tom: will determine the pace of interest-rate cuts. blamed cancer on round up. >> my colleagues put out the award violated due process so would judge reduced the payout to $28 million. projections or forecasts in the median was three rate cuts in nvidia sold stock after earnings 2024. beat shares to a fresh record. with inflation coming down, if insiders unloaded the most stock in a month. results topped expectations they think about doing that later this year. while delivering strong revenue. tom: john williams stressing the coming up, better-than-expected data dependency. let's bring in bloomberg's jill fourth-quarter net income. for an analysis. the cfo of the austrian lender we're expecting the personal joins us and we will do a consumption expenditures. breakdown of the earnings picture. what will it mean for rate trajectories? views on commercial real estate, so stay with us for the jill: well, i would say for as conversation with the cfo. this is bloomberg. ♪ ♪ much as the fed is stressing how much, the inflation gauge, were

>> good morning, this is talking about january. bloomberg. i'm tom mackenzie and these are it is hot for the month and the stories that set your there are effects you have to agenda. consider. the january effect. european creatures trade flat as investors look ahead to a annual cost of living reading on inflation. adjustments that are taking into account and a big jump in data will be key to the pace of payroll. rate cuts. that will attribute to some hot while makers of for an imminent data. government shutdown as mitch mcconnell announces he will step powell's preferred metric is a down after november's election. gauge of inflation. bitcoin source as demand puts looking at data for january. the coins record high back as the fed charts out its past, insight. looking at a cut in may, they selling came through in the u.s.. will look at data that shows things are turning around when sustained cooling in inflation. it comes to u.s. futures. european futures are flat.

we will see what the data shows. looking at the data, we've inflation is flat. gotten a preview. tom: we had gdp dater revised the key gauge coming out later. lower. gains of a 10th of a percent. revise consumer spending shows resilience is there. 5082 is the line for futures. when a story about a labor department email on consumer that stack also flat. prices in the u.s.. what implications for inflation does that have? bitcoin and the japanese yen are jill: this is weird. assets that jump out right now. comments from the boj about what happened was the department of labor emailed super users and getting closer to inflation and you are seeing strength in the japanese yen crossing through there is a change in the age the 150 level. that contributes to cpi. the u.s. two-year is it a marginal take up. because of waiting in january 465 on the two-year. iron is gaining. versus december. it gets pretty technical but we

it:, 62 thousand 628. have to consider that the metric may contribute to elevated ♪ enthusiasm continues. tom: welcome back to bloomberg prices. just shy of 69,000 was the we reached out to the department daybreak: europe. of labor and they said there was record. let's go to the asian session. more to come, so the dickey better-than-expected income for the fourth quarter, the austrian prize on it but the overall message is there is inflation lender is targeting buybacks. gauges that are closely watched. we can bring in the cfo, stefan, what is standing out to you? >> china and japan. these are key in the fed is who joins us for a take on the earnings. we are watching out for data thank you for joining us. singing are paying attention to the data. tom: thank you, jill. talk about net interest income including the u.s. and ahead of in 2024. all of that not much movement looking ahead, you are flagging we are switching to the politics softer income. how's that likely to impact sideways on the nikkei. and congressional leaders growth for the company? reached a deal. >> good morning, thank you for on the csi 300 there is an agreement on a funding package clears the way for mike having me. outperformance versus what we we have seen record highs in the johnson to allow a vote. saw in hong kong. last years on the back of rising chinese stocks are set for their they are backing the deal rates in the euro zone. biggest outperformance since last year as policymakers push despite conservatives demanding

immigration. we expect consolidating income. out measures to prop up the mitch mcconnell is to step down market. as his party's leader in it depends on the pace and the one thing that could cap those november. timing of the rate cuts coming gains is the crackdown. he has been in the chamber since we're hearing how a 1985, leading republicans for out in the second quarter. top-performing fund was banned more than 17 years. there will be a fierce this depends upon the path by authorities. forward, the we will pose the small-cap gauge tanked four succession battle driven by loyalty to donald trump. let's bring in kriti topline growth. tom: to what extent can you and a half percent. preserve margins? gupta. >> this is a big deal because of flip the board. his loyalty when there are how do you maintain margins in chinese mainland stocks outperformance, the hang seng is an environment of lower interest negotiations around funding tied rates? trailing no thanks to decline in >> we have seen up highs of the to what president trump has said tech. under pressure after they and what he is vouching for. margins and the peak in the third quarter when it comes to growth. unveiled a price cut, the second in years. we are starting to see a pullback because of comments trump made with the fear being these are the tools that are seen as important to train ai repercussions for gop members.

we expect consolidation and that and a sign that the ai rivalry is heating up. mitch mcconnell relies on 17 years of experience and has been we heard how baidu's nei forthright in not endorsing president trump. is how we want to combine a spending is impacting profits. that makes him stand out as one strong earning in 2024. tom: deflect 500 million euros of the few republicans saying i alibaba was cut is coming will not stand with trump. of buybacks. is there anything you can do the through across a hundred his departure creates a vacuum return cash? >> we have been proposing 2.7 products and cutting. in support. tom: meanwhile, other euros per share per dividend developments, illinois banning donald trump for not allowing him on the ballot for now. comments. which is due to be voted on in this is the third state. there are signals the boj price may. target is in sight. we expect this to be approved in kriti: colorado and maine where a combination of regular exit, but he says dividends. the first and this adds pressure beyond the shift, he will not to the court decision. it current share price returning there has not been a trial but 10% that is attractive combined see a rate hike. they have heard arguments and policy in focus today. stick with me. it comes down to lake 1214 the with our business. admitted that says if you are

involved in insurrection you can't be president. tom: he talk about the importance of fees and the there are clauses around the world that say similar things. squeeze and income. are you seeing a pickup in the concern is did he activity? participate? >> we do not see a substantial even though he has been charged pickup, this is not the case. it stopped short of the word treason. slow economy in central europe others say this creates for the and relatively weak german economy. we should not be optimistic, but supreme court in question of we expect activity to recover in whether the clause applies. the end of quarter to and some and if president trump wins, can countries, romania, croatia and he excuse himself? serbia, have been holding up tom: on picking the u.s. better than other european countries. tom: we have seen that from politics for us, thank you. coming up, calls for green central european countries. when it comes to real estate, i have to ask about commercial real estate across europe. handouts for economies. live in abu dhabi next. cigna is a troubled child of

this is bloomberg. ♪ this space, headquartered in vienna. residential markets are looking softer. how will that impact your business? >> first of all, we are by definition watching developments closely and equally so developments in real estate. having said this, we have to put things in perspective. 12% of our portfolio is real estate and one third is commercial real estate focused on strong countries. what i am saying is we are watching developments and we see no significant rise in vacancies. higher yields compared to germany. problems abound and we are watching closely. exposure is limited, so we are optimistic.

tom: no skeletons in the closet for investors. ok, moving on to wage negotiations, unions in austria are pushing for an above 11% increase in pay. what does that mean and how do you see the conversation unfolding? what does it mean for costs? >> this is the usual bargaining game. the basis is average inflation of preceding years. seven point 8% in 2023. this is austria. let's not forget the system works differently in countries where we expect softening inflation impact. there will be inflation in 2024.

there is a lag affect and the ecb is watching. this is embedded into our guidance, so no surprises expected. tom: there is a new ceo, peter ♪ bostic, later this year. tom: welcome back to daybreak what changes can we expect? >> as i say, he is not new to europe. trade ministers are wrapping up their meeting today with fishing the company. i have worked with peter for subsidies and government many years. spending. t's go to vonnie quinn in abu he has been driving our digital footprint in the years he was dhabi who has been across this. working before and that is what i expect. we look forward to welcoming him the director general has been soon and seeing what he has. speaking, has there been any tom: before we let you go, the progress made? >> yes. conflict in ukraine continues. to what extent is that a drag in today will see what else we can economies in which you operate? >> we are sad about the get out of the system.

situation in ukraine and the doctor saying she was sleeping and there had been geopolitical tensions. negotiations. this is something we cannot ignore. we have seen the economy holding up well. the ultimate outcome would mean an agreement on some issues. there are ways to mitigate impacts. sanctions have impact on our or there could be more economies. negotiations into saturday. if you look at the growth rate, what is clear is delegations are the impact has not been a source of tension. speaking to each other. in other words, we hope you could divide this into two areas. policy and procedure. geopolitical tensions will ease. tom: stefan door fleur, they want the moratorium appreciate your time. extended and then there is the cfo of course of that procedure. business. plenty more, stay with us. this is bloomberg. ♪ quite happy to talk about disputes and suggesting there

are unjustifiable tariffs related to climate change. paraguay did not name the adjustment mechanism in the statement, but it says trade related measures should not be before them. the european statement is it is not something that gets, you know, tagged when it comes to tariffs. then i would suggest there is the india position in which is that these things should be treated separately and should not come before the wto. everyone is waiting to see whether india will allow the

moratorium to continue. nds saying we agreed at the last minute because we thought there was a deadline and now there is not so we will have to wait and see. tom: on the ground for us in abu dhabi as the wto gets close to wrapping up, thank you. speaking to the trade chief catherine ty. so stay tuned for that conversation and questions about china. across the terminal, air france has an operating loss. 56 million euros. estimates had been a profit of 130 9 million euros, so from the estimates of profit, you are

getting a loss for air france ♪ klm. in terms of revenue, seven point tom: welcome back. four one billion euros in estimates were a miss when it it is a big day for inflation. comes to revenues. looking ahead to the inflation gauge and we know the fed keeps let comes to geopolitical a key ion, the pce indicator and impact, the company encounter disruption costs linked to fewer expectation for a move up of travelers wanting to go to 0.4% month on month. when it comes to the forecast, israel and african nations around some conflicts. geopolitical impact is being data is being factored in and felt. officials are scrutinizing data billionaire retail king christo as they assess where they go. revisions in the next week, but is doubling down on diamonds. markets are closing in to the he revived his passion which may view from the fed. be riskier than any retail bets. now about 80 basis points of he spoke with bloomberg's cuts priced in, from 158 in

jennifer. february. >> diamonds, south africa was work is being done. does the adjustment continue later today? let's have a look at assets in focus. the diamond center of the world. the yen is making moves but the bitcoin rally continues. flows yesterday surpassed for the late 19th century. volumes we got approvals in the it still is important, but early part of the year. mining, which used to be the momentum seems to be there for bitcoin and you are not that far mainstay of our gdp has away from the record high. the last time i checked we were declined, and south africa is at 63,004 bitcoin and gains look blessed with mineral resources. like further moves to be had. the tide is turning and we will it is one of the most important again become a major player in budgets in memory. next week. the mining industry worldwide. tom: you can watch the full to preview the big event, bloomberg is putting out a budget game on the website. interview friday on africa amplified, a deep dive into the

take the role of the chancellor. biggest stories on the continent. stay with us. this is bloomberg. head to our website. ♪ up next, markets today with the team standing by. this is bloomberg. ♪ welcome to ameriprise. i'm sam morrison. my brother max recommended you. so, my best friend sophie says you've been a huge help. at ameriprise financial, more than 9 out of 10 of our clients are likely to recommend us. our neighbors, the garcía's, love working with you. because the advice we give is personalized, -hey, john reese, jr. -how's your father doing? to help reach your goals with confidence. my sister's told me so much about you. that's why it's more than advice worth listening to. it's advice worth talking about.

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tom: let's get into the terms of trade and zoom in on the impact globalization has had on women. it has brought interconnectedness and brought more participation for women in the global economy. i'm joined by financial services lawyer at ferdinand law group. let's start with a question, there is a debate about globalization.

global trade is evolving. what are the impacts being felt by women? >> overall positive. women are making more money, in secure employment. what we see are better jobs. multinational companies hire more women than national anna: good morning from london. domestic companies, so there are more jobs. i'm anna edwards alongside guy tom: we are seeing ruptures in johnson and kriti gupta. global trade. tensions around the red sea and longer running themes of friction between china and the u.s. and the european union. how is that impacting women? >> the tension between the u.s. and china is something we will see with elections that we are following to see how policies

change and how tensions and tariffs main increase. overall for women what we see is stable employment with global trade because value chains means in economies there is more need for women and more employment. women are developing more skills, so the stem in advance countries, women have more access to those jobs. finally, it's better for families. the more money women make means more resources in the home and they can educate their children. tom: you talked about u.s. elections. president trump promised tariffs on goods from china.

where does the pain land? disproportionately on women or felt equally? >> you are right, it falls more heavily if you look at households on products that women use, women's apparel, cosmetics and luxury goods, which there could be an argument that women use more. i like to be solution oriented, so the wto, we can have trade agreements that have gender sensitive policies, whether bilateral, regional, international. we are seeing them more and more. tom: policymakers are taking this into consideration. what are other prescriptions in government and business to ensure that this is shared equitably?

>> the things that they can do are things we are doing now. looking at gender-neutral policies, how labor and social policies in the global trade sector are ensuring equal treatment of all employees. something we can have with regional and national government policies. tom: we cannot talk about trade without china. china has 28 trade agreements and the trade that it has is more than the netherlands and japan in a year. so the trade cost is enormous. is china topline positive when it comes to inclusiveness and the gender component? >> that is a good question. china is impacting it, but we have to talk about the region.

a lot of manufacturing in china takes place in singapore, bangladesh or other countries where for manufacturing and services as china is not able to keep up, it is falling to other countries and they are making sure. tom: thank you. ferdinand law and financial services lawyer joining us with the reshaping of global trade impacts across the gender divide. this is bloomberg. ♪

♪ tom: good morning, this is

bloomberg daybreak: europe in london. chinese stocks trade flat as investors look ahead to a key reading. policymakers emphasized data is key to make cuts. converting -- shepherding a shutdown as mitch mcconnell announces he will step down after november's election. let's check in on markets. the pce gauge is coming out later in the day and to what extent this informs us. ftse 100 and iron ore is up.

the s&p is above 5000. nasdaq futures are flat. u.s. futures are looking for direction. let's look at treasuries in focus. 6/10 of a percent with officials suggesting they are getting closer to ending the negative rate. just one basis points. bitcoin up 4.4%. the rally continues and we will get more details in the next few moments. the securities and exchange commission is investigating with ai. the regulator is studying communications by sam altman in relation to the decision to oust

him in november. the board said he had not been consistent in communications but openai announced they had reached an agreement for him to return as ceo. back to the bitcoin story, it has jumped as we mentioned. the bit count having is affecting sentiments. what rule have the newly launched etf's played in this rally? how consequential as a catalyst as bitcoin gets closer to the record? >> yes, indeed. since the launch of the etf on january 11, a crucial role with

regards to absolving demand for cryptocurrency, we have seen etf's $8 billion of trading have been since the launch. since the launch, spot etf's have absolved nearly 300 thousand bitcoins from the market, seven times more than the new supply since the launch. we are seeing institutional demand accelerating. after april the new bitcoins is set to reduce from 900.

if demand remains constant, we can see the token reaching new highs. tom: the number of coins is capped at 21 million. gemini is reaching a deal with regulators and financial officials in new york. what are the details? >> indeed. yesterday's announcement, you know, ends the saga with regards to geminis earned users. the exchange had a product called earn, which fell victim in 2022. users were not able to with draw assets, so what has happened is

u.s. regulators have now asked gemini to return billions of assets to users and imposed a fine of 20 $7 million on gemini. it seems like this puts an end to the legal saga that gemini had since 2022. tom: tonka, may be a news. closing the chapter as they take stocks of that. crypto market reporter with bitcoin. bloomberg economics say euro area inflation is likely to fall despite pressure from energy prices. the dater is out at 10:00 a.m.. german inflation dater is out today. details about what to expect with euro inflation, how do we

see inflation shaping up? >> before german data we got france and spain, two of the top four economies. we saw slowing, not disinflation at as click of a pace as initially. in october, we had inflation rates of 10.6%. that slowed down, but the last few months have been incremental changes. things like that and that is not quick enough for the ecb. tomorrow's number is supposed to be 2.5%. there could be some changes there, but that is quite a slow-moving if you look at the chart. tom: i wonder what it does for

views from hawks? we heard yesterday saying it would be fatal to cut rates. what does it mean for the ecb thinking? >> this is something christine lagarde highlighted. they do not want a one-off 2%. they want to be consistently there in the issue is they will not be sure until they see wage data. wages are lagging, so we got fourth-quarter data and labor unions only agree in the first quarter. that will be april or may. the ecb needs to wait and policymakers have said june is the rate decision where they expect cuts to start.

tom: bloomberg's zoe, thank you for the preview. let's switch to the global bricks market. we've been speaking about premium products in the state of competition. >> strong pricing power, premium products are outperforming mainstream products. the consumer may buy fewer products, but they are buying more expensive products. >> it was intense and we are focused on winning high-quality market share. not going to erode profitability and brand equity by chasing a couple basis points. >> we have registered three years of double digit growth and way outperformed reference markets. we are pretty confident about

the momentum of our brand. having said that, there are different parts. tom: staying in the sector the world's largest brewer has continued weakness and bud light mostly met expectations, but revenue in the u.s. fell 70%. we have some of the details. what does this tell us about consumer demand? >> it has not fallen by that much if you look at the broad sector. the narrative about beer is consumers are switching to spirits. in high inflation, beer has been the beneficiary. earnings fell but that is including a big impact of the

trends in the u.s. that prompted conservative customers to boycott the brand and caused some declines. as a result, they have been managing. i think it looks like in terms of demand, beer is more robust than spirits. tom: ok, thank you for the deep dive on how trends are evolving. now to some other stories making news. morgan stanley says sales topped 10 billion last year for the first time as they gained market share.

they made 1.2 million timepieces with sales rising 11%. retail market share hit over 30%, a level morgan stanley describes as unprecedented. a judge cut a $330 million payout to a land surveyor who