>> good morning, this is "bloomberg daybreak: europe." these are the stories that set the agenda.

asian equities set for the biggest loss in two years after weak data on the u.s. economy. treasuries gained ahead of the jobs report. intel plummets after releasing a barrage of bad news while amazon tumbles on its plan for increased ai spending. we will bring you the details. the bank of england cuts rates for the first time in over four years in narrow 5-4 decision. joumanna: good morning, everybody, and welcome to "bloomberg daybreak: europe." we are seeing a major pullback for risk assets in the past 24 hours, were session or asian stocks in over two years. as you can see as we get into the european session euro stocks

futures pointing to another negative open, down .9 of 1%. s&p futures leaning negative down about .8 of 1%. nasdaq building on from losses yesterday with the nasdaq closing 2.3% lower. a lot of moves to digest after hours, intel done double digits, arm as well. many tech stocks have been disappointing their earnings. it is not just equities that have seen major moves. let's which of the board and take a look at other assets we have been monitoring closely. take a look at the 10-year yield. we have broken through 4%, three point 96 is where we are at down 10 basis points as the market has started to divert its attention away from just interest rate cuts to serious concerns about the oval economy -- global economy.

all eyes today will be on the nfp print and whether we will see further weakness in the labor market. bank of england to cover its yesterday but signaled they will go slowly for future interest rate decisions. the markets pricing and 30 basis points of rate cuts for the year, but let's talk more about how these asian markets are faring. big moves in the japanese indices. avril: look at the 5% limit we are seeing on the nikkei, the topix. this is saying about given the turbulence we have been seeing gently. we are seeing markets repricing, adjusting to those concerns the federal reserve is behind the curve given the u.s. data overnight. can the u.s. economy wait until september for rate cuts, and those tech earnings, intel, amazon missing on the revenue forecast.

china woes, coming in through apple, steepness is to march of 2020, and then of course this is coming against the backdrop of a relatively strong japanese currency still hovering with strength around the 149 level even though it is giving up gains of the past three sessions. let the board. as i talk about the yen, keeping in mind other currencies that should benefit from fed rate cut expectations, but you are seeing the bleed in the won amid stockmarket outflows. dollar also when focus. it seems like the chinese bank is trying to narrow the spread between the yuan fixed on the spot rate. this is something we have also seen in past bouts of market turbulence between 2008 and 2010, so really interesting dynamic. this comes out today we heard

from the pboc decide -- advisor in a rare criticism of chinese economic policies. that shows you how dire the situation is in china. this is all makings for the china bond rallied that is continuing. it is on track, china bonds for its best two weeks this year. we are seeing the yield on the chinese 10 year getting the 2.12% level. let the board again, one more traditionally the extent of the bleed in japanese equities. taking the two day decline to 8 %, were's in years. all of this is the repricing recalibration goes on to the difference of the macro side of things. joumanna: it is a day of superlatives, big moves everywhere. let's turn back to tech stocks,

nasdaq future something after intel and amazon earnings disappointed investors. amazon's profit forecast missed wall street projections, and during the earnings call it the ceo stressed that they are bullish on the medium to long-term ai growth. >> we remain very bullish on the medium to long-term impact of a on any business we can imagine. the progress may not be one straight line. generative ai is quite innovative, and companies have to build muscle around the best way to solve actual customer problems. joumanna: let's get out to matthew bloxham. ai would always be a big thing, and even it that we heard from andy jassy talking about their spending plans for artificial intelligence, it did not set aside -- satisfy what investors were looking for. >> avenue grew -- amazon group 90%, so that was encouraging, but as we heard the ai

opportunity is a mid to long-term plan. we are not seeing significant shifts in revenue growth in the short-term, but we are seeing a lot of capital spending to create the ai technology platforms these companies need to develop, and they guided it to a higher capex in the second half of the euro versus the first half. this is a familiar theme, these big tech companies that they are competent in the ai story, but it is a patience game for investors that they have to trust that the money they're spending right that will be worth it in the long term. online consumer spending is going to grow weaker period, so that part of business is not living up to market expectations. joumanna: another stock that is not living up to market expectations is intel. i was taking a look at how the stock is done, it has almost halved over the course of 2024.

this is here where there is been so much excitement about chipmakers but intel cannot seem to get a bid. announcing 15,000 job cuts, so the story seems to be quite bleak. tell us more. >> the results in the quarter were not too far from what the market was expecting, but the 40 guidance, particularly revenue was way short of expectations. intel, the legacy chipmaker, leaping credit out in the ai marketed by people like nvidia, and nvidia is develnt have got. joumanna: one of the other major

stocks in the magnificent seven we need to talk is apple. apple did a report better than expected revenue growth in the quarter ending in june but sales in china fell 6.5%. the ceo tim cook talked more about the challenges in china. >> during the corner i should cite the ipad return to growth in greater china as it did around the world, so we continued to be confident in the long-term opportunity in china. i do not know how every chapter of the book reads, but we are confident in the long term. joumanna: interesting to hear an american ceo talk up the prospects for the american -- for the chinese economy. >> the biggest take away was 40 guidance on the revenue growth. they are expecting similar growth in the third quarter, i percent year on year growth,

which is better than the market expected. so that is encouraging. to some degree, that comes from their expectations about the iphone 16 launch, which will come in september and the new apple intelligence ai features which will be embedded in that, which they say will drive user base, so that could drive revenue. we saw a big swing back into revenue growth for ipads, which was encouraging to see that come through. i think overall, apple is in a strong position. it is a good product lineup. the big focus will be around the iphone 16 launch and apple intelligence and how strong that upgrade cycle will be for those new features that come in. joumanna: it will be a big one for investors. thank you so much for the overview of some of the major stocks we have been watching after hours.

we have a busy day coming up today. let's get you up to speed on some of the highlights. 12:15 u.k. time, the bank of england chief economist speaking coming on the heels of the interest rate cut out of the boe, the first time they have cut interest rate since 2020. quite cautious about the prospect of further interest rate cuts, so watch out for any commentary on how the situation will evolve. the big event for u.s. investors , watch out for the u.s. jobs report. the market is expecting a small decline from 201,000 to 175,000 today, so will show in moderation. also keep an eye out for unemployment rate expected to hold steady at 4.1% as the fed chair jerome powell said they are paying closer and closer attention to the state of the u.s. labor market. we are getting more oil giant

results. keep an eye out for exxon and chevron earnings as we continue on with the earnings week. exxon up 11%. other stocks in the basket have been doing quite well. some pressure coming through on the refining margins downstream. also coming up, two year treasury yield side on soft economic data out of the u.s. we discuss rate cuts into recession risks next. later on a ceo joins us for an exclusive interview on earnings. we will also discuss a deal with one of europe's largest money managers. this is bloomberg. ♪

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

the treasury two year yield fell to the lowest since may 2023. 10-year yield breaking through 4%. let's bring in our mliv strategist mark cranfield. a lot of this is at stake following the manufacturing number yesterday. >> there is a lot at stake for fed speakers as well not that the window has closed. they will be trying not to fuel any more in financial markets. we have had a turbulent couple of days since the fomc met this week, and you would have thought with a relatively dovish outlook the traders would be happy, but the way equity markets are going and this tremendous move in the treasury market. the 10 year is down to what 3% handle, there was resistance the markets are suggesting not that the fed is behind the curve but they need to get on with it and do a bigger rate cut.

the job of the fed speakers will be ticket events traders that the idea of a soft landing is still in place, that they can afford to take their time. they probably will lower rates in september provided the data continues to move in the right direction, but they will want to abide the idea that they need to do a 50 basis rate cut in september. i will probably have a reverse effect to make markets even nervous. you will probably hear fed speakers tried to calm down everybody. that will be the message they are giving in the next few days. joumanna: let's speak about messaging. the bank of england governor says interest rates will settle at above pre-cove a levels following the decision to ease. our colleague francine as andrew bailey what officials need to see before they cut rates again. >> zero was the product of huge global shocks. i think to get to their

something bad has to happen that we are not currently expecting. we are lower than where we are today, but i think it is clear we are not back to zero. joumanna: is certainly difficult to imagine any central bank going back to zero with inflation level sitting at where they are come up with the take away i think from the press conference yesterday and the commentary that the governor of the bank of england delivered is that they will be cautious about further interest rate cuts. it is not a done deal that this is the beginning of an aggressive cutting cycle. >> by no means, and although they will be pleased with the way that inflation is going towards our target, the biggest factor for the bank of england between now and the next couple of meetings is the fiscal side of things. if you remember when liz truss with the prime minister, there was this horrible situation where there was mismanagement in terms of messaging from the finance ministry and there was a huge selloff in u.k. bonds.

the u.k. budget does not come until october. the new chancellor of the exchequer has been giving all the right messages. it sounds as though she is on top of things, that she will be prudent in delivering a message through her budget which is pleasing to the rating agencies. the bank of england being cautious folk will want to see the details. they want to see it delivered in the right way and they will be reluctant to lower interest rates again until they see exactly what the government delivers, and that is why traders are counting on. traders are getting excited and i think the bank of england will move earlier. they will probably be disappointed, because they want to be sure they do not cut rates and then the fiscal situation deteriorates and they will have to go back to hiking again. no central bank wants to flip-flop on its messaging, so how the government delivers its fiscal paln is the key.

more than anything the u.k. government has to deliver as well. joumanna: october will be key in that regard. mark cranfield, thank you. it is a big day for markets. we are keeping a close eye on semiconductor stocks. sk hynix has extended its losses to 10%. there is a geopolitical story as well play here in the fact that we have been talking about u.s. thinking about restrictions on china's access to a height memory chips -- ai memory chips. we can continue to keep an eye on that. stocks are thinking after fears of a recession. two year yields dropped as traders raised for u.s. jobs number. joining me now is raffaella.

do you think this market jacob is investors coming around to the view that looking ahead there are warning signs for the global economy? >> good morning i am delighted to be with you. i think the current correction is the beginning of the easing cycle by the large central banks and the fact that the labor markets are evidently softening has created significantly more uncertainty going forward, but we still think actually the risk of recession is really mild at this stage. and we see the market correction especially around tech to be a transitory event. joumanna: let me ask you about your outlook for data, because actually gdp surprise to the upside. q2 gdp surprise to the upside for most of europe. we also got an upward surprise. where are the negative signals

coming from if you look into the third quarter? >> you are exactly right. there q2 gdp numbers were revised -- robust. in the u.s. the quality and quantity of job creation has clearly diminished now for six months running. the number of unemployed created in the last 12 months as exceeded the number of new jobs created, so this is a clear leading signal and all of the business cycles that the unemployment rate is rising, and to be expected to hit 4.5% by early next year. joumanna: but at the same time this is coinciding with the beginning of the global easing cycle, so to what extent do you think central banks can actually reduce the possibility of a recession because they are beginning to cut interest rates now? >> it is definitely effective,

because if you begin to ease and you move from restrictive to neutral, and on margin you will be able to soften some of the pain in her gauges, distress companies, support credit, the consumer level, so that will help consumer confidence three quarters on the line. so i think it is important timing and magnitude. we are not in the camp that central banks are moving to a very loose stance, so this is an ongoing adjustment, but given the labor market is softening but not collapsing. that is why i am saying recession risk looks very minor at this stage. joumanna: where do you think rates actually end up then given what you just said? >> we see about 100 basis point cuts overall by the fed, 100 to

125 by the ecb and 120 by the bank of england. joumanna: perfect, thank you so much for giving us were forecast of the global economy and where you see rates going. also coming up, china currently dominates cleantech, but could it push a return to manufacturing in the u.s. and change that? this is bloomberg. ♪

joumanna: welcome back to "bloomberg daybreak: europe." today's clean technology supply chains are dominated by china, but that may change of reassuring efforts in the u.s. are successful. how far could the way for

protectionism spread? here is our guest. the u.s. hiked tariffs on chinese ev's and the eu followed suit shortly after. is it your expectations that tariffs are going to be the new normal now? >> thank you for having me. recently what we have seen in western governments, especially the eu and u.s. have been reacting to the perception that they are more active in automakers. what we have seen is a reside -- is a rise in tariffs. the biden administration as raised tariffs on chinese ev's. the eu followed suit with the result of an fi subsidy investigation with tariffs have to level but still very consequential. just now we have really heard that canada is coming to the end of a consultation and could also

end up putting in place tariffs on chinese ev's of its own, so this is a big shift in we are seeing things move quite weekly. joumanna: this does sound like a big shift, but how much of an actual economic impact of these tariffs going to have? >> that is a good question. in the u.s. it is more for the future where we do not see that much in the way of ev's being exported from china to the u.s., so it is more preventative. in the eu we are seeing more in the way of imports of chinese ev's gradually rise year on year, and that is worried policymakers, but automakers like byd have large margins when they are selling into the eu. when we are looking at tariffs set at the eu level, what might end up happening is chinese ev makers can absorb those tariffs, continue to sell into the eu and

we see higher costs for consumers who are keen to switch to electric vehicles. joumanna: make sense. thank you so much for giving us an overview. if you would like to hear more, download the switched on podcast on apple, spotify, or wherever you get your podcast. coming up an exclusive interview with the ceo of axa. this is bloomberg. ♪ ryan t. writes, "moving is stressful. can you help me take one thing off of my to do list?” ugh, moving's the worst. with xfinity, you can transfer your internet in just a few taps. just a few easy moves. did somebody say “easy moves”? ♪ ♪ oh no. no, i was talking about moving your internet. this will move the internet. ♪ ♪

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joumanna: good morning. this is bloomberg daybreak: europe. i'm joumanna bercetche in dubai. global stock selloff. asian equities set for the biggest loss in two years. treasuries gained for a seventh straight day. russia wall street reporter evan gershkovich and others in the largest prisoner exchange with the west in decades. >> remember what i said. making a difference. took a chance for us. >> and bnp paribas is in talks to buy units in a deal. our exclusive interview with the ceo in moments. let's get you caught up to speed

on some of these market moves, because as a heavy day for trading across equities. the pickup from asia negative. nikkei down almost 5% overnight. the s&p ending the session down. nasdaq down more than 2.3% as we keep an eye on the data. we had into the print today, focus on the labor market signals, but into the session, all of these futures with the exception of the ftse are leaning red. nasdaq 100 leading to another negative open after after hours earnings came down disappointing to the downside. other boards we are watching. fixed income, big rally after those ism numbers disappointed to the downside. the 10-year yield has traded to 3.96%, another basis point

lower. investors start pricing more out of the fed. the bank of england came forward with the rate cut yesterday. as you can see, we continue to see downward pressure on the pound, down 1% for the week. oil, keeping a close eye on that, down for the week. access is in talks to sell its asset management union to bnp paribas. it would create one of europe's largest money managers. they beat estimates after posting underlying profits of 4.2 4 billion euros for the first half of the year. there ceo joints me now. some of that pricing is coming through. your gross written premiums and

other revenues have climbed. what to you point that strength to? >> good morning. we are happy with these numbers. 7% topline growth is something we have not seen for a long time. this is a good start to our new plan. obviously, insurance demand is high in times of higher uncertainty and high demand to cover risks, so we are positioned well, being one of the largest insurers for companies in the world and one of the largest in health and protection. those of the areas that are growing well. this is the result you can see today. >> and can you give us a little bit more commentary about your property and casualty insurance business and what pricing visibility you have into the second half of the year? >> prices continue to be strong

because obviously the risks around us are strong if you think about catastrophes, if you think about as well as cyber risks, but also the needs to find new solutions in a world that's become more complex. this is the key driver for growth that we see. pricing momentum and demand momentum remain strong. joumanna: yeah. talk about the other big announcement that came out yesterday as well, a negotiation agreement with bnp paribas in the sale of axa investment management. how did th deal come to be -- this deal come to be and what impact will it have on your topline? >> we have a very strong desire to grow also in the life and savings business and to be

competitive and grow well in this business you need an asset management -- manager of significant size, that has the product and expertise. axa is a story at axa of 30 years of success, but is a big enough to really serve our needs? the answer is clearly no. therefore we have been looking for a partner that is like-minded and with whom we can create a strong european asset manager in order to really serve our growth ambitions into the future. this is the deal you have seen with bmp. we have a partner that is like-minded. we have decided to enter into exclusive negotiations to sell to create this strong european asset manager. joumanna: mm. what do you say to some analysts who are pointing out that axa as a function of this deal will

become less diversified and perhaps more exposed to market moves? >> i would say they should look at our numbers and see this is not true, because when you look, the majority of our risk is technical risk, so we are ensuring national catastrophes, buildings, people's health. it is very much decorrelated from market risks and financial risks, so the opposite is true, and obviously, with this move to sell off our business, which represents 5% of our earnings, we are focusing even more on insurance. this has been the strategy over the last eight years, making sure we simply focus the group and focus on our key areas we want to be good. one is being a strong insurer in europe. secondly, being one of the leading insurers for companies in the world. >> i want to turn your attention

to another event on july 19, though it will probably not fall into this quarter, but i'm curious to see the impact that global cyber outage will have on the insurance payouts in the coming quarter. >> yes. you are referring to the crowdstrike event we saw a couple weeks ago that is not hitting any of these accounts. this is something you will see going forward probably more often. when it comes to us, we will not be very concerned by this, i would estimate. this loss will be below $100 million, which is something we will be able to digest normally, but it's important for these events we have coverages, we help our customers, because i believe those events will come up more and more. joumanna: yeah. so it's not just cyber events but we have also been keeping a close track on climate events as

well and the fact that global warming continues to affect businesses materially, financially, economically, and they have to start provisioning for that. what role does axa play in helping your customers navigate climate concerns? >> you are absolutely right. climate and climate catastrophes have increased and normally in the second half of the year this is far more pronounced than in the first half of the year. our role is very clear. it is not only to love our customers when an event has happened but also, and this is more and more coming, help our customers on the prevention side. if you look for example at-large hurricanes that have the same trajectory over many years, you see that costs are coming down, which means that prevention does work, and we are very engaged in particular with our subsidiary, axa climate, to help our

customers to prevent the loss from these climate disasters and this is our key role going forward not only in climate but also in other areas. if you think about health insurance, how can we help customers avoid the claim of tomorrow? joumanna: yeah. very clear. thomas, thank you for your time. that is the axa ceo. wall street journal evan gershkovich reporter has been freed in the biggest prisoner exchange between russia and the west in decades. he was released along with paul whelan and others. the president and vice president greeted them as they arrived at joint base andrews. >> the toughest call in this one for other countries is i asked them to do some things that were against their immediate self-interest and that were

difficult for them to do. slovenia came in at the last minute, and i tell you what, it was incredible. i don't buy this idea that you will let these people rot in jail because other people may be captured. >> this is just an extraordinary testament to the importance of having a president who understands the power of diplomacy. joumanna: comments from both the president and vice president there. to talk more about this, bloomberg's greg sullivan joints me now. fantastic sequence of events, very heartwarming, pointed moments, seeing the political prisoners land back in the u.s. how long has this been in the works? >> this has been in the works for a long time. it's a complex -- the size and scope of this deal is something we have not seen in decades. in the case of a prisoner like paul whelan, the administration

has been trying -- they even tried in 2022 when brittney griner was exchanged for that of soria's -- for the notorious arms dealer viktor bout. in the case of the wall street journal reporter, this has been going on for a while. this is been in the works for a while to bring in the partners and make something like this happen. joumanna: we have some great stories up on the terminal about the diplomacy going on between the u.s. and china, getting olaf scholz on board as well, and this is a major diplomatic and political victory for president biden. there was an exchange of prisoners. how is it being perceived from the other side? surely president putin is looking to capitalize as well. >> for putin, this is definitely a victory. there's no doubt about it. he's getting a prize he has long sought. he wanted some of these prisoners to come home. he wanted to send a signal to agents in the field that they will do what it takes to bring

them home. he greeted the prisoners that returned to russia with smiles. he is happy about this. so this is being cast as a victory for russia. joumanna: for both but most importantly the u.s. journalists are back again. thank you so much for the latest on this important story. later, we will speak with the former u.k. ambassador to russia. don't miss that interview. coming up, we will speak with you is see a -- the cfo of spank. this is bloomberg. ♪

joumanna: welcome back. now to some other stories making the news. president biden has spoken with

israeli prime minister benjamin netanyahu, promising new military deployments. that is as israel faces threat after the assassinations of leaders from hamas and hezbollah. iran's supreme leader prayed over the body of a hamas leader a day after is killing into -- in tehran. the u.s. secretary of state says admin togas zoll's won the most votes in venezuela's disputed elections and antony blinken says there are no evidences. machado is calling for nationwide demonstration saturday. ing is abandoning its plan to buy air europa, the second time it has tried unsuccessfully to take over the carrier after finding regulatory opposition did not provide a viable path to

completing the deal. they will pay 50 million euros as a termination fee and will be left holding a 20% minority stake. earnings continue to come this morning. let me bring you some headlines from erste bank. we will speak to the cfo shortly. they are targeting a record three euros per share for the dividend. they see a stable financial year net interest income. second quarter net interest margin came in at 2.3%, operating growth around 5%. they see the cost to income ratio below about 50%. to give you the topline figures as well, the second quarter revenue came in higher than expectations at 2.7 3 billion euros. on the bottom line, second quarter net income came in at 846 million versus 767.3. let's talk more about these

earnings that beat on the top and bottom line with stefon. give us your assessment of the quarter and the fact that you beat on the top and bottom line and yet you see the prospects for the year to be stable. >> good morning from vienna. we are happy that on the basis of a strong first half of the year, we were able to substantially upgrade our guidance for 2024, and you mentioned equally so we can announce an attractive dividend prospect for 2024. the basis for the successful first half of the year was a combination of strong income, especially from central and eastern europe, and we are pushing of our fee income. this in combination with cost discipline resulted in a strong operating result. things keep on being solid. the bottom line has been developing beyond our own

expectations, to be honest. joumanna: mm. we talk about the beginning of the global easing cycle. what needs to be done to increase your margins, perhaps on the lending side, to offset some of the pressures that will come through from lower interest rates? >> when it comes to margins, we have been talking to the market already since q3 2023. the peak has probably been seen and now we are stable in the area of 2.4% to 2.5%. we are optimistic that we can keep it to similar levels. with growing volumes, we should be delivering a stable net interest income for this year and going into 2025. we are more optimistic for the macro picture. that should support the operating environment. joumanna: yes. speaking about the macro picture, there has been concerned about the state of the real estate market, commercial real estate, within austria, and

concerns expressed by the ecb as well. can you give us your perception of how things are evolving on the ground and how you are provisioning for a potential uptick in the cost of risk. >> very important point. we have to distinguish clearly between the german market, western european market, and are strip -- and partially austria. in central-eastern europe, not only in real estate in general, quality has been excellent. no concerns there. no provisioning necessary. in the austria market, we had a couple of provision -- in the sector, but under control, and we don't see the need for further provisioning. to the contrary, we are upgrading our risk guidance to less than 20 basis points, which historically speaking is an excellent number. >> we talked about you

increasing the dividend. i just want to ask you whether you will keep any money to play with, so to speak, to pursue m&a. analysts have pointed out that one of the countries in central and eastern europe you don't have a footprint in is poland. what is your strategy from the m&a side and are you thinking of expanding geographically? >> first of all, the increased dividend we are indicating for 2024 is not limiting us in any form in our emissions to grow organically, but also potentially and organically if interesting options are offered. we are fully committed to the consolidation within our existing geographies. we have been active there in recent years and i'm sure opportunities will arise in the forthcoming quarters. poland is an area we are looking at. it's not an easy market to enter, but we have the feeling that the m&a market

overall might be picking up, and we will be part of these activities. joumanna: broadly, how are you seeing the competitive landscape within central and eastern european countries now? >> i will keep it short. it has not changed too much recently. the strong play there is well known. we are one of them. and not too many shifts. some our colleagues have been readjusting their footprint but overall a competitive landscape has been stated. >> perfect. thank you for your thoughts today. erste group cfo stefon. more earnings coming through, this time from a french utility. they have raised their 2024 recurring net ebitda guidance to 3.8 billion euros for the first half. that is a small decline year on year.

the guidance for all of 2024 has actually been increased, and just to give you some more commentary as well, that will come through at 5 billion to 5.6 billion, higher than the estimate. so that upward revision for the 2024 calendar year is likely to be a key driver. they see it as an opportunity. they are not ready to overpay for power infrastructure. plenty more coming up. this is bloomberg. ♪

joumanna: welcome back. with all the earnings crossing, we could forget that there's something coming up later, but we won't. let's take a look at what the market is penciling in for the

u.s. jobs data coming through. we are likely to see a moderation in terms of the headline prints from last month 's 201,000, the community settling around 175,000, so slight moderation to come through. unemployment rate expected to hold around 4.1%, although of course the market is pretty much praised in now for a september rate cut out of the fed. keep an eye on that labor market data and how mobile influence fed pricing expectations. keep an eye on data more broadly. for a look at the picture, u.s. economic data misses. the surprise index is nearest lowest level since 2015. that is really just reinforcing the fact that many people have now started to become concerned about the data coming through from the u.s. ism data yesterday, another case in point, disappointing to the downside.

the employment index also missing by the most since post-covid. something to watch out for as we head into the u.s. session. the major selloff continued overnight. some big moves out of the nikkei. declines almost 5%. all this in retaliation to the bank of japan hike earlier this week. 5.8% lower for the nikkei. down more than 10% from the highs we got to mid-july. coming up at 7:30 a.m. u.k. time, speaking to the ceo of the uk's largest long-term savings and retire business. that is 80 briggs. the opening trade is next. this is bloomberg. ♪

ryan t. writes, "moving is stressful. can you help me take one thing off of my to do list?” ugh, moving's the worst. with xfinity, you can transfer your internet in just a few taps. just a few easy moves. did somebody say “easy moves”? ♪ ♪ oh no. no, i was talking about moving your internet. this will move the internet. ♪ ♪ ooh, ooh. -let's keep it professional. professional dancers! -ok! stay connected during your move with the best in home wifi. easily transfer your services in the xfinity app. bring on the good stuff.

>> good morning, i'm anna edwards and here's what you need to know.