tom: good morning. this is bloomberg daybreak: europe. these are the stories that set your agenda. asian stocks trade lower as investors europe for a week of political risks and inflation data. japan's top affects officials as authorities are ready to support the yen 24 hours a day. benjamin netanyahu says the current phase of fighting in gaza will end" very soon." freeing up troops to send to the northern border to confront hezbollah. with 10 days to go until the u.k. general election, a debate. list check in on these markets -- let's check in on these markets. european stocks manage te cap gains. european futures pointing to about .1%.

a big week in terms of inflation data that comes out of countries including italy and spain and france. when it comes to the fed on friday, the personal can sponge -- personal consumption expenditures index. we know they use that. ftse 100 futures looking lower around .4%, around 29 points. commodities under pressure. iron ore and oil taking it. nasdaq futures lower by 10 points. we have an eye on the japanese yen. we will get to that. the u.s. 10 year 4.24 as we way up inflation reports coming through from the u.s. economy and further commentary from fed officials. 1.06 on the single currency. to what extent will that be volatile as we monitor the french election risks with the first vote coming through this weekend.

$85 a barrel on brent. a little modestly softer as we look at the inventory cycle and potentially risk off in terms of the demand coming through for oil. iron ore $102 per ton, down 2% on fresh concerns about the chinese property sector and a buildout of inventories in the world's second-largest economy. let's flip over to singapore. avril hong is standing by. a focus on the yen and the read across to japanese equities. avril: absolutely. we are seeing how some of these auto stocks are helping to boost benchmarks, but let's also talk through what we are seeing in the rest of the asia-pacific, where the risk off mood is strong and the selling is being seen in several sectors. among the biggest rags are chip stocks -- biggest rags are chip stocks.

investors turn more cautious in a week when we will get pc numbers. off by about .2%. shanghai is another one we have been watching, hitting the lowest level since february. sentiment is weak. investors are demanding more stimulus action. we are seeing the greater china region. flip the board because it's about how japanese equities seem bland given what we are seeing -- seemed buoyant give all we are saying with the weakness in the yen. and for the dollar-yen, we got stronger-than-expected u.s. pmi's. on the other side of the equation it's also about how boj officials have been reluctant to give details about the reduction of bond purchases, so those yield differentials are likely to remain wide. so we might see that hike in july despite the verbal

intervention from the top currency chief and financed minister that's doing little to help the yen to recover. let's flip the board again because i think we are also seeing how traders are complacent when it comes to pricing in the intervention risk in terms of the risk reversals. the thinking behind this seems to be japanese authorities spent a lot of money to intervene in the markets earlier this year and there was limited effect, so this time around they might wait and see, maybe dollar higher before stepping in so that any move is effective. tom: thank you. avril hong. indeed. let's stay on that theme, the consequences of further weakness of the japanese yen. let's bring in mark. talk about the input -- the intervention because from japanese officials. what's your take on effectiveness of any further intervention? can they finally put a floor

under the yen? mark: it will be difficult without the bank of japan doing something on monetary policy. we heard from mr. suzuki today repeating much of the same language they have been using over the past few weeks, telling people they are standby any time of day to support the yen. they could held by intervention or any other measure they see fit. from a traders perspective, if you think over the past two months, we are almost back to 160 on dollar-yen, which is where it was after the april meeting. in the past two months we've had to bank of japan meetings and record buying and there's little to show for. the key thing from an investor's point of view is the bank of japan had two opportunities to show they meant business in terms of showing something on policy that would strengthen the yen. both times they kicked the can down the road. most significantly they did it

again at this june meeting, suggesting july would be the time they would discuss lowering bond purchases, which would be something that would help the japanese yen. traders wanted it now. they are expecting something immediate and also expecting some details on when the next japanese interest rate hike would come and got neither. also having seen that the previous intervention was largely ineffective, traders are thinking to themselves, yes, we probably expected japanese authorities to step into the market again, but how much is it going to do unless the u.s. starts lowering interest rates? it's really a very one-sided equation and the japanese side of it does not look particularly strong, so unless the federal reserve certainly turns dovish, it's going to be difficult to see how the yen appreciates substantially. >> ok. the relative impotence of officials in japan and the boj. the finance minister in light of that higher for longer call rhetoric.

we will see if inflation data changes that equation. in terms of the rotation that may be happening at the end of quarter, in an environment, mark, for equities, where you have all these uncertainties around central-bank action and the inflation picture, how much of a risk is that potentially for these equity markets? >> certainly we could see -- we are probably beginning to see some of the early stages of it. is not unusual as you come towards the middle of the year. a lot of portfolio managers assess to see who have been the big winners and who have been the laggards? is there room for us to shift money out of those trades into people? the u.s. is up plenty of industrial old tech companies still making good profits, just not in the ai space. they have not enjoyed the kind of run some of those companies have. look at nvidia. it's down 6% or so.

there's clear signs that some people are cashing in a little bit and maybe that money will find its way to other sectors. we will see a play out in this week as well. when you look at the narrative for ai and the potential it's delivering in many areas, broadcom announced its looking at ways to get involved in new tech chips, which will work with a firm in taiwan. we might see fluctuation near term. it's possible we're getting to the third quarter. that story will still be strong and the major tech companies that did so well will come into play again. in the meantime, yes. we may see shenanigans as people move money around, but when you look at the u.s., it's still performing and the rest of the world is lagging, so i keep your money anywhere but the united states? tom: mark from bloomberg's team with analysis on what could be moving these markets in the

hours and days ahead. thank you very much indeed. now to the political risk, may be a lack of risk when it comes to the u.k. we will get that assessment from lizzy burden eminently. voters in the u.k. heading to the polls in 10 days' time as the general election enters its final stretch. the next government is set to face a worsening of the so-called misery index over the next 18 months, as rising joblessness outweighs flowing inflation. let's bring in lizzy burden. this is the backdrop to the next government in terms of the economic fragility of the u.k. what is the misery index? >> when i first saw it, i thought it's the feeling when you have to get out of bed on a monday morning, how long it takes you. it was come up -- it was come up with in the 1970's. it is the unemployment side that's likely to be the pain point for the next 18 months for the next government.

it speaks to the economic inheritance of whoever wins, which the polls suggest will be the labour party insert keir starmer -- party and serve keir starmer. the next government really needs to think about there is going to be another rise in the national minimum wage, they say, and how that could be prohibitively expensive as a cost for employers when thinking about bringing people on. you had the bank of england's megan greene talk about potential unemployment. if you look at the misery index, since rishi sunak took office, it's actually averaged about 11. it's now at six because inflation has dropped. the worry here is that in the first 18 months of the next government it could average 7.5. >> is expected to go up again in the second half and through into next year, providing a challenging backdrop for whoever is in charge, whoever is the prime minister.

we have in terms of that race a debate later this week between the prime minister and keir starmer. what will you be watching for within that and to what extent it could be a platform, a narrow one, potentially, for the prime minister to may be on the edges move the dial to some extent? >> we say this every single time, don't we, that rishi sunak needs to take the opportunity to close those opinion polls and it's just not happening at the moment. the narrative has got that bad. i would draw your attention to the debate we are having today about business and it's a rare opportunity and i would say it's important because in this moment the consensus is that economic growth has to be the priority and of course winning business over will be essential to that. we will take questions from the five big british lobby groups on business.

it's an opportunity to find out the business is between the major parties. both the figures you see on your screen now are interesting in their own right. they were both born in 1980, became mp is relatively law -- young and have had media wrote -- had meteoric rises to be leaders. so the questions i want to hear the answers to in this debate if they behave themselves and don't speak over each other are what their pitch is to business, how do you fix a skill shortage without more migration or serious investment into education? where did they stand on brexit? what is there long-term strategy when it comes to ai, stability and the green economy? and industrial strategy, not a sexy term but important to economic growth.

finally, how you reignite investment and if you are to be picky about where that comes from. tom: lizzy burden, thank you very much indeed. we will bring you that televised debate, which will be moderated by bloomberg's anna edwards. they will also face questions from leading business groups. viewers in the u.k. can catch the business debate at 12:30 p.m. on bloomberg tv. it's also on the terminal, website, youtube and radio. before the debate, the former u.k. chancellor, philip hammond, will join at 9 a.m. here in london. here's what else to be thinking about this week, then, to put on your agenda. on thursday, we will get the eu leaders summit. of course, the politics of europe will be high on the agenda, but also continuing support, how to continue to support you can -- support ukraine as it faces a barrage of missile attacks from russia over

the weekend. meanwhile, on the same day, there's a presidential debate, the first of this presidential cycle, between former president donald trump and president joe biden. we will bring the analysis and the buildup to that televised debate. friday, european inflation. we will get more granular detail from countries like italy and spain as well, of course, and ahead of the pce data out of the u.s. you can get a roundup of the stories you need to know to get your day going in today's edition of daybreak. subscribe da why bigo. major operations in gaza will end "very soon," says netanyahu. we will bring the latest. that's next. this is bloomberg. ♪

tom: welcome back. to the latest in the middle east, where the israeli prime minister says the most intense stage of fighting in gaza will end very soon. netanyahu has told is really media that the country will redeploy some forces to the north, where exchanges with lebanon's hezbollah have been escalating. the president -- the prime minister directly rejected the prospect of a cease-fire deal with hamas. let's bring in horizons middle east & africa anchor joumanna bercetche, who joins us from dubai. tell us more about what we have been hearing from netanyahu. what has he been saying? joumanna: that is right. it's notable that this is the

first sit-down interview the prime minister did with an israeli channel since october 7. he was asked about the direction of travel for the fighting in gaza and interesting that he said here that they are looking to end the intense stage of fighting in gaza soon and will look at targeted operations against hamas. interesting that he directly rejected for the first time, so this is him directly saying it, that they will not agree to that proposal for a cease-fire put forward by biden a couple of weeks ago. this entailed multi-phases, including moving from a temporary cease-fire towards a permanent cease-fire. what they said yesterday as they would agree to a temporary cease-fire that would entail the release of some hostages but they would not move towards that permanent cease-fire and less, and again -- unless, and again this is reiterating what they have said consistently, the full goal of eliminating hamas is complete. one thing that is important and

is on many peoples minds is that he also said that moving the attention away from gaza would mean that they would have the reserves to redeploy up in the northern border and of course there there's a lot of focus about the hostilities that are taking place between israel and hezbollah. the war rhetoric has increasingly intensified the last few weeks. tom: you take us to that other angle of this story in terms of the tensions on the northern border. what is the latest in terms of the tit-for-tat between the two sides and to what extent the risks have increased? joumanna: daily crossfire on the border is an occurrence that we've been seeing since october 7, but as we noted last week, i think a pivotal moment came when the idf said they were prepared or preparing themselves for the possibility of an offensive into lebanon. that was met by remarks from the has blue chief, who threatened -- the hezbollah chief, who threatened israel and said they would be willing to engage in a war with no limits and no

restraints should israel opt for that. also interesting to see that over the weekend, once more, we heard that rhetoric from hezbollah, but the prime minister, knit now who, was asked about it -- minister, netanyahu, was asked about it, and said if we can we will do this through diplomatic means and if not it will be achieved another way, opening the door potentially to a diplomatic solution here, which i think would come as a relief to many. the other development that's taking place now is the defense minister is in the u.s. meeting with some counterparts and they will be talking about the future of the fighting in gaza in addition to some form of mediation effort to bring down the rhetoric on the lebanese border now, but interesting to note that netanyahu seems open to some form of a diplomatic solution. we will see how the talks evolve this week. tom: horizons middle east & africa anchor joumanna bercetche

in dubai with the latest. thank you. now to some other stories making the news this monday. saudi authorities say more than 1300 people have died during this year's haj pilgrimage as the kingdom faces high temperatures. the saudi health minister says most of the victims are what he called unauthorized pilgrims who walk long distances in the heat to perform the haj rituals. almost 700 of the dead are from egypt. the minister said another 95 people were being treated in hospitals. china and the eu agree to hold talks on the bloc's plan to impose tariffs on electric vehicle imports. that is next. this is bloomberg. ♪

tom: welcome back. china and the european union have agreed to discuss plans to impose additional tariffs on ev imports, taking levees to as much as 40%. let's bring in craig trudeau from oslo. why is the e.u. a greeting to hold these -- e.u. agreeing to hold these talk to china? macron there's concerns -- craig: there's concerns about blowback. there's potential for retaliatory tariffs on large engine cars that would hurt the likes of swaggy and and mercedes -- likes of full spot in -- the likes of volkswagen and mercedes or french wine or brandy or spanish port or dairy.

yes. yes. tariffs would be put on chinese electric vehicles as high as 40% in the case of saic, the maker of mg. we are talking about a pretty significant increase in tariffs. companies were not universally be held to that higher duty, but, you know, at the high end, this is a very significant attempt on the part of brussels to really sort of rain and the amount of electric vehicles coming in from china and part of europe put their companies on a more playing field -- more level playing field. tom: what do you expect the message will be to their chinese counterparts from europe when they enter these negotiations, particularly around the nature of these tariffs and whether or not they can be differentiated? is the eu going into the saying we are aligning with the u.s. or

are they trying to differentiate between the two? macron there's a real effort -- craig: there's a real effort to differentiate. a german politician reiterated europe's willingness to talk this weekend. there's concern in berlin about this in particular. i mentioned large engine cars and the fact that vw and mercedes and bmw are concerned about, you know, these tariffs. in contrast to the tariffs being imposed by the u.s., you know, the german politician talked about how these are not blanket punitive tariffs but differentiated, compensatory. they have been pulled together over the course of nine months, and as the result of an investigation, you know. a quote from him this weekend was "this is not punishment. it's a compensation for the advantages granted."

we do know that over decades quite a bit of support was arranged for this industry because china really saw a potential for, you know, for sort of stealing a march on the rest of the world in electric vehicles. tom: craig trudell, thank you for the implications of this discussion between europe and china on these potential ev tariffs and we will see how those discussions unfold. implications for the industry. investors are on edge over the french elections. we know that. how traders are navigating the political risks out of france. that is next. this is bloomberg. ♪

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tom: good morning. this is bloomberg daybreak: europe. these are the stories that set your agenda. asian stocks trade lower as investors cure up for a and inflation data. japan's top official says they are ready to support 24 hours. benjamin netanyahu says the current phase of fighting in gaza will end "very soon,'freeing up troops to send to the northern border to confront has will -- confront hezbollah. badenoch will debate reynolds. let's check in on the markets. it's been a challenged session in asia, the focus on the japanese yen, officials warning, using jawboning to warn about potential further intervention.

the last time the intervened -- the last time they intervened was april. that's what triggered that supposed intervention in april. they are warning them a step in again. we are looking at european futures after a week in which they managed to grind out gains despite the political risk in france. elections taking place this weekend. the political risk remains in focus. european futures pointing lower. the ftse 100, a bit of a drag. oil and iron ore under pressure. the ftse 100 pushing lower by .2%. s&p futures flat. let's let the board. euro-dollar in focus. inflation data at o italy,

>> they are trying to cherry pick their way trying to find the safest possible stocks. other international investors are just getting out of france and it's a very difficult, uh, moment for, uh, stock investors. tom: you talk about how investors are adjusting to this new political uncertainty in france. give us more detail. you have seen those outflows in terms of international foreign investors. what else have you been seeing? julien: basically, one clear trade is to cut french banks. a lot of french investors are cutting because you have a direct link with french sovereign debt, so that's an easy trade to do, basically, if you want to cut out risk. you have highway operators. there's a risk of

nationalization. the far right has also been talking about privatizing the french equivalent of the bbc. that means for french media, they would have to compete on a smaller pool of revenues of commercial revenues. there are differences on utilities. there's been a lot of distinct ways of cutting risk on france. no one has been buying the tip in the french stockmarket. it is probably flat on the year. the dax is up 8%. you have the option to cherry pick your way and find stocks that are the most resilient. people are targeting french industrials that have a large footprint outside of france

where french revenue is only 5% or 10%. companies that are active in asia and the u.s. there are different ways of adjusting to the risk but there's no good outcome to be expected, you know, when we will be on july 8 on monday following the elections. there's no -- there's not -- there's not a great scenario out there. tom: yeah. we have the first round. we had the first round this week in and the final on july 7. talk to us about what is expected in between now and that second round of voting in france. julien: there was a note by a strategist that was basically saying get out, stay out, don't get it. there's going to be a a lot of uncertainty between now and the end.

there's a lot of volatility expected and, again, there's no really positive scenario whereby you would, like, invest, you know, on the french stockmarket really, so i think there's going to be a lot of stress, a lot of volatility, a lot of uncertainty. i think it's a market that's really complicated. some people who need to be invested in french equities, for instance, fund managers who have funds exposed to france specifically, they need to find their way, but if you don't need to be in this market, a lot of strategists are saying, you know, you don't want to be in this market for the next two weeks. tom: ok. julian pontoon. i have a sneaking suspicion. the volatility and uncertainty. our reporter in paris on what to

watch for and how investors are adjusting to the new political landscape in france, talking of which, some poll numbers crossing in the last few minutes, one pole pointing to a point in terms of percentage in terms of what's coming through from the polling companies of 29% for the left-wing alliance, so they are gaining and getting 29% according to the poll. le pen's national rally party has 35.5%. macron's group, including renaissance, has 21%. so still leading is le pen's national rally with 35.5% followed by france's left-wing alliance by 29% and still in third place macron's grouping with 31% -- with 21%. we will keep you posted in the next few days leading up to the vote. russia's authorities say four

people have been killed in more than 150 injured after what it claims to be a ukrainian missile attack on the occupied crimean peninsula. four missiles were taken down by russian air defenses with the fifth hitting -- hit and diverted before exploded -- exploding over sebastopol. coming up, an exclusive interview with the ceo and cofounder of prolific. stay with us. this is bloomberg. ♪

>> one of the things i get excited about because i am a

labor economist by training, i think of ais potentially being a great leveler, leveling the playing field, democratizing the expertise by giving people a hand up or a leg up in terms of starting. tom: san francisco's fed's mary daly on ai creating opportunities in the labor market. talking of which, in the u.k., employers are offering a 40% wage premium for jobs that require skills in artificial intelligence as the sector's boom reshapes the labor market. prolific is one of the company is helping meet the demand for humans giving feedback to ai systems, really important as these foundation models try to build out quality and the models they bring to the market. let's speak to prolific's ceo and cofounder. thank you for joining us in the studio. prolific started with a business

proposal that was connecting participants to research. you were the middlemen to quality participants for researchers at universities and academics. now you are adding on this ai part of the business. what is the potential market value of that? you already have customers including the likes of stanford and google. what is the potential upside? le pen firstly -- phelim: firstly it's absolutely right that we have expanded from this core offering of providing researchers access to high-quality, diverse, representative participants and there's a lot of overlap between that need and academic research, behavioral research, market research, but now in a nine -- in an -- in ai. $17 billion.

seeing growth. big tech, startups. in the u.k. tom: rlhf. important. models. companies under pressure to ensure they have quality data underpinning models, meeting human beans to interact. talk about data component. is there a provision of data you are able to work with these models on? concerns about quality of data? gap needs to be close between the quality you provide an what the current models are built upon? >> there's three components -- algorithm, compute, data. data comes from human being.

artificial intelligence is not artificial. that comes from us. ultimately, these models are extremely good at reflecting an approximation of the data that is built on. we went these models -- we want these models to reflect the best of humanity, the best of our values and skill sets, so we are building prolific to be a platform where these researchers and builders can access the breadth of humanity. some problems we are addressing is the diversity of people who are training these models, so increasingly, the audience who is labeling or data and providing feedback to your model is increasingly important. tom: google had a big misstep there with their model that came out and had a diversity component that led to controversy in terms of how they

were depicting people from historical scenarios and ethnicities? phelim: right. one of the other places that prolific is playing a role is not only providing this feedback data to fine-tune and train these models but also to stress test these models. a company where you get a group of people, either experts or from a crowd, to stress test and push these models to the limit before they are pushed out into production as part of a responsible deployment process. tom: you raised about $32 million and part of that was for expansion into the u.s. talk about how that's going on the market opportunity in the u.s. phelim: we recently opened an office in new york. we have been working with google, stanford, as you

mentioned. it's important to note the u.s. is currently leading in the ai space so in the stanford index report that recently came out, 61 of the approximately 100 notable ai models came from the u.s. the u.k., in comparison, is lagging slightly behind with four models coming from google deep mind exclusively. tom: when we think about the politics of the u.k., the election coming up, what would your message be to the new incoming government of the u.k. in terms of the top one, 2, 3 priorities to bolster your sector? phelim: it's a great question. whoever ends up in power, i would stress the importance of growth and the importance of tech scale ups in that growth. for me personally i think the ease of spinning out startups from universities and the world-class research that happens in u.k. universities --

tom: they do it effectively in the u.s. but less so here. phelim: that's correct. founders within universities get a raw deal compared to their u.s. counterparts. where they take between 2% or 3% in the u.k., in the u.s. they take 15%. the process takes a long time, typically 10 months to a year. i think reducing that timing giving these startups a fair deal and access to capital, in particular these larger rounds that are required for building ai models -- we have recently seen one company in france raise over 500 million euro. these are the kind of sums that are required to build these ai models. i don't see that replicated in the u.k. tom: on the funding question, before we let you go, are you fundraising this year?

are you still profitable? do you remain profitable? are you looking to raise additional funding? would you list in the u.k.? phelim: so we are -- we have always been a capital efficient business. we have raised that capital into growth in the market. we are building for this use cases. we are not currently fundraising. we don't need the capital although we may optionally fund raise towards the end of this year or next if we feel there's an opportunity to accelerate this growth. we are going away from listing to focus on building the best company i can and serving our customers well. many options will be on the table at that point. and hopefully that's an appealing offer at that stage. tom: ok. london has not been ruled out.

looping back to one of the points he made earlier, which is that there's this demand now for the foundation models to have this human component, we are in this multi-domain environment now where they are building out models that can focus on particular sectors and jobs, whether that's insurance or finance or different layers within the financial sector or insurance and accounting. talk to us about the demand for what you do within that multi-domain model and then where are we in how that stories involving. phelim: as i mentioned earlier, the trend is absolutely going from data labeling that rick -- that requires human beings to reliance on experts in a particular field, so moving from general data labeling to a world where who is labeling your data and providing that feedback is increasingly important and that's the direction the strategy is taking as well,

giving researchers access to verified excerpts -- experts. tom: really interesting. i will continue to monitor the progress of your company. a prolific ceo and cofounder. some other stories making the news this monday. apple is to withhold a range of new technologies from hundreds of millions of consumers in the european union. the company announced friday it will block the release of apple intelligence. in the eu when the services are released this year. it says the bloc's regulatory attempts to rein in big tech forced it to downgrade security and place user privacy and data at risk. u.s. prosecutors are reported to have recommended to senior justice department officials that boeing face criminal charges for violating a settlement related to two fatal crashes. according to reuters, the charges could extend beyond the

original 2021 fraud conspiracy charge related to 737 max crashes in 2018 and 2019. there is plenty more coming up. stay with us. this is bloomberg. ♪

tom: welcome back to bloomberg daybreak: europe. let's check in on some lines crossing on the earnings front. a 25% stake in the gaming company that is tencent in china. what are your consolidated revenue coming in at $6.43 billion, below the estimate of $6.51 billion. they said they will continue to explore new investment horizons. operating loss coming in at $562

million. in terms of the core headline earnings-per-share, also softer than estimates, 11.4 eight dollars versus just over $12. there's a focus on the buyback story. buybacks to continue as long as the discount is elevated. that's detail on the buyback story for them as they come through with those earnings. let's check in on some terminals that jumped to my attention as we look ahead in the u.s. to the details around the inflation story with the personal consumption expenditures index, a key gauge for the fed, dropping friday, and questions

about where the neutral rate is for the federal reserve. is it going to be higher than recent history has suggested? certainly if you look at forward contracts referencing five-year interest rates in the next five years, that's installed at 3.6%, well above the fed's own estimate. the neutral rate for the federal reserve and whether or not, even if they cut rates, when they cut rates, to what extent they will go lower in an environment where maybe the new neutral rate is higher than historical levels. that ties into what's happening with nvidia. one of the key drivers of this market, the fed or the ai revolution? getting a gauge on sales and revenues. nvidia is jumping out to us. we have a deep dive into this on the terminal. nvidia jumping over the next 12 months. it's the most expensive stock on the s&p 500.

it's a challenge for analysts but also the company itself to get a figure on what revenues are actually going to be. they have exceeded revenues, the midpoint of their own forecast, by 13% since 2023. briefly on the volatility in french stocks, that premium in terms of the volatility and the spread over the dax between the cac is at elevated levels. we build up the first round of voting this weekend. but before that, we will get to the u.k. politics, because later today secretary badenoch and shadow secretary reynolds will go head-to-head in a live televised debate at bloomberg's headquarters in europe, moderated by bloomberg's anna edwards. we will get more on that and bring that to you live. next up, it is markets today. this is bloomberg. ♪

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good morning from london. this is bloomberg markets today. i'm guy johnson. less than one hour away