bank. bank of america and the president of the european investment bank joined the bloomberg team today. -- join the bloomberg team today. let's stay with the energy theme. bp was one of the last majors for third-quarter earnings and results are due. analysts are expecting a moderate boost as well as additional buybacks. paul wallace has the narrative. we covered the numbers in terms of paying down debt and upping the dividend. >> it is the last of the big oil companies to report results. they are going to be good as we have seen from the likes of shell and chevron last week. we will see whether it beats the consensus for adjusted net incomes at $3 billion. if it does beat that, analysts are saying it will be on the back of higher refining and trading margins. that is where bp could surprise on the upside if trading results come in better than expected. you mentioned share buybacks. that's going to be the key. competitors have signaled they will do more share buybacks. pre-cash flow is expe

ending banking as we know it how by nationalizing retail banking has related to the end to private banking. your words, no one else's. this year. not five years ago, ten years ago, 20 years ago, this year you proposed to imagine what it would be like if instead of a public option for deposit banking, instead of just a public option for deposit banking this would be actually the whole transition. in other words, there would be no more private bank deposit accounts and all of the deposit accounts would be held directly at the fed. ii want to say that one more tie because this is what really among all the other comments is quite disturbing. this is not a position you took years ago. thiso. is something you spoke to this year, and i quote, imagine what it would be like instead of just a public option for deposit banking this would be the full transition. in other words, there would be no more private bank deposit accounts in all of the deposit accounts will be held directly at the fed. i don't have any questions for you because there's nothing you can say today to undo what you said for years

all banks playing it, small banks, digital banks, it's a very competitive market. what we have also seen is in our business market, very strong growth. we have the biggest business bank in australia. we grow the market share in the last six months. we expect to see good growth in the market without the contraction and net interest that we are seeing in the housing market. rishaad: when do you see the first big interest rate hikes coming in, and what levels are you looking at, and how will that affect the way you make money as well? because this will be good for business if we have a steepening ailed curve. ross: sometimes we see interest rates go up. the reserve bank here has been quite animate, we are unlikely to see their rates going up to the end of 2023, 2024. very interested in it. unemployment down and wage growth showing through strongly before they move interest rates. we are starting to see wage growth emerging in the marketplace, like every other country, we've had supply chain issues and shortages, but we are just starting to see wage growth coming throu

here you have a central bank that is providing licenses to some crypto companies, but banks are unwilling to service these crypto companies. why do you think that is? what would it take for us to legitimize crypto assets before they jump onto the bandwagon? ravi: we try to bring the parties together and explain to them, look, you've got to behave more like a normal customer of the bank. the bank does have requirements that upon's to know, and you need to be able to provide. if they can provide that information and be transparent, you should treat them like other customers. we are brokering some of these conversations but really a willing buyer-willing seller type situation. it is too early to say those situations have improved, so i agree, i find it hard to have a banking relationship but that's see how it goes. >> what is your comfort level when it comes to acknowledging bitcoin as legal tender? what would it take? ravi: that is a different proposition. we have been supportive and promotional of crypto -- security. to facilitate meaningful economic transactions. they have their benefits

when it again to the senate again to the central bank until bank until bank. it's kept interest rates artificially low, and therefore the price, therefore, the price of manipulating markets by borrowing money, the bars near 0. so hosta fraud, fraud at a thorough, thorough a hero and a mirror hero hero ino era. you know, era, you know, era, the price of commodities are going up and if the price of gas being maninder maninder manipulated higher, it hot, hot. can i at the center of the central hospital, can the still central bank justified both that both runaway inflation and no response else in terms of raising enter, raising interest rates? right. right. is intimate sammy i like, right? right, right. never put together right there. right, right, and like last year it's year it's year to me and math fraud time from these, these commodities, commodities come out, miss it, or exposing some serious central bank weaknesses, bank weaknesses. i thought, you know, the response has to be to insure ensure that these markets are rapidly regulated. they're not than the nat

private banks. and we need to do everything in our power to make sure that system stays strong, competitive and is subject to the rules of the free and fair market. this is not just an issue of economic progress. it is an issue of national security these days. >> do you believe that the community banks are smaller independent banks all over this country contribute greatly to our economic well-being and job creation process? >> senator, i absolutely believe in that and i agree with that. i will never forget -- if i may, when i came to america in 1991,ly never forget the first time i opened a checking account at the university wisconsin credit union and holding the checkbook in my hand was the symbol of economic autonomy and freedom. i can would not want people of america to lose that. >> some of your testimony here today is in contrast to a lot of your published writings, and that's troubling to me. i am troubled by your nomination. i know you have got a great story personally. and you are academical

in wealth management for ubs and investment banking for deutsche bank. both executives hired for the banks have digital experience and that is something both banks have been highlighting for a long time. all banks are investing a lot of technology in digital. those should be traits that help the banks. ubs has a new ceo. he needs a sparring partner. deutsche bank has had a ceo for a bit longer. we will see how they interact. tom: stephen, thank you in terms of the latest on the changes for the chairman at ubs and deutsche bank. and the importance of digitization. let's get a bloomberg business flash. laura: ericsson has agreed to purchase a bondage holdings for $6.2 billion as it strives to build its cloud communications business. ericksons earnings have been hampered from a global supplier -- supply chain squeeze. kkr has offered to purchase telecom italia. cash offer is a 40% premium to friday's close but we are told that vivendi is likely to oppose the offer which it views as undervalued. the shares of the company have lost half their value in five ye

rates, a lot of banks have prime-based loans and earnings will benefit dramatically from that banks are flush with deposits, too much in the way of securities, too much in the way of cash on their balance sheets and they want to put it to work at higher yield so i think we'll see the long end back up again today's the tantrum, friday was a tantrum and you think about the fact that the economy is really going to do very well and corporate loan demand will be there so rising rates the stronger loan growth means earnings investments are too low. >> the past couple of months banks with a lot of other value sectors do quite well and we erased a lot of the gains we've had over the last couple of months i wonder if you think we can resume those highs that we've seen and also we sort of get a do over at this point. which names do you think you could buy at this point they maybe missed out on over the past couple months >> sure. i think there's a number of names that are really interesting to me, names like cadence bank a couple companies got together and a merger created a $44 billion bank, a l

yes, so we differentiate banks and investors bank wise in total we counted $314000000000.00 and financial support from around $100.00 banks to our tick companies, developing new projects. currently among them, the top bank is j. p. morgan chase with a broad, with the 8 more than $18000000000.00 spent on these companies in the past 4 years. and say, p, morgan chase typically for example, has been supporting gas prom, which is a major player in the attic as a producer. and as a developer, there is no j. p. morgan does not know that. so when they support gas problem with, you know, learn for example, they are supporting their role plans in the arctic despite the fact that j. p. morgan chase now has an arctic policy. one among the other big bank is we have barclays with $13000000000.00 citigroup with around $12000000000.00 and been that he bought the french bank with around $11000000.00. that $1000000000.00. sorry. and then investor wise, the leading the ones leading the pack, the rock as per usual, black rock is always, heavily invested in the oil and gas industry. we also have been gods and

plus, it is banking bonanza. easy day for europe's banks results in credit suisse, socgen, and putting more. do not miss that conversation with the ceo's of these various banks. speaking of those banking results, they are coming in fast and thick this morning. the headlines crossing the terminal. beating estimates for the third quarter. those results specifically, net income of 1.3 7 billion euros. the estimates have been for $1.9 billion. the fees and focus for ing. it is beating estimates despite the fact that we have seen rates very low. this is a hurdle a lot of banks have had to surpass. also getting lines coming in from commerce bank as well. this is a beach on the third quarter revenue coming in at 2 billion euros, just over 2 billion euros. the estimate had been for 1.9 9 billion euros. also seeing a hefty beat when it comes to operating profit as well as their net income. that was a pretty substantial beat. net income coming at 403 billion euros. it had been 276. also saying their ratio just slightly ahe

central bank and central-bank currencies fit for the century we are in, which is why we are looking at cbdc, central-bank digital currencies. instead of having banks put cash in our pockets, we can have exactly the same thing but in a digital form. all of us are working on this, and we are looking to push the cbdc issue on our agenda. david: if the ecb were to have a digital currency, would that be to the exclusion of paper currencies, or would it be side-by-side? ms. lagarde: side-by-side, because we want customers to have their preference. if they still want to hold banknotes in cash, fine, and it should continue to be available. david: at this point in your life, do you feel discrimination to you in your professional life as a woman? ms. lagarde: it is difficult to discriminate against me, but i am aware of discriminations against many women in all parts of the world. Â david: in recent years, the central bank has been worried about something called climate change. you are making comments about it. why should central makers be worried about climate change? is that within your pu

so central banks accordingly middle. if you raise interest rates a little bit yes, you can start to ring inflation down. they want to push them a little higher but unfortunately it is that balanced act between which way do you go? break the debt payments to ray — mcgee's energy prices or do you go the other way? energy prices or do you go the otherway? it energy prices or do you go the other way? it is a balancing act at the moment. this week we have the bank of england who are looking to potentially raise rates on thursday and we have the federal reserve who are going to start to reduce the amount of constant —— quantitative easing they are putting into the economy and as you say the rba in australia have announced that they are keeping rates on hold and last week the bank of canada stopped their asset purchases. it is a real transition period at the moment and difficult balancing raising interest rates with high inflation.— raising interest rates with high inflation. great to talk to ou. high inflation. great t

debt bank is a bank that has significant advantages. the bank has a 165 year history. it's a fantastic brand. we have the dna of an entrepreneurial bank. it's a big advantage. that means the bank is really good at serving clients holistically either entrepreneurs or families. we have fantastic teams presenting great businesses that are growing worldwide. we are in geographic areas. the combination of all of that, we're going to have a bank that is going to expend further wealth management and a significant investment into wealth management which is a higher return business with much lower risk. we're going to speed up and up the areas of the investment bank that also serve clients holistically or have significant competitive advantages. thirdly, we're going to keep and develop asset management which also has important synergies and competitive advantages. it's really important, all of this will be a bank which will have a much lower risk profile. that is the real important thing. a bank that has risk management at its heart and it will deliver for both clients, employe

b, the federal reserve bank, the bank of england and the bank of japan are also actually one big bank. and they are printing money by the truckload by the trillions. and the catastrophic impacts are impacting countries in different ways. and the policy makers, those countries are reacting in different ways in turkey, the leadership at the side is actually lower interest rates, which was exacerbates the toll taken by all the money printing seemingly almost it's such a stupid thing to do it's. it's almost as if the leadership is trying to wipe out their population, which i haven't had made that their stated case. but this is one of the stupidest things i've ever seen. so they are certainly wiping out the savings and that supposed to be good, apparently for the bottom 99 percent because debt gets wiped away. so they're saying just go into debt. you don't need savings here in el salvador, where we have been, it's all been all about the opposite. what you see here has been genuinely relentless optimism. you see it all along the streets as you're driving around up the coast, across the moun

bank, and enormous impact on the way the -- bank, she has had an enormous impact on the way the european and global economy moves forward. i had a conversation with her about how europe is recovering from the global pandemic and the slowdown in the economy. as we now look at the post-covid environment, what would you say is a situation in europe? is europe recovering more rapidly are not as rapidly as you thought from the covid pandemic? ms. lagarde: actually, david, europe is recovering more rapidly than we had anticipated, and we have, as a result, significantly upgraded our projections. our projection for this year is plus 5%. that is a significant upgrade. plus 4.6% next year. and the back to sort of a pre-covid type of frequency. this is certainly going faster than we have thought, to the point where we will have recovered to pre-covid-19 levels before the end of the year 2021. we had anticipated it would be early 2022 at best. it is now going to be 2021. david: are you worried about the delta variant impacting what you just said or the so-called mu variant, something on the horizon

to say about multilateral banks this week. i things to say about multilateral banks this week.— banks this week. i speak fluent diplomacy. _ banks this week. i speak fluent diplomacy. and _ banks this week. i speak fluent diplomacy, and that _ banks this week. i speak fluent diplomacy, and that was - banks this week. i speak fluentj diplomacy, and that was weave banks this week. i speak fluent l diplomacy, and that was weave a banks this week. i speak fluent - diplomacy, and that was weave a big problem in diplomacy. so the world bank is really not pulling its weight is the sad realityjust based on the tone for other development banks. the european development bank, the european investment bank is best in class or amongst the best in class in terms of making sure their portfolio does not go into harmful things. and that is the most basic step, stopped funding the bad stuff and then... bath basic step, stopped funding the bad stuff and then. . ._ stuff and then... both multilateral banks, the — stuff and then... both multilateral banks, the imf — stuff and then... both multilateral

she spent nine years at the bank of england. did the bank of england make a mistake today? >> i don't think it was a mistake. it was clearly a decision that was on a knife edge. i think what the bank of england had been doing is trying to balance, on the one hand, huge inflationary pressures and supply chains at the moment. if you talk to businesses, there are supply shortages across different sectors, particularly in vital components like semiconductors, and we are also seeing rising energy prices. but on the other hand, we have seen some softening in demand recently. consumer confidence has come back a bit. the pandemic is still very much with us, even if we hope to move beyond it, and we are learning to live with the virus. we saw the bank put out somewhat softer growth expectations. so i think what we do know is that interest rates will go up at some point over the course of this year, but i think what the bank of england decided is that it was better to wait until they had a bit more information about what is happening in particular around the labor market, with the en

the banks in 2008. they need another bail on 2021. it's about a $100000000.00 on 50 trillion dollars. they needed bail out money. they need all the central banks to print all those money. they need to increase in inflation rapidly, but they can't call it that because people are now starving to death. so they're going to call climate change and we're worried about climate change, but that's nothing to do with it. it's about just another bail out for banks again . exactly. and shifting that overton window, the guy this a c i o of a hedge fund goes on to say, that's how the overton window works because 100 trillion plus somehow feels quite a bit less than a 150 trillion. and once you say a $150.00 trillion dollars a few times and honestly doesn't seem so big after all, when you think about it, the cost is spread over about $3.00 decades, which leaves it just 5 trillion per year. and that number used to feel utterly out of reach until 2009 when the global financial crisis sparked the 1st 3 trillion dollar u

we will hear from the bank of england today. a tale of two banks. credit suisse expects a loss next quarter to capital has been a year to forget. socgen in france tops estimates as equities trading rebounds.

the bank thought -- banks thought it was important to change the leadership at the top. shery: would we know about the two men? nabil: deutsche bank is hiring a tech savvy executive from the insurance world. he ran a gone for 20 years before leaving in 2020. this is an insurer that gets the majority of profit from the u.s.. so, a lot of experience in the u.s.. he worked at av on banking and private banking. in 2019, he joined the board of citigroup. so, he got of a lot of experience in the u.s.. on the other hand, colm kelleher at ubs is 64 years old. he spent three decades at morgan stanley where he served as cfo and ran the trading business before he became president. he grew up in ireland, county cork and an oxford university graduate. they have both had very extensive experience in the u.s.. shery: do we know when they will get started? nabila: it is not expected to take place until the annual shareholder meetings. for both of those banks, those will be in the spring. both banks have their candidates in place what ahead of time. so they are well prepared for how they

for the central bank, it is intriguing. we don't know how to deal with inflation, but we know how to deal with inflation. they are ready to pull the trigger. guy: let's talk about a couple of banks that are really in the cross of europe today. one is barclays. someone is stepping down. the other is credit suisse. we have a big strategy announcement coming up this week. could be a pivotal moment. do you think there is any impact, significant impact for investors at barclays from the person stepping down? >> i don't think so. the president of the bank is the new ceo. he has been there for four years. working on the bank from the inside out. also, i think you will see that barclays is working on the transatlantic. they have been working on the capitalization. 2021 could be the first year they meet the equity target. it may be a slight adjustment as opposed to a revamp. guy: we will come back and talk about the credit suisse update later. thank you very much for your time. as i say, we need to move on. coming up, the capital ma

market side, is almost a central-bank mistake. sure and is rising, which means we'll get a lot -- short and is rising, which means we'll get a lot of rate hikes. if not the best scenario. i do think again, the shore and is going to move up as much as people think -- short end is going to move up as much as people think. we should have some positive news on both of those sites. . the other thing to keep in mind, we've seen a bit of an under shoot during the summer, a bit of a reaction again, maybe 170 a bit high due to challenges ahead. and we seem to be coming back to arrange that i think makes a lot more sense for the current environment. tom: ok, we appreciate your time this morning, cio at flow bank. let's cross over to glasgow, live pictures of the u.k. prime minister boris johnson there, standing of course on the stage. and he's going to be awaiting those leaders. about 100 leaders are going to be waiting for cop 26, signed after hours of difficult of negotiation in rome. but his communique has left many disappointed. as fran

singapore's central bank says it will consider supervisory action. the biggest lender apologized to customers after server problems prevented many from logging in on tuesday and wednesday. paul: jamie dimon says he regrets saying his bank is likely to outlast china's communist party. in a statement, he says he was trying to emphasize the strength of longevity of the company. the latest ring of provocative remarks he has been forced to walk back. let's bring in our finance reporter. what was the risk for jamie dimon? reporter: the relative swiftness of the apology from jamie dimon really shows how much is at stake for the bank. j.p. morgan has a $20 billion exposure in the country, and you remember earlier, they are actually trying to go deeper into china. from that perspective, it was certainly ill time to read jamie dimon does not want to jeopardize any future growth ambitions in asia, particularly in china which has lots of. he has made rash comments in the past, perhaps given the bank's recent record of profit and share price, hitting highs, it fe

we know that in the case of a lie bore bank of england was implicated by central bank. we're going back even further. we know what the company enron did. before i went bus, they were manipulating prices and market manipulation is a huge problem. and it seems to go back to the fact again to the central bank that kept the interest rates artificially low. and therefore, the price of manipulating markets by borrowing money is near 0. so the cost of fraud is 0. and you know, if the price of commodities are going up and if the price of gas is being manipulated higher, can't the central, oh, how can the central bank justify both runaway inflation and no response in terms of raising interest rates? is seen him saying like right, things never go together and last year committing a mass of fraud, tyson? yeah. these, these commodity price movements are exposing some serious central bank weaknesses. and i think, ah, one of the responses has to be to ensure that, that these markets are either the regulated, they're not the negative price disaster that we saw in crude oil last year w

the central bank started printing money at will added or removed zeros, former central bank, governor gideon. go know who was the chief, the country's chief economist called it the casino economy. we quickly became a country millionaires, billionaires and millionaires in the and quadrillion areas in no time. i think you meant, right? so here in the himself called that the casino economy, the guy printing the free money. yeah, absolutely. um, but the purchasing power of that free money goes to 0 and, and, and as a cognitive dissonance, you're like, i'm a cool drilling error, but a cup of coffee cost mine fairly a gazillion $1000000000.00. right, so garbage in, garbage, i remember that from 20 years ago, that was a popular idiom. hey, we're going to take a break and when we come back, much more coming your way. ah, ah, it's been 30 years since the soviet union collapsed. long miss gotta go to chill them on to what the problem yet nuclear you talk so, so shown where you swore trust someone call it ukraine was one of the independent states that emerge from the ruins of a super awesome wou

there is a lot of business risk at stake for the bank. in terms of impact, we're not seeing any official comments or anything in social media or from local media. they have reported on some of his other comments from the same panel. it is a very sensitive topic to bring up in china. tom: absolutely. we know what happened to paul donovan at u.b.s. over congressmens around hawk inflation a couple years back. oil is holding onto gains after a coordinatedded global release of strategic crude reserves failed to meet expectations. dan, why did the release underwhelm so much? >> really it was built into the prices. exceeded before the release. when it was announced it was very underwhelming. for one thing, all the other countries involved, japan, korea, china, the u.k., have given small, almost nominal amounts for show. the u.s., 50 million barrels sounds like a lot except 32 million will have to be returned eventually and 18 million more will be spetd up. after all of this talk, traders looked at it and went eh. saudi arabia may be getting upse

that will make the central bank and central bank currencies fit for the century we are in, which is why we are looking at cbdc, central bank digital currencies. so instead of having banknotes and cash in our pockets, we can have exactly the same thing but in a digital form. all of us are working on this, and we are looking to push the cbdc issue on our agenda. i believe we have to stand ready for that. david: if the ecb were to have a digital currency, would that be to the exclusion of paper currencies, or would it be side-by-side? ms. lagarde: side-by-side, because we want customers to have their preference. if they still want to hold those banknotes in cash, fine, and it should continue to be global and around. david: at this point in your life, do you feel discrimination against you in your professional life as a woman? ms. lagarde: it is difficult to hold open discrimination against me, let's face it. but i am aware of discriminations against many women in all parts of the world. ♪ david: in recent years, the central bank has been worried about something called climate change.

yeah, but it's a world bank project. you know, the global south considers the world bank to be a catastrophe when it's come to environmental degradation all around the world with its projects. we don't see an ideological difference between, i mean, just palm oil in the all right, one or destroy it, but it says ideological. i mean i, i think if you want to talk about historical legacy, i don't think any institution, any country that has been around for decades comes out of this well, initiatives your favoring no ones that are great for entrepreneurs. great for making money. the chinese communist party and we've had chinese experts on i have a much bigger scale attempt, arguably to combat climate change. and it's centrally planned and then goes out to the provinces of china and seems more ambitious, don't you think than these ones in the countries that don't travel join, i have to say all the saviors of the, of the global climate. i don't think i could the chinese chinese communist party at the top of my list. the fact of

yeah, but it's a world bank project. you know, the global south considers the world bank to be a catastrophe when it's come to environmental degradation all around the world with its projects. we don't see an ideological lifetime is between. i mean just palm oil in the all right. like one the destroyer. but he says, ideological, i mean i, i think if you want to talk about historical legacy, i don't think any institution, any country that has been around for decades comes out of this well, initiatives your favoring are ones that are great for entrepreneurs. great for making money, the chinese communist party and we've had chinese experts on i have a much bigger scale attempt, arguably to combat climate change. and it's centrally planned and then goes out to the provinces of china and seems more ambitious, don't you think than these ones in countries that don't tre, which i now i have to save all the saviors of the, of the global climate. i don't think i put the chinese count chinese communist party at the top of my list.

off the bank hold the loan or sallie mae would make loans to bank. sallie mae had all of the powers of the treasury department but it was a for-profit corporation and this was the mother of moral hazards. everything congress has ever done, this is one of the ten most weirdest things congress ever done. guess who owned sallie mae -- banks and schools.. it's like the fox living with the hand house. the institutions that needed to make money and wanted to make money have access to all of this treasury department money, no risk whatsoever through this odd seat called sallie mae so i'll stop there. it is a long story and i'm curious if you want to know more about them. >> talking about independent and federal government wants to send more kids to college and don't want to pay for it and doesn't want to be seen paying parts ofi a create this shell game so they put in money but it's not on their book. sallie mae is created and basically prophets are guaranteed and losses are and they have every power the federal government has,ve feder, money and rates. now

the central bank and central bank currencies fit for the century we are in, which is why we are looking at central bank digital currencies so that instead of having banknotes and cash in our wallets, we can have exactly the same thing but in a digital form. i was keen to push the cbdc on our agenda. i believe that we have to stand ready for that. david: if the ecb were to have a digital currency, would that be to the exclusion of paper currencies? or would it be side-by-side? christine: side-by-side. we want customers to have their preference. it should continue to be available and around. david: at this point in your life, do you feel discrimination against you in your life as a professional? christine: it is difficult to hold open discrimination against me, let's face it. i am aware of discrimination against many young women in all parts of the world. ♪ david: in recent years central banks have been worried about something called climate change. why should central bankers be worried about climate change? is that something in your purview? christine: to me it is a no-brainer consider

that will make the central bank and central bank currencies fit for the century we are in, which is why we are looking at cbdc, central bank digital currencies. so that instead of having banknotes and cash in our pockets or in our wallets, we can have exactly the same thing but in a digital form. , all of us are working on this, and certainly, i was keen to push the cbdc issue a no agenda, because i believe that we have to stand ready for that. david: if the ecb were to have a digital currency, would that be to the exclusion of paper currencies, or would it be side-by-side? ms. lagarde: side-by-side, because we want customers to have their preference. if they still want to hold those banknotes in cash, fine, and it should continue to be global and -- available and around. david: at this point in your life, do you feel discrimination against you in your professional life as a woman? ms. lagarde: it is difficult to hold open discrimination against me, let's face it. but i am very, very much aware of discriminations against many women, many young women, many women in all parts of the w

deforestation and methane as banks are asked to do more. rishaad: david will have more in this but looking at markets overall, this -- the stability as it were. index up just about 0.1%. let's have a look at what else is going because we do have of course -- very much in view at the moment ahead of the fed meeting and the expectations of the announcementof a bond purchase taper. yvonne: that's the big mystery. circling whether it is 2023. you take a look at the rba. basically these front rates has gone bananas. and everything from the boe. we take a look at what it comes to the australia, to the u.s., europe traders are trying to price out the possibility of some of these rate hikes. but it been kind of marginal. david: it does go to show, it is like the dynamic in ordering, you almost overestimate we can really have. end of the day, you're the one left h olding the half eaten -- getting to the point of yvonne. before the weekend we are looking at maybe june. around the june meeting. compared to friday into this morning, that is down at 60%

can you talk about the role of the banks, for example, standard chartered bank funding fossil fuel companies in the philippines and beyond as you always have this global focus? >> i definitely think all countries at this phasshould be phasing out fossil fuel industry company that doesn't just stop at coal but also oil and gas which the u.s. conveniently took out of the text. calling it phase down instead of phaseout. it gets rid of the account ability when we are phasing out the fossil fuel industry, that reparatis from the north countries who are responsible so that countries in the global south are able to adapt witut having the burden going into debt, and banks like charter bank, which are the greatest funder of fossil fuels in the philippines and indonesia and these banks should be the ones who are instead of files funding the fossil fuel industry but supporting the transitioin our cotry, not just for renewable energy but adaptation and help minimize loss and damages to their markets also. amy: i want to go back to the cop26 president who blamed india and china for watering down the text

bond market paying so much attention to the bank of england? the bank of england seems to be all over the place at the moment . we heard from the governor today saying that he did not bottle it yesterday. we heard from the deputy governor talking about that we are going to have to see rate hikes in fairly short order. the message is confusing. why are we getting such a big reaction in the u.s. market from what is happening over here? michael: i think it is a combination of things, and not just the decision from the boe, but the timing this week. we have seen the major central banks who have reported this week suggest that they do believe inflation is going to come back down. you had the british bond market repricing to the idea of a rate increase, and they had to take that out. the u.s. had done much the same. you are basically seeing people saying, well, central banks are not moving as quickly as we thought so maybe we've overdone it. taylor: thank you. supersmart, mike mckee taking us global. speaking of going global, the world health organiz

we know that in the case of a lie bore bank of england was implicated by central bank. we're going back even further. we know what the company enron did before i went bust, they were manipulating prices and market manipulations. a huge problem. and it seems to go back to the fact again to the central bank that's kept interest price artificially low. and therefore, the price of manipulating markets by borrowing money is near 0. so the cost of fraud is 0. and you know, if the price of commodities are going up and if the price of gas is being manipulated higher, can't the central, oh, how can the central bank justify both runaway inflation and no response in terms of raising interest rates? it's an i'm saying like rightly things never go together and last year committing a mass of fraud, tyson? yeah. these, these commodity price movements are exposing some serious central bank weaknesses. and i think, ah, one of the responses has to be to ensure that, that these markets are either regulated, they're not the negative price disaster that we saw in crude oil last year was cra

yes, so we differentiate banks and investors bank wise in total, we counted $314000000000.00 and financial support from around $100.00 banks to our tech companies developing new project. currently among them, the top bank is j. p. morgan chase with a broad, with a more than $18000000000.00 spent on these companies in the past 4 years. and k p. morgan chase typically, for example, has been supporting gas prom, which is a major player in the attic as a producer. and as a developer, there is no way j. p. morgan does not know that. so when they support gas problem with, you know, learn for example, they are supporting their edible plants in the arctic despite the fact that j. p. morgan chase now has an arctic policy. one among the other big bank is we have barclays with $13000000000.00 citigroup with around $12000000000.00. and then he bought the french bank with around $11000000.00. that $1000000000.00. sorry. and then investor wise, the leading the ones leading the pack back rock as per usual, black rock is always, heavily invested in the oil and gas industry. we also have been gods and the

bank of england decision around the corner. a former bank of england policy maker just around the corner, too. this is bloomberg. ♪ >> there is some stress. there is that healthy skepticism about history labels or sustainable labels. that is one of the reasons we are having this relentless focus on zero. in the end, we cannot stabilize the climate unless we get to net zero. emissions are either going up or down. if they are going down, are they anchored in the science? francine: should it be compulsory? should we not have regulators saying, this is the new definition? >> great question. six years ago, you and i were in paris. we talked about this. now it is moving to become mandatory. jonathan: all-time highs on the equity market. record high after record high. from new york city, good morning . a five date winning streak on the s&p 500. up 0.1%. up 0.4%. futures just keep pushing higher. the longest winning streak on the nasdaq of that year so far. jonathan: let us get to the bond market. 26 basis points, down about three ba

the end of the talks for metro bank. jp morgan said the restructuring, recapitalization of the plan would be significant. we will see what happens with this bank. pressure on those shares, very significant selloff. let's get to the inflation conversation in more detail. joining us on set i'm very pleased to say is the ceo at captain asset management. do you think markets are underestimating the pace, the aggressiveness with which the fed will be compelled to raise rates once taper comes to an end the middle of next year? >> a first rate is expected in july and then another rate hike in december. that has actually already increased the sentiment around rate hikes. it is hard to see rate hikes aggressively taking place sooner than is priced in with where gdp is. the issue you've got is the back window around supply constraints, what issues will be for tapering, if inflation will actually moderate. there's just too many moving parts. tom: we heard from goldman sachs' ceo that greed is now outpacing fear in the markets. is t

the banks in 2008. they need another bail on 2021. it's about a $100000000.00 on for the trying dollars. they need and bailout money. they need all the central banks to print all this money. they need to increase their place and rapidly, but they can't call it that because people are now starving to death. so they're going to call climate change and we're worried about climate change, but that's nothing to do with it. it's just another bal, after banks, again. exactly. and shifting that overton window, the guy this a c i o of a hedge fund goes on to say, that's how the overton window works because 100 trillion plus somehow feels quite a bit less than 150 trolley. and when you say $150.00 trillion dollars a few times and honestly doesn't seem so big after all, when you think about it, the cost is spread over about $3.00 decades, which leaves that just 5 trillion per year. and that number used to feel utterly out of reach until 2009 when the global financial crisis sparked the 1st 3 trillion dollar u. s.

dani: federal reserve bank of st. louis president james bullard on the prospect of reduced monetary stimulus. also going to bring you some lines crossing the terminal on a report from ali wren who says he sees euro area inflation easing next year. also saying that inflation not yet showing in euro area wages and yes, there is accelerating inflation on energy and the supply crunch. but again, he sees that easing into next year. so that's an inflation story. let's go ahead and bring in bill street, chief investment officer at quintet private bank. bill, thanks so much for joke thus morning. off the back of another strong u.s. data report. this time it was retail sales. if the data keeps rolling in to this degree showing growth, showing a hot inflationary measure, how does the fed and does the fed change track in key one -- q-1 of next year? bill: yeah, hi, dani. hi, manus. so we think that we're more on the dovish side of the equation here. that you look at -- more hawkish, bullard, they're looking at approximately -- b

is the bank having a communication crisis? >> the bank surprised markets by keeping rates on hold. that triggers the accusation the and your bailey, the governor -- andrew bailey, the governor, is the new, unreliable boyfriend. that was the name given to his predecessor, mark carney, for failing to deliver on forward guidance. part of the reason that markets were ramping up expectations so aggressively was because of hawkish hands dropped by -- hints dropped by the governor himself. he insists that he never said the bank would act in november, only that it must act if inflation expectations got out of control. but whether or not he accepts the label of the unreliable boyfriend, some element of tightening has already happened because markets priced it in. dani: the unreliable boyfriend is back. what was the reason we got from the boe in terms of why they did not hike? >> the monetary policy committee said there's not much you can do about supply disruptions. it cannot manufacture semi conductor chips. it wants to wait for clear data on the labor market, just like the fed really. and

a surprise bank of england decision tops central-bank news and now the focus turns to the u.s. jobs reports. today's data could reignite or dampen inflation concerns. after months of tension, the

aero bank offers conditional upon a 70% acceptance rate. we will get more details on this throughout the next few minutes and this hour. opec-plus is considering adjusting output plans if the u.s. and other nations proceed to tap their oil reserves. we will discuss that next. this is bloomberg. ♪ tom: good tuesday morning. this is "bloomberg daybreak: europe." i am tom mackenzie in london. lines crossing from the german health minister updating us on the situation in terms of the evolving covid-19 infection rate . hospitalizations in germany. german health minister saying that some german regions are in a very, very dramatic situation. health minister effectively said that you are either going to get vaccinated, get infected, or end up dead as a result of the covid-19 virus that is spreading very violently across parts of germany. this is the german health minister saying some regions are in a very, very dramatic situation. everything that is playing out in terms of covid and the lockdown has an impact on the oil space and within the oil

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keith banks leaves bank of america to go work with maria bartiromo that costed than to replace me as opposed to some a new coming into the force to do that is kind of that rotational movement too. we ultimately need to see new people come back into the workforce, get that labor force participation rate up. otherwise you will continue to see what we are seeing now which is the manifestation of that and average hourly earnings which are running year old for year old to the high number. >> it is interesting to look at where we are in terms of spending. going into the holidays the savings rate back under pre-pandemic levels indicating people are spending their savings. what is your take on the inflation threat? >> living more in the camp of greater persistence of the inflation numbers that i think even the fed has been saying and consensus is thinking. look, the economy is going to re- accelerate here. we went down to 2% real growth in the third quarter from 6.7% in the second quarter, maria at we think the fourth quarter this year goes back up to 6%. we probably see a similar number in

managing to rising food costs. >> says the food bank met the challenges but not without hardship. this is going to be a much longer steeper climb a lot of people. and we just need to make sure the community continues to support us so we can. >> support combat says by the end of the year. the nonprofit organization, we have distributed enough food for 48 million meals. >> that's a drastic jumped from the 28 million meals average for a year before the pandemic all kron 4 news. >> state lawmakers held a hearing on the congestion at california's 2 biggest ports and the impact on the supply chain problems and they're all backed up. kron four's capitol bureau reporter ashley zavala explains some of the short term and long-term solutions that state leaders are considering. >> it's become clear that this is a multifaceted problem. there's not one switch. you can flip. >> the supply chain crisis and congestion at the 2 largest ports in the country. the ports of long beach and los angeles at the center of wednesday state legislative hearing those 2 california ports are responsible for 40% o