>> this is bloomberg. easing concerns, yen slumps

after dovish comments from boj. solomon is not expecting to cut the fed. harris picks tim walz as running mate earnings from murderers and novo nordisk, our interview with the siemens ceo in just a few moments. ♪ tom: bank of japan the deputy governor coming out and saying there will be no further hikes.

yen is weak and equities rally, though read across as futures point higher to some gains, stocks up in the strongest session on wall street with the s&p pointing higher. cross asset you had two days of selling, checking on the two year yield, the japanese then the focus with softness coming through at 147. brent gains 4/10 of a percent. it's a big day for earnings. lines from commerzbank, top line

is net income for commerce bank missing estimates. just shy of two hundred million euros versus estimates. sizable tick up and net interest income was above the estimates and commerzbank planning a buyback 600 million euros the bank has confirmed in 2024. commerzbank is one of the biggest beneficiaries and most vulnerable as rates fall. speaking with the ceo at 7:00 a.m. london time. more lines crossing from the

dutch lender, operating income beating estimates, there was an expectation income would softened. operating income above estimates at 2.17 euros above and in terms of profit that was a decent beat, estimates had been for 580 euros. let's bring in avril in singapore and a reminder of centrality japan is playing. avril: how the boj ripples through, japanese equities lead the rebound. infotech outperforming and

against the backdrop of the deputy governor, not hiking rates. the concern rivaled markets often they refused to commit so this is what we are seeing, japanese equities flip. important to note they are far from their july peaks and they've had the worst three day rally. yen losing ground but i will talk you through the gains, financial stocks were green because yields have bottomed. that is easing brazier and then the deputy governor, double digit climes. flip the board.

dollar-yen was pronounced reaction. and now hearing from others saying the yen carry trade is out of the danger zone. mliv strategists are saying boj is in a holding pattern. dollar-yen might be the fed. tom: a holding pattern and remarks from the deputy governor. avril with a deep dive. stocks are storming higher after a strong signal. deputy governors saying boj will not raise rates when markets are unstable. let's bring in executive editor paul dobson. sizable moves across the markets

, stepping into the fray the deputy governor. paul: you've got the fed boj stepping on the rates. in response to the turmoil in the market, rbc says it is the whole government worried about the turmoil and we heard from prime minister kishida trying to calm people down and we have been hearing that rhetoric. significant that the boj sounded so hawkish and in scaling back expectations. this is massively important. they had long deflation and they

have finally managed to kindle some pricing. they want to normalize policy. they do not want it to go wrong so they need to carefully sort of prepare the country for the process to not stir up volatility. the timing of the fed and u.s. data came at the wrong time and sent the dollar stronger which it will continue -- sorry, the dollar weakness will continue and trouble them so they need to set expectations. revealed worry for the market

response. raising interest rates without unsettling markets. tom: is this the end of the crisis in japan? what happens to the carry trade? paul: yeah, i think -- i think -- i think it would be premature to call this over just yet. the u.s. side, the market is worried about a hard landing, thinking about the fed cutting aggressively which should weaken the dollar and support the yen. it would tamper with or -- four -- or higher for longer

regime will cause investors to take money off the table, because risk parameters around their funds and we will be more cautious. you cannot expect people to get on with buying the dip. tom: ok, paul dobson on these comments by the deputy governor, thank you indeed. to the presidential election, vice president harris introducing minnesota governor tim walz at a rally in philadelphia. they said trump would be a disaster if the former president is elected in november. >> trump is not fighting for

you, he never sat at that kitchen table wondering how to pay the bills. he is wondering how he can cut taxes for his rich friends. tom: kriti gupta joining me now. the pic of tim, not josh shapiro, not the representative out of arizona, someone involved in space. this is the governor of minnesota, why choose him? >> no one has heard of his name and the reason that is a blessing is the appeal is he has grassroots between nebraska and minnesota. a major red state and he has voted conservatively during his

time, he was a secondary school teacher and has plenty of military service. very simple, relatable and appeals to blue-collar workers when criticisms are that kamala harris is a coastal elite out of california in the limelight. within california. tom: we will see how it plays, kriti gupta indeed on the pic indeed. these candidates in november. back to earnings, siemens energy with a beat. siemens praising its target again and the focus on free cash flow, siemens see pretax between one and one half billion up from

one billion. it is the gas business doing well off saying the challenges around wind turbine business. we will speak to the ceo of siemens energy on knees earnings and how it positions siemens. a question around u.s. politics and exposure to the u.s. market. stay with us, this is bloomberg. ♪

♪ tom: welcome back, happy wednesday, let's get a recap of siemens. focused on gas, grades and renewables. rising 19% to 18.8 billion euros and free cash flow for the full

year raised at this business. gas components are doing well offsetting pressure around renewables and turbines. get reactions from the siemens ceo joining me, siemens energy ceo christian. thank you for joining us this morning. one line that stands out to me is the gas service business doubling. do you see that continuing? christian: yeah, good morning, thanks for having me. you see the things coming together with strong growth in electrification. good momentum in each and every of the businesses and gas absolutely comes to what we said before. it will be important if electricity grows fast and we see momentum in gas. strong gas orders and we see

this continuing throughout the year obviously a good base for the future to grow. tom: you talk about the electricity grid, what is driving demand? christian: underlying demand in terms of electrification is there so electricity grows as expected and you see new markets coming up. data centers, high interest. you do not see it in the orders but you see it having a decent share and discussions for the future and ai hyper scaling is key which will drive borders in

the next years to come. tom: that is fascinating. on costs where are we in terms of input cost pressures? do you see further softness? christian: no, that is something we need to watch. on energy it is a market which is in high demand and we see cost inflation so we have been investing with some suppliers with rising capacity but this is something which we see as an element to watch. not pre-pandemic, it will be a market which has inflationary elements and this is why pricing is important to manage. tom: losses in this quarter, far

less than previous so it seems like we are making progress. what is the timeframe and is the money -- is that enough? >> i have to say step after step we are making progress but i voice said it will not turn around and a quarter. a couple of years of exercise and i'm confident with policy matters, what we communicated. starting to bring fixes into the field, getting ready to relaunch the first platform this year.

we are working but it will take time to bring it to the profit level but so far we are turning around the business. tom: how do you view competition? christian: absolutely we see the global market and we have to be careful to get concerned. wind is future oriented and we will find ways to compete. i believe we can compete in this is what we do not do that in

every region. particularly offshore we are the market leader and seeing capacity in the west that we provide for our customers. it is something to watch and important to understand conditions to ensure we compete. tom: political uncertainty leading up to the election. uncertainty as to whether the government can call the trigger. any impact? >> u.s. is important market and the need is there to install

data centers. you have additions so we are not looking at significant impact. what we are executing next year, that is irrespective of election results. tom: siemens ceo indeed on the back of that earnings beat. expecting to see momentum continuing, thank you for the update. david solomon says a market correction may be good. our interview with the ceo next. this is bloomberg.

tom: welcome back. david solomon does not expect the fed to take emergency steps and he sat down with david rubenstein. >> there are things that contribute to volatility since friday. first is the jobs report with a soft trajectory for the u.s. economy. it is important to recognize it was softer than expected and employment levels are robust.

it took participants by surprise and they have been well leveled, they now discount the soft landing. the second thing is the boj tightened policy. investors have been borrowing yen and investing in u.s. treasuries. based on boj movement investors unwound. a couple of other things, investors were positioned the wrong way and we saw a spike in the vix, largest one-day move created uncertainty and volatility.

i would not call it extraordinary. in terms of your question economists have upped their chance to 25% and that is lower than consensus. my view is the best chance is economy will chug along but the possibility is never zero. tom: you can watch more on the david rubenstein show next week with the times shown on screen. other stories making news, u.k. police deployed extra officers to arrest hundreds more far-right activists. after plans to converge on

immigration centers, the disorder has been fueled by false claims about an attack that killed three young girls in england. coming up, the maker of ozempic and europe's most valuable company reports earnings. we will bring you the details. that is novo nordisk, european futures higher, u.s. futures also up and s&p and nasdaq futures are up. stay with us. 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.

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your agenda with. using content, and stocks rise and the slums after that is, from the bank of japan. goldman sachs ceo david solomon says he is not expecting an emergency cut from the fed. campaign kickoff. kamala harris takes aim at key states after governor tim walz was picked for the democratic ticket. the mastermind of the octobers of the tax is named as the new political leader of hamas, diminishing hopes of a gaza cease-fire. will bring you the latest from the middle east. let's check in on these markets. the only story that remains front and center, we had a be coming through. we have a downgrade in terms of the margin story. we'll bring you the details as they crossed. the most valuable company in new

york coming through in terms of the latest second-quarter earnings. it is a mess in terms of net income. i will bring you more details as and when we get them. we look at the market story adjusting rally -- that stock you today. here is the redhead. of 20% and up 28%. they have raised their guidance on the top end of that range in terms of operating profit for the business. we know analysts have been looking for this. they raised their guidance. the previous estimates have been for 20.8%. we are looking for any further detail in terms of meeting that demand. here we have some details coming

and just let the below the estimates. 11.6 billion danish krone. to what extent that is down and the inability to supply that event is the question as we go through those results. they are at the top end of the range. the profit forecast for the full year with a top-end estimate -- actually for long for the details on the story. what jumped out to you at this point #>> there was a lot of uncertainty about whether guards would be raised. the race guidance on profit

especially. as we know, there are supplies being very tight. >> only one dose now is still in short supply in the u.s.. it may not be able to assumes they would like to. closing down on the supply side. what we would like to see in the next coming months is whether they can solve those are merely -- solve those remaining issues with supply. they are ramping up supply for people who are already on the

drug so they can continue to take it. there is an optimistic picture with supply. once we have a redhead right now. we mark this. this comes in will the estimates that is below the estimates. it is a mistake in of the second quarters. raise the forecast. this is also slightly softer than the estimates. what is the competitive threat right now? in the next coming months, additional that is from patients to investors.

in terms of the race, in terms of the top-end when it comes to expectations around the for your operating profits. estimates have been up for 25%. maybe it is the low end. we will see how that reflects when the stocks starts trading. a crucial conversation for you this morning. now to some of the stories making news. shares of airbnb fallen sharply in extended trading. that is after a disappointing outlook for a third consecutive order and a one of slowly demand from u.s. travelers. they spent sequential moderation of growth in the key metric of

knives and experiences booked in the current. . disney shares close in new york after egypt him a giant said it is raising the price of streaming services. the price for his cheapest offering, disney bus is advertising 25% almost $10 a month disney plus without ads will cost another $16 a month, marking a 14% is. switching focus. hamas has named the alleged mastermind. all as there is a new political leader. julie me now for the reaction there and the details. what does this appointment mean then? what does this mean about the significant move from hamas >>

it is ultimately a defiant move from hamas and what is interesting to note is that in the last report i, a lot of the names that were put forward would suggest this wasn't the obvious choice. they had been anticipating one of the hamas presenters living there to be the morphological name. they were the for somebody who was closely event -- allied to iran. one of the names that did come up was how the higher was the deputy, the hamas political leader who got assassinated a week ago. it has emerged that he has been accused of being the mastermind behind the octobers have the tag. it comes with a more radical wing of the party. this will have direct knock on effects mainly because he was resistant to many of the efforts to broker the deal and get the deal across the line.

he resides in gaza. we had some commentary from the u.s.. he remains the primary decider comes to concluding the cease-fire. it really is on him. if there is any hope for getting the cease-fire across the line, it will ultimately be in the hands -- it remains to be seen whether from hamas's perspective, these discussions have any room for progress. >> we know that hezbollah and israel have been trading. what would -- what were the main takeaways from what we had? quickly daily extent of crossfire continues. hezbollah sent drones into elderly, injuring several people in the northern part of israel. this is in retaliation to an

attack that israel did on southern lebanon a few days ago, killing several hezbollah commanders. three or four of them were killed in that attack. very long as a species tend to be. about an hour long. it is forthcoming. the retaliation will come. in this edition here is that it is yet to be seen or in conjunction with iran and other iranian proxies or from the with the perspective and the fact that he said that -- the formulation of the response has not yet been concluded. one other note to remark is that he said the killing of the hazlet top commander is an

achievement from israel side. but not a victory. this is part of the retaliation. the fact that the whole world, not just israel is waiting and has been waiting all of this week for the forthcoming response is part of their own retaliation and perhaps some part of a psychological warfare they are playing right now. >> fascinating and challenging for that region. just up .3%. given the bond rally we are seeing, that has given up some of the gains. we will see to what is that that has been absorbed by the markets that they want to be looking at. we will get further details on the disney story. raising prices.

one or second-quarter earnings will be reporting. 's and mccoy's and other parts of that business as well. warner bros., a touch on the u.s. consumer. coming up next, we will be speaking to the cfo to talk about consumers as they released their bitterness. that conversation coming up. this is bloomberg.

>> welcome back to bloomberg daybreak europe. this is ghosted european company. just wanted to clarify for our viewers.

the nancy and constant effects terms. 20% at the top. the estimates had been for 25.8%. this is actually a lower target than the previous profit targets. the target coming a slightly lower than the previous guidance. the top-end is higher than the estimates. let's check back in on the broader markets right now. we have these crucial comments coming in from the back of japan and deputy government weighing in and providing these.

looking to edward and then points across the stoxx 600. they are looking to gain 1.2%. s&p is looking to build on the gains of yesterday. still not fully making up for the losses of monday. looking to build on the gains at least today. nasdaq futures looking to get 165. this is coming in through treasuries. 147 on the japanese yen. one point 8%. brent, somebody just goes about. just up a 10th of a percent.

2392. another big day for earnings. let's give you the outlook for the full year. in terms of the second quarter on the margin story, adjusted operating margins coming in above the estimates. it is a beat in terms of the margin story at 4.2%. that is the operating margin for the second quarter. above the estimates of 3.9%. net sales also a touch higher than the estimates for this bigness -- business. the grocer performing better in terms of sales. it is a beat in terms of net sales, a beat in terms of

operating margin and in terms of the u.s. segment of the business, really crucial. the u.s. adjusted operating margin marginally slightly above the estimates. it is a beat in terms of the rest margin. it is a beat overall. projecting a for the full year, they say a full year three -- free cash flow of 3.2 billion euros. how they put that cash to work will be consequential. to the adjusted operating margin of at least 4%. to be suggesting the consumer has a little bit of resilience. in operating margin. maybe there is a little bit of resilience there. that has exposure to the u.s. market here in europe as well.

they are planning an increase in the output of solar panels. this boosts the net zero target on chinese firms. our exclusive look inside the room. we meet the man overseeing it. this is a nephew of them and one of four defendants and picked as the next generation of leaders. they are better known for their coal business. >> these workers are breathing temperatures of over 40 degrees celsius in western india. putting up solar panels and

giant wind turbines. this dusty and most parents are desert is said to be one of the largest renewable energy parks five times the size of paris. it tries to align itself. the nephew of the indian billionaire. though still in its early 30's, he's already spent nearly a decade at the adani group. as part of a succession plan envisaged by his uncle, he is now in charge of the groups lucrative but contentious energy business. that means he is well-placed to answer the many questions investors still have about allegations made against the group last year by the short seller hindenburg research which they have denied.

grexit 150 billion other way about have been -- happened in the group's wealth or the family's wealth because all of this was very low i am assuming. chris that is a perception that is very different from reality. at that point in time i would say this report came as a shock to many people who were not expecting anything of the sort. our viewpoint, everything that was alleged over the last 10 years, it was very beautiful gift wrapped and presented in a way that was explosive and shocking so to speak. this would deliver the best

results the group had ever delivered. this focus is on the and sustainable energy and with the cw push towards that, what we do would be a very small proportion. >> in-line -- in light of the government's projections, what is -- not this is the gradual ramp down. we have a lot of assets and obligations. those contractual obligations need to be met. it is completely independent.

with the cash flow that company generates, that completes its independent call with regards to how it was to invest its zoom cash flow. all those plans you will be dependent on, the demand for file of the country. they look at the larger investment portfolio. >> that was our exclusive with degreed energy executive director. let's check back in on the japanese currency right now. we have a reminder of just a central role that japan continues to play in his global markets. the deputy governor of the boj coming out with some pretty dovish comments and saying they will not hike further and the

japanese yen taking a big get to the benefit of japanese equities. this is the move for the japanese yen. the volatility has been pronounced. just over the past four days. 141 or thereabouts. all the way back to 147. it was about 50 or 60% done. how this ties into the dovish comments coming from the deputy governor of the mega japan. the nikkei has recovered many of those losses in terms of the steep sell if saw.

the nikkei has a pair that drop now. it was down by 50% still, the major index from july. down 15% from the july peak. the yen weakness is a big component of that. these are the further gains across japanese equities. let's flip the board on this big earnings day. 70 5 a.m. time, we will break down the numbers for you request.

in terms of the rev you or entity to finance around that. since 1998. the only story come after them. according to bloomberg reports. around $100 billion. this is where it sits in terms of many of the chest. the relief coming through from the bank of japan gains as we

said in terms of the asian markets. after very modest gains yesterday. some on turnaround tuesday. it was less pronounced but the losses were less steep as well on monday. the 5100 futures are looking to add 100 point. up .7%. the nasdaq 100 also gaining .8%. david's element, the ceo of goldman sachs as he does not expect an emergency cap from the fed. coming up in just a few moments, people speak to the cfl on the back of those earnings. this is bloomberg.

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>> good morning from london. i am anna edwards alongside guy johnson and kriti gupta. we are in our way from the openingtr