>> welcome to bloomberg markets. >> let's get a quick check. some interesting movements on what looks like a roughly flat day. it was a little positive on the day after a three year treasury auction. moving markets just a little bit here. still holding onto some gains. the two year yield has been hanging out now. we'll see if there is more

movement. now we are holding at these levels. brent crude on the rise. a lot of volatility in oil prices this year. we are looking at brent crude. above $77. >> i'm tracking some possible deal announcements. looking to solve the struggling revenue growth with juniper and what could be a $13 billion deal. the best-performing stock on the s&p 500. i'm also taking a look at a quiet take, but there are some all-time highs that are notable. i wanted to take a look at shares of nvidia. you could not give away some of these. it has shot straight back up.

it would be a fresh all-time high. ? going to discuss it with matt siegel. glad he brought your hat as well. it is a tough moment. we do not really know if we will get that approval but it is highly anticipated and expected. humor me. if we do not get that approval, what happens to bitcoin prices, given the run-up? >> indications are that we will get a number of these trading as soon thursday and if they are approved, we are optimistic that they will unlock tremendous demand given the cost savings that the investor will receive.

we estimate that it will save more than 90% compared to retail costs on coinbase. when was the last time an improvement in accessibility cost did not catalyze a lot of new, incremental demand. the early demand is likely to come from retail investors and that is because financial advisors do not yet have the allocation models from the warehouses for discretionary purchases, but we can observe our counterparties doing that work, building models. we think that will power flows. >> you might get the liquidity or lower fees, but what you may lose his control of the actual asset. how important is that? >> it is very important that

there are a number of use cases. they must follow the sec custody rule and cannot hold their client's keys. the etf has done a tremendous job of unlocking that demand. >> obviously, pricing is very competitive. is it true distribution? how do you get an edge of these players looking to take a piece? >> it seems like they will be very similar at the gate, but we have put a tremendous amount of effort in table setting. a filing reveals that we have seeded this product with $72 million, the largest such seed

among any of the sponsors that we can find. it is with material support for clients and research. we present the opportunity and a balanced risk and reward fashion. >> and canada, where i am, we refers in being able to greenlight that spot, but the fees are much higher here. is there going to be a repatriation to the u.s.? those who did not want to get exposure, they had to go abroad. do you think about that as a material inflow? >> i do not think the overlap is too high. i think this is really just a

bit of a blessing. it has been very anti-crypto ever since they took the white house. the foreign demand for this asset, bitcoin has been treating. that looks like it was possibly cutting rates. five new countries joining. we noticed nigeria who reversed their ban on banks. an influential saudi cleric declared bitcoin as a permissible asset. they can use bitcoin to settle legal contracts. 50% of the world voting and elections last year or this year rather. that is an all-time high. we see further pro crypto

policies emerging as a result of this. >> you also have the dynamics of the programming. people watching closely are looking at the supply in addition to demand rising with the etf advent. >> it cannot be priced in until the flows arrived. trying to access this asset. the flows, should they arrive in this election cycle, we are calling for fresh all-time highs in q4. >> i am curious. what are some of the logistics involved? there are a lot of ways to get it. you can buy it on exchange.

what is the process? >> pretty transparent and long-standing structure. they procure the client's bitcoin. but for those who did not read the filing, it states clearly that none of these claims can be -- the custodian will be holding the client's bitcoin. >> what does it mean for the future of crypto exchange is? flex this etf, should it be approved is essentially a bit wind only exchange that his main mind into every brokerage account in the u.s. in one sense, it is a competitor to the subscale crypto exchange

is. you have a handful of winners for those who have managed to win the custody business. we think they are a winner for a variety of reasons. >> head of digital asset research. a lot of anticipation around this one. we will talk about shares surging today. activists are very active this year. stick with us. this is bloomberg. ♪ how am i going to find a doctor when i'm hallucinating? what about zocdoc?

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>> this is bloomberg markets. i am amber. time for our stock of the hour. we are looking at shares trading higher. looking to build a state of about $1 billion in the company. they planned to push the online dating company to take steps to boost its stock price. let's bring in alex. what has failed the stock? >> is underperforming the broader market. this is because it has been a challenging backdrop. facing intense competition. it makes sense that elliott took

interest in the company. it is known for amassing big companies and pushing to make changes to add shareholder value. it is not clear what exactly elliott fascias demands are going to be here. a lot of analysts expect that growing cash flow will be a priority. we are going to see some of the demands that they will outline here. >> elliott has been known to be one of the most fierce out there. how is the rest of wall street responding to this movie? >> it is a pretty positive reaction so far. one of the colleagues wrote a great story looking at companies that elliott has engaged with. they have been doing quite well.

60 companies or so from -- since 2020. pretty positive. >> they own 70 platforms. you think they would agitate for a breakup? >> they are very focused on fundamentals. they required a number of different apps. they ruled out an option for a $500 membership that did not work out for them. >> looking at some of the map shares. as stories of the canadian banks.

urgent security regulators to investigate the biggest banks over the agreed finance claims and whether they are inadequate or putting investors at risk. christine, lay out who exactly and how this will make banks sit up and pay attention. >> they take stakes in companies and times for changes through shareholder resolutions. they filed a complaint about security regulators. this is part of a larger narrative. but in this case, they said that

there were sustainable finance commitments. they have committed a total of $2 trillion. those are things like making loans and related to sustainable investments. that is enough disclosure and it could be enough leading disclosure. >> this is not the first time that canadian banks have been on that. you understand the struggle, right? that is a big part of canadian market. on the other, they have their sights set on expansion, particularly in the u.s.

they have been on the receiving side of criticism. >> they are significant funders of companies because of the structure of the canadian economy. they have repeatedly said that they are not going to divest from those investments. i think what the shareholder advocacy group is arguing for is that they would be more transparent about the disclosures. these sustainable promises that they put in the window with their net zero 2050 commitments. if they are making lows that are supposed to help advance reducing emissions, they need to be clear about how that actually works. what are the profiles?

how does that relate to the portfolio? they are not saying they cannot make the investments. they just want better disclosure of it. >> it has been a battleground for many years now. will there be any change on the heels of a complaint like this? >> it is interesting that you say that. disclosure is a big issue, not just in canada. in this case, the securities regulator is that they filed a complaint with, they do not actually have to do anything about this complaint. the group is hopeful that they will because they feel that they have been making noise around being interested in climate disclosures. but even if this does not go anywhere in this case, there is a broader movement and a broader demand around disclosures around

sustainable finance. even calls within the industry itself. some are concerned that they want war standards around this so that they are all starting at a level playing field. >> christine joining us on those canadian banks. coming up, why the ceo of the largest cosmetics company anticipates a 2024 rebound in travel retail. this is bloomberg. ♪

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>> this is bloomberg markets. the ceo of l'oreal says travel retail will recover. they remain confident in the chinese market.

speaking with bloomberg's ed ludlow in las vegas. >> you have so many choices in beauty. they combine to make the best educated choices. i will give you the example. when you are giving advice to a consumer, if you have a -- conversion rate is 9%. 9% of women will buy something. when you do it with this type of tool, it goes up to 73%. it is not just how many profiles we are selling. it is about how much product and satisfaction will generate through its usage. of course, we have high ambitions for this product in combination but it is too early to tell in terms of dollars.

>> you have flown in and i have flown in. people around the world have flown in. i want to ask you about the market. there was softness twice last year. what are you seeing in the new year? >> on the one hand, it remains a fantastic business. people are traveling again. it will remain a fantastic showcase. many discover very valuable customers. it is a reset of the retail market with changes in practices. it has affected the sales to consumers and sales in the market.

it is getting better progressively. it should be very good for travel retail. >> they are in talks and working groups. the issue that was identified was that china wanted disclosures about the composition of the goods you want to sell for the volume of data. where are we at in that process? >> first i have to reaffirm the confidence in the market. it will remain a very important source of growth. they will be increasing. we continue to invest in the chinese market. there are rules on the market. we have to respect the chinese regulations without disclosing all the secrets of our recipes

that make us the number one beauty company in the world. >> amber, i want to switch gears and talk about this. trying to hold onto some games. it is roughly flat on the day. you are watching tech heavy stocks on the rise. you are watching a dozen stocks. you are watching this index down more than 2% on the year, which is remarkable for an index that had risen 65%. my question in this market is, will they start to see a broadening of wagers? >> a lot of people are looking for that. >> it all depends on rates as well.

stick with us on bloomberg. the market closes next. this is bloomberg. ♪ when people come, they say they've tried lots of diets, nothing's worked

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>> what exactly is the opposite of goldilocks? here at bloomberg headquarters in new york, i'm romaine bostick. >> i'm katie greifeld. take a look at the equity trade right now. the s&p 500 is trying to go green. not quite exactly getting there, down a 10th of a percent at the moment. we have seen big tech flip into positive territory. the nasdaq 100 up .2%, fighting back. take a look at the bond