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this is bloomberg. ♪ tom: welcome back to the open. 25 minutes into european trading day. you are flat across the benchmark. futures is in the u.s. still holding up. a couple of individual names to bring to your attention, we are focused on some of the electricity providers in the u.k. reports that the chancellor could be preparing to levy a 40% windfall tax on excess returns. centrica in focus for us. vodafone a beat on their earnings, but a challenge underestimates to ebitda. credit suisse, some progress in offloading their assets including a significant part of its securitized products group to apollo global. just a drop of 0.7% for credit suisse. let's get the bloomberg business flash with laura wright. laura: as you were saying, credit suisse has agreed to sell a chunk of its securitized products group business to apollo. the deal is expected to reduce the division's assets from 75 billion dollars to $25 billion. the sale is an indication of the swiss bank's restructuring plan. fedex's freight unit is furloughing workers in some u

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this is bloomberg. ♪ guy: as you just been hearing, the bank of england has started reversing its qe program. we've got active qt underway. 75 bits expected from the bank of england. the fed has now kicked off its meeting as well which started at 10:30 eastern time. our question of the day, earlier we asked the question how do you traded the fed? let's move now to what is the central bank trade? obviously, we've got to think about what the pitch looks like in europe as well. we've had a great run during the month of october. we are about to see central banks potentially downshifting a little bit in terms of their outlook. is that a reason for this rally to continue? >> i think it is a bit of a make it or break it moments. this narrative needs confirmation. more concerned about growth, communication, pointed as a kind of hint. we see there is a fairly high bar for the fed to meet those expectations. so what was a bit of a technical bond from oversold -- months ago has become much more driven by the vie

this is bloomberg. this is bloomberg. what if we wanted to electrify all of this... 100% carbon free... is it possible? ♪♪ aes has been leading energy transitions for decades... and is partnering with the worlds leading companies to decarbonize industries... cities, and nations. even the internet. is it possible? can we reliably power the things we love and green the planet at the same time? yes... aes. ♪♪ what will you do? will you make something better? create something new? our dell technologies advisors can provide you with the tools and expertise you need to bring out the innovator in you. kriti: this is bloomberg markets. i am here with amber kanwar in for jon erlichman. elon musk tweeting that twitter is at an all-time twitter usage. elon musk also saying a decision on former president trump's reinstatement has not yet been made. caroline hyde and mandeep singh, senior analyst for technology over at bloomberg. caroline, i want to go to you forced us to you first. i couple days ago, there was an idea of the

mike bloomberg is no longer mayor. there has been a mayor after him and now we have a new mayor, eric adams in new york. do you think new york is as safe as it was when you were in government? dan: it is not as safe as it was. crime is clearly rising. i mean, it is not back to the dark days of pre-giuliani in the 1990's, but we have to be careful because safety is a foundation of everything. i know the current mayor is committed to reducing crime but we are going to have to be incredibly aggressive in making sure crime does not increase. david: are you involved in any new york city matters? dan: yeah, the mayor and governor actually asked me to cochair a panel or task force on reviving the commercial districts throughout the city. so i have been in the middle of that. later this fall, we will produce the report, that hopefully will be pretty inspiring here and in other places. david: one of the other projects you conceived of is the shed. and you were for a while the chairman of it for a long time. what is the shed? da

this is bloomberg. ♪ emily: i am emily chang and this is the newly named "bloomberg technology." this is "bloomberg technology." i am emily chang. i am emily chang at facebook headquarters and welcome to "bloomberg technology." i am emily chang. i am live from cupertino, california. the smartphone has become the king of revolutionary products. >> as time has gone by, the smartphone has been more important to people's lives. emily: facebook is now an officially traded company. the nasdaq had rolled out a red carpet for this like none other. somebody suggested a joint venture with amazon. will that ever happen? >> i have just heard about it from you. i never heard that. [laughter] i will talk to anybody who is involved in helping small business. emily: a lot of people are looking at square as an example that these private tech unicorns are overvalued. what do you think? >> i do not know. i am not an economist. we have an economist on our board and you should talk to him. emily: but you compared the company to amazon. there are big questions. how do you deliver on the amazon promise

this is bloomberg. shery: coming up, newsmakers and decision-makers will join us live here at the bloomberg new economy forum in singapore. catch our conversations with bob moritz and gary rieschel this hour. daybreak is live on the ground you're in singapore. this is bloomberg. ♪ shery: we are live at the fifth annual bloomberg new economy forum here in singapore and of course we have been talking about some of the key issues confronting policymakers, economists, and world leaders as we get into day one of this meeting. soaring inflation, the risk of a global recession, food prices, energy crisis, geopolitical tension. although on that last front there is a sense of cautious optimism after the meeting between xi and biden. shery: much more than in the past few years. we are talking about inflation continuing to soar, also more companies, speculation of layoffs. we are hearing amazon could be cutting thousands of jobs. fedex furlough and workers as well. those cost pressures ongoing for all these big

this is where we draw on the best of bloomberg including mike bloomberg himself to bring together the private sector and the public sector. we join east and west and north and south to explore the most urgent issues facing the new economy and the global economy. you talked about the battle for technological supremacy. that is the focus of our coverage. the u.s.-china rivalry and the rewiring of global supply chains , an issue that is important to singapore. we will be examining the doubts about esg. can sustainability as a push in the investment community survive the market shakeout? and of course we have to look at the impact of the war in ukraine and how it has put so many countries in a desperate position. starved not just for energy but for food. shery: the other great thing about this event is the conversations we get to have with our guests. television, radio, panelists. take us through the highlights. >> i talked about the importance of bringing the public sector to the table. we have the u.s. trade representative katherine tai joining us. we also have the deputy prime minister

jon: this is "bloomberg markets." time for today's "for what it's worth." 44.02 is the latest rating from the confidence index in canada. canadians are becoming a bit more optimistic about their financial situation when you compare it to a week ago, even with growing worries, for example, in the jobs market. canada is still expected to add jobs this month. we are expecting to get those numbers today. an increase in perceived employment security. more people expecting the value of real estate to increase in the next six months, after the huge drop we have seen in recent months, which in many ways echoes the weakness we have seen in certain american markets as well. kriti: definitely something i think is going to have a major effect in the ways these -- the ways you see officials handling this. the fed meeting is only two point five weeks away. it is interesting to see that reverberate to the markets. for today, the trade is all about china. you are seeing this as the stock market hits session lows, down 1.3% on the s&p

this is bloomberg. ♪ emily: welcome back to "bloomberg technology." i'm emily chang in san francisco. computers are creating never before seen images in seconds. it is called generative artificial intelligence, and investors are betting big on the future of this technology. reid hoffman is one of them. the linkedin founder sold a collection of his ai art for charity. thank you for joining us. you have been such a huge part of the show for the last 12 years and for that i am very grateful. i'm so curious to hear your thoughts on what is going to define the next decade of innovation in technology. if it was networks for the last decade, is ai the next? reid: i think it is. as hot as it was this year, next year it will be harder. the equivalent of having professional aide, a copilot for engineers, in five years, present for every profession. it will be for journalists, vc's, doctors, lawyers, the whole thing. those tools will start, and they will be central to how -- at greylock we have been investing for years because we have seen this coming. i cofound

this is bloomberg. shery: still ahead, we preview china's november pmi readings. economists are expecting a contraction in activity thanks to covid zero, and of property slump. state street global advisors tells us about their recession outlook for the u.s. this is bloomberg. ♪ haidi: william dudley sees the full deposit rate hikes once they get to the 5.25% to five point 5% range. but the former new york fed president told us policymakers may need to hold at that level for longer than markets are pricing in. >> the peak is probably the 5.5% range. it will be hard for the fed just stop if we are still at an unemployment rate below 4% and underlying inflation is still 4% or higher. i think we get a series of smaller rate hikes. but clearly the fed's strategy here is longer ever than higher. if we get to five point 5%, i think they will relent and just let it sit there and wait for that restrictive monetary policy to slow the economy down and generate more slack in the labor market, and then gradually p

this is bloomberg. jon: welcome to bloomberg markets. kriti: the s&p 500 flying on the back of a rally, up .8% on the s&p 500. the bond market is closed but dollar weakness continues for a fifth straight day, down 1.3%. the dollar weakness feeding into the commodities picture. copper and oil higher. some being fueled by the china quarantine rules getting lightened further and further. jon: sector was, energy leading the way. on the nasdaq, 9% over two days. advanced micro devices rallying on news of the chips with a market gain. even -- easing covid restrictions and china are helping. coinbase is a company that is navigating that and also navigating the need for workforce reductions. shares of 11%. we are continuing to watch the fallout from changes that twitter, including the fake twitter account that created uncertainty for eli lilly, there down 6%. kriti: you mentioned coinbase, remaining in turmoil as the ftx saga continues to on travel -- unravel. larry summers compared to the downward spiral of another company. larry: a lot of peop

this is bloomberg. ♪ manus: it is "bloomberg daybreak: europe." we have gone for the yield curve in germany because the wrong end of the stake is the bond market on a china reopening narrative. you see futures rise with the equity narrative, but if china reopens, this is where you will see a testing of real rates. dani: volume is light so maybe we will see more pain come the european open, but this is what antoine was talking about, the ecb and lagarde continuing to chase the fed with a higher rate and that means pain for europe. manus: he did say in an extreme case you could see europe going to 3% rates even though we are guided for 2%. roll it over and have them look at the impact on this potential reopening narrative coming through from china. it is pervasive. there are the futures. let's look at some of the cross acids as we go to this reopening narrative -- cross manus: this is "bloomberg daybreak: europe." i am manus cranny in dubai and dani burger in london with the stories setting your agenda. dani: hang seng tech stocks head for the best

bloomberg radio. have a great holiday everybody. we will see some of you at least back on friday. we will see what black friday is going to deliver. plenty more great coverage coming up. this is bloomberg. ♪ as a business owner, your bottom line is always top of mind. so start saving by switching to the mobile service designed for small business: comcast business mobile. flexible data plans mean you can get unlimited data or pay by the gig. all on the most reliable 5g network. with no line activation fees or term contracts. saving you up to 60% a year. and it's only available to comcast business internet customers. so boost your bottom line by switching today. comcast business. powering possibilities. hi, i'm jason and i've lost 202 pounds on golo. so the first time i ever seen a golo advertisement, i said, "yeah, whatever. there's no way this works like this." and threw it to the side. a couple weeks later, i seen it again after getting not so pleasant news from my physician. i was 424 pounds, and

this is bloomberg. ♪ dani: good morning. this is "bloomberg daybreak: europe." i am dani burger in london. pricing in a step change. the fomc begins its two day meeting as treasuries and stocks again optimism. the rba boosts by a quarter of a percentage point. president biden threatens to impose more levies on oil firm'' record profits. higher prices drive aramco to bumper profits. credit suisse chairman axel lehmann tells bloomberg that the beleaguered bank is not open to take over discussions. >> we are going to thrive again. we do not have any takeover discussions at that point, because we believe we can. dani: the central bank, the fed does not have to move slower, but it can afford to move slower. that is what tatjana greil castro from muzinich and co. just told us, which makes sense for the markets to pricing in a slower pace of rate hikes. but even 50 basis points is still a jumbo rate hike. even so, we are seeing yields move slightly lower this morning after they spiked around 1.1% yesterday. we had a program that came through the u.s. 10 year yield, but

bloomberg's natalia in brussels. a reminder that the bloomberg new economy forum is underway. as part of that, we will have the opportunity to hear directly from the ukrainian president at the forum. that will be afternoon time in asia. in europe, that will be in the morning. along with the new economy forum, we have the g20 taking place in bali. we are now seeing u.k. prime minister rishi sunak who has started a press conference. him and u.s. president joe biden met this morning. after this we had biden already speak to the press. this is when he called putin's attack on ukraine merciless. sunak also agreed and he describes the u.s. is the u.k.'s closest ally. this is rishi sunak speaking at the g20 in bali. to the wider markets story. dropping the bullish dollar stance and shifting to neutral. barclays also sees a shift in china reopening changing the outlook. to discuss this we are joined by the man himself, barclays head of global fx strategy themos fiotakis. are we at peak dollar and why? themos: i think so and i think there are couple of reasons. the market has focused a

this is bloomberg. ♪ dani: good morning. this is "bloomberg daybreak: europe." i am dani burger in london. as jerome powell is ready for a 70 five basis point rate hike, higher making outlook for further increases. the hang seng heads for its best two day run since march amid ongoing speculation over china's covid policy. plus, brazilian president jair bolsonaro begins handing over power to incoming leader lula da silva, but stopped short of formally conceding. with this pivot mania, is the potential for the fed to disappoint when it comes to that. are they going to continue being hawkish? are we going to see the dollar bump up along the high end of the rate? you are seeing a weaker dollar, down 0.2%. u.s. two year yields are up some 4%, but we still have not pushed higher after adult -- a jolted job report. this is still a tight labor market, something we need to contend with when we have these narratives about the fed potentially pivoting. it is something larry summers has called badly misguided. even so, some of that china reopening narrative has helped futur

this is bloomberg. ♪ >> it is time for the bloomberg business flash. the u.k. investigating apple and google parent. looking into the two companies dominance of cloud gaming. the study concluded apple had -- apple and alphabet have the power --. the french bank has agreed to launch large part with bernstein. -- with alliancebernstein. frank where prosecutors rated bny melon today. it was a trading strategy that signed off on $10 billion of german government revenue. no comment yet from the bank of new york mellon. guy: let's stick with the bank of new york get melon -- the bank of new york mellon. steve, what do we know about this rave? >> they were looking for evidence to how much bny mellon or the subsidiary they bought a long time ago was involved in the strategy. it has involved a lot of other banks. it has been race going on across the banks of germany almost a year now. a lot of banks have been involved. this one is about a unit they bought a long time ago. it is not about the operations today. alix: there were some other banking european news. the lions

this is bloomberg. ♪ >> this is bloomberg markets: european close. looking at a live shot of principal room. coming up the compass point director of policy research joining us at 2:30 p.m. new york time. this is bloomberg. keeping the up to date with news from around the world. american basketball star brittney griner is being moved to a russian penal colony. the appeal against a nine year sentence for drug smuggling was rejected last month the white house says it continues to follow up on ways to support release. adidas feeling the pain after discontinuing the lucrative yeezy line of sneakers. the german sports shoemaker has slashed its probable -- profitability forecast. investors looking for a profit margin of 11% in march looking at 2.5%. adidas plans to sell the sneakers stripped of the branding. a highly symbolic setback for russia. they've ordered russian forces to withdraw from the ukrainian city of kherson. ukrainian troops started a massive counteroffensive last summer and have tightened the noose with steady advances on the ground. earlier

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this is bloomberg. ♪ emily: welcome back to "bloomberg technology," i am emily chang in san francisco come the banking sector says people and businesses are paying more and more in the wake up ransomware attack's. banks reported one point $2 billion in ransomware attacks, more than five times in 2019, a taste of what jeff stone will explore with the weekly newsletter. including coverage of inside the world of hackers and espionage mall businesses are playing defense. tells more about cyber bulletin and the goal. guest: that cybersecurity is a lot more than ones and zeros, and the latest data breach there is all types of characters involved, cryptocurrency is part of this, this information is part of this. influence operations and everyone trying to monetize data. that is what we try to exploit here, how people can act -- protect themselves. emily: cyber threats have been on the rise for a while, why now are you launching this? guest: we are busier than ever, let's take on one more project. the invasion of ukraine has highlighted this big explosion of ransomware they have alluded to. i

delta airline ceo joining bloomberg tv. this is bloomberg. keeping you up-to-date from news all around the world. it would learn -- bloomberg has learned the u.k. its holding and election in ireland. northern islands democratic unionist party has refused to take part in a power-sharing government. the dup is angry about the deal between the u.k. and the eu, which keeps northern ireland in the single market after brexit. volodymyr zelenskyy wants iran to be punished for helping russia. both ukraine and the usa that russia is using drones in the war. it global news, 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in over 120 countries. this is bloomberg. alix: thank you so much. they layoffs could affect thousands of workers. shares are off on that news. talk to me about what we are going to expect from meta. >> the general reporting art these are happening on wednesday. nash are happening wednesday -- are happening wednesday. it is a indication that the industry likes this. the context is,

this is bloomberg. ♪ >> time for the bloomberg business flash. a look at some of the biggest business stories. in london, glencore has been fined $311 million after pleading guilty to bribing african officials for access to oil. they admitted to seven counts of bribery across five countries including nigeria and cameroon. the judge said bribery was clearly part of the culture. sales surge at cilantro's in the third quarter things to hire deliveries. they posted revenue the beat estimates. they said demand in the u.s. is still pretty strong but orders have slowed down in europe. joining european peers and getting a lift from rising interest rates. net interest income of the bank rose 9.6% from a year ago. fixed income trading jumped 25%. >> and basically it was solid demand so we continued to pay market share and on your question is it sustainable. at the level that's what we believe. >> stock traders posted a 3.3 percent gain in revenue, the largest wall street banks 13% decline. that's the latest bloomberg business flash. this is bloomberg. ♪

you can catch more of joe on bloomberg sound airing on bloomberg radio at 5 p.m.. we will be joining balance of power with devon weston -- david westin likely continuing that 2024 conversation. this is bloomberg. well, we fell in love through gaming. but now the internet lags and it throws the whole thing off. when did you first discover this lag? i signed us up for t-mobile home internet. ugh! but, we found other interests. i guess we have. [both] finch! let's go! oh yeah! it's not the same. what could you do to solve the problem? we could get xfinity? that's actually super adult of you to suggest. i can't wait to squad up. i love it when you talk nerdy to me. guy, guys, guys, we're still in session. and i don't know what the heck you're talking about. >> from the world of politics --. >> i would like to think that the republican party is ready to move on from somebody who has been to this party a three-time loser. >> the bank of england is talking about a two-year recession. >> this is a balance of power with david westin. david:

this is bloomberg. ♪ >> welcome to bloomberg markets. kriti: i'm kriti gupta. got kind of a major decision from the fomc, not on the rate hike, but they said the higher and higher terminal rate the market is pricing in might go higher yet. hitting sentiment, the s&p 500 down .6% but well off session lows. i wonder by the of the day if you will see stocks dip, already seeing that in the russell 2000 but not essentially the nasdaq. it is not just the stock market, the bond market as well. across the curve, yields higher. 4.13 on the 10 year yield, move about three basis points. but as yields move up the dollar follows. bloomberg dollar index strengthening by .7%. the ripple effects will be in the commodity space. brent crude trading with a 95 handle. jon: along with digesting the message from jay powell, we are digesting a host of earnings stories. there are different flavors today. on the tv advertising story we have talked about challenges for the media industry or the new media industry. the message from roku weighing on the stock earlier. it has paired some o

this is bloomberg. shery: still ahead, we will discuss the opportunities and pitfalls in climate financing with the cfo of the green climate fund. first, we talk market strategy with jim mccafferty. hear why he thinks traders may have to wait for a sustained stock recovery. this is bloomberg. ♪ >> it is very possible that central banks are very united on fighting inflation. if we do not succeed, it would be anger and then the foundation for growth, which is price stability. shery: the imf managing director talking about the challenges central banks face. our next guest says given the delay and any side of a fed pivot, a sustained recovery in stocks could have to wait as well. joining us is jim mccafferty, joint head of apac equity research. always good to have you with us. you say you could still potentially see a mechanical bottom in asian stocks but that this is not sustainable. explain. jim: ok. so what we think is inflation is a real problem. we believe there will be another three incremental rate

this is bloomberg markets. yvonne: our top stories this morning, nato and other western leaders call emergency meetings after poland says a russian rocket killed two people inside its border with ukraine. risk appetite fades as fears of escalation in ukraine overshadow u.s. inflation data supporting the case for fed restraint. 2024 presidential race. we are live at the bloomberg 24 new economic forum. rishaad: start of things with a look at what joe biden has been talking about. reacting to the missile which landed in poland and this could be seen as an attack on nato and that may require the article five response which should be an article in attack on one member would be an attack on all of them. thing it is unconscionable what russia is doing. saying they have full support for ukraine at the moment. yvonne: starting to see the fallout or at least responses from leaders. all these emergency meetings happening as they are all in bali for the g20 so we have the g7 emergency meeting. have statements from china w

this is bloomberg. shery: ahead, we look at the hit to supply chains from china's tightening covid curbs. oliver wyman shares. this is bloomberg. ♪ paul: we've got the u.s. dollar extending declines against boats of its -- most of its peers after the fed minister proposed rate hikes. sean keller, currency strategists at westbank, thanks for joining us. we have your chart on the bloomberg terminal that indicates the decline of the u.s. dollar, callistus the -- slipping below the 200 a moving average. you feel the dollar has peaked? how much downside is there to go? >> we think it has peaked in terms of the cycles. late september, early october when it had a real surge of energy. we think it is back from there substantially. it is still within the range but i do not think it is necessarily broken at key levels. the price actually is striking. to have a substantial dollar pullback. when the fed is still on track for market pricing over 5%. if you look around the world, that is still attractive. maybe it

let's get to our bloomberg business with leigh-ann gerrans. leigh-ann: cvs, walgreens and walmart have tentatively agreed to pay more than $12 billion to resolve thousands of lawsuits accusing the chains of mishandling opioid painkillers. this is one of the biggest settlements following more than five years of litigation. uber has surged which has eased concerns that ridesharing would slow down. results were boosted from cities reopening, booming travel and a shift from retail services. >> i do think inflation has affected everybody. i do not think prices will go down to prepend a mug levels. leigh-ann: that is her boom -- bloomberg business flash. tom: benchmark is up 5/10. modest gains as we look ahead. the s&p is up. coming up, more on china stock. stay with us. this is bloomberg. ♪ xfinity rewards is a program whose sole purpose is to say "thank you" with experiences big, small and once-in-a-lifetime. sometimes it's about cheering hard enough to shake the stadium! sometimes, it's as simple as movie night right here at home, on us. you me

this is bloomberg. ♪ >> from the u.s.'s point of view, it is about tightening conditions in the u.s. economy is so doing well. they will still be repeating the pivot rate. >> one of the very best. the market looks like this going into payrolls. we are higher by zero point 8% on the s&p 500. the jobs report is around the corner. it :00 a.m. eastern time. yields are lower by not even a basis point on a 10 year. 90 -- 0.97 89. up 0.4%. the reopening of china news continues to rally. tons of engagement a moment ago. a correction. it was the former united captain who coined the term the prawn sandwich brigade. they were less concerned with your end zone comment and more concerned with the fact i got that wrong. >> that is because they know smart, adult, pro football means soccer idiot. that is how it works. >> they are like libraries sometimes at those stadiums. >> same with hockey. what we are going to do is what "bloomberg surveillance" does let -- does best. love to talk to people who have done wrong because we can study why

this is bloomberg. ♪ emily: i am emily chang and this is the newly named bloomberg technology. welcome to bloomberg technology. i am emily chang. >> as time has gone nine, the smartphone has been more important to people's lives. emily: facebook is now an officially traded company. somebody suggested a joint venture with amazon. with that ever happen? >> i have heard about it from you. i never heard that. emily: a lot of people are looking a square as an example that these private tech unicorns are overvalued. >> i do not know. i am not an economist. emily: but you compared the company to amazon. there are big questions. how do you deliver on the amazon promise? >> we have to execute. when you think about what amazon did, they went to other categories of retail. we are doing the same thing. the investigators who have been with us long-term term are going to be back. -- the investors weapon with us long term will be back. emily: are you concerned about froth? what do you think about that number and the potential bag you are leaving billions of dollars on the table? >> that if th

bloomberg's ed ludlow. they talk about the fact it's happening but it's clearly not happening fast enough. >> that was amazing. data is not good. guidance for the last three months of this year weaker. significantly weaker than the street was looking for. i think what's really worrying as we know the story, of the shift away from reliance on the hardware, the bikes and treadmills to content and subscriptions. but while services or subscription revenue grew, the number of overall subscribers dropped off and a lot of the sell side pushing on the street pointing to this weak outlook for growth at a time when they still let a quarter of inventory and costs are high. so they are not finished with the restructuring plan the growth narrative is seeming to spook them. >> how hard is their cash burn right now? >> hard and i think they can send -- concern from the street is how does that improve. talk to of the inventory being in place in the infrastructure not being finished but they've made painful decisions includ

this is bloomberg. ♪ >> you're

this is bloomberg. haidi. haidi: coming up next, a look at china's green tech with the breakthrough institute. why they believe the supply chain problem is getting bigger and broader. coming up next, we dive into the trading day ahead with jay polaski. he is seeing fresh opportunities in emerging markets. this is bloomberg. ♪ >> as we worked to bring policy to what we call a sufficiently restrictive stance, which really in simple terms means the level required to bring inflation down and restore price stability, we will need to be mindful. adjusting to little will -- too little will leave inflation too high. adjusting too much can lead to an unnecessarily painful downturn. kathleen: san francisco federal reserve bank president mary daly overnight reminding or may be underscoring to investors that the fed is looking at its path and how it's going to adjust as it moves ahead into 2023. and on that point, our next guest says slowing u.s. inflation, a brighter energy outlook for europe, and positive polic

this is bloomberg. ♪ kriti: this is bloomberg markets. stocks lower to start the week. investors starting to wonder whether the carnage in the stock market is truly over. peter oppenheimer says no. take a listen. >> there have been some good pieces of news that markets have absorbed over the last few weeks. opening up in china, gas prices have fallen, and of course evidence that u.s. inflation is reaching a peak. but we have to acknowledge that markets are really pricing that. let's not forget that the s&p, for example, is trading at a multiple of over 17 times pretty much where was at the beginning of the year, despite the fact that real interest rates have already doubled since then. we are still looking at around zero earnings growth in the u.s. next year, less in places like europe. i think the markets are going to be exposed to more difficult news coming through, particularly on growth over the coming months. we don't think we have yet hit the sort of conditions that we would typically see at a trough in a bear market that helps to f

mark: welcome to the bnn bloomberg and bloomberg audiences. i am mark crumpton with the first word news. president biden and nancy pelosi are trying to prevent a strike that would shut down the freight railroads. the white house will take up legislation to impose a labor settlement, despite the objection of unions. the president met with congressional leaders today. pres. biden: there is a lot to do, including resolving the train strike, which is what we are doing now. and congress has to act to prevent it. i think we have to do it. mark: the president is a staunch union backer who previously argued against congressional intervention in railway labor disputes. in the euro zone, germany, spain and belgium all reported slower inflation. that gives ammunition to those that want the european central bank to ease the pace of interest rate increases. consumer prices in germany, europe's biggest economy, rose 11.3%. that is down from october's 11.6% jump. a top qatari official has put the number of worker deaths for the tournament between 400 and 500

guy: this is bloomberg. it is friday. ♪ lisa: keeping you up-to-date with news from around the world, here is your business flash. apple could be shifting from its deep reliance on china. sources tell bloomberg the company's taiwanese contract manufacturer has begun assembling the latest iphone model in india. that would make pega tron the second apple supplier to produce an iphone in the country. it comes as apple's key manufacturing hub in china was placed under lockdown by authorities. another twist in the rivalry between two of the world's best-known shoe companies. the outgoing chief executive of kuma is likely to become the ceo of a deed is. the report sheet -- sent shares of a soaring. -- adidas soaring. shares of draftkings or lower. the company saw its user growth slow in the third quarter. the number of monthly unique paying customers rose 22% from a year ago. analysts had expected draftkings to report 2 million customers. for the second time this year rolex it -- rolex is raising the price of it

this is bloomberg. ♪ ♪ ♪ well would you look at that? ♪ ♪ jerry, you've got to see this. seen it. trust me, after 15 walks it gets a little old. i really should be retired by now. wish i'd invested when i had the chance... to the moon! [golf ball bounces off rover] unbelievable. ugh. [ding] what if we wanted to electrify all of this... 100% carbon free... is it possible? ♪♪ aes has been leading energy transitions for decades... and is partnering with the worlds leading companies to decarbonize industries... cities, and nations. even the internet. is it possible? can we reliably power the things we love and green the planet at the same time? yes... aes. >> the eu and u.s. share a strategic partnership. it is important in the current geopolitical consequence when we are dealing with russia's aggression against ukraine, it is important that we are united and that is, indeed, why it is so important that the inflationary reduction act is being addressed. guy: an your attent -- the european comm

this is "bloomberg technology." caroline: bob agre's return as disney ceo comes as the company deals with challenges internal and external. ahead, the biggest priority for the comeback king of content. ed: and genesis facing bankruptcy. the entire industry faces a liquidity crunch. and we have learned u.s. prosecutors opened a probe of ftx months before its collapse. caroline: we will break down how tech layoffs create a wave of issues for non-u.s. citizens that worked for silicon valley giants. but first, let's check in on the markets. let's go broader because overall, there was a bit of risk aversion in the market. volumes are low, we have a shortened week. the technology sector under some pressure. it is up of the day. nevertheless, stress as we see more people focusing on what the federal reserve will have to do to her tail information, whether they will hike rates at a pace of 50 or 75 basis points. many moves up. kraneshares in china. i have been looking at the etf's that track the etf giants. they had been lo

this is bloomberg. ♪ ed: two major bloomberg scoops in the world of crypto peter genesis has one of a potential bankruptcy. federal prosecutors in manhattan were already looking into ftx's operation months before the collapse. shelley bosak is here with all the details pair let's start with the ftx investigation. what to we know about regulators and what they were doing with ftx? sonali: regulators were concerned about the ftx empire. regulators in the united states would be worried about the ftx empire. the bloomberg's group we are discussing is happening on the back of a lot of dispute between the bahamas and the united states in bringing sam bankman-fried here for questioning by regulators as we wait to hear what is going to happen with the house financial services committee and the senate banking committee who want to bring in sam bankman-fried for testimony as well as his deputies. separately as you think about what is happening with regulators, tomorrow there is going to be a hearing in delaware bankruptcy court at 11:00 a.m. you are hearing the issues of the ftx empire and rave

this is bloomberg. ♪ >> i think one thing that is fair to say is the reopening should happen eventually. >> the best stimulus package is to open up their internal economy for internal travel. that would be a very powerful driver of economic activity. >> but let's not look at it on a day by day arises. look at a long-term horizon. >> i think it is still very important for a lot of investor's portfolios. we see it as a strategic medium long-term holdings. rishaad: just a few of our guests sharing insights as china sticks to, as they put it, unswervingly to covid zero. trade data out of the country, a slowdown in exports. thank you so much for joining us. what are you looking at and what will it tell us? >> thank you for having me. today we are looking for a continued slowdown in exports as well as relatively subdued. but overall we think the trade balance will still remain a relatively wide surplus. as evidently showing domestic demand has not picked up significantly while exports remain somewhat resili

bloomberg's mark gurman, lots to digest. meantime, the ceo of the tech identity giant joins us to talk about how the looming recession is impacting sales and his thoughts on elon musk's take on purification, next. this is bloomberg. ♪ ♪ we all have a purpose in life - a “why.” maybe it's perfecting that special place that you want to keep in the family or passing down the family business or giving back to the places that inspire you. no matter your purpose, at pnc private bank, we will work with you every step of the way to help you achieve it. so let us focus on the how. just tell us - what's your why? emily: how to secure and protect online identity has only become more important as more businesses go all in on a digital worldpay or the cloud identity software provider is holding an investor day to talk about the future of digital identities along with its biggest customer event of the year. running me now is the ceo and cofounder. great to have you back as always. everyone is talking about the outlook. it seems li

this is bloomberg. ♪ ritika: this is bloomberg markets. you are looking at a live shot of the principal room. coming up, morgan stanley senior wealth portfolio manager joining bloomberg tv. this is bloomberg. keeping you up-to-date with news from around the world, he was the first world -- first word. president trump is set to announce he is running for the white house again. the announcement will come tonight in florida. ken griffin thinks republicans should look elsewhere. >> he lost in 2020. we lost georgia because of his behavior in the senate race in 2020. and had been this year the republicans lost the senate because the trump-backed candidates in senate races were rejected by american voters. that is a three-time loser. i would like to think the republican party is ready to move on for someone who has been a three-time loser. ritika: griffin supports florida governor ron desantis. he spoke at the bloomberg new economy forum in singapore. in arizona democrat katie hobbs has turned back a prominent alexion denier to be elected governo

this is bloomberg. ♪ kriti: this is bloomberg markets. the retail giant planning to cut some 10,000 corporate jobs on a move that would be in line with other tech companies that are aiming to adjust to rocky economic conditions. jeff bezos focused on his view on white companies to cut costs -- why companies should cut costs. >> you are seeing layoffs in many sectors and people are slowing down. the probability say if we are not in a recession right now, we will be in one so my advice to people is take some risk off the table. kriti: ed ludlow has the details and amazon does a lot of things. amazon web service and where of these layoffs coming from --are these layoffs coming from? >> the layoffs could follow the devices this is closely. this is where they are focus on the echo smart speakers and the alexa for system and we understand that the retail business and hr departments are also vulnerable but as the chart shows, the proposed layoff of 10,000 employees is less than a percent of total staff. when you put is -- it side-by-side with ot

this is "bloomberg technology." caroline: coming up, violent protests at apple's main iphone plant in china. the latest on the bloomberg's group that could impact sales. ed: sam bankman-fried says the ftx part went from $60 billion in collateral to $9 billion. more on that and how sbf got his start on wall street. caroline: elon musk is having second thoughts about that moderation counsel after saying activists broke the deal. more on that and musk's new trend of quoting himself. risk on, another second day of trading in the green, the s&p up. mastec up almost 1% -- nasdaq up almost 1%. the federal reserve giving little tidbits from what was being discussed. the key takeaway is most of the people at the federal reserve right now don't think we should be hiking at a piece of 75 basis points and into infinity. they think we will slow down the pace, therefore may be a peak in terms of this rate hike cycle, and indeed inflation. we are seeing riskier assets like bitcoin getting a bid. currently flat on the day. 16,473.

this is bloomberg. ♪ francine: welcome back to the open, everyone. we are 30 minutes into the european trading day. happy thanksgiving, everyone. maybe this is why trading volumes are lighter, the dax gaining .3 percent. overall equities are flat. fed minutes, they said maybe there is less aggressive rate hikes going forward but it is not moving the dial that much. tom: the terminal rate still could come in higher than market expectations. bitcoin still trading around $15,000, the binance ceo, or cz, has told bloomberg that the company is aiming for a one billion fund for the potential purchase of distressed assets in the crypto sector. he spoke to haslinda amin about the fallout of the collapse of rival ftx. >> when a platform goes down, there are many other people or institutions with money on a platform. dennis is halting withdrawals may -- there may be one or two others, i don't know how many. each time there is cascading effects, the fx become smaller. overall, the industry is fine but there will