bloomberg learned of the push back and in bloomberg businessweek. talk to us about what is going on here. >> so there is this interesting moment where the comment in the town was put online and people discover that even though mark and reason has been very vocal publicly about the need for states like california to build more in order to fix its housing shortage, it turns out that when people proposed changes in the town of atherton that would allow for the family housing, the neighbors get very upset, and atherton is the richest place in america. that is why the people who are upset tend to be the biggest names in tech, executives and others. emily: we actually have a letter from mark andreessen, he says he is writing to communicate his immense objection to multifamily housing in atherton. "please immediately remove all multifamily housing" -- in all caps. "overlay housing projects will increase noise pollution and traffic." you've referenced a blog post a couple of years ago he wrote that it is time to build, indicating -- it was a pretty big pict

this is bloomberg. ♪ john: welcome to bloomberg markets. caroline: let's check on the market. nvidia pulling back over revenue expectations putting a blunt on the market. lower on the s&p 500, calling it flat but the daunting nature of those numbers with the 10 year yield back off of the selloff. we are going for the into negative yield curve territory. i'm looking at the bloomberg. index, pulling back a bit, very much focused on the fed reaction. john: you talked about nvidia, deep into earnings season. the fact that we are getting earnings or update that are worrisome, rattling a few groups of investors today. outside of nvidia, waiting on that stop, inflation realities tyson booed off 7%. a lot of takeaways from the outlooks and earnings. tesla moving on the reaction to the big climate development of the washington. caroline: as we start the week, a lot of attention will be paid to the cpi report. you also have china, brazil, argentina. this is mindful and festers are paying attention. >> inflation. >> inflation. >> inflation is going to stay. >> we see peak inflation comin

this is bloomberg. shery: still ahead, the latest on the power crisis in china and the fallout for the world's food supply. we will dive deeper into the. -- into that. wealth wide financial ceo joins us to discuss our latest investment strategy. find out why she thinks we are in bull market rally. this is bloomberg. ♪ haidi: let's take a look at how u.s. futures are shaping up. s&p 500 scrapping the three days of gains should we have the fed minutes which throughout more options. s&p futures down a quarter of 1%. weakness across the dow futures as well as nasdaq futures. nasdaq 100 over 20%. our next guest says this is a bull market rally. joining us as the ceo at wealth plan financial that is the question. there is a camp that says this is the peak of the bear market rally. it is just a pause we are seeing. >> yeah and we have a few technical indicators that are telling us this could be a more sustained market run. one is the 50 day moving average and 90% of the essence you 500 trading of of the aver

this is bloomberg. leigh-ann: iran is signaling it may be closer to a deal with the u.s. that could restore iranian oil exports to global markets. iran has told the european union 's response to the proposal for reviving the 2015 nuclear accord. the government expects to hear back from negotiators in the next two days. the next prime minister of singapore is signaling the wealthy may have to pay more taxes. the deputy prime minister has told bloomberg the government needs to lead more in the direction of inclusive growth. in the u.s., the justice department opposes the release of an affidavit justifying at search warrant for documents at donald's home in florida. the search warrant has been released but the justice department says the affidavit include sensitive information about the investigation, including witnesses interviewed by the government. after a number of delays apple has set a september 15 deadline for corporate employees to be in the office at least three days a week. coronavirus delayed th

this is bloomberg. ♪ >> markets, on how hawkish the central bankers will be as they gather this week at jackson hole. we spoke to john taylor who was at the very first conference for decades ago, he says the fed should be more commute to give about where -- communicative about where policy will go. >> if they say sunday five basis points, they do not know, there is some discussion about, -- 75 basis points, they do not know, there is some indication on the way. the more the fed can communicate, the more effective it is. it would like to get back to 2% inflation it needs to go to a monetary policy that reduces growth. that communication, that stipulated about what the policy will be like is very important right now. i hope the fed does that. >> when it comes to where we are at in the markets we are exceeding extreme looseness -- bullishness, not so much today, over the years for you, what will have financial positions played, or should the fed pay more attention to this to bring down the bullishness we

i am kriti gupta, bloomberg markets bank -- "bloomberg markets" starts now. kriti: in the last 30 minutes to one hour, the markets have --that means volatility is baked into the market. you have the nasdaq up almost 1% in the session, now tearing those gains. the s&p 500 up .2%. the volatility picture is in the bond market. the 10 year yield at 3.1%. intraday volatility is 10 to 12 basis points. the nerves are settling in before jackson hole. we will ask michael mckee in a moment. the dollar index inching up .2% of 1% and crude is down .1%. at the end of the day, it is about the federal reserve. we were talking earlier about how the fed should approach inflation. look at this. >> we need to hold the fed's feet to the fire on what they want to see for inflation. if you are waiting for inflation to get to 2%, it will be higher than anyone appreciates. i think they know better than that and they need to feel that narrative. i think if i am wrong and they keep on hiking breaks -- hiking rates, the hiking cycle will go on longer than anyone appreciates. kriti: joi

this is bloomberg. ♪ kriti: this is "bloomberg markets." let's talk about the price action we have seen. a real tumble. all roads lead to the dollar. that brings me to my chart of the day. vxy index. the weakness in the euro, dropping below parity. we drank -- we bring it back to the global financial crisis. it is not just about a strengthening dollar. it is about the margin of the move. you can see this progression line. that was mirrored in 2014. even back in 2008. the question here is, is the dollar living the market? how much of the commodi market is moving the euro. we will talk about that with mark mccormick. bloomberg spoke with stephen england are, global head of g10 fx research who outlined the vergence as you are seeing in terms of the supply chain disruptions take a listen. stephen: like a greek tragedy there is not much they can do. the economy is weak. when we talk about supply chain disruption, they are not able to keep their homes. that is really weighing on sentiment. the ecb does not have the tools to address that. u.k. inf

bloomberg, founder of bloomberg lp and bloomberg philanthropies. coming up, is crypto back? ftx will weigh in. this is bloomberg. ♪ jon: this is "bloomberg markets ." i am jon erlichman alongside kriti gupta. time for what it's worth. the price of bitcoin is what we are watching. currently stands just under $20,000 a coin. if you think about where we were at the start of this month, closer to $24,000 and $50,000 at the start of the year. obviously, this is something we continue to watch. the outlook for the crypto market, someone who think a lot about this is the head of ftx, sam bankman-fried. he has more to say about the decline. sam: i think it is coming back. a lot of this is going to have to -- if we see markets crash again, we will see crypto crash along with it. we are going to see crypto recovery along with market recovery. but it is flushed out a lot of the things that needed to be flushed out anyway. kriti: to hear more from sam bankman-fried watch the david rubenstein show "peer-to-peer conversations" on bloomberg television. it is interesting to talk about this

this is bloomberg. paul: still to come, a deputy governor tells us about the city's ambitious plan to build a city in the middle of tokyo bay. a preview in asia with pmi readings. more with moody's analytics. this is bloomberg. ♪ >> open market committee's over focus is to bring inflation back down to art to percent goal. >> i think we will left to move enough above 4% and probably need to hold them to their next year. >> inflation is extremely high, sort of unimaginable 18 months ago. >> we have to get interest rates higher to slow down demand and bring inflation back to our target. >> we get to above 3.4% by year end, and we see. we have to let this play out. >> it could be over 4%. >> i have said 3.75% to 4% by the end of this year. i would like to get to that level and the sooner the better. kathleen: fed officials speaking about the outlook for rate hikes and inflation. let's take a look at the week ahead. we will be getting the latest u.s. jobs report ahead of the september policy meeting for th

in washington for bloomberg. katie greifeld, ending the week strong for tech? katie: pretty strong. this is single stock split but look at indexes. the s&p 500 finished tire. nasdaq 100 finished tire as well. you get c bonds rally little bit, just five basis points or so. i am going to continue to fold that into this risk on mood. you saw bitcoin out a little bit of again. the board has flipped to the after-hours trade, but bitcoin is higher. it is $24,000 a going, we haven't been at those levels in a little bit. and this was a big finish to what has been a big week. look at the nasdaq 100, this was the fourth straight week of gains. if you look at the start, a lot of red on the screen, that is the longest, consecutive weekly rally since november 2021. i don't know, maybe we are at the ball market -- bull market, but it has been quite a run for tech stocks. look at individual names, this is lower today after news this morning about china delisting five of its largest state-owned companies from u.s. exchanges. tha

this is bloomberg. ♪ jon: welcome to "bloomberg markets." taylor: the equity markets near the highs of the session. lighted and inspected volume. a 1% gain on the s&p 500. bit tech -- big tech is the big outperformer today. -40 basis points. the magnitude of what 40 basis points of the inversion really does mean. of course the breakevens. i bring this up, the five-year breakevens around 270. off a strong university of michigan sentiment survey. five to 10-years out the expectations look entrenched. that's a key data point i continue to watch. jon: helpful context. let's look under the hood at some of the specifics. stock movers. taylor talking about tech's outperformance. bloomberg doing excellent reporting on community -- continued demand for iphone. the shares climbing right now. oil went against dow component chevron. we got sobering comments from a company who ceo we spoke to on bloomberg markets. big development over the course of the day with peloton. we will have more details on upcoming job changes and strategy shifts on pricing as w

this is bloomberg. ♪ taylor: this is "bloomberg markets" and i'm taylor riggs. now to a great skit with broken just in the last hour. apple aiming to hold a launch event on september 7, all to unveil the iphone 14. here with more details is marked of bloomberg technology. mark, what do you hear about the iphone 14? mark: thank you for having me. wednesday, september 7, is the current plan to announce iphone 14 in the next version of the apple watch. these are pretty big upgrades for both products. for the phone, it is going to be the biggest upgrade in two years. this year, it is all about the iphone 14 pro. you're going to see the biggest megapixel jump in terms of an iphone in its history, moving to a 48 megapixel center on the wide-angle camera, the main lens, to get a little bit more technical on that. you are going to see a faster chip in the per model. the most interesting thing to me is a new look for the front of the fund -- of the phone, a bevel around the area of the phone. that will be a little thinner. in addition, the notch, we have the front facing

this is bloomberg. ♪ manus: it is "bloomberg daybreak: europe." i am manus cranny alongside dani burger. preparing for the 20 summit. it is confirmed to bloomberg that xi jinping and vladimir putin are planning to attend. he spoke to bloomberg's editor-in-chief. >> the rivalry of the big countries is worrying. we want things to be stable and peaceful. this is not only in indonesia. asian countries also want this. this visit did not help stability. >> what we really want is stability. key stability. >> there is a concern that if there is a conflict in taiwan, it would spill over into the south china sea where there is territory that china can contest. in indonesia ready to defend themselves? are you ready for that conflict if it happens? >> we want the region to be peaceful. it should not come to the point where tensions arise and affect economic growth and the well-being of people. in my opinion, it is very important that there is a space for dialogue. especially in the big countries. the global situation is extremely difficult and this is not the

let's get to the bloomberg business flash. laura: european national -- natural gas futures added to their gains. the benchmark settled at 241 euros per megawatt hour. weeks after russia's invasion of -- meeting -- they are 11 times higher than usual. china tourism group has raised about $2 billion in its hong kong offering. the shortstop on august 25. it is the biggest listing in the asian financial hub so far this year. that is the bloomberg business flash. francine: laura wright in london. whoever becomes uk prime minister next month we'll have a double-digit inflation number over their heads. we'll talk about the health of the economy, what that means for stocks overall, the dollar climbs toward a one month high. geopolitical tensions may also be in the mix. indonesia's president said both xi jinping and vladimir putin plan to be at the g20. this is bloomberg. ♪ francine: welcome back to the open. here are your top stories. a summit like no other, indonesia's president says xi jinping and vladimir putin will attend the g

this is bloomberg. jon: this is bloomberg markets. taylor, some five months after disclosing a stake in bed, bath & beyond, ryan: is looking for an out. -- brian cohen is looking for an out. bailey, your story, there has been an insatiable appetite for it over the last several hours. ryan cohen, what do we know about why he is looking for and exit? bailey: we do not have specific details other than the fact that the stock is down quite a bit. there is an intent to sell his entire stake, just over 7 million shares, but there has not really been a clear announcement or driver. he has been pushing for spin off of by, by baby. there has been some spin off of their dialogue. -- but it was definitely a filing that caught wall street and retail traders by surprise. taylor: let's talk about wall street. i am reading a note from a keybank analyst saying it does remain a challenge. you talk about some of the parts of the business and reiterating a price target, see. right now, i am looking at $18. thinking about this stock? bailey: the whole is

this is bloomberg. ♪ kriti: this is bloomberg markets. u.s. house speaker nancy pelosi is wrapping up her asian trip with stops in south korea and japan but her main focus was the taiwan stop where she met lawmakers and taiwan's president. john authers wrote a fascinating column today almost connecting the dots between what was going on in taiwan and geopolitics with the volatility we see in the bond market as well. let's start with geopolitics. a lot of concerns about the taiwan strait. 88% of the largest ships cross here. now you have military drills in the region. it feels like deja vu from the trade war. john: it is potentially that much scarier because there is a suggestion that a hot war could happen. and in the case of taiwan, we do need their semiconductors. they've got a lot of them. china would like to compete with them anyway but they are far more important even than ukraine. so yes, the risks are a trade war combined with ukraine. kriti: you are also seeing the opposite trade relative to the trade war. and what we saw back then, i

this is bloomberg. ♪ >> this is bloomberg markets: european close. i'm ritika gupta. coming up the former u.s. ambassador to china joining bloomberg television. this is bloomberg. ♪ keeping up-to-date with news from around the world, here's the first word. in the u.k., rishi sunak is bound to cut personal taxes. rival liz truss's campaign -- she is ahead of him in the contest to succeed boris johnson as prime minister and party leader. postal ballots started arriving today. the winner will be announced. house speaker nancy pelosi plans to visit taiwan despite warnings from china that there would be consequences if she does so. pelosi visit would be a landmark move by u.s. officials and raise the likelihood of a military confrontation since china claims taiwan to be part of china. global news 24 hours a day on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in over 120 countries. i'm took a group to. this is bloomberg. kailey: let's get more on pelosi's trip to taiwan. working under the assumption that nancy pelosi will travel to ta

>> this is "bloomberg daybreak: europe." i'm dani burger in london with manus cranny in two so the stories that set your agenda. manus: message received. u.s. markets fall as wall street digests jay powell's warnings. neel kashkari says it is a sign investors are listening. >> actually happy to see how chair powell's jackson hole speech was received. people now understand the commitment to getting inflation back down to 2%. manus: the european union considers decoupling gas and electricity prices ahead of an emergency energy meeting in brussels. the u.k. chancellor tells bloomberg it's working on additional measures to help households and businesses with skyhigh energy bills. >> we know we need to do more because by december, january coming into next year, there is ill -- i'm preparing options for the new incoming prime minister to be able to do even more. manus: it is a one point $5 trillion of an equity market implosion to get the fed to say, look, we are glad you are listening. i wonder how much more pain these markets ha

this is bloomberg. this was a good report. >> the data allows relief. >> is nothing like we are out of the woods. >> the fed has plenty more work to do. >> we don't expect we are finished. >> the fed will hike in september. >> perhaps, 75. >> our goal is 50 basis points. >> it looks like 50, 25, 25, a more moderated pace. >> is still a ton of tightening. >> i expect at the end of the year the federal funds range will be 3.25 to 3.5%. >> the markets are not believing the fed is ready to bring inflation down anytime soon. >> this is the first hand that maybe inflation is starting to move in the right direction, but it does not change my path. >> our guests reacting to the u.s. cpi print. our next guest says it is too early to say that inflation in the u.s. has peaked and at the moment we are seeing a powerful short covering rally mixed in with some liquidity. with us is dan katz, portfolio manager at amber waves partners. one print does not make a deflationary print. look at this chart that suggests on av

this is bloomberg. ♪ >> it's time for the bloomberg business flash. the u.k. is bracing for blackouts and natural gas power cuts in january under what the government calls a worst-case scenario. they could face capacity shortfalls during peak demand. all this according to people familiar with the government planning. domino's 29 branches and have closed after the company shuttered operations there. domino's borrowed heavily, the expansion rented to trouble as -- another band of extreme heat is in europe. this is likely going to leave the u.s. government to cut its estimates for stockpiles in record -- report this week. temperatures in paris are going to hit 94 degrees fahrenheit. guy: thank you very much indeed. consumers need to get used to 100 bucks a barrel. will that mean at the pump and for inflation? we'll talk about all of that. scott sheffield sees $100 going forward. i don't know if that is that pessimistic. our exclusive interview with him is next. this is bloomberg. ♪ guy: it's been a bus

this is bloomberg. ♪ dani: welcome back to "bloomberg daybreak: europe." i'm dani burger in london with manus cranny in dubai. it is the unmissable event. this year, jackson hole will have even more weight than usual. we will hear from the full range of regional fed presidents as well as from chair jay powell on -- how many clues he will give on the size of the hikes we could see coming in september. manus: certainly, the dollar is primed both in terms of rates and fear but let me just put it to you, what stephen gallo has to say. the fed's influence on the dollar has mostly dissipated. but the influence of the dollar over risk appetite levels and the ability of the deteriorating financial conditions to cause the dollar to strengthen are both still elevated. medium-term punch to medium-term drop. stephen gallo is the head of fx strategy. i like the narrative. we talked about dollar exhaustion but you make it very clear. what the fed is next is not necessarily what drives the dollar. it is that sense of fear in global markets. talk us through whether there'

this is bloomberg. shery: we are counting down to the start of trading. so car makes a trading debut. the car trading backed by softbank has its ipo fundraising target pricing shares well below their market read. we will get to read on the korea 20 day trade balance for august. exports and imports double-digit gains in the past 10 days. so will begin its biggest joint military exercises with washington after a five-year hiatus that failed to convince north korea to make concessions. here is a check of the latest business flash headlines. berkshire hathaway approval from u.s. regulators to buy as much as 15% of occidental petroleum. rupture spend the year wagering more on occidental after first making a bet on a houston bet oil company three years ago. occidental stock had its biggest again in five months. billionaire ryan cohen pocketed a $58 million profit from the sale of his stake in bed, bath & beyond, and investment he held for seven months. he scored a 56% gain. other retail traders are feeling th

this is bloomberg. ♪ guy: earlier in the u.k. economists at citi put out a note suggest inflation in the u.k. could hit the highest level since half a century. they wrote "we expect cpi inflation to p at over 18% in january, rpi inflation we think will peak at over 20%. should signs of more embedded inflation emerge we think 6% or 7% will be required to bring inflation dynamics under control." that is not what is priced right now but the projections on where u.k. inflation have been going have been significantly wrong and have been underestimating the impact. you can see the charts on the bloomberg that show what is happening with food and energy inflation and the impact it is having on households in the u.k.. as a father of two boys, i'm certainly feeling it right now. joining us now is bloomberg economic reporter. how did citi get to this number? >> it reflects the fact that in the last week there was a 20% energy increase in u.k. energy prices and they have added that impact on what bb the household regulate -- on what will be

this is bloomberg. ♪ ritika: this is bloomberg markets. you are looking at a live shot of the principal room. coming up, the nobel laureate in economics 12:00 noon time. this is bloomberg. keeping you up-to-date with news from around the world, here is the first word. president biden is set to announce a four month extension of the moratorium on repaying student loan debt as part of a broader package that is expected to include debt forgiveness. $10,000 in debt will be forgiven. 20,000 if the student received a pell grant. president biden says he is proud to announce the u.s. is giving almost $3 billion more in weapons to ukraine. the announcement came on the day ukraine celebrates its independence. it is also the six-month anniversary of the day russia invaded. about one in six american homes has fallen behind on the utility bills, and faces the possibility of a shut off, according to the national energy assistance director. it is the worst crisis the group has ever documented. there has been a surge in electricity prices, propelled by th

this is bloomberg. ♪ >> it was taken as almost automatic. six months or a year ago that at some point the chinese economy would surpass the american economy in terms of total gdp and market exchange rates. that is now much less clear. >> treasury secretary lawrence summers, saying local governments could sell more than two a 29 billion dollars in bonds to fund budget gaps, to shore up an economy that has been hit by worsening covid outbreaks. head of emergency -- emerging-market strategy at td security, hearing all of these concerns, the energy crunch and many -- major cities are affecting a lot of the automakers in particular. going forward, how deep of a structural slowdown does is factor for china? in this year even if stabilization is the name of the game, ongoing will be longer-term issues. >> clearly there are longer-term issues. the population is an aging one in china. it will have an impact on growth and productivity, and the next several months on the biggest weights on the economy is clearly

this is bloomberg. ♪ ritika: this is bloomberg markets: european close. coming up, the airbnb ceo joins bloomberg television. this is bloomberg. guy: the bank of england is expected to push through its biggest rate hike in 27 years tomorrow and expected to unveil its strategy for unwinding the stimulus further. joining us is the president of the piece of institute for international economics, a voting member of the bank of england from 2009 to 2012. adam, how hard is the bank of england going have to go? the national institute for social research had a report out earlier on that talked about astronomic inflation being an issue in the u.k. they talked about rpi going circa 18%. what you think of that report and how do you think the bank of england needs to respond? >> just turning up the volume, the better to hear you with, guide. it is solid but more solid on the policy recommendations, fiscal and monetary then thinking of a specific number. it is their job to forecast. i don't like the adjective astounding, but they are right that the bank of england is

this is bloomberg rid --. buried in receipts, invoices and other paperwork that's preventing you from doing what matters most? then get the all new epson rapidreceipt smart organizer to scan, digitize and organize your documents and receipts. paper goes in and stress goes away. it's the only solution on the market specifically designed to extract and digitize key data trapped on receipts and invoices. and it integrates with financial software like quickbooks and turbotax. transform paper documents like contracts, tax records, warranties, wills, even recipes, into searchable pdfs. so the information is always right at your fingertips, safe and secure. with this exclusive tv offer, you'll get over $300 in added value, including a robust time saving software bundle. plus get free shipping and a money back guarantee. act now and save up to $100 for a limited time. people everywhere love the epson rapidreceipt smart organizer. when tax time rolls around, my clients need me to be ready. this smart organizer allows m

this is bloomberg. kathleen: still ahead, we have a jackson hole debrief, and university of chicago professor following jerome powell's hawkish speech. and look at the trading week ahead with wells fargo who sees no surprises in jerome powell's speech and no pivot on the horizon. this is bloomberg. ♪ >> the focus right now is to bring inflation back down to our 2% goal. >> i think we have to move up, above 4%. probably need to hold that there next year. >> inflation is extremely high, it is unimaginable, 18 months ago. >> we have to get interest rates higher to slow down demand and bring inflation back to our target. >> we get above 3.4% at year end, we are at 3.4%, we have to that some of this play out. >> it could be over 4%, i do not think that is out of the question. >> by the end of this year i would like to get to the level and sooner is better. kathleen: speaking about the outlook for rate hikes and inflation, they are going up. we look at the week ahead, the latest jobs report after the septem

this is bloomberg. >> welcome to "bloomberg markets ." >> happy friday. counting you down to some -- rolling over down your some of the lows of the session. firmly back, on the nasdaq. the nasdaq 100, as well. yields continuing to rise. 10 year yields up nine basis points on the day. rounding out assets. similar to the 20 handle. a lot of volatility at the closing bell. jon: helpful context on the macro story today. when you are looking under the hood, fewer movers to the upside. we have watched a stock like general motors moving up 1.5%. stock buyback news has encouraged investors. we continue to see a host of different themes. you have the surge in footlocker shares, wall street loves news. they are not enthused about the situation at wayfair. the hangover after the spending online. the story of the week, arguably in the markets of bed bath & beyond, down a whopping 40% after ryan culling doing what we thought he would do. taylor: you told me we would only do fundamentals on this program, we can do it all. the u.s. dollar strengthening for a third day.

this is bloomberg. ♪ hi, i'm denise. i've lost over 22 pounds with golo in six months and i've kept it off for over a year. i was skeptical about golo in the beginning because i've tried so many different types of diet products before. i've tried detox, i've tried teas, i've tried all different types of pills, so i was skeptical about anything working because it never did. but look what golo has done. look what it has done. i'm in a size 4 pair of pants. go golo. (soft music) >> you are watching "daybreak australia." fed officials are vague on rate hikes. fed president said repeatedly curbing the hottest prices and decades are the top priority. john williams sees -- richmond will focus on data. the u.s. job openings rose unexpectedly in july as employers compete for a limited supply of workers. the number of available positions aged 211.2 million. the chinese communist party leadership congress will begin on october 16 area xi jinping is closer to his third term in power. pakistan and the united nations medline stem appe

this is bloomberg. ♪ >> the u.s. economy right now is in a stronger and more resilient place than any other major economy globally. and to actually navigate the global challenges we face, which include potential growth slowdown in china and the impact of the wards in ukraine. there is a lot of uncertainty in the six to 12 month horizon. we are still focused on the global threats we face, including the energy market and the second order implications of the war in ukraine, but if you look at the steps we are taking in the policy actions, it is the case that the inflation reduction act, the chips and science bill that we passed a while ago, those are going to help. francine: u.s. national economic council director brian deese. investors are pulling back from their pessimism from stocks and speculation that inflation has peaked. that is according to the bank of america investors survey. back with us is lynn thomasson from the markets team, and this is what you are pointing to. data points that we would have ignored 18 mo

this is bloomberg. kathleen: an outlook on a foreign exchange market and bullish on the buy and the singapore dollar. objects and hope it continues as markets rattled by the rates the message, argus argues that inflation will not come down until geopolitical crises are resolved. this is bloomberg. ♪ >> responsibility it will require a restrictive stance for some time. >> increasingly vulnerable 5% like chairman powell issued. >> inflation is likely to be high for a while. >> our mandate is a price stability and we will work accordingly. >> we are in a better position, we hope that there will be another capital rate hike. >> we are taking forceful and rapid steps. we will keep at it until our job is done. >> fighting uphill with friction in the global system. haidi: some of the top economic voices. a global strategist, michael, great to have you with us. you talk about relief that sustained higher rates are going to be required and we are not quite sure whether that was addressed at jackson hole. you s

this is bloomberg. ♪ >> time for the bloomberg business flash, a look at the biggest business stories in the news. in sports, bloomberg has learned the glazer family in the u.s. will consider selling a minority stake in manchester united. they are not yet ready to give up control of the team which could be valued at $6 billion paid fans are calling for a change in ownership because of its relative lack of success. the only drug maker with an approved vaccine for monkeypox is no longer sure it can meet demand. they may outsource some production including technology transfer to u.s. contract manufacturer. monkeypox has spread to thousands of people in more than 70 countries in just a few months. norway's sovereign wealth fund posted its biggest loss on record. it lost 174 billion dollars in the first half of the year. a more than 14% decline. we spoke with the ceo. >> we came into this year with some under weighted shares and a less risky bond portfolio. we've taken off some of that weight. we remain slightly cautious. clearly markets don't go down a straight line and we are certain in

this is bloomberg. shery: still ahead, we talk about china earnings seasons and the challenges the nation is facing. up next, we discussed investment strategy with the mainstreet cio, the 10 year yield is the leading indicator of u.s. market sentiment. this is bloomberg. ♪ shery: traders are bracing for hawkish talk by the fed this week. >> i think the u.s. does not have quite the same degree as china. in europe, you have the gas issue. there is nothing quite to the same degree we have in the u.s.. it's going to be a slow growth environment, below track. that is why financial conditions are where they are. you have the fiscal drag. plenty of headwinds, but i do not think it's quite as bad as in china or europe. >> how do you expect chairman powell to navigate that? >> is bouncing between two things. he will lay out the case for slowing the pace of increases, 275 -- two 75 basis point moves. i do not think he will be specific about the number, but he will be saying there is a risk of over tightening. i

this is bloomberg. ritika: keeping you up-to-date with news from around the world, here's a first word. i'm ritika gupta. nasa is to take its first step to return people to the moon in this decade. the uncrewed artemis 1 is scheduled to circle the moon in orbit that will take it deep into space and then return it to earth today's later. it is at a take off today. juniors were looking at a leak earlier. u.s. navy warships sailed through the taiwan strait for the first time since speaker nancy pelosi's trip to the island. the navy said its ships were demonstrating its commitment to a free and open into pacific. goldman sachs says interest rates -- says interest rates shoot be raised. the euro zone releases the latest inflation data wednesday. in the u.k., the front runners to become the next prime minister, liz truss, is reportedly -- that could head off criticism. credit suisse is reviewing their long-term plans for its business in mainland china. it's part of a broader strategy revamp after the lender r

this is bloomberg. ♪ caroline: this is "bloomberg markets." electric vehicle maker rivian will be out with earning results today. that's as the industry navigates supply chain disruptions, chip shortages, but is not to startups focusing on electric vehicles right now. ted cannis is with us. reservations have been strong. 24,000 reservations at the end of november. how are we seeing reservations turn into sales? ted: thank you for having me here. we sold 3000 vehicles today the u.s. 95% of the electric van business . almost a third of the segment share. we are seeing tremendous demand. people pencil in the numbers. i'm saving repairs and fuel with prices going up. it's a better business decision for many customers. caroline: you are offering the sales initially but then servicing. i'm interested in what sort of vehicle sales looks like in terms of profitability. ted: ford probe is focused for productivity beyond just vehicles. software, charging, service, financing bundled together and set of fragmented suppliers the businesses have to deal wit

this is bloomberg. ♪ mark: welcome to the bnn and bloomberg audience. i am mark crumpton with first word news. a missile strike in crimea was met with celebration in ukraine and consternation in moscow. they decried the missile strike while ukraine and officials did not directly claim responsibility. a top aide to president zelensky call the blast, "just the beginning." u.s. defense secretary lloyd austin enforced the pledge that washington and allies will continue supplying military aid to ukraine to help it repel russia's invasion. russia has resumed oil flows toward ukraine. the largest oil refinery in hungary says it resolved the dispute that led to the halt in oil flows to central europe. european sanctions had prevented russia from paying the transit fee to let the oil pass through. in moscow, a russian journalist who staged an antiwar protest on the main news channel said police raided her home as part of a new fake news probe against her. she says 10 police and officers from the investigative committee, the russian equivalent of the fbi, took he

"bloomberg markets" begins now. kriti: on the surface, it looks there is little optimism in the markets but take a breath for a second. online volume is thin liquidity, not a lot of people are actively participating in the market. the s&p 500 up .5%. what is interesting to me is the cross asset picture. even though the s&p 500 is finding optimism a little bullish on the surface, you are not seeing that across the board. you see deals down for basis points. 306 on the 10 year yield and with those lower, the dollar is lower as well. with brent crude, which i like to use as a better risk sentiment indicator, to back up with the stock market is saying, today they are not backing up at all. brent crude trading a down about .3%. markets clearly focused on chairman powell's comments from jackson hole, wyoming tomorrow. joining us with beautiful scenery on the ground, bloomberg international economics and policy correspondent michael mckee. you as always for joining us. what is the move there? what can chairman powell actua

this is bloomberg. ♪ jon: this is bloomberg markets. time now for what it is worth, we are back on the inflation focus. this time in canada, 7.6% was what we saw in terms of consumer prices in this country year-over-year on the still pretty high. the thing is, this number was down substantially from what we had seen in june at 8.1%. the headline reading would suggest maybe we have seen peak inflation. when you look under the hood, different take away. but a spring in erik hertzberg with more details. -- that is ring in erik hertzberg with more details. in a most seems like this would be a similar reaction to what we saw in the u.s. last week. when it comes to the core inflation story, it is a reminder a rake -- rate hike is on the horizon. erik: it came down to 7.6% year-over-year. if you look under the hood into the details, you saw a lot of the core measures strengthening. you saw measures like the comment to cups essentially. you saw the debate of canada falls closely rising to 5.3%, a record going back. some tightening there. energy

this is bloomberg. jon: welcome to bloomberg markets. caroline: a recent conversation we have two day, we are off by 5/10 of 1% with the chipmaker coming out with worse than expected results. money is being pulled out of the front end of the bond market. two-year yields are off by about seven basis points. bitcoin is falling. jon: if we look at the individual movers today, it's got to be a stock specific story. the bio group is looking to hit the finish line. whether it's what we heard from micron which does -- which is down about 5% warner ouija and cruise lines is impacted the travel sector there. it's down 11.5% and we will listen to what companies have to say after the bellum we will would be watching names like coinbase which is under pressure. caroline: investors are awaiting earnings and the key macro data. the market needs to keep an eye on the bigger picture. >> we are focused on the roll over in inflation. the bigger question is what's next. we were talking earlier and i think markets are entirely too comfortable with this noti

i love this bloomberg function. you can type it on your bloomberg terminal and energy is the only one seeing gains on the back of what we heard from the saudi oil minister say they could cut production because of the imbalance. everything is down. those are the industries that are looking the worst. let's get over to our bloomberg mliv managing editor, mark cudmore. you are looking at germany. mark: good morning. of course, fx are completely in focus with the euro-dollar smashing through parity this week and continuing its slump today. it has had a bad run and one of the reasons is because of the massive energy crisis in europe and the supply-side inflation problem. that means the deeply negative real yields across the european continent look set to stay negative. this is german gilt yields as measured by the two year rate in germany versus the headline german cpi print. this is the real impact that many people feel. as we look back over the last 30 years, we have fallen into unprecedented territory over the past ye

bloomberg spoke with -- bloomberg spoke with the ceo earlier today. take a look. [video clip] >> our customers need financing for their activities. we are here. we are ready to land. this is the main driver of our activities. i am not saying we will have the same level of revenue and reserve in the next quarter, but the trend on which we are stable. kailey: credit squeeze is looking to cut thousands of jobs. what are the numbers we are talking and what divisions and in what time frames? >> these are pretty aggressive. they are looking at cutting thousands of jobs. about 50,000 people. it sounds like to 50,000 perhaps. they are looking at that office, middle office and trouble to the investment bank as well. guy: what are people saying about how effective cost cuts could be? tom: it is a really interesting thing. the reason it worked in areas of compliance, risk, it was very difficult to cut back. part of the criticism is it is very tilted to things like -- that emerge out of those cuts. they cut back in other areas and became slightly lopsided. and now they are no

bloomberg's liana baker and paul verner of bloomberg intelligence. thank you. more changes for peloton after last week's layoffs and price hikes. think diy. it is retooling its bikes for self-assembly. that means customers will be able to put them together themselves. this is part of a wide-ranging turnaround by the new ceo, who is also planning to launch a rowing machine this year. bloomberg's mark gurman covers peloton for us. peloton just raised its prices, now it wants customers to put them back together themselves? mark: i wonder if dan loeb will try to get his hands on peloton. [laughter] clearly, they have a lot of changes to implement here. initiative last week as part of one layoffs was taking costs and dropping them significantly when it comes to distribution and warehouses. right? so they are laying of over 500 people that work in distribution. now, if you have ever bought a peloton before, this is how it works -- you order it online, they bring it in and unbox it and set it up for you, a $400 fee to consumers and very expensive for the company to ma

this is bloomberg. ♪ ritika: this is "bloomberg markets." i am rich a good group to -- ritika gupta. this is bloomberg. ♪ anna: can bring you up-to-date with news around the world, i am ritika gupta. elon musk became the world's richest person through an electric car company. he says he is not want to demonize fossil fuels. >> i think we actually need more oil and gas, not less. simultaneously moving as fast as we can to a sustainable energy economy. ritika: musk spoke as europe is grappling with the worst energy crisis in decades. the european union is planning action to dampen sewing power prices. ursula von der leyen spoke at a conference. >> electricity prices are exposing for different reasons the limitations of our current market design. ritika: wonder line since the eve is looking at a structural reform of the market. in france, the prime minister warned the country must end on energy consumption that is not necessary. >> various communities, businesses, citizens, everyone must play their part in their own way. we are entering an er

this is bloomberg markets. yvonne: our top story, china's factory activity sees a sharp contraction as covered outbreaks and strict lockdowns continue to weigh on the economy. neel kashkari says the central bank is committed to hitting its 2% inflation goal while doing everything i can to avoid recession. and we speak to the ceo of pacific basin shipping as they post its best ever profit. we ask what the results toss about overall demand for commodities. rishaad: we have a bit of a mixed back at the moment. u.s. equity features adding pressure to markets and currently japan is positive and the yen's appreciation continuing once more. of course we have challenges out there for china. pmi reads. what are you looking at? yvonne: as you mentioned, it seems like all this gloom around china is weighing on overall what we were seeing when it comes to asia. we are trying to see a bounceback in global stocks, the best in two years. we are kicking off the trending month and week here. it is looking mixed. a lot of downsi

global news 24 hours a day on air and on bloomberg quicktake. powered by more than 2700 journalists and analysts in over 120 countries. i'm vonnie quinn. this is bloomberg. shery: still ahead, a chief economist gives us her outlook for the u.s. economy and the chances of recession ahead of the payroll numbers. up next, big tech is doing better than feared, but risks remain in the second half. this is bloomberg. ♪ >> inflation >> inflation gets worse. >> inflation is going to stay. >> peak inflation coming sometime in the second half. >> simple reality is we are seeing inflation everywhere. might fall into recession. >> we see a softening of economic conditions in the second half of the year. potentially a modest recession. >> we are watching central banks reaction. >> a mixed of inflation and labor market circumstances. >> turbulent times as you have been saying. >> the shareholders meeting for tesla getting underway. shareholders have approved the stock split. you can see elon musk on stage. this was the big item on the agenda, the proposal f

this is bloomberg. ritika: giving you up-to-date with news rather world with the first word, i'm ritika gupta. not changing the minds of the federal reserve officials, two signaling the federal bank -- the central bank will stay on the path. the minneapolis fed president says he wants the benchmark rate at 4.4% by the end of 202023 -- 2023. a coordinated strike on a russian occupied airbase. this would be the largest single day in the war. nancy pelosi says the u.s. has to encourage a new normal with taiwan. they have regular military patrols around the island. she says china had been trying to push this on taiwan before she met a congressional delegation there last week. north korea's kim jong-un was recently year -- recently ill with covid, that is according to a representative who claims dirty things spread across the border. regular gas is dropped to $3.99, the lowest since early march. fuel perception is lower than it was two years ago in the midst of the pandemic. global news 24 hours a day, on ai

this is bloomberg. ♪ ritika: this is bloomberg markets. coming up, the yelp cfo joining bloomberg tv. this is bloomberg. kailey: we have to talk about the travel sector, because we have had a slew of travel earnings. which means airbnb, and the latest is expedia. topping expectations. revenue coming in ahead of analyst estimates, suggesting a solid start to the busiest travel season. joining us now is ceo peter kern with more. peter, obviously you're the -- your results show demand has been resilient through the second quarter. as you look forward, what does that demand picture look like? peter: thanks, kailey, for having me. let me say that right now pacings for the rest of the year are running ahead of 2019. there is strength for the rest of the summer. i think the macro backdrop, as you and guy have been spending all morning talking about, obviously is something we think about. right now travel seems to be the number one area people want to spend money on. recovering from when they were buying goods and other things during covid. that d

this is bloomberg. how will your business adapt to change? you could hire an office full of peyton mannings. what's up, peyton? good morning, peyton. hold for peyton. they'd huddle.... welcome to the peytonverse. such a visionary. game plan... you go. no, you go! and call audibles... double our investment in omaha! omaha! omaha! omaha! or you could use workday. omaha. the finance, hr and planning system used by over half of the fortune 500. for a be-agile-like-an-mvp world. workday. for a changing world. (♪ ♪) (racing sounds) (game chime) (silence) (♪ ♪) real luxury, real thrill. feel the rush of performance at the lexus golden opportunity sales event. (♪ ♪) >> you are watching daybreak: asia. i'm annabelle droulers. the fed's encores to double its pace of quantitative tightening starting this week. the balance sheet will shrink by $95 billion per month, $60 billion of treasury bonds and a 30 $5 billion of mortgage-backed securities. here is what makes that unique. to shrink its treasury hol

this is bloomberg "surveillance." [crosstalking] ♪ ritika: keeping up-to-date with his around the world. the biden administration has a judges order in idaho that women can get abortions. two research group say the government will have to drop previously on think about measures on the energy crisis. they are calling for covid-style emergency support. natural gas prices are about 10 times higher than the last decade average. a jury has awarded the widow of esquivel star kobe bryant $60 million in damages for the photos taken at the scene of the helicopter crash that killed her husband. another victim was awarded $15 million. photos were taken by emergency personnel and shared online. a weakness in the semiconductor industry and video gaming is disappointing. that comes two weeks after the company warned sales would come in well below original expectations. bed, bath & beyond is closing in on strategic partners. they will have a line of credit around $75 million. it will give bed, bath & beyond the freedom to move on.