bloomberg economics pointed to the vulnerability on these countries, brazil, egypt, argentina, south africa, and turkey. as well as columbia, the most vulnerable as we see these tightening move from advanced economies. haidi: the economic recovery or struggled to get momentum when it comes to china. on the outside of the weekend we had the trade surplus coming in. we are now seeing the export side. i october, the volumes and values exceeding everything we have seen for the whole year of 2022. export demand is continuing to surge ahead. midweek inflation numbers, we see the 26 year high. there is a pickup in cost for consumers and waning retail and private consumption demand as the property crackdown continues. so, there are concerns about signs and a stagflation. we will be looking at the data and whether it paints a different picture. let's look at china's economic picture. i want to bring out chief north asia correspondent david ingle in hong kong. what stood out to you? david: you just ran through some numbers. it is a two sided story. you have the mastic slowdown we have seen bec

that is bad news if you are brazil and you are exporting iron ore, and the iron ore price has been so weak relative to other commodities. so it is really a question of what are you exporting to china, if you are exporting goods which are used in the context of new buildings and construction. clearly that is not good news for you. but if you are producing high consumer exports, it is not clear that it is necessarily going to be such bad news. alix: mark, really great analysis. happy friday. thank you for joining us. marked -- mark dowding, bluebay asset management cio. richemont posting stellar earnings results. more on that next. this is bloomberg. ♪ ♪ ritika: it is time for the bloomberg business flash. i'm ritika gupta. environmentalists confronted one of europe's top aviation executives at the climate summit today. easyjet ceo johan lundgren argued that limited flying would tax people in developing countries, but activists said that was a better way of slashing carbon emissions than what airlines had proposed, using synthetic fuels and hydrogen powered planes. rivian automotive

brazil is doing a u-turn, but going back to what it was three or four years ago. can we really achieve it without more from these countries? kristalina: we need everybody on board. we need to continue to pressure countries to come around. when we talk about what worries us, to me, the most worrisome is u.k. the pledges we have today, nowhere close. we are maybe 1/3 to 2/3 close to the pledges we need to get. our temporal or -- our temperature is below two degrees, or even better, 1.5. so our commitment is to what is necessary, an addition to bringing less willing parties on board. francine: what do you worry about in the world economy? there is inflation, there's a issues. if we don't have a smooth economy, this will turn back on climate change. kristalina: of course, if the economy starts rolling back, this would be a dampening for climate investments, along with any other investments. so let's look at the economy. what is the problem? it is still that part of the world is emerging from the pandemic very strongly, and another part is falling behind. this divergen

., strong a new user growth in markets as wide-ranging as mexico, brazil, indonesia, germany, france and so on. when you think about how bumble has been impacted by covid, it reinforces the strength of our customer base that relies on us for connection. i think it is important to take a note, take a moment to notice that the customer base is inherently different, right? it's a different market, a different offering and because of the countries we are so strong in, they have just inadvertently been impacted by covid in a more serious way. so, when you think about it more generally, it's a highly engaged dating app and the second most downloaded locally, just seeing slightly stronger headwinds. looking to the future as these markets reopen, what's fascinating is we remain a staple in people's dating lives. we remain the go to for creating relationships. people now have no time to sit around and wait when they want to find someone special or someone to share in the special moments. they turned to us to take control of their dating lives, especially women. and we are seeing this across t

brazil says it will sign the global pledge. plus standard chartered's profit source as the bank keeps a flat earnings outlook. the cfo joins me shortly. next on the slate, it is bp. anna and mark will bring you those numbers. i want to give you a snapshot of what is going on with equity markets. there is a stall in the fiscal agenda in the united states of america. equities later by a third of 1 -- lighter by a third of 1%. equities are lower by a third of 1%, stocks made a record yesterday. the bank of america says oil could be at $120 by next summer. maria likes energy and the play on that. the narrative from the rba, it will take some time. the market price in -- sorry, the rba and the market are at odds. the rba say -- the markets is 175 basis points and you have the strongest earnings sheet in america since 2014. a little lighter on the equity front at the moment. standard chartered stuck with flat earnings growth for the whole of this year after a bump in trading income. what was the strongest part of the growth? a flat y

brazil's climate turnaround, they will sign the global pledge to cut m

that means china, russia, india, mexico, south africa, brazil, a group of countries -- indonesia. those are the countries we have been doing climate diplomacy with. south africa has excepted a new plan. we have to all of us be able to put the deals together that will phase out coal fast and provide the alternative renewable energy and the other alternatives are going to be necessary to provide a holistic grid that works for the future. manus: i mentioned the danish minister for energy, etc. but it is about building on that narrative. it sounds like kerry et al want to accelerate. this is about money and following the money. he has been involved in corralling the american banks to commit. mark: india made that very clear. they are not going to sign up unless they get the financial backing to help them. i think this is important to realize, that some of the biggest polluters are developing economies who cannot afford to move beyond coal. we are talking about china building more nuclear plants in china alone than the rest of the world put together. china can afford that investment. m

we saw it in brazil which is a large producer of coffee, corn, sugar, you name it. when you have problems there, that is a big problem. we are not at that point where stocks are at an uncomfortable level. kailey: tom's gucci bowties are discretionary spending. is tolerance of prices a lot higher so this could last longer before higher prices in higher prices? kona: yes. demand is fairly elastic. it is a staple, it is not a gucci type -- gucci tie. there's a lot more disposable income on food, they will be the first to suffer. china will try to rebuild strategic reserves to protect and save that high cost being passed on to poor people. in advanced economies, it is not that much of an impact. you will see the cost of red and pasta go up -- bread and pasta go up. hi commodity prices, it is designed to curb demand. but staple foods, you do not see demand collapse. the only way to solve the situation is increasing the supply. kailey: how does demand from china factor into this? how big of a boost does that bring? kona: china is huge. they obviously have the biggest herd

doing this well, europe is analyzing 6% growth, it isn't enough for china to give 5% growth or for brazil to be view 6% growth. that opportunity cost is way too high, and that is likable remain invested in earnings they can trust. i'm afraid the same thing is going to happen next year, that the differential is going to move in favor of dm rather than em, plus the headwinds for emr going to increase. higher real yields, weaker global trade. these are some of the headwinds that are going to start increasing, so we expect another year of underperformance from em equities, also from em fx. em rates have blown up so much that there will be very interesting opportunities also you have to differentiate across asset classes, but i can't say we are holding our breath for a renaissance across em. alix: you really painted a stark picture of the next 12 months in terms of the trade on what happens. what kind of volatility do you think we see within that, and where do we see the volatility? does it spread? where does it go? bhanu: it is impressive because you think of bond vol is the mother vol, and t

priscilla's central bank chief said there inflation was more persistent than initially thought -- brazil. cpi is double digits. inflation has become a concern that the european central bank's trade union is accusing the ecb of not protecting their own staff from inflation and is demanding higher pay. . paul: and a lot of this is not being helped by the oil price at the moment. of course, the u.s. and a number of other countries are releasing reserves from strategic petroleum reserve's. opec returned on that, concerned about a surplus in the market. seeing the surplus expanding by 1.1 million barrels per day. some delegates indicating that the planned output hikes for january might be canceled when opec+ meets next week. so a lot of interesting words are being exchanged. shery: also, interesting words from jamie dimon that clip on china. . we are watching for reaction from beijing. so far it has been really quiet, but the jp morgan ceo already walked up his comments earlier that jp morgan would outlast the china communist party. $20 billion of exposure there, is not that surprising. paul:

there were lots of pledges, so this is him was the new brazil, a different brazil that will see more on the environment? >> we have been combating the deforestation in brazil, but now we decided to present to the international communities that we are committed to eliminate illegal deforestation until 2020. we already have been working on this issue since the beginning of the crisis, but now, i think we have good data to present to the international community, and for sure you reach this target. >> minister, how optimistic are you a deal can be reached to create a globally regulated carbon markets soon? >> i think this will be mainly for developing countries, and brazil has a lot also to cooperate with others. there are other things, like the energy transition. without the energy transition years ago, when we established the first biofuel program, and we started building large hydropower and nuclear plants, and the bio-energy, we will need a lot of effort to other countries to develop and to reduce the co2 emissions. >> minister, how has brazil dealt with the energy crisis? how diffic

in particular, brazil. president bolson era had been very skeptical about climate and this is a big polluter. they will need brazil to play ball if they want to get to that temperature check. there's a lot of talk in glascow about getting into a trading system, and an order for that to art, you need brazil to enter the game. romaine: let's move ahead today number two. what can we expect? just more folks talking on the stage? maria: most leaders have now left the country and have left glascow. -- have left glasgow. this is where the negotiators get to the table to try to get a communique. we will hear from the leaders but the heavyweights have already spoken and are on their way back. this takes us to next week, potentially friday, and the question of whether we get something that gives momentum to the pledge to get to net zero but also keep the temperature in check. that's the biggest goal in this climate meeting. boris johnson was very big -- everything else will fail. -- if this fails, everything else wil

morning, the coffee index is up 77% year-to-date and that has to do with bottlenecks in places like brazil and with issues like farmers not delivering on contracts. it has to do with all of the things we are seeing in terms of supply chain issues and higher energy prices. but other food commodities have not risen quite as high. francine: is this something that is here to stay? we are trying to think if in a few months things will get better or if this is a new normal. fiona: i think it is hard to say. we know energy prices can move relatively quickly in both directions. sometimes, when we are talking about food, it can take quite a while for high raw materials to work through the system and it also depends on how food manufacturers react. will we see them do the old trick of size-flation or will they be forced to make significant price rises at we will see when we go to the grocery store? tom: how much is this affecting investment in the agricultural? space? -- agricultural space? fiona: i think it is making things more difficult. i think it is making a lot of investment managers, many who

you can see brazil with your rate hikes, and fighting inflation. this sort of environment, i think in terms of global macro policy is probably going to leave us with markets that still view a few outliers as probably not something that will create great problems across markets. the fact that we are early in a fed tightening cycle is still that kind of a risk that we have to assess, that there will be wider problems as there was in the 2013 to 2016 period. this time around the u.s. dollars at a harder level. the oil price which collapsed 6% in 2014 and 2015, that is a picture of something less vulnerable. jonathan: i like how we are calling it a turning cycle. it is good to catch up. the dollar-lire. a weaker turkish lira. lisa: erdogan is fighting interest rates. he thinks that finding interest is bad and that will bring down inflation and it is not. that is what we are seeing. jonathan: the next inflation print is december 3, even around 20% at the moment and it could go higher. jonathan: tom: i am -- tom: i am going to disagree, the next inflatio

. -- is brazil. we don't have anyone announcing anything today. we know that there's a pretty big delegation. we heard from the minister saying they will set of pledges. this is a pretty stark turnaround from brazil last couple of weeks. so what we're expecting is a more ambitious net zero target and pledging to end deforestation. this is a turnaround from an administration that has been denying a lot of the effects of climate change. tom: ok, so result. w -- brazil. we're going to get more from francine lacqua. stated from our coverage of cop 26. coming up, a huge week for central banks, decisions from the fed, boe, and rba. we'll dig into all of that next. this is bloomberg. ♪ ♪ tom: look back to the open. we are 15 minutes into the european trading day, and you're seeing some pretty strong reaction across the european stoxx 600, gains of .7% building on that record close that we saw on wall street on friday. in looking past, it seems for now, these inflation concerns and the central-bank action that is lined up for the rest of the weight. b

not for someone like brazil because even though brazil has tightened aggressively, you are still seeing negative real rates. that is a problem for brazil to that is even a problem for south korea, which is why we expect the bank of korea to keep on tightening. where you have a positive real rate environment is where you then have or currency support. if you have high commodity prices to hang onto that, then that is quite a strong story. the real rate story is important . for most of these emerging markets, tightening is going to continue because inflation is problematic for emerging markets. shery: it was great having your insight. his views on emerging markets. take a look at what toshiba is doing in japan because we are seeing at rise 2.2%. this after we confirmed we are considering splitting up the company or one picture -- as one strategic option chair this afternoons that the conglomerate was set to divide itself into three different companies. toshiba has faced a lot of turmoil in the past few years. let's discuss these latest developments with bloomberg's asia check -- asia tech

without brazil, because the amazon has been depleted, it is hard. we are expecting something, but maybe not the hail mary moment where everyone does their best. it seems it is going to be a lot slower than we were hoping. manus: brilliant analogy. who are the leaders who have the clout? who has the ability to move the dial there? francine: it is the leaders who are not here. india, china, and others, including the brazilian president. we are expecting a pledge from brazil because the president is sending quite a big delegation. we are expecting pledges to come through from brazil, maybe even being announced today. leaders including mario draghi and president biden will give a speech. they are likely to do some kind of press conference. i'm not sure the message will be that much different to what we heard yesterday. leaders did press conferences there, but there could be more warnings. we need to do this and i'm prepared to put this money. other leaders i'm watching, of course, these countries that don't emit much but who could be underwater in 40 ye

, which gives you that political uncertainty cushion that will probably pull some investors into brazil next year. lisa: have valuations in the fx channel already taken into account two or three rate hikes next year, as the market is pricing in? mark: i think that is a big driver. if you think about 2022, as an institution we are very dovish on the fed. we don't expect the fed to move until 2023. we are looking for firmer equity prices, and i guess a correlation offset the comes into this is really it could be firmer risk appetite. not at the levels we saw in 2021. when using about what is price 10, what we have our real rates that are still going to be really subdued, still potentially negative. the mark it has to reprice the 50 basis points of tightening priced in for next year, price that out. timidly, you are reversing some of the expeditions around u.s. growth. we are looking for u.s. growth next year to fall around 3%, which is way below market expectations. for me, i think we are in a world where we are trying to extrapolate the strength of the dollar and the hawkish fed into wha

and to get countries like brazil , and until now the mood music was brazil was more open. the government was climate skeptic, that may be changing. there is a lot more to be played for in the final hours, but we hear rumors this is not ending today and will probably be extended to saturday and could run into sunday. there is a lot of talking to do. dani: really fantastic reporting for the past two weeks, maria tadeo and glasgow. british jet engine maker rolls-royce has raised 450 million pounds along with the consortium on small modular nuclear reactors. half of that financing is coming from the u.k. government as it looks to cut carbon emissions. tom samson, ceo, smr rolls royce joins us now. great to have you in studio. with this funding and hand, what the plans look like to develop these reactors? tom s.: we have the funding to take the technology to the next level. we are entering the technology into the approval process with u.k. regulators. we have the funds to ramp up our capabilities to develop the design and take it forward for regulatory approval in the u.k. in a

bolsonaro brazil announcing that the country will target net zero by 2050, 10 years ahead of the original. but also he's taken a u-turn around deforestation. previously much more economic development in amazon which was problematic. it was really nice to see that. we also saw vietnam and thailand also announcing net zero targets which was nice to see as well. haidi: what was a disappointment, though? [laughter] >> the big three emitters, china, u.s. and india, they did not have a good day. the u.s. in particular is in serious trouble. president biden showed up at the summit without a new legislative success. and to even put -- salt on the wound. just as he was about to speak last night, senator manchin held a press conference which dampened further potential action around legislative process in the u.s., around getting the targets that he wanted to achieve by 2030. the other thing to be honest is that his own delivery of the speech at the summit wasn't great. he appeared to be jetlagged, which was unfortunate. for the other two, prime minister modi's net zero announcement by 27, this crea

brazil had been a sticking point in previous rounds. brazil is now saying they are willing to compromise. we have campaigners very clear that the rules must be rigorous. and if not, it's better to stick with the status quo then it is to have a sloppy deal that allows cheap offset. francine: emma, what else are we watching this week? emma: ok, so more rules? you heard of the ndc's national plan to reduce emissions. but one of the things we're going to be talking about this week is how you check up how you review and revise and making sure people are sticking to their pledges. there's also a proposal to making people redo those pledges because we went into the conference, these national plans for putting us on track for a warming of 2.7. that is not good enough. there's a push from most of the climate vulnerable countries. and also to come back sooner and have another goal at those -- go at those plans, language of 1.5 degrees ally. the paris agreement has both numbers. there's a push to tighten it towards 1.5, but there's going to be res

futures surged 18% after drought and frost in brazil hit output. high fertilizer cost and shipping disruptions are seeing impact as well. read more about those stories in our newsletter. protests across europe this week. governments returned to strict measures to reverse the latest wave of infections. that's get more from our editor. months after the opening experiment, we see a return to lockdown. talk about fact the mandate and the hospital's systems in dangerous risk of being overwhelmed in europe. >> what you are seeing basically is a phenomenon that frightens health experts. you are seeing a great number of infections in places that have very high vaccination rates. delta is efficient at finding pockets of the unvaccinated and infecting them with the proper measures are not taken. thus, we have lockdowns. there are measures that do not allow the unvaccinated to do things that the vaccinated can like go out and eat, go see a movie, go to a public event. in austria tomorrow, there will be a lockdown. it started out against restrictions against p

tom: brazil coming out minutes ago, 10% on their inflation as well. these are big numbers. jonathan: the incoming economic data, trying to understand it and apply it to monetary policy, and to push it through the bond market. really complex and quite difficult at times. friday was a great example of that post payrolls. lisa: basically, they are buying the line that the fed is saying, even if they stay transitory is becoming a dirty word. that is the message the bond market is saying. i wonder at what point the bond market starts to react to the data, particularly with employment coming in as hot as it is. jonathan: we've got to drop 50 word -- drop -- drop the t-word going into 2022. tom: it's v-shaped. jonathan: remember v-shaped? remember january v-shaped, that we would all get through this, that china would have a v-shaped recovery and it wouldn't really touch the rest of the world? here we are still talking about it. let's whip through the price action. just a little bit softer this morning. 1.4813% on tens. euro-dollar, $1.1549. lisa: perhaps the conversation isn't so

you look at brazil, you look at mexico, they have certainly had their share of weakness. tom: does mr. harden mentioned that this is a value trap to avoid? dave: that becomes the question keep. it was more of an observation then a reservation. at what point do you get any kind of reversion to the main? that is an open question as to the mean cash to the mean -- to the mean? that is an open question at this point. kailey: latin america obviously encompasses a number of different countries. where is its biggest point of weakness? dave: there is a lot of it to be found across the markets. you look at brazil and the challenges that country has had under its president jair bolsonaro. that is certainly one of the biggest markets in latin america in terms of stocks. that is an area of weakness. mexico, you could argue, has oil prices doing ok. nonetheless, having its challenges as well. the sb 500 is up more than 20%. kailey: latin america is tightening quickly, trying to combat inflation. is this gap going to only get more wide once the u.s. starts tightening as well? dave: tha

to have a strong market in brazil, we need to have market prices. of course, we've seen a lot of volatility recently, but the brazilian market is getting more and more competitive, and we think it is positive for the company and country. >> you've done a good job of trying to reduce debt levels, but i'm curious where the trade-off is. could you talk about further asset sales? you've done a good job of reducing debt and not having to do further asset sales. what is the right balance? >> portfolio management is a continuous part of the strategy. if you look at our peers, usually 16% to 20% of the business plan of other companies come from portfolio management. we think that is an important part. we've been working on more environmentally friendly assets, assets that have lower emissions of carbon dioxide. we are focused -- we have the largest carbon capture program offshore in the world. we have to have portfolio management getting out of offshore assets. artfully a management is a part of our strategy -- portfolio management is a part of our strategy

this is as wide-ranging as mexico, brazil, india, indonesia, france and so on. when you think about the way bumble has been impacted by covid, it reinforces the strength of our brand, our product and the customer base that relies on us for connection and relationships. i think it is really important to take a note -- take a moment to notice that that customer base is inherently different. it is a different market. it is a different offering. because of the countries that were so strong, they have inadvertently been impacted by covid in a more serious way. when you think about this, it actually continues to be a very highly engaged dating app. it is the second most downloaded app globally. it is seeing straightly stronger headwinds because of covid. as these markets reopen, what is fascinating is we remain a staple in people's dating lives. we remain to go to for creating relationships. people have no time to sit around and waste when they want to find someone special or find someone to share in special moments. they turned to us to take control over their dating

brazil produces around 40% of the global coffee supply. bloomberg terminal users can read more about these stories in our newsletter supply lines and that is on and i trade nl. rishaad: let's continue the conversation david: -- let's continue the conversation. u.s. labor secretary marty walsh is planning to discuss these supply chain issues at the nation's biggest ports. he spoke with david westin. >> we have all the knowledge inflation israel and we are moving toward working on that appeared when where we are doing on that in this bill is by increasing people's ability to get into better paying jobs. economists have said this will help us reduce inflation as we move forward. there is more will have to do as well. the supply chain is a big issue. we have to make sure on the west coast we use the supply chain. -- we ease the supply chain. turning the ports to 24/7. i'm going to los angeles in couple weeks to talk to some trucking companies and the ports about how we continue to stay on top of that. , 60% of our products are coming into the

already hiking, that is the inflation story worldwide and that is the story out of priscilla -- of brazil or maybe not your turkey. chris is joining us, we have a start, how did you react when you saw the six handle on the cpi in america? chris: unfortunately not with a lot of surprise, we are just getting through the earnings season and unquestionably the theme of all of these calls whether it is auto, food, or the walt disney company is inflation and supply chain issues, inflation being one manifestation. so, everything is transitory on a timeframe, it just does not look like we are changing anytime soon. freight will loosen up first, but semis will take a longer time and later -- labor we do not know. tom: how do you inflation proof a portfolio, a measured value? a certified start portfolio, how do you inflation proof it? chris: the reality is there is no way, and that is something that equity managers have had to think about for decades. withstanding that, there are ways to limit the impact of inflation looking for companies with pricing power and the nirvana is defined companies with

we acquired a company, the walmart of brazil at the beginning of the year. it is clear today we are announced big numbers because we think we can make a difference the relationship to customers, the relationship with data partners and the strong footprints we will take into retail media. this is very strong and the key tomorrow. guy: we are seeing fast delivery becoming an increasingly competitive landscape. others are getting into the space. what you make of the superfast livery? -- the superfast delivery? what you make of the competition right now? matthieu: we think it is a very important channel that will develop in the future. we took a minority stake, the right to consumers in less than 15 minutes. altogether we can offer to our customers in france and we think this channel is going to grow in the coming years. alix: talk to me about margins. business is hard enough as it is. going into e-commerce when you have to spend so much, it is quite difficult. put that in with supply chain issues, put that in with labor issues. can you give me an example of wha

anyone following the weather in brazil, not pretty. tom: i will make a visit to the grocery store. the bottom line is it is every single aisle. i don't think we can center on oil. it is everything. jonathan: looking forward to catching up with mohamed el-erian on the inflation story on why he thinks we could be making one of the worst inflation calls in decades. he is 20 minutes away. looking forward to it. from new york city, this is bloomberg. ♪ >> oil is heading for the longest run of weekly losses since march. president biden is keeping investors guessing as to whether he will intervene on prices. the price in the u.s. has hit a seven-year high leading to a number of moves including a release from the reserves. the electric vehicle company raised $12 million earlier this week and wants to open two new assembly factories that were already planned. arizona, michigan, and texas are being considered for the sites. plans for a new global carbon market have run into new obstacles. talks will continue today with less than 24 hours to go before the summit is set to wrap up. democrats

the fact that we have to d carbonized the global economy are actually australia, saudi arabia, and brazil. for obvious reasons, but i have a feeling that even they will have to given to what is by now a majority position on the responsibility that we all have to stand up to the science. alix: what role do using that coal, nuclear, and natural gas need to have? it feels like you can't win anyway you slice it, and that is why disagreement, it feels, and light of the energy crisis. how would you think about it? christiana: on coal, it is pretty clear. no more new coal. that is absolutely clear. you cannot even afford to take the coal plants that have been mothballed because they are such stranded assets back into operation. a very dangerous thing is that with these absently crazy gas prices we-now and electricity prices going through the roof because of gas prices, there is some temptation in some countries to take those coal plants out of mothball and have them fire up again. this could be a make it or break it winter for many countries, and in fact, even for progress on climate change, bec

brazil is another one. i think turkey has been a basket case for a long time and it is playing out in the markets now. tom: you presume that mr. erdogan, under crisis of finance , will he turn to america or europe? megan: that is the big question. probably the u.s. is more important. turkey makes no qualms about not having any interest in joining the eu now. there is a spat between turkey and the eu and the migrant crisis. the u.s. is what matters in terms abate financial flows and so i think erdogan will probably turn towards towards the u.s.. i think they will have to turn more towards the imf as well. lisa: turkey is a very specific story with a novel approach to economic theory with president erdogan. there -- the south african rand is also losing favor as it raises rates but not as much as people were hoping. why is it that there is this feeling any emerging-market they have to tighten rates but they do not want to tighten rates quite as much as a lot of the traders are expecting them and want them to.

caroline: you have a presence in the uk, brazil, france, china, south korea. i know as someone originally british, the very forward in terms experiences and online shopping, how do we compare? how does the u.s. compared to the likes of south korea, where you are really seeing significant growth? amber: creator is a worldwide trend. we just did a study where we found that even domestically in the u.s., two-thirds of people were inspired in their purchases by seeing creators talk about or feature those products online. we have seen that across asia, europe, across australia. really it comes down to the way we as a society are engaging with people today. we are spending hours and hours on the phone every day, on aggregated content channels. those channels are filled with content our clients create. what is interesting about this industry is you have actually chosen to follow the people in your feed. you might identify with them, for example, my followers might identify with me because of where i live, where the fact that i am a professional, or that i am a mother

brazil, i think they are going to move quickly, and then we should normalize by the middle of next year. i think they're going to be finished with their rate hikes, go to prepend him at levels before the fed gets going. we have to take that into consideration, so i think developed markets aren't really moving faster towards their normalization process, but as the emerging markets start to look a little bit more attractive at that point. lisa: however, there is the issue of the dollar. what happens if the federal reserve does hike twice or three times in the next 18 months? how much does that potentially crimp the bet you are making? seema: we are not expecting earning hikes until the end of next year because they will look at that inflation tension, but from there on, you have quite a shadow of trajectory. looking at the debt market, we don't see very significant moves, so i think there's upward movement on the dollar, but i think it is to appoint that it starts to strengthen emerging markets. i know investors will be really concerned about how emerging markets with that tapering, and a

that seems to be an issue that is affecting the likes of mexico, brazil, and argentina. tom: we don't want to be inflammatory here, but kailey leinz, capital flight actually has a little bit to do with this as well. that plays into it with these abrupt moves. kailey: it is a question of, can you actually be invested in turkey right now? because when you have erdogan, who has been a self-proclaimed enemy of high interest rates, at the helm, even if the central bank acts, you don't have the competence that the current governor is going to remain in his position, so it makes the invest in thesis very difficult. you can't necessarily have any confidence in the monetary policy response or the pricing of turkish assets. tom: equities a churn this morning. let me move the "surveillance" cursor here. the nasdaq moving 0.8%. in the yield space, we had an abrupt move earlier with the two-year bond, with some curve flattening as well. oil, $79.91 a barrel on crude. lisa: you always dismiss the auctions. the auctions this week have been very interesting. today's seven-year option --

about the united states, and think about china and india and think about indonesia and vietnam and brazil. and i think about the fact that when you look at these big economies and the role they're playing and less developed than we are in some ways in the united states, not all. china is coming along. the ability to solve these problems on a global basis is going to take a long time. banks and other financial players are playing a meaningful role. capital allocation is changing. one of the things that's having a big impact on markets is institutional allocators of capital are demanding different things. we have created a framework where we said that the other -- over the next decade we will commit $760 billion to advisory financing or investing capital. to support a more sustainable planet. and by the way, we define sustainability in a very broad sense. and we talk about climate and also talk about inclusive growth. and we have nine -- subthemes that are important to making the globe more sustainable. in the first year we did $156 billion. and trapped this stuff. and my guess is over time

outside of asia, mexico, brazil, for instance. india, hungary and poland. south africa may hike this week. there is still some opportunities to carry the high-yielding countries. we're bullish on the likes of the brl. even in asia, the rupia, we are still constructive. we don't think it has died away completely but it may look less attractive as yields continue to push higher in the u.s. yvonne: mitul, thank you. setting the pace of the recovery in china with plenty of big-name guests at the bloomberg new economy forum. the founding manager partner, gary reichel. haslinda: next, look at the top morning calls. analyst recommendations. msci pretty flat right now but an outperform are right now with news it will be reopening to more destinations. keep it with us. this is bloomberg. ♪ ♪ yvonne: you are watching bloomberg markets: asia. time for some morning calls with sophie kamaruddin. copper rising with the base metals. are they focused on the summit? sophie: take a look at the pathway for copper. price is a $9,700. we have seen the spread narrowing as we

in brazil, consumer prices rose faster than expected in mid-november. annual inflation rates more than 10.7% despite the central banks aggressive interest rate in raises. the world's biggest tightening cycle. global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. i am max ramsey. this is bloomberg. guy: thanks very much. remy cointreau ceo's eric vallat says inflation is a fact and he thinks it will remain for the coming year. the french distiller discussed inflation supply chains plus the company's very positive outlook and exclusive interview with bloomberg's tom mackenzie. eric: inflation is a fact. we see it happening on all dry goods, even neutral alcohol is plateauing today. it has been increasing a lot as well. it is not new. demand is potentially stronger than the offer. we have seen policy increases starting earlier than this. now we see it is a fact. i think it will last for the coming year for sure. i am not a macro economist so it is difficult to projec