joining us now to make sense of these tweets is laura wright. there were a flutter of tweets talking about the sec and how he wants chief executive to prove how many bots there are. if it is more than 5%, he does not think it is worth it or wants to renegotiate? laura: elon musk has always known that fake accounts on twitter are likely higher to be 5%. that is why he said spam is one of the single biggest issues. the bigger than 5% has been in the public domain since 2014, but this is leverage from elon musk's team. they want to drive the offer price down. you could argue that magic number was always a joke. it was a reference to 420. a lot of uncertainty into the deal. some analysts stating, at this point, twitter share price could fall below $30 a share given this uncertainty. tom: that is the gambit from musk. what does twitter have to do now to convince musk that they've got control of the situation and get him back on board for a decent offer? laura: it is unclear, as with evidence for this online argument on twitter. one stated that extern

let's get with laura wright. i am until see fan so who is the new likely owner of chelsea and what would a deal say? laura: the new owner is likely to be american todd boehly. he is leaving the consortium that is seen as the frontrunner of the sale of chelsea. he founded eldridge and he has experience of the cone owner -- experience of the co-owner of the ellie dodgers. the special operating license granted by the u.k. government will and on may 31 and the secretary has signaled that chelsea is already surviving on borrowed time. todd boehly has outmaneuvered other wealthy investors including paul utah and also josh harris. it is a rogue bid last year from james radcliffe and that was shut down earlier by the investment bank who is orchestrating the sale. if this deal is completed, it would be significant, showing the increasing influence of americans in the premier league. right eight of 20 premier teams have some kind of american influence. a few reasons for this is that the primary -- premier league is one of

i'm laura wright. this is bloomberg. ♪ >> we are focused like a laser beam on inflation. the president has made clear he knows it is the top priority for working families and therefore his top priority. jonathan: the senior advisor the president and former national economic council director. futures this morning down 0.4%, still lower by 0.75% on the nasdaq 100. you just come in by eight basis points, round down to 2.8353%. the excuse tore, some people have -- the excuse tour, some people have called it that. the administration going through a long list of things to a tribute to blame to come about ultimately saying the republicans don't have a plan, and the plan that they do have belongs to senator rick scott. the problem that the republicans have with that is that the republicans themselves say it is not our plan. mitch mcconnell said it is not the republican plan. do we know what the plan is? lisa: honestly i have not seen the republican plan. how do you have a plan? this is the tricky issue presi

tom: laura wright on the richemont earnings. let's tag dish -- dig into the stocks with patrick armstrong. let's start with luxury. do you like that space? patrick: i like it but i don't love it. if you look at the sales growth it is incredible and if you understand the macro backdrop where it is stagflation and prices are increasing, you do not want to own companies that are price takers. lvmh is a price maker, so when input prices jump, this sector isn't impacted at all because the cost of margin is so high. they have got the power of the brand and it is attractive over the long-term. short-term you have issues with russia that you are writing off right now, but in china there is going to be hentoff -- pent-up demand and there will be catchup on that. tom: before we get on your individual picks, i want to hear what we have been listening to from ken griffin's from citadel. >> we are seeing a rotation from growth stocks toward stocks that are much more value stocks and are here in the present. this reflects the fact that real r

let's get the bloomberg business with laura wright. laura: softbank shares jumped on hopes of further by banks despite the group reporting a $20 billion annual loss at its vision fund unit. it has been grappling with write-downs and a global stock rout. the treasury has given the most forceful response to the terra meltdown. she called for new regulations and confirm the treasury was working on a report about the issue. >> i could characterize it at this scale as a real threat to financial stability, but they are growing very rapidly. and they present the same kind of risks that we've known for centuries in connection with bank runs. laura: twitter has announced a hiring freeze, reflecting uncertainty while it awaits elon musk takeover. they will not hire new employees, and withdrew offers as it looks to trim costs. anna: news breaking on the pharmaceutical business in belgium, ucb down 30% after the fda's conclusions about a psoriasis treatment, regulators saying that some issues must be resolved before approval. that's not quite heav

let's continue with laura wright in london. laura: good morning, a measure of u.s. manufacturing unexpectedly dropped in april to the lowest level from 2020 as growth orders production and employment softens. the imf gauge of activity fell 35.4 weeks, down but one estimate in a bloomberg survey, which has a medium projection of 57.6. the latest data underscores the lingering supply constraints made worse by the lockdowns in china. india's supreme court has directed the government to disclose data and results on covert vaccine trials and rules that people cannot be forced into inoculation. the court also upheld the government vaccine policy while suggesting that it had restrictions on the unvaccinated . that means all data from past and future vaccine trials must be disclosed to the public. the european union will seek stepup corporation with african countries to replace -- with -- countries to replace gas. countries including nigeria, senegal and angola offer largely untapped gas. the block aims to produce dependent on russian supplied by almost two thirds this year

laura: with first word news, i'm laura wright. crypto currency continue with the declines and the collapse of the stable coin triggered a flight from many digital tokens and bit coin fell below $26,000 before rebounding and backers of tara u.s.d. are trying to shore up the token. the british economy contracted in march, gross domestic product fell .1% in february and the cost of living forced consumers to cut back their spending and throwing doubt on the bank of england's ability to keep raising interest rates and putting pressure on the prime minister boris johnson's government to respond. policymakers at the federal reserve say pressure after a more than hostile inflation report. so far officials are sitting with their strategy to raise interest rates by half a percentage point at each of their next two meetings. said the fed president, finance at the half point moves are a bench mark for now. senate democrats were blocked in an attempt to enshrine abortion rights in federal law. all republicans and one democrat, joe man chonn o

muscat the first word news with laura wright. laura: john lee has been named hong kong's representative. he bowed to strengthen national security and accelerate the cities integration with mainland china. voters are going to the polls in the philippines for an election that could see the only son of the late dictator ferdinand marcos take the presidency three decades after his father was ousted. the former senator let opinion surveys by double digits. his main opponent has held some of the biggest pre-election rallies in decades as she looks to pull off an upset. she seven leaders have -- g7 leaders have pledged to ban russian oil. the decision came on the eve of today's victory day parade in russia which commemorates the nation's defeat of nazi germany in wwii. global news, 24 hours a day, on air, and on bloomberg quicktake. powered by more than 2700 journalists and analysts in more than 120 countries. tom and francine. tom: the irish nationalist party signifying is now the biggest group in northern ireland ireland's generally a

laura wright is on the elon musk and twitter story. dani: we have also got charlie wells looking at the closures and we are joined by the latest for ukraine tensions. shanghai is -- has confined citizens to lockdowns for weeks. there saying that they're getting the transmission under control. where joined by juliette saly and it is all about that tech rally in asia. juliette: it is. let's talk with what we are talking about in shanghai. how quickly can the city wrap up its growth engine and ramp up again do ease these strict lockdowns? we're looking at shanghai metro passenger volume. it is at a flat line and much weaker than what we saw than when we saw the pandemic hit. we could expect that to start ramping up as people continue to get about their daily business. it is a different story from what we're hearing in new york where they're getting towards a higher level of the virus and they could be reinstating those mask mandates indoors. let's look at the impact on markets because it is all about the reopening and we are seeing a thir

i am laura wright. this is bloomberg. ♪ >> jay powell has the temperament, knowledge, and leadership skills to navigate the fed through this process. because he was there and did an outstanding job during the pandemic in march of 2020, he knows the fed has the tools to do this. i want him to own this issue and guide the fed through this next issue. jonathan: the congressman of arkansas, democrats nominate him for a second term. it is pretty amazing, isn't it? lisa: who else would fill that role and be able to smoothly transition? it was not just the federal reserve? , there were warnings about inflation. they know he went hard on the idea of he made a huge mistake. jonathan: i remember those economists saying keep qe, i don't remember that at all. futures on the s&p down 0.8% on the nasdaq. you were not paying attention anyway. the 10-year 2.84. gregory valliere, it is amazing to me we have not heard much from senator mitch mcconnell. what is the strategy from republican leadership as the white house

i am laura wright. shares of twitter are in tailspin. elon musk tweeted that his takeover is on hold until he gets more information about the proportion of fake accounts. in a recent finding, twitter found that fake accounts make up less than 5% of its users. some european union nations say that there may be time to consider a push back russian oil. the problem is that they cannot persuade hungry back the embargo, but they hope to perceive the rest on a proposed sanction package. the u.k. chancellor has said that the brexit settlement in northern ironman -- ireland is causing political harm. bloomberg television asked whether the u.k. will take action on its own. >> no decision has been taken. our pressurant best preferences always been to take a print we are going to engage with our counterparts in europe about how we can find resolution to some of the very real challenges of the protocol that is causing. >> you can get more on that story from our bloomberg u.k. website, the premier destination for financial news in britain. visit bloom

tom: let's get the bloomberg first word news with laura wright. laura: the bank of england's deputy governor has said the bank will have to raise interest rates further to control dust control surging prices. they warn there's a risk the uk's worst inflation crisis in decades will take longer to ease fully as gdp unexpectedly contracted in march. as consumers capex spending. italian prime minister says european companies can pay for gas and rubles without bridging sanctions. against eu advice to the contrary. eu officials have said they should keep paying in euros, but have not yet issued watertight instructions. cryptocurrencies are falling again today after a sluggish and algorithmic stable point -- triggered a flight for many popular digital tokens. crypto's are seeing heavy losses for the week. global news 24 hours a day, on-air and at bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. tom: let's check in on the prices of bitcoin, preparing some of the losses, regaining some o

let's get the first word news now with laura wright. laura: president biden has called for new restrictions on firearms after a gunman killed 19 children and two adults at a texas elementary school. police reportedly killed the attacker at the scene. he has been identified as an 18-year-old man who was armed with a handgun and possibly a rifle. >> as a nation, we have to ask, when in god's name, are we going to stand up to the gun lobby? laura: pfizer says it may sell its entire portfolio of brand-name drugs at a cost. the initiative will start in five african nations with drugs for cancer, inflammatory conditions and infectious diseases. it is one of the most comprehensive drug axis programs ever announced. u.s. banks and individuals have been barred from accepting bond payments from russia's government after the treasury department led a key sanctions waiver expire at midnight, pushing russia closer to default. global news, 24 hours a day, on air, and on bloomberg quicktake. powered by more than 2700 journalists and analysts in more t

let's get the first word news now with laura wright. laura: the queen will not attend the opening up parliament with the 96-year-old monarch suffering from mobility problems. the speech laying out boris johnson's agenda will be delivered for the first time by her son prince charles. it will include plans to disrupt legacy european union's that don't work well for britain. the south korean president has been sworn in. yoon seok-yeol has taken office as the eight elected president since south korea became a full democracy. he has called for a tougher approach toward china and north korea. violence in sri lanka after the prime minister resigned. demonstrators have been demanding the pair quit with local reports that homes of party leaders have targeted. soaring prices have created unrest in the country. an andy warhol silkscreen of marilyn monroe has sold for 195 million dollars, becoming the second most expensive picture ever sold. warhol created the work in 1964 which christie's calls one of the most iconic paintings of our time. global

let's into the first word news with laura wright. laura: jay powell says the fed will keep raising interest rates until it sees clear evidence inflation is cooling. powell made his most hawkish remarks yet as a wall street journal a event saying he will not hesitate to push rates past neutral. he stressed that price stability is the top priority. >> inflation is coming down, that's what we need to see. we will be watching for that. if that involves moving past broadly understood levels of neutral, we won't hesitate to do that. honestly, we will go until we feel like we are in a place where we can say yes, financial conditions are in an appropriate place. laura: an aid package for india as it looks too deepen securities size and reduce dependence on russian arms. the package could include weapons financing up half $1 billion. that would make india one of the largest recipients of u.s. military aid, behind israel and egypt. the wall street journal reports blackbox data for a china eastern airlines jet that clashed -- crushed earlier th

let's bring in laura wright who was across the event for us. buffett is back it seems with a bang. laura: it is the largest buying spree since records began in 2008. one of the reasons is that they see buying companies as more advantageous than buybacks at present. cash on the balance sheets, warren buffett calls this oxygen. it stands at just over $100 billion, down from $144 billion at the end of 2021, but still higher than the threshold of $30 billion. munger and buffett still vehemently against cryptocurrencies. they say they prefer productive assets such as farmland or property. bloomberg intelligence believe that because of its diverse a variety of businesses and earnings potential has been able to transcend inflation risks. tom: they battled through a lot of questions on this, everything from inflation to the war in ukraine. laura: they have increased the stakes in occidental petroleum and hp, most interesting where the increase in stakes in chevron. that now just stands shy of $26 billion. activision blizzard the gaming company has gone over to microsoft for $69 million, an

we have a laura wright with us. laura: anthony albanese has been sworn in as australia's 31st prime minister. his labour party is promising swift action on promise change, greater agenda -- gender equality and growth. it is unclear whether he will be able to form a majority government or if minor parties and independents will be needed to pass legislation. president biden has warned about the growing outbreak of monkeypox, a rare and digitally deadly cousin of the smallpox virus, traditionally confined to regions of africa. infections have been rising in europe and north america. it is reported there have been 20 cases in the u.k., with the health security agency expecting a significant rise in infections this week. pakistan's recently ousted prime minister is asking supporters to march to islamabad for a demonstration on wednesday. he wants the government to quit and new elections to be called the former pm held a -- new elections to be held. the former pm has been holding rallies with massive crowds. an executive

manus: laura wright they are with the very latest on that deal. this is almost a bigger implosion in sterling then you saw post-brexit, you are looking at sterling 1.2277, a real trashing but the dollar remains resplendent fair up .5%. tom: the politics rippling across for the pound, amid all the other the issues. plenty more coming up next, bloomberg markets europe. 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 $500 a year. and it's only available to comcast business internet customers. so boost your bottom line by switching today. comcast business. powering possibilities.™ ♪ >> good morning welcome to bloomberg markets. i'm anna edwards. the cash trade is just under an hour away. here are your top headlines. g 467 leaders vow to

francine: laura wright in london. april data out of china has shed light on the impact of covid zero. more on the impact of that next. this is bloomberg. ♪ francine: welcome back to the open. 23 minutes into the european trading day. stock futures in europe down .8%. concerns about chinese data which is why we are seeing more of a correction. tom: and the chinese economy is paying a price with industrial output and consumer spending sliding to the worst levels since the pandemic again. joining us to break down the numbers is our chief asian economics correspondent. it looks like economists have gone wrong on their estimates, where they undere thes impact of lockdownstimating? >> it looks out there having a much bigger impact than was expected. you mentioned weakness in terms of industrial output and. on the jobless side of things, there is a survey jobless rate which captures that market which rose to 6.1%. within those numbers, youth unemployment hit a record 16-20 four-year-old age bracket. there is a sense of urg

francine: laura wright in london. citi says it's london trading desk was behind a flash crash in europe yesterday. we will bring you the details next. this is bloomberg. ♪ francine: welcome back to the open. we are 51 minutes into the european trading day. u.s. stocks fluctuating when it comes to futures. the ftse down .2%, the stoxx 600 holding onto gains. we have the bank of england on thursday. tom: yesterday was traumatic, not just because you are not here, but also the flash crash. at citigroup acknowledging that one of its trading desks was behind a flash crash in europe which sent shares tumbling. it caused equities in sweden to briefly plunge 8%, which prompted the main index to lose as much as 3%. joining us is our reporter in frankfurt, what happened, and what affected this have on markets? >> it's an amazing story. this seems to happen every other decade that we get these kind of wild market moves and shows you what thin liquidity is in markets right now. there was an order that was incorrect, or a round

laura wright is in london hq. what is elon musk up to? mark champion will discuss the latest in ukraine. juliette saly will tie it together in the asian session. the blockchain behind the collapse, stable coin, focused its processing new transactions for a second time in less then 24 hours. janet yellen has given the u.s. government -- response saying it underscores the risks associated with this asset class. >> i would not characterize it at this scale as a real threat to financial stability, but they are growing very rapidly and present the same kind of risks we have known for centuries in connection with bank runs. >> garfield joins me. you inspired me, i went off and you made the charge. this crypto implosion is a moment of confidence brigging rather than systemic risk to markets, agreed? >> i would agree with that. part of it is because crypto has kind of become part of the furniture between musk, tesla, the things going on with that, institutional investors. the days of huge gains had been somewhat behind, as it was expected to alwa

francine: laura wright in london. eu leaders agreed to pursue a partial ban on russian oil, we will look ahead to their meeting today, and discuss inflation. our maria tadeo is on the ground. markets putting a lot of pressure, trying to work through higher inflation and the higher cost of oil, for how aggressive central banks will need to be to rein in inflation. the euro stoxx 600 to down .4%, technology stocks underpinning some gains in europe, but worries about inflation underpinning everything else. this is bloomberg. ♪ francine: welcome back to the open, everyone. we are 30 minutes into the european trading day and hear your top stories. eu leaders agreed to ban most russian oil, paving the way for sanctions on putin. brent jumped for the ninth straight day. china's economic contraction eases, signaling the worst of the lockdowns may be passed, mainland of stoxx climb. waller says he favors 50 basis point rate hikes until inflation comes down. let's take a look at sectors on the move. the pressure not only in t

i'm laura wright. this is bloomberg. ♪ >> we know we are not in the 90's anymore. we are dealing with higher inflation, much higher inflation volatility and uncertainty on monetary policy. even the growth picture is uncertain. jonathan: a tough week in the market, that was the managing director for portfolio strategy at goldman sachs. we asked whether this was a bubble bursting and he said it was a valuation rereading. futures s&p up 1%, the nasdaq up 1.7. the euro-dollar a small bounce, 103.8 two. levels we have not seen in 20 years on euro-dollar. tom: i had to take a sip of tang, i'm thinking of the account that has had a valuation sales account. what do you think here? what is the key level? i think it is before parity. jonathan: it was one of 3.88, that was the previous low in 2016. the next step is the ecb and how present the guard guides us through the rest of the year and how much tightening they can deliver given what we expect to happen to the economy. tom: stephen england is with us, one of the best on cross rates, he is with the standard chartered banks

scott neal wright, sam neill, jeff goldblum and laura dern they're bringing the original cast back. but so just like jurassic park the dinosaurs break out they eat a lot of people like technology has cloned a dinosaurs. that was a huge mistake shouldn't have happened. but at the same time like the catchphrase like the main thing is like life finds away. there's some there's like real hope in jurassic park and it's just bright and gorgeous and the the image. i mean, even the nighttime scenes of the t-rex. yeah. yeah. it's a literal amusement park. where are we in 2020. it's jurassic world dominion. i can't even see their faces jeff and you can't even so yeah, right. i couldn't recognize him right like where's the future in 2022? it's like oh, is not good. like there's not a lot of like the future is good happening right now in our culture. this is tracking. yeah. movie is the time rex. yeah. curious about your thoughts on like how much this kind of polarizing like utopian dystopian outlook towards the future is like tied to either the age of the people who are creating the media or t

i'm christine romans. >> i'm laura jarrett. "new day" starts right now. ♪ >>> good morning to viewers here in the u.s. and around the world. it is friday, may 6 and i'm brianna keilar with alex marquardt. john berman is off. and we're beginning with growing questions about what role if any the united states played in a major blow to the russian military. sources tell cnn that the u.s. provided intel that helped doom russia's flagship in the black sea, the moskva. this sank of course after ukrainian forces hit it with two cruise missiles last month. but the pentagon is pushing back on that story. defense officials denied giving ukraine any targeting information about the ship and they said that they were not involved with the ukra