alix: welcome to bloomberg's commodities edge where we focus on the come news, physical assets, and the trading behind the hottest commodities with the smartest voices in the business. the energy crisis and the knock on effect. europe's big hope for supplies is russia. first, russia has to fill its own storage. the blue line is where he needs to get to. it is pretty close. the deputy manager said it could be done by november, which can then free up more gas to go to europe. for some industries, it is not happening soon enough. you can see their reaction here in the prices. citi upgraded its target to

$3700 a ton, and warns of possible risks in europe and china. all of this is costing countries and people money. this chart comes from somebody who worked on energy policy in the carter administration. this is looking at gas expenditures and the share of gas in total spending. his point, if you have prices that keep rising between 2020 and 2022, over all oecd costs could be as much as $4.5 trillion. what is the impact of that? the iea director admits the energy transition will be messy. >> there might be a misunderstanding where some people are trying to trade in a

way as if the current market crisis is the first crisis of the clean energy transition. the current state with natural gas, oil, coal has nothing to do with the clean energy transfers. there are different drivers for it. clean energy is not the cause but the solution to these problems we have. alix: let's get into the ring. coal versus the environment. gas prices are rising so you have to use more coal. the first increase since 2013. joining us now is andrew cosgrove of bloomberg intelligence. are we seeing gas to coal switching happening? >> we are seeing some at the margins but not nearly as much as some historical precedents or models were projecting more recently that is because of two

things. there is not enough labor supply at the mines. number two, there is not enough or any capacity for the rails to handle more coal. alix: if those things worked its way out, would there be the production to meet that demand? andrew: great question. i would say no, right now. over the last five years, companies have brought down the ultimate productive capacity. there is really not wherewithal to be there to increase production to the point where we were in 2018. there is not the capacity to do so. alix: let me talk about the power plants. how easy is it for them, just flipping a switch if the coal

supply was not an issue and everything would be fine? andrew: not as easy as it sounds. [laughter] you need to maintain stockpiles, especially as we go into the winter. it is not even the winter yet and some east coast power plants have less than 10 days of burn, so there is a security issue where we ration the supply so that we can balance as much as we can to make sure that we have been for the winter. to the extent they can switch back and forth, yes, but the raw material supplies are not there to do so right now. alix: such a good one as we see all of these bullish calls. andrew cosgrove, thank you. we talked to one executive in the commodity world, and today it is -- you cannot live without ethylene. it is the core product of modern

pharmaceuticals, used in almost everything that we wear and by. the problem is it is very energy intensive. 70% of the co2 emissions come from the furnaces to heat the product. but what if you could green that process? enter an environmental starter up. it is teaming up with oxi low carbon ventures to develop new technologies for things like energy storage and carbon capture. oxi admits the co2 and captures it from its own reduction. cemvita will use that to create ethylene, creating a green product, and helping to green faster. at that point, it will cost the same as regularly produced ethylene. once you add in tax benefits and credits for using the co2, as

much as a 50% premium to selling that green product, and you have yourself a business. in theory, you buying genes would help to sequester carbon. i recently asked about the companies willing to pay and how this business could eventually evolve. >> the market is asking for low carbon plastics. ethylene is the biggest market that exists. the consumer is asking for low carbon products, coming off the chain all the way to the plastic companies, asking the ethylene companies to lower their carbon footprint. the bottleneck we have now is as you make ethylene to make -- can i have doubled the amount of sugar pills tomorrow? it is not scalable. alix: this is where your venture comes in. oxi has the funding but also the

carbon. . >> the other benefit of this ownership is that oxi has an established legacy in the industry. instead of the company, cemvita developing the process, marketing the product, we thought partnerships make sense. we bring the volume manufacturing expertise to the table. oxi brings large-scale marketing of the end product to the table, so it makes sense for the two of us to come together. alix: how big is the plant going to be, will it be next to the production that oxi is pumping? >> for this particular scenario, we considered a typical ethylene plant size as the size to consider for bioethical lane, which is about one billion pounds a year. we need to have access to fuel gas, which needs to be located

close to the emission source. that could be a power plant that is powering the reaction at an ethylene facility currently, or it could be something completely different, as long as you have access to the co2 as the feeder stock. when we make the bio ethylene, the customer has the infrastructure in place. alix: do you ever get module equipment where you can pick up and go to this production facility, this refiner, for example? >> that is where the industry is headed. recall that co2 utilization as a service, where you could bring a module and say, i am going to use the co2 to create a specific product, and you pay for per ton co2 processed. i don't think the industry is there yet.

there is a lot of work on the capture side. companies like us are working on the utilization. to make the economics work, you have to be at a large scale. alix: how much money will it take to build one of these, when could you actually see some revenue from it? >> at the large-scale, the cost will be similar to what it is to build an ethylene plant, with about 30% more cost. that is because -- we don't need to create a lot of energy to run reactions and 800 degrees centigrade. this reaction with microbes happens under ambient aperture and pressure. that is where some of the savings coming. alix: that was my interview with the ceo of cemvita.

lmex covers all of the basic industry metals. it has arisen and closed to a record as energy prices filter through to the industrial metal supply base. it's time for the commodity kicker. steak could be, a champagne-like luxury, and it is climate change that is steering the heifers toward richer pastures. meat companies are under pressure to tackle methane emissions. it is one of the critical challenges for producers. that does it for commodities edge. catch us every thursday at 1:00 in new york. this is bloomberg. ♪

matt: this is bloomberg markets. i'm matt miller. coming up this hour, we will bring down today's ppi report and look at the broader inflation picture with blerina uruci of barclays. and we will discuss the expansion of global telecom infrastructure with the ceo of ihs towers, and a read on the state of the cannabis industry with the ceo of dutchie. let's take a quick look at what is going on in the markets. the biggest rally we have seen in stocks since at least july. the s&p 500 up 1.5%, 4430. the nasdaq gaining even more. 14810.

the u.s. 10 year yield down a little bit as investors buy bonds. 1.5194 is the level on yields. keeping an ion bitcoin, it is not moving a lot, but still holding over $57,000 as top picks up about a new bit coin fund being allowed in the u.s.. inflation really has been the focus for markets. headline and core producer prices came in in the u.s. below forecast for september, showing cooling cost pressures in that area. joining us to break down all of the data from the week is blerina uruci, barclays capital director of u.s. economics. we have seen a little bit of a miss in terms of ppi. cpi was a little bit of a

surprise to some, although consumers are worried about higher inflation, that is sure from all the surveys we see. how do you see it? blerina: thanks for having me today. as you say, on the ppi front, prices were a little weaker than expected, but i want to remind the audience, when we look at the annual rate of ppi inflation , we are close to 9%, which is significantly higher than 0% this time last year. yes, price pressures from the pipeline are coming off a little bit from a very high level. what i find interesting in this report is that the softness in producer prices came from the services side of the report and not goods. this runs somewhat counter to the expectation that as supply chain problems and bottlenecks

subside, we should see these prices easing. as the economy reopens, we should see services inflation increasing. for me, this is interesting and perhaps telling us that this supply-side problem we have had so far are likely to play out for a longer period of time and provide longer than expected boost to consumer goods inflation. matt: mohamed el-erian was on earlier and he mentioned that he has heard the term used seriously " persistently transitory." what is your view on whether or not this inflation is here to stay? blerina: that is a very interesting concept there. i guess the distinction is we will see these price increases that we know are coming from the

supply side of the economy but we may have idiosyncratic shocks coming in from different parts of the economy. so, this will make what looks like transitory shocks persist for a longer period of time. persistently transitory, yes, it is possible, and that is the upside risks to the inflation outlook we have in our forecast. what will be more important for the fed, however, and the markets, is to but extent these transitory factors will have on inflation expectations. if they managed tode-anchor long-term inflation expectations, it will be harder for policymakers to rein in those higher prices. matt: morgan stanley ceo james

was on earlier -- gorman was on earlier. he says inflation was not transitory, and in his view, the fed needs to pick the bubble and call for higher rates as soon as the first quarter of next year. is it likely the fed asked sooner than anticipated? blerina: that timeline seems a little ambitious based on what the fed has signaled so far. here is our read of recent fed communication. we know the bar to not taper is pretty high, and we know we will get an announcement in the next fomc meeting, with tapering starting in november or december. the fed's expectation is they will be done with asset purchases by the middle of next year. recent recognition on the side of the fed that there may be some risk to inflation running

high or longer, so they want to maintain that optionality to tightening interest rates in the second half of next year. our baseline scenario is that we don't have interest rate increases from the fed until 2023. of course, the risks are we could have them starting sooner than expected. that sooner than expected timeline for me would likely be q3 or q4 of next year, rather than q1. matt: are you worried about the stag in stagflation? blerina: of course, this is a concern that all cottam's have in this stage of the recovery. a lot of progress in terms of labor market improvement and activity. we are a little bit concerned about the slowing in consumer expenditure in q3, but our baseline is that there is still

enough aggregate income there and fiscal support to boost and keep the u.s. economy growing over the next few quarters. our view on inflation is that even though we will see this higher than usual rate of consumer prices in the u.s. economy than historical norms, we are probably going to lower inflation. stagflation is not our baseline scenario. matt: in terms of baseline scenarios, do you see us past the peaks of the pandemic? are we getting back to normal in terms of the covid infection curve? blerina: that is a pretty difficult thing to predict, the evolution of various new cases. matt: but we hear less and less about it, right? less concerns. blerina: one is more certain in

my view is that we will not react -- even if we have these increases in infection rates and hospitalizations, we will not slow down the economy and give an abrupt shock to demand and supply at the same time. from that perspective, i would say that we are preparing for the worst. matt: appreciate your time. blerina uruci of barclays capital, the director of u.s. economics. early facebook investor reid hoffman says the social network has lost people's trust for good reason. why he thinks that is. this is bloomberg. ♪

matt: this is bloomberg markets. i'm matt miller.

early facebook investor and linkedin founder reid hoffman says facebook has lost the people's trust, for good reason. that echoes the testimony from frances haugen who says the company chooses to maximize growth over implementing safeguards on the platform. hoffman spoke to emily chang yesterday at the goldman sachs builders and innovators summit. reid: good for her for coming forward. good for facebook for doing the research. bad for -- you discovered the research that is harmful, but what are you doing about it? it doesn't matter if you say it is complicated or difficult. once you discover something that is potentially very dangerous and damaging, what we should know here from the company is, and when we saw these reports, here is what we started doing. here is where we started making trade-offs against things that may be against our interest to

solve these problems. that is what you want to see from leadership. emily: so you are disappointed. why? reid: it is ok to have done the internal research and not report it. this is a problem, we are fixing it. but then you start the work streams to fix it. on the one hand, you say we have these reports and issues, so we the span of the civics integrity group. that doesn't seem like you are working on it or the problem is fixed. it is beholden on business leaders to say, when we hit these problems, we work on them. it doesn't mean, we didn't know it was going to be a problem -- fair enough. and by the way, we are following what customers want because they are clicking, but there are consequences, and we should do things about them. it doesn't mean that things should be perfect but you should be working on them. matt: that was reid hoffman of

greylock partners, linkedin co-founder. we are getting some of the results in from major university endowments that are getting even more major. harvard reported return that lagged its peers in the latest fiscal year. the school's endowment return 34% at the end of june. not bad but trailing brown and dartmouth. harvard's endowment is still one of the biggest in the world. $11 billion over the 12 months. the funds value hit a record $53 billion at the end of the fiscal year. this is bloomberg. ♪ ♪

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mark: i'm mark crumpton with bloomberg first word news.

president biden says health officials will decide in the next few weeks on pfizer and biontech's covid-19 vaccine for kids five to 11 and booster shots who receive the moderna and j&j vaccines. the president also highlighted an increase in vaccinations and a decrease in covid-19 cases across the country. mr. biden says the labor department will soon issue its rules for vaccine mandates on employers. senate chuck schumer says he is planning a floor vote on wednesday on a democrat drafted overhaul of u.s. election laws. the freedom to vote act is designed to counter a record number of new voting restrictions are emerging from republican led state legislatures. democrats say the aims look to curtail participation by minorities and poor americans.

a european union envoy met with iranian officials to try to revive efforts to resurrect that landmark nuclear report with world powers who have been urging iran to return to the negotiating table and end a deadlock with the u.s. over restoring the deal that president trump abandoned in 2018. on wednesday, secretary of state blinken warned iran "the runway is getting shorter to resume the talks." la nina appears to have emerged over the equatorial pacific, setting the stage for worsening drought and california and south america, frigid winters for parts of the u.s. and japan. the u.s. climate prediction center said the phenomena, which begins when the atmosphere reacts to a cooler patch of water over the pacific ocean, will likely last through february. global news 24 hours a day, on-air, and on bloomberg quicktake, powered by more than

2700 journalists and analysts in over 120 countries. i'm mark crumpton. this is bloomberg. ♪ >> welcome to bloomberg markets. matt: i'm matt miller. we welcome our bloomberg and bnn bloomberg audiences. here are the top stories we are following for you from around the world. the big banks report. we will break down what we have learned so far from financials this earnings season as bank of america, morgan stanley, and citi all post trading beats. ihs towers goes public. we will discuss the plans for telecom expansion with ceo's sam

darwish. and we will speak to the ceo of snoop dogg-backed dutchie. jon? jon: let's get you up to speed on what has been happening with the markets today. generally speaking, investors have been in a buying mood. yes, we have inflation worries, supply chain uncertainties, themes prominent in the markets recently but they seem to be shadowed from many earnings stories today. we will get into the banks specifically. you have unitedhealth, walgreens, a number of bottom-line stories that have fueled buying in the markets. this could end up with this s&p rally of about 1.5% being one of the better days we have seen in the markets going back to july. let's get to financials. morgan stanley is out with its earnings this morning.

we have been listening to what executives have to say about inflation. ceo james gorman gave his view. >> i am not a buyer of the story that the inflation is all transitory. wage inflation is real. supply chain interruptions, talking about natural gas and other things, have been real. some of it is temporary but not all of it. we are in a period where inflation will pick up. it will force the fed's and to move more aggressively than they are planning to now. matt: highly recommend going back and watching that interview in its entirety, as you can do on bloomberg.com. to our stock of the hour, bank of america started out on a strong note. shares are holding just below a record high. dave wilson has a deeper look. dave: they have so many pieces to their business.

we focus on the commercial banking side, and they are showing some growth when it comes to loans, unlike some of their peers. the lone site has been an issue in that business. one area where bank of america has benefited, along with their peers, is getting advice on deals. you are looking at a record of 650 $4 million in the latest quarter. 65% from a year ago. it reflects a rush to make deals. global transactions heading for a record this year, already above $5 trillion. bank of america was one of the lead advisors on canadian pacific's railways for the deal with kansas city southern. if you look at investment bank revenue over all, up 23% in the quarter. then there is the trading side of the business. certainly seeing with bank of

america, as well as their peers, substantial growth. bank of america more on the equity side. bond trading, fixed income, commodities, ficc, that is actually down from the latest quarter. stock trading certainly helping them out. you look beyond that, you see quite a bit of growth. it has worked out pretty well for shareholders this year. most of the six big banks have gains around 50% on the year. when you look at the total returns. laggards, jp morgan up only 30%. citigroup up just half of that. bank of america definitely keeping pace with its peers. third quarter results to some extent outshining them. jon: pretty incredible looking at all of those charts. it feels like we are at an interesting point for these

banks. you are absolutely right, we have seen huge numbers on the investment banking side. some are worried about the inflation picture but low interest rates have fueled a lot of those deals. it feels there is no buzz building on what will lead us forward. you made a reference to trading. do we have a sense on how that will play out from here? dave: trading is always the wildcard. from bank of america's perspective, if you were looking at indexes across the corridor, not a whole lot of movement necessarily. then we throw in the asset management piece of the business, merrill lynch, and there is real growth they are when you consider they are bringing in the high net worth clients. organizations of more than $10 million in assets and up more than 48% this year, balances rising 21%, and bringing in

younger clients, 20% under the age of 45. the asset management business is certainly a part of bank of america's story that is working out for them. matt: thanks for joining us, dave wilson. don't miss our interview with bank of america ceo brian moynihan at 3:00 new york time. just about one hour and 22 minutes from now. shares of telecom operator ihs begin trading in new york and what is the largest u.s. listing by an african company. we will speak to the ceo sam darwish. this is bloomberg. ♪

matt: this is bloomberg markets. i'm matt miller. shares of the global telecom tower operator ihs towers began trading today. the ipo values the company at almost $7 billion. the offering is the largest in the u.s. by an african business. let's bring in the ceo, sam darwish, to talk about the ipo, what you plan to do with the proceeds, why in new york? let me ask, on a day where we have stocks climbing to the highest level since july, why do you think your shares are down in early trading? sam: it could be technical, hedge funds deciding to leave. for us, it doesn't matter. what we wanted was to get one of the largest telecom

infrastructure providers in the world focused on the emerging market, in particular, listed on the new york stock exchange. we think long-term and we deliver long-term returns to our shareholders. jon: let's talk a little bit about what investors are investing in, if they are participating in this ipo, investing on what they hear from you. the rise of 5g has created a lot of curiosity in the north american telecom infrastructure landscape for investors. i would you compare your more global business to other investment opportunities out there that are also in this telecom infrastructure industry? sam: we are in 10 countries at the moment. our operations span three continents, 700 million people,

young population, fast-growing. most of our markets are rolling out. you can imagine the potential and runway and prospects. that is why i was telling matt earlier, this is a long-term business proposition for us. we believe every citizen in our markets wants to improve their lives, they want better, wider broadband. we deliver those towers, the connectivity to the towers. we are excited about this, to be honest. matt: what will you do with the money raised? sam: our market, again, is growing exponentially. we need to build more towers in our country. in nigeria, we are adding 2000 rural and village sites. can you imagine places that don't have coverage?

we are doing highway coverage in brazil. we want to move into new markets. we are looking at southeast asia, countries in africa. we are expanding and growing in brazil. we want to bring fiber to these sites, provide connectivity. jon: that is what i was going to ask about, potential expansion, which you have been doing outside of africa. what goes into that final decision on a new market that you ultimately choose to enter? sam: given our scale, it's important to move into markets that move the needle. recently, we announced the move to egypt. this is an example of what we like. 100 million people. egypt has strong carriers, vodafone, orange, telecom egypt. they are still running on 4g. substantial prospects for

growth. these are the kinds of projects that we like, the kind of criteria that we look to when we moved to a new country. scale, ability, prospect for growth. matt: you are based out of mauritius. you are active in nigeria, ivory coast, rwanda, zambia, cameroon. what are the supply chain and labor situation like there? coming from berlin, toronto, new york, these are real problems. what are they like in western africa? sam: our business is simple in the sense that we buy or lease a piece of land. the carriers that have to import and buy the equipment. in terms of supply chain, we didn't have issues. we were also careful last year

that as the pandemic took hold, we went to stock spare parts, things that we would need for our network continuity. we never had issues when it came to that. last year, most of our market in africa, they gave us licenses and permits to move around. most of our people stayed home. some were able to move. even those that stayed homework able to perform. we didn't have a workforce shortage. matt, at the end of the day, here in the west, our governments were able to print dollars, pay people to stay home. this is not the situation in emerging markets. people need to work. jon: we will continue to watch it all play out. thank you for the time.

we appreciate it. sam darwish, i towers ceo. bringing technology to cannabis. we will speak to dutchie ceo ross lipson on how the company doubled their valuation in several months. this is bloomberg. ♪ . ♪

jon: this is bloomberg markets. we are covering ipo's and dutchie, a technology platform for cannabis dispensaries, which has raised $350 million in funding, bringing its evaluation to more than $3.5 billion. ceo and cofounder is ross lipson. thank you for being with us. we just got through and segment on an ipo. this is a big funding round for

you how did it come together? ross: thanks for having me. happy to announce our series b here at dutchie. we are a technology platform that provides consumers with saving easy access to cannabis. this has been a long time in the making. really great relationships with our investors, both previous and new. we thought this was the time to inject capital into the business to accelerate the mission. matt: what is the core business here, what is the digital cannabis platform looking to do? ross: we offer point of sale, and more. our goal is to streamline the process of the dispensary. they are the focus of our company right now. they really bridge the consumer transactions within the industry. northstar gold provides value to our customers, and we will continue on that mission. matt: so you are essentially the

sap or oracle of cannabis then? ross: interesting analogy. very unique to the space, a lot of nuances here. it is a nascent industry that is evolving very quickly. our job is to keep up with a demand and expectations of the consumer. jon: it is interesting. here in canada, we have seen retail, online. can you give us a sense on how you see things playing out? clearly, you are betting on that brick-and-mortar foot being relevant, using your technology. e-commerce is appealing for a lot of operators as well, so give us a sense on how this industry will be selling to consumers as it keeps growing. ross: there is a lot of movement in the industry, and it's a great time to be a part of that momentum. we are seeing across industries, e-commerce is bringing

convenience to consumers, allowing them to order any product from wherever they are. we feel like cannabis is one of the fastest-growing segments of the economy now, and our job is to professionalize and normalize the industry. we see huge benefits to the industry, bringing positive societal change to the world. consumers are adapting to the product quickly. e-commerce comes with that. we want to offer a normalized solution to consumers, like the experience in other industries. matt: if it were not for all of the flower in the video we are seeing, it would look very normal in terms of e-commerce transaction. your office strikes me as fairly normal. everything seems to be on the level, but then you work with someone like snoop dogg. how does that change the equation? ross: we see ourselves as a

technology company focused on the cannabis space. you are right, we are a company that was previously in the online food ordering business, myself, and we have taken a lot of those parallels. we do operate like a normal software company and we will continue. we are thrilled to have a diverse group of investors at the table, from snoop dog, kevin durrant, howard schultz, but other strong institutionalize investors. we had participation from many investors. tiger global let our series c. it is great to see this mind shift and momentum in the industry. we are starting to see it from institutionalize investors, consumers, a lot more attention on the cannabis space. jon: does it change the nature of the conversation where you have more creative, less traditional business types that are asking questions about the roadmap? ross: i think you find that in

all industries now. there is a heavy demand, from the media world coming into technology companies, and it is great. everybody brings a different perspective. i feel like there is a statistical success of bringing diversity to the table, sharing insights that we have learned from different businesses. it has been a recipe for success so far and we will continue down this road. matt: what do you think might surprise us about cannabis? smoking a joint, regular weed feel so high school, 1980's to me, but there is a whole new category of goods out there from edibles to drinks, vaping. what does the future of cannabis look like? ross: what i find is the biggest difference, and something that dutchie tries to solve, it is the education behind the product. if you think about the consumer buying behavior, there is a lot

of education packed into it. there is plenty of new product evolving quickly. some of the names are ambiguous, and it is hard to keep track of it. dutchie provides that consumer with the education, so they understand what products are available to them, what they are consuming. everything from thc to cbd percentages, profiles and more. over 70% of the public opinion is for the legalization of cannabis. we see that number continuously growing. there are a lot of fence sitters out there wondering, should i try cannabis? we are here to educate consumers so they can make the informed and right decision. matt: thanks so much, fascinating industry. duchy ceo and cofounder, ross lipson. for jon erlichman, i'm matt miller. this is bloomberg. ♪

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mark: president biden says -- the number of vaccinated americans remains -- unaccented -- the number of unvaccinated americans remains too high. the president said health officials will decide soon on pfizer and biontech's vaccine for kids age five to 11, and booster shots for people who received moderna and j and j. pres. biden: we are going to continue protecting vaccination. this week, the fda is reviewing data on moderna and johnson & johnson boosters. we expect a final decision from the fda and cdc in the next couple of weeks. mark: the president said daily cases of the virus in the u.s. are down 47% and hospitalizations are dow