>> good morning, this is "bloomberg daybreak: europe." i am tom mackenzie. asian stocks rally as tech earnings and ai enthusiasm power gains in the u.s. european futures point higher. japan slides into recession, prompting caution on the bank of japan bets. we look ahead to u.k. gdp data which could confirm britain has fallen into a recession of its own. airbus says it will deliver fewer planes than expected in 2024. we will discuss that anymore on another big morning for earnings in europe. let's recap airbus earnings, they delivered more aircraft than expected, but that is the outlook and deliveries for those aircraft for 2024 that is in focus. at last year, 735 aircraft

delivered above the target of 720. this year they are looking to deliver 800 aircraft. the estimates had been a little higher than that. in terms of free cash flow, 4.4 billion euros. they are coming out with a special one euro per share dividend, and the deliveries expected from the aircraft maker, expected 800 versus the guesstimate of 826. this is an opportunity for airbus to get a further leg up against its rival boeing. we are going to be speaking to the coo of that company. going to speak to bloomberg about the earnings and the outlook. that conversation at 10:30 u.k. time. on the banking side, commerzbank seeing 2020 24 net interest income at 7.9 billion euros.

we know analysts wanted to scrutinize the outlook for net interest income. that is the line coming through in terms of the outlook for this year saying net interest income, we are expecting the ecb to lower interest rates, at 7.9, almost 80 billion euros. in terms of loan loss provisions they see those below 800 million euros. at they are targeting a payout ratio of at least 70% and are looking at a capital distribution of about one billion euros to shareholders. they seem 2024 net profit above 2023 levels. we will be speaking to the cfo. we will do a deep dive into those earnings and the next hour. that interview at 7:10 u.k. time .

let's check in on these markets. we had the earnings story yesterday on wall street powering through any concerns about inflation. s&p got back below -- above the 5000 level, flat but still above the 5000 level. european futures looking to build on those gains as well. .4 of 1% move higher. ftse 100 looking to add .3 of 1% as we look forward gdp data as well. lizzy burden will give us a preview. it nasdaq futures with the heavy lead into the tech sector looking at 17870, down .1 of 1%. use saw the strength coming from in terms of earnings from robinhood, uber, and a big tech company names, microsoft and alphabet, apple posting decent gains as well. when it comes to the inflation question we heard from one of the central bank governors, the chicago central bank governor

saying a couple of data points where you see inflation picking up higher does not throw the fed off necessarily from that target of getting back down to 2%. take a listen. >> it is totally clear that inflation is coming down. we have had 6, 7 months in a row of the new flow rate of inflation has been very close to target or approaching the target. tom: austin of the chicago fed, let's take an cross asset, we focus on the treasury curve. 10 year benchmark currently get 423 after falling six basis points yesterday, so making up for some of the moves we saw higher ideals of the back of the cpi print at the u.s.. 423 on the u.s. benchmark. euro-dollar in focus today. we have been hearing from one of the hawkish members saying,

look, it is more of a risk to cut early at a move lower in terms of using rather than holding when it comes to this inflation flight. euro-dollar at 107. bitcoin at a 22% gain, 51,964 . the adventure story coming up, putting pressure on the oil story. it lets cross over to asia and see how the markets are faring. it is a positive day in asia. avril hong standing by. what is the top team for you -- there -- theme for you. avril: top story is japan. it talk about how the region's second-largest economy just slipped into recession, two straight quarters of

contraction. this is anemic domestic demand, households and businesses cutting back on standing -- spending, and this is an outcome only one of 34 economies anticipated. only one of them expected a contraction in the japanese economy, and this data is prompting swap markets to reprice expectations, pare back some of the bets of boj rate hikes come april, but let's what the board and take a look at what we are seeing cross asset in japan. if you look at stock benchmark performance you would not think it is an economy into recession. just a whisker away from all-time highs. 38 915 is the benchmark to watch. something we have not seen since 1989. this is on the back of the earnings and that she began. japan is exiting deflation,

topix running higher, jgb futures reflecting more of what we got out of data in japan running higher as well. dollar-yen wanted highlight. we see some strengthening, this is more to do with intervention chatters still sitting above 150 on the yen is the dollar story. tom: that disconnect between the japanese equity markets and the fundamentals of that economy is pretty stark. when it comes to technology, you are seeing gains as well in the asian space. i'm thinking particular tsmc. what is standing up to you on that story? avril: tsmc and semiconductors performance today, that is really what is outstanding. if you take a look at the gauge of chip stocks in asia-pacific, dedicated two -- that hit a two year high including on the taiex back from a long break.

intraday record on the back of this ai theme. the beat sounds infectious. even the hang seng is rising today. flip the board, it is tsmc, a key nvidia supplier, and we are seeing as they are back from one week because of holiday the stock surging to record highs. this is the first chance for traders to react to strong january sales, but also its price getting upgraded by a couple of brokers including morgan stanley, which sees more meaningful revenue from ai. this is really an outstanding performance in terms of tech and chips and what we're seeing in the asia-pacific today. tom: thank you very much indeed, running us out of singapore. japan slipping into a surprise recession. the ai frenzy has lifted tech stocks once again.

i feel like you will hear that a few times this year. nvidia is on a scorching rally and has boosted its market value above alphabet. kriti gupta joins us. the third market -- largest company by market cap. kriti: it surpassed amazon as well, so it is on a row. some would argue it is justified because of this new entry into server chips, this big ai demand. others would call it height and width technicals you can see nvidia as been in oversold or overbought territory for the majority of this year, so from a positioning standpoint it is ready. there are a lot of people standing on the sidelines waiting to take gains, but this is a classic example of momentum you do not went to get in front of, and that is where you are seeing this massive gain for nvidia in taking with it some of the other chipmakers as well. sympathy trade is a very real from chipmakers to actual chip stocks as well around the world continuing to rally on nvidia,

even though nvidia is rallying on its own fundamentals. everyone at a piece of the cake. a lot of hedge funds reported what they had to, and almost all of them had some sort of ai play on their balance sheets. tom: we love doing a deep dive into hedge and others. today tell us about some of those big bets? kriti: this tech rally, this lack of breadth may have some room to run. there are no massive shorts on the tech side story, which tells you that kind of momentum may push the stock market higher, which do a lot of macro economist, probably cringing a little bit. some pretty contrarian calls made by contrarian people. michael burry, making a big bet against the housing market is actually doubling down on chinese equities. you know better than anybody

that the chinese market is one that a lot of investors around the world did not when exposure to. it has dropped quite a bit in the last year or so despite the stimulus that pboc investing into it. michael burry doubling down on those investments. alibaba, jd, etc. and sankey made his bed in 2022 and 2023 saying this is one that will eventually pay off. tom: he has taken a few knocks on some of those calls are around alibaba in terms of the price that is come through your today. jd.com also. it was it all a tech story and these filings? the big money managers putting money into play. kriti: i was hoping for it to be juicier. warren buffett did not make as many waves. see with the brookshire bet is, and she did not make any.

he trimmed his apple holdings, but warren buffett is known as someone who would invest into value stocks primarily, so apple is seen as is value play. that being said, trimming some of those positioning's, a lot of people are looking at that insane is there more to come? tom: thank you very much, anchor of markets today breaking down filings. liv ceo david richer as taken the blame for a typo that sent sores sharing on tuesday. the press relief initially said it's margin would expand by 500 basis points instead of 50 basis points. richard told bloomberg the lyft team is taking this error seriously. >> it is on me. there are a lot of eyes on this press release, but at the end of the day it is my bed.

i do not want to take anything away from the performance the business it thanks to our employees and millions of drivers. we had financially our strongest quarter we have ever had, and i'm excited about it. tom: from the tech sector the ride hailing sector the bank sector, morgan stanley is planning to eliminate several hundred jobs, the first move under new chief executive. it will affect less than 1% of employees in the wealth management business, the firm's largest unit. cisco has announced plans to cut thousands of jobs after a slowdown in corporate tech spending or dented sales growth. it would affect roughly 5% of the firm's work force, which would mean 4000 jobs. the fourth quarter forecast sent the stock lower in light trading.

three key u.s. allies warned israel against the plan offensive in rough is benjamin netanyahu -- in rafah as benjamin netanyahu pulls out a piece talks in cairo. we bring you that story next. this is bloomberg. ♪

tom: welcome back to "bloomberg daybreak: europe." three key u.s. allies have cautioned israel against by defensive in rafah, the warning coming from canada, australia, new zealand as israel's prime minister is pulled out of talks of giving a cease-fire with hamas. benjamin netanyahu dismissed the demands is delusional. for more on this i am joined by dana crash -- kresh.

israel seems to be under mounting pressure of this expected offensive in and around rafah. with the be enough to convince israel to back down? >> that remains to be seen. israel intends i'm going ahead with this operation and do not see it acting down. it remains to be seen whether the u.s. will be successful in trying to convince israel to come up with a plan to reduce or take into consideration the high casualty toll that might come out of this operation, given that rafah houses know about one million palestinian refugees who have fled from other parts of gaza into the border area. and it is the last refuge, so what the countries are saying including the u.s. is that there was nowhere else for them to go because it is the last refuge there.

tom: what about these talks in cairo? israel pulled out and said the demands including the release of all prisoners held by israel and the removal of israeli troops are not the kind of measures israel is willing to take. >> it is not looking so good. israel said they were pulling out of negotiations where the u.s., the qataris, egyptians and hamas leaders are in cairo to come to a compromise over a cease-fire. israel is calling to demands delusional. i hamas wants a cease-fire that would see the withdrawal of troops from gaza and the release of presidents. even the prospect seems distant, given israel's intent to go ahead with the rafah operation. so yeah.

tom: for regional security and tensions, the spotlight had for long been what is happening with hezbollah on the lebanese border. already we at the tipping point given that it seems the fight between those two sides has stepped up in the last 12 hours or so? >> it felt like we were at the tipping point yesterday. we saw the attack from lebanon into an israeli town that has never been struck before and an army base as well, and those are outside the rules of engagement that have governed the trading of fire across the border. israel responded with its fiercest racks on lebanon since october and since hezbollah started attacking israel, so we saw eight people killed in lebanon, one person killed in israel. tensions were running high yesterday, and hezbollah has not claimed this attack did come out

of the territory controlled by hezbollah. the israel response gave lebanon a glimpse of what a wider conflict would look like. images coming out of a roots are complete devastation in the areas where israel struck, so we wider conflict would be devastating for lebanon specifically. tom: that is a particular point of this conflict. thank you for the update from the middle east. there is minting more coming up particularly on the earnings opposition, ricard coming in with first-half recurring operating income above estimates a 2.1 4 biio euros. stay with us. this is bloomberg. ♪

tom: happy thursday, let's get

to our weekly deep dive into the state of globalization, and in this week we are focusing on one of the biggest buzzwords of the moment, artificial intelligence and particularly have an impact straight. for more on this i'm joined by richard baldwin, professor of international economics and formerly advisor to george h.w. bush. you wrote a book that forecast some of the changes we are starting to see now in terms of the impact of ai and digitization. thank you for joining us. you say that globalization is not dead but evolving, changing. what are some of the changes you are seeing, and what is the tech overlay to some of those adjustments on global trade and globalization? >> it is a two fold thing. automation is taking labor out of manufacture and reducing the need to make things far away to

keep labor costs cheap, and that is leading to the fragmentation of supply chains and relocalization of production. that has been going on for almost 10 years, and it is subtle, but there was a long-term trend that trade and manufacturing goods will become a less important trade. the exact same technology is making trade in services remote work. that is becoming more competent. the more localized manufacturing and internationalized office work. tom: specifically when you think about generative ai and we drove down into that question, and i was that likely to impact trade flows globally? >> the first thing is what i would call -- what people would call simultaneous speech translation. that will break down language barriers as two people speaking simultaneously can hear each other in their own language. that will open up a tidal wave

of talent all across the world, so that part of generative ai is probably going to be the most disruptive portrayed, since language barriers are an enormous barrier to international trade and business in general, and that tech is coming online this year and next year, so it could be very reactive -- rapid and disruptive. tom: do we assume given all the innovation on this particular part of the ai story coming out of the u.s. that the u.s. benefits, the u.s. gets a further advantage as a result of this, or are there other players you are looking at that could disrupt global trade or get an advantage on the back of this technology? >> this is technology that will be available to everybody. it will be commercialized. the u.s. benefited enormously from the indian outsourced i.t. sector that help silicon valley

expand without having to bring everybody to california, and in the same way that explosion will help the u.s. continue to power ahead in the tech sectors and more generally and services where there is a shortage of talent and skill shortages. tom: given your experience on capitol hill advising former presidents, when we think about trump and his threat to .6% tariffs on china, can we live with that? there was no of this hammering when he was the president. we learn to live with that. can you be live with 6% tariffs? >> i really do not think so. we have been looking at how dependent u.s. is on chinese imports of industrial inputs, and putting up a 6% tariffs on key components coming into the country will make american industry uncompetitive compared

to other countries were not putting on that tariff, including canada, mexico, japan, and china itself. in essence in the u.s. would be screwing up its competitiveness if it puts these tariffs on imported intermediates as well as foreign goods, and that is what it looks like he is talking about. you are shooting your supply chain in the foot. tom: we could ask many more questions, but we have run out of time though. professor of international economics. did the you can slip into a recession at the end of last year? we look ahead to gdp data out later this morning. that is next. this is bloomberg. ♪

tom: good morning, this is "bloomberg daybreak: europe." i am tom mackenzie, and these are the stories that that your agenda. asian stocks rally as ai enthusiasm powers gains in the u.s. and japan. european futures point higher. japan loses its crown is the world's third-largest economy as it slides into recession. we look ahead to u.k. gdp data which could confirm britain has fallen into a recession of its own. airbus says it will deliver fewer planes than expected and -- in 2024. we discussed that and more on another big morning for earnings. the redhead crossing right now on stellantis, the maker of jeep, chrysler, and other blends lending at 3 billion euros share buyback in 2024 for stellantis.

net income for the full year of 2023 coming in just above the estimates, 18.6 3 billion euros. a slight beat coming through on full year net income for stellantis. net revenue coming in it 189.54, also will be above the estimates. slightly beating estimates as well. four your dividend per share 1.55 euros. slightly smaller for the full year, but it is the share buyback, three billion euros that is a real standout. let's not combine them, autos and drinking, but the drinking sector and what is expected among brands in the u.s., europe, and china. the redhead coming to her for this company, recurring operating income coming in it to .1 4 billion euros -- 2.14

billion euros. there is been concerned about china exposure and asia. second quarter asia and the rest of the world organic sales came in just up 1%, second quarter organic sales overall and a little more of a contraction that had been estimated. in terms of what they see on organic net sales, broadly stable in the full year. we will also look at schneider electric, fourth-quarter revenue coming in it 9.48 billion slightly below estimates on the fourth quarter for schneider electric. the automation and software businesses will be important, and asia in china are central to schneider electric, but also the infrastructure around ai. full-year adjusted eps coming in slightly below estimates as

well. in terms of fourth quarter organic revenue, that was a beat. a fourth quarter organic revenue at beat, up 1.9%. we will be speaking to the ceo of that business later this hour, so stay tuned for that exclusive conversation at 6:40 here in london. let's check in on markets after a decent day across wall street yesterday with the earnings story really powering through the concerns around inflation. s&p back about 5000, and the future suggest we will hold that level so for the session turning modestly into positive territory, modestly for s&p futures. in europe decent gains yesterday, looking to build with upside of .4 of 1%. as we count on to gdp data, looking to add .4 of 1%.

we will check in on oil companies, a little softer in the session. nasdaq futures flat. let's go to the u.k. and upbeat dive in terms of preview when it comes to gdp data. cross asset, 423 on the benchmark u.s. 10 year. yields coming off six basis points yesterday, so money moving back into treasuries. big going above 52,000, a more than 22% year-to-date gain and back of a trillion dollars market cap for the largest cryptocurrency. etf flows are consequential. i talked about the softness coming to for brent, $81 down .4 of 1%. on the u.k. gdp data comes out shortly. economists expect the print to confirm a mild recession and the second half of last year. for more i am joined by lizzy burden. what can we expect and does it

matter if it is backward looking? >> it is expecting to be the mildest of technical recessions, the second straight quarter of contraction. you have had strikes, weak construction and retail activity but slightly more optimistically the bank of england suggests we will have stagflation in the fourth quarter. one word between stagnation and debris -- recession might be a toxic headline it is potato and potato. frankly inflation in jobs might be more important in terms of dictating when the rate cuts will come in 2024. you had wage growth stickier than expected. inflation coming in at the same pace of previous growth when acceleration was the expectation. tom: if we get a recession had

lent could be useful stake beat the tories with. lizzy burden, thank you for that gdp print out of u.k. a particular focus on autos, car earnings and focus. renaud trying to counter need to demand for electric vehicles by overhauling the sign-up and reporting in the last few minutes as i touched on stellantis saying returns fell after strikes disrupted output in north america. that is something analysts had expected to see. let's get the details from bloomberg's karger room -- car guru. >> with renault it is a remarkable story the list for years, the fact that this company was on its back and a rough shape when luke got took over. it is an impressive turnaround

job for him especially when shortly into his tenure you lose your second-biggest market in renault with russia, the pullback they had to make, the attempt to do this ipo of their ev business which could have been a bit of a distraction and excuse away in slip up and operations. we are not seeing that from them. with stellantis, the big buyback announced this morning makes me eager to see what we are going to hear out of detroit and solidarity house, the invited autoworkers surely will make hay of this fact with the fact that they are buying back a significant amount of shares. we have seen gm do significant buyback and dividend. these companies will have to compete with one another in terms of shareholder returns in a more challenging environment of costs going up, labor cost

and north america being a big story last year with the uaw contracts. that is something that we have heard carlos talk about at length, at the idea that these companies are having to compete with the chinese on costs and having a hard time doing so. one thing that ties these two companies together absolutely is this effort to bring down costs, bring to market a more affordable electric vehicles, because if they do not they slow down in ev's will continue to worsen. tom: we look to those union reactions on the back of that buyback coming from stellantis with the broader question around costs and wages central. analysis on the back of those details and that 9:00 a.m. we will be joined by renault's ceo. an impressive turnaround for that french carmaker. airbus earnings and its 2024 forecast both missed estimates

this morning, but the european playmaker has announced a special dividend. bloomberg's senior aviation reporter joins me now. what is the mood on the ground and what is airbus expecting as we look into the rest of 2024? >> airbus is looking at ramping up deliveries about 10% next year, and that will take them to the 800 mark. the aviation industry is struggling since covid, and this is one of the steps, ramping up slowly and they talk about how they continue to be expecting the target of 75 jets a month by 2026, and that is what airbus is working toward achieving. 800 is one step on that journey to get production back to pre-covid levels. tom: what is the investor

community -- how are they likely to react to the guidance? they are going to be concerned, but the delivery outlook is slightly lower than estimates, or will they take and uplift -- an uplift from the fact that they delivered more plants last year so they could with this year? are investors will be looking at how they can ramp up production and whether or not the wrapup has been as ambitious as they expected it to be, and also cash flow and free cash flow. there is slightly lower guidance this year of 4 billion euros, lower than 4.4 that they posted last year, but at the same time airbus has a habit of underplaying their forecast and actually exceeding them especially on cash flow, so that will be something investors will be watching. tom: interesting in terms of the

history of underplaying the opportunities and expectations. when it comes to the broader operating environment, what is it looking like now for airbus? we look at the challenges of boeing, the demanded still seems to be coming through for the airlines. what is the broader environment? >> the environment is very strong. airbus is having to do a balancing act between making sure investors are happy with their outlook and making sure the supply chain is resilient. at the same time airlines are clamoring for aircraft, and boeing is dealing with its own production, and airbus is trying to get aircraft into service, and airlines want their new planes dow and their having to balance that from the supply chain, which is still recovering from covid. they cut a lot of stuff and having to rent backup as been more difficult than expected. for airbus that is the challenge of having to balance how they get from a production ramp-up as

well as making sure customers are happy with the delivery. tom: i have touched on the boeing challenges of course, and those are very salient. what about the engine challenge airbus itself faces? where are we in that resolution? is that an issue that become something we can sidelined later this year? >> i would like to think so, but at the same time we saw a note that said 400 aircraft, 1/3 was rounded in january, and because she was going to get worse before it gets better in terms of getting those aircraft through the checks, making sure the engines are replaced with the parts are replaced and getting those planes back in service. i think the challenge for airbus is to make sure they continue to keep their production and at the same time making sure they can actually get those planes

already in service, get those engines back and running. tom: bloomberg's senior aviation reporter always with smart analysis on the back of earnings and the broader outlook on the sector. the airbus ceo will be speaking to us about those earnings. that conversation, 10:30 a.m. u.k. time. schneider electric reports a slight mess on 2024 organic revenue. i will discuss those earnings with the company ceo peter herweck. that conversation is next. this is bloomberg. ♪

tom: welcome back, happy thursday to "bloomberg daybreak: europe." back to the earnings story,

schneider electric has posted his likeness. the electric goods makers is 2024 organic revenue of 6% to 8% . i am joined by peter herweck, the chief executive of schneider electric. the estimates of revenue had been for just under 9.6 billion euros. thanks for joining us. what do these earnings tell us about the prospect for the business going forward as we face up to high interest rates and the challenging growth environment? >> thank you very much for having me. you see we had a solid great year 2023, and we see good demand coming in 2024. that is what we put the guidance out at 6 to 8% and a margin appreciation of 40 to 60 bits for next year.

it is been a record year for the group and q4 we are proud of the growth that we had to compared to what the market is telling, so we are well aligned with the trends that we see globally. tom: what do you think you would need to see across the business mix and originally to get you to the top end of that guidance, that a percent level? what we need to aligned to get you to that level? >> first of all we seen super demand on the area of data centers. this is been exposure of the group of 19%. it has grown in 2023 to 21%, so quite some good growth. we see this in infrastructure as well as ittes to the energy transitions that are ongoing. a mixed picture into buildings. we have seen the residential market are solved for a year. already we have talked about this, with automation we have

talked about this as well, and we are seeing some reasonable signs of recovery and expect h2 in those markets to come with us on the backlog for what we have in 2023 at an all-time high for the group, so we have good visibility for 2024. tom: you talk about the data center part of the business of the growth you are seeing. what would you be targeting by the end of the year? how much is a catalyst within that? >> ai is an absolute catalyst particularly when we talk about large language models. they have like a demand for compute and power, and as we are the number one provider for electrical infrastructure with medium voltage, low voltage, uninterruptible power supply, cooling, which is very important you see a very good growth in

particular in the united states, but also in some other geographies, so that will continue to be an important part the group and i expect from coverage. 21% is coverage, not growth. this will potentially grow going forward. tom: growth in industrial automation products part of the business was down. weak sales in china, europe, asia. says that weakness persist? >> it is something that we have seen and the industrial market has seen ups and downs over its history, so that is nothing spectacular. i think we are at the bottom of that curve and expect 2024 to see a recovery now. one can say is hitting q2, q3? let's not look too deeply into the glass ball, and it is all

baked into our guidance, which is quite good in this economic about -- economic environment. tom: is automation becoming more of a threat in chinese markets? >> we have always seemed to go in china, unlike many other companies. we have said our chinese operation is contributed to growth in 2023, and we see that in 2024. we have a dominantly local competitors in our energy management business, also industrial automation. that is why we have a set up where we are purely china for china, which has helped us to be competitive in the market. tom: back to the ai story, because there is a critique the u.s. is innovating and driving changes in ai while europe just regulates. is europe holding us back? >> i do not think europe is

holding us back or may a little too enthusiastic about regulation. i think it is a signature that a company like schneider electric is the world market leader in providing the infrastructure and make these data centers work. they require a lot of energy, decarbonization, and that is what we stand for in that respect. as you had in one of your earlier speeches by professor baldwin, the technology can be used all over the place. we do that ourselves and our own operations, so i think it is up to the company to drive it. for us it is a big growth priority. tom: when it comes to the energy transitions story, hundreds of billions seem to be invested by government, businesses. get it we invest in that transition? schneider plays a role in that transition. are you concerned governments and businesses and households

are becoming more constrained in the ability to pay for the transition? >> one of the things we have been advocating for quite some time, energy transition is not only on the. the energy generation side where renewables are being built, wind, solar and other stuff, but it is largely a demand-side story. how can you drive down the usage of electricity in your facilities and production and buildings. there are technologies available today to get rid of 70% of co2 generated into buildings, infrastructure and industrial sites, and we have seen many of our clients have payback periods of three years where they do invest in a little bit of new technology, and from that perspective i energy prices will drive more automation, more digitization on the demand-side and the cost will be driven down. tom: peter herweck, thank you

for joining us this morning on the back of those results. plenty more coming up. this is bloomberg. ♪

tom: happy thursday, welcome back to "bloomberg daybreak: europe." just a chart to focus on the s&p, because volatility is returning, and strategies have warned this period given higher interest rates, the debate around the fed, given where we are in the economy volatility would start to pick up. we have certainly seen that this week. gas or eye to the early part of the week where we saw the worst cpi reaction for the s&p since november 2021, a drop of 1.5%, then you saw some of the loss

being pared later in the week. the volatility is back when it comes to the s&p. the upside and yesterday it was because session versus the downside. arguably more volatility as we push into the latter part of this year. talking of volatility, let's go for the nvidia story, because the strength coming through there, they have overtaken not just amazon but now alphabet yesterday as well. they are closing in on saudi aramco as the third largest and most valuable company in the world. nvidia as the ai demands can you do nvidia. plenty more coming up including a string of ceo and cfo interviews. stay with us. this is bloomberg. ♪

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