this is bloomberg. ♪ >> still to come -- we speak to the university of sydney about the future of renewable energy and business in china. we will have more on that later. and is the chinese covid zero pivot feeling consumption? more, next. this is bloomberg. ♪ thanks to avalara, we can calculate sales tax automatically. avalarahhhhhh what if tax rates change? ahhhhhh filing sales tax returns? ahhhhhh business license guidance? ahhhhhh -cross-border sales? -ahhhhhh -item classification? -ahhhhhh does it connect with acc...? ahhhhhh ahhhhhh ahhhhhh >>nipun capital. there's been a rise in inflation as well. what sort of unintended consequence do you expect from the sharp rebound in consumption in china? >> the important thing to keep in mind as the sharp rebound is not only the change to covid policies, but also the stimulus for the property sector which has been struggling for the past few years. in addition, the chinese megacap stocks, i was at the policy is becoming more favorable there. so there's

this is bloomberg. ♪ jon: this is bloomberg markets. time for today's for what it's worth, that amount is 3.7 billion dollars, that is how much wells fargo agreed to pay tied to violations that harmed millions of customers in the past decade. the industry regulator citing everything from overdraft fees to people having their cars wrongly repossessed. joining us for more context on the settlement is sonali basak. we know the challenges wells fargo has been working through for years. what was the reaction to these developments? sonali: a few things, one is this might have been larger than initially expected, given 1.7 billion of this is a civil penalty. remember, they will have to take a pretax operating loss of $3.5 billion in the fourth quarter, that is in addition to already putting aside billions of dollars in the previous quarter to set aside for legal fees and regulatory actions. the other thing to note is there is good news and bad news. the good news being now that the number on the table, they can get past this. the bad news is t

this is bloomberg. ♪ >> the market thanks the fed will blink -- thinks the fed will blink when unemployment rate goes up. they say the talk is tough, but when the going gets difficulty fed will fold. that is one possible explosion, i do not believe that. metoo, they may have a more benign view about how inflation -- number two they may have a more benign view of how inflation will come down. >> i'll make it perfectly clear on this, we are not looking for a balance sheet session. it is very -- recession. it is very distinguished. it is not out of a price risk. >> shery: our next guest says they are worried about profit. william, good to have you with us. does this mean a longer bear market given that we already have a pretty long bull market? guest: it is an unfortunate possibility. we like most of the market, look for profits to decline the first half of next year and hopefully they will bottom in the market conditions after that. there is a risk that profit decline takes longer, the economy is slowin

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rasmus bech hansen of airfinity 's joining us next, this is bloomberg. ♪ ritika: this is bloomberg markets. coming up the heineken usa ceo at 2:30 p.m. new york time. this is bloomberg. keeping you up-to-date with news from around the world, here is first word. japan and the netherlands agreed to join the u.s. and tightening chipmaking machinery export to china. that is potentially debilitating blow to beijing's technology ambitions. the two countries are not good to announce they will adopt at least some of the measures the u.s. rolled out in october. covid is rapidly spreading through chinese households, and offices after pandemic rules were eased. it led to turmoil and poorly prepared hospitals. some facilities are struggling to find staff and others are suspending non-covert treatment. 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. guy: let us get more on china's reopening and the struggles. rasmus bech hansen joins us now. airfinity is a health analytics data company. what do you think the

this is bloomberg. ♪ this is bloomberg surveillance, early edition with francine lacqua. francine:

this is bloomberg. ♪ >> this is bloomberg markets. i am kriti. just an hour left before the fed decision. what we can expect from the fed and chair jay powell. there is a lot to digest here and interesting meeting going into what we will hear from in february. walk us through what we can expect. mike: if you are digesting what the fed will do this is a meal where the chef will tell you what you will get and what it will taste like. we know they will do 50 basis points because they pretty much all said that that is a range of four 25% and 45% area they will continue to raise rates and keep rates high for a long period of time. the question is how much and how long? then we will get a new summary of economic projections and a new dot plot and wall street will get interested of how high the fed thinks it needs to go and when it thinks it will give. >> what is interesting about this meeting is this is the meal that has already been pres decided in sense of what we can get but there are a lot of game changers. it felt like the market specifically thou

this is bloomberg. ♪ ♪♪ this... is the planning effect. this is how it feels to know you have a wealth plan that covers everything that's important to you. this is what it's like to have a dedicated fidelity advisor looking at your full financial picture. making sure you have the right balance of risk and reward. and helping you plan for future generations. this is "the planning effect" from fidelity. yvonne: let's do a crypto check. we're flat on bitcoin, hovering around the three week lows we have seen. the hawkish central banks roiling the trade once again. a bit of off-site when it comes to ftx, the latest when it comes to sam bankman-fried. we're learning he will fly to the u.s. today. he will be escorted by fbi agents, after he signed his surrender documents yesterday according to the bahamas acting commissioner. he will sign separate papers waiving his rights to extradition. that's the latest. he could be stepping onto u.s. soil soon. david: let's get reaction to this developing story. join

this is bloomberg. shery: still ahead, we will explore the space business with a japanese firm hoping to commercialize what it calls artificial shooting stars. up next, a look at the week ahead with sarah hunter. here why she is expecting his debt down from the fed and boe. this is bloomberg. ♪ >> i think there is a growing coming together that we probably are going to make more progress on inflation that many people inspect -- that many people expected, but it's because the fed is going to do what is necessary but there is likely to be some adverse aspect of that. shery: former treasury secretary larry summers on the fed's fight against installation. some of the biggest banks holding meetings on policy. on tuesday, the fed is expected to raise rates by 50 basis points, marking a downshift from four straight hikes of 75 basis points. the ecb expected to ease its recent eighth to half-point aided by a less aggressive fed. investors expect another half-point increase from the bank of england as well. ot

this is bloomberg. ♪ john: welcome to bloomberg markets. kriti: green on the screen for the equity markets. a lot of stories drive the macro action today. s&p 500 up 1.4%. it is not just the stock market. the bond market is as well. almost unchanged. underneath the surface, intraday volatility about five or six basis point in either direction. keep an eye on how the bond market chooses to close off the year. the volatility in the bond market, the dollar does follow. not by a massive margin but that tick by tick move matters. the dollar index stronger by just .1%. the crude markets really flying high alongside the equity market. brent crude trading at an $82 handle. john: it feels like you get there were dark and find generally speaking some green in the s&p 500. the earnings stories overnight that have fueled part of the rally have been some of the bigger gainers. nike shares of close to 14% after crowdpleasing numbers. the company showing signs of working through some excess inventory. we have seen a lift in names like footlocker and under

this is bloomberg. shery: still ahead, the chinese government advisor says 80% to 90% of the country's population may eventually be infected with covid. we will get insight from the harvard school of public health. plus, we will be looking deeper into beijing's new pro-world stands after months of economic turmoil triggered by covid restrictions, next. this is bloomberg . ♪ haidi: china's u-turn when it comes to covid control measures is being reflected a shift in narrative from government officials, advisors, and even state media. when advisor saying he believes that eventually 80% to 90% of the chinese will eventually get covid. let's bring in a la chief north asia correspondent, stephen engle in hong kong. this is a big departure from a few weeks ago, steve. stephen: absolutely. i find these comments coming from china's equivalent to the cdc's now advisor, senior advisor to the beijing government on covid controls. his comments are not anything extraordinary, but it is extraordinary that they were

this is bloomberg. ♪ >> you are back with bloomberg markets. tesla planning to lower production and deadline this would be the latest on that china is not meeting expectations. certainly we have this problem and more here as well. give us a sense of what is going on with tesla and its relationship with china. >> tesla had a really strong month in november in terms of output coming off the production line. those numbers top 100,000 units for the first time ever. most of those little cars going to the domestic market but some are also exported to europe and other parts of asia. the increase in production is likely because tesla actually upgraded the shanghai went in august to double capacity to about a million cars per year. at the same time, we are seeing this short and markedly. it is a sign that they are pumping out more cars than they are selling. any model three or model why should be delivered within the month. that is down from as low as four weeks in october and up to 22 weeks earlier this year. those cognizant of that -- we are hearing t

this is bloomberg. ♪ >> i am john, welcome to bloomberg markets. alix: i am alex, let's get a quick check on the markets. what i am checking is a lack of action in the equity market. s&p going nowhere fast, flat, having a hard time with coming up with direction. the bond market is a different story the dollar is trading heavy and you have a bid coming into the bond markets. i cannot make heads or tails of it. it does not feel like risk on and it does not feel like safety. you are looking at the 30 year yield below 3.5% and we have not seen that since december. one thing to point out, i am an oil geek, you have a crude -- you have crude at 72, 73. >> we see the deterioration in once hot energy stocks. we continue to track that, in movers, we have our eye on car vana, trading is resuming out of those circuit breakers. investors are nervous with 35% drop. you have the story of different outlooks, campbell soup pleasing the street with its performance up 5.5%, state street with a commitment to buy back stock. a crowdpleaser. you see the potentially rec

this is bloomberg. ♪ jon: this is "bloomberg markets." we want to get back to the news on goldman sachs that bloomberg just broke, the fact that the bank is drafting plans that could eliminate at least 400 positions from its lossmaking retail banking operations. on this specific business, which you have it reported pretty specifically on, what can you tell us about the motivation behind this move? >> there has obviously been a lot of scrutiny on their retail banking. it may differ rate into that space, where it hasn't quite gone to plan. there have been mounting losses in that division, accelerating even beyond early projections. that has first -- that has forced them to do a lot of rethinking and restructuring of the business. it was effectively an acknowledgment that it is cutting back ambitions for consumer banking. now, in the weeks since that announcement, we see some of the effects on that. one of the early effects is clearly that they will be cutting a few hundred jobs in that business as they try to figure out where else they need

"bloomberg daybreak: europe." this is"bloomberg daybreak: europe." i am dani burger in london. he inflation, softer than inspected -- softer -- he inflation, softer than expected. bonus cut surprise. we are told to expect cuts to bonuses from goldman sachs. let's start with that goldman sachs story. the bonus cut is expected to hit the firm's traders. context for how surprising this is, traders are bringing in profit for goldman sachs, one of the best performing divisions. the compensation pool for them will be slashed by a low double-digit percentage. this is for a trading division on track to see their biggest revenue hall in more than a decade. profitability concerns across entire business, considering how much they spent on the consumer division. it is being pulled back. other areas are also expecting a bonus cut. they told staffers that bonus season will be difficult. this is after we saw this huge bid for bonds. 10 year yield at one point yesterday hitting its lowest level since september. we do have a speech from chair powell yesterday, we had pc coming out. that is the

this is bloomberg. ♪ rishaad: this is bloomberg markets. leading the jump in video hardware sales his playstation. the latest sign of improving supply data. a 45% spurt in u.s. hardware sales in november. the playstation was the best-selling hardware platform in both units, as well as dollar sales, with the nintendo switch coming in second. aramco has started talks for a gas project that could help the development of midstream and downstream projects. we have markets in focus. looking at what is going on with regards to reopening. these are the property stocks which are having a tough time today. we are seeing a broad-based markdown. the big story in hong kong. the reopening basket up over 5%. haslinda: muted gains across asia as we await the crucial cpi data. that is it from bloomberg markets asia. keep it here with us. this is bloomberg. ♪ at fidelity, your dedicated advisor will work with you on a comprehensive wealth plan across your full financial picture. a plan with tax-smart investing strategies designed to help you keep more of w

this is bloomberg. amber: i am amber, in for jon erlichman. welcome to bloomberg markets. tim: i am tim stenovec. we are seeing a choppy day of trading at the s&p 500, down fractionally with tech stocks outperform, higher by .1%. the russell 2000 small caps under pressure right now. investors now are dealing with conflicting economic data, hotter than expected ppi and inflation expectations in the short-term at the lowest level in more than a year. we will have more in a minute. meanwhile, yields moving higher. the 10 year at 3.55% up by seven basis points. amber: i am taking a look at individual movers. the saga continues at carvana which continues to be volatile. we will call this a muted move. we are also tracking doc you sign. they have had a -- docusign. they have had a misfit year, but they are showing an optimistic forecast, bidding up the stock. lululemon, by all accounts when you look at the sales, would have sales that are envious of any retailer. double-digit growth in north america and abroad, but the margins have investors concerned as they see a huge surge in

this is bloomberg. ♪ alix: this is "bloomberg markets ." markets are moving so fast and furious i think it is worth another market check. the nasdaq 100 dropping 4%, the most intraday since october 7. the internals it is about the chips. nvidia, applied materials, advanced micro devices, all the worst performers in the s&p. carnival down 10% reverse in upside yesterday after the ok quarter although the outlook looked cloudy. tesla is down 10% as well. do not want to leave that one out. i want to report that working below some of these key levels is some of -- is quite important. jp morgan has a hedged equity fund. there is a huge call option with a strike price that we blew through. the idea is that a 1% move in the s&p would prompt option dealers to buy or sell stocks to the tune of $2 billion. she says it could increase to $4 billion next week. the upside moves and the downside likely see today will have a lot more impact as we go. nevertheless we typically see higher equities as we head into the holiday trading week. they call it the san

this is bloomberg. ♪ kriti: this is "bloomberg markets," i'm kriti gupta. elong musk sold $3.5 billion of tesla shares bringing the total amount of $40 billion this year. this coincides with him losing the top spot as the world's richest man, the break it down, is bailey, this is a lot to digest. when the twitter acquisition was going on tesla stock took a hit. by extension the s&p 500, the 8th largest member of the index. walk us through the impact. guest: a big concern, the latest thing investors and analysts are first -- are focusing on is the last sale is the final sale of tesla shares. focusing on think -- leading tesla, spacex, twitter. a lot of people are questioning if he is the right man for the job. if you can lead tesla going forward again, this is an environment where ev competition is knocking at the door. you have somebody concerns about what lies ahead for the company. you see the stock down 12% for the week, underperforming the s&p. before today's harsh selloff it was trading higher for the week. kriti: not instilling confidence across wall

this is bloomberg. -- i am ritika gupta. this is bloomberg. ritika: >> chair powell has been frustrated by these rallies in the market, these undesirable rallies that ease financial conditions when they are trying to slow the economy down. by holding a longer string of rate hikes over the market, i think they hope to kind of prevent that relief rally that you are alluding to. that they can hold markets in check for longer. kailey: macro policy perspectives president and founder speaking with us about whether the fed needs to push back on easing financial conditions. a relief rally faded throughout the day is today into the futures session, the rally is fading as well closer to the opening bell. under 45 minutes from now. s&p 500 falling back toward zero unchanged level. we are up less than 1/10 of 1%. in the bond market, we are off session lows on the 10 year yield down 10 basis points to 381. it has been a brutal year for bond and stocks. the worst year for the equity market going back to 2008. let's talk about one part of the equity market a

this is bloomberg. ♪ francine: welcome back to the open. 12 minutes into the trading day. you can see the ftse is down zero .1%. other european equities on the rise with the dax getting zero point 2%, investors eagerly awaiting the u.s. data. that is inflation data that may shape the look at interest-rate hikes next year. tom: bloomberg has learned that goldman sachs is cutting hundreds more jobs as it restructures its struggling consumer business. joining us now is bloomberg's asia finance editor, russell ward. why is goldman doing this? the consumer business is something that solomon helped to push out. how significant is there -- this? russell: good morning. there are two reasons for this. one of them is the struggles of the consumer banking business. this was the brainchild of david solomon when he came in but things have not been working out. investors have been losing patients and he announced the restructuring a couple of months ago of that division and now we are starting to see the cuts comin

this is bloomberg. rishaad: coming up on the show, the countdown for china's trade data. a steeper drop in the country's exports in november. plus, the u.s. house is set to vote on a bill that would guarantee federal protection for same-sex marriages. we will discuss what that means for gay rights in america. this is bloomberg. ♪ rishaad: we are going to have a look at oil prices. russia considering setting a price cap for its oil sales. david: joining us now is rob from sydney. there is the price cap story and the forward-looking story where you look at 2023 and it does not seem like the world will need as much oil as thought. prices are below 80 of course. >> i think china is really worried and rightly so. five dollar moves in the market on a regular basis. that has led to a lot of traders disclosing their position if they are up for the year. a big drop in liquidity, third less volumes than this time last year. it feels like the lack of liquidity [indiscernible] and people are trying to solidify an

this is bloomberg technology. caroline: elon musk feuding with the san francisco mayor after makeshift bedrooms in the office is a city violation. we discuss precedents and priorities. ed: ftx warning signs. how did the company win over so many venture capitalists and investors? we discussed due diligence. caroline: microsoft meets ftc on its activision deal after striking an agreement with nintendo. microsoft does not own call of duty. but first, we check in on the markets. once again the mood music turned sour. we are worried about a federal reserve that continues to hike. where worried about the all-important yield curve that has shown a light, the most negative, the most inverted we have seen since 1981 and unprecedented in the last few decades. we are seeing more inversion which means that is a signal of a fed mistake. so says cathie wood at arc. she is worried about what the signal shows in terms of recession, how far the fed will push us into slowdown. geopolitics in the mix. we are worried about statements

this is bloomberg. haidi: coming up, japan has the g7's worst record when it comes to a gender pay gap. what this might mean, later. wells fargo says be careful what you wish for because as inflation comes down, so will corporate profits. we will look at that next. this is bloomberg. ♪ avalarahhhhhh what if tax rates change? ahhhhhh filing sales tax returns? ahhhhhh business license guidance? ahhhhhh -cross-border sales? -ahhhhhh -item classification? -ahhhhhh does it connect with acc...? ahhhhhh ahhhhhh ahhhhhh >> we do not think the bear market is over yet, because our forecasts next year for earnings are even below the new level people are talking about. haidi: morgan stanley's chief investment officer giving his outlook. wells fargo says be careful what you wish for. as inflation goes down, so do corporate profits. gary, we appreciate your time. we talked a lot about the idea of if the profit recession is behind us, even if we get a broader u.s. recession next year. is that likely? >> we think the

this is bloomberg. ♪ alix: this is bloomberg markets. let's dig into the private equity deals in 2023. our guest is the ceo and founder of accordion. if we get a terminal rate of 5%, what happens to private equity? >> our belief is that private equity the first half of this year will be muted. we will see strong demand in the second half of this year. if you look at the last couple of years, 2021 was the largest fundraising year on record for private equity so that money has to be put to work. if you look at the actual deal count this year let alone volumes of dollars, the deal count was down 16% when fundraising was down more than 50%. you have to put this money to work in a finite amount of time. alix: where are they going to put it to work the most? guest: the large sponsors we are talking to, a lot of them are looking at the tate privates. the others are given the suppressed equity valuations, there are no more carveouts looking at non-core assets of private companies. the carve out work we are doing with our clients is pretty robust

this "bloomberg technology". elon musk offloads $3.6 billion in tesla shares after saying he was done. how this could reflect the pressure on finances for twitter. tiktok has been banned from all government issued phones and devices. we have the impact. former president donald trump major announcement weeks after decrying a third major run, hawking digital trading cards in an nft market. details later. let's get back to, shall we say, the traditional finance part of the market. we are pleased on this post-fed date to have katie joining us for more. >> a global central bank sort of day. ugly day in the stock market. s&p 500 down 2.5% or so, even worse for big tech peered the nasdaq 100 all 3.4% or so, as two-year yields rise a little bit, making sense after the hawkish fed we got yesterday, but if you look at the arc innovation etf, this fund hurt the most, down almost 5%. we know that cathie wood is bullish on tesla and that she has been continuing to buy tesla , even as elon musk continues to sell tesla, for som

next, it is bloomberg markets: europe. this is bloomberg. ♪ it's official, america. xfinity mobile is the fastest mobile service. and gives you unmatched savings with the best price for two lines of unlimited. only $30 a line per month. that means you could save hundreds a year over t-mobile, at&t and verizon. the fastest mobile service and major savings? can't argue with the facts. no wonder xfinity mobile is one of the fastest growing mobile services, now with over 5 million customers and counting. get in on the savings and switch today. dani: good morning and welcome to "bloomberg markets: europe." i am dani

this is bloomberg. ♪ >> you are watching daybreak australia. bloomberg has learned china plans to cut quarantine requirements for overseas travelers in january. the requirement to spend time in a quarantine hotel or isolation facility would be scrapped, with rivals -- arrivals into the country subject to three days of monitoring. they currently isolate for as many as eight days. the chinese premier has ordered hong kong's leader to consolidate the city's role as an international hub, while further integrating with the mainland's development plans. the hong kong chief executive is on his first official visit to beijing since taking office. he will reportedly meet friday with the president to report on hong kong's covid controls and economic situation. a monstrous once in a decade winter storm is battering much of the central u.s., with snow and frigid temperatures. thousands of flights are canceled with those through chicago and denver the most affected. the american automobile association says more than one hu

this is bloomberg. ♪ ritika: it is time for the bloomberg business flash. a look at some of the news. in the u.k. this friday the government will announce a package aimed at boosting growth and financial services in the city of london. it will be pitched at securing new opportunities from brexit by getting rid of unnecessary regulation. this unclear how radical any changes might be. the ceo of vodafone will step down at the end of the year. he fared to stop by your long slide in the telecom giant share price. he will stay on as an advisor until the end of march. since he took over in 2018 vodafone stock has fallen 44%. credit suisse rose on the prospect saudi arabia's crown prince will take estate in its investment bank spinoff. bloomberg has learned mohammed bin salman may invest about $500 billion in the unit. the saudi national bank is already an investor in credit suisse's for billion-dollar capital raise. that is your latest business flash. guy: let's get more on credit suisse. bloomberg finance reporter joins us now from zurich. what we know about thi

this is "bloomberg technology." caroline: sam bankman-fried is taking questions in the wake of the ftx contagion. we will bring you the headlines as we get them. ed: and the tragedies of tiktok. bloomberg's big take investigates how trending challenges on the platform are turning out to be deadly for some children. we discuss why the world's most popular app is not doing more to protect them. caroline: meanwhile, the ceos of earn your leisure are set to explain why their platform is selling out venues from msg to the royal albert hall. first, let's check on on these markets. what a day for tech stocks. we are having our highest rate on the s&p 500 since september 9, up for the biggest day since november 10, which shows how volatile markets continue to be. the nasdaq 100 getting up a lofty 4.5%. chip stocks up more than 5.8%. the reason why, a more dovish interpretation of one fed chair powell. he was talking about the direction, the piece of rate hikes. it looks as though that pace might quieten a bit. the market is

this is bloomberg markets live on bloomberg tv and bloomberg radio. it is caroline hyde and paul sweeney. it looks like the market is trying to dust off its heaviness today. paul: s&p off about .1%. the dow up .2%. the nasdaq is where we are seeing a little weakness .7%. abigail doolittle joining us in the broker studio. abigail: an interesting day. at some smaller moves coming out of that christmas holiday, that long weekend date s&p 500 down a little bit. the dow is so interesting trade we had this divergence all year. it is higher. nasdaq underperforming down .9%. it yields going higher. one piece of concern. tesla down once again. this stock having its worst year ever down more than 60%. today there is a reuters performed -- a reuters report saying they are not selling any more stock. suggesting this huge decline, there could be dip buyers. last names down zoom video, meta-platforms, align technology, rivian en lucida, it is not just tesla in terms of the ev space. let's watch and see if we see these turn around and see her. caroline: abigail, we

this is bloomberg. dani? dani: thanks so much. coming up, treasury signal growing concern about recession next year. with aggressively tight fed policies ticking around. we will discuss bonds ahead of the next fed decision, this is bloomberg. ♪ dani: they recession calls are building up. jane fraser of citibank joining the choir. investors really focusing on those recession signals. they worry about them emanating from the bond market as the treasury curve further inverts. we were just talking to henrietta earlier who said she was surprised by the speed of that. let's get more with our markets reporter, valerie. when it comes to that, you are pointing that out this morning, it is pretty breathtaking how fast this market has moved. valerie: 10 year yields and 30 year yields have rallied over 100 basis points. since their peak in october. 80.210 scarves has been -- that is the steepest inversion since the 1980's. you can look at other markets like oil. it has plunged 10% this week. thought you -- you can think about things like op

david: how many years did you run bloomberg? seven years, the company blue -- grew bigger around that time? dan: as soon as i got there the financial crisis happened. but we grew from my thing 5.4 billion in revenues to nine and the seven years i was there. david: after mike finished his third term as mayor he came back and resume the position as ceo. he left the company and started another company called sidewalk slabs. dan: that was a company i formed with larry page and google became alphabet that was focused on urban innovation. and what we wanted to do was build up the most innovative place in the world, but also by focusing on building a place to develop ideas, urban innovation ideas that could dramatically transform the cities. david: you are running the company and then when he got the news that you had als, he decided, i'm out of this, i will throw myself to target als, is that right? david: basically, i'm on the board of a cup full companies we created but my focus was definitely on als. i also wanted to spend much mor

this is bloomberg. ♪ >> this is "bloomberg surveillance: early edition" with francine lacqua. tom: good morning and

this was "bloomberg real yield" and this is bloomberg. ♪ mark: i'm mark crumpton with bloomberg's "first word news." in russia, unofficial reiterated that the country remains open to talks. according to the associated press, the ukrainian official says his battle loss is up to 13,000 troops. the eu has agreed to put a price cap on russian oil at $60 per barrel. the move is expected to pave the way for a wider

this is bloomberg. david: just ahead here, investing in food security. that is a theme. franklin templeton will be joining us in terms of food innovation. one thing we are watching as economies emerge from the pandemic. also coming up, two trading debuts last week. we will talk about crypto etf's. stay tuned for all of that coming up. this is bloomberg. ♪ and it's easier than ever to■ get your projects done right. inside, outside, big or small, angi helps you find the right so for whatever you need done. with angi, you can connect with and see ratings and reviews. just search or scroll to see upf on hundreds of projects. and when you book and pay throug you're covered by our happiness it's easy to make your home an a check out angi.com today. angi... and done. yvonne: here is how your crypto markets are looking. solana heading down some 3%. bloomberg has learned at sam bankman-fried is going to drop his fight against extradition to the u.s. where he faces a range of criminal charges. let's get the d

this is bloomberg. dani? dani: manus: this is "bloomberg daybreak: europe." dani: sam bankman-fried is arrested in the bahamas after the u.s. files a criminal indictment. the cofounder of ftx now faces possible extradition. crunch time as the fed begins its two day rate meeting. u.s. inflation data awaited. the dollar slips. goldman cuts deepen. the wall street titan is said to be planning hundreds of additional job losses as its consumer business struggles. the countdown is on to the first risk event of this week, it is cpi and you really get an idea of how crucial inflation is. is talking to mads peterson as we were, his more sunny outlook, he's buying equities, he's buying credit. it all hinges on inflation that has already peaked. manus: that narrative is what provokes a real pivot from the fed? that is a much bigger debate, which traders have at jp morgan relative to kill an average. who wants to take a risk on a day like this going into the fed meeting? cpi today, you have oil recovering even though mobility in china, there is debate about when will the

this is bloomberg daybreak: europe. i'm dani burger in london and these are the stories that set your agenda. china at a crossroads. beijing accelerates the easing of coke and controls returning its focus to growth. the world's number two economy sees trades slumps. u.s. stocks slide again as ceos sound the alarm over growth. >> we were at very uncertain time. we are changing monetary and economic conditions very quickly and that is slowing down economic activity. if you are running a big financial services firm, you have to assume that we have some bumpy tugs ahead. -- bumpy times ahead. dani: the democrats win an absolute majority in the sonic -- in the senate as raphael warnock defeats herschel walker in a contested runoff. it would seem the bear market rally has decided to go home for the holidays. the selloff was full on recession risk. dimon was worried about -- warning about a mild to severe recession. it was a bruising session yesterday. this morning we are taking a breather from some of the worst of it but the

this is bloomberg. ♪ >> it is a tough trading environment with the war in the ukraine, inflation in more than 10%. it is a tough environment. businesses and consumers do not like uncertainty at this time of year. >> with global recession looming, our guest says that whether this one year for stocks alternative to a catastrophic few years will play out this year. let's bring in paul gambles from mbmg group. what are some of them are some of the risk factors that could create the environment for a prolonged downside? >> good morning. the issue is how much damage the tightening policy can do before we get a reversal of that policy. you have to remember, we are in a slow down, probably in an earnings recession right now and we have tiger -- tighter monetary policy. we have had a correction so far this year that is a fairly typical, once every few years kind of correction. but the fact that we are going into that correction already in a tightening phase and we are not yet seen any signs of our reversal, the ke

this is bloomberg. ♪ lisa: i'm lisa mateo, this is a bloomberg markets. coming up, timothy massad joins bloomberg tv at 1 p.m. new york time. this is bloomberg. keeping you up to date with news from around the world, here's the first word. a surprise move by the bank of japan, shocking markets by doubling a cap on 10 year yield, sending the yen higher against the dollar. many economists see this as laying the groundwork for exiting after a decade of extraordinary stimulus policy. china adding weight to the speculation that they are hiding the true picture of how many people have died since the end of the covid zero policy. they have narrowed how they define a death caused by covid. only those who tested positive in died of respiratory failure will be considered a virus death. negotiators in congress agreeing to a spending bill. sending them out to the house and senate to avoid a shutdown on christmas eve, funding for government agencies through september, including 45 billion dollars in aid to ukraine. global news 24 hours a day on air and on bloomberg qu

this is bloomberg. >> still ahead the center for financial stability senior fellow joins us with thoughts on the collapse of ftx and how u.s. agencies should seek to protect to investors. up next, an investment group pinpoints opportunities and em. this is bloomberg. ♪ >> more confidence this rally will continue into december. rates will go lower. jay powell commentary is right in mind with what we have been saying that they will pause in january. this is a classic fed pause stockmarket rally. >> our next guest expects the dollar to rollover and em equities to explode higher. joining us is the cio of nfj investment group. this chart shows how we have seen bloomberg dollar index fall below key technicals. are we seeing the renewed trend of dollar weakness, a dollar collapse and where in the ems would you find opportunities? >> i would definitely not say i would expect the dollar collapse. i definitely think you will see the dollar weakened. with inflation rolling over, interest rates rolling over, i th

this is bloomberg. ♪ kriti: bloomberg has learned ritika: that bloomberg sex may eliminate as many as 4000 what he's. top managers have been asked to identify potential cuts. the consumer banking unit suffered its deepest losses yet and there's been a slow in dealmaking. advent international has agreed to buy a weather forecaster for about $4 million. their shares are soaring. it's worth $4.6 billion and they will probe -- prioritized -- they will prioritize their function. senators want joe biden to take more action against tiktok because of national security concerns and the government needs to protect american users. earlier this week, the senate and honestly backed a bill to ban tiktok from all government issued phones and other devices. that is your latest business flash. alix: it is 23 minutes past seven on the west coast. what are you watching this morning? for us it is twitter and what elon musk is doing. >> last night, elon musk and twitter took down an account that has publicly just public information about jets. those reporters were promptly suspended. in journalist communi

this is bloomberg. ♪ kathleen: this is "bloomberg daybreak: asia." we started with the latest on oil, opec+ is keeping it oil output unchanged as it takes stock of the market that is roiled by uncertainty over chinese demand as well as russian supply. the group held a 20 minute meeting online sunday, the decision expected to hold for at least a few months until its monitoring committee meets again in february. chinese authorities meanwhile at accelerated a shift toward opening the economy. shanghai and hangzhou are easing covert restrictions after protests against the nation's stringent policies last week area shanghai will scrap pcr testing requirements to enter outdoor public venues. in hangzhou, home to tech giant alibaba, testing requirements for entry into most public venues will also be dropped. u.s. secretary of defense lloyd austin says the u.s. is building a more lethal force posture in the indo pacific as part of efforts to make sure china does not dominate the region. austin says china is the only country with both the will and power to re

this is bloomberg. ♪ david: welcome back to the show, bloomberg markets asia you are watching bloomberg markets asia. let's talk crypto. even as the ftx collapse has shaken confidence, hong kong is launching its first two etf's. for a closer look at the specific etf's, bloomberg analyst rebecca sin is with us. why is this significant. >> this is the first virtual asset that is being listed on the hong kong exchange. to provide context, they just announced in october they would allow virtual currencies to be available for investors. so now institutional and retail can trade cryptocurrencies via an exchange fund. >> put it in perspective for us. what is the main difference? >> the main difference is security. as we have seen with ftx and the investigation, with exchange traded funds, you really have security. they trade just like a stock, so you do not need to open another trading account. you do not have to worry about having your funds hacked or stolen. because they are regulated, they are treated on the listed exchange and you can treat it like any of your other stocks. haslinda: why t

up next, "bloomberg markets: europe." stick with us. this is bloomberg. ♪

we bring back in bloomberg's mike mckee. ira jersey joins us as well to give us some perspective on what the markets are seeing. mike, let me start with you. my read of the data today is inflation is coming down, great. but not so slowly -- not so great. mike: inflation will not come down fast in any one month, but it is making significant progress. one issue with the core pce is the previous month was revised higher, so it looks like a small drop. they had not factored in that one change so that is a major reason for the less significant drop in the core pce but the headline, which is what the fed is tied to, comes down significantly. people have started to pull back and that is also a suggestion that the economy is slowing down and the fed's medicine is working. alix: how fast does inflation slow in 2023, and if it is man driven is that a good thing or a bad thing? ira: let's look at what the markets have priced in. when you look at one year price swaps, -- that would be a significant downshift from what we are seeing on a

this is bloomberg. >> 5% wage increase does not look good when inflation is running at 70%. but as inflation comes down, as headline inflation comes down due to lower goods prices and lower energy crisis ill get, 70 million americans will get an 8.7 percent increase in social security benefits come january. so my presumption is that the economy will show more persistence than what people think in terms of momentum. that will force the fed's hand to be higher for longer. >> bloomberg opinion columnist and former new york fed president bill dudley reacting to the fed downshift to the 50 basis point rate hike. let's get the latest market moves. our chiefs rate correspondence for asia garfield rendered -- reynolds joining us now. you said it was a surprisingly easy fed reaction. give your thoughts as to the nuanced delivery of this hawkish downshift. >> well, i think the key thing is probably that the fed did indeed do 50 basis points as expected. there was a fair bit of nuance in both the dot plots themsel

this is bloomberg. ♪ >> good morning, everyone and welcome to "bloomberg markets:

coming, simon freakley joins bloomberg at 4:30 p.m. this is bloomberg. alix: guggenheim partners reporting scott minerd, managing partner at global cio has died wednesday afternoon from a heart attack during his regular work out. condolences and best wishes to his friends and family during this horrible time. scott minerd was just 63. we are talking with scarlet fu. what is your reaction here? scarlett: i'm still in shock. really at the height of his influence and his ability to shape markets thinking. he was an original thinker, one who was not afraid to go against the grain, and not afraid to make big calls and calls about bitcoin. and also not afraid to admit when he was wrong i have very fond memories of him particularly when asked to share a story, we called it a big-money mistake and he went back and thought about how he had made this investment when he was at his first job at price waterhouse. and he framed it for the audience who knows him as a market commentator is someone who speaks with fed officials and talks to big investors and is brought o