tom: good morning, this is bloomberg daybreak: europe. these other stories that set your agenda. japan's two year yield jumps to its highest since 2011 after inflation comes in hot. there's an 80% chance negative rates will end by april. president biden says a cease-fire between israel and hamas could be secured as soonest monday. plus, french president emmanuel macron says sending western troops ukraine cannot be ruled out. that as sweden gets final approval to join nato. we move away for the geopolitics to look at the earnings story right now. the front space company has around 950,000 corporate clients in terms of the focus on vouchers and on the human resources part of the business. coming through with fourth-quarter operating revenues above the estimates, 655 million euros, slightly above the estimates of 600 62 one million euros for the full

year. coming in just above the estimates, a little over one billion euros. 1.0 9 billion euros. the estimates had been for one point zero 8 billion. coming through for the full year on the fourth-quarter operating revenue picture for it in red. chief executive later in the hour, that exclusive interview at 6:40 u.k. time as the company focuses on trying to build out its operations and business, particularly in the u.s. and the u.k.. that's check-in on these markets. japan is in focus. on the equities market, a bit of a pause after four sessions of gains in the u.s. a bit of a pause coming through. losses, and it was a bit of a scrutiny that came through for alphabet. that company getting a hit yesterday on expectations. scrutiny over its ai proposition. that company coming under pressure. you saw losses on the nasdaq.

futures looking to lose about a 10th of a percent. holding above the 5000 level. nasdaq looking to losses. here in europe you are looking to lose around nine. the ftse 100 futures, 7006 hundred 53. pointing lower by less than a percent. let's look at the japanese yen. strength came through after the hotter than expected inflation print. headlines, expectations that the boj will move away from its ultra-loose policy in negative rates by april, if not by march. that is part of the debate unfolding. yields at the two-year in japan, you are looking at japanese yen, 150, 53. up. looking at u.s. tate -- u.s. two-year. yields moving higher yesterday after those auctions that came through from the u.s. treasury. yields down one basis point. brent crude finding support at

around 82 darwish -- $82 a barrel. bitcoin, haven't broken through 57,000, if to 6130 four, gains of 30% for the biggest cryptocurrency year to date. etf flows story is part of the focus, as is buying from microstrategy, holding 56,000 up 2.7 percent. let's cross over to asia and check-in in on how the markets in that part of the markets are faring. avril hong in singapore, how are the market shaping up today? avril: we are seeing it flat, they are moving sideways, i think traders are more cautious. we have gotten that japanese inflation print, don't forget we have data out of the u.s. and china to get through later in the week, we are seeing losses in taiwan and south korea, and

in hong kong, csi 300 interestingly blocking the trend, staging afternoon session rebound, that's despite the lack of any real catalyst here. you know this, tom, the state funds have been increasingly seen as important to help to stem the recent stock market. we did get separate ubs estimates showing us 57 billion u.s. dollars were plowed into onshore market since the start of the year. also blocking the trend is the hang seng tech lifted by the electric vehicle makers in the country after leah and showed its able to withstand a price for and the intense competition in the world's largest auto market. that stock rallying 20 plus percent bringing along the likes of it. let's take a look of the cross asset picture in japan after the core gauge of inflation in the country came at a harder than the 1.9% that was expected,

supporting the case for a boj exit for negative interest rate policy. the nikkei raising earlier gains. the yield on the policy sensitive to year hitting the highest since 2011, slightly firmer on the yen above 150 on the greenback. tom: avril hong, thank you. let's get more analysis on the japan story. that inflation print coming in hotter than expected. topping the estimates, supporting the case for the boj to move towards ending its ultra easy monetary policy. let's bring in bloomberg's mliv strategist mark cranfield. what do you make of the data that has come out of japan and the market pricing around when the boj finally moves? mark: this cpi is certainly getting enough traction to justify the bank of japan moving to the exit door. it might not seem very exciting by global standards, but they

have been talking about being on 2%. the numbers were slightly above expectations. if you look at the two-year yields, if you compared on a g10 basis, the yields are not very high at all. but significantly they now pricing at least one rate hike from the bank of japan. the march meeting comes up in three weeks time, it's probably a live meeting. realistically looking at april. the way the financial year and comes in at the end of march. the bank of japan will see that. april is some more likely scenario. one of the key things we are not seeing excuses for them moving in anymore. if you go back to last year, you saw stories in the media advising us why the bank of japan wasn't ready. we are not seeing those anymore. the governor has been consistent

saying we are gradually getting to the point where he's ready. if he can persuade the rest of his colleagues to feel the same way, we will have lift off pretty soon, april is looking like a pretty hot page for the bank of japan to do something, but the move will be relatively small when they do start. tom: march will be live but more likely april as they adjust that. when it comes to the u.s. when we move from the central bank of japan, the boj to what's happening with the fed with expectations there. he big week in terms of the data. where is your lens going to be? what is going to be most important in terms of how the markets might readjust to expectations? that further readjustment could come through by the end of this week. >> the fed themselves, they like this core pce, which comes on a six monthly number, but they annualize it. it dropped by the end of last year. it went up slightly in january.

it's likely to be higher again at the next reading. this means it will come into play for the dot plots. in the march fomc meetings, they are likely to make some changes to the dot plots. they say three rate cuts for this year. but don't forget several fed members say only two. of those inflation data are too strong, we may get more fed people moving. it would need to be an adjustment. treasuries would be vulnerable if we do get the fed moving to two dot plots. that's the risk this week. these numbers are little bit too hot for the fed's liking. that translates to changes in their expectations, then the market would have to back up a bit. we are looking for for rate cuts and market pricing. the fed is saying three, they may even move to two. tom: that's movement potentially as we look ahead to dot plots on the back of the inflation data from three to two and what it could to to the markets.

mark cranfield, thank you very much. now to the geopolitics in president joe biden saying he hopes the cease-fire between israel and hamas can be secured by next monday. the prime minister of the palestinian authority has tendered his government's resignation amid calls for the organization to reform itself. joining me now is the news director. did joe biden's comments suggest a specific cease-fire deal has been done or at least is very close to being done? it was interesting in terms of the specificity of focusing on monday. >> it was interesting that he mentioned monday specifically, but all he said was that he hopes a deal can be done by next monday. we've got six days left on the clock. we do know there have been further talks going on involving israel and involving the u.s., qatar and egypt as well in paris.

there seems to be a sense they are inching toward something because either way, we know time is running out. in is really war cabinet member a week or so ago said if the israeli hospitals -- hostages were not released by ramadan by the holy month, that they were going to rough, which is the area in the south of gaza where the palestinian refugees are now clustered. he put a timeframe on it, which means, if there's no cease-fire within the next week or so, israel may definitely decide to go in. so joe biden doesn't seem to be speaking with any great level of detail, but he knows the clock is running out and he's hoping by next monday they've got to the point where there is a deal. tom: the prime minister of the palestinian authority stepping down, what does that tell us about thinking around postwar

gaza and the role that that organization may or may not play? >> those conversations are going on about what does gaza look like after the war whenever the fighting does stop. israel said different things about where it interprets that would be. israel feels it would need some continued military presence. but you could see this pushed by other nations to involve the palestinian authority's that perhaps they could come in and help with the governance of gaza after the war. obviously israel won't accept hamas being there, so the resignation of the prime minister is all about sending the message that they are adding their own governance and might be willing to reform itself is more palatable for the community to perhaps be governing parts of gaza also. just the resignation of one prime minister might not be enough.

in the end it is synonymous and he doesn't seem to be going anywhere. tom: with the update from that region. in the day ahead, a couple of other items to flag, put it in your agenda and calendar. touch on the retail space, 7:00 a.m. u.k. time, we will bring those to you. u.s. goods orders are expected at around 1:00 p.m. u.k. time on a big week for u.s. data. then when it comes for the semiconductor space, asm international earnings, 5:00 p.m. u.k. time they will be crossing. bring those to you on the context. our markets guess from rbc wealth management will be joining us next. we will be delving into the views around with the fed goes next, inflation story, and also why president xi is constructive on japanese equity. stay with us. this is bloomberg. ♪

tom: welcome back to bloomberg daybreak: europe. happy tuesday. underlying inflation in the u.s. probably the most any year as the feds prefer highlighting the long and bumpy path to taming price pressures. let's bring it into this plane, the head of investment strategy for rbc wealth management in the british isles. good morning, thank you for joining us. let's start with the market vulnerability to a higher-than-expected inflation print out of the u.s.. something we discuss with mark cranfield a little over five minutes ago. he was suggesting the markets are potentially vulnerable to a surprise tick up in that

inflation index. how vulnerable is the market at this point? quex we think it is a risk, even though u.s. producer prices have been going up slightly, even though the labor market is tight, it seems people are expecting a progression in the inflation for the january cpi being dismissed as a one-off. we think that if it comes in, core pce comes in higher-than-expected or any level you mention, which is .4% month on month. and having to readjust expectations. expectations at the moment factor in about 100 basis points of decrease in interest rates. we think it might have to go back of core pce is at that

level. tom: specifically on stocks, on equities. which parts of the market would be more vulnerable to that kind of adjustment? the story so far this year seems to be that stocks continue to power a higher, even in an environment of higher rates. earnings has been part of the story in the u.s. where for you would be the vulnerability in the equity space? >> there have been a strong rally in growth stocks recently. an increase in yields might have a bit of consideration in that factor. but underlying would see the opportunity of an opportunity to add even though the earnings are reasonably strong. tom: what would you be looking to add in that scenario? >> for people that have listed tech rally, that might be an opportunity to add. the financial sector might be

one to benefit from slightly higher yields. . in terms of defensive sector, health care is the preferred sector. tom: if inflation comes in roughly in line with estimates, do you expect this rally to broaden out? there's some debate as to whether it tops out or broadens out beyond that concentration. where do you land on that debate? >> we think that there would be a broadening over the next six months of market leadership. that is because the difference in earnings growth of technology and the rest of the market, the difference is likely to shrink, the gap is likely to shrink with the growth in technology stocks starting to grip -- starting to slow down somewhat while growth in nontext arts to pick up.

that's what would bring on the broadening of markets. tom: i know you have been overweight on japanese stocks. and it's overweight over the last 12 months. if you are late to that trade, you want to get in on japan, where would you focus that? clicks in terms of sectors, we think consumer sectors are likely to benefit from better wage negotiations in particular, there was a survey about ceos, and 80% of them expect wage growths. that's because the market -- the labor market is very tight and companies have to pay up in order to secure talent. so pursuer sector would do well. the financial sector to benefit from this very slight but

important increase that we see in japan this year. tom: and to be clear, a step up in rates or at least a normalization weather happens in march or april, but that isn't a risk to the stock rally more broadly in japan? >> we don't think it is, we were first attracted to japan on the end of the deflation story, there has been a number of catalysts, you could think of the corporate governance reform in japan where only a third of all the companies on the tokyo stock exchange had announced measures to improve buybacks, improve dividends or cause shareholdings. so there is still only a third of companies that have taken measures with a lot more to go. and of course the savings reform with the individual saving scheme being broadened and

japanese households really keep their wealth in cash. there's the -- the equivalent of two times japanese gdp in cash. they have expanded notes with more saving scheme and we think some of this money would find itself in the stock market. valuations are not expensive. so it's another attractive point -- to japan. tom: switching focus to china. is there a case for dipping your toback into china? have you seen enough? >> valuations are attractive, but the bar for investors is that much higher not only for geopolitical risk but also because the pay of preference versus the private sector. so we see a lot of foreign investors referring japan is a

china equity proxy, even europe. we do think their opportunities, so you have to be very selective. tom: head of investment strategy in the british isles in asia on china. japan expectations around this inflation data and in the u.s., thank you. central bank is expected to deliver a jumble rate hike today. in an effort to tame soaring inflation. we will bring you the details next. this is bloomberg. ♪

tom: welcome back to bloomberg daybreak: europe. the nigerian central bank is expected to the dutch to deliver a big rate hike as it grapples with annual inflation

approaching 30%. today's ratesetting is the first since last july and comes just after -- days after 12 new members who were appointed to the bank's monetary policy committee. let's bring in our bloomberg correspondent who joins us from rwanda. what are you expecting from the central bank of nigeria today? >> tighter monetary policies. annual inflation is expected to begin arriving this february as currency devaluation begins to impact import prices of goods. inflation is expected to keep 35% by may this year out from 39.9%. it is not a question of if but a question of how big they are going to hike it. if they push by 400 basis points it will bring the interest rate to 22.75 up from the current 18.75%. the central bank understands that in the short to medium-term, it currently falls on them to be able to manage inflation.

if we also taken on wednesday are and grows to 19% up from the policy rate of 18.75, this recalibration of rates and short term government bonds is just laying the groundwork for a tighter policy stance from the central bank. tom: we are getting corporate funding set of standard chartered with a mixed exposure to nigeria's currency in terms of the gains and losses. what do we know? >> what we know is volatility is the name of the game. if we go back to fast in june of 2023, standard chartered makes $120 million in a day because they were able to preempt incoming policies with the president liberalizing the fx market. but also, their impending devaluation of the currency. looking forward to november, a sweet moment they gained $40

million but then turned around and lost $20 million because the government began backing down on the black market, which had a 60% upperhand of an official rate. so it has lost nearly 49% of its value before making it that currency and 70% since june 2 this year. tom: excellent, thank you very much for the update joining us out of rwanda with the focus on nigeria in the currency. plenty more is coming up on bloomberg daybreak read stay with us. this is bloomberg. ♪ i don't want you to move. i'm gonna miss you so much. you realize we'll have internet waiting for us at the new place, right? oh, we know. we just like making a scene. transferring your services has never been easier. get connected on the day of your move with the xfinity app. can i sleep over at your new place?

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tom: good morning, this is bloomberg daybreak: europe. these are the stories that set your agenda. japan's two year yield jumps to its highest since 2011 after inflation comes in hot. traders now that there is an 80% chance that negative rates will end by april. president biden says a cease-fire between israel and hamas could come as soon as monday. plus, the french president says sending western troops to ukraine cannotout. that's a sweden gets final approval to join nato. let's bring you earnings news with the german red sure crossing a $3.5 billion buyback in dividend plan. in terms of the full-year operating profit for this coming in below the estimates at 5.7.

on that metric, it is a miss for munich. we are watching for further details potentially around the dividend buyback policy for the fourth-quarter net income coming in slightly below the estimates. one billion euros it had been seen at 1.0 one billion euros. very modest miss of the fourth-quarter with a four-year operator coming in below estimates. we will speak with the ceo joining the markets today team in the next hour to discuss those earnings. they did come out with a 3.5 billion euro plan around returning cash to shareholders via buybacks and dividends. it will be part of the question. that interview at 7:10 u.k. time. let's check in on the markets. profit taking. there is a bit of a pause in this market. it seems to be further data crosses without focus, inflation print out of the u.s. on thursday. european futures set to drop to 10th of a percent. ftse 100 futures at 7654,

pointing lower. iron ore prices have edged up slightly in the session after the losses of yesterday. we watch the miners when it comes to the u.k. s&p futures holding above the 5000 levels. you saw a breve there. a bit of consolidation in the s&p ending the session. nasdaq futures at 17,937 down. you did have some treasury options yesterday. yield sticking up in the session. down one basis point on the two-year, 470 on the two-year at the front end. 157 on the japanese yen. brent seems to be holding something of a support level around $82 a barrel. bitcoin and, having crossed for 57,000. 30% gain year today. a little over 30%. up 3% so far in the session.

let's get to the geopolitics. the expansion would sweden set to join the alliance within days after hungry finally approved succession. the go-ahead comes months after the nordic country submitted its membership bid alongside finland in response to russia's invasion of ukraine. for more on this, i am pleased to be joined by oliver crook out of berlin. it has been challenging for sweden to get the signoff to join nato. hungary was the block. oliver: almost two years to the day since russia's invasion of ukraine. we now have sweden period to be the 32nd member of nato. more than a year and a half of delays, initially by turkey, then by hungary. the path to nato is the hurdle and the payment, so to speak, in order to get into nato in both

cases. it is significant because it will happen as soon as friday. it really ends for sweden in the military policy they have had. they haven't been in a war since 1814. as you can see on the map, it is a huge strategic location for the baltic sea, which is very advanced submarines and it's a defense contractor that hit an all-time high. yesterday, to say nothing of the size of the economy, it's a $600 billion economy. now it goes to nato defense spending. tom: president macron in france convening european leaders in paris to try to rally support for ukraine. of course, at a critical moment for that country. did macron succeed? did they make a difference, did they get more people online, do we get firm commitments for ukraine? >> you had leaders across europe coming into paris and talk about what they want to do to bring to ukraine.

we have heard this from zelensky over the weekend at a time when they are starting for ammunition and begin to lose more territory to russia. zelensky yesterday said they only got 30% of the million shells that has been promised ukraine. it also opened up another debate. >> there is no consensus today to officially, openly have endorsement for troops on the ground. in terms of dynamics, nothing should be ruled out. we will do everything necessary to ensure russia cannot win this war. oliver: emmanuel macron saying we do not have consensus, but openly talking about potentially committing trip to ukraine at some point, that is with the united states, where we have the ukraine a bill stuck in the house, by and is assembling congressional leaders today to try to get that through.

but that is with falling public opinion to say nothing of this matter of the election in the united states or potentially, you get president trump that has been skeptical of nato. made a lot of comments recently. more than two thirds of it is from the united states. this is significant. for european it's to demonstrate they can have autonomy at a certain time when american security umbrella is at its least point that has been in a long time. tom: oliver crook with the latest on what's unfolding around ukraine. the nato membership would sweden getting that extension. we continue to monitor that story. thank you very much. let's go back to the japan story. the macro data implications for the boj. japan see -- cpi supported the case for the bank of japan to move towards ending its old shuri easy monetary policy. let's bring back an hour mliv strategist mark cranfield. just as you way up the market reaction to this, there's a

little bit coming through for the japanese yen. there has been a big move in terms of the front end on yields. you have given us historical context. when it comes to the yen, what are you watching foreign how -- in terms of how this percolates. mark: we think it would be a decent move lower for dollar-yen. that probably means they will go to zero rates from negative rates. absolute move relatively small. but still a very significant one as was discussed earlier. we would see dollar-yen decline in, but probably less than some of the big moves we have seen in the past two years. go back to the end of last year. dollar-yen dropped from 150 to 140. a lot of that was driven by interest in the february reserve were expectations for rates would come down quickly in the united states. that was driving the dollar side of the equation, dollar-yen fell. the fed is in a different situation. we may get more pushback from

the federal reserve on earlier rate cuts. that was only the japanese side of the equation. that's probably not worth as much. something less than ¥10 movement would probably be the reaction of the bank of japan most. if you look at the cluster that goes over the next few weeks, maybe something for 145, 146 area is where dollar-yen could land if there's a bank of japan move. so a decent move by nothing like the one we sought the end of next year. nothing to compare with 2022. simultaneously we had the bank of japan during this surprise yield curve tweak interest rates in the u.s. coming down. at the same time intervention from japan's minister of finance. none of those things will happen. dolly and move, but not as large as the ones you seen over the last two years. tom: that context, that near history context is really important. from the boj to the rbnz, i wonder if there is speculation that they have their decision

tomorrow. there is some speculation they could go for a hike. i wonder if this is the central bank of the week that could be the fox amongst the chickens for these markets. >> they have a track record of surprising people, the rbnz. doing a move one time and reversing it at the next meeting. the consensus is that they will hold rates of 5.5%. there are economies that think they will go over a point. so far, they might just be ambiguous as to what they are going to do. i suspect what will happen in the end is they will come in with a hawkish hold letting people know they will raise rates if inflation comes in at the wrong direction. from the new zealand dollar it probably means it will go down. it has been firmer than usual and expectation is there could be a surprise interest rate hike against the australian dollar. those do trade closely to one another and is right up against the aussie. we could see a move in aussie

kiwi cross if we don't see too much. certainly, this meeting has more interest than any other rbnz ed meeting in the year. definitely want to watch. tom: thank you very much with the preview there of the rbnz. japanese yen. as the wto meets in abu dhabi, it's happening, the eu's trade to -- trade chief says they need to reserve rule-based trade. starting with the discussion that he's been having there with chinese officials. quex my focus was the decision where china's minister of commerce. focusing our discussions on wto ministerial confidence. obviously we will work with our bilateral trade issues. ask commissioner, just dig into

that a little bit. when we talk about progress, because you have been a bit critical about the u.s. and china and that geopolitical spac having an impact more broadly on trade, what does progress in look like at the end of this conference? kwuex we are currently in a more geopolitical situation than we were before. it's growing tendencies towards protectionism. so, we need to adjust all of this. we need to preserve the role of the wto and rules-based multilateral system. it is the most favored nation principle, which is behind much of the resilience, which you are seeing in global trading system despite geopolitical turbulence. it's important to ensure it

remains effective organization in putting emphasis on the wto form and making sure keeps up with the face of the developments of the nations. >> commissioner many delegations agree that any agreement of the key issues, moratoriums, will depend on india. what could be offered to india in terms of sponsoring some of those objectives? kwuex first of all, of eto is an organization with 64. and by now, 106 he six members needing to reach the consensus. we need to bring everyone on board. india is one of the key countries. we have the e-commerce

moratorium, with india is seeking in the area of arboriculture and as a stockholder for domestic food security purposes. also from the eu side, we are engaged with india and also much broader for discussions forward. so we need meaningful outcomes on agriculture and also on trade supporting domestic support and food security. we have to reach agreement. e-commerce moratorium in the settlement systems. just some of the areas to highlight in these discussions. >> commissioner, how likely is an agreement at the end of this week.

that's a pretty long list of things that both of these blocks still need to agree on. what is it that you're anticipating? >> obviously, from the eu side, we are working to positive outcomes. we are very much engaged and willing to ensure that the world trading system in multilateral system continues to function. there seems to be more during this week. tom: the european trade commission speaking to bloomberg's vonnie quinn and jennifer a little earlier. coming up, i will speak to the chief executive after earnings come in better than expected. that exclusive conversation is next. this is bloomberg. ♪

tom: welcome back, happy tuesday. the earnings of the first four-year result since the french company joined last year. this is a company that has about 950,000 corporate clients that focuses on things like catering, services, employee benefits. it is a broad business with a lot of different components to think about. let's bring in the ceo on the back of these results. thank you for joining us. how do these results that you and the company up ahead, what is the outlook for 2024 for eden red? >> the outlook for 2024 is really good because we have a lot of momentum.

in 2023 we could achieve the results with the growth of almost 24% with a profit growing at 31%. so we have a lot of momentum behind our digital solutions. and as you know, we are the leading global digital platform for business services. whether in fact on the engagement, we have benefits solutions that have made vouchers. but also engagement. we are a digital platform of savings, but we provide solutions. we have each charging solutions. but also provide a solution in the u.s. serving more than 60 million users around the world in 45 different countries based on our very good research in 2023, we have a lot of momentum for 2024.

tom: which part of the business are you most excited about, in terms of growth prospects question mark which part is looking more challenged? >> when you look at our results, the growth has been double digit growth everywhere around the world and on every line. we have three major business lines, so i'm very excited by the three of them. we did some acquisition in 2023 and at the beginning of 2024. we have a leading solution for engagement solutions in the u.k., in the u.s. and in australia. when i look at this business line that has been growing at 25% in 2023, i'm super excited for the coming years, because we are in the middle of integration of solutions on our platform. so basically, there will be more

to come. the thing i am super excited about is we will increase our number of users, increase our number of solutions and to increase the monetization of the very strong assets. there is the solution of monetization that makes me very excited for the future. tom: the macro environment is looking more challenging. are you getting any sense of caution from your clients and your customers? >> in fact, not really. basically when you think about our benefit solution, what we are providing to the employer's is the solution to be more attractive and to engage more of their employees. even if you see a soft landing of the gdp growth everywhere around the world, what you also see is the level of employment

that is fairly high. all the employers are fighting for the same resources. so they need our solutions to be more attractive and to engage more. you have the chances incoming on between the fuel, the ev charging vehicles, and with the acquisition we just made in denmark. we will be able to provide 360 degree solution to manage the transition. so there is a soft landing. the solutions that we propose are still very efficient for our clients. tom: we know the u.s. market is keen for you. what is the specific strategy for building your footprint in the u.s.? >> our revenue today in the u.s. is still low.

so we need to make some progress on this part of the world because it is the first economy of the world, and it's the economy that continues to grow. basically, our point of interest in the u.s. is via our engagement solutions. it is the first point of entry. the second part of entry we have in the u.s. is we are the leading provider of the benefits. if you don't choose your account to commit, you will receive some digital benefits that you can use to spend specifically on the community. this market is growing. so far is the certain point of entry on the u.s. market. tom: unfortunately we have run out of time. edenred ceo, we appreciate your time and a busy day in the company this tuesday. plenty more coming up i will break down the japanese inflation story and have a little look on what is happening

with the yields on stocks. that is coming up. this is bloomberg. ♪ our advice is personalized based on your goals, whatever they may be. all that planning has paid off. looks like you can make this work. we can make this work. and the feeling of confidence that comes from our advice... i can make this work. that seems to be universal. i can make this work. i can make this work. no wonder more than 9 out of 10 clients are likely to recommend us. because advice worth listening to is advice worth talking about. ameriprise financial.

tom: welcome back to bloomberg daybreak: europe. we are back to an environment where good news is good news. this chart topping the correlation of what was seen with u.s., the s&p in the u.s. two-year. the yield is up as markets have started to fade out expectations of as many cuts. they fade about expectations about nine cuts from the three major central banks. the boj. the boe, the ecb and the fed. you're at a point where there is an expectation and stronger economy where there will be fewer cuts starting later year to hire. but equity markets are hiring correlation. is that a healthier set up for further gains ahead? i will leave that with you as we reflect on that correlation

between the two year yield in u.s. stocks around the s&p. that has changed and is adjusted. let's look at what's happening with that coin. the expectation around the fed has played into the story, but now it about the etf flows. here's the move yesterday in terms of volumes, we were back to levels that we last saw her we got the etf's near the beginning of this year. so the moves against those etf's on the back of it was optimism around crypto burst through. 57,000 is back to around 56,000 we continue to watch that story. plenty more coming up. markets today with the ceo on markets today. stay with us. this is bloomberg. ♪

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♪ >> this is bloomberg markets today. here is what you need to know. japan's two-year yield