>> good morning and welcome to daybreak era. let's get to the stories that set your agenda. president biden calls on israel to let in more aid into gaza or bring the u.s. military to boost humanitarian assistance to the territory. president biden: i'm directing u.s. military to establish a temporary period in the mediterranean on the coast of gaza. and to receive large shipments and temporary shelter. kriti: fed chair jerome powell telling congress the central bank is not far from the confidence needed to ease policy. right here in europe, ecb president christine lagarde signals the bank may cut rates in june. it warns tiempo -- geopolitical risks should not be ignored. i want to quick check on the markets. we've got the geopolitical situation coming up of -- off of

president biden in his state of the union address overnight. what that means for futures is a little bit of positivity right here in europe. euro stoxx 50 future desire. ftse 100 higher. let's cross the atlantic where you are not seeing the same optimism. futures in the u.s. unchanged. 51 65 on the contracts. nasdaq 100 futures are down 1/10 of 1%. how much is a global story of not wanting the exposure to the house. how much is cashing out ahead of the long weekend with technicals plumbing at -- limiting at play. chairman powell did speak and testimony. you have the ecb dates you in the after facts. the bond market absolutely matters. they have been fairly sanguine as it looks to preclude how to navigate the story. tenure yield at 407. again, the fact that it stays sustainably above 4%, even a three basis move is crucial.

euro-dollar at 10947, no major moves but strengthened cable continues to be a theme. 129 almost on cable. brent crude trading at an 83 handle in light of geopolitical tensions. that's a summary of how markets are looking. we will see how they fare in asia. april hong standing by. walk us through it. averill: we have dovish signals from the ecb and from jay powell but on the boj, the message seems to be different. policymakers and the wage growth data we got in the week causing traders to brace for a move from the japanese central bank in two weeks. we see the yen gaining to at least a strongest level since the start of february. if you are wondering where we go from there on the yen, traders seem to think that they are on the downside.

one month risk reversals, that rate showing us that. let's flip the board and take a look because there are implications on this yen rally. that is putting pressure on japanese stocks. nikkei raising gains of 1% from early on in the session. if you look at one of the gauges, the nikkei is the most sensitive to the yen move since 2022. flip the board again, i want to take you to what we see in the rest of asia as we talk about them clearing the uncertainties for markets, boosted risk appetite. msci hitting the highest level since 2022, the chipmakers surging to a record high ahead of february sales data. keeping a close watch on china amid the bond rally. that seems to have drawn regulators in the country to scrutinize some of the regional lenders bond buying because they worry that they are doing this

for speculation, not for lending to boost the economy. csi 300 in the hang seng both seeing some green headed for a for the week. npc underweight failed to spark joy this week and that is what we're are seeing in the asia-pacific. >> interesting dynamic that doesn't have an impact on the asia story. april hong and singapore, we thank you for your story. i want to stick with that story because in the state of the union address president joe biden announced the u.s. military plans to establish a temporary port to ramp up the delivery of a and ease the territory sparked by the israel-hamas war. president biden: i'm directing the u.s. military to lead emergency mission to establish a peer on the coast of gaza and to receive large shipments carrying

food, water, medicine and temporary shelter. no u.s. boots will be on the ground. the temporary peer will enable a massive increase of assistance getting into gaza every day. kriti: let's bring in paul who heads up our coverage out of dubai. there's a lot going on in this gaza story. for a global audience it comes after a week of primaries and caucuses were joe biden actually performed a little bit less better than expected because so many people came out in protest of his foreign-policy around the gaza story. talked to us about the logistics. how effective could this port be? >> that is a big question and there is already some skepticism that a port can be built very quickly, and even when it is it will be all that effective. beau biden spoke about was suppliers coming from cyprus,

which the island is not far from the coast of gaza. in cyprus the goods will have to be checked and vetted by israeli security forces. israel affects everything that goes into gaza, whether it's coming from egypt are being airdropped by the u.s. or jordan or whoever else. it would be the same thing with the goods that biden hopes will go from cyprus and by ships to gaza. it just won't be easy to do this. of course biden was very keen to emphasize there will be no boots on the ground. he said that quite forcefully. so there are some people, the skeptics are saying this is less something that is going to do a lot of good for the people of gaza and it's something that biden is doing to save face with the elections coming up. that pressure that he's under

because of his stance in michigan is probably the most obvious date where people have essentially protested against him for not putting more pressure on israel to end the war. we don't know the details yet of that port. kriti: you mentioned michigan rat has the largest muslim population in the entire united states. when it comes to cease fire talks, which the united states is pushing, there were talks where officials showed up what is really officials did not. is this a response of that? it brings me to my second question, what is the regional response like? is this a positive token move for the region? how are they viewing this? >> in some ways the region will be as positive -- if we are talking about arab stakes -- states in the likes of turkey, they have been very critical of israel and while the war to end immediately.

i think they will welcome anything that enables aid to get into gaza on that scale and more quickly, but i think it will remain getting a cease fire. ramadan, the muslim holy month starts on sunday. there was a lot of hope there would be a cease fire, a six-week cease fire in place before then, that's looking increasingly unlikely. that doesn't mean talks will end, they could continue even after the start of ramadan. but i think it's pretty clear the chances of us getting one before sunday are vanishing. kriti: paul waul is reporting out of dubai, thank you for giving us the update. there is one piece of joe biden's entire state of the address. he used to reiterate support for ukraine and warned congress that democracy is under threat at home and abroad.

president biden: the united states walks away, it would put ukraine at risk. europe is at risk, the free world would be at risk, emboldening others to do as they wish to do us harm. my message to president putin is simple. we will not walk away. kriti: for more on this i'm joined by bloomberg's bill. there were a lot of different foreign-policy messages coming out of this address as well. what have we learned on the front when it comes ukraine, when it comes to china? was this president biden using a state of the union address as more of an election platform, what do you think? bill: to start on the foreign policy side, is not usually the biggest part of the state of the union, president biden kicking off his speech saying democracy was that threat at home and

abroad and abroad specifically referring to russia's war on ukraine. he pressed lawmakers to finally pass this $60 billion aid package for ukraine that has been languishing since late 2023. it's not clear when or if the package will get through if the budget negotiations continue, but he hearkened back to the calls to tear down the berlin laws and said this is the kind of policies republicans traditionally supported and are standing in the way of now, when it comes to china he was relatively brief and talked about all is plan is to have fair competition but not conflict and he criticized his predecessor, former president trump, for not taking tougher measures to restrict high-technology goods, including the machines that help make the high-tech semiconductors to stop those from going to china, he said he did it in his predecessor was full of tough

talk. this was absolutely a political speech. for president biden, i think he views this as the official beginning of the 2024 campaign. it's him and donald trump after donald trump had a clean sweep and the super tuesday primaries. for president biden it was a chance to lay out his agenda on the hot button issues. democrats would like to frame this election around, that includes things like abortion policy, immigration, which is been a republican talking point but which democrats have tried to turn around. it includes things about talking about where he things the economy is that and why the u.s. is in better shape economically than four years ago just before he took office. kriti: that's a foreign-policy story. the state of the union address focuses on domestic issues emily got pieces of that when it came to border policy, abortion rights, gun control, but joe biden talked about the economic

resilience coming out of the united states. something we talk a lot about on the financial network. the budget proposal from biden's administration is coming out. what clues did we get in the speech yesterday? bill: the big thing on the budget side is that congress and the white house need to agree on how to finish 2023 funding and look ahead towards 2024. president biden mentioned key economic policies he liked to see going forward. that included a $400 a month tax credit for americans that he said would help them to afford a home. he also called for a 25% minimum tax on billionaires. he said the u.s. has over a thousand billionaires and said they are paying an average of just over 8% of their income in taxes, he said that's not a fair shake for most people, those are two policies that will struggle

to get past, which are policies the president would like to campaign on in the months ahead. kriti: a lot to digest and a lot that was covered, wrapping up an intense week of politics. we then you so much for that update this morning. coming up, we come from the u.s. back to the focus in europe. the ceo of the fintech company discusses plans for his ipo company in the u.s., which could be the biggest of the year. tom mackenzie is live in stockholm for that exclusive interview at 6:45 a.m. london time. this is bloomberg. ♪

kriti: welcome back to bloomberg daybreak: europe. we have talked a lot about geopolitics, let's talk about the monetary policy. there's a lot going on in terms of chair testimony from chair powell as well as in the committee of the house and senate. financial committees as well. even though we have all eyes on payrolls this week, we are really looking for clues around that rate cut path. chair powell giving us a little bit of a 180 in terms of what he was watching. take a look at what he had to say. >> we are not talking about reducing existing capital requirements. in the basel three endgame,

capital may well go up. i expect there will be material and brought changes to the proposal before it comes back to the committee for consideration. we are in the process of digesting the comments and making appropriate changes. we get to the point for us to close parts or all of the thing and we will hesitate to do so. it's more important to get it right than it is to do it fast. we are not in a hurry. my guess is we will work this out over the course of next year. kriti: those comments around the capital plan, the buffers for banks, a complete 180, even for the lobbyist that wanted the federal reserve and biden administration to roll back on that plan was the highlight from the testimony. he mentioned comments that they are closer to confidence in terms of cutting. that's the part of the equation i want to zoom in on. i'm joined by professor of economic environment over at i.e. university. pleasure to have you on the program. good morning from london.

talk to us a little bit about this economic environment. we have payrolls coming up, 8:30 a.m. new york time. i'm curious about this cutting policy. if we are talking about consumer resilience in the united states, is it cut simply normalization or is it cut and insurance cut. markets are divided on where we think the u.s. economy is. there is this minority getting more focal that saying it's probably going to fast in the january jobs data would show us that. and that's with some of the rate increase. the majority here, the middle is saying we are getting off landing. if today's job data shows as may be an increase of jobs, two hundred thousand, 180,000, a lot lower than january, january is 353,000.

it's a hot market. if we see that range, we see unemployment 3.7, three .8, we get the message that this soft landing is being consolidated. then what will the fed do? i think wait a little bit. inflation data is still pretty high, and we are getting a new figure on march 12. remember that in january, wage growth was 4.5%, annual. so, hopefully in this report we see something like 2% to 3%, that's consistent with declining inflationary pressures. those are the areas most accepted right now. the center one is most likely, but there is another minority scenario, which people kept pounding on last year, the economy is really slowing down, and they will have to cut. what we will see in just a couple of hours, but i think probably we will see that

central scenario, a market that is moderating, gdp growth is settling down. >> if we talked about the trend in the prediction on bloomberg surveys, it would be about a 200,000 print when it comes to payrolls, that is a norm when it comes to the payrolls numbers, will we talk about the theme of normalization, i'm curious how much of that really determines the future of federal reserve policy going into the next 10 years for the last 10 years was really determined more by qe, qt policies as opposed to more of the rate cut story. what is the next 10 years look like in terms of that normalization path? >> i think most people agree, if we look at the last 10 years, it was a policy that was too expensive, there was a lot of fear, the success of shocks and crises that we experienced, 10 years, more than 10 years. i think there's probably a

consensus that the fed we need to move towards the natural rate of interest or the neutral rate of interest, which is higher than it's been. markets will have to get used to the idea of less liquidity, we won't be living with constant qe and rates will be higher. the fed doesn't raise rates like it has to immediately cut them. i think they are looking for a new normal at slightly higher rates. maybe around 4% the average. kriti: what is the risk, very quickly in our last 40 seconds, is there a risk when inflationary pressures are a function of that wage growth, do we need to be worried about hike and commodity pressures or hike in the inflations in the back half of the year or going into 2025? >> a lot of that is geopolitics. that always surprises us. but i think probably we see maybe a little bit more of a

sign of weakness in the u.s. economy that should take us off of the hot story -- the hot economy story and go to that central scenario because that last employment report, which was -- it showed a lot of strength, if you look at it closely, there is some weakness, full-time jobs have been flat for a wild, and they actually fell in january. maybe american workers are scrambling part-time jobs, two jobs, we think probably the stimulus money is almost gone for families, if we look at their savings. i would stick with that center report, but there is weakness there, let's see what their labor market tells us this morning. kriti: professor of economic environment at i.e. university, we thank you so much for joining the program. plenty more ahead, stick with us.

this is bloomberg. ♪

kriti: let's turn to the renewable energy sector where there were record installations of solar panels but all signs point to that continuous momentum. jenny chases a solar analyst at bloomberg nef. pleasure to have you on the program. talk to us a little bit about the solar panel demand. is there even enough to feed it all? >> what's exciting is there were 400 44 gigawatts of solar panels installed last year, which is a lot, 76% more than the year before. and over half a terawatt still this year. which is also exciting, that's also a measurable proportion of the world power. but there is a manufacturing capacity to make even more. we estimate there's enough

capacity to make 1.1 terawatts of solar modules in the world in 2024. and we are expecting under 600 gigawatts. so, there is a massive oversupply of solar panels despite the fact that demand for them is growing very fast. kriti: as you talk about oversupply, what does that mean for prices? >> prices fell half last year. so you cannot buy a solar module for 11.3 u.s. cents, which is certainly the lowest it has ever been. it is supercheap. it's bad for manufacturers receiving these low prices, but it's exciting for investors and developers. kriti: let's talk about bigger players. china and europe rolling out there solar story in mass. how do those economies take

advantage? we have about 30 seconds, i'm putting on the spot. >> it's really great because africa can afford solar panels now as well. we could see that the exports of china modules to south africa really soared last year, especially during the time where there were major blackouts in south africa, from basically april to may because people are putting them on homes and businesses so that they have power all the time. this is exciting, a move from subsidy and unsubsidized demand. kriti: really interesting dynamic. we will keep an ion it. our specialist on bloomberg's nef solar team. q for joining us this morning. plenty more ahead.

kriti: good morning and welcome to "bloomberg daybreak: europe." president biden calls on israel to let in more aid to gaza or bring she -- the u.s. military to bring in more aid to the territory. pres. biden: i am leading the u.s. military to establish a temporary peer in the mediterranean that can receive large shipments carrying food, water, it is in temporary shelter. kriti: fed chair jerome powell telling congress that central bank is not far from the confidence needed to ease policy. the focus shifting to u.s. jobs data out later today. in europe ecb president christine lagarde signals the european central bank may cut rates in june with the 2% inflation go inside that comes with a copy of edit warns geo political risk should not be ignored. a check on these markets,

because futures marginally in the green, but i would not read into it too much. you're a sox futures up, ftse 100 underperforming. s&p futures unchanged. nasdaq 100 futures are the underperformer that signals take underperformance for the european open. i check on the cross asset story, because monetary policy conceptually into focus, so why is the bond market doing a lot of nothing this morning? 4.07 on the 10-year yield. you saw a bid on the bond market given comments with chair powell . as you start to see that move-in yields marginalized, the dollar weakens intend them creating a tail into the euro and pound as well despite european weakness continuing to be the story. brent crude higher by .71%

trading with an $83 handle. at handle is a marginal move relative to geopolitics we have been covering all morning long when it comes from joe biden and his approach to israel and gaza to how your is approaching the nato story. christine lagarde had comments on that as well. >> upside risks to inflation include heightened geopolitical tensions especially in the middle east, which could push energy prices and a freight cost higher in the near term and disrupt global trade. kriti: i am joined by founder and managing director of ada economics. let's talk about these geopolitical risks and the readthrough into monetary policy. they are coming back to the conversation, but you are not seeing this overt reaction from jay powell, christine lagarde,

we're in the markets there is talk of re-acceleration in the back of 2024 and 2025. is that something monetary policy officials should be taking seriously? >> good morning and happy women stay. they are absolutely irrelevant and over time they will be more relevant. for the euro zone, demand is so weak, that at this stage they are not really affecting inflation at all. we have seen the ecb reducing their projections. i think there is probably more downside risk to their protection in 2025, and essentially the bulk of the adjustment through the lower deliveries of that suez canal is coming from lower delivery to customers and some erosion of corporate emergence. for the u.s., i think there is

some inflationary effect. inflation has been slightly higher than expected in the current months, but are broadly speaking the trajectory is in line with the targets, so at this stage they are not big enough to change the outlook for monetary policy i would say. kriti: there is a big question of how we talked about the fx story and we are starting to strengthen european currencies despite weakness in economic data. just yesterday, european manufacturing numbers. is there a risk of the ecb overrunning the fed? >> it is a good thing. reality is not so much front running, because i think they will probably cut both around june. at the are going at the same time, but in the case of the ecb i think the cuts are urgently needed to avoid that you go from

stagnation to possibly slight contraction, and i really stress the ecb outlook for 2025, which is quite high growth, 1.5% positive has strong downside risk even if you begin cutting in june. for the fed, cutting in june, we can discuss how much, i think it is a fine tuning effect on the labor market. it keeps the labor market tight without going into unemployment in 2025. kriti: the labor market story is one going global. even the boj, all eyes on which negotiations and what that might mean. i am curious about the services story in the united states as well, payroll data out later today. how much of volatility payroll data makes the difference, or are we paying attention to something else? this normalization of rates taking precedence over payrolls?

>> the services story is very important and is also a multiyear story. globally because society has become more digitalized and civilized we spend more on services than goods. services are stickier, so there is an inflationary trend coming from that, that i do not think you could really eliminate. in terms of labor, our reading of the data range that you have in terms of the labor market in the u.s. is there is a gradual moderation. it has been going on since october. it is very gentle. the question is if you were not to deliver any rate cuts whatsoever this year you would be at a rising unemployment rate next year. instead if you deliver some monetary easing, but we observed is there is an increase in the number of unemployed, which is a good leading indicator, but not enough to be big enough to

change consumption, because that is what you want to avoid. you do not want to get to the point where consumption disorderly stop sent to compounds the problem in the real estate. kriti: let's talk about the real estate story as well. chair powell saying the cre risk is not one that is as big as the global financial crisis or the silicon valley bank story last year, but he is also a of this idea of capital plans and buffers and extra leverage in the bank system saying things are actually looking good. we are fine with the levirate system. it when it comes to liquidity, is this something we should be worried about at all in the u.s. despite consumer resilience? how quickly can the positive story snap into negative? >> how quickly is a hard question to answer. what we know is that the balance sheets in aggregate are much

more resilient than they were in 2000 any -- in 2008. the fundamental position of real estate is not fundamentally misaligned for the state of the economy, but when you look at a lot of real estate transactions, some of them are on houses that are not even being built, so if you were to stop refinancing or keep financing cost prohibitive levels for too long when you are headed for rising unemployment the whole thing can go from slightly improving and manageable to all of the sudden i freezing of the market. kriti: a lot to digest. thank you for answering all of the questions i through you. we thank you so much. our start of the conversation it was all about the ecb and eu story. european union facing a dilemma, and how to unlock funding for

key priorities like defense at a time of war in europe and heightened geopolitical tensions. at option under consideration is increased support from investors, more joint borrowing. >> as the coronavirus pandemic sparked a public health crisis in europe and emptied the streets of capitals around the world, the eu took unprecedented action. 750 billion euros of joint debt to save a flatlining economy. it has long been a political battle in europe, but as war rages on eastern europe at the debate is back at the debate is back this time to find defense. as u.s. support for ukraine falters and donald trump could regain the white house europe faces the prospect of going at it alone. emmanuel macron and other

officials have shown support. >> i don't see any reason not to continue for carmen targets. >> estonia's prime minister has called for 100 billion euros to be issued. the germany finance minister is among those who reject the idea. one group in favor, it investors. the first option under the covid recovery program back in october 2020 recorded the largest order book forever for a single day or in part because it's aaa rating is so safe and carries a higher yield than not only german debt but also french, so the market is thirsty for more, and two years into the war the urgency is greasing -- is increasing the european leaders with joint borrowing back on the table. kriti: max ramsey reporting on the joint borrowing scheme. other top stories we following

sticking in the same team, sweden has become the 32nd member of nato completing the alliance's historic enlargement into the nordic region. the swedish flag will be raised on monday over the organization had orders. the condition comes 21 months after its bid from membership following russia's invasion of ukraine. kristalina georgieva's position to secure a second term as imf managing director. she needs the backing of europe and the united states. it would come with the understanding that she has the support of france and germany. bloomberg is learned that huawei and its partner semiconductor manufacturing international relied on u.s. technology to produce an advanced chip. they used california-based companies to manufacture an

advanced seven nanometers chip. china still cannot rely entirely on replacing certain foreign components and equipment required for cutting edge products like semiconductors. it could be one of the biggest ideas of the year. the ceo of klarna joins to discuss planned listing in the united states. stick around. this is bloomberg. ♪

kriti: klarna is moving forward with plans for a potential u.s. listing the could be one of the largest ideas of the year. the swedish giant said to be aiming for evaluation of $20 billion. tom: very big year for klarna as

they build up toward the potential ipo, and of course with the valuation of around $20 billion we have got the ceo, the cofounder standing by with me. they have tens of billions of transactions globally and 150 million customers as well, so this is a sizable european fintech company. let's start with the ai story because you caused waves when you put out a tweet and there was a press release. you have been working with openai and you said you have been able to replace or able to ensure that using these chatbots picks up the work of 700 employees. how significant is the ai overlay going to be for klarna going forward? does it mean you will have fewer workers and what does it mean for cause? >> thank you for having me.

it starts with the vision that we set up for the company in 2015. we looked into where our banking cells is going and how this will develop in the long-term on the end our conclusion was at some point in time you wake up in the morning and your digital financial assistant will say i have analyzed your mortgages and payments and i have concluded i can save you 20 pounds on your mortgage, and the only thing you need to do is to say "yes," and didn't think about the consequences we are looking at a very different banking environment where the digital services can help you find the best rates instantaneously all the time. it will drive down excess profits we have seen and banking services for the last 100 years, and we asked where should klarna be? the best rule must be that digital financial system, because if we save you 20 pounds

you may tip us two pounds for doing that. how can we help consumers save time, money, make them more in control of their finances, and went chatgpt came along we saw a massive acceleration of the ability to achieve this. it was this dreamlike self driving cars. we knew we wanted to get there. we were convinced it would eventually happen. since a year ago when we work with the services we are adopting ai across the company and a lot of different areas. it is a new technology and you have to learn how to use it, how to make it safe, out to make sure you protect the privacy of the consumer, so there is been a lot of different things, and i think also what we realize is that few things are really live yet. so it was at the event of that that we took this ai assistant live in saw that it had this

profound impact on the business. tom: what does it mean in terms of the workforce and cost-saving? >> one thing you have to remember is we do not employ customers as agents is ourselves. we were with the big providers. we have always tried to make our products better, which actually leads to less customer service errands as well, because of the product works better you will have an easier time. this is the first time we watch a technology that makes you experience so better than it actually reduce the amount of errands and interaction with humans to the length of about 700 full-time agents, and we wanted to share that metric. we understood that metric would be slightly looked upon it people would react to it, but we also felt that that is important that politicians in society recognizes that this is not just something that is going to happen in the future.

it is starting to happen right now, and i think from a society perspective i think it is time to start considering what are we going to do. tom: do you plan to deepen your relationship with openai and sam altman? >> i am grateful for the fact that we have had a great relationship. we worked with them. when i first experienced chatgpt , which for me was mind blowing the first time you use it. even more than the first time i use google 20 years ago, when i did that we reached out to sam. we had a common investor and i said i would love to get 30 minutes with you and i would love for klarna to be one of the companies that let us try anything, and we'll see how we can use them to create value for our customers, and since then we are happy to hear we are among

the largest customers today. tom: it is helpful to lean into the ai theme if you are looking to the ipo, so what is the latest on that in terms of the timeline and the location? have you set your sights on new york? >> it is helpful to lean into it for another reason as well. when bitcoin came along i looked at that technology i was not good events. i always go to my mom and say when you use this will this help you? she could not see the value. when it looks at ai we said this creates real value. and it also made me believe as a business, not only for the ipo, but as a business we have to lean in and encourage everyone to lean into this, and i sincerely believe that if you look 12 months from now you are going to see ai tigers or companies, we will see companies that have really ingrained ai at

the core of their business will move much faster, there will be more agile, so from an ipo perspective obviously that is important, and we have met the criteria that we set out for ourselves to ipo. tom: it happens this year? >> i hope we will be able to make it quite soon. tom: new york? >> that is not decided yet. obviously the u.s. is our largest market by revenue. we have five consecutive quarters of profitability, and that was the criteria we set out for the ipo. people have been asking us to the ipo question many years and i've been consistent in my answer. always look to the google ipo and i felt like that was the perfect idea. you had accompanied that it proven itself, it was a global

company, but it was a company that had the majority of its growth and of itself, and that is the timing we were looking for. we are profitable in the u.s., we have 30 million customers there, but at the same time we are still 0.5% of the total payments market. there is a visa, mastercard, tremendous big companies. tom: there is been boardroom drama. your biggest backer sequoia put someone on the board. michael moretz. now matthew miller is on the board. does that risk derailing the plans for the ipo? >> that is a question to sequoia and shareholders, but from my perspective what i am happy about, michael moore joined the board in 2009, so it is been 15 years, and he has help shepherd

this country -- company from this small, regional company that we back then into over $2 billion in revenue that we are right now, and you have to remember what is forgotten was klarna was a profitable company until 2017 in 2008 team. tom: is the tension still there? >> we are happy that michael is on the board and it will continuously support us. what i appreciate about michael is he has always looked at the interest of all shareholders. tom: we are running toward a harder break. we could talk for hours. kriti: tom mackenzie in stockholm, we thank you so much. this is bloomberg. ♪

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kriti: a couple of charts to put on your radar, a lot of it concerning the fed, ecb. this chart sums it up. we are to see a divergence between europe and the united states. does that mean the ecb front runs the bed? payrolls will be in focus, really talking about every acceleration we are seeing not just in wage data but no one farm payroll data. how much does this change the calculus? up next, markets today. we will dive into all of this. this is bloomberg. ♪

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