a share buyback program to be increased to 4 billion euros, 4 billion euros is the target. is there more you can do in terms of returning cash to shareholders? tobias: so we have good ways to deploy capital. we also want to definite continue investing, especially in our e-commerce business so that's an area which provides

structural growth. we want to be part of that. we want to grow that in our shipping activities, last mile activities, but also beyond that on the warehousing side, returns, so these are areas that we are interested. we obviously want to continue to invest in our express business, which is quite capital-intensive. so we have different ways to deploy capital, also smaller m&a is something that we are looking for, up to mid size preferably. so we have good ways to deploy capital, share buyback is only one of them. tom: you talk about m&a. germany's national railway company looking potentially to sell its logistics unit, at one point valued at 20 billion euros. dhl reportedly in the mix in terms of offers. have you made a firm offer for that business, tobias? tobias: know, we have not even indicated interest so that is news that is not quite accurate.

we did not indicate an interest early january when it was due. we looked at it, you know, it is a wedding that is supposed to happen. we are not going to be the husband. as i laid out, we just have other, more attractive ways in our mind to deploy capital of our shareholders and that's what we are going to focus on. tom: you are not going to be husband and that marriage. to be clear, you are not interested, you are not going to be making an offer for that business? tobias: correct. was not interested, are not interested. tom: when it comes to the red sea crisis, what impact are you seeing their, tobias? tobias: so we do see obviously the concern around the impact it has on the shipping route, the physical danger to merchandise, to merchant ships. most shipping lines currently choose to go around the cape of good hope, adding 10 to 12 days

to the voyage. that obviously has a challenge in some supply chains but it is not have the same impact that we had during the pandemic or the overall supply demand balance was very tight. that's currently not the situation. and has some impact, definitely something we need to work with our customers to ensure that critical cargo is there on time and we do not have supply chain disruptions. but it does not have that macro impact on rates that we have seen during the pandemic with other disruptions. tom: germany seeing a number of trained driver strikes, seeing some disruption at a number of airports. how is that impacting your business? how are you navigating that challenge? tobias: it is an interesting environment. we have more labor actions i think then we have seen for a long, long time, not only here in germany but across i think it is driven by the high inflation that impacted real wages for

many folks. so it is an area for concern but we have managed so far i think pretty well. we have to deal with it. there are certain disruptions on the mode of transport, also strikes of farmers blocking highways and so forth. it is obviously not helping. it is an everyday challenge for operational folks to keep cargo moving but that's what we are therefore, that's our job so it is a challenge that we are up to. tom: tobias meyer, dhl group ceo, with the outlook for the rest of the year. thank you so much for your time. super tuesday is over. we are going to bring you the results as the race for the white house hits high gear. this is bloomberg. ♪

♪

>> good morning. this is bloomberg daybreak. these are stories that set your agenda. donald trump and joe biden rack up wins on super tuesday with a rematch of the 2020 presidential election now looking more likely than ever. we bring you all the latest as the final results come in. stocks in hong kong rebound. bit coin hitting and all-time high before retreating. plus, uk chancellor prepares to deliver his spring budget with the focus on potential tax cuts before the looming general election. we'll be looking at pound and focus as well. european futures slack after two weekdays of losses.

the nasdaq fell 1. #%. -- 1.8%. let's look across the asset. jay powell will be giving testimony. he's expected to be reiterating patience. the pound as i said on budget day currently at 1.27 versus the u.s. dollar. interpret up # .2%. bit coin 65,000. plus, 66,000 after going the fresh record and retreating currently up 4% in the session. former president donald trump is sweeping republican primaries moving ever closer to clinching the party's nomination. nikki haley did score one win her first in the state of washington. take a listen.

>> it was super tuesday for a reason. this is a big one. and they tell me the pundits and otherwise that there's never one like this. there's never been anything so conclusive. this was an amazing -- an amazing night, an amazing day. >> meanwhile president doo biden issued statement saying "trump is driven by grievance and gift, focused on his own revenge and retribution, no the american people." the quote from president joe biden the focus and shifting to policy, the market reaction, your takeaways? >> a couple of flash points. the commentary is going to be front and center not just with china. the 60% that trump famously said that he's going to put on day one on his first day of office if he is indeed is reelected. there's a free trade agreement that has not been agreed upon.

there are auto tariffs that are put on pause until the election on both sides of the atlantic is decide. that's one aspect of it. where you have defense experts. the u.s. is now the uk's largest trading partner. a lot of this has implications for basically the uk economy as well. that's one piece of it. imports not to mention a slew of oh things. e.v. vehicles. bide season a part of this as well. you know how much pushback there was? and how european leaders are upset ant how this incentivized company is here to seek those tax credits. whether that's going happen in 20251 going to be a major point as we see both sides really ramp up. >> thank you very much. bloomberg anchor on the policy implications and what the markets will be focusing in on. let's bring in the director at

university thomas. thank you very much for coming in bright and early for us. today marked the start of the general election in the u.s. >> i think it's that you could go back to iowa because that's where donald trump showed that he had no legitimate competition. last night is where we saw a complete trouncing. nicky hail write has insisted id that she still had a chance. she wanted to let more and more voters speak. well, they've spoken and they resoundingly want donald trump. >> did she stay in the race? and what would the rational be? >> i think she's going to have to exit the race. if not now, but soon. she's been courting donors trying to convince them that she has some path to the nomination. one reason is that she may be

teague herself up for a third party candidacy. certainly some speculation around that. alternatively some think she can still bloody donald trump's nose heading into the general election to the extent that there are some candidates who are anti-trump, they think that she could be a useful tool that's the short-term. >> you talk about that third party candidacy. there's no way being confirmed by hailey or the team. who would have the most risk by the third party candidacy if that came to pass? >> it does depend on who we're talking about r.f.k. jr. is a big name out there. he's getting around 15% to 20% even in some polls. most show that it's relatively split between donald trump and joe biden i tonight think he clearly helps one candidate or the other. nikki haley is going to take away more votes from donald trump. i think this one reason that donald trump has put the gloves

back on with nikki haley. he doesn't want to poke the bear if she does decide that maybe she does want to get in because that could be a big problem. >> interesting. it's been a massive week for trump in terms of the politic and what's transpired on super tuesday. when it comes to that supreme court ruling, that he could not be written off the ballots in the stay states. he does face four other separate trials. what is the most salient legal risk? >> 91 criminal indictments. he's had more criminal indictments than joe biden has had birthdays for those who are counting. i don't think that he faces any serious legal challenges before the general election. and in fact, the one that we are looking ahead to next month, new york city the hush money case, it's the runt of the it will and in fact, to the extent that we're not going to get a

decision until well into may. that's far until all these will allocate. trump's legal challenges do play into the general election. but right now it's no an issue. >> meanwhile, there are those who can make the case that joe biden has been an effective president whether it's the infrastructure act, the inflation redirection ducks act, the u.s. dominance when it comes to economic strategy. and yet none of that seems to be cutting through. >> than his -- do we understand why this is not shifting the poll numbers in his favor? >> i think some of the good economic news the white house had been able to settle, he says it's a p.r. problem that they're not getting the word out. i still think that inflation is wait around their next.

in recent months i, i think the accumulate from previous years and the fact that it's bleeding but it's not really continues to be a huge drag on this administration. >> what are you supposed to do? funding is where he's beaten donald trump. there's the noncommitted from arab-americans. what is it going to move the dollar when you're watching? >> watching most of them is donald trump and whether he's going to pie vat toward center and mobilize the face in 2020 he focused on vote mobilization getting the republicans out. it's going to be heart for him to pi vat toward the center. there's a huge section both in the republican party and who were completely resistant can he quote some of those voters.

can you quote women? can he make inroads with minority. that's the big challenge for him going forward. but whether he's willing to make that shift is a big question. >> ok. he's trying to capture some of those independents. thank you very much, indeed. the analysis on super tuesday, the director of the center of u.s. tomorrow president biden will deliver his final one before the 2024 election. we will have special coverage starting at 11:in london. coming up, hunting for tax cuts. jeremy hunt looks for preelection giveaways. we're going to see how that happens. this is bloomberg.

♪ >> welcome back to bloomberg daybreak europe. investors are standing by for jay powell's congressional testimony. he's likely to united states as an opportunity to signal that they're in no hurry to cut interest rates. what are the major market risks from his testimony? let's bring in mike ranfield. mike, what is your assessment and the potential risk. there's an expectation that he's going to reiterate from his fmoc colleagues. if he doesn't -- if the language is slightly adjusted what are the potential risk thatting bs

for these marks? what are you going to be watching for? >> the people that are watching the most are the bond traders and the fx traders because the u.s. dollars are going to be the ones in the cross hairs here. but we've had over the past few weeks gradually we're getting used to the idea. that means three by cuts this year. the market has finally understood that and they've aligned themselves. the problem is now, but the -- in the meantime, but they've been pretty strong. no longer thinking that they couldn't -- previously they were saying that they could go earlier because they. but of course, as time passes, the problem is that they have to be altered when you could be talking about two rather than three in terms of rate cuts.

they won't be much more time. they'll be looking for signals that powell is going to be one of the people who will be shifting eastbound. all right. some people lookinger for cuss this year anyway. powell was probably one to those looking. but the three he may offer this speech be somebody that can put down as moving toward the camp. that will be a big impact for dunce. that's what directed me -- can we afford to stay with the prices of the east or do -- maybe more hawkishly. >> interesting. see if we can get a language late today. so that's today i wonder if question be lay and what's happening in the tech world. you know, that that would have been a time, apple does have its own story at play. softness in china or concern. it's down 11%. what is the read across to asia

from the apple, mark? >> we did -- we did see a bit of weakness. that is some significant up pliers. apple is having a tough time especially in trying -- the biggest story today is the rebounding chinese tech names who are pretty good on a couple of reasons really. once alibaba seems like we're friends again. across the market and the huge waits. and then j.d. market. but they report today before the u.s. markets open. and people but that's helping a it will of a rebound as well. it might be ready beaus the bigger picture is known for a.i.

that's for today you're seeing that the world is not only about apple, there are some other companies trying -- we've got a good story to tell. >> world beyond apple as we look at the tech market 3.3%. now to a national insurance tax cut. jeremy hunt will have a preelection giveaway. let's bring in our uk politics reporter joe mayes. what else can this chancellor offer voters ahead of an election that we expect to be held at some point this year? >> the cut will be the biggest giveaway. things to look out for is what does he say about future tax cuts particularly around income

tax. >> jeremy helped and protect it, and if you supporter the government you can get a tax cut. we know that what you're doing it is fierce of during inflation to try to bring it down 2%. but you might see if that inflation period goes down you could get income tax in the future. and them more broadly speaking or try to present a picture. through the next -- but also extra funding is manufacturing. the tax cuts that we saw today. >> is it public sock sector, the public departments whether it's nhs. they're get -- feel the brunt in materials of spending cuts that will be able to push through to form that kind of tax giveaways. >> on the public spending side,

the nhs education those departments wouldn't take the brunt. justice for example is one that comes to mind. those areas where those cuts would fall. i think you're right. be could see the scrapping of the stages. question see the extension of the oil and gas companies. we're interested on a new tax on vaping as well. these are a ton of measures. you have to get some tax writerers won't they? >> give us an undate on what the polling tells us between the gap and the roll in conservatives and the opposition labor party and whether any recent can move the deal. across the uk as we led up to that vote. >> well, it's 20 points in the polls. and it has been like that for a

long time now. now, she's sure -- i didn't do much to change the polling. maybe with the income tax. that could help as well. but na pole and struggles at this point. whether today's budget is here. a special coverage of the budget and plus, all of the reaction and analysis. our coverage begins at 12:15 p.m. the chancellor speaks at around 12:30. later today, we will be speaking with jeremy hunt the chancellor. don't miss that conversation this evening right here on bloomberg tv. plenty more coming up, stay with us. this is bloomberg.

♪ >> the messaging from the apple cases of course is don't do this. stop what you're doing. don't put anything in place that would have the same effect. we've seen illegal abuse that's been ongoing for a number of years which has made it virtually impossible for customers to choose if they want the payment service in -- by apple. or they would want to go for instance to a website and have a cheaper subscription price and that consumer choice has not been enabled. >> this is gong be the focus coming into effect on thursday. what is the thing that needs to

be immediately addressed? >> thursday compliance day. reports will have to be filed. what have we done as a get a keeper to comply? then we have a number of work shops. one on each gatekeeper to say, does it work? and then, of course, if we had a suspicion that there is noncompliance, we will open case and we will open cases based on -- where do we have the most blatant glove come lines so that i can throw the resources in there. >> you come up with this architecture and the things that you see that concerns you. i like toe know what are the things that bother you the most? >> i think you can have more than one app store because there are one simple circumstance because if you don't like that one shot you go to another one if you go into one that's more

specific. >> i see that there are multiple app stores that could be more interesting for children and a number of things that is really important. and that the environment is -- is not disabled to make that really unattractive because i mean, i remember these things also when it comes to having a c structure. it enables people to use these new benefits. >> european commissioner executive vice president, speaking exclusively to oliver crook on the day that they kicked him in the damage all the market as well just one of the challenges for apple. and that's part of the story. this year manage the ground out gains for despite an 111 drat for apple and a 27% year to date for tesla. and here's that gap blowup for

tesla. the smp has managed to do that. were do you stop to strip out apple and tesla and draw it down. the challenges for amp until terms of china and when it comes to the picture. >> question marks about its next product. an tesla facing similar charges. that's the s & p picture. >> we remain in a deficit. we haven't closed the gap from that pandemic. you can see the definite expansion 2021. the year of the pandemic when all those come through. we haven't closed the gap yet. the last time we were in positive territory was back into thousands. >> as we expect those to come through the wiggle room they have when pulling out a fresh. it is constrained because we

lead off. i expected it around 12:30 p.m. i'm. special coverage of the spring budget beginning at 12:15. the chancellor began for world title. you'll have a number of interviews. we'll be speaking to the -- with the chancellor this evening do not miss it on bloomberg tv. up next though. stay tuned markets breaking down all of these going toes for you. that is next. this is bloomberg .

(aidyl) hi, i'm aidyl, and i lost 90 pounds on golo. i struggled with weight loss and weight gain my entire life. with all the yo-yo dieting i did in the past, i would lose 20, 30, 50 pounds just to gain them over and over again. thanks to golo, i've been able to steadily go down the sizes in my closet and keep the weight off. for the first time in forever, i feel in control. (announcer) change your life at golo.com. that's golo.com.

♪ >> good morning from london, this is bloomberg margarets. i'm anna edwards. trading jus