tv Bloomberg Markets European Close Bloomberg February 3, 2022 11:00am-12:00pm EST
we will dissect it. we will figure out where we go from here. the countdown to the close starts right now. >> the countdown is on in europe. this is "bloomberg markets: european close," with guy johnson and alix steel. ♪ guy: 30 minutes to the close. let's talk about the price action. equities are down, but i think the equity story is over in the states. here in europe, the action is in foreign-exchange and in the bond markets. let's talk about euro sterling. in some ways this captures what we are seeing today. the bank of england was a surprise. the fact that we got 25 basis points out of the boe today wasn't, but that four numbers voted for a 50 basis point hike was a surprise. that pales compared to the shock
we got out of the christine lagarde press conference. that has moved markets massively in europe. take a look at the two-year across europe. he will see a series of bright red numbers on your bloomberg screen. the biggest one, they standup story is italy. the two-year yield is up by 18 basis points right now. christine lagarde had a very tough day at the office. kailey: she did indeed. speaking of struggling, stocks are struggling here in the u.s., most specifically tech stocks. the nasdaq 100 down more than 2.5%. that is largely thanks to one stock in particular, meta platforms. down nearly 25%, wiping more than $200 billion off of its market value. typically do not see a mega cop step -- a mega cap stock moving in this way, and yet it is. what is interesting is usually you see risk appetite and specifically appetite for tech stocks correlated with bitcoin. that is not really happening
today. that coin is only fractionally lower, just south of $37,000, so it is something to keep in mind. and all of the action in the bond market not as dramatic when it comes to treasuries in the u.s., but still you are seeing them following european yields higher. that really gets down to the fundamental reason that yields are higher, specifically in europe. just take a listen to what christine lagarde had to say earlier. >> compared with our expectations in december, risks to the inflation outlook are tilted to the upside, particularly in the near term. >> we have not raise interest rates to date. it is unlikely that inflation will return to target without it. >> i think there was also a concern and a determination around the table not to rush into a decision unless we had proper and thorough assessment
based on data. >> it would be a mistake to extrapolate simplistically from what we have done today and assume that rates are now on an inevitable long march upwards. >> the critical one has to do with the labor market. there was a lot of non-u.k. labor force that eventually had to leave the united kingdom, which has not been totally replaced, and where the shortage of workers is having a bearing on the forces of the labor market in the u.k. guy: we are going to talk about the bank of england in a bit more detail in just a moment, but let's focus firmly on what's happening with the ecb first of all. subsequent to the ending of the press conference, we have had the usual finessing of the message. a little bit of leaking, a little bit of managing of markets. normally happens today is very significant. the ecb governing council has agreed not to exclude the
possibility of an interest rate hike this year. christine lagarde time and time again during the press conference was unable to repeat the message she delivered at the last press conference, we are not going to see a rate hike this year. it was, as i say, a tough day at the office for christine lagarde. erik nielsen, unicredit chief comic advisor, joining us with his thoughts. -- chief economic advisor, joining us with his thoughts. what did using to the ecb president's performance today? erik: terrible. a terrible day in the office. almost as terrible as the one where she said we are not here to close the spreads. they will try to moderate a bit and clarify. the last time we had this disastrous press conference, we had the famous cnbc after --
famous cnbc interview afterwards. i don't know if it was decided before the press conference really what she wanted the message to be. it was confusing all over the place. kailey: is she just hoping for a redo in march? erik: the issue is they haven't got the new forecast now and they want to wait for it, and that is ok, but she comes out and says the risk to inflation is now clearly on the upside in the short term. she did not refer to the medium-term, and refused to go there when she was asked. so on the basis, there was nothing apart from one data point and a tilting of the risk. she basically rolled back all of the message she had given before and almost incredibly in dorset what -- endorses what the market prices, which is enormous. it means they could accelerate the end of qe and may be hike
two times this year, which is stunning. i was stunned when i listened to it. guy: can we talk a little bit about how that would happen? up until now, the expectation has been that the transition from pepp back to app would be smooth, and terms of the purchases of bonds. if that is going to be accelerated, what are the implications for the btp market? erik: well, as you point out, people are wondering about what the situation will be like. she also said they are not there to make trouble in the market, but that is what she did today, made trouble in the market because there was such a big surprise. what i think she was trying to do was buy insurance that maybe we need to do a little more than
we have said so far. that is ok, but going out, they need flux ability, but what she did was create virtual darkness over the horizon with a hint of we are on a warpath now, which i don't think she meant, but that is what came across. kailey: it is all what is heard, not necessarily what was said. in terms of what she said, she talked about upside risk to inflation. unanimous concern over the inflation data we got earlier this week. i know we are waiting for their updated forecast. but what about your forecast? how much upside risk to inflation do you see? erik: if you do the normal forecast as we do, and i think they do, and our head of the research team has just told me when you go through these numbers, you see very clearly that there's upside risk over the next six months. we are going to have higher inflation in that period, and that is the short-term.
but by the same forecast, on everything we know today, which includes the components of the inflation numbers now, the energy side versus the demand driven stuff, and the fact that she emphasized there is no wage pressure, that means you have almost by definition in a modern set up to conclude that inflation proxy is probably below 2%. guy: that is what they have been forecasting, but i am wondering, how big a shift could we see in the numbers in march? because that is the staff projection. the next staff projection is that the inflation numbers we had this week probably models that a little bit. but does it muddle it significantly enough to mean that we are north of 2% by the end of the year? because if we are, maybe policy action is required. but if we are not, then
inflation is going to take care of itself in europe. i don't understand why the ecb is putting itself into this position. if that is what the models are saying, then why is she putting herself in this position? why did she not come out today and say and place in is going to be back below target by the end of the year, that is what we are focusing on? erik: that is what she should have said. they have no new forecasts. they just have one data point, two data points. yes, you can see the forecasts have not been stellar. none of us have forecasted correctly. but this happens. but you look at these forecasts and you include what we know today. could it be that the end of the year will be 2% instead of 1.8%, 1.7%? yes, it is a possibility. but it is only the beginning of
the policy forecasting period. you have to look into next year for it really starts to impact whatever they do now, and they'll know what to do something in march, april, june, which means we would have to look to 2023, 20 to four. at that stage, on almost any progress i can think about, you still have the inflation numbers below 2%, close to 2%. why are they signaling a possibility of a faster tightening with the end of the pepp? i don't understand, and i think personally it smells a little like panic because you see the present inflation numbers are big. but sequentially, the numbers are coming down already. so i fear that this is the politician lagarde overruling the economists at the ecb, to be honest. guy: that is interesting. it will be interesting to know
what is really going on in the governing council as well, the divisions that exist there. stick with us. we need to carry on the conversation. erik nielsen of unicredit is going to stay with us because we need to talk about the bank of england as well. we saw a significant shift higher in expectations for rates here as well. the u.k. two-year up by 13 basis points. it has been a busy day and the u.k., not just the bank of england. we've also seen the fiscal authorities in action, trying to blunt the cost of living squeeze hitting the u.k. we will talk about all of that next. this is bloomberg. ♪
♪ guy: jobs report friday. got to deal with the bank of england and the ecb before we get to that. can shifts on the side of the atlantic. the two-year u.k. yield moving sharply to the upside today. the bank of england was expected to hike by 25 basis points today. what we did not expect was four to vote for 50 basis points. let's talk about the surprise. let's talk about how silent the bank of england was coming into this meeting.
lizzie burden joins us now. she has been covering this for us all day. this was a shock, the fact that we have four numbers of the mpc voting for a 50 basis point hike. that cost the market flat-footed yet again. lizzie: it did. the chief economist and governor andrew bailey did say last year they were not going to guide markets, so it does not seem that they are feeling like they needed to give forward guidance anyway, but it was a big shock that you had four of the nine-member committee dissent like this. interestingly, it would have been the governor who cast the deciding vote because unlike mark carney, his predecessor, who used to go first, bailey opts to go last. because of this, our economists believe we will get more hikes in march and may, and that would be historic, the first three we have had back to back since 1997. ailey said we should not get carried away, but it seemed
clear that the monetary policy can anyone to frontload the hikes to make sure that inclusion expectations don't get the anchored -- don't get de- anchored. kailey: if only this was the only story out of the u.k. we needed to cover today, that would make our jobs a lot easier. unfortunately, it is not. you had a 54% gain in the cap of energy prices. now rishi sunak is trying to throw a lot of money at the economy to offset that from a cost-of-living perspective get where does this leave the u.k. consumer if you are also having rate hikes in tandem with the cost-of-living? lizzie: up the creek without a paddle. it is going to be a really difficult time for the u.k. consumer. andrew bailey himself admitted that not only have consumers got the blow from inflation, but the impact from the rate rises will have an effect as well. there are questions about whether what rishi sunak announced today will be enough because the announcement from
the u.k. energy regulator is massive, more than expected, a 54% increase in the price cap, and that really is what is driving inflation in the u.k. so not only have you got energy price rises, you've got the planned payroll tax rise in the u.k., and that is why the bank of england has raised its inclusion forecast to 7.25% in april. kailey: bloomberg's lizzie burden, thank you so much as well. let's get back to erik nielsen, chief economist at unicredit. erik: i don't think they had a great day, but lagarde and the ecb made sure we don't think of it as such a bad day in london. but it was a surprise. i don't understand the logic of not wanting to write some
guidance, and the inflation forecast change certainly was a massive number for this year, and the fact that four of them wanted to go 50 is a big story, i think. guy: what is your expectation for u.k. growth going forward, considering the headwinds the bridge economy now faces? we've got a rate hiking cycle that is really going to kick into gear. the squeeze is lushly to get worse. you got a labor market being squeezed because of brexit. what does this all add up to? erik: bad news. it is difficult to forecast at this stage, but i am very worried about the growth outlook because you have the brexit story, the cost of living going up, and now the central banks deciding to take stimulus away, and you have the prospect of some fiscal tightening also along the way, so it is really a
double or triple whammy starting to hit the u.k. economy. i think this is a significant problem. however, the big difference to europe is a little bit like lagarde talked about. i think the bank of england have come to the conclusion to a large extent to let us know that brexit and maybe the pandemic has taken away more potential output than they say, and that means that the inflation pressure is higher and longer lasting, and therefore they are more worried about the inflation story. kailey: you mentioned the fiscal story. is the package outlined by rishi sunak going to make in? -- going to make a dent? erik: i don't know yet. there have certainly been stories about the bank of england and the treasury thinking about this together. i have oh is been a big proponent of the policies turnout gather when the fiscal and monetary authorities work
together, so there is something to be said about that. too early to tell, but certainly there is tightening down the line. guy: our use adjusting the bank of england should not be hiking at all? the strategy seems to be to frontload. the governor was talking today, saying it would be a mistake to assume a long march higher. he talked about flex ability -- about flexibility. do you thing they want to take action now and therefore give themselves flexibility down the road rather than waiting? see how it pans out, and then you can potentially manage some of the rolloff in terms of the balance sheet to maybe help things out as well? erik: i have a problem with central banks speaking like this for two reasons. number one, it is difficult for any central bank in the world to say what you do today in
tightening is front. the debate in the market is all about are the behind the curve, so frontloading is a big word, to claim that that is what they are about. the second point is this issue of we need to tighten to build ammunition down the line. that is ultimately a policy mistake because you should do the policy you think is right for the relevant horizon. you should not tighten to create ammunition down the line because if you tighten more than you should today, because of that objective of creating ammunition, you are by definition contributing to a slowdown that is not justified. so i struggle with the logic of the bank of england communication, to be honest. kailey: final question from me, a bookable -- from me, applicable both to the boe and ecb. how do you view the situation in ukraine and the potential ripple effects of that? erik: it is a very good
question, and it is in a sense and expansion of the question that i think they should be ticking about today, and they are to some extent, namely that a very big part of the inflation you are looking at today is the higher energy prices, and therefore, should you react to that? the answer is no. you look for energy price shocks, and if anything, it takes away purchasing power. the probability that we wake up tomorrow or the next month and the tension in ukraine is all over, gas flows are up, we'll prices down, i find very low compared to the risk that this is going to get worse before it gets better. if that is the case, central banks should stay on the sideline and not hurt the population and the economy more than the energy price is already doing. guy: erik, always a pleasure. thank you very much for your
♪ guy: five minutes to go, four minutes to go until the. european close. let's talk about the europe -- until the european close. equity markets are under pressure. the action is stateside. we have seen a series of corporate reports having an impact, but nevertheless, the moves continue on the nasdaq stateside is probably where we should be focusing our attention. the ftse 100 down by 0.5% today. you've got rate hikes to factoring to this mix as well. the dax and the cac 40 is where the pressure is being felt. part of this is the corporate
reporting story, but the other part of it is what is happening with christine lagarde on the ecb, and what is going to go on here in terms of the rate hiking cycle. if rates are going to go up significantly, that is something we need to vocus on. we are focusing on some individual names. one is what is happening with shell. shell had some really interesting comments earlier today, discussing the fact that they could potential he provide extra lng into europe would we -- europe were we to see a problem with ukraine. we are going to focus on what is happening in a little bit more detail. we will come back and break down the numbers when it comes to the european as well -- the european close as well. the selloff is really in the bond market. this is bloomberg. ♪
equities this thursday. the central bank story is being factored in but we also need to talk about of corporate reporting point of view. the ftse 100 is down only .7%. shell is probably one of the biggest factors behind that. solid numbers today. strong capital returned to investors. that help london out. compass also out with good numbers as well. a few headwinds but nevertheless solid figures. the top line really good. those two stops helping out london. the cac 40 is down 1.6%. the dax, some of the chip names down quite hard, but names like hello fresh as well acting as a real drag on the dax. that down 1.5%. the equity market, despite the fact that it is down 1% is not where the real action is. the real action is elsewhere,
foreign-exchange and fixed income. euro sterling rallying. who would have thought that on a day when the bank of england came out and signaled potentially we would say back to back rate hikes out of that central bank. a 50 basis point hike. that was a big shock. then christine lagarde reposition the whole market in terms of the ecb. that is why the euro is up versus the pound. the german two your rocketing higher by 12 or 13 basis points. you have the pdp market signaling the two year, the 10-year is up sharply. our huge repricing taking place in europe. 1.1448 when it comes to the currency. euro-dollar up one and a quarter percent. let's get back to equities. they moved down exacerbated by the drop we saw stateside.
i think the ecb is a big contributing element all of this. the stoxx 600 down nearly 2%, 1.75%. other markets contribute in into that. the only real benefit from today is the banking sector. telecom also trading higher. banks of the real beneficiary. rates are moving higher, that is great news for the banking sector in europe. telecom is a big gainer. the reason for that is out of germany. this is actually a do mobile story. t-mobile numbers were good. the real benefit to the ftse 100 in the form of shell, out with the cracking set of numbers, also talking about significant capital returns, also acting as some ballast for europe as we see problems with gas supplies.
shell is saying that if gas supplies in europe are disrupted because of sanctions on russia, it will step into the gap. here is what the shell ceo had to say. >> i think it is more likely we will be disrupted by way of sanctions than by way of unilateral action. we have to be ready for that. also in terms of what it means for energy provision to europe. we make sure our facilities in europe run very well, and if need be we will be supplying more liquefied natural gas in europe. guy: the ceo of shell talking to bloomberg earlier on. will kennedy joining us on set. i thought those comments on lsg and to be able to provide extra help for europe were interesting. how much ballast could shell
provide? will: is a mixed picture. there the world's biggest lng company. if any company has that ability. the global lng market is tight and coming down to a question of who is willing to pay the most. we have seen last year asia outbid europe for cargo and over last 20 years -- i do not think anyone will do this for free, but clearly shell seize the opportunities to optimize its portfolio and it has more options than any other player in the world that would allow it to supply a little bit of extra gas at the margins. if anyone is looking for an option to replace all of the russian gas that comes to europe, it is not there. kailey: while europe deals with an energy crisis as it has been, there has been a question about renewables and the backstop they have failed to provide. where does shell stand its
renewables business? will: shell takes a fairly cautious approach to renewable. it has a target to invest 2 billion to $4 billion a year across biofuel, wind power. it has not been as aggressive as its european competitors, bp and total to pursue some of those opportunities but it has bid for a big wind farm in scotland. it is trying to do these things. the story today is shell is trying to offer returns to shareholders. that is the story for the whole oil and gas industry, investors want to elevate oil and gas prices and turn it into cash and that is why you saw them increase the buyback. kailey: increase the buyback by billions of dollars. thanks to bloomberg's will kennedy for joining us. while we are talking about energy we have to talk about what happened in the u.k.
a dramatic blow to households already getting squeezed by the worst inflation in decades. domestic energy bills will drop 54% starting in april. joining us is the ceo of so energy, a utah utility company. this specific price cap list aside, when we think about the price cap as a concept, is it an effective tool? simon: it has been effective in some ways but it also presents significant challenges. the gap is 277 pounds over the winter period but it is going up by 700 pounds for homes in the u.k., which is a huge jump and that is going to cause a lot of pressure on homes in the u.k.. as an effective tool, it is not sustainable over the long term, and there are two main costs
that it introduced. we've seen a real increase of 4 billion pounds that customers will have to pick up over the next 12 to 24 months. then there is the additional cost, which is the underlying risk, the element it brings into the way retailers manage their hedging, and any risk it introduces naturally will increase the cost for everyone. it has been effective in this increase, but still customers will have to pay more money over the long term. guy: good afternoon. the issue is whether or not it will stabilize the energy market. we have seen the cap being lifted just north of 50%. in terms of how much pressure that will take off the energy sector, what do you see in your numbers? does this completely cushion you? are you still going to be finding yourself on the wrong side of the trade when it comes
to wholesale prices versus what you can charge for consumers? can you give us an idea of what the real cost is? is it an increase north of 50% or is it more than that? simon: the costs we are facing our north of that today. obviously energy surprise -- energy supplies have been hedging some of that. we have insulated ourselves a little bit. the funding package they have outlined of 200 pounds at october 1 is something, but ultimately were looking at 700 pounds increase after the first of april and a full sale prices remain where they are, it is likely it could go up another 200 pounds in october, and that is for no change. customers will be left out of pocket over that period because they are still having to pick up a bigger tap. retailers are not benefiting from this. it looks like it is a pass-through cost. all of the detail is still to be clarified.
retailers are not benefiting in any way. any support to households is very needed, and we've also see the 150 pound counter tax rebate for those customers with lower incomes. that is welcome as well. the scale of it is not near the 700 pound and potentially even another 200 pounds on top next winter. kailey: obviously there is an implication for u.k. consumers and u.k. utility providers, many of whom have not survived over the last several months. where does this leave the future of your company? simon: we have obviously seen a big increase in that has been challenging for us to manage. we have had many of our customers move on to price cap rates and leave us to pick up the tap for that because we do not know it would move on to the cheaper price cap rate.
we would lock in energy and hedge in advance but then we had this unexpected amount of customers moving on to price cut rates and we cannot retrospectively hedge. that is particular challenging and so energy is no different than any other retailer. we have all faced additional cost. we have announced a merger with esp and their background is in ireland and a much larger and more stable organization. for us having that partnership and stability is particular helpful comment it allows us to take a longer-term view of the future. i know over the long term with the right regulatory reform, hopefully the u.k. retail market is in investable space and one where we can do the good things like getting customers to net zero. guy: we have not talked about
ukraine yet, we have not talked about the potential for as a deaf further spike higher in energy prices. how close is the system to breaking? could it tolerate a significant outage in terms of gas prices and energy prices rising? how close to the edge are we where the whole system, even the bigger firms cannot make it? simon: it is hard to say. we saw gas prices hit almost double where they are today. at these levels we are in completely uncharted territory. a lot of it comes back to how that cost is then reflected on the consumers. consumers are not in the position to pick up rising energy prices to that scale. ultimately that is where we need government support because this is a once in 30 year crisis and potentially it could get worse. guy: thanks for the update.
really appreciate the input. simon oscroft, so energy ceo. we have wrapped up the session in europe. energy markets under pressure, the bond market under pressure, the ftse 100 closing down .7%. lower during the option process -- lower during the auction process. we think there will be a topping of what simon was referring to come the energy market, we think there will be a press conference with the chancellor of the exchequer circa 5:00 in london. we will pick that up on the cable on dab digital radio. if you want to follow along you can do on your bloomberg terminal. if you want to find the podcast you can do so on spotify and apple. kailey: we have to check on these u.s. markets because it is ugly. the nasdaq now down 2.7%, just
off of session blows, that is in large part due to the massive decline we are seeing from meta-platforms after its disappointing results. that stock down nearly 25%, wiping out hundreds of billions of dollars of its market value, taking it social media peers down with it. it is not a good day to be a large-cap stock. small caps faring better. the russell 2000 only down less than 1%. the bond selloff in europe is evident in the u.s. as well. treasuries up six basis points on the 10 year. we will talk more about mena in particular and what those results mean for other tech companies. wedbush securities analyst will be joining us next. this is bloomberg. ♪
the latest featuring macy's adrian mitchell. this is bloomberg. kailey: it is brutal for facebook parent meta-platforms, seeing a historic collapse after disappointing history -- after a disappointing earnings report, down 23.5 percent and taking other technology stocks down with it. let's talk more about this with ygal arounian, wedbush securities managing director for equity research. he has a neutral rating on the stock. this is a massive move for a very large company. is it overdone? ygal: i don't think so. this is the kind of market we are living in. there a lot of investor jitters and a number of things around facebook, some of them were specific to facebook that are questionable and can be for a long time, and then there are a
lot of questions around the macro environment and facebook screwed investors on both of those fronts. we are seeing pressure from apple's privacy initiative and increasing competition from tiktok which led to facebook daily users declining for the first time ever, and it raises red flags around advertisers spend. there a lot of things and some of those might take real-time to get worked out. guy: the other thing that, a lot of people by surprise was the length of time going to be required to make the metaverse profitable. i would think this company shift to focusing, that was a large part of the call last night. the idea this will happen soon has now been completely removed. how big of a blow is that? what was the market expecting in terms of profitability? ygal: i'm not sure why that would be a surprise.
when mark laid out that vision a couple of months ago, you could see there was nothing within that that was even really tangible right now. we knew it was going to take tens of billions, may be potentially hundreds of billions of dollars over the years to develop what his vision is. we are in the very early parts of that. there'll be no revenue associated with that or very little revenue. a lot of investment and no near-term revenue come it will be a while before facebook sees anything from that. guy: let's -- kailey: let's talk about the broader readthrough from meta-to other social platforms, snap down hard, twitter down hard. how brutal is this picture for them given what we have seen from meta? ygal: i think it is unclear
still. google had nominal earnings, particularly in search. search was strong and they called out retail and e-commerce with a vertical that was really strong. facebook called out retail and e-commerce as a vertical that was very weak. the difference right now is the privacy initiatives and the impact that had with facebook, which has relied on the identification for advertisers, which follows users across the web and let's facebook target advertising to users that was more effective than anybody in the history of advertising has ever been. that got pulled away from facebook and it has been a big impact, it has been a big impact particulate a small advertisers, to e-commerce advertisers. the majority of facebook's at
revenue comes from small and medium businesses. that has become a big challenge for them. it has been a benefit for google . i think we need to hear from snap and twitter to get a good feel for how it is all playing out. guy: one final quick question. how much money does meta have to spend to defeat tiktok? ygal: they are doing a good job. the problem is it is not monetizing right now. that will be a longer-term project. more people are spending time on reels, which means they are spending less time on other areas within facebook that monetize better. they need to keep engagement. it is going to be a challenge. tiktok has been a force. guy: great to get your analysis.
kailey: after four days of updates for stops we are back to big declines. that's get more on today's market action with abigail doolittle. that did not last long. abigail: it did not last long and here's the downtrend you are referring to. this is little more than one month calendar chart of the nasdaq 100 futures and the pain we've been feeling all year. your is. the official correction resumes. the question is is this area of congestion a polis pause or a bearish pause? there is reason to think it is a
bearish pause and we will see a lower low. the s&p 500 done 1.5%, the faang index the worst day since early january. there is the meta platform, down 25% as monthly active users basically stalled, revenue in the wrong direction. amazon already in a bear market going into that quarter. the question is is everything priced in? we will find out after 4:00. it is not just all about big tech. take a look at the 10 year yield. five basis points in the background. not a lot of focus because of the study decline in meta platforms. at 183 that is helping the banks. jp morgan is one of the top stocks for the s&p 500 on the date. we can end on these bright spots. t-mobile, the best day since march of 2020. their subscriber outlook is
good. the stock being rewarded. humana up 6.5%. the more important piece of news as the centers for medicare and medicaid have offered a new alum for pricing in this current year, up 4.5%. humana investors are liking that. guy: nice to see some green on the screen. does not seem to be much of it around today. tomorrow will be an interesting day as well. friday is still to come. u.s. earnings, amazon, ford, president biden in new york city, and we are looking for the payroll. kailey: that will be the big one, plus the winter olympics will begin in beijing. vladimir putin will be there. guy and i will not. 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.™
climate. >> to the world of business -- >> it is really sloshy and there is a lot of uncertainty about where the economy is. >> 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." it has been a big day for central banks, with the fed nominees facing questions in congress. the bank of england announcing rate hike, while the ecb stands pat, at least for now. earlier today boe governor andrew bailey spoke with francine lacqua. gov. bailey: i think it is likely we will raise rates again. it is more likely than not. do not over interpret it.
IN COLLECTIONSBloomberg TV Television Archive Television Archive News Search Service
Uploaded by TV Archive on