it's an amazing thing when you show generosity of spirit to someone. and you want people to be saved and to have a better life, then you don't stop. we have been able to reach over 100 million people impacted and affected, and at risk of hiv. the rocket fund takes all of the work that we're doing, all over the world, and looks at the most effective ways, to get resources to them, to get services to them. the idea that we have saved five million people's lives, it's overwhelming. it's everything.

>> good morning, this is "bloomberg daybreak: europe." in lizzy burden. asian stocks and bonds under pressure after another weak sale of treasury's on wall street. modest growth in the u.s. economy. saudi aramco said to launch a $10 billion share offering in oil giant aramco and former interest is said to exceed the offer amount already. deal abandoned, bhp walked away from its bed for anglo american leaving the miner to look elsewhere to expand copper production. good morning, welcome to thursday. it has been another weak

treasury auction, knocking stocks, bonds yesterday just at the moment when the fed is in no hurry to cut interest rates. will the growth in inflation data reinforce the view that there will be no cuts from the fed this summer? looking to futures on both sides of the pond, pointing lower this morning. we have german inflation data muddying the waters for the ecb next week, and we will dig in with oliver crook later in the program. if you flip over to the cross asset sure, you can see the impact of that auction yesterday. two year at 4.97 currently, and high-yield also drove the dollar higher at the expense of asian currencies. graded we see dollar-yen top 160? brent trading at $83 per barrel,

.2 of 1% weaker as we had to the opec last meeting where we get more info on supply. goal checking in at $2334 an ounce, a touch weaker down .1 of 1%. let's dig into asian markets. avril hong standing by for us in singapore. avril: we are seeing risk off in the region whether you are talking stocks, bonds, or currencies. as one of our colleagues but it well it is a bit of a triple whammy for asia's assets as we got higher yields about weakness coming through in the japanese as well as chinese currency, so em's particularly hard-hit today. take a look at how the kospi is faring, 1% down leading declines. japanese benchmark not faring much better. there are interesting dynamics

at play, because we are seeing a higher yields domestically in japan zapping appetite for growth stocks are in the nikkei, but the higher yield environment seems to be drawing in more bond investors. today we saw the two year option seeing a higher ratio than the previous round, but a all things considered. after that auction to we saw some recovery in the japanese 10 year yield. it currency also recovering toward the 157 level pulling further away from what we saw last night, 159.7, which lasted drew intervention from japanese authorities. our colleagues also state 160 might be the next line in the sand level to watch. let's flip the board because i went to talk you through what we are seeing in tech names in asia-pacific. they are tracking among u.s. counterparts, in general tech

not doing well today. hang seng tech is lighting for another session, and if you consider its performance into its peak earlier this month, it is about 9% down, so we are on watch for a technical correction, and this turn in sentiment is interesting, because in april chinese tech names were behind the rebound in the hang seng, but there is been a shift since they have gone through with their ai offerings. there is a price war underway, geopolitics also weighing on sentiment, so that is down. chinese gyp names, one i wanted to highlight, we are seeing a bit of a lift coming through potentially because of the labor union strike coming through from samsung. it is unclear whether the strike will meet any disruption for supply chains, but there could still be a bit of a boost for

onshore chipmakers. let's take a closer look at what we are seeing on the chinese yuan, because it is the weakness coming through, and we are seeing on the onshore rate, it is approaching the upper limit of the trading band, which is what the pboc allows, so today there were slight expectations we might get a stronger fix. second day in a row where we saw a weak fix from the pboc, by that is not like letting the yuan go. it is more to recount for demand from foreign fx including the dollar. lizzy: the effects rippling across global markets into asia. that is avril hong in singapore. we can dig deeper into the treasury auction and another weak sale reinforcing concerns about the impact of higher yields just after the beige book

pointed a modest growth with consumers pushing back against higher prices. jill jesus -- desis joins us now. however markets reacted to this lackluster demand for dead? i am wondering if we will see universal post pce tomorrow? >> as avril outlined, it is been something of a sour mood. this is the third straight sale where you have seen lackluster demand spilling over into markets and creating these concerns about yields trending higher. as you mentioned earlier, the yield on policy sensitive two year notes trending toward 4.9%, the highest since earlier this month, so kind of illustrates a lot of these concerns happening in the market right now. these concerns about swelling supply of sovereign debt.

we will see whether the pce reading changes the picture tomorrow, but the results we have seen so far do indicate that we are still seeing moderate level of growth in the economy in the u.s. right now. lizzy: we also heard from raphael bostic who said he is hopeful price pressures will normalize. did you get much reassurance from the data? >> i think you've got moderate growth, consumers pushing back against price pressures was one of the key takeaways we saw in the data so far. you are still seeing an upward trend, but you are not seeing i think any indication that we have got the breadth of acceleration, so maybe there is assurance from both of us to, but as we've been hearing from fed officials what you really want to see is a prolonged trend of pulling inflation for fed officials to really be happy. at this point, they want to see

more cooling in the pce gauge, at least several consecutive months of cooling in inflation data before they are ready to cut interest rates. i think it is still safe to say that it is point we need more data to actually give us a fuller picture. lizzy: we thank you for that analysis as we look ahead to the data today and tomorrow. the fed's crucial inflation gauge, pce, coming tomorrow, but let's get back to politics specifically in south africa said to be the tightest election since the ruling anc came to power in 1994. votes are being counted in this election, and the commission saying turnout looks like it was higher than at the previous election. jennifer zabasajja has been all across this vote, and we can go to her now. why did vote counting start so late? jennifer: good morning to you.

if we take a look at where counting is that when polls were closing, there were still hundreds of people in line across the country, so that is part of the reason we are still seeing vote counting taking longer than it did in 2019. we also hear from the independent electoral commission and they are saying there was a last-minute push mainly in urban areas and higher voter turnout that could have contributed to this late voting count. there were also some reports about potentially network which is -- glitches causing delays, but if we take a look at some of the images we were seeing, people were in long queues across the country. there are more than 23,000 voting sites across south africa, and at this point in time just 218 have actually been

counted, so we have a way to go before we can get official numbers. lizzy: we are all on the edge of our seats. when can we start expecting projections? jennifer: right now, it it is just under 1% of votes that have been counted. what we are really waiting for is that 5% of votes counted, because that is when we will hear from the official electoral commission about where projections are at this point in time and give us some indications, but as you mentioned what we are cheering from the electoral commission at this point is that, yes, voter turnout master exceeded what we saw in 2019 and are expecting it to be over 67% potentially, so that would be eight win in some cases, but we need to see when we get those official numbers what the voting actually looks like.

lizzy: we will come straight back to you when we get those numbers. we thank you for being across that election for us, but in the meantime we have plenty more coming up today. on the docket, at 9:00 a.m. london time at the latest european confidence surveys, the expectation to being they will take up across services, industry, and economic readings. we have the second reading of first quarter u.s. gdp expected to be revised lower, which suggests momentum has faded across areas of economic growth, and that 1:30 london time u.s. jobless claims expected to have ticked up but still bouncing around historically low levels. get a roundup of the stories you need to know to get your day going into today's edition of the daybreak newsletter. go to dayb on your terminal.

they are leading out of the scoop in the middle east which is saudi is preparing to launch a second offer of shares in aramco. we have our guest in dubai with all of the details on that story, but to coming up we are going to be looking up one of the most exciting u.k. tech startups and how it thinks of the general election. we will be speaking to the ceo of zilch. stay with us. this is bloomberg. ♪

i can't believe you corporate types are still calling each other rock stars. you're a rock star. we're all rock stars. oooo look look at my data driven insights, i'm a rock star. great job putting finance and hr on one platform with workday. thank you! guys, can you keep it down. i'm working. you people are (guitar noises). hand over the air guitar. i've got another one.

lizzy: welcome back to "bloomberg daybreak: europe."

just coming up to 6:15 in london. hsbc is on the hunt for private bankers to expand its middle east business. the british lender added 100 bankers to cater to the number of millionaires and billionaires growing and moving to the region. a credit suisse veteran joined the bank last year to leave growing middle east and africa division. elsewhere in the middle east bloomberg understands saudi arabia is planning to formally launch a secondary offering in shares in oil giant aramco. it could raise more than $10 billion. joe munn of the sergey -- jo umanni is with us. why do saudi want to sell the shares? >> bloomberg news reporting saudi arabia didn't want to go ahead with the secondary share offering of up to $10 billion.

it could launch as soon as sunday," building process will go on to the week. at this point it is unclear what the terms of the share offering will look like. sources have told us they could go for as much as a 10% discount to where the shares are trading currently around 29 riyals. i think all of this is part and parcel of the crown prince's plans to raise funding and look to invest those funds into other parts of the saudi arabia and economy that are not hydrocarbon driven, so this is part of their diversification plan. the funds will be used to invest in the tourism project, although the size of the project is $1.5 trillion, so this is just a drop in the ocean. it is part and parcel of the saudi 2030 vision. one thing i will say about the

stock is aramco's share price has underperformed this year down 11%, and this is a signal many investors within the region and outside the region have been anticipating of further secondary offering, which explains some of the underperformance this year in addition to the fact that oil production out of saudi arabia has been low end aramco is the main state owned oil company. lizzy: lowest at more than a year yesterday. i also want to get the latest on the geopolitics. we have heard from israel's national security advisor saying israel probably will not defeat hamas until the end of the year at least. i wonder, as this continues you have u.s. pressure seemingly doing nothing. is israel out of control at this point? >> i think those comments from

the national security advisor were telling yesterday. in their eyes they need to finish the job that they started, and the direct quote from the same national security advisor is it will take another seven months to fully destroy the governmental and military capabilities of hamas and islamic jihad. at they have estimated so far 15,000 hamas officials have been killed, another 8000 still remain in the city of rafah according to israeli officials. the offense continues. we talked about the tents moving toward the center of the city. israeli officials managed to secure a corridor that separates asia -- egypt from rafah. they have located 20 tunnels running under the border, sitting offensive is very much continuing despite international condemnation that came through over the weekend after the attack on the in cap and -- the

encampment. many european leaders are actively calling for a cease-fire, and the backdrop is a potential hope for renegotiation of these truths deal -- truce deal discussions come at the white house and yesterday of fresh proposal has been offered. as long as israel has troops on the ground in rafah it will be difficult to continue moving forward with those discussions, but the white house seems to think there is a fresh proposal on the table, so that is the latest. lizzy: we thank you for the update on the middle east, and do not forget to tune into her show every day at 5:00 a.m. london time. president xi jinping meeting arab leaders as china seeks deeper ties in the region. the chinese president will address heads of state from egypt, bahrain, and tunisia, and discussions are said to focus on

trade, investment, and regional security concerns amid the israel-hamas war. >> china supports the establishment of an independent state of palestine. on top of the emergency humanitarian assistance, china will provide an additional 500 million revenue beat to ease the communitarian crisis in gaza and support post-conflict reconstruction. lizzy: that was president xi jinping speaking at the china-arab foreign -- forum. bhp abandoned its bid for anglo american. we will discuss what that means for mining's biggest names. that is next. this is bloomberg. ♪

lizzy: welcome back to "bloomberg daybreak: europe." after a five-week battle bhb as abandoned its $49 billion bid for anglo american. the commodities giant walking away from now for what would it been the biggest mining deal in every bag -- in over a decade. talk to us about the main issues. >> the big issue was that anglo's management did not want to talk to bhb, so for five weeks we have seen bhb repeatedly make higher bids to try to engineer this takeover to create a global corporate giant, but anglo's management said,

sorry, we did not really like to a or your proposal, which was complex, and we will not talk about it, so by yesterday there was a u.k. deadline for a formal takeover offer to be met. anglo was not talking and bhp said we will not go ahead with this. lizzy: is that it, or do you reckon bhb will come knocking again in another six months? >> the six months you refer to is under u.k. takeover rules, bhb cannot make further approaches for another six months. it is possible that they come back again. they do more work to firm up exactly what the proposal is and come back with another deal. that would be later this year or into next year. in the meantime, anglo has to press ahead with its own radical

restructuring plan that it unveiled as bhp was trying to engineer the takeover. anglo is going to split off -- split up its company and selloff some of its assets to focus on copper and iron ore. bhb might will face more competition to buy anglo. there might be other miners that come back and say it we want to fight for this as well. rio tinto is one option, glencore is another. lizzy: you came out whether it was assigned they were open to this bhb deal? did you deduce from the fact that they got this plan that anglo to be open to one of those other suitors? >> certainly, it was the complexity of the proposal or complexity of any merger with

anglo or takeover of anglo that was at stake here. anglo is a complicated business with lots of different companies, its own stakes in other units in south africa, so both bhb and anglo recognize this. anglo's structural proposal will see it selloff those businesses, so it becomes a simpler company. it becomes a simpler company for others to take in the future. that is why i am saying there is a possibility of a bigger takeover battle in the future, perhaps next year or beyond. lizzy: it ain't over yet to anyone he was disappointed. we thank you for the latest on that. it would have been mining's biggest deal in a decade, so we have got to check in on commodities. you have seen a rally in copper

and iron ore prices. copper, 1.4% down. iron ore lower 2.6%. a bright spot among the base metals, aluminum has been at a two year high. china at the biggest producer, so aluminum benefiting from tighter chinese capacity models. and brent as well, $83 per barrel down on this risk off mode we have been discussing all morning after the weak treasury sale offsetting middle east geopolitical tensions as we head toward the opec was meeting on sunday. ahead of a baked rate cut from the ecb in june meeting next week, german inflation edges of for a second month. does it throw us better -- a spatter her uncle's unhappy. i'm sensing an underlying issue.

it's t-mobile. it started when we tried to get him under a new plan. but they they unexpectedly unraveled their “price lock” guarantee. which has made him, a bit... unruly. you called yourself the “un-carrier”. you sing about “price lock” on those commercials. “the price lock, the price lock...” so, if you could change the price, change the name! it's not a lock, i know a lock. so how can we undo the damage? we could all unsubscribe and switch to xfinity. their connection is unreal. and we could all un-experience this whole session. hi, i'm tali okay, that's uncalled for. and i lost 85 pounds on golo. (upbeat music) i started golo because i was unhealthy due to my weight. the minute i started taking the golo release, i knew it was working. i was not hungry, and i did not have any cravings. since losing weight with golo, i'm healthier now than i've ever been, and my doctor is thrilled. golo is so much more than weight loss, it's gonna give you your life back.

lizzy: good morning, this is bloomberg daybreak: europe, i'm lizzy burden in london, these of the stories that set your agenda. asian stocks and bonds under pressure after another week sale of treasuries checks down wall street. saudi arabia set to launch $10 billion share offering an oil giant aramco. online trust is set to exceed the offer amount. deal abandoned, bhp walks away from its deal for anglo american leaving the world's biggest miner to look elsewhere to expand its copper production. those are your headlines this morning. now to the markets, we have had another week treasury auction

racing concern that swelling supply could drive yields up even more just when the fed is in no hurry to cut rates. this has not stocks. you can see futures on both sides of the pond pointing to a lower opening. s&p futures down 6/10 of a present. euro stoxx 50 futures down. we have the german inflation data yesterday potentially muddying the waters for the ecb. we will discuss in a moment with oliver crook. we look up the cross asset picture we could see the impact of the treasury auction on yields, four point 97 is where we are on the two-year. it did lean that you had the dollar driven higher at the expense of asian currencies as well. could we see 160 for dollar-yen before the year is out? brent at $83 a barrel, weaker as we head towards the opec-plus meeting at the weekend. you've got go also weaker by 3/10 of a percent in $2330 an

ounce. but we can dig deeper into the treasury auction and its effect rippling across the global markets now. the fed beige book also implying that stagflation is percolating, although the fed president rafael bostic said he's hopeful the explosive price pressures of the pandemic are going to normalize over the next year. let's dig into it with our mliv strategist mary nicola. just looking at the effects of all this, we saw bonds dragging down on stocks, but do you reckon we will see a little dip buying now? >> there's clearly a lot of angst heading into pce on friday. that's what you see in the markets where treasury yields are grinding higher in the demands for the treasury auction has been quite tepid. that combination, especially with pce can tell us does it -- and does a really price out to fed rate cuts this year that the market is currently looking for. all of this is keeping investors

on the sidelines and pushing bond yields higher as well. it's really the clarity from pce that we are going to get. but once we get that clarity from pce, then the next focal point will be on the jobs market and aware -- how jobs is heading. and of course, are the data showing that activity is softening while prices remain resilient and that will weigh on equities even more. lizzy: we have the main jobs report on june the 12th. do we see dollar strength all the way until then? >> it's very much data-dependent until then. any downside surprises is likely going to pressure the dollar a lot lower while any upside surprises will keep the resilience of the dollar. unfortunately, it's hard to tell the exact trajectory because everything is so data-dependent.

of course, the markets are going to reprice with the fed is headed. so far, with the data that we do have, it looks like the dollar is going to stay strong because we are not seeing as many cracks on inflation as you would like to see if the easing cycle is going to commence. lizzie: we are just showing on screen the impact of the dollar strength on the yen. the weakness continuing. and yet, you had all of this pressure from g-7 nations not to do another yentervention, whether or not we already had one or two. but is it that another one is out of bounds at this point? >> last time suspected intervention came through his when dollar-yen hit 160. if we see a gradual rise towards 160 we may see a revisit of the same operation again that comes through.

the focus is still on dollar-yen but we also have to look at where euro-yen is in sterling yen, and it looks like a lot of the positioning is in the yen bearishness being rerouted elsewhere because of the focus on dollar-yen so much. even if dollar-yen continues its slow grind higher, the pressure on the cross is is going to continue. lizzy: sterling is not one that we often talk about. bloomberg's mliv strategist mary nicola, good to talk to you on that. just continuing our thoughts on inflation as we look ahead to it tomorrow, we've already had a surprise at of germany this week. inflation adding up for a second month throwing it in the works are the ecb and really underscoring a challenge in achieving its 2% target as it prepares to lower rates next week. a decision well telegraphed and bloomberg oliver crook can join us for the very latest on where

this data fits into the inflation picture. all: let's just get into the german number we got yesterday. -- all: let's just get into the german number we got yesterday. in germany and the euro zone, that is the second tick up. it is 20 basis point higher than what economists had estimated. i will try to get a rosy picture. there is a base effect because they brought in the 49 euro ticket, huge public transport subsidy a year ago that helps boost things up. when we are expecting across the board in europe is something similar. year on your numbers will be ticking higher in spain, france and across the euro zone. we see a deceleration of the coming down of the core inflation data, which is not encouraging, but here's the silver lining, if you look at month on month figures, basically across the board it's at 0.2%. if you can hold that, that's an annualized rate of 2.4%.

that's in keeping with what the ecb is trying to do. >> where does it lead the ecb for its meeting? oliver: you know it's a june cut and that is the question, that's for the debate gets interesting. we've had commentary from ecb members. let's talk with the president of the bank who spoke to us earlier this week. have a listen. >> what we wrote the last two years is that we follow the meeting to meeting here understanding and that should still be the case. if there's a rate cut in june, we have to wait until maybe september, july. it's too early to speak of it. oliver: you have him saying basically, september is maybe when you see the next cut. that see the commentary from the other councilmembers throughout the week, basically saying there are no automatic moves on the

table, everything goes meeting to meeting, phillip laying saying we need to be restrictive and the cuts will be determined by the data, something very similar. the only devon the room over the last couple of days is coming out of france. do not rule out a july cut. overall for the ecb, the inflation picture is coming down, the question is, at what pace and how durable is it, and that should make the next few meetings pretty interesting for you. >> exactly, the press conference will be interesting if we get any clear guidance from christine lagarde. bloomberg's oliver crook, we thank you for that update on how the german data feeds into the ecb's thinking. let's turn to the other stories making news, bloomberg has learned at the european central bank is set to impose unprecedented fines on several lenders after they failed to progress enough in addressing the impact of climate change. for banks face penalties after

not meeting deadlines for assessing their exposure to climate risk and those fines could be up to 5% of daily revenue. elsewhere, the bank of france governor says the european union should delay implementing new bank capital rules if the u.s. is seen as doing the same. many banks are concerned they could be put at a disadvantage in face penalties if they bring in rules more quickly or more stringently than others around the world. in other news, goldman at veteran has been named by the cleveland fed to replace loretta mester from august. she worked at goldman sachs from 1993 until stepping down earlier this year. she will follow mester who is retiring at the end of june after a decade as the president of the cleveland fed. we will be speaking later in the program about tech here in the u.k. and the general election. we will talk to the lender.

that conversation is coming up next. this is bloomberg. ♪

i n't believe you corporate types are still at it. just stop calling each other rock stars. and using workday to put finance and h.r. on one platform. tim, you are a rock star. using responsible ai doesn't make you a rock star. it kinda does. you are not rock stars. (clears throat) okay. most of you are not rock stars. oooh. data driven insights, and large language models. oh, that's so rock roll. it is, right. he gets it. yeah.

lizzy: welcome back to bloomberg daybreak: europe. top stories making news in tech. hp's shares gained in late trade after reported quarterly revenue that topped analysts estimates including increase in pc sales in two years. it was due to arise in commercial sales while consumer sales continue to decline. the software maker warned that sales growth in the current quarter would stall to the foot -- to the slowest in its history. it sees revenue rising only as much is 8% in the current time. which has concerns about its ability to stay relevant as the industry moves towards ai tools. in the u.k. the tech sector has been warning it risks falling behind with its success stories choosing to list abroad. one company considering an ipo is a british by now, pay later platform. head of the election or on july

the fourth, i'm june but -- joined by the ceo and cofounder. you are working on making the u.k. a bigger hub for financial innovation. you are part of innovate finances unicorn counsel. i wonder whatever government we have next, whatever color they are, what do they need to do to make it more attractive? >> was interesting is is i think it's about five weeks to the day we are all going to discover who's in the sea. it doesn't matter who that is, they are going to inherit a trillion dollar technology sector. that's the third largest on the planet. a major part of that is fintech. companies are going to be critical to the growth of the economy moving forward and we need to see whoever's in the seat leaning into businesses making sure they can continue to

grow and thrive in the u.k. and ensuring ultimately that we see that economic growth that will drive the country forward. certainly, we are excited about the fact that conversations with both parties are certainly going that direction. everyone sees pro -- seems pro-business. people are supportive of the policies we are calling for. we are certainly calling for clarity on policy. that's what will drive this. lizzy: i hear the labor leader has been having breakfast with every ceo. how is labor rolling out the red carpet for you? >> we see this on both sides. both parties are leaning in and across the spectrum we have numerous conversations that are productive around policy, how we drive things forward in with the unicorn counsel, which we

confounded. we now have 50 billion market cap companies in that counsel. if you think of it this way, that could be 50 billion of listings coming to the lsc. that would be ftse 100 companies. when we talk about policy, we have refined the list of all of these companies asks. so about five major points so that we can communicate this seceding cleated downing street and policymakers. those are across things like entrepreneurs relief, emi, r&b and stand duty. in the whole idea here is, let's remove any excuse for the stakeholders here in the u.k. to invest in the economic growth of the country. let's just get rid of those excuses. what i mean by that is, if you think about things like pension funds, are they buying and holding british stocks? just 30 years ago almost 50% of pension money was in british

companies. today is less than 5%. how do we change that and how do we get retail investors to buy and hold british stocks? you can buy and hold tesla's shares for retail investor for free but the roles worth -- rose swart -- rolls-royce will cost fees. lizzy: you have spoken to both parties were you could tell me if they are coming through by answering my next question. will you do your ipo in london over new york? >> our shareholders would love to talk about that. we've always said and you mentioned earlier, we are a big advocate for companies building business here, growing here, listing here and we would love to see that happen. there are certain things that need to be done and we are in conversation with the lsc, the lsc is leaning into these companies and saying tell us what you need to see? we need to

see liquidity, we need to see policies to help drive liquidity. we need to see interest rates starting to come down so we can drive capital back to equities. they need to start working harder for the yield and that will open markets back up. if we can get policy in place to have pension funds buying and holding british stocks at scale, we can get retail investors buying and holding british stocks, you get an environment where we've removed all excuses for companies not to list here. that's the way we are thinking about it if we can get these things right. i'm not sure why companies wouldn't consider listing here. lizzy: it's a very controversial one, do you think it should be mandatory they hold a certain amount of british assets? >> i'm not sure it's easy to make it mandatory. the u.k. is naturally a very international scene when it comes to investment. if you look at the u.s., money is domestic capital. i don't think we want to kill

their culture here, we won international capital in the u.k. and dating a portion of this from pension funds may stifle that. wednesday policy that creates the right behavior from pension funds. how are they being measured, is it on the cost of investment or on the return of investments and if we tweak this, we might see that the behavior changes to chase down yield, real yield rather than just the cost of making those investments and being very protective. i think it's quite difficult but there are policies that could be put in place to drive this agenda. lizzy: is not the only policy, it's the regulation of the by now, pay later industry, what do you want to see from the next government? >> it's one of the only providers in the space that's fully regulated as we stand here. we have proven time and time again that it's possible to run a business like this in a 50 plus percent growth that margin

being fully regulated. we would be calling on whoever's in the seat in five weeks time, regulate within the first 100 days. let's just get this right. we need to protect consumers, we need to remove confusion and continue driving customers to this phenomenal way of paying overtime in not being rolled in the high interest rate credit cards. lizzy: people wanting by now, pay later products because they've been squeezed financially. as inflation eases off, does that become an issue for you? >> not necessarily. what we see in the market is the cost of living is tough for everybody. obviously, it does drive demand but customer behavior is and always how it would seem in theory. people actually tighten their belts, they stop spending as much. customers are spending the same, if not, slightly more but they buy less items for the same

amount. you see inflation come through in the numbers and people are struggling to stop with their day-to-day items. whilst you could argue it's been a tailwind, we also have to be conscious of our wii over lending, are we lending responsibly, can people afford this? we are very aligned with our customers and this is why we provide a debit and credit proposition. what we are saying is don't use more credit, deals, discounts, deep discounts and use debits for the day today spending and where you need a bit more time, use the credit proposition but never pay any interest. the combination of these things helps the customer. lizzy: ceo and cofounder, lovely to have you in the studio with me. kind of an economic barometer your data. you could catch our interview

with the director general of the british chambers of commerce on all of this conversation about the u.k. election and what it means for businesses coming up at 9:30 a.m. on the pulse. that's with francine lacqua later this morning. lovely to have philip on the tech implications. plenty more conversations coming up on the program, next. this is bloomberg. ♪

>> we have not been stress tested. do people really fully understand what i said about interest rates affecting what these things are worth? do they, and ability -- little lady finds out she can't get her money back, there may be disclosure saying the money is locked up for five years, circle the block and call the centers and congressmen and there could be hell to pay. lizzy: jp morgan ceo with a warning on private credit. you have to wonder how long this can last with the likes of diamond trying to stage a comeback and with central bankers talking about a pivot. let's take a look at some of the data that will inform when the pivot will happen courtesy of

the fed's beige book. as across most districts here. that's just ahead of the fed meeting next friday. what we see this sort of feeling feeding into that? the fed reporting weaker labor demand, the dallas fed reporting some higher reluctance as well. if we flip over next step is the second quarter reading of gdp in the u.s., the expectation being for 1.3% of a slowdown. you can see drags on net exports and private inventories is read -- as well, the red on the purple bars. there are the data points coming up. we have a big interview coming up later in the programs. as the chairman of socgen at 9:00 a.m. u.k. time. don't miss it on the pulse with francine lacqua. up next it's markets today. this is bloomberg. ♪

when people come, they say they've tried lots of diets, nothing's worked or they've lost the same 10, 20, 50 pounds over and over again. they need a real solution. i've always fought with 5-10 pounds all the time. eating all these different things and nothing's ever working. i've done the diets, all the diets.

before golo, i was barely eating but the weight wasn't going anywhere. the secret to losing weight and keeping it off is managing insulin and glucose. golo takes a systematic approach to eating that focuses on optimizing insulin levels. we tackle the cause of weight gain, not just the symptom. when you have good metabolic health, weight loss is easy. i always thought it would be so difficult to lose weight, but with golo, it wasn't. the weight just fell off. i have people come up to me all the time and ask me, "does it really work?" and all i have to say is, "here i am. it works." my advice for everyone is to go with golo. it will release your fat and it will release you. her uncle's unhappy. i'm sensing an underlying issue. it's t-mobile. it started when we tried to get him under a new plan. but they they unexpectedly unraveled their “price lock” guarantee. which has made him, a bit... unruly. you called yourself the “un-carrier”. you sing about “price lock” on those commercials. “the price lock, the price lock...” so, if you could change the price, change the name!

it's not a lock, i know a lock. so how can we undo the damage? we could all unsubscribe and switch to xfinity. their connection is unreal. and we could all un-experience this whole session. okay, that's uncalled for.