♪ >> good morning, this is

daybreak europe and i am tom mackenzie. if chinese stocks soar as authorities rib up efforts to revive confidence. stocks retreat at of nvidia's earnings report. investors bet the next great move could be up rather than down, plus hsbc falls as a 3 billion-dollar china impairment hits. >> it has no impact on our capital position, does not prohibit distribution. tom: let's do more of a deep

dive in the next couple of minutes but european futures are flat helped by enthusiasm from china. u.s. futures are pointing lower in nasdaq is off by 2/10 of a percent. trade closed lower. goldman sachs described the report as one of the most important stock earnings in years. in asia there has been japan not doing the heavy lifting, it's the china story. conviction that authorities in beijing are determined. stocks are soaring and bridges are under pressure, but that is lifting sentiment. the broader market is up 2/10 of

a percent. mainland mainland index is up 2.3%. this is important in terms of the curbs. solid gains in hong kong as well. then there is the japan story, losing momentum, not at the 1989 a high but the optimism remains. japanese equities outperform. the nikkei is down 3/10 of a percent. let's look at how things are shaping up. we have fed minutes later today. the month of january, where they think cuts could happen.

the next move could in fact be a hike. that is an outlier view but the fed minutes come out today. euro-dollar is one only needs and gains for single currency. wage data is coming in softer off the record highs in the pound, a little softness in you yields coming down with andrew bailey suggesting they don't need to hit that target before they cut. brent is $82, gaining 3/10 of a percent, tighter output. back to the corporate moment, hsbc shares are down after a profit missed estimates. the bank surprised investors with an impairment charge relating to investments.

speaking to bloomberg noel quinn described it as a technical issue. >> i'm pleased that we have reported 30 billion which is a record, but also pleased with the return on equity. we've worked to deliver returns and we did that last year. we had a return on tangible equity of 15% and i'm pleased with the dividends. the highest for the full year since 2008. and we completed $7 billion of buybacks. we announced another buyback, so pleased with that. i believe with the ratio we got strong potential for future capital distribution. in the fourth quarter we had noise in the numbers. the first was we rebooked the

loss of our french operation and it is neutral for the year because we took the credit in q1 , so that is neutral. there was an adjustment for hyperinflation driven by devaluation. the third issue was -- we had an investment for 20 years and every quarter we do a valuation and we did that again this quarter, updated the model and it compares the value to the carrying value. value in use resulted in a 3 billion charge. that has no impact on capital, does not prohibit distribution because it is non-impactful. it's an accounting issue and i want to reiterate, strong

confidence in the china economy. we believe that there are huge opportunities and our partnership has been a good partnership for 20 years. tom: 3 billion-dollar impairment charge in china, the bank describes it as an accounting issue. let's bring in william for a breakdown of results. the stock lower by 3% in trading. what do you make of what we have heard from the ceo? >> he is emphasizing positive and there is a law of positive. the dividend is the highest since the financial crisis and he dismisses what he calls noise in q4 results. he's got strong confidence in

the economy and thinks that the chinese real estate market bottomed. he says he is looking into the wealth management space. there's only so much you can do on that day. shares are down. profits are down as much as 18%. 3 billion-dollar charge, he dismisses that is a technical issue but it will knock the wind out of your sails as we will see with shareholders. tom: the stock is down 3.5%. bloomberg's william short. of more analysis in the next half hour on that story.

linking to hsbc is the china story talked about that exposure. stocks soar after policymakers take steps to revive investor confidence. a crackdown on trading reduced concerns about shortselling. mark cranfield joins us. trying to work out conviction that this is policy that is more determined around supporting the markets. property segment is performing well today. mark: let's start with property. bloomberg had a widely watched index of chinese in hong kong property names.

that is a combination of things you're talking about. we've got the property developers association and some are trying to pressure the government to remove taxes put in place when the property market was red-hot. these taxes look out of date. people are excited about the possibility. loan data from china suggests during january the lending was better and then expected from banks, good news. there is spillover from the loan prime rate yesterday. that's feeding into the market so you put those things together and the sectors driving gains we are seeing today. tom: the white list around those

companies that could get access to the funding. meanwhile, i know you've been looking at curbing some of the selling going on. how realistic is this? mark: there is a report going around on monday after the lunar new year, one hedge fund was a heavy salt -- seller and got penalized. they were shut down for three days, not allowed to trade because selling volumes are so big. now there is talk in chinese social media saying they are considering stopping selling in the first and last 30 minutes of any trading day. we would like to hear more about it but if they go through

without that is a heavy-handed approach and would impact the market, scaring off a lot of people. it may play out and supporting the market but foreigners would not like the idea that they are shut out of the market. tom: looking ahead to the fed minutes, what will you be looking for? >> traders gave up hope that there will be an interest rate in march but should they price out hope for a may rate cut? is it going to be hawkish? we've heard pushback in the last few days. jerome powell sounded cautious on tv talking about interest rate cuts. if the minutes confirm that, they may go further and people would have to price out the may

cut, in which case it might not help the equity market is people are nervous about nvidia later today. tom: mark cranfield, thank you. flagging nvidia earnings. the company is in focus as the chipmaker reports later today. shares more than 4% in the run-up. i'm joined by robert, senior analyst at bloomberg intelligence. what are the risks to the company? goldman sachs called this the most significant earnings report in years. robert: a lot of people would agree. i am a minded of warren buffett, be fearful and people are greedy.

nvidia is omnipotent in the sector. there is a huge amount of event risk going into earnings and large expectations priced in. the company needs to report strong numbers and guidance needs to be in line with with the market is expecting to promote gains. we need to see the guidance exceed the market expectations. tom: no pressure at all as we lead up to the earnings with open interest around for 1300 level with stock price above $600. robert, thank you for the preview of the earnings story of the day, week, and year. let's go to mining because earnings came out 30 minutes ago.

we've been watching this at the open london time. profit falling 12%, 11.8 billion dollars in 2023 as demand from china for to ramp up to the pre-pandemic level. it will pay a dividend of $2.58 per share above the previous year, $2.25. at a time when the iron a price has been under pressure. marginal pick up in price today on the back of the property market surge, but in the last few days you have seen concerns about demand and it is a key product. profit falling 12%. net impairments totaling $700 million. the ceo will speak to bloomberg after 10 u.k. time.

the u.s. told allies that russia could deploy a nuclear weapon or warhead into space this year. we bring you more on that story next. this is bloomberg. ♪

♪ tom: welcome back to bloomberg daybreak: europe. the u.s. told allies russia could deploy a nuclear weapon or warhead into space as early as this year. moscow is developing space-based capability to knock out satellites. a warhead in orbit would violate the outer space treaty to which

russia is a signatory. i'm joined by ross madison. how likely is it? the warnings, there is deep concern in washington. they are talking to allies. how likely is it? rose? the u.s. has been trying to deter russia, that is how worried they are. this is not about firing a nuclear weapon and detonating it, this is putting a nuclear weapon into orbit to show they can and they are demonstrating capacity to do so in the future, especially to fries satellites, which is a big concern that over time does warfare move into space? there has been a concern about china developing space warfare capacity.

russia is trying to get into that game and it's all about the idea of controlling information technology because modern warfare is driven by using satellites. you take out the satellite and you have a result. it is about capacity more than putting one into space, but the u.s. is concerned and we know they have been rushing out to moscow. tom: if they were to trigger a nuke in space, you could knock out one third of satellites which would have a huge economic impact. this at a time when the u.s. has said we are going to hit russia with sanctions because of alexi navalny. what do we know about this? >> they are preparing a package of sanctions because we are coming up to the two-year mark of the invasion of ukraine.

the u.s. has been looking at sanctions to hit aspects of the russian economy. the idea is to squeeze him so he draws back from the invasion and that has not happened despite a blizzard of sanctions. they are targeting the defense sector in particular, they will probably add that in the aftermath, they are tying it to the death, saying they need to punish people inside russia, the establishment, for these events. will it affect the russian economy? that has not really happen so far. tom: thank you very much for the context. these potential sanctions from the u.s. and the news that may be russia is planning to deploy in nuclear weapon in space.

the u.s. blocked un security council resolution backing a cease-fire in gaza. 13 of 15 members voted in favor of the text proposed by algeria. the u.s. blocked the resolution with the u.k. abstaining. the draft demanded a cease-fire, warrant about displacement of palestinians and called for the release of hostages. coming up, south africa's president announces a general election. why the vote is shaping up to be the biggest challenge in 30 years. that is next. this is bloomberg. ♪

♪ tom: welcome back to daybreak europe, happy wednesday.

south africa's alexion countdown is on the way, the toughest contest since 1994. the announcement will take place on may 29. that is when it will take place. i'm joined in kigali with the details. why is this set to be the toughest in terms of elections since 1994? why is the landscape so difficult? >> because they have not met the expectations. they are grappling with load sharing and bloomberg estimated it cost the country $51 million per day. infrastructure is falling apart if you look at rails, ports, it is affecting exports. climate and -- crime is high.

corruption is rampant. the government introduced social security for unemployed people, a national security plan and promised to tackle logistics. where is the government's interest and that will shape the outcome of the election in may. tom: as you say, the announcement just before that around the budget. the number of parties stood out to me, 370 eligible. switching to nigeria where officials are trying to stabilize the currency. what is the latest? >> all efforts are not bearing the results they thought they would. the currency lost 70% of value and businesses have lost $99

million. inflation is at 29.9 percent, the highest in 30 years, putting pressure on households. the majority of nigerians cannot afford to buy a drink. even though their revenue rose, they reported losses of 106 billion compared to last year where they made profits of 13 billion. tom: ok, excellent as always. key stories coming out of the continent with nigeria and its efforts. south africa announces a date for elections. coming up, nvidia earnings will confirm whether sky high valuations are justified. stock is up 40% year to deeds, over the last 12 months up 230%.

expectations around revenue growth are that that will increase 240% year on year. goldman sachs saying this is the most important earnings story in many years. a preview coming up. this is bloomberg. ♪ when i was your age, we never had anything like this. what? wifi? wifi that works all over the house, even the basement. the basement. so i can finally throw that party... and invite shannon barnes.

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tom: good wednesday morning. this is "bloomberg daybreak: europe." i am tom mackenzie in london. chinese stocks are as authorities ramp up efforts to revive investor confidence. on wall street stocks retreat , ahead of nvidia's pivotal earnings report. some investors bet the next u.s. rate move could be up rather than down. hsbc falls in hong kong as it takes a 3 billion-dollar hit from an investment in china. ceo noel quinn downplayed the charge. noel: that has no impact on our capital position of any significance. it does not prohibit distribution because it is noncapital impactful. tom: let's check in on these markets. european futures .2 very modest gains after the selling yesterday, the nice hand over

from asia, of course, and you see the msci asia pacific up about 0.1%. the ftse 100 currently down. s&p futures .2 losses about 1/10 of a percent, some profit taking yesterday arguably. the drumroll starts ahead of those nvidia earnings. let's flip the board and have a look at the asian session. we have seen that strength come through on the mainland and in hong kong, a bit more support coming through in terms of funding support for the property sector, that is bolstering -- bolstering sentiment seems -- it seems and a crackdown on quant funds. in japan, the nikkei off by 0.3%, a little bit of momentum starting to stall around the rally we have seen in japanese equities. we will check in on the u.s. treasuries at the front end, the two=year year, what it tells us

about the fed's thinking as to when they time those cuts. euro-dollar 1.08. the pound softer yesterday on the back of comments from andrew bailey, bank of england governor, suggesting you don't need to get to that 2% target before they cut. brent, $82 a barrel, up around 0.2%. there is some compliance coming through from opec+, slightly tighter output. let's put back to the earnings story, and particularly banks, with hsbc front and center. shares are down in hong kong after those earnings. the bank has taken a 3 billion-dollar impairment charge relating to its investment in a chinese bank. ceo noel quinn told us earlier the charge is a technical accounting issue with no impact to capital. he's been speaking to bloomberg's francine lacqua. noel: i am very pleased with the fact we've been able to report 30 billion of pvt, which is obviously a record, and i am

very pleased with the return on tangible equity. we did that last year. we had a return on tangible equity of 15.6%. i am also really pleased with the dividends we have announced, $.61 which is the highest dividend for the full-year since 2008 and we've completed $7 billion of buyback and announced up to 2 billion-dollar buyback this year so i am very pleased with strong capital generation. i believe with a cet-1 ratio, we have strong potential for future capital distribution as well. in the fourth quarter, we did have some noise in the numbers. we had three principal items that pulled down the profit. the first one was, we rebooked the loss on sale of our fresh operation now that we completed that transaction. it is neutral for the year because we took a credit on that in q1, we have taken a charge in q4, so that nets each other out

at neutral. . there was an adjustment for hyperinflation in argentina driven by the devaluation that took place. that's really a technical issue. and then, the third issue, a technical issue, was we had had an investment for 20 years. every quarter, we have to do evaluation in use test, we did that again this quarter, updated the model, and it compares the value in used to the carrying value and value in use drop below and that resulted in a 3 billion charge. i just want to make clear, that has no impact on our capital position of any significance. it does not prohibit distribution because it is noncapital impactful. it is a technical accounting issue. and i also want to reiterate we have strong confidence in the china economy. we believe there are huge opportunities ahead. and we believe that our partnership has been a good partnership for 20 years and that status has not changed. >> given what you have just

explained, are there any large asset sales ahead? is there anything else that you're thinking either that you need to sell off or actually that there could be some kind of accounting concerned? noel: well, i think we've got the final leg of our dispose of candidates to come at the end of q1. that will be a big sale completion. we are on track for that at the end of q1. that will allow us to, as we have already announced, first use of proceeds. we would like to allow the first use of proceeds as a special dividend. continue to look at the portfolio to make sure the portfolio is strategically correctly positioned and no businesses are underperforming. but i think we have done the material transactions. but we will continue to adapt and change. if we feel as though part of the portfolio is not strategic or is underperforming. i also want to recap on q4, if you take the profit, the

underlying profit before material notables, q4 reports would have been a 7.3 billion pbt, which is well up on the prior quarter in 2022. >> just going back to some of your potential significant sales, are you also close to identifying any potential new bolt on acquisitions? noel: we keep looking at bolt on's and have done quite a few. we've announced the acquisition of citibank's wealth business in china. that follows two other investments we put into china recently, taken our shareholding in our insurance joint venture from 50% to 100% and the security joint venture from 50% to 90%. our confidence in china is still strong. we are investing. we've done three ball towns there. we will continue to look for bolt ons, particularly in our wealth management business. we believe buying additional product capabilities special-ism

him or distribution capability would be interesting but we will only announce anything on that as and when we've got a transaction to complete. tom: hsbc's ceo, of course, there. let's bring in will shore. what was your take from what we have been hearing from hsbc's ceo? >> we heard noel quinn. he's emphasizing the positive, trying not to dwell too much on the q4 earnings, which have disappointed investors. she dismisses those as noise which have no real value as to understanding the results for the year. he talks about strong confidence in china. he thinks that the chinese real estate market might have bottomed out and the bank says also that it has-risked the u.k. and crucially the u.s. commercial real estate exposure it had. he is talking about the

possibility of more bolt ons, particularly in the wealth management space. tom: you kind of not to it there, will. what are the bank's plans moving forward? was should we be watching for? >> he is keen to emphasize this further share buyback of $2 billion worth of stock. there is also indications in their earnings themselves that the bank will be keeping a tight eye on costs, which may grow 5% this year. tom: ok. and investors currently, you are seeing the stock down 3.3% in hong kong. what do you make of the investor reaction? they seem to be looking through the buyback plans and focusing in on this impairment charge that noel quinn was basically saying was an accounting measure. will: yeah, there's only so much positive gloss the bank could put on the q4 results this morning. q4 profits are down a whopping

80%. as you mentioned, i think the most eye-catching thing is probably this 3 billion dollar charge which investors do not see coming, shareholders do not know that was going to be there. it's an unpleasant surprise early in the morning. and predictably, it has brought the share price down. noel quinn and the bank obviously will be hoping that investors soon enough we'll be focusing on the bigger picture looking forward to their plans and what they have got next rather than dwelling too much on the results for one quarter. tom: ok. an unpleasant surprises early in the money. never unpleasant to see you early in the morning, will shaw. thank you very much indeed, of course on the finance coverture for bloomberg. making news as well beyond hsbc, a bloomberg intelligence report shows hong kong investment bank analysts earn up to 46% more than their counterparts in

singapore. analysts make an average of more than $92,000 a year in hong kong. that compares to around $63,000 in singapore. associates in hong kong meanwhile make around 36% more than in singapore while private bankers are also paid better. the wage difference could prove an advantage for struggling hong kong as it goes up against its longtime rival. meanwhile, citigroup raised ceo jane fraser's pay to $26 million in 2023. 24.5 million dollars in salary and $1.5 million in stock-based and cash incentive. it comes after the largest reworking of citigroup in decades to make the for more competitive. . the bank said it would cut more than 20,000 roles in a bid to boost returns. bloomberg understands that chancellor jeremy hunt in the u.k. is considering plans to

spur pension funds to boost investments in u.k. assets. according to sources, hunt is reviewing options, including requiring pension funds to disclose u.k. asset allocations and lodging an independent review to determine an appropriate threshold of u.k. allocations for pension pots. meanwhile, the bank of england governor andrew bailey says policymakers do not have to wait for inflation to hit its 2% target before beginning to cut interest rates. >> we do not need to obviously inflation to come back to target before we cut interest rates. i must be very clear on that, that's not necessary. so we will be looking for sustained progress on those things to reach that judgment about how long this period of restrictive policy needs to be but we have very clearly signaled this change. tom: bank of england governor andrew bailey there. gilt yields coming in yesterday on that comet and the pound

softening as well. now to the big earnings story of the moment as we look ahead to the u.s. session. nvidia in focus as the chipmaker at the heart of the ai boom reports earnings later today. shares sink more than 4% yesterday in the run-up. i am joined by matt bloxham from bloomberg intelligence for the deep dive on what to expect. what are you going to be looking for when it comes to these earnings? matt: me and everybody else going to be looking partly at the q4 revenue numbers, the 20 billion, what they got into, and the forward print for next quarter. the market is looking for 22 billion, which sequentially is not a big rise but there is still a 3x increase on the same time last year. you kind of had this big ramp up in revenue over the next two or three quarters, they expect it to kind of encz up from the. there's been a few cash encz up from that -- inch up from that. there's been questions about how long this pace of growth can

continue. the leadership -- also the enterprise market, autos. i think we will probably hear more of the same about the revenue opportunity and the speed with which they are increasing supply to meet the demand. we will see around the edges they've got rebels coming in, microsoft and meta both got their own kind of chip plans. will hurd not so long ago sam altman looking to raise $7 trillion to fund air project. i think there -- ai project. nvidia is the clear unrivaled leader. over the next year or two, the probably are going to be some rivals that come in and take some share from them. tom: interesting the longer-term challenge as some of these businesses look to build out cash to kind of compete with nvidia on concerns about the extent to which it has essentially got a monopoly on these ai ships. you talked about kind of the

trillion dollar question really for nvidia, which is to what extent it can sustain this kind of eye-watering growth that we have seen that there's been forecast. what is your take? you talked about some of the. . other elements of the business what is your assessment of whether or not this can be prolonged through this year? >> i think there is a huge amount of demand out there right now. . we are still very much in the phase where we've gone from the big platforms developing their large language models and their capable to do that. enterprise is only really now starting to think about, what is our ai strategy? how do we invest in that? how much money are we going to commit to it? in the near term there is a huge amount of demand to plater without too many obvious alternatives to the nvidia platform. they have also got a new chip coming out which is the evolution of their own platform, so i think they are in a good place in terms of the demand profile and their supply profile to match against that too kinda keep that edge for the

near-term. tom: you talked about some of the longer-term competitive challenges. what are the near-term? we talked about the fact they've got almost a monopoly. there is amd in the mix. who was your point to as the hairnet competitor? >> definitely amd is in the mix. we heard today microsoft is developing the same kind of ai server technology to kind of replacing the stuff they take from nvidia so there are some other obvious ones. the other issue that has been going on and they flagged this was the china restrictions. it historically has been 20 to 25% of revenue and they guided that this quarter it is going to be significantly down. there working hard to kind of work their way around these restrictions and the licenses you need for certain types of technology so they can continue to supply into the chinese market but i think that's going to be another issue that people are going to wonder, how difficult is a proven to be to meet some of that demand that there is in china? tom: matt bloxham setting us up

really nicely on the nvidia story with what to look for when those earnings drop. matt bloxham from bloomberg intelligence. here is what else you should be thinking about today. we talked about some of the minors, rio tinto coming in with earnings. glencore earnings dropping in a little under 15 minutes. watch that one as well for around out of what's happening within the mining space when it comes to the commodities story. china will be a major factor for glencore, some concern about the softness and demand for commodities like iron ore out of china. really, that is so consequential. goldman sachs suggesting nvidia earnings could be one of the most important single stock earnings reports in years, and that of course comes after the market in the u.s. we will keep across that story, keep across the conference of coverage of nvidia pre and post earnings. when it comes to monetary policy, it's all about the fed minutes for the month of january. they drop at 7:00 p.m. u.k.

time. will they give us more color on the fed' thinkings in terms of the timeframe for those potential rate cuts? there's plenty more, coming up. stay with us. this is bloomberg. ♪

♪ >> shares of walmart responded well to the big box retailer's most recent earnings report. the stock climbed as much as 6.3% at one point. same-store sales increased 4% relative to a 3.1% expectation. adjusted earnings of $1.80 per share were 9% better than one analyst predicted would happen. the results were also broad-based. the core retail business did very well. momentum in advertising, fulfillment services, memberships, and data monetization was solid as well. this sets up walmart some analysts are saying for a solid 2024, the calendar year, of

course. and even as the cfo noted consumers are being "choice failed," this means they are resilient but looking for value spending less on each trip but visiting more frequently. this was a story wall street embraced overall with walmart shares climbing to make a new record high. in new york, abigail doolittle, bloomberg news. tom: that on walmart but it's a different story elsewhere in the sector. home depot reporting a fifth straight decline in comparable sales think straight drop in demand for home improvements due to high mortgage rates and a slowdown in construction. while the decline was in line with wall street, home depot's guidance for a 1% sales drop over the full-year was below estimates. here in europe, at least in france, carrefour's quarterly sales disappointing. the supermarket group's like for like sales and france grew 1% in the fourth quarter, excluding fuel and calendar effects. analysts were expecting growth

of above 2.5%. the ceo of brookfield asset management says he believes there are opportunities in the real estate sector in the u.s. and in europe and it is creating a strategy for financial infrastructure investing. bruce flatt, who's been in charge for over two decades, sat down exclusively in london with francine lacqua for the show "leaders with lacqua." bruce: we are just in the midst of creating strategy for the middle east, which will be a separate pool of money. we are creating a strategy for financial infrastructure because we think that is the next, the next phase of infrastructure investing is in the financial backbone of the global economy. you know, the biggest, most liquid markets are in the united states. that does not mean, therefore, because they are the most liquid, you always find the most opportunities.

but europe, there is less capital. and therefore, there will be opportunities here as well. tom: that was the ceo of brookfield, bruce flatt, speaking with francine lacqua. plenty more, coming up. stay with us. this is bloomberg. ♪

♪ tom: welcome back. happy wednesday. you are watching "bloomberg daybreak: europe." let's give you a deep dive on the most important earnings story arguably in years, that's according to goldman sachs. that's nvidia. with nvidia rest of all those ai bets, with much of the magnificent seven, the nasdaq as well. those earnings out later today. here are. the estimates and expectations while expectations are high, on the revenue front, $20.5 billion is what is expected. that would be an almost 240% year on year gain in terms of

revenue. when it comes to net income, 11.4 billion, that is the expectation. that would be an increase year on year of around 56%. let's flip the board and have a look at the options markets because what's been shaping up there has been really interesting. the most active and interest in terms of the open calls comes through at around $1300 level for nvidia. the stock closed at about $680 yesterday. 10.5% is the implied one-day move. that would be the biggest move since the first quarter of last year, when the stock rallied about 24%. 10.5% either way is what is expected and implied by those options trading. its foot the board once again and have a look at the direction that this company has been going in and reflect on the fact that it is up 230% over the last 12 months and sniffing at the hills of the likes of apple and microsoft. saudi aramco is number three. nvidia is getting close to

toppling. it is certainly the third-largest tech company in the u.s. here is the move that could go either way. . you could be getting close to a $1.9 trillion market cap if those earnings come in with the kind of beat and the kind of 10.5% upside those options markets are suggesting more could get down to $1.5 trillion in terms of market cap. the consequences of this earnings report is hard to overstate. the drumbeat up to those earnings and that's the breakdown. more earnings interviews we will speak to the ceo of swiss private ranking group efg international and rio tinto's ceo on the back of those earnings results. the china question going to be crucial when it comes to that interview. up next, it is "bloomberg markets today." stay with us. this is bloomberg. ♪

♪ >> good morning from london. this is "bloomberg markets today ."