and to have a better life, then you don't stop. the idea that we have saved five million people's lives, it's overwhelming. it's everything. >> good morning.

this is bloomberg daybreak europe. i'm tom mackenzie. french president macron tells bloomberg he is open to seeing a major french bank acquired by an eu rival to boost financial integration. he spoke exclusively to john micklethwait. >> this is a totally new world. we do need this. this new business model for the europeans. more innovation, more investment. tom: in a deal and admits china may retaliate against tariff hikes from the biden administration. we hear from the u.s. treasury secretary. asia tech stocks higher ahead of earnings from tencent and alibaba, traders await the u.s. cpi print for clues on fed policy, and we are live in doha for the qatar economic forum.

>> this year's theme is navigating a year of uncertainty. the event explores the issues driving global discussions. we will bring you great conversations including from the qatari prime minister and publish president -- polish president. tom: we will get inflation data from germany at around 7:00 a.m. u.k. time and u.k. wages and the jobs picture in terms of unemployment. that crossing for the u.k., does it build on a dovish pivot from the bank of england? and underscore expectations that may be the boe can go into? european futures flat, u.k. ftse 100 lobe or zero point 2%, losses of 18 points. iron softer, the impact on mining's. a flat session, flat close to

the day yesterday for u.s. stock. nasdaq eking out gains of 0.2%. losses on the nasdaq 24 points down, 0.1 percent. producer prices from the u.s. later today, -- i head of the cpi print. let's focus on the u.s. 10 year to kick things off. the benchmark, a bit of a holding pattern you would expect until the inflation print starts to build out and the story is rounded out. tuesday u.s. time and with the cpi wednesday. currently 4.48. euro-dollar one .07, brent $83 per barrel, up 0.1 percent. iron ore down by 1.7% with new concerns about real estate in china. iron ore down 1.7%. big day in terms of earnings with tencent and alibaba.

avril: markets in the asia-pacific are in wait and see mode. you get the feeling it will be this way until we get the u.s. cpi print and mek has been range bound. chinese benchmarks have erased earlier gains. let's take you to hong kong specifically. that is where you see some green on the chinese tech names. keeping an eye on the tencent, alibaba earnings. whether the earnings scorecards can justify their valuations. there is optimism surrounding it, which is why stocks are in the green but it isn't just about whether these companies do well. that will be a key test for them. it is also how it will potentially help justify chinese equities rebound. we will keep a watch on revenues and share buyback plans. let's take you to japan where the bond selloff is extending for another session, the yield

hitting the highest levels in more than a decade. the boj reducing bond purchases in the five and 10 year zone. strategists say it is not unlikely to see potentially something coming through with the 3-5 year zone. the idea that this will help shrink the yield gap and support the weak japanese currency but let's flip the board because i want to highlight the relation between them detaching despite shrinking yield gaps. the dollar-jan has been moving back up towards one point 60 despite what we saw a couple weeks ago, believed to be intervention. one explanation could be currency traders are focused on the short term and whether we see another rate hike the boj. -- from the boj. tom: high yield doesn't mean support for the yen. the currency under pressure. avril, thank you.

to one of our key interviews, exclusive with french president macron, he is open to seeing a major french bank taken over by a european rival. we spoke with macron as he hosted an investment summit in versailles. >> as europeans, that means you need consolidation is europeans. >> it could be cross-border mergers? >> sure. this is a new world and we do need this new business model for their europeans. more innovation, more investment, single market, and irrelevant -- a relevant type policy. tom: that was the french president macron. let's get more details and bring in our paris bureau chief. how much support does micron have -- macron have for

expanding the eu budget? are the germans on board? >> good question. probably not coincidentally, emmanuel macron's one trillion sounds like a report by the former president of the bank of france who also said the eu needs about one trillion euros more in spending for public and private to meet climate goals. in some ways, as it often is, it seems a bit of a french view on things and whether the germans would support it is unclear. tom: he was asked about the prospects of the oil giant totale the listing to the u.s. what was his response to that prospect? >> when our editor-in-chief asked about that, he said would you like that? macron responded, not at all. he went on to claim it is a rumor and we will have to wait and see what happens.

the ceo of totale told the bloomberg columnist he was considering this and he would hopefully come to a decision by december. the response was he doesn't like it. he didn't indicate necessarily any intervention or active to prevent it but he expressed displeasure with the idea. tom: bloomberg's paris bureau chief, thank you. with context around the exclusive interview with the french president. a ceo was at the front summit and spoke about his concerns around the u.s. budget deficit. >> a level of debt in the united states, the level of spending is something we need to us on, more dialogue than what we have seen. we had a pandemic, made a bunch of decisions in the pandemic but we are out of the pandemic and the spending levels are continuing at a pace that i

think is raising her death level and creating issues down the road. -- our debt level and creating issues down the road. tom: the bank of america ceo says consumers are in a good shape. even after using come of fed's terminal rate is likely to be much higher than we have seen in decades, he says. >> fed is doing with the rate structure is having the impact they want. but the economy is there and we need to be careful we don't overshoot the other way. a 2% growth rate, you can't say it is a soft landing but that has been pushed out to when it occurs. we have to be careful we don't overshoot because you see consumer confidence number tipping down. the consumer leaves the game, it is hard to get them restarted. tom: from paris, then the qatar economic forum is starting in doha today. more than 1000 businesses and government leaders discussing issues dominating the global

agenda. let's bring in our middle east africa anchor on the ground. tell us about the key things being discussed on the ground. joumanna: good morning. things will kick off in a couple hours so you can see it is picking up behind me. a bit of a buzz and one of the main themes will be geopolitics. today will be geopolitics heavy. we have a conversation with the qatari prime minister, and the polish president, also very important. general petraeus as well. remember qatar plays a crucial role when it comes to geopolitics in the region in terms of mediating. we spoke about the truce deal, potential truce between israel and hamas. qatar is key but it isn't just geopolitics. economics is front and center. qatar national 2030 vision, saudi vision 2030, where do

those economies stand on the implementation of those projects? not a surprise to anyone, the energy transition, many energy see the ozark coming here. qatar is responsible for 25% of the world's global needs for lng, crucial around the time of the energy spike we got in europe last year. plenty discussions taking place and we will talk about artificial intelligence because everyone talks about ai these days. tom: they certainly do. energy and ai, that will be fascinating to get more takes. you will be on the ground for us throughout this event. tell us about the links between qef, the forum and africa. joumanna: really important question. we were speaking to the u.n. regional africa director and she was talking about how important it is to harness investments and capital into the african

continent. they launched an innovation fund called timbuktu and this is coming from the perspective of by 2050, a quarter of the world's population will be domiciled within africa, yet it is not getting investments commensurate with the population growth. one of the themes is how we can create investment opportunities but also partnerships between some of the gcc countries, companies here operating and african companies on the ground as well. one thing, she talked about climate financing and the fact that the african continent is feeling the effects of climate change but it is not receiving the adequate financing to deal with those climate mitigation and adaptation asks the world is asking for. a lot of conversations going on here within the context of gcc but also the african continent as well. those are happening over the next three days. tom: thank you.

on the ground at the qatar economic forum. here is what else is on the agenda. 7:00 a.m. u.k. time, jobs data, the earnings, wages. wages expected to tick down lower. still seeing growth but it is expected to slow. the unemployment rate expected to edge higher. we will see how that ties into expectations around the bank of england. that comes across 7:00 a.m. u.k. time. in asia of the spotlight is on the tech giants of china that are alibaba and tencent. you are seeing both those stocks gaining on expectations that may be results will come through stronger-than-expected. the details will come across in the next couple hours, important when it comes to the chinese consumer and sentiment in that country. 1:30 p.m. u.k. time, u.s. producer prices expected to drop. bloomberg intelligence, seeing views that may be you get a bit

of a pick up on the back of higher energy prices and material costs. that, tying into the broader picture around inflation, cpi out wednesday. janet yellen says she can't rule out retaliation from china as washington and beijing's trade battle intensifies. more from our exclusive interview, next. plus french president macron tells bloomberg there needs to be greater financial integration within the european union. we will bring you more of that exclusive interview. this is bloomberg. ♪

tom: european union -- >> the european union is a place where you cannot survive, you have capacities in china and

protection in other markets. inflation reduction act and buy american act in the u.s.. it doesn't fly. tom: that was the french president macron speaking exclusively to bloomberg at the french summit. janet yellen has said china could retaliate against any steps the u.s. takes to protect critical new industries. she declined to confirm reporting that the biden administration is about to hike tariffs on chinese goods including electric vehicles. she told us exclusively about the president's thinking on trade tensions. >> he believes it unacceptable, as i do, to be completely dependent on china in these areas, and he wants to make sure, given that china is really not playing by the rules in the

sense they have enormous subsidies in critical areas of advanced manufacturing, has resulted in overcapacity. he wants to make sure that the stimulus that is being provided through the inflation reduction act to support these industries, and these are industries that are creating good manufacturing jobs in parts of the country that have been overlooked or have suffered from deindustrialization in the past. the president wants to make sure he protects these investments, and i don't want to get ahead of the 301 review on tariffs but this is a commitment president biden has made. and i agree with it. i was in china a couple weeks ago, and made clear that we would not allow chinese overcapacity to harm our

emerging industries. >> does the u.s. want a trade war with china? >> we believe that we should have a deep and productive, and we do in most areas, trade and investment relationship. we are working to stabilize our economic relationship. we do not wish to disengage from china economically, but we do think the playing field should be fair, and china engages in unfair practices like massive subsidies of industries that they have decided are critical. and those are cases where we will act to protect ourselves. >> we have seen beijing in the past respond, tit for tat. are you were a response? could they go after tesla or farm products? >> president biden believes everything we do should be targeted to our concerns, and

not broad-based. and hopefully, we will not see a significant chinese response. but that is always a possibility. tom: u.s. treasury secretary jalan -- janet yellen speaking to bloomberg. more on the chinese potential reaction. james, give us a sense given china's history, in terms of the potential response to potential tariffs coming through from the u.s. what is your sense of how beijing is likely to respond? james: based on history, if you look at 2018 and 2019, their response to tariffs was tariffs. they came out and said that they would respond in kind to these kinds of u.s. actions. if you see the reactions to u.s. efforts -- efforts to put tariffs on european goods, china

has responded in the 2010s with tariffs and they are responding now by investigating french brand exports into china. that would likely put tariffs on those goods. the first step, if there is retaliation it could be tariffs on u.s. goods. another step they could take his move trade purchases to other countries. we saw that in the first trade war under president trump where you saw a gradual shift in trade purchases especially agricultural products, from the u.s. to places like argentina, brazil, russia. the u.s. is buying corn from brazil, which we didn't do. this increased during the trade war and hasn't gone down. we could see a shift of those purchases, especially because most of those purchases are by state owned enterprises. the chinese government can tell those companies, don't buy u.s. or by from somewhere else.

those are the immediate steps they could take. the bigger thing will become over does the trade go that doesn't go to the u.s.? for, u.s. cvs, the u.s. doesn't buy a lot of chinese ev's but there will be trade diversion of chinese exports to other places. whether that is south america, europe, you are already seeing south american companies -- countries putting tariffs on chinese goods. will there be a trade reaction from other countries as u.s. actions cause a reshuffling of where goods are traded around the world? this is an effect from china. tom: that is interesting. it is a trend that we will watch. how do you think about characterizing this? is this a new normal or a step up in tensions, or the start of a new trade war between the two

powers? james: i think the new normal, this is the new normal of increasingly separated trade blocs. the u.s. is setting up a system where they have created a defensive wall around the sectors. they identified as strategic. so chinese goods are limited in how much they can sell into those. you see that in solar panels and ev's, batteries where the trend is over the next few years, rules will mean the chinese companies and their metals will not be able to sell into the u.s. battery market. china is doing the same thing. no foreign companies sell batteries in china for the chinese ev market, they were excluded in the 2010s and by the time foreign companies got back into the market, chinese companies were too good and too cheap and competitive so foreign companies can compete here.

the interesting thing going forward, not in america or china but third countries, how does that competition shape up? are american companies competitive in thailand? will there be trade blocs where it is just american allied companies? that is where things are going. tom: james in beijing, thank you. there is more coming up including conversations with the french president and the ceo of goldman sachs. stay with us. this is bloomberg. ♪

tom: welcome back to bloomberg daybreak: europe. making the news this tuesday, melinda french gates is resigning from her role as cochair of the bill and melinda gates foundation. in a post on x, she announced

she is ready to move to the next chapter of her philanthropy work. she will depart with an additional $2.5 billion she has pledged to commit to her work on behalf of women and families. anglo american rejected a second takeover approach from a rival minor, bhp. they valued anglo at $43 billion. bhp is seeking to buy anglo for south american copper assets. bloomberg learned four parties in talks to form the next dutch government planned to cancel a 15% tax on share buybacks. the netherlands introduced the tax last year on share buybacks which is scheduled to come into effect in 2025, and it signaled -- trigger day cellophane shares when it was approved by the dutch parliament. a former ubs risk manager has slammed archegos capital

management for what he called lives, taking the stand on the trial of the archegos founder. he described the debate over archegos as a client at ubs and how the office deceived the bank about investments. he denies the charges of inflating the value of stocks. coming up, more with the french president macron as he calls for greater financial integration within the european union. that is next. this is bloomberg. ♪

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tom: good morning, this is bloomberg daybreak: europe. i'm tom mackenzie in london. french president emmanuel macron tells bloomberg he is open to seeing a major french bank acquire by an eu rival to boost financial integration. he spoke exclusively to our editor in chief. >> this is a totally new world than we need the new business model for europeans. more innovation, more investment. tom: janet yellen admits china may retaliate against the biden administration. we hear exclusively from the u.s. secretary. asia text soared ahead of alibaba and tencent. traders await for fresh clues on fed policy. a reminder, it is still earnings season with the focus in europe. when it comes to buyer crossing in the last couple of seconds, it is a beat interests of q1.

this stock down by 12%. a focus on the litigation costs still linked to that roundup. deleveraging for this company. core earnings per share coming in at a beat in the first quarter for 2.8 two euros. the estimates have been for 2.3 euros. it's a beat in terms of core eps. sales coming in softer. 13.7. close to 13.8 billion euros. the estimates have been over 14 billion euros. in terms of the margin story, there is strength there, relative. first quarter adjusted margin coming in at 32.1 percent. above the estimates. again, the first quarter adjusted earnings coming in as a beat. 4.4 one billion euros in the first quarter. the estimates had been for 4.2 billion. a bit of a beat coming through in terms of the first quarter for that drug and chemicals maker.

they have confirmed their 2024 outlook. to the defense space now where we are reporting. the focus on ammunition demand in the first quarter. we are looking at sales of 1.6 billion euros. first quarter sales are challenging for the company. first -- first quarter sales coming in below the estimates. company, the defense company, the estimates have been for 1.7 in terms of the order backlog. 40 billion euros in the first quarter. that's an increase of 43% year on year. operating margin, you are coming in in terms of operating profit, a little softer than estimates in terms of operating profit. estimates had been for 140 5 million. this is for years sales of about 10 billion. the four euler -- four year sales picture is for the estimate. they now see for years sales at

about 10 billion euros. let's check in on the markets. investors will be digesting the earnings story that picks up later in the week. also, the economic data will filter through the session. inflation data crossing from germany. data on wages and unemployment out of the u.k.. producer prices, ppi out of the u.s. later today. european futures unchanged in terms of the u.k. ftse 100 looking to losses of about 2/10 of a percent. a little pressure coming down on iron ore. s&p at that 5200 level. flat after a sluggish session yesterday on wall street. nasdaq had gains of 0.2 1%, lower by a 10th of a percent. benchmark u.s. 10, won't see a lot of moves across the treasury curve until we get more detail. for 48 on the benchmark. euro-dollar 107 and the currency. a350 one on brent. just up. iron ore it down at 1.8%.

more concerns about the property sector with the mist dollar bond payment from one of the property companies. 100 4090 on iron ore, down 1.8%. let's get back to one of the key conversations of the week for bloomberg. that's what the french president emmanuel macron who would be open to seeing a major french bank being taken over by an eu rival in order to spur deeper integration. we spoke exclusively with macron as he hosted a global investment summit where he told us the region's only chance to go toe to toe with china and the u.s. is to better protect its interests and reduce regulations. pres. macron: we have to completely reset our model. now france is one of the leading economy. we are number one in effectiveness. we have been number one the past five years. if you take job creation, growth

, we are one or second in eurozone. now when i think of europe and the eu as a whole, we have this issue in terms of business model. why, because we have local synergy, production thanks to the eastern european countries, a market for export china and a geopolitical umbrella u.s.. these are being completely revised, totally. so we have to reinvent. how, by creating more value, by being more innovative, by creating more jobs and jobs with value, good jobs on our continent. so we will deliver more

innovation and productivity, public and private. the key reform is to accelerate our electricity policy because nuclear energy, we can deliver low carbon, sovereign and low-cost energy, which is much more than importing gas and fossil fuels. we need much more investment based on public reports and figures. we need one trillion more in terms of budget, in terms of spending. we have to make capital market a reality. >> can i come on the capital market union. you have bnp, and now you're up the euros most successful bank

with $80 billion. but you are entertaining these people like j.p. morgan. j.p. morgan is worth 550 billion. it's nine times. bank of america, four times as big. bmp power bar cannot expand the european union and take over other banks. you would like to see bnp takeover over one of these, take over a german bank or an italian one. pres. macron: we do need a consolidation in a natural domestic market. we have to deal with 27 regulation. energy finance and telco are the key sectors where single market doesn't exist. it was a choice at the very beginning. i do agree that we now have to open this box and deliver a single market approach. now we want to elaborate on capital market to have a single

system of resolution, a single supervision and much more integrated capital market. >> would you be happy with a spain -- coming in and buying it? pres. macron: that's part of the market but as europeans you need consolidation as europeans. this one is for banking. it is already on track. now we have to do it for a capital markets, which is broader and even more difficult, but we started to do so during the last council. and i do believe we can find a german agreement. i want you to just understand. 75% of our financing as europeans goes through banks and insurance. so we need much more consolidation, but we need a

clear circulation of savings all around the place. this is the first subjective to be more efficient and to be sure that our savings will be invested in the right sectors and right geographies. second, every year 300 billion savings goes to finance the u.s. economy. in parallel with this capital market and the simplification of having it, we clearly need the same level playing field as the u.s. in terms of financing. which means when you take solvency, as long as it's not implemented by the u.s. competitors, it should have been implemented by the european competitors. the regulations prevent you, our banks, from investing in equity. which is exactly what we need. if you take the key driver, it's

the fact that the u.s. economy innovated and invested much more equity and innovation than the european economy. tom: french president emmanuel macron speaking exclusively with our bloomberg editor-in-chief. the president of the european investment bank has told bloomberg that the eib is ready to play its role in supporting euros defense industry. its capital rules could be adjusted to unlock further investment in the continents economy. >> most multilateral institutions have already remove these outdated nominal ratios which are enshrined in the statute and are very rigid and don't respond anymore it's our business model. they don't take into account -- into account the risk mandates and guarantees. many of them have come for capital increases. in the case of european

investment bank, it's a very good business for eu countries. with 22 billion euros in painting capital, we have mobilized $5 trillion in investment and we don't need -- if we remove this, we remove it from the statute, this outdated constraint. we don't need a capital increase in order to fulfill our function as financing arm of the eu. i think it's clear we need to step up our support to europe security and defense industry. we need to reinforce our capacity in this area and the european investment bank is ready to play its role in supporting the defense industry. tom: european investment bank speaking exclusively to bloomberg's oliver crook. u.s. secretary of state antony blinken has arrived in kyiv to reinforce u.s. support for ukraine. because after support for delays and billions of dollars of aid forced ukraine to ration

munition and prompted fears the u.s. would abandon its partner in the face of russia's invasion. moscow has launched a major offensive in kharkiv. one of the most aggressive campaigns since the war began in february 2022. coming up, goldman sachs ceo tells bloomberg the bank has tripled its headcount in paris in five years. we will bring you more from that exclusive interview at the paris summit. that is next. this is bloomberg. ♪

tom: welcome back to bloomberg daybreak: europe. goldman sachs expects ipo activity to pick up in the second half of the year and continue into 2025.

ceo of goldman sachs told us it is concerning that companies are staying private for longer. >> i do worry of the structure of the equity markets, particularly in the united states. they are bringing fewer and fewer public companies and that is concerning. that is concerning. there's obviously abundance of capital available in private markets. i do think it's important that we have open, accommodative strong public markets with tremendous exposure and transparency in public markets. that's good for our capital deployment. i am concerned that the breath of the public markets is getting narrow. >> did you see the improvement at all? >> it's easy to improve when it's zero, the ipo market close. there has been some very successful ipos during the first few months. i think the level of ipo will pick up in the second half of

the year into 2025. it won't be as robust as it was during 2021, but i think we will move back to a more normalized environment for ipos. the overall size or numbers of public companies staying private longer. they have more access to capital longer. there are consequences associated with that. >> let's think about m&a. it's difficult in my position to understand which deal can get done and which cannot based on current regulation. apparently that's a problem. other deals can go forward, how much is that holding back m&a activity in the united states? >> i think there's no question the regulatory environment has been a headwind to m&a activity. for example, cap tech has closed out because of the regulatory environment for making significant acquisitions. i do think the regulatory environment has made it harder to understand how to expect it

will intervene. i think it has had a chilling effect. scale matters everywhere you turn. people are going to do what they need to do strategically to advance their positions, and if they have to litigate, they have to litigate. companies have chosen to litigate and have generally made progress, nobody wants to go down that path. but at the end of the day, it matters and confidence matters. confidence has been improving over the last 12 months. in 2022 and 2023 we did not have ico confidence. but based on the indicators that we can see, some are visible, some are not, dialogues are picking up in my guess is we will move back to more normalized levels. tom: david solomon speaking to us exclusively at the choose france summit. bank of america's ceo says u.s. consumers helped by wage growth

remain in good shape, even amid elevated interest rates. he split -- he spoke exclusively to bloomberg jonathan ferro in versailles, france. >> people are getting used to it, but the reality is the fed has to bring the great to get to the normalized curve. that inverted curve doesn't economically compute. but i think our team thinks that they will get some more of a three point 5% raise -- range as opposed to 50 basis point range. we haven't had that since before the financial crisis. there was a moment they raise rates and start to bring it down to 19. i would say if you are under 40, you have never seen this great environment. this is normal. 3% front end. people get used to it because america has a lot of economic activity prior to 2007 for the 200 plus years of existence. we are in a very unusual time in

the adjustments are taking place and it's running through the economy. tom: we hear from companies there are cracks. starbucks and mcdonald's are offering a similar view. you have 69 million customers. do you see those stacks emerging this year? >> where were the cracks emerging? you talk about the average account balance. the account balances are higher than the pandemic by a lot. if you think about the spending, the spending settled into where was in 2016, 2017. inflation was higher, they are pushing it down and holding it steady. that's normal. on the credit side, we are normally a -- normalizing where we were in 2019. it was a 50 year low in credit. last year we are higher. we are normalizing so it's increasing off the base and people say your charge-offs are going up but they are getting back to where they were in 2019 and people thought it was good credit and it factually was.

the question is, where did they go next? they are not growing anymore normalized them and they stay, that's good news on the consumer side. it's all ok. higher rates are tough on people in the market. mortgage origination are way down. higher rates are tough on corporations using the lines a little less. small, medium size companies cost more. if it costs more, you will be more judicious about it. what the fed is doing is having the impact they want. the economy is there and now we have to be careful we don't overshoot. right now we have a no landing. a 2% growth rate because he cannot say it's a soft landing. that has been pushed out to when it occurs. we have to be careful we don't overshoot because you see the consumer confidence numbers tipping down. tom: bank of america's brian moynihan speaking to jonathan ferro. plenty more coming up. this is bloomberg.

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>> ok, chatgpt. i'm sharing the plot, can you give me a brief one sentence over you of what you see? >> smooth average minimum and maximum temperatures throughout 2018 with a notable agitation marking a big rainfall event in late september. >> fantastic, i have another question. which months to see the hottest temperatures in which temperatures do these correspond to? >> the hottest temperatures occur around july and august. the maximum temperature during these months is roughly between 25 degrees and 30 degrees. 77 degrees fahrenheit to 86 degrees fahrenheit.

tom: that was a demo of openai launching a faster and cheaper version of the ai model of that underpins its chatbot chatgpt. this is a model that includes and responds more quickly to text audio and visual inputs as well. pretty significant move coming through from openai. they are facing more competition from covid based in the u.s. and canada but also llama of meta and google deep mine. another interesting update coming through from openai. staying on the tech space, it's a big day in terms of the earnings coming through from china. you see moves around these stocks already. tencent and alibaba. let's start with tencent. to focus on this company is to focus on the financial services part of the company, particularly through we chat, but also gaming and advertising

revenue. it is a gauge on the health of the chinese consumer. estimates are coming through in terms of revenue estimating profit of 45 billion yuan. it could be challenged again. we will be focusing on the gaming pipeline. we've seen an ease from regulators. that may come through as a benefit the financial services are advertising. this is a company facing some headwinds, the idea that woods's restructure, it changes to the top in terms of executives. in terms of the e-commerce business, a real touch point for the chinese consumer. it has the cloud division as well. look at those two areas. it may announce news around further consolidation around its core businesses. those of the previews in terms of estimates coming from alibaba. tencent and alibaba are essential in terms of the tech story coming through from china and asia. the main -- the meme stock is back.

that is the speculation pulling out a tweet. you saw gamestop and other meme stock soaring to levels we haven't seen since early 2021. gamestop rally 20%, very close to that. that is another factor at play. a bit of vote now coming back. sparking that speculation is a story across this week and today a well. the qatar economic forum in doha, we will bring you highlights of that event and the key conversations through today, including the malaysian p.m. and the president. markets today is next. stay with us. this is bloomberg. ♪

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anna: good morning from london. this is bloomberg markets today alongside guy johnson and tom mackenzie. with cash trade less than an hour away, here's what you need to know. u.s. and european futures go

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