>> good morning, this is bloomberg daybreak: europe. these are the stories that say urging it--agenda. the prospect of a second.

the inflation print could have a fed rate decision. he have accuses russia of starting a fire at europe's largest nuclear power plant. this as ukrainian troops continue to hold ground gained during a surprise incursion into russia. a new poll shows kamala harris leading donald trump in three key swing states. we will bring you the latest on the race for the white house. tom: good monday morning. european stocks and u.s. stocks have made up essentially the losses of last monday, but volatility still firmly in focus for investors. european stocks pointing to pretty decent gains this monday, up 0.5%.

catherine mann saying she remains cautious on inflation in the u.k.. s&p futures pointing flat after the gains that came through friday. futures looking to add 33 points. michelle bowman of the fed saying more work needs to be done on inflation. let's look cross asset. the japanese yen coming under pressure in the morning session. we have heard from a former boj member saying they are unlikely to hike again this year. japanese yen currently 147. a little softness coming through. euro-dollar out at 1.09. gold at 2433, up a 10th of a percent. let's go to avril hong. avril: we are seeing asia stocks climbing for a second session, and i think that sense of calm is continuing to return to the markets, making what happened last monday look increasingly

like an overreaction. but we have a lot of data to get through this week, not just from the u.s. but also out of japan. don't forget china's data dump also later in the week. on the japanese front, we are expected to see gdp return to growth, versus fourth-quarter -- first quarter contractions. this could reinforce the hawkish stance. in terms of what we are seeing on dollar-yen, given that japan markets are closed today, that might help to cap the volatility. we are seeing it looking pretty range bound. but we are also seeing in stock markets the way in which the taiex and kospi are performing well. this is against the backdrop of some gains in real estate as well as the tech sector. let's flip the board and look at those stocks in focus. this week, we will get a earnings from some of the biggest chinese tech giants, including tencent and alibaba. they could give us further clues on the health of the chinese economy, as well as consumer

sentiment. our colleagues at bloomberg intelligence is expected to -- is expecting further share buybacks. the other theme that has emerged today as well is what we are seeing in the ai space. tsmc is reversing from the gains we saw earlier in the day. this was the tailwind we got from its sales figures last friday. hon hai is another one to watch. chip stocks could see that theme as well. i wanted to flag an additional dynamic we are getting out of that taiwan stock markets. if you flip the board, you will see that dollar taiwan implied volatility has surged past what we have seen on the chinese currency. to some of us strategists on the mliv team, this shows or suggests we could see positive turning point for the taiwan currency, and that is something that could bode well for taiwan stocks overall.

tom: avril hong in singapore with a market check. thank you very much indeed. avril talking but the data crossing this week out of china and the u.s.. inflation in the u.k. on wednesday. renewed recession fears meaning investors will be closely watching that raft of economic data, particularly in the u.s.. we have cpi data on wednesday, retail sales on thursday. let's bring in mark canfield for the take on this and how investors are gearing up for a big week on the data front. expectations of some pretty decent size volatility moves or moves around volatility in the lead up and around that cpi print on wednesday out of the u.s. what are traitors expecting on that front? -- what are traders expecting on that front? >> it is not just from the trade being unwound, it is for because u.s. data seems to be exciting people more than it has for several years. if you think back to the u.s.

employment reports from the be getting of the month, the market reaction was enormous after we had a 4.3% print on the u.s. employment data, then we had a big reaction last week when the jobless claims number was better . traders have gone swinging from one to the other. we are unsure if there is more to be unwound. some people think it is 75% done but i don't think anybody is relaxing about that. when you consider how much is priced in, in terms of interest rate cuts on the federal reserve, you can see why people would expect whatever the data is, there would be decent move in the markets after the cpi is released because traders clearly are taking positions ahead of it. you also have the day traders coming back in more enforced. they are encouraged by the fact that once the data actually is released that there is still plenty of action for them to trade, even on a very short-term basis. if you put those things together, people will be taking this cpi, and probably some of

the other data which will come later in the week, they will be seeing that as a chance to move the markets, to actually make decent p&l on the day, which is something meant some players love to do. tom: call options and traders in positioning for a move around the s&p of 1.2% roughly in either direction on wednesday. meanwhile, we have heard from michelle bowman and she sounds pretty hawkish, pushing back on expectations, or at least on the view that inflation has been properly contained in the u.s. we wait for that crucial cpi print on wednesday. how much vulnerability is there in these markets to further push back from fed officials around rate cut expectations? mark: particularly in the bond market. we got a taste of it last week. we had the 10 year treasury yield. it came in below 4%, even though that was a pretty tough ask, and the market did not like it very much. yields backed up a little bit. we have come back up a touch

since then. anything on the 10 year below 4% is not easily absorbed, particularly when you have the fund rate at 5.5%. even if the fed does cut, they would prefer to go by 25 basis points. they don't want to show panic in the markets. clearly there is a big standoff between traders who think may be 50 basis points are possible and more coming down in the months afterwards. it is very much priced in already. the curve is still slightly inverted, but especially if you look at 10 years, on the 3% handle, that is the path of the market. if the numbers don't justify what traders have done in terms of their positioning, that is where the big swings will come. fed speakers probably don't mind a bit of pushback. if they can see the 10 year going back towards something like 4.25%, they will probably feel more comfortable. they are nervous to see it on a 3% handle because we touched 3.66%, and that would suggest

the fed is way behind the curve, and that is not something they want to live with. and inflation number in line, a little bit of higher yields, they will not be too disappointed. tom: markets pricing in about 100 basis points of cuts before the end of the year. mark cranfield with a preview in terms of how the markets are likely to adjust around that inflation data out of the u.s., from our mliv team. vice president, harris has opened up a narrow lead on former president donald trump in three battleground states, according to the latest new york times-cnn poll. let's bring in our news director. the ticket has translated into momentum in the democratic base. the enthusiasm is there, the rallies are attracting thousands of people, 15,000 on the latest count. the question had been to what extent that was translated into an improvement in poll numbers, now we have evidence to suggest the needle has moved for them. >> it is showing she is

continuing to have some momentum from the initial days, and that is going to be crucial for her. what we are seeing is she does seem to be making swings into the -- inroads in these swing states. it is not far outside the margin of error, but it does show she is in fronts, and that is important. tim walz will be important because he can bring in those voters as well. the question is, in these swing states in particular, how she will go on policy? donald trump is still seen as more reliable to lead the u.s. when it comes to economic policy, and that will be the key area for campaigning and the remaining months to the november election, who is going to be the better steward of the economy? we will see her start to come out with more economic policies, put some flesh on those promises she is talking about. then she will lay out a clear economic plan. it will continue to make those inroads in those key states. tom: scrutinizing the plan in

terms of economic policies from team harris and walz. the fundraising story is fascinating in terms of the turnaround because trump had this lead in terms of raising funds. he had a pretty decent war chest. this was prior to biden stepping away from the competition, as the nominee. how has that changed? rosalind: some of biden's war chest came over to her, but she has also raised money herself. in july, she raised more than $300 million. she raced quite a bit in the 24 hours after she announced her vice presidential running mate, her nominee tim walz. trump says he is raising $20 million from these rallies, but he has not actually been out on the road that much in recent weeks. he went a bit quiet in the aftermath. trying to regroup, and had to come at her now in the campaign. he has not been campaigning as much, whereas she has been out

very quickly in these swing states. we can see 300 million dollars in july is very impressive. she is getting that from small donors. we know she was in california getting it from very big ticket democratic donors. she has quite a lot of money behind her. kriti: we are watching for the -- tom: we are watching for the interview that elon musk is holding with donald trump today. elon musk has backed the former president. he says there's no questions of limits in that interview. thank you for the update in terms of the u.s. political scene and the fortunes of both parties. here's what else we are thinking about in terms of the day ahead. today, the opec oil market report is going to be interesting, particularly given the pricing that is factoring in to the energy space. on the geopolitical front, some concerns that the demand is not there. at a time when the summer driving season state site had been expected to put a flaw under prices. we will check in on that report coming out of opec. also reporting out of bloomberg

on refiners in the u.s. reducing their output as well. suggesting maybe there is a surplus in terms of oil building up in the states. tuesday, ppi will drop. that is leading up to the cpi print on wednesday. by the end of wednesday, we will have a much clearer picture of the inflation dynamics of the u.s. and what that could mean for this federal reserve. wednesday in the u.k., inflation data as well. important in terms of how we price the next move. catherine mann, hawkish, saying she is not convinced enough work has been done on inflation, concerned about services and wages. you can get a roundup of the stories you need. go to d.a. why bigo -jack- dayb . new rounds of talks to begin with israel. we have an exclusive interview

with one tech co-founder. that is coming up later in the show. questions about how the u.k. government is looking to potentially regulate social media after the rights of last week. stay with us. this is bloomberg. ♪

tom: welcome back. hamas is calling for a plan to implement a cease-fire with israel instead of a new round of talks. meanwhile, israel's has an air strike that killed about 100 people at a school in gaza targeted a hamas command center. bloomberg stan williams joins me from jerusalem for the latest. a new round of talks due to take place on thursday of this week. we have been here before. are there any chances, or what are the chances of success at these talks? dan: there's still uncertainty around the prospects of these talks. for example, we don't know what the venue would be, presumably either cairo or doha given those of the capitals of the two arab countries mediating between israel and hamas. the reason that in this part of the world there is some optimism is the fact that so many major players have gotten behind

us. this convening of the parties was announced in a joint statement by qatar, egypt, the mediators, and the united states. we understand a number of senior u.s. delegates will be coming in this week to shepherd along those talks. hamas, which is important to the talks, indicated it is not happy about the plans. it indicated it does not want another round of talks and that it just wants what has been agreed so far to be implemented, specifically by israel. it is worth a membrane that israel has in turn accused hamas of trying to throw spanners in the works with its own requests for changing the proposal. we are hearing this morning that the israelis are not necessarily phased by this announcement. they say the plan is for the meeting to go ahead and for hamas to be briefed after the meeting. this would be a preliminary yet significant meeting aimed at kickstarting talks that have

been idling and stuttering for several weeks now. tom: meanwhile, looming over those talks, set for thursday, is there still continuing risk that iran would a -- would retaliate against israel for the assassinations of those leaders, both in lebanon and also in tehran? it has been two weeks now. is this iran having second thoughts or planning something more significant? dan: it might well be. we have no way of knowing. there are pure tactical considerations here. the timing, the target, the element of surprise, calculating the root tally asian -- the retaliation for the retaliation. we are keeping in mind the truth talks because there is a direct linkage. hamas is an iranian asset a musso is hezbollah, so are the houthis. what is now a war in gaza is a multi-front war between israel

and iran and iran's proxies. the iranians have said that israel should enter a gaza cease-fire, so has hezbollah in the past, so have the houthis in yemen who have been joining the fighting. presumably iran and hezbollah are mindful of these truths talks being successful, as they would deem success, and think this might not be a good time to upend those talks by carrying out an attack. on the other hand, they may choose to carry out the attack stood draw -- the attacks to draw a line. time will tell, but there is a countdown to thursday. the israelis certainly in a high state of alert, no taking anything for granted. the question is, do iran and hezbollah know what they want right now? expectations are high that there might be a breakthrough on thursday diplomatically, but there could be escalation if the promise retaliation takes place now.

something like 12 days after it was first promised. tom: dan williams in jerusalem on another potentially significant week for the region. thank you very much indeed. to other stories making the news this monday, the chair of india's market regulator is strongly denying claims by hindenburg research of conflicts of interest related to the adani group. hindenburg published a paper saying adani and her husband invested. hindenburg says the investments were made two years before they were appointed to the securities and board of india. the couple calls the allegations baseless. the philippine president has blasted actions by china's air force against a philippine plane over the south china sea as unjustified, illegal, and reckless. that is after a video purportedly showing a chinese

plane dropping flares into the path of affair -- of a philippine air force patrol. it happens as the two sides are trying to ease maritime tensions. coming up, africa's top gold producer opens a new refinery. 400 kilograms of the new metal produced every day. the latest on that refinery is next. this is bloomberg. ♪ i can't believe you corporate types are still at it. just stop calling each other rock stars. and using workday to put finance and h.r. on one platform. tim, you are a rock star. using responsible ai doesn't make you a rock star. it kinda does. you are not rock stars. (clears throat) okay. most of you are not rock stars. oooh. data driven insights, and large language models. oh, that's so rock roll. it is, right. he gets it. yeah. ♪♪

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tom: welcome back. happy monday. going to, africa's biggest gold producer, has opened a new refinery. it aims to produce 400 kilograms a day. sourcing raw material mainly from small-scale minds. the government holds a 20% stake in the public private partnership, with rosy royal minerals of india.

let's bring in our reporter, for details. what is the upside of this new development? how significant is it? reporter: this could be the gift that keeps giving. it makes sourcing for gold easier for the central bank because it brings gold to the doorstep. it will make it easier to build up their reserves and show off the dust shore up the fx. ghana is one of the top gold producers in the world and they will be able to tap into bigger benefits in the market that they were missing before. at the core of this deal is formalization of the mine, which is a third of the total output. yet it is larger with irregularities such as illegal mining and smuggling. by formalizing this industry, the government is giving them a ready market. also important is they will be trying to get certification from the london burly in market association. a couple issues will have to be

addressed, including child labor. tom: they have to address that important issue. there is a political element to this as well with the vice president suggesting that maybe you could peg the currency to gold. what are the details around this? ondiro: we have to put a big if on this because this was said during the campaign trail and politicians have a tendency of overpromising and under delivering. but the currency is going through a tumultuous time. the town lost 60% of its value to the dollar. even though things have been cooling down, you are seeing the honey and currency has lost to the dollar. should the vice president when the general election, a couple things will have to be put in place. if they go down this road, those who adopted the gold back currency after it depreciated by 20%. kriti: ondiro oganga, thank you

very much indeed on prospects of ramped up gold production out of ghana and what it could mean potentially in terms of alignment with the currency. let's check in on commodities right now. we will start with the gold price, which is holding its line currently at 2432 per troy ounce on the yellow metal. an upside of about 0.1 percent for gold. it has rallied year today, part of that down to geopolitical risk hedging, but also expectations that you get rate cuts coming through from the federal reserve that could prove supportive for gold. iron ore, a different story. a combination of factors coming through, down 2.3%. part of that is down to record production coming through from the likes of australia, at a time when demand in china, one of the key consumers of iron ore is continuing to show weakness. a combination in terms of the

supply and demand. let's watch basic resources in terms of the sector, particularly in the u.k. dr. copper showing a little pressure, down 0.1 percent, still holding above 8850. earlier this year, you crossed through record levels, breaking through 10,000 on copper come on now well below that. just down 0.2%. coming up, russia hits back at ukraine. a week into kyiv's biggest incursion into russian territory since the war began. we get the details on that story next. this is bloomberg. ♪

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i'm tom mackenzie in london. these are the stories that set your agenda. european futures point higher as traders weigh the prospect of a second week of volatility. investors argue a u.s. inflation print could be key in next month's decision. he have accuses russia of starting a fire at europe's largest nuclear power plant as ukrainian troops continue to hold ground gains during a surprise incursion into russia. plus, a new poll shows kamala harris leading donald trump in three key swing states. we will bring you the latest on the race for the white house. european futures pointing to gains as we kick off the monday session. looking forward to kicking off the session at 8:00 u.k. time. up around 0.5 percent. european stocks have made up all the losses that came through after that volatile and historic day last week. this time last week, the market

slump that we saw, those losses have been paired. futures pointing up. the ftse 100 looking to add 33 points. iron ore a little softer in the session. s&p futures flat. michelle bowman of the fed saying she is not convinced the work has been done in terms of the inflation story. of course, you are going to get cpi and the inflation print on one stay out of the u.s., and retail sales on thursday. let's flip the board and look across assets. japanese markets closed, but we check on the japanese yen, which continues to trade. softness coming through for that currency. meanwhile on the euro, 1.09 versus the dollar, flat in terms of the single currency. $79 a barrel on brent. gold at 2432, up zero point 1%. let's go to geopolitics. ukraine's president says russian troops have started a fire at an

occupied nuclear power plant in southern ukraine. russia seized the zaporizhzhia nuclear power plant in march of 2020 two shortly after it launched a full scale invasion of its neighbor. volodymyr zelenskyy said late sunday that radiation levels were within a normal range at the plant, which is the largest in europe. zelenskyy is urging allies to allow ukraine to keep striking into russian territory after launching a surprise cross-border incursion last week . ukraine accused russia of striking kyiv with north korean missiles. for the latest, let's bring in our reporter who joins us from dubai and follows this closely. tony, in terms of this incursion that we saw last week, and it took a while for the details to come to the fore. we have had no official confirmation from officials in kyiv, but what do we know?

how significant is this? tony: i think it is fair to say there was a great deal of shock in the kremlin with this turn of events. you have to remember this is the first time a foreign military has been on russian soil since world war ii. president putin was grim faced receiving reports from the military last week. the chief of the military was assuring him this was being dealt with. certainly russia has been rushing in reinforcements, tanks, troops to try to hold the line and push back against the ukrainian incursion. so far, they have not succeeded. there is every evidence that ukraine is attempting to expand its presence on russian territory. tom: it seems like a high risk move on the part of ukraine. do we have clarity in what their objective is? tony: they have been keeping their cards very close to the chest. there are all kinds of theories, one simply that they were trying to divert pressure on the front in eastern ukraine by forcing

russia to move reserves and resources back into its own territory to counter this incursion. but there are other theories that suggest it is trying to seize territory for some kind of bargaining chip later down the line against russia, which still occupies a portion of ukraine. also simply to pressure russia by bringing the war directly to its people. there are tens of thousands of russians now who have fled the fighting, and russian state tv is trying to downplay the incursion by emphasizing the degree of help people are being given as they flee their homes, but these are not images russians expect to see about their own country. that is very much a morale boost for ukraine, and a psychological hit for russia. tom: that is on the incursion, and there's a lot of lines coming through for ukraine. one is around the zaporizhzhia nuclear power plant that occupied a lot of our attention last year. a lot of global anxiety about the prospects or risks around

that nuclear power plant, of course occupied by the russians. now ukraine is saying there has been a fire started. is there a risk of radiation here? what do we know about what is going on at that power plant? tony: yes, this is europe's biggest nuclear power plant, and the nuclear atomic agency is demanding access to check on both the source of this fire and any consequences. they say there is no sign of elevated radiation risk, but clearly there are some discussion that it is the result of a drone strike. they have been very concerned to ensure this nuclear power plant does not become the scene of exchanges of fire. they will want to know what the cause was and what the outcome of the damage has been. tom: bloomberg's tony halpin with the latest on all of those, the risks around the nuclear power plant with the lines

crossing. thank you very much indeed for the latest. here's what else to be watching out for this week. opec-plus, their august oil market report will be crossing. we will get the details on that. as the demand picture starts to fry around the oil complex, particularly out of china, and the u.s. with the driving season does not seem to be paying off in terms of a large tick up in demand. question marks in terms of the outlook on oil. meanwhile on tuesday, the u.s. budget balance, we will also get unemployment data out of the u.k.. that as we are hearing from some of the more hawkish members of the mpc suggesting the strength wages will continue. as we lead up to the cpi print, we will get the u.s. ppi prints. then cpi on wednesday. on the earnings front, ubs is a big one. we will be all over that in terms of the details around

integrating credit suites, the prospects for that swiss lender. and we will get u.s. and u.k. inflation data as well on wednesday. those are the big prints. the fed and boe on wednesday. there is walmart and alibaba and jd.com. meanwhile, indian prime minister narendra modi will give his first speech of his third term, having to share some of that power after a less successful election outcome that many of his team would have hoped. that is on friday. we get university of michigan august consumer sentiment and u.s. housing starts, details on friday. narendra modi's speech thursday, details on the survey on friday. former treasury secretary larry summers says an emergency rate cut from the fed would be unwarranted. he spoke on bloomberg television's "wall street week"

with david westin after a week of market volatility. larry: on current facts, given that there has been some recovery, given the volatility has come way down, we are not out of the woods. the fed certainly needs to be watching carefully. but i think an emergency response would be lurching, panicked, overheated, and counterproductive on current facts. which does not mean the fed should not be watching very closely before they have another decision to make. there will be a lot more data that is going to come in, and i think they should make clear that they are going to be watching all that data. and they will make a decision

reflecting the need to balance the concern of making sure that we have stopped inflation with the concern of maximizing employment. and i think they need to not be pressured into specificity of a kind that is impossible. and when this federal reserve has made mistakes, the mistakes have been of overconfidence and overly firm statements that proved to be unwarranted in light of the data as it evolved. so, i think they need to say they are watching carefully and will do what is appropriate. but certainly no move between meetings. it may be that a 50 basis point cut is appropriate. we just don't know. anything is possible.

the huge excitement about 75 basis point cuts that followed immediately after monday, i didn't think any of that was warranted at that early stage. david: let me pick up on one of the things you mention, which is volatility. how much attention should the fed pay to that volatility index? what it might be telling us about how the markets are functioning? larry: i actually think that the sec and the relevant exchanges may want to pay a bit of attention. my understanding is because there is some illiquid instruments that call -- that go into the calculation of the vicks, the vicks had a somewhat artificial movement on monday

that if one looks at the vicks futures, which are a somewhat different instrument, the movements were much less dramatic. i certainly had my attention caught by the vix early in the day on monday. but as i looked into it, you are learning more about issues around liquidity and the options markets than you were about some profound reassessment of the american economy. tom: former treasury secretary larry summers speaking, giving his view on an emergency rate cut from the fed, pushing back on the views of bill dudley, who suggested the fed is behind the curve right now in the need to cuts. other stories making news this monday. grace on high alert as wildfires

break out in an area close to the capital of athens. yesterday, residents fled their homes as 255 fire spiders worked to contain blazes -- firefighters worked to contain blazes. since mid-june, greece has been hit by thousands of wildfires as the heat wave persists with their frequency and intensity linked to.climate change in corporate news, disney has unveiled new theme park attractions days after reporting weaker than expected results. it includes an area dedicated to movie valiance, as well as spider-man attractions. they're planning for new cruise ships, bringing the fleet to 13. last year, the company announced it was planning to spend $60 billion over the next decade on expansion plans. the olympic games in paris has drawn to a close, with the u.s.

winning 100 26 metals in total, 40 of them gold. china also won 40 gold medals, taking second spot. japan, australia, and france rented out the top five. the games of the 33rd olympiad were celebrated last night. mission impossible star tom cruise gave the ceremony at hollywood moment, sailing into the stadium. the next games will be hosted by los angeles in 2028. you can see him on the back of a motorbike. paris will host the paralympic games in two weeks time. talking about those gold medals, 40 for the u.s., 40 for china. there is a bit of reporting coming through from bloomberg in terms of the value of those gold medals. and the value is around $900 each. that is thanks to the run-up we have seen in gold prices and silver prices, because the gold medals are made up 92% silver,

the rest is gold. the rise in gold prices has made these the most valuable medals on record. again, according to bloomberg reporting. but olympians, they probably will not melt down their medals. they also contain a small piece of the eiffel tower. other lucrative gifts given to olympians from countries around the world include cash, exemptions for military service, and cows, apparently. cashing in in terms of the victories. the u.k. mold how to better regulate online misinformation. that is more than a week after unrest in towns around the country. our exclusive interview with emma obanye is next. how tech is adjusting to some of those concerns. stay with us. this is bloomberg. ♪

tom: welcome back. british prime minister keir starmer has warned online content this not a law free zone, saying the government needs to look more broadly at social media, after misinformation stoked days of rioting here in the u.k. the u.k. monarch steps into tighten the regulation of platforms from elon musk's x, but acknowledges it has few levers to tackle the problem. joining us is emma obanye, the ceo and cofounder of one tech, an organization focused on trying to ensure there is a more diverse platform getting into this booming tech sector. it is a sector doing well, but a lot more needs to be done in terms of getting female entrepreneurs the kind of support they need, and also those from different diverse backgrounds. emma obanye, thank you for joining us. still on the question of what the government should be doing, how you and the team have been

thinking about the role of social media, the government blaming some of these platforms for stoking these riots. the evidence is there that a lot of misinformation has been spread. technology is actually playing a role in the unrest that we have seen, and the violencewe have seen over the last week or so. how do you think the government should be approaching this? larry: i think we all -- emma: i think we all need to understand that it is a transformation of sorts. when it comes to policy, when it comes to law, i think we need to see changes being made. we need to see these technology companies taking accountability. we are moving very rapidly at the moment as we need to make sure there is accountability and we start to see that closer relationship being formed to tackle these challenges of the future. tom: when it comes, specifically

on the regulatory front, are there a set of policies you would reach for on this front? you work with entrepreneurs who want a space in which to innovate, but there is that balance between having an environment that is supportive of innovation, but also having a regulatory framework that tries to limit some of the worst excesses of some of these technologies. emma: moving into this ai front, it is all going to move very quickly. there are no specific policies as such, because as soon as they come into force, we may find some other challenges that confront us. i think what it does take, we need to see the policy makers, we need to see government working very closely with these technology companies to come up with innovative solutions. it is not like we can put plaster on this. we have to acknowledge it is going to keep evolving as technology moves at a fast rate. tom: talk to us about more

broadly in terms of that diversity and inclusion push within the world of tech, and there is a lot of work to be done on that front. do you get the likes of elon musk, so prominent in the world of technology in the u.s., lambasting efforts around gei? how does someone like musk make that mission of yours that much more difficult? emma: i think it is challenging because it is like a combative nature around it when actually it is about how can we extract the most out of our workforce? how can we make sure all people are primed and ready for these jobs of the future? at the moment, what we are seeing is an under use of many people in society. it is not just women. it is people from socioeconomic backgrounds or the differing socioeconomic backgrounds. what we need to have is a sustained push to make sure everybody has the best chance of

being able to take up these opportunities. as you say, they are lucrative and they are really important for our economy moving forward. kriti: i talked about -- tom: i talked about musk, but there has been a broader pushback against dei in the u.s.. there has been that pushback and you see that politically as well in parts of the republican party. in the u.k., are you seeing a similar pushback to these efforts? emma: not really. we have to understand the u.k. and u.s. have very different histories. coming from different points. and also, the equalities act has been in place for quite a bit of time, so i don't think we will see the same level of pushback as we are seeing in the u.s.. obviously, we have similar cultures and it is not helpful, that is for sure. tom: what should the vc industry be doing, the role of venture

capital in the u.k. to make sure there is a more inclusive environment, that you're getting that untapped talent in the sector? emma: there has been a lot done in the last 10 years or so to educate all sides of our ecosystems. but what we are seeing is not much has changed. i don't think it just lays with the vc's. i think it lays with everybody involved in our ecosystem. all of the stakeholders, entrepreneurs themselves. we have to have a sustained look at the actual pipeline. yes, we are seeing that only 1.8%, for example, of money has flowed to female founders in 2023. but actually, what does the full pipeline look like, and what impact to other factors have, such as maternity leave or things like that? it is quite tricky. tom: thank you very much indeed. we have run out of time but we appreciate your insights. emma obanye. plenty more coming up.

stay with us. this is bloomberg. ♪ ♪♪ ♪♪ ♪♪ relax into a caribbean state of mind. visit sandals.com or call 1-800-sandals.

tom: welcome back. we have been putting out the line that potentially there will be another volatile week this week, given the data that is on the docket. front and center for the markets will be inflation print, cpi dropping stateside on wednesday. when you look at some of the options market positioning, you see that volatility being priced in by some traders. expectations, you look at puts and calls around the s&p on that print on wednesday, you are looking at markets positioning for downside and upside of around 1.2%. this chart shows the cost of insuring around a 10% drop in one of the largest etf's, tied to the s&p. the cost of that, the highest

level we have seen since about october. that is protecting a round a 10% decline. bear that in mind. let's flip the board and have a look at a different story because also on the data front, we will get more details in terms of the data front of china. we know the softness is there. the inflation data will remain concerning. but what this means for foreign investment, the outflows are now pretty pronounced. it was just a few years ago, you were getting record high levels of presence in the chinese market, and the most recent quarter you saw a significant drop, outflows of $50 million. if that trend continues, it will be the biggest losses since th'. the opening trade is next. ♪

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>> good morning from london. item anna edwards alongside guy johnson. european futures point fire,