this is -- in europe. this is "bloomberg markets: european close," with guy johnson and alix steel. ♪ guy: 30 minutes to the close this wednesday. european stocks are higher. the volume is good. financial services are leading, but i think the price action is more interesting elsewhere. take a look at euro sterling. tomorrow is super thursday. bank of england, ecb. the pressure being piled on both at the moment. expectations are that we get a rate hike out of the bank of england, but the pressure on christine lagarde absolutely enormous as today's inflation data out of the euro zone highlights persistently higher inflation than the ecb was planning for. euro sterling continues to track lower. then you get to the bond market. take a look at the front end of

the curve. in germany, inside the -50 at the ecb, -40 six. yields continuing to climb in europe. kailey: i'm focused on the equity story in the u.s. because we are off of session highs, still up about 0.4% on the nasdaq 100, the equivalent of about 55 points. more than 35 of those points coming from one stock alone, and that is alphabet, up about 6.5% at this point after really strong results on the advertising front, plus that 20 for one stock split not hurting either. elsewhere in equities, not too much action. we are seeing yields coming in on the 10 year, down about two basis points to just shy of 77. in oil, down about 0.4% after opec+ decided to stay the course and proceed with that 400,000 barrel a day output cut for march. i think the markets are probably really just waiting and watching to see what happens with those big events tomorrow. guy: significant events this side of the pond.

we have focused on the fed so much, but attention is definitely turning to the bank of england and the ecb. the euro area inflation data today certainly worth paying attention to. actually speeding up. the expectation that it was going to drop in january. consumer prices jumping 5.1%. that is the headline number from a year earlier. it is the latest challenge to the ecb's plan to pair back stimulus significantly slower than its counterparts, certainly in the u.s. and the u.k. joining us to discuss out of this, kristine aquino. let's talk about how this complicates the story and what has now been priced after today's inflation numbers. kristine: it is incredible because it was only earlier this week when we got that 25 basis points of hikes for the ecb, and earlier, after that inflation print, we got the bets for the first ecb rate hikes shifting to earlier in the summer, and july,

so now the markets are expecting the ecb will pull the trigger initially in july. that is a stark contrast with what we have heard so far, which is no rate hikes until 2023. they have been very clear about that. kailey: we will see how the messaging is from christine lagarde come tomorrow. thanks so much to bloomberg's kristine aquino joining us in london. want to continue this conversation on inflation now. the ecb continues to signal nonaction on inflation. other central banks, very different. they are coming in. the question is, if you have the boe, potentially the fed, each pricing five times this year, is the ecb able to sit out? let's answer that question with simon french, panmure gordon chief economist. does the ecb have to make a move this year? simon: i don't think it does, but certainly the bond market and yourself both alluding to the movement at the front end.

the market testing christine lagarde's communications. i think both the statement we will get tomorrow and the broader messaging that will come out of the next few days will really have to lean back against bond market movements that in my view have got ahead of themselves given the message so far from the ecb governing council. guy: let's say christine lagarde pushes back against the market pricing, and then finds herself in a situation when in march, for instance, the staff projections come out and basically allude to the fact that inflation is not going to fall in anyway let the ecb planned. she has a real communication problem at that point. simon: she does. the communications from central banks is not easy this year. it is not without risk. ultimately, i don't think, given the scale, she can sit through to those march projections.

i think she has to affirm the policy path through communications at this point. if that means the data changes by march based on the ecb staff projections, then the key medications will have to be updated, but i don't think that leads to much egg on the face, at least from the sober commentators among those who watch the ecb behavior. kailey: let's talk about if the data is going to change. how sticky do you view the inflation we are seeing? simon: if you decompose what we saw in the euro zone this morning, we are seeing a 28% year on year growth in the energy component, but the core fell zero pointed percent down to 2.3%. i would certainly suggest that as the base effect and the backwardation you are seeing out to 2023 suggest that this will start to take the pressure off from the headline rate, there are some interesting potential second-order effects through the wage route, which will take their queue from headline --

their cue from headline inflation, but we have talked about embedded low-inflation conditions. i think that is a risk that the ecb and policymakers can afford to take in the euro zone. guy: nevertheless, the current projection is that inflation is sub 2% by the end of this year. if it is not, does there need to be a policy response? should there be a policy response? simon: i think a policy response has to make a judgment on how sticky what rx ordinary moves both in the energy market and in the composition of demand are going to be. if we think there has been a loss of capacity, that actually the labor market, the product market in the euro zone is structurally tighter than it has been pre-pandemic, and that is going to persist even as the manned patterns normalize, then yes, you possibly do have to respond. but my sense is that you are starting to see signals across

the world, including the euro zone, that supply is starting to respond come up with on the commodity and the labor market side. as long as that keeps evolving, the ecb governing council can point to those signals as to why some of the extreme movements will start to normalize. kailey: let's focus on the other half of super thursday, which is the boe. how is this conversation different for andrew bailey and co.? simon: this is a really difficult communications for andrew bailey. he has the harder challenge. an hour before he stands up tomorrow, we are going to get an announcement from the u.k. government what they are going to do with what are skyrocketing energy prices. if they do a big policy intervention, then effectively, the moment enter bailey stands up, he's going to have to disown his own inflation report that he publishes once a quarter. that is a really difficult thing for any central bank governor two. the second big thing is it is widely expected the bank of england does raised interest rates by 25 basis points.

they are reaching the threshold by which they preannounced they are going to consider doing quantitative tapering, either passive or active cell down of their guilt and small corporate bond holdings. what does that profile look like? he's also got to communicate that into the market. that may generate considerable amount of turbulence not just at the short end, but potentially the long end of the guilt curve. i think the market is missing the fact that quantitative tapering both in the u.k. and the united states is going to do more of the heavy lifting in terms of tightening of monetary policy conditions. i think it is not necessarily a pure read. that market is normally the purest read, but i do think this time around, there i say this time is different. i think there's enough chat coming from the united states, but i think there are parallels in the united kingdom, that the active role of quantitative tapering during this tightening cycle makes some of the rate hike bids, particularly at the top end, a little bit rich for

me. kailey: something else united states, the u.k., and all of europe and a lot of the west is dealing with at the same time is the issue of the tensions on the border with ukraine and potential sanctions when it comes to russia. how do you view that kind of potential asymmetric risk? simon: it really muddies the picture because of the aforementioned impact russia has on the european energy market, both real and perceived from investors. so certainly from a positioning standpoint. we have seen natural gas prices which, that backwardation i talked about earlier which was coming through about three months ago, after about two quarters, now has rolled out to four quarters. two guy -- to guy's question, it muddies it for the monetary authorities because the very issues that potentially

sanctions and energy this russian -- and energy disruption may have, it is not really the tool you would deal with something of that kind of shock. guy: but it could have significant second-round effects as we start getting into the wage rounds particularly in germany. great to see you, simon french of panmure gordon. what have we got coming up for you? the european union unveiling its controversial green labeling scheme for gas and nuclear projects. we are going to mairead mcguinness, european commissioner of financial services, about the plan for green taxonomy. that conversation is next. this is bloomberg. ♪

♪ guy: let's talk about the energy transition in europe. there's a number of different ways of coming at this, but it is a huge factor for the european economy. the energy transition is in some ways colliding with political reality. the european union unveiling how it plans to label investments in gas and nuclear projects. are they sustainable? are they not? here to explain more about this so-called taxonomy is bloomberg's maria tadeo in brussels. maria: let's strip away the jargon. we know the european union says they want to employ meant by

2030, cut down emissions, and they believe the way to do this is to attract money into green projects, green financing, and the way to do it is to regulate. brussels does pride itself in being the global regulator, so they are hoping this is going to be the global gold standard for esg, and the green market is really exploding and there's a lot of money moving into it. but it is never without controversy. today, as you alluded to, the european commission saying that gas and nuclear will be included. the criticism is that the european commission is essentially greenwashing. to talk about this, we are joined by mairead mcguinness, the commissioner for financial services. you were up on stage today defending this. i know you are taking a bit of heat on that, nuclear and gas, whether that is greenwashing or not. when you hear that criticism, but do you say? mairead: first of all, i was presenting this important proposal. we have already identified what is sustainable, covering 80% of emissions, so we were obliged to

come forward with a proposal on gas and nuclear. i really want to stress two things. one is this is not us labeling gas and nuclear as green. what we are doing is within our taxonomy framework, under transition categories, saying that for some member states in some places, they may need to use gas move from dirty coal, and nuclear, we already have 26% of our electricity that comes from nuclear. some member states will not use nuclear. others rely on nuclear. so with all of the differences across the member states can our proposal today deals with the practical reality. it is science-based. it is pragmatic and responsible because we don't give a free card to gas or nuclear. gas is a fossil fuel. nuclear has issues around waste management. in fact, in the criteria, the conditions we put to the investments in these, we deal with both the sunset clause for

gas and waste for nuclear. across the world, not just in europe, we are having very real conversations about our energy mix and realizing as we do that we have ambitious targets. how do you get there? yes, we need to invest in renewables. this is an absolute priority, and that is what we are focusing on. so i really hope that people hear very clearly renewable is number one, but in some places we will need to use gas and nuclear. guy: it is guy johnson in london. the hope was that the eu would be provided with this taxonomy a gold standard for esg investing. do you worry that you have not done that? do you think you have done that? or do you think you potentially may have confuse matters? there's other jurisdictions were gas and nuclear will not be included. what you think you have done

today in achieving the gold standard? how far down the road you can give got? mairead: i would be more worried if i had not put the -- had not put forward this proposal today because we would not be dealing with reality. in our proposal, we talk about transparency and disclosures, so investors will know exactly if they are investing in any product if gas and nuclear are contained within that. so when people talk about greenwashing, if i were to stand accused of greenwashing, you would have to say i am hiding something. we are being extremely open. it is how europe works. we are seeing our gold standard is renewables. this is where the money should go. but for some places, some member states, there is a role for gas in transition and a role for nuclear. i think by bringing forward this proposal, we are having a very honest, clear, tough debate about energy mix, respecting the different views, and there are many within the european union, and secondly, we are giving

investors who are probably watching your program absolute clarity. investors are wise. they will ask questions. those who are comfortable with gas and nuclear will know. they are investing in it. those who don't want to can avoid it. so our gold standard is around transparency, disclosures, and openness, but also dealing with the practical realities of how we get to where we need to be by 2050. kailey: how do you guarantee that an outsized investment won't go to gas and nuclear and goes to renewables instead? mairead: everyone knows it is much better to invest in renewables where you can do that. it is the option we are all pushing. i can say from the discussions i have had with the investor community and member states, that is where they need to be. for example, finland is a really interesting case. i met the prime and us recently. they use both nuclear and they also use renewables. what is interesting about finland is that they will be climate neutral by 2035, using

that combination, but also saying, as the prime minister did, that nuclear is not sustainable in the long run. it is good for the transition. so we are being very responsible , and i don't predict the problem that you describe. the other thing about all of this investment towards sustainability, maybe we have all been a bit too binary here. the world is not so binary, and what we need to do is to make sure we invest in those companies today and outside of the energy story that are not sustainable yet and that they get the invest they need. kailey: we have heard from companies and governments --maria: we have heard from companies and governments that -- i do wonder, however, we know there's huge divisions in europe. the french are pushing for nuclear. they see a big is in us there. the germans want to do gas.

this is happening in the midst of a crisis with russia. when you get everyone to align, and when you get the final things on paper so you can start investing? mairead: this is europe. it is very real. let me put for respect to remember states. they decide their energy mix. that is not my job or the job of the commission. but it is our job to try to give investors information about sustainability issues, and we are doing that with the work we have done today and the work of last year. when you say about people coming together, for some people who are absently opposed to nuclear and those who are in favor mother isn't really an area of compromise, and frankly, there doesn't need to be. if a member state decides its energy mix contains nuclear, that is for them to decide. kailey: when you see this approved? mairead: the parliament and the council have at least four months to consider this, possibly six, and they will then either have to raise an

objection, if no objection is raised, it goes through. we want this to be in place asap. we already have our first delegate in place in january of this year. i know you have talked about these issues already around sustainable finance. it is a whole new concept, and there are a lot of words around it. how do we get money into the areas where we need money and away from what is really harmful today? if you look at dirty coal, it is really unhealthy. it is bad for people's health and bad for our climate. if i have member states who see a role for gas, i am saying private investors may decide they want to invest in gas, and if they want to be labeled taxonomy compliant, they have to stick to the very strict conditions and know that by 2035, it ends, and they have to be low carbon. so i think the detail of this hopefully will be reflected in the response, but it is a good day for europe. i think we are being very clear

and we are very determined to achieve our climate targets. guy: final quick question for me. this is the e. what about the s and the g? when do you think we will get social taxonomy? mairead: the esg work together. so that is a work in progress. i think one of the things that confronts me and my role is the norm at the of the work around trying to define out of these things, but we are up to the challenge, and we will make progress on this. i won't give you timelines because i don't want to miss them, but it is part of the overall taxonomy discussion. there is a lot of interest amongst companies large and small. they want to be seen to do the right thing in terms of social adherence. i also think globally, we know there are things happening and supply chains that really are not sustainable, and there are ethical questions about them, so i thing we need to give guidance to our companies.

so a lot of work done, -- a lot of work to be done, a lot of work across the t, s, -- the e, s, and g. guy: thank you very much. some breaking news over the last couple of minutes. the u.k. announcing that it has intercepted and escorted four russian aircraft that were approaching a u.k. area of interest. that sounds fairly alarming. this is something that happens on a fairly frequent basis. but nevertheless, given the heightened tensions at the moment, worth paying attention to. kailey: every headline has more importance in this scenario. we are also -- we are also watching the headlines as it relates to the markets. it is really tech that is now lagging. the nasdaq 100 is down. the s&p 500 still positive by about 0.2% as we have seen out

but moving off of session highs as well. we will keep on top of these markets and the european markets as well as we get closer to that close. this is bloomberg. ♪ ♪

guy: four minutes to the european close. ftse 100 outperforming right now, up 0.8%. vodafone doing the heavy lifting with its numbers a little earlier on. i think it was a double upgrade from credit suisse today, also helping out. the dac and the cac's much flatter -- and the ca -- the dax and the catch much flatter -- and the cac much flatter. the close is next. this is bloomberg. ♪

as a business owner, your bottom line is always top of mind. so start saving by switching to the mobile service designed for small business: comcast business mobile. flexible data plans mean you can get unlimited data or pay by the gig. all on the most reliable nationwide network. with no line activation fees or term contracts... saving you up to $500 a year. and it's only available to comcast business internet customers. so boost your bottom line by switching today. comcast business. powering possibilities.™

guy: we're wrapping up the wednesday session in europe.

the final few seconds of regular trading. outperformance from london. european markets running over a little bit but the ftse 100 still up nearly .1%. vodafone doing well on the back of its results. also oconto getting a double upgrade. the ftse is outperforming. the dax is flat right now. the cac is up .3%. not a great session in terms of the levels but certainly consolidation seems to be the story. let's show you the session. asia looks fairly solid. a nice move higher. then we track sideways. i talk about consolidation today. we are only trading 477, just off the highway hit an hour ago. the high was hit on the session later on -- earlier on, but a very narrow range. up around .5%. let's take a look at the sector

breakdown to give you an idea of what is happening and talk a little bit about the pound -- i wanted to get to this first. euro sterling, i'm basically doing the stuff like the story. bank of england and ecb. thank you bring with the expected to hike rates. what will christine lagarde site? this start is only -- this chart is only going in one direction, you are weakness. how much more week this will we be if we see this divergence in policy? i've thought i would throw that in there. let's talk about the sector breakdown. energy down at the bottom which is interesting. the underperformer today despite the news out of opec and maybe in spite of or because of the news out of opec. financial services, food and beverages doing well. chemicals is trading higher. you have the oconto story in the mix. the spread between the top and bottom performers much narrower

than it has been of the last few days. let's talk about individual stocks. vodafone is up. this is a stock that is being tracked by an activist, we think. the good numbers having -- the good numbers coming as a bit of a respite julius bar being punished. the banking story in the europe at the moment is interesting. the cost story certainly front and center. then you come to ocado the grocery, robot company? i'm not sure how you would classify it. today it is certainly saying nice price action, up around 5%. this is a stock that has lost around 50% of its value. credit suisse coming out with the double upgrade. maybe more of the bad news is in the price. kailey: another sector we have to pay attention to is the automakers.

the global chip shortage has slammed the auto industry hard. it is a problem gm chair and ceo mary barra -- mary: last year we were hit hard with covid impacts in malaysia. that is where we see the opportunity on a global basis. writer than 25% increase from a production perspective. kailey: the chip front did not slow down for ari. ferarri is not something that move slowly. joining us from milan -- when we think about ferarri, i did not buy myself one for christmas, i do not think i did either. i do not they we are in the right profession. what is driving the strength for high end luxury sports cars? >> the italian supercar maker for ari had another good quarter

in showing how resilient is luxury brands such as for ari. we need to forget that ferari is at the crossroads because it has been slow in embracing electrification. 2022 will be a good year for the company because they will unveil a new business plan and a new ceo needs to carry on the transition to electrification. the real question is how would the engine of a new electric ferari sound? during the pandemic the ferari owners continue to buy ferrari, showing how resilient this brand is is in the pandemic. guy: what we take away from porsche?

porsche is selling syria's numbers of electric vehicles and ferrari appears to be behind. with big bonuses coming out of wall street the demand will be good, but the consumers -- do you think ferrari is underestimating how quickly consumer choice is changing? daniele: i think this is a real question. this is the main point the new ceo needs to address in the next months. for now ferrari has been slow in electrification. don't forget ferrari made its fortune on the internal engine, so ferrari buyers could be slow to love the electric vehicle. i think the company will embrace

electrification step-by-step, slower than porsche. this is consistent with the ferrari brand. kailey: we have seen automaker after automaker talk about the money they are throwing at this shift. ford putting another $20 billion into the effort. we have any kind of concept about what those figures will look like for ferrari or do we have to wait until june to find that out? daniele: ferrari is more -- they sold a little bit more than 11,000 cars. the process will be different from other carmakers and will be a little bit slower. according with some sources i

spoke with in the past days, the direction the new ceo is taking his electrification, probably it will take longer, but that will be the direction. guy: we will leave it there. thank very much, indeed. joining us for a conversation around ferrari, which i think it is an interesting time to talk about ferrari. others are making big moves towards electrification. the biggest problem i have with all of this is talking to people who are ordering these cars, the wait lists are enormous. even if you're getting your massive bonus or even if you have made all of that money on crypto, actually getting a hold of one of these cars is surprisingly difficult right now. kailey: we should be having this conversation with matt miller who is in the process of trying to find a car to buy now that he is back in new york.

he says he cannot get anything he wants because of all the heating steering wheels and lumbar support requires chips, they do not have those on hand. i think matt miller would tell us if he got a ferrari he would want it to make the noise. matt is in it for the engine. guy: it needs to start with a v and have been engine, not a motor. you are looking at portion -- you're looking a porsche, i think their electric vehicles are outselling the 9/11. electric vehicles go quite fast. i think even matt will admit that. kailey: zero to 60 in 4.5 seconds for some of these? guy: absolutely. even faster in some of them. we could probably talk about this all day. it is a subject we need to include matt miller in. i look forward your chat tomorrow morning at 5:00. the european market settling out

for the day. we have rolled over a little bit into the close. a little bit of a spike lower on the ftse 100 as you come through the close. the ftse only f .6%. the dax getting into negative territory. the cac 40 fairly flat in paris. we will set you up nicely for a super thursday tomorrow. bank of england and ecb. the cable on dab digital radio at 5:00, 12:00 in new york. if you are in new york, you can find the podcast on itunes and on spotify. kailey: coming up, we will be talking oil. it was one of the quickest opec-plus meetings in memory and also one of the least surprising. now the question is can the coalition deliver on its promise to pump more? we will talk with rebecca bannon of the cibc private wealth group. thisoomberg. ♪

ritika: this is european close.

you're looking at a live shot of the principal room. do into bluebirds monthly series, chief future officer. the latest episode featuring macy's cfo adrian mitchell. this is bloomberg. let's check in on the blue bird first word news. russia and china say they are entering a new era in their relationship. vladimir putin and chinese president xi jinping plan to issue a joint statement at their summit meeting in beijing friday according to a kremlin policy aid will also say russia supports security guarantees from russia and nato. president biden is sending more troops to europe. about 2000 soldiers from fort bragg are heading to poland and germany and another 1000 will be moved from germany to romania. the president has said he will not put americans in ukraine to

fight russians. the president of cnn jeff zucker has resigned. zucker wrote in a memo to the staff he had failed to disclose or remit it -- a romantic relationship with another senior cnn executive. the relationship came up during an investigation into chris cuomo, the anchor fired over an investigation into the firing of his -- into former new york governor andrew cuomo. global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. i am ritika gupta. guy? guy: the opec-plus coalition agreed quickly earlier on today to another policy increase. meanwhile in the united states crude inventories declined last week. we want to pay attention to texas. let's figure out what this means for investors.

rebecca of cibc private wealth group joining us now. great to have you on the show. oil has exploded higher. how much more juice is left in the tank given what is going on at the macro level and also a production level? rebecca: i think that is right question you are asking. it is not our supplies tight, it is not is opec missing targets, it is about what is priced in. i think you're nailing it by asking the question that way. the topics we are covering that have been circulating have been around for about two weeks, two to three weeks. we have been assessing what the sanctions would look like. we have been assessing what it would look like with russia attaining peak production. it seems like we are going to need a new catalyst to purchase above the $90 level in the short-term. that may come in the form of a

supply shop in the u.s. due to cold temperatures. they looked to be fairly short-lived. i think the pullback we are seeing now make sense. we could see more sustainable in the short-term of some of these supply concerns start to ease up. we already had some headlines i thought were relevant. whether china is starting to divert lng cargo to europe to help fill in where you have short supply is a good indication. earnings releases from exxon mobil yesterday talking about increasing the production in the permian, and other signals we could be seeing a little bit of an easing of the supply concerns. that does not mean we will crater back to $65 a barrel. the fundamentals are there to support it. it just means to take the next leg higher. i think we need to see significantly new catalysts emerge. kailey: you think one potential

catalyst is not that opec will suddenly diverge from its course of 400,000 barrels a day hikes every month? rebecca: i do not think that is a huge catalyst for the move higher because we have already digested the fact they do not have the willingness for the ability to do that. they will gradually increase. they may get significant political pressure in the form of president biden calling the prince of saudi arabia and exploring for more crude, which would cut a unilateral increase from saudi arabia in terms of offering supplies, which i think could be a bearish scenario. that stayed in the course is neutral and priced in. guy: what is your expectation for what happens with gas prices?

at the moment gas prices are expected to rollover. a similar story with the price of oil more broadly. how are you thinking about that gas narrative and how that affects the rest of the energy complex were we to continue to see geopolitical tension around ukraine rationing higher. ralph: the gas story -- rebecca: the gas story is entwined in the crude story. crude is cheap considered relative to gas. if we start to see an unwind of those geopolitical risks in the gas market, whether we get a resolution or we find supplies from i think it takes a little bit of that scarcity premium out of gas, not only in europe. i think if that starts to subside, gas prices could come up 10% to 15%. let's keep in mind, that type of a selloff would still bring

prices well above where we've seen the five-year averages. is a shift that could be significantly lower but still a high baseline. kailey: how do you factor in the dollar and its strength and weakness into all of this? rebecca: that is a tricky one. the dollar strength is typically a headwind for crude. there is a huge trade that has been put on dollar strength and has not played out to a certain extent and crude has been able to rally in the face of that. i think eventually we will revert to the relationship -- right now it is having less of an impact because of geo-local risks and a supply shock are such a bigger story and has such a near-term impact on balances. i think if you see the dollar continue to rally, it will start

to have a buffering effect on crude and commodities and is certainly something i am watching. relationship has not been a strong lately but i think it comes back. guy: a lot of people are watching this market not for the fundamentals, but because it provides an inflation hedge. if i want to hedge inflation going forward and i'm looking at the energy market, where is my best hedge? is it going into a commodity fun and buying crude or is it buying the equity? which will provide me with the better shale term? rebecca: i think it is buying the equities. the equities trade cheap to where the commodities are trading. they offer dividends, they have cleaned up their balance sheet, they have made a lot of the right moves and i personally think they will have a nice bit of leverage to this commodity strip, even down 5% or 10%. look at exxon mobil.

they lowered their breakeven points to 35. there becoming more efficient. it might not have as much juice to the upside and seeing that in recent rallies, obviously energy equities have rallied but not the same as the commodities. it offers better protection on the downside it i think we are set up for that downside. i like those plans better than straight up commodities at this point. kailey: it always seems energy stocks are lagging oil prices. thank you so much for joining us, rebecca batted. -- rebecca babin. this is bloomberg. ♪

kailey: live from new york i'm kailey leinz with guy johnson in london. the european markets have closed, the u.s. stock market still trading. we are off of the highs.

abigail doolittle is tracking the moves. abigail: we have had so much volatility recently and another day of volatility. the nasdaq 100 at session highs. not so long ago dipping just slightly lower, now fractionally higher. anybody's guess as to how the day will end. clearly something going on beneath the surface. let's look at the big winners. as for the laggards there is one that is standing out. paypal plunging pretty poor percent after they reported disappointing. this stock getting punished, the worst day in its relatively young life. tesla down 3.7%. gm has outlined impressive plans to keep moving forward in the ev space. netflix down 6%. it reminds me of what is happening to paypal. many -- maybe people are selling to not be reminded of its massive decline.

julia sciences down 4.8%. there outlook is disappointing. the day started off with a positive note. let's look at what was rolling the day at that point. alphabet up 7.7%. 25% growth in all business units. very positive. the stock split makes it's more attractive to retail investors. advanced micro devices up 4.6%. analysts positive on a strong quarter and the gains they have made against intel. after the bell, meta-platforms, this is another reason we have the nasdaq 100 wavering, up just fractionally, now it is down. the report after the bell. qualcomm also reporting after the bell. guy: this is like real-time volatility happening on television. abigail: very real-time. guy: it looks like a story we will have to live with.

we will manage. let's talk about the next 24 hours. that will potentially generate even more volatility. we have meta-. we have qualcomm after the bell. and we turn to europe. kailey: two rate decisions. we will also get earnings on the u.s. side, amazon and ford. on the european side, ing and don scott bank are among the reports. also factory orders in the u.s. and pmi in the euro zone. also tomorrow we will be watching the hearing of president biden's fed nominee and ahead of that hearing, david westin will be speaking with senator pat toomey, the banking committees ranking member on "balance of power." this is bloomberg. ♪

as a business owner, your bottom line is always top of mind. so start saving by switching to the mobile service designed for small business: comcast business mobile. flexible data plans mean you can get unlimited data or pay by the gig. all on the most reliable nationwide network. with no line activation fees or term contracts... saving you up to $500 a year. and it's only available to comcast business internet customers. so boost your bottom line by switching today. comcast business. powering possibilities.™

>> clearly it is russian aggression. 100,000 troops.

>> took a world of business. >> i'm expecting a bad number. i would not be surprised if it was a negative number. >> this is "balance of power" with david westin. david: from bloomberg's world headquarters in new york to our tv and radio audiences worldwide, welcome to "balance of power." jobs numbers come out on friday. right now it is not looking that good with figures like marty walsh already talking the numbers down. sec. walsh: the survey was done around the week of january 12. there were millions of people not in work. some folks were out sick. if they were not eligible for paid leave, they will be market not working when they are. david: