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tv   Bloomberg Daybreak Europe  Bloomberg  August 29, 2024 1:00am-2:00am EDT

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don't mess with your melon. if you hit it, get it checked. >> good morning, this is "bloomberg daybreak: europe."
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i am joumanna bercetche i need to buy. nvidia tumbles temples as its revenue forecast misses some of the most optimistic estimates. >> we are going to have lots of supply, and we will be able to ramp starting in q4. we have billions of dollars of revenue, and we will wrap from there into q1 and q2 next year. joumanna: breaking barriers, jake sullivan since down with the top tiny -- chinese general is both nations aim to improve military dialogue. spain and germany cpi data out later this morning. will let you know what to expect. the big focus for the investing
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community are around nvidia earnings that came through late last night, and let us get you an evaluation of how markets reacted to, because even though nvidia's top line revenue doubled year on year, it investors were disheartened by some of the guidance that came through. we will talk more about the specifics of what came true from that earnings call mom -- call, but what you need to know is nvidia stock traded lower and having an impact on the nasdaq 100. futures o-ring -- opening lower. that there was a lot of nervousness into this earnings report. s&p futures leaning negative. euro stoxx falling from negative momentum. asia opening 2% weaker. u.k. index opening in positive territory. switching over and taking a look at cross asset, not a lot of movement as far as rates are concerned.
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the u.s. 10 year yield has not done much overnight. we moved one basis point higher, 3.83. we have jobless claims to watch out for today. always important when you think about the context of the u.s. labor market, so the signals will be closely analyzed as to what they could mean for next week's nonfarm payrolls report. brent slightly higher up in the session up zero point 2%, but it is difficult for the energy complex to sustain a bit the fact that we are trading below $80 on a week of high geopolitical risks and well disruptions tells you about how weak the demand outlook is. europe trading sideways today, 0.2% firmer heading into the all-important inflation figures. we have numbers coming out of spain and germany in addition to the countrywide a figure coming
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out later today. it will be a big driver for the euro. let's check in on how asian markets are fairing with avril hong. avril: as we have been discussing for much of today, asia's chip stocks down, nvidia's direct supplier seeing slightly steeper declines especially on sk hynix. tsmc a direct supplier of nvidia , but as some of our colleagues have been highlighting maybe it is not all doom and gloom. maybe tsmc will start leaning more on smartphone to productions on the lights for apple and qualcomm. the clarification that came through from nvidia on ramping up production in the fourth quarter of this year might help to ease concerns about the ai server supply chain, but this is a negative picture around chip stocks. that is dragging tech rich indices in the region, the kospi , but taiex are the ones
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underperforming. these declines on the infotech sector, note as well we are seeing gains in eight utilities and health government's stocks in the region, so maybe it is part of rotation. the other thing i would highlight is even though the hang seng is down we are seeing a bright spot in the form of meituan. raise concerns about the consumer malaise in china, but meituan showed how it's food delivery business is buoyant helping the stocks jumped and and cap the declines. i want to talk you through what we are seeing in japan and more specifically. we got two year jgb option release from demand, five times to bid to cover ratio, best since 2019, and it seems to give an indication how bond traders see a delay and the potential rate hike from the boj for this year.
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tomorrow we have the tokyo cpi print i could put a rate hike on the table. in terms of the japanese currency headed for a second straight month of gains. joumanna: thank you for the comprehensive overview. keeping a close eye on the ramifications of nvidia earnings on asian chipmakers. let's talk more about nvidia in detail. it fell pose market after it delivered an underwhelming forecast and news of production snags. the outlook threatens to cool an ai frenzy that has power to global tech stocks this year. speaking exclusively to us the chief executive reassured it investors by saying the firm is ramping up production. >> we are expecting q3 to have more supply than you to and you want to have more supply than q4. our smaller condition going into next year will be a large improvement over this last year.
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joumanna: let's get outdoor tech reporter annabelle droulers. i look at these figures and see $30 billion revenue for the quarter up more than 20% year on year, and that was not enough to satisfy would investors were looking for. was it a case where the bar was set too high going into these earnings? annabelle: there are a lot of expectations built into the stock price, and as you say the bar is so high, and even nvidia could not exceed it, but talking about the numbers we had, because it was another great quarter. we saw the beat for the second quarter and revenue projections going into the third order. the company said they will make $32.5 billion in revenue. analysts had been predicting $31.9 billion. the estimates had arranged up to $38 billion, so that is the
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concern. you did not beat everyone's projections on wall street, and you have to do that with a wide gap. there were a lot of concerns around nvidia's black well chip lineup, the next iteration that could be the next big catch up for the company. concerns around production delays perhaps. they are saying they have to improve the manufacturing yield and r-star going to ramp up production in the -- and are going to start ramping up production in the fourth quarter. joumanna: the ceo mentioned billions but did not pin down a number on the supply, but else -- what else did we hear on the demand side? annabelle: that is one of the key concerns because nvidia makes revenue from hyper scalars, apple, meta investing billions of dollars into cloud computing and cloud
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infrastructure needed for the ai revolution. there is a concern there is a little bit of overspend coming through. there is also concern nvidia is too reliant on these companies, but we did speak to jensen along -- huang about this we said we are in the first ending of this. you will see more countries and governments looking to purchase nvidia chips. speaking about the black well design as well, what i thought was particularly interesting was our bloomberg intelligence team said in the last hour talking about the analogy. you can to make one cake really well and one black well chip really well. does not mean you can produce that kind of thing in mass. it is a highly complex chip and a very big task ahead for nvidia . they have got that sort of assurance for the rest of the year. we will see how it extends into 2025. joumanna: room for some
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skepticism as far as the market is concerned this morning. annabelle droulers, thank you so much. with nvidia earnings failing to impress investors stocks in asia have slipped as well well chinese results help to resend the selloff in the country's tech companies. it let's get more analysis from mark cranfield. avril was describing the risk off session. is that valid? mark: when european investors get to work today if they might be surprised that asia is not doing worse, because with nvidia losing 7% in aftermarket trading, you would've have expected a bigger reaction. we did initially notice futures when they first opened looked bleak, but they have recovered gradually. some of that could be a defect. we come in the last two trading days of the month, and it is a long weekend in the united
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states. there is less time for people in the states to cover their positions if they need to, so that is probably giving it a boost as well. overall the impact has been less than you may expect. that may be delayed until next week, because traditionally over the long labor day weekend is a time when people reassess their outlook for the final few months of the year, and if you think people are concerned that that is find the curve, we have a massive jobs report next week, people could come into next week looking defensive, and that will take the edge off equities as well. although markets are holding up reasonably well to date that may not be the case next week. joumanna: another more china specific question for you, and chinese stocks are heading for another month a loss, and we have been talking about the weakness coming through on the macro data, but also when a company level earlier this week, an owner disappointing with the
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guidance that massive drop. avril it was talking about acer praising the good color coming through from into one -- m eituan. mark: that tells you how bad sentiment is toward chinese equities when you have a big company like meituan can produce good results, the stock was up 10%, and yet the overall market is still down. we have also had to bank earnings this week, which are not so great. thanks make up a large constituent of the chinese market, and they are very closely tied to the chinese government as well, so that is a pure negative for the market. you are seeing downgrades on the economy. even bloomberg economics themselves without a big story saying the chinese economy may never be the largest economy in the world. for so many years the story was when with china overtake the united states. it is looking less likely
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because of the slow down in china, that plus private analysts downgrading their forecast. overall the picture is not a pretty one for china, and even when you get one good stock it is not helping the overall market. joumanna: talk about this private analysts, ubs cut his work as for china gdp growth to 4.6% and next year to have four -- and next year to 4%. it is a busy day and not all about nvidia. important inflation figures coming through. at 8:00 a.m. u.k. time spanish inflation figures expecting to show someone of a moderation, a tale down on a year on year basis. the same for german inflation figures. germany what do you get our state figures first. later a run at 1:00 p.m. u.k.
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time you get the harmonized number. it is expected to show a drop from 2.6% to 2.2%. all of this important data as we head into the next ecb meeting. u.s. jobless claims, the market has been watching them closely given the focus on the u.s. labor market, and later on a pretty time u.k. time -- 8:30 u.k. time raphael bostic is speaking again. early on this week he said that he would actually need to see more data to confirm the need to cut rates next month, so perhaps one of the members of the fomc chairman powell will need to convince devote for that kind at the september meeting. it will be interesting to see what he says later today. get a roundup of the stories you need to know to get your day going in today's edition of daybreak. germinal subscribers go to
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dayb and take a look at some of the top stories on our terminal. one of the mentions is nvidia, further analysis nvidia earnings are having on global stock markets. coming up, in a first for the biden administration the senior white house official jake sullivan sat down for rare talks with the top chinese general. we will discuss that next. ♪
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>> it is rare to have this kind of exchange. [indiscernible] joumanna: u.s. national security
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advisor jake sullivan on the importance of his rare meeting with the chinese army general. a senior white house official jake sullivan did sit down for rare talks with the top chinese general. the meeting marks of the highest level public exchange between a biden administration official and the people's federation army. both nations are trying to prevent regional spats spiraling into a conflict. let's get more with jill disis. it feels like a significant event namely because it is very rare for u.s. officials to be meeting with an army representative, so talk us through the significance of jake sullivan meeting with this top chinese army general? jill: that is right, it is significant. in addition to this being the highest level public exchange between a member of the biden administration and the people's liberation army here, you have this being the first time that a national security advisor from
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the u.s. as sat down with his level pla administrator official in the last eight years, so the fact that you have a biden administration official on the ground in china meeting with top military brass is significant there, and this comes against the backdrop of a lot of serious concerns about military officials between these two countries. you have concerns over taiwan. china as obvious he claimed is surgeons of control over this democratically run island, which the u.s. has supported in a number of ways. you have concerns over military incursions and actions within the south china sea, and how china as responded to the philippines, sort of a u.s. ally. lots to discuss here, and there is a lot of uncertainty going into the u.s. election later this year as to who exactly will be the leader.
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you are looking at this attempt to buy by demonstration to future proof ties with china or at least stabilize relations heading into the election. joumanna: it is interesting, because on one hand economically thing up in something hawkish, but at the same time they went to continue with these diplomatic channels, conversations, keep them going, which is important when you were talking about the biggest superpowers in the world. how likely is it we will get a xi-biden talk or meeting in the aftermath of this visit? jill: jake sullivan has been there for the past three days, including extensive meetings with china's top diplomat. he came out of meetings with them yesterday, and the result of that was ultimately that they kind of laid the groundwork for leader to leader talks. we did not get a lot of concrete details around timing, and how
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that would work, whether that is a telephone call, but that was the take away from that big meeting. whether that actually leads to an in person meeting, that is to be determined. they would have an opportunity potentially at the apec summit to meet on the sidelines. i would just note at this point in his presidency president biden has not actually traveled to china. as vice president in the obama administration he traveled to china, but as president he has not been to the country to see xi jinping. we will see whether that changes before the end of his term in january. joumanna: interesting. there is not a lot of time left for that to change. thank you so much for that report. coming up, chinese ev makers byd falls in hong kong despite an impressive set of results in the first half of the year. we will take a closer look next.
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this is bloomberg. ♪
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joumanna: welcome back to "bloomberg daybreak: europe." shares in byd are lower despite an reporting to be done first half income. our reporter joins me know. byd's stock fell despite posting healthy gains. what is going on here? >> i think at those shares are down for byd even after they managed to deliver quite healthy gains for their second quarter as well as first of results showed that investor confidence in the wider ev market is not so strong.
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this comes after jd powell lowered their sales forecast for ev's for the u.s. market, so that just shows that the growth for ev's are slowing across the board, and for byd, which is already dominating the china market where competition is intense, its growth prospects internationally will face a lot of challenges. joumanna: but it is not just specific to byd. we have been talking about the many struggles ev makers have been facing, be it because of tariffs or weak demand. went to the results today tell you about the outlook for the industry as a whole? >> other than byd we had li auto and other ev makers report their earnings recently, and they did not perform so well compared to byd. their earnings disappointed estimates, so we chose other than byd, smaller ev makers are
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facing a tough time, and there are fears of a competitive market in china. these ev makers are trying to look for growth drivers internationally, but they are facing increasing trade actions from the eu as well as the u.s. where tariffs are going to be increased, and that is going to mean they will be required to localize production in these regions, so in the short term it is going to be a lot of challenges they need to overcome if they want to sell to those markets. joumanna: it certainly does appear to be the case. over one year since we had the list up now, some of those key chinese ev makers down 50%, 60% encapsulates the struggles they are facing right now. thank you so much. just some of the other stories making news, shares of qantas are lower after reporting profit
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that fell for the year. the airline invested more to repair its battered reputation while its battered reputation well it's airfare decline. the ceo says there is more work to do before the company's brand recovers. air new zealand's profit tumbled more than fsa weaker economy reduced demand. the company expects tough trading conditions to continue throughout the first half of 2025 and declined to provide guidance on the earnings outlook. traveled thereof -- pavel durav was charged with complicity in the spread of sexual images of children and drug trafficking on the message app. he has been ordered to pass -- post bail and has been banned from leaving france. openai is getting closer to raising funding and evaluation of more than 100 begin dollars. thrive capital is leading the rounds by investing $1 billion.
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the financing would create one of the most valuable venture backed startups in the world. in just a short while we will be discussing some of the geopolitical developments within the middle east with israel saying it targeted militant groups in the west bank, which probably officials say killed 10 people. we will discuss the latest escalation of tensions in the west bank coming up next. this is bloomberg. ♪
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. this is bloomberg daybreak europe. these of the stories the site your agenda. the revenue forecast misses some of the most optimistic estimates. ? what have lots and lots of supply and we will be able to ramp starting in q4. we have billions of dollars of revenue and we will ramp from there into q1 and into q2 and international. we will have a great next year as well. >> breaking vers. jake sullivan sits down with a top chinese general as both nations into improved military dialogue. and we will let you know what to expect. but for now, let's get a check on how these markets are faring.
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the session has been risk off as we go into the european session. they are .2% weaker. the exception is the price but on the board. the 4100 slowly higher to the tune of 20% but the handover from wall street was there as well. the stock dropped on most as much as it percent in after-hours. you can see this is sort of a hangover effect in these features as we get closer to the start of u.s. trade. i should say that it will point those features were a lot lower. we are slowly coming back as the hours tick along. but talking about other data and we are one basic one hire. we are in wait and see mode. a lot of key data coming up in the next couple of days.
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the pce number tomorrow and then nfp in a weeks time. all those will be your important data scrutinized by the fed and the investment community as we go into that next meeting. france is about a quarter of a percent higher. but as you can see, struggling to stay above $80 despite some of the sheer political risks and supply disruptions we have been talking about from libya and the euro trading at about 111 sideways as we go into those spanish and german cpr figures coming up later today. israel has launched deadly rates in the west bank to come back with the army says his terrorist activity. palestinian officials say 10 people have been killed. join me now is the breaking news and are. what is happening in the west bank? it is the west bank and not cause a window latest flareup is taking. >> this is a very widescale operation.
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other say this is the largest in years, saying they are targeting gnosis there. they just came up saying the names of the relatives they have targeted your pal -- palestinian say at least 10 people were killed. among them are actually children and of course, these rates have been more frequent and more intense as the afterbirth seven the tax. we also saw some palestinian say israel blocked access to hospitals and also damaged civilian infrastructure and we saw thomas ashlee confirming the killing of some of its letters in the west bank and vowing to continue confronting israel there and this is also on the backdrop of the war in gaza. >> have was the recent clearing up of tensions in the west bank liquid to affect what was happening in gaza as well? >> not good. this is all part of the violence in gaza. the west bank will impact
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israel. as we saw a few weeks ago, there were some attacks inside israel coming from the west bank so this is becoming more and more of a flashpoint for israel and more of a concern. israel is accusing iran of using the west bank to destabilize the jewish state to smuggle weapons via jordan. these claims can be -- can't be corroborated or anything but deadline if you like the northern border has quieted down somewhat. we had that huge escalation of the weekend. people were very nervous about what this could mean but it feels as though the last couple of days, things have, down somewhat. i think it is interesting how the lebanese population are dealing with this threat, the potential threat of war. quick celebrities have been living in the shadow of war since october. since hezbollah decided to engage in the war in gaza.
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that has resulted in massive retaliation with airstrikes killing -- damaging infrastructure. they have also killed dozens of people there in israel as well. lebanese say this is their new normal. that they are resilient and that they live in the constant threat of war but from my conversations with a lot of lebanese there, it seems the work is of concern. that is to say we added to the work and it shows you have any other words we have, we have an economy still really under the 2019 financial crisis there. the currency collapse, debilitating infrastructure. they have so much more to worry about and they still live on and say israel's threat -- this is our new normal. that is sad. some of them say -- they cause resilient.
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a lot say that resilience is actually work against them. >> many were begging on a strong summer for tourism but that didn't get to transpire because of situational politics. thank you so much for joining us on our show today. as we have been reporting, and videos earnings failed to meet wall street stop the expectations. here is how some guests have reacted. >> i am not concerned. if you look at nvidia, they still control this market and they will continue to dominate the space of the next few years. >> delivery chips at this rate, at this scale is fantastic and unprecedented and i don't think there is much of a revenue issue here, it will issue here. i think a little bit of a pushback is around the margin situation. >> that is not necessarily realistic or sustainable over the long term.
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>> at the end of the day, we still says norm is an urgent demand. all as customers wait for the next generation of chips to be made available in volumes. quick the of guests reacting to results. try to reassure us, same production and supply will increase next quarter. jason wong spoke to ed ludlow. quick swim meet the change. we are simply wacko all over the world today. we shall people, given twisted people of the bible systems we have up and running. you can find pictures of blackwell systems all over the web. we have started buying production, buying production will ship in q4. q4 we will have billions of
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dollars of blackwell revenues and we will ramp from there. the demand for blackwell far exceeds its apply in the beginning because the demand is so great. but we are going to have lots and lots of supply and we will be able to wrap starting in q4. we have billions of dollars of revenue and we will ramp from there into q1, q2 and through next year. we will have a great next year as well. >> what is the demand for accelerated computing beyond the height and scale of matter? >> hyper scales represent about 45% of our total data center businesses. we have hyper scales, we have internet service providers, we have suffered ai, we have industries, enterprises, it is
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fairly diversified. outside of hyper scalars, the other 55%. the upper case and use across all that data center stocks with x11 completed, it does everything from the things we know about which is generative ai and that gets most of the tension but at the core, we also do database processing, pre-and post processing of data before you use it for generative ai. scientific simulations, computer graphics. image processing. there are tons of applications that people use accelerated competing for and one of them is generative ai.
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sometimes it deals with a particular regional service provider that has been funded by the government and oftentimes that is the case. in a case of japan for example, the japanese government came out and offered subsidies of a couple billion dollars and think for several different internet companies and telcos to be able to fund their ai infrastructure. india has a sovereign ai initiative going and they are building their ai infrastructure. canada, the u.k., france, italy, i am missing somebody. singapore, malaysia, a large number of countries are subsidizing their regional data centers so that they can become able to build out their ai infrastructure. they recognize that their
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country's knowledge, their countries data, digital data is also their natural resource. not just the land they are sitting on, not just the air above them but they realize now their digital knowledge is part of their natural and national resource and they are to harvest that an process that and transform it into their national digital intelligence and so this is what we call sovereign ai. you can imagine almost every single country in the world will eventually recognize this and build out their ai infrastructure. >> on the call i think you talk to us about how the next generation models will have many orders of magnitude greater. but how will the energy needs increase and what is the advantage of your nvidia has in that sense? ? important thing we do is
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increase the performance of their efficiency of our next generations up blackwell is many times more performative than hopper at the same level of power used and so that is energy efficiency. more performance with the same amount of power or say performs at a lower power. that is number one. the second is using local cooling. we support air cooling, they quickly but they quickly is a lot more energy efficient. the combination of all of that, you're going to get a pretty large step up. quick cement of the are himself. jason wong speaking with ed ludlow. not to some of the other stories making news. burger hathaway has become the u.s. -- first u.s. for two top one endows a market value. warren buffett's conglomerate has rallied this year on strong insurance results are performing
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the s&p 500 with a 30% gain. bircher joins that exclusive club dominated by tickets including alphabet metta performs and nvidia. the sales force jumped in extended trading after the public reported a strong profit outlook. they see profit exceeding $10 per share for the fiscal year topping estimates. salesforce also announced to the cfo amy weaver was stepped up from her position once a successor is chosen. and hp slipped in extended trading after a continued downturn. this is seen as living profit driver. this clip is a first revenue gain, suggesting and into a long slump in demand for personal computers. and the ministers and a formal meeting in brussels is taking place later today so you want to watch out for that and as we were talking about, we have key
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inflation data on the agenda to watch out for that german august cpi. this is the aggregate number for the country coming out. we will have those jobs came -- jobless claims numbers in the u.s. in addition to u.s. gdp and much later on. this is at 2:00 p.m. u.k.. they will do their first joint television interview taking place and we have a bunch of central-bank speakers to watch out for throughout the day as well. phil played and the other to bed president trump al bostic will be speaking as well. but coming up on daybreak, germany and spain, can the kick off a key route of inflation data with you see the officials monkey september great cut? more on that next. this is bloomberg. ♪
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>> welcome back to bloomberg daybreak your germany and spain are due to released argosy pid ahead of key your area inflation numbers. let's get more from public economics. to be countries are reporting their inflation figures for august. what are we watching out for in the data knowing that there is an expectation that this disciplinary trend is going to continue? question morning. i would say that the story in both germany and spain is probably the same. on inflation. in both economies, we are expecting inflation and that will be from energy contributions. what happened is that at the same time last year, you had full prices climbing and the stem ragur going to sue the
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european commission fall. and close to 2% in germany. but when you look at the readings, they will be available. look at the corporation. there will be has good news there. and then we have reaction for spain and germany. little to no change in the core reading. there will be the story. a figure that we will get tomorrow. that is for the european central bank central-bank policy, it is at the least. it is not all but the headline. need to be looking at core as well. that will provide some ammunition to the you see the committee. but what about services inflation? there could be some upside surprises coming through there
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because of travel political costs. how closely do you think the you see the will be watching out for these related figures? >> that is the metric that these to be is followed -- following more closely. and there we expect them to be white sticky. i think sticky services inflation is sort of reason for european central bank to proceed with caution but on its own, it is not enough to stand in the way of a september great cut and we actually expect it will cut rates between five business points again in september. that is because they will have other things to consider. the other thing we will have is the broader trend of this inflation so far. number two there also be dated to consider. we will have the second quarter from your area.
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and then there is also growth concerns lingering. then 5.3 on the second, it is better? . in the pmi. if you overlook the boost, the pmi for august also signals some ongoing signs of momentum and that these to be will also look at the police context because we had howl at jackson hole. bringing altogether. there is enough to justify another great cut. >> it is interesting. i was just looking at what is priced in. you have about 100 basis point of prices cut -- of prey consist priced in. that probably explains some of the positive moves we've had in the euro. thank you for that overview of what to watch out for.
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in the u.k., a left-leaning think tank is urging the labor government to stick to its plans for higher taxes on wealth. that is even as business groups and advises call for straights. they have laid the groundwork for the hikes, saying the upcoming budgets will be more painful. u.k. banking stocks fell on the back of the news. plenty more coming up in just a few moments. be back. this is bloomberg. ♪♪ ♪♪ sandals jamaica sale is now on, visit sandals.com or call 1-800-sandals
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>> >> i don't want us to be in a situation where we have to raise rates again. that would be a very bad outcome. it would underline everything i was talking about.
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westerman cautious about, for cutting interest rates. more commentary from one of the more hawkish members. it will be interesting to see whether the data changes his mind. next friday, we have that and if he number 44. flowcharts i want to join your attention to. we have been talking about nvidia for all of the show. let's show you the explosive revenue growth. this is still a mega number they came to from nvidia yesterday, reporting second-quarter net income -- second quarter revenue up 122% from a year ago. we are talking about a doubling of revenue versus where it was exactly 12 months ago. but this is what i want to show you. this would be one of this most
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revenue bits in the last six quarters and despite that, analysts are being that $145 price target. that is very interesting because the reaction in the market yesterday seemed to suggest the numbers for disappointing, expectations had been set so high and he came to the revenue number, it did not come in as high as some of those expectations. the analyst community is still quiet positive on nvidia with the average target price of $145 versus a closer price of five dollars. we have them down in the organization but all in all, the market continued to remain post on the prospects for nvidia and today, what we are seeing is a slight pullback for u.s. futures on back of the nvidia results but it is getting less and less as we go toward the start of the european session. nasdaq futures were down more than 1.5%. now there only down about .6%. that is nvidia on its impact on the market. one other stock is mother
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customer test yesterday, bircher hathaway. you can see it has actually topped the $1 trillion market cap valuation so we are finally there for berkshire hathaway. it joins the other tech names in that prestigious basket. you have alphabet, metta and nvidia. all of them have a mac -- market cap of $1 trillion. i thought was interesting to know that bircher hathaway has a one third valuation the size of nvidia which is interesting given how long each of the guppies has been around for. you have it. just something to leave you with and something to think about. as we go into our next show, the opening of trade is coming up next. thank you for watching daybreak era. this is bloomberg. ♪ you founded your kayak company becaushe ocean- not spreadsheets. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates
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