asia, emea, credit suisse joins them on the sidelines of the bank of china conference. thanks as always for coming in the show. good morning. an hour back, we were calling john woods very eloquently told us to avoid chinese equities for now. the counterargument is that some of the, if not the largest come a big part of this market is very cheap. that's really what the bulls have latched on to. flesh out that idea for us. >> we're at the -- china investment conference, and rather than a broadbrush approach where we can say the market is too early to invest what is important is that the differences in the detail is a series of factors that are definitely investment -- the market has been driven by regulation and the further away from china you get the less understanding there is around that regulation, around, prosperity and what it actually means for the long-term growth of the country. therefore, the opportunities that represents from a sector perspective. rishaad: how does the, the earnings season inform your ma cro outlook? we take the u.s. side of things -- we've got

let's get sharon bell's take, goldman sachs cohead of global emea research. what is your base case? sharon: i think it is a combination of things. we have seen a lack of cycles for european earnings. everyone was worried about higher input costs, but what has been more important is the growth improvement we have seen. slightly higher interest rates globally will help the bank as well in europe to put up earnings. the other is it is better value than the u.s.. guy: there are some headwinds starting to grow. we are starting to see lockdowns and restrictions across many parts of the continent. we will hear from ireland tomorrow on work from home. austria today. we've got china slowing down. we've got an energy crisis. i appreciate we don't have a labor and inflation crisis at this point in time, but to what extent is that going to slow this economic recovery down? sharon: there are always risks out there and headwinds. i completely agree that if covid cases do rise significantly and we have more broad lockdowns across europe, that will be a big downside to economic growth. we also are

morgan asset management chief emea markets strategist. she has been ruminating on this, i would have thought. are you starting to revisit your assumptions about what next year is going to look like, what the next six months are going to look like as a result of the covid wave we are now seeing? karen: not materially. i think we have been and if of these to make an assessment. does demand get delayed, or does demand get destroyed? if it is delayed, it doesn't really matter as an investor whether that demand happens in december or comes through in february or whatever it is. or is it destroyed? that is something we obviously need to take care about. but we have seen the u.s. qamar for example, when it had a spike in september, pmi's deteriorated, we got some data which showed you were having that temporary reaction to be will not had to go out and spend , where we shifted back towards good versus services, but it has been temporary. when people have been able to get back to normal lives which they have that income and they deployed that as

joining us to discuss all of this is jimmy conway, citigroup global markets head of emea equity strategy. fairly straightforward question, what do you make of today's price action? jimmy: clearly very messy. i think part of the problem, back in november when we had that extremely dovish fed meeting which was, for many people, a green light. we got real rates now, deeply negative. you started to see huge inflows again into things like the nasdaq. that was based on the fact that we were still debating whether or not the inclusion was transitory, but broadly speaking, growth was fine and covid was behind us. now we have this hard reversal on a day where a lot of people are still out, so i think the problem as well is we haven't got a lot of clarity. so up until the deck expiry a lot of people have been using to hedge, it is going to remain very volatile. so the volatility of making a few here is higher than it would have been, and you've only got six weeks left in which to hold the position before you have to restart everything again. so lots of different things. the inflows, being caught o

guy: christyan malek, jp morgan head of emea energy equity research. coming up, moderna stock has been soaring. the company says its vaccine against omicron variant could be ready as soon as early 2022. moderna's ceo is joining us next. this is bloomberg. ♪ ritika: you're looking at a live shot of the principal room. coming up, senator sherrod brown at 12:00 new york, 5:00 in london. this is bloomberg. let's check in the bloomberg first word news. in sweden the parliament has once again voted to make magdalena andersson the prime minister after narrowly winning the vote she became sweden's first female prime minister. she resigned the same day when her junior partner in government quit following a defeat in budget. france has agreed to take new steps to crack down on people smuggling in the ingles channel. last week migrants died trying to cross the channel. the first minister of scotland has promised she will lay the groundwork to hold it independence referendum by the end of 2023. she did not say how she would force the u.k. to agree to it. the sco

paul's just around the corner from the cnbc emea hq hello london, another beautiful day. before we get into the rbi can i say, for what it's worth, london feels 100% back to normal the tubes are packed the streets are packed the office buildings are packed. the restaurants are packed the schools are packed i haven't seen one kid in a mask not arguing for it or against it i'm saying, coming here, going across the atlantic is a very different vibe than certain parts. not for or against just saying london feels 100% normal in a way. all right. like i said, we are in the uk so, of course, today's most random but interesting thing is going to have a british flavor, not vinegar on french fries but power flavor and a little history. with the climate summit going on in scotland and the u.s. talking about a looming energy shortage here, there, whatever, it's important to know about our history and future while the future may ride with the wind and sun, wind power is nothing new. in fact, the very first wind turbine was built here in the uk and in scotland, to be exact near where t