tom: good morning, these other stories that set your agenda. asian stocks post modest gains as traders await the release of key u.s. inflation data later this week. fed speakers differ on rate cut expectations. russian president vladimir putin has, for the first time, said islamist militants carried out the deadly moscow attack. but he still accuses ukraine of involvement. plus, boeing starts the search for its next ceo after a leadership shakeup as it seeks to reassure airlines and passengers that its planes are safe. eck in on these markets, checking in on futures after modest losses across the u.s. in wall street last night. i the end of the close yesterday losses of around 3/10 on the s&p. the nasdaq, here's the future set up when you look to the

u.s., you're looking at gains. 5280%. nasdaq futures 18,500 45 pointing to gains. european stocks are on fresh eyes yesterday and the session. you are a 15% for european stocks in the last 12 months. flat across european futures, u.k. futures, ftse 100 futures -- futures lower. let's flip the board and look across asset with a focus on what's happening in the treasuries and in the yield curve in that conversation in the debate in terms of the stigma trade continues. 458 now on the two-year. a move lower by three basis point so far in the session. euro-dollar out what away. currently down. brent, $86 a barrel. it saw the biggest pop in prices , brent, yesterday in about a week. $86 a barrel. opec-plus, their decision as to whether or not to extend the cuts will continue to be in focus. go remains around these record levels, 2172 port -- per troy

ounce on gold. very modestly on the session. that's the story we will impact through this hour. the catalyst driving go higher. let's check in on the asian market session. we talked about the mixed picture that we are seeing where the modest gains. let's cross over to avril hong standing by in hong kong and singapore. april has not moved jurisdiction. what are you looking out across these asian markets? avril: i'm not hong kong, but i could take you through the hong kong benchmark. for the asian stocks, it's very interesting how we saw it erase gains on the session and then climb back up again. this seems to be a bit of positioning, but the chinese lenders are also in focus, i will get to that in a bit. overall it seen at one point during the session that traders returning more cautious. we are heading into the end of the quarter. we have u.s. inflation data coming up. there's that caution creeping in

on some analysts point out that today we see the lag guards on the japanese benchmark, the taiwan benchmark. these are also the gauges that have been outperforming this quarter, so it could be the case of investors looking for a new catalyst. the cost be lifted by the local chip stocks. let's take a look at the big movers in these indices as i said earlier, is the chinese lenders coming into this week there was a lot of pessimism about the megabanks in the country because of how they have been increasingly leaned on to support the property sector. chinese vanke, china mergers beat on its earnings. that seems to be lifting the broader financial related stocks in hong kong. we have nissan going the other direction today as it unveiled an aggressive plan to go head-to-head with the likes of byd, something that investors are not cheering on. it's one of the biggest drags on

the nikkei today, losing by the most in about six weeks. sk hynix, the local chip stocks lifting the kospi. let's take a look at what we're seeing in the currency space because of course there's a story of dollar resilience that's putting more pain on the u.n. u.n. on the japanese currency. we see intervention chatter keeping afloat on the japanese yen. today the pboc signals from that fix. also seems to put a bit of calm and certainty for you traders, but note here that divergence could be a signal that the u.n. bears, not terribly convinced. we will be watching out for the fed amid all this. tom: avril hong in singapore, thank you for the check on the markets. avril mentioning flagging the fed. we have been having those speakers out overnight. the fed governor says the u.s. central bank must be cautious in cutting interest rates. policymakers held at their

meeting last week. of course maintain their forecast for three cuts this year. but the u.s. economy has continued to surprise with its strength despite high borrowing costs. >> the risks to achieving our inflation and employment goals are moving into better balance. the risk of easing monetary policy to soon or too much is that it could allow above target inflation to become entrenched and halt the progress that we have seen. tom: lisa cook who is a voting member of the fomc. we also have rafael bostic reiterating his view that he expects it more likely that they cut just once in the year this year. how are markets reacting to the fed speak? >> i'm getting a lot more cautious. there were so euphoric after the

fomc and jerome powell's press conference that everyone was so dovish, it sounded great, the fed was keeping two to three interest rates. the dot plots. jerome powell was reinforcing the message of a coming down. we heard a few pieces of strong data. we are getting pushback. mr. bostic saying one cut is necessary this year. other saying not quite sure, maybe two, maybe three. we have loads of important data. the big one is the pce, which comes in at the end of the week. interestingly, the market reactions are that, could really be a bit large because it comes on a friday, most of the world is on holiday. u.s. bond market will be at subpar strength. the data will come out. phil -- then on monday, the market reaction could be quite large, especially early in asia. treasury futures will open with australia closed in other people out as well. the chances of a big reaction if you get a high number is ready large.

traders are really quite cautious. it has been there for a record amount of time. everyone is dialing back a little bit. they are not as optimistic as they were just a week ago. tom: how times change and just the space of a week. owed on to your hand of that potential rupture when it comes through on friday. the market reaction could be pronounced. that's really interesting as we look ahead to that. we talked about the mixed views coming through for the fed speakers. slightly at odds with what we've been hearing from jay powell. we look at the comments coming through, the analysis coming through strategist at j.p. morgan, warning that equities are rich at this point in terms of the valuations. what does all of it mean for the stock markets and for effects as you follow all of that in? mark: for the equity market, they are more likely to take in their stride from anybody because the equity market has already factored in -- u.s. interest rates are not going to rise, as long as they keep to

the primus, at least the next move -- it does not matter where the next move comes in, as long as yields don't go much higher, equity markets factor in, the american economy is strong. job situation is good. companies are making money and there's an ai story on top of all that. equities are probably in the best place to continue to do what they are doing, regardless of how the short-term data comes out. one that could react as well as the bond market is the currency market. we are already seeing reasonable amount of dollars strength, dollar-yen is pretty close to the area. japan intervened before you can see that china has been back and forth and whether or not it's a weaker currency. there's a lot in the currency market. any reason that gives the u.s. dollar more strength in the short-term could have take repercussions across emerging markets and across g10 as well. that's really -- that's where the real action could be next week on volatilities are relatively low. easier for traders to come in and take short-term momentum.

we will watch for an exchange very closely. tom: mark cranfield from our mliv team, thank you very much with the breakdown of the potential market implications of all this fed speak in the positioning around the next cut or at least the first cut in this cycle to come through for the fed. now to the corporate story, which is what's unfolding at boeing. we saw this towards the end of the day. boeing shares closing higher after the plane maker announced a sweeping leadership overhaul. the ceo stepping down at the end of the year. that was the major announcement out yesterday. the commercial chief is leaving immediately while the chairman will not be standing for reelection. for more on this, let's bring in bloomberg's katrina nicholas for the details. was this ultimately inevitable given the challenges that boeing was facing? >> yes, i think it was. i think what you are seeing here

is boeing customers finally getting what they have been wanting for some months now. this all came to a head over the weekend when the ceos of boeing's three largest customers in the u.s., american airlines, southwest and united pressed boeing directors for a meeting to air their concerns without boeing's ceo calhoun there. so that's quite telling that they wanted to speak to the board without the man at the top actually present. so even though these leadership changes were formalized over the weekend in that board session, they have really been discussed for some months behind the scenes. particularly after the near catastrophic accident that we had on alaska airlines back in early january where that door plug blew out. directors wanting to signal this overhaul, we were told ahead of the company, is issuing its annual property statement, which was delayed by several weeks.

as you said, the boeing chief executive officer stepping down at the end of the year, the chairman saying he won't stand for reelection and the embattled chief of boeing's commercial airlines division saying the airplanes division rather, saying that he is going to be stepping aside immediately and he's going to be replaced by the chief operating officer, stephanie pope. so this is really a complete overhaul. i think investors, you mentioned the shares are up. they are not seeing it as a knee-jerk reaction. they see it as an opportunity for boeing to set this late clean. a complete reset, and really work hard on changing the company's culture and rebuilding investor confidence. tom: so a complete reset and those challenges are acute. what are the key challenges that stand out to you at the next ceo will face? >> i think one bank of america analyst put it quite well when he said boeing has been on the

reactionary defense for quite some time now. and this is a chance for a long time to really reset the narrative. the focus will now shift to who will replace the ceo at boeing. we are hearing there could be a number of candidates for the top job, including stephanie pope, even though she has been elevated into stand deals position, she is still in the running to have a shot at that job. other names that are currently coming out include general electric ceo larry cope, patrick shanahan, who's the ceo of one of boeing's biggest suppliers for aerosystems, as well as greg smith, currently the chairman of american airlines, and he also used to be a former bowen finance chief as well. but whoever gets the first job, first and foremost, they have to work hard on rebuilding that customer trust, this is is -- this is a plane maker whose fleet is turning into a meme.

you can find websites out there now advising the public how not to fly a boeing jet. so really needing to rebuild that confidence, both among customers, as well as the flying public. this has also become a strain on boeing's finances as well. so it's something that if they get the right person in the job, the investor confidence can be restored. that will be a good thing for bowen's balance sheet. tom: sounds like a brave man or woman who will be taking over as ceo of boeing. katrina nicholas, thank you so much on that crucial story in the airline spaces well with the focus on boeing. the day ahead, other factors to think about today, we will get u.s. durable goods orders and data. that comes through at 12:30 pm u.k. time. a bit of a gauge in terms of the health of that part of the u.s. economy, particularly the manufacturing sector. how much demand there is domestically and externally. when it comes to eem, focus on the nigeria rate decision.

they are expected to heighten -- hike again. inflation running at 31%, 32% for nigeria. look for that as the central bank action within the em space, nigeria. back to the u.s., another auction a five-year notes at 5:00 p.m. u.k. time. we will be watching for the appetite from investors to absorb that option. that's a 5:00 p.m. u.k. t i'm. putin blames islam is for that moscow terror attack for the first time as more arrests are made. we will have the latest. this is bloomberg. ♪

tom: welcome back to bloomberg daybreak: europe. the russian president has

acknowledged for the first time that islamists were to blame for friday's terrorist attack in moscow. the number of people killed at the city hall has now risen to 130 -- 139. let's bring in bloomberg's tony for the details. putin is still trying to link ukraine in the west to this attack, why does he continue with this line, the isis commenting it was then, u.s. saying it was almost never booked -- inevitable. why is putin continuing to try to tie this line between these terrorists in ukraine? >> good morning, as you said, he did finally acknowledge that islamic extremists were involved in this attack. but he said it with the ukraine line, but even in the face of no evidence, he didn't present any additional evidence in a fairly rambling speech justifying his case, essentially it's because

he's trying to get support for continuing the war and to make it appear is somehow under attack to try to rally public support for whatever decisions the kremlin is trying to prepare the public for. it's a matter really of saving face. he just doesn't want to appear to have made a face, so he's doubling down on his argument. tom: what is the latest, get us up to speed on what is unfolding on the ground in ukraine in that conflict, where do we stand? plagues very little change has to be set on the front line, a few kilometers here or there, russia making advances, but the aerial campaign on both sides has intensified. russia has been continuing bombardments of ukrainian cities knocking out energy infrastructure in particular in places like kharkiv, including the other capital of keefe. the bill prove region, which

borders ukraine, says the air defenses shot down 13 drones, so there was not much moving on the ground. clear intensification of the war every day. tom: thank you very much on the latest from what we have heard from the russian president in relation to that terrorist attack in how things are unfolding, how that conflict is unfolding on the ground in ukraine. thank you for the latest. now, the israeli government has called off a u.s. trip by senior officials after washington decided not to veto a yuan resolution demanding an immediate cease-fire in gaza. the decision reflecting a shift of approach by washington, 14 of 15 un security council members voted in favor of the resolutions. the u.s. abstained, citing the measures failure to explicitly condemn hamas for his october 7 attack on israel. coming up, we will explore the

impact of record-breaking cocoa prices. look at soft commodities, next. this is bloomberg. ♪

>> we anticipate that inflation will remain at slightly elevated levels, just given the growth inflation developments. we don't think that we will see inflation moderating fast. and then on currencies, i think the amount of uncertainty we spoke about, it's been decent to see in a market like, that we are starting to see inflation come down in the city become a

lot more stable, so that uncertainty is a lot more general. we do have elections in south africa. we have elections in rwanda and also key markets of elections. but, within the context of elections, we think that investment case remains very robust. the demand for data in fintech services remains very, very strong. when you see the underlying traffic growth that we see in these markets, we can all work to navigate the geopolitical context that we are operating in over the next 12 months. tom: that was the mtn cs speaking to bloomberg's jennifer zabasajja after africa's largest mobile carrier reported its biggest drop in profit in at least 30 years in the wake of the devaluation of nigeria's naira. now to soft commodities, coco has exceeded $9,000 for the

first time ever, for the first time ever as global supply shortages grip the market and chocolate makers grapple for beans. yesterday alone futures gained $700 per ton for a fourth straight day. let's bring in bloomberg correspondent for the detail on this story joining us out of johannesburg. what is driving this historic rally in cocoa prices? >> we are seeing also a record high shortage in cocoa beans heating the market. 2023 and 2024 they are going to record 600,000 to 700,000 tons below the project of 850,000 tons. it's also going to report a shortage in the season, a season that the market was hoping would bolster supply for the market. and i mention this because combined, they produce about 65% of the world's cocoa beans. a couple of things can explain this drop.

climate change was delaying and when they came they flooded a majority of cocoa funds. we are also seen financial constraints in countries like ghana with the country was not adequately able to subsidize, fertilize for farmers. outside of this, we are also seeing that there are new incoming rules in europe that will block cocoa that's coming from countries that have child labor in their supply chain. so all these factors combined, increasing the shortage in the market, but also driving up prices. tom: the changes were the international market, what do they mean for ghana, what do they mean for chocolate producers globally? >> there's no good news for ghana because a third of their revenue, particularly, has fallen from coco because this year there protesters are 500 8.4 million.

coco is the third-highest effects in ghana. what happens when this inflow drops in that external payments are going to suffer. this is a currency that has lost a hundred percent of its value to the dollar. in turn, inflation suffers in ghana is a country that has seen record inflation of about 54%. the government working very hard to bring it down to 23%. factories are also operating intermittently when they have cocoa beans, they are operating when they don't. it's only a matter of time before we begin to record job losses. farmers are dismantling their beans because prices that cut at the beginning of the season. for chocolate producers, good news and bad news, they make a little bit more money because chocolate prices have gone up. but then again, it goes down to the prices because the prices of cocoa beans continue to rise due to the shortage. tom: thank you for those record-local prices. coco's record-breaking surge is the main focus of our next

episode of bloomberg africa amplified. going to take an in-depth look at what is behind the cocoa shortages, unpack a lot of what has been told to us and why there could be a full-blown chocolate supply crisis just ahead of easter. that's africa amplified next friday, april the fifth at 5:30 a.m. u.k. time. senegal's new president alleges to tackle and use the country's resources to better the living condition of the population, the 44-year-old, it a largely unknown tax inspector rose to witness the election as he plans to strengthen state institutions and maintain friendly relations with senegal's partners. putting more coming up and we wil

tom: good morning, this is bloomberg daybreak: europe. i'm tom mackenzie in london, these other stories that set your agenda. asian stocks at modest gains as traders await the release of key u.s. inflation data later this week. fed speakers bostick and go speed differ on rate cut expectations. russian president vladimir putin has for the first time said islamist militants carried out the deadly moscow attack, he still accuses ukraine of involvement. plus, boeing starts a search for its next ceo after a leadership shakeup as it seeks to reassure airlines and passengers that it's planes are safe. let's check in on the futures. modest losses around wall street. down about 3/10. currently, u.s. futures brining a little higher, pointing up by 2/10 of a percent. making up losses of yesterday as

things stand. that's a futures picture stateside. in europe, you have fresh records yesterday for the context you are up on european stocks across the benchmark. 15% of the last 12 months. fresh records yesterday. european stocks are flat. ftse 100 pointing low. look to iron or in the minors, potentially on that story. iron ore prices are tumbling today. 7900 20 flag. let's flip the board and have a look across assets. we saw movement across the treasury curve. we are still awaiting these comments from fed officials. we have that crucial personal consumption expenditures data out on friday. a little bit of caution coming through from the fed speakers after relatively dovish comments from jay powell. u.s. to your out for 59 right now. euro-dollar 108. currently down -- up a 10th of a percent. brent after posting the best day in a week yesterday, gains of a little over 1.5 percent. close to 1.5% on brent. $86 bound currently.

opec-plus expected to continue to push those cuts they are meeting next week ahead of that. go continue to stay at around these record highs for gold. pressure is at 2172, relatively flat in the session. i will put that story in more detail for you in the next couple of minutes. a couple of redheads crossing the board right now. one is on france and the deficit. we will get to that shortly. saying it has entered conciliation to reach a refinancing deal. so over in france, the i.t. company getting closer, it seems to refining. it has entered conciliation to reach that refinancing deal. maybe a step forward as it attempts to address some of those challenges. so, it started in emmett double conciliation with its creditors according to the detail that has just crossed. you can see the pressure that has come through on that stock over one year.

currently down over that timeframe. a little over 86%. back to france in the budget deficit. a redhead crossing in the last minute or so. france 2023 deficit of 5.5%. 5.5% of gdp, well above the government's target of 4.9 percent. really raising the question as to what the french president is going to have to do to ensure that he can rein in that budget deficit. again, well above the target, 5% of gdp in 2023. let's get the details and bring in paris bureau chief. now for the latest on this, how bad is this for micron, how did we get to this point? >> it certainly not great for him. the difficulty is that he has really pledge to reduce the deficit the next several years back down towards at 3% level. what this is going to require is that they do some significant spending cuts in order to try to get the deficit going back on track. right now we really have to get

an inflection to get it back down for the way that it needs to go. he has promised or his finance minister has promised not to raise taxes in the past and will they be able to stick to that or not? if they do stick to that promise, then it really is going to require some major spending cuts. that is never an easy thing to do. to do a cut, cuts create a lot of grumpy people if you start to get expenditures. especially in france, which is so dependent on government spending. tom: i think -- i cannot believe you just clumped grumpy people in france together. i say that as someone with french heritage. what are the other possibilities? what other levers could macron reach for question mark in terms of the domestic politics, how does this play out? or will most of it come from, politically for micron on this issue? >> the other lever is tax

increases. that has come up, he came up particularly this weekend is a possibility. there was an argument from one of macron's political allies to say that they should tax what they call the super profits of some companies. that is something that has been considered in france before and rejected in part because of how you define those super profits. but it has come up again as a possibility. if you do that, what does it mean, it means you hate companies like the big oil company, perhaps you hate pharmaceutical companies, or banks, if they are making a lot of money, you can imagine all sorts of companies that could get caught up in that, the question is do they make enough money? how would it be defined? and with that, would it essentially violate the pack that micron has created with business, which is to say, i'm going to create the stable

business friendly environments, i'm going to attract companies of investment to france, which was done quite successfully, when it was very selected. and to specifically make the turn now would be quite difficult. the other thing, as you point out, politically, is, if you start raising taxes, if you tax companies, that's one thing, that creates a lot of difficulty for, for example, people that watch bloomberg tv or read bloomberg news, it creates less difficulty for your voters. if you start taxing individuals, that creates difficulty in particular, even discussing this creates difficulty in the run-up to the european elections in june for micron's party is already behind the national right populist party. tom: bloomberg's paris bureau chief. thank you for the context around that story. the headline on the gaping budget hole for the strategy in doubt.

let's focus back on the commodity space for gold trading near record highs, holding onto yesterday's gains. investors remain cautious as they await key u.s. inflation data due out this week. join now by the chief market strategist at the world go council. thank you for joining us in the studio. walk us through some of the key catalysts that will have gotten us to this point in terms of the gold. the rally around 11%. 7% in the last month on gold. what's driving the upside? >> the last month we have seen gold trade dramatically higher because of co-mixed speculators on the u.s. futures market have come into the market at a decent size of positions. but that's just the recent development. this could have happened if it hadn't been for other factors in the market, specifically a big increase in central-bank purchases of gold, which we saw

for the middle of 2022. from the middle of 2022 central banks roughly doubled the amount of gold that they were buying and that put a real floor under the price. and that has allowed go to struggle out -- shrug off the impact of the strong dollar, high interest rates, it normally came under pressure. more recently, from the start of the year, we have seen an enormous chinese retail buying, record amounts of buying of gold on the domestic shanghai gold exchange, record withdrawals of gold from the inventories there, and i think that's really telling a story about the strength of market share. tom: does that continue as of done. what was the rationale for buying out gold, juicy further buying coming out for the months and quarters ahead, what is central to this or part of this play? >> the bay buying story has been in place since the global financial crisis, they have both been there since 2010. but the reason for the

central-bank purchases are probably related to the burst of inflation that we have seen, which looks as if it will be an issue for the years to come, but also, i think the russian invasion of ukraine, when the central bank of russia was sanction internationally, the central banks think carefully about what they are holding on reserves. all the buyers have been emerging-market central banks, they have, if you look at the amount of gold in their balance sheets, they have the capacity to buy a lot more. we expected to see it continue for quite some time and relatively higher than more doubled level purchases could continue for some years to come. tom: we look at the month of january, go to china, just the month of january tripling. you talk about the retail demand, is that the biggest impulse when it comes to demand out of china?

is that sustainable? >> is that -- it's the biggest impulse if you look at how much gold we estimate that china buys, whether it's the central-bank and whether it's jewelry and investment, the biggest is the retail side. the biggest changes we have seen have been the increase of reported purchases by china that have been going at it for 18 months. chinese central bankers are people buying coal jewelry enthusiastically. retail investment in bars and coins by individuals in china. tom: you're talking about fundamentals putting support on this price. but in your first answer, you talked about some of the speculation coming through in the markets. does that suggest to you the pricing where we are now, 2100 70, or thereabouts is looking a little stretched? >> when you see short-term investors are speculators jump into the market, you then wonder who's going to buy next, the physical, the fundamental market step back when prices go up a

lot, so we could pause. but like everything else, it will be very much determined by monetary policy decisions, economic data, particularly out of the u.s.. so it would get some reining in of those relatively dovish comments we sought the last fomc, and that could put a little pressure on the gold in the short-term. but then again, we get the first rate cut coming through, that could be a positive catalyst for gold. go does pretty well. tom: the neil it -- near term focus on inflation data, the pc data out on friday in the speech from jay powell in san francisco as a part of the san francisco fed event. how much is priced in when it comes to central-bank cuts. how much fed cutting is priced into the price of gold at this point, and how much of a driver could that be? >> like every other market, the gold market pays a lot of attention to interest rate expectations, so you could argue

it's all priced in. i would say the uncertainty regarding the timing of the first gut -- cut has been hanging over a lot of markets, particularly since the gold. you get the first cut done and then people will start to reengage with gold with confidence that the rate cuts that have been priced in, and then priced out would actually start to return. tom: is resistance that 2200, 2000 300, what's the line of resistance? >> all-time highs, all lines are a bit speculative. the high has just been above 2200, i guess a clear break of something of 20 to 20, 2230 might bring more money in. before the time being, it is interesting. we continue to see outflows from exchange jake -- exchange traded funds in the united states. this hasn't been bought into yet by the broader investment community. it has been about the fundamental buying i was talking about and then this short-term speculum's. we haven't seen people starting to at allocate old, perhaps that

will come when interest rates start to move low. tom: fantastic to have you in the studio. thank you for the context, the analysis and what we see in the gold markets. john reed, chief market strategist at the world gold council. coming up, the single greatest day for donald trump. and a think we would say that at the start of this week. how the former u.s. presidents net worth has ballooned to $6.5 billion. largely just over the last 24 hours. we bring you the details, next. this is bloomberg. ♪

tom: welcome back, six foot --

6:46 here in the city. all eyes were on whether new york state would begin seizing donald trump's assets as the deadline passed to post a bond of around half $1 billion. but overnight the former u.s. presidents wealth has ballooned to 6.5 billion dollars. what happened, let's bring in market today coanchor for the details. what happened, how did we get to this point, that's a turnaround in the space of 24 hours. >> fortunes can change on a dime. this is fascinating because everything aligned for donald trump. they came in and said, we don't need you to pay the $454 million, you can only pay hundred 75 million, which some would call a discount. you talk about the major payment that worked in his favor. at the exact same time you had his spac or trichet. this was trump mediate technology group that has been in the spac process since 2021. the ipo frenzy that we had. the trump group got in on it,

but it hadn't completed until yesterday in the 11th hour. what that does to his fortune is not only make it easier to pay the bond payment, it makes him one of the 500 richest people in the world according to the bloomberg billionaires index. it comes to the fact that his 56% share in the company is now not worth virtual money, it's worth actual stock. what's significant is that those shares are locked up for six months. so he hasn't cashed out on a yet. but he can in six months. that emphasis means he can pay his debts and liabilities and it's creating a little bit of cushion for him. tom: how much cushion? he's got that lock up for six month on the spac, where are we in terms of his financial affairs, is he in the clear of this? >> is not in the clear because this is just one of many in the last 24 hours, his criminal trial date was set for april 15, which is only a couple of weeks away. he has a net worth increased by $4 billion. but a lot of that is rolled up

in stocks. the question is, can he afford his legal affairs. on a broader political standpoint from a global standpoint, 24 hours ago the concern was, do you need some sort of rich billionaire or foreign government to help pay off the bond payment and with that violate campaign-finance rules. that's off the table because it's not a big enough amount for him to risk skirting the lines. his fortune is 6.5 billion dollars. that's expected to get him through this particular court case. tom: that's a turnaround as we look ahead to the next court case around april 15 and the hush money trial. pretty, thank you. markets today, coanchor with the detail on former president donald trump. of course, the contender for the republican party in november. in his financial fortunes. switching focus now, but still with a line on what's happening with these elections because this links in. new zealand has joined the u.s. and the u.k. and accusing china of cyberattacks targeting

democratic institutions saying its parliamentary network was breached in 2021. let's bring in bloomberg's rebecca choong wilkins for the details. what are the allegations coming through from the u.s., the u.k., now new zealand? rebecca: the focus has been on this group called a pt 31. that the term has been described by the security community. the allegation essentially is that this is a state linked group of hackers that have been targeting specifically alarm maker -- lawmakers, parliamentarians, voter data in the u.k., and we have seen in response this flurry of sanctions, as well as a coordinated response, it seems, from the u.k. initially, than the u.s. weighing in, now new zealand follows up on some of the alarm that had been raised by that committee back in last year in october over concerned that the chinese were sponsoring

and were presenting a very serious cyber security threat to specifically the parliamentary procedures. tom: you touched on this, but how are other countries weighing in on this alleged issue? rebecca: i will say, china itself has been very, very firm to resist this. we now have statements from beijing, from the embassy in washington, as well as the embassy in the u.k. as well. spokespeople on behalf of beijing has said that these accusations are groundless, they actually say that china is the biggest victim and the biggest target of some of these cybersecurity acts. but it's worth just noting the timing here, because all of these allegations, from the u.s., that includes u.s. companies that have been targeted. all of this is actually coming as foreign companies are being wooed in a series of events that the chinese development forum, the forum in beijing, including

a series of u.s. company executives who are encouraged or somehow extended their trip in order to have a meeting with top level officials. tom: and we know the measures that most take to ensure their own cybersecurity when they are on the ground in china. but as you say, really interesting timing. china coming out with a very firm denial of these accusations. how do you see this unfolding from here? does it put another dent in the relationship? there is already extremely challenged. and how are we thinking about the votes in the u.s. and in the u.k. and how that ties in? rebecca: i think what appears to be a scripted or at the very least, a coordinated response year from some of the allies, suggests that this is not the end of their pursuit of trying to tackle some of these goals. we have seen it as to sanctions

on individuals, as well as on a company based out of wuhan as well. that potentially we could see more of this. we could see more specific allegations coming out of this that might make that of what we see between the u.s. and china over the last few months, a little bit more fragile, a little bit more compromise, the timing is inconvenient for beijing as it tries to woo that back, that fell to a 30 year low last year for 2023, and beijing trying to get its economy back up and running, trying to restore confidence among that foreign investor community, in particular, that china is a safe place for them to be. tom: rebecca with the details on that really fascinating story around the hacking allegations coming through from the u.s., u.k. and new zealand in terms of the china threat as they allege. rebecca, thank you very much. plenty more coming up getting a view on the boe and market

pricing on that central-bank rate a little bit more detail on the foreign domestic inflows into china. how those have slowed. that is coming up. this is bloomberg. ♪

tom: welcome back, this is bloomberg daybreak. talking about china rolling back the red carpet for ceos from the u.s. and elsewhere. wooing them at the china development forum. president xi jingping is expected to meet with some of them later on wednesday. this is the reason for it. foreign direct investment in china has fallen off a cliff. in 2023, it fell to the lowest levels about three decades. you can see that slump in fbi to the chinese markets. it fell again in january and february. that is the concern for officials.

they want to reassure investors from pfizer, apple, that this is still a place they should invest. we will see if that plays out. let's look at what's happening on the central-bank story. an interesting development in the money market is pricing in the higher chance that the bank of england will cut from the ecb and the fed that we heard from andrew bailey. a bit of pushback from the mliv team suggesting it's unlikely given the stickiness of inflation in the u.k. nonetheless, in evolution. we will speak exclusively to catherine man, a member of the bank of england's monetary policy, committee, a more hawkish member. you can catch that on the pulse 9:00 a.m. u.k. time. tune into markets today. that is next. this is bloomberg. ♪

anna: this is bloomberg markets today. i'm anna edwards alongside guy johnson and kriti gupta with cash trade lesson in our way, here's what you need to know.