said no new covert restrictions will be implemented in the country before christmas. prime minister said there is not enough evidence to justify tougher covert curves. he admits the omicron variant is making things quote difficult and says he is not ruling out tighter restrictions after the christmas holiday. meanwhile in germany, the new chancellor is set to push the tighter contact restrictions in the country as the omicron variant continues to spread. the latest measures come on top of existing curves include a limit on gatherings to 10 people. officials have been stepping up warnings about the faster spreading strain and the possibility of a fifth wave of infections sweeping across the country. the first pills to treat covid-19 could be authorized as soon as tomorrow. sources tell bloomberg news the fda is poised to sign off on

treatments from pfizer and merck. the u.s. has already purchased 10 million portions of the pfizer pillow and 3 million of merck's. pfizer's pill led to an 80 9% reduction in hospitalization while merck's as effective. elon musk spacex lunch supplies to the iss today. among the items on board christmas presents and food for a holiday feast. along the way, the company hit a milestone. the falcon rocket completed the 100 successful landing. it was six years to the day that spacex celebrated its first booster touchdown. 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 am mark crumpton, this is bloomberg.

>> it is 1:00 and new york. welcome to bloomberg markets. here are the top stories we are following for you -- from around the world. the biggest three-day drops in september, we break down and outlook for the year ahead with david lebovitz. plus, coronavirus jump into the highest level since september. this as novavax expects a report on efficacy against omicron within days. hear from the ceo. and $30 billion into crypto this year. we discuss what is driving the investment and growth in the space with ceo of the crypto mining company. first, a quick check on the markets. you are seeing the debt buying behavior strong today, right

around session highs when it comes to pretty much every asset. on the s&p 500 company -- 500, up about 1.5%. part of that has to do with the really strong forecast we got from results overnight, really benefiting from demand in the chip space. we are around session highs when it comes to treasury yields. the 10 year yield is at the better part of six basis points. right now, sitting at 14788. crude taking part in the rally, two days of steep losses of more than 5% when all is said and done. they are recovering a big portion today. features of about 4%, trading north of $71 a barrel. let's get more market perspective with david lebovitz. great to talk to. when you look at it at face value, nothing is fundamentally different today than it was yesterday. when is buying behavior going to stop working and stop being the

name of the game. david: i would agree with your point that it suggests investors are finding themselves able to look through some of the near term developments. i think what is important to recognize is things like mobility have held up very well in the face of the rapid spread of the omicron variant. there are a number of other pillars we are resting on when we think about the outlook for global growth next year. as long as these fundamental forces continue to point in a positive direction, i think investors will be willing to step in, particularly at equities given the overall level of brakes. as we see economic growth slow, we see the fed begins to move toward the exit. that behavior may begin to shift. for us, that is a story for 2022. kailey let's talk about the fed moving to the exit. you have a view that they are only going to hike once next year. why don't you believe the consensus?

david: it is important to look back on the experience of the prior expansion and recognize the direction this economy is headed in. i think over the course of 2022, you are going to see the pace of inflation slow. you are going to see the pace of economic activity moderate. as you get to the middle of next year, the fed is going to look around and say we do not really need to hike rates. i think the fed is a bit uncomfortable with what is going on with inflation today. that is very different from what will be going on with inflation tomorrow. furthermore, i am not sure the decision to taper has anything to do with the outlook for rates. for me, the decision to taper is the fed trying to have options next year, being able to hype or not hype depending on what they see in the economy. i think this economy is headed back to the economy after the financial crisis, that was a world where demand was soft. as remember, the fed found it

difficult to get rates off the bottom. kailey: rate hikes not the only tool. do you think will be talking about upn starting to roll off the balance sheet next year, is that a 2023 story? david: i think it is. if we think back to the prior expansion, as the fed begin to allow the balance sheet to roll down, we saw a very significant tightening and financial conditions not just in the u.s. but more broadly. that is something the fed is not looking to have happen anytime soon. first comes the taper, then comes the rate hikes. then comes reduction in the balance sheet. but i do think it is important for investors to recognize that structurally, we are looking at larger central bank balance sheets over the course of the coming business cycle. kailey: i'm graduate said that plural. we look at global central banks, you not this is really see the synchronization in terms of monetary policy. can you have that be returning

to synchronized global growth environment. david: i think you can. i think central banks are looking at their respective economies and making decisions they believe are most prudent. i think if we take the g4, the bank of england has gotten off to the races. we think the fed is a bit behind them, but very much going to respond to the way the economy looks next year. the flipside of that, central banks like the ecb, bank of japan, those economies continue to face a number of structural headwinds. they need more support as you move past the virus. so i see easier policy in places like europe and japan coupled with less easy policy -- not tight, but less easy policy in places like the u.s. into u.k. allowing economies to accelerate during the first half of next year. so i do think the synchronized global growth story is in play. kailey: relative to those

countries looking at the sovereign bond markets, treasuries have a lot of yield even though we are still some 150 on the 10 year. do think that makes sense, given your outlook for the fed and given where inflation is and where we thought the tenure might be at the end of 2021? david: i think it is very difficult to take any signal from the level of rates in the current environment. i paid much more attention to the direction in which they are moving. we know there are large structural forces that are weighing on interest rates around the world. this is beyond central-bank purchases. this is demand from pension funds, demand from foreign investors. so i think 150 does not tell me anything about the outlook for the economy. what is more notable is rates have begun to rise over the course of the session and more broadly over the course of the past couple weeks. to me, that is a signal the outlook for 2022 remains fairly solid and the economy should move past this variant over the course of the coming weeks.

kailey: so solid outlook for 2022. what do you want to buy within the equity market on a sector or effector basis? david: i think it is challenging for us to see how the evaluations expand further. we think 2022 will look very similar to 2021 in the sense equity markets will continue to grow into what our average or above average valuation is, depending on where you are looking in the world. we want to own those sectors and industries and companies that have running streams which are most leverage to the underlying pace of economic activity. in the u.s., that is things like the industrial sector and financial sector on the value side. then, the technology sector and health care sector. and we think about the global picture, we still see value in emerging markets, particularly those in southeast asia which benefit from the inventory rebuilding we see driving global growth next year. when it comes to sources of alpha, that is when we are inclined to go to markets like europe and japan.

we think the beta that is available from those markets is not the most attractive thing in the world, but there are a lot very interesting off opportunities -- alpha opportunities we want to incorporate. for 2022, we follow the earnings. it is not clear that valuations are going to be able to do much heavy lifting. kailey: i heard you take a trip around the world. but i did not hear is anything about china. his china investable right now -- is china investable right now? david: it is. we believe it is a structural allocation that is needed and portfolios and something my colleagues have touched on in our long-term capital market assumptions. to me, the real question is how you invest. i think buying adrs, it is a bit of a clunky way to gain exposure to the underlying trends that make the chinese economy and chinese market so attractive from an investment perspective. we are much more interested in tapping into the entre markets

were weakened more directly tied into those stories about an emerging middle class, wealthier consumer transition away from manufacturing and toward consumption. it is not a question of thumbs-up or thumbs down, but how you go about building that allocation within your portfolio. kailey: thank you, david lebovitz for the outlook. happy holidays. during my conversation with david, we got results from a 20 year treasury option. $20 billion worth of bonds out of the yield of 1.942%, that compares to a yield of 2.065% in the last option. they cover 2.5 9% versus 2.3% last auction. the 20 year yield is starting to come down after the auction stop through. it is only up about four basis points, soft session highs sitting at 19316. coming up, the novavax covert shot gets clearance in europe and is showing vaccine efficacy amid omicron.

we sat down with the ceo, that conversation is next. this is bloomberg. ♪

kailey: this is bloomberg get i want to talk -- markets. i want to talk about the upcoming announcement from president joe biden, he is expected to speak it to: 30 new york time and announce new plans to fight covid. that includes 500 million free tests to american homes beginning next month and dispatching the military to shore up overwhelmed hospitals. this comes one day after the cdc said the omicron variant now accounts for most new cases in the u.s., something like 73%.

biden is looking to avoid any new lock downs or closings. we are hearing something similar out of the u.k., boris johnson saying they will not lock down for christmas. we will bring you the remarks from the u.s. president live when they start. sticking with the fight against covid, the novavax ceo spoke with my colleague earlier today. take a listen on the company's vaccine development. stan: after generating a great deal of efficacy and safety data over the past year, we also have great stability data, which means we can get our vaccine out globally without freezing. we can get it stored in normal refrigerator temperatures, room temperature for some period of time. that will be helpful to get all parts of the world. that is point number one. point number two is we have shown the vaccine boosts very effectively. there is going to be a lot of

boosting going on, particularly with omicron. and we think our vaccine is prime for that. those are some of the advantages we've got. also, there is vaccine hesitancy. for people who are more comfortable with a more traditional protein-based vaccine, that will hopefully expand the population of people that get vaccinated. alix: if we take the pfizer enema dharna, then the j&j, where do you fit within that in terms of efficacy -- and moderna , then j&j, where do you fit? stan: i think the best efficacy of anybody. we did at time when the alpha and beta variants were just emerging and we showed our vaccine had very effect of, 90 plus percent effect. we are quite comfortable with that profile. alix: were you able to test

against omicron? do you have an idea of when you will get that data or if you need to update the vaccine to hit the individual variants? stan: we are evaluating the serum from people who have already been vaccinated and looking at the omicron response. we will have that data within days. our expectation based upon what we saw without for, beta and delta is we will have a robust, protective level of antibodies with omicron just as we have with the others. in addition, we are making a new variant, and omicron strain and the data from the trials we are doing now, the evaluations we are doing now will guide us into whether we should be adding a new variant strain or sticking with what we have.

all of that data will come out fairly soon, we will work with the world help agencies to determine the pathway forward. alix: we learned today the double dose of astrazeneca only has about three months until you need a booster. do you have a sense about the novavax vaccine as to how long immunity will last and when we need a booster? we are starting to hear rumors about a fourth of booster -- second booster, fourth shot. stan: that data takes time to develop. we have some data showing we have an effective response that last out to six month and beyond. we will get more data and find out. we know boosting gets is a very strong immune response, back above the levels after the second dose. again, that data is being generated over time. what i expect is we are going to be seeing covid vaccination on

some regular basis. we are doing at novavax is we started a trial last year where we combined our flu vaccine with the covid vaccine. we will have data on that coming up by the end of the next quarter. and show that may be the best way to do this is to have an annual seasonal respiratory vaccine, which would involve covid in the flu. kailey: that was stan erck speaking earlier. we will have the comments from president biden later on live for you at 2:30 p.m. new york time. still ahead, this was the year crypto went mainstream. we will discuss growth in the space with paul prager, ceo of a crypto mining company. this is bloomberg. ♪

kailey: this is bloomberg markets. while bitcoin is rallying in today's session and on pace for the best day since november 8. it has been a big year for the crypto world overall. venture capital funds have poured about $30 billion into crypto in 2021. the number represents more money than all previous years combined. it is quadruple the previous high at around $8 billion back in 2018. we are looking strictly at the u.s., venture capital transactions, they are up 7.2% in deals. four times the previous record set in 2018 with coinbase to ventures leading the way when it comes to deals. let's bring in paul prager. let us start with a very high level view. and you compare it to 2018, do

you think 2021 and 2022 will be similar in the amount of traction crypto gains? paul: i think it is becoming u.s. industry, 2022 is going to be a big year for bitcoin money. kailey: what kind of demand is that translate to? what is a hard figure? paul: bitcoin is finite. earlier you get into the game, the more miners, the better off you are going to be. you've got a bunch of companies that have gone public recently in the bitcoin mining space, we are one of them. we think we are the most important one of them. you're going to continue to see companies strive to get the biggest piece of the pie. kailey: on the subject of mining, you announced you are buying 15,000 computers for a facility in upstate new york. they're going to plug into a elliptical grid that runs on hydropower and what you say is 90% carbon free. is it actually possible to have

clean bitcoin mining? paul: i think bitcoin mining can be done responsibly. we are focused on zero carbon emissions. we have two sites that are scalable update hundred megawatts, one of them is a nuclear power plant with zero carbon emission. the other one is hydro-run, right by the facility. it's clean, balances the grid, provides an anchor to the electrical grid. it enables more and more sustainable and renewable plants to come online. i think bitcoin mining can be done responsibly and we are leading the pack in that sense. kailey: giving you expect to see elevated demand, can it be done to the extent that is necessary to meet the demand? paul: bitcoin mining is a very small percentage of united states electrical capacity. two, there is so much

electricity that is wasted right now and diminished. and just evacuated for no commercial or functional purpose. so i think the goal is to find electricity that is zero carbon emission, plug it in, take a locally resource commodity like electricity and turn it into a global currency which is bitcoin. kailey: a final question, you made your training dataview a week after merger with a connex. you have not had a warm reception from the public markets. down 40% in the first day, three days after that. what is your message to investors on why they should trust your company and invest in stock? paul: it is a whole new chart. i connex was a different business, different management team. this was a reverse. there are the technical issues that go into the trading of the stock. we are about responsible bitcoin

mining. we are about industrial scale facilities. i have a seasoned and experienced management team. we have over a dozen people that have been with us 15 years. we have built complex, integrative energy facilities. we have great sites that are scalable at an industrial an unprecedented level. we have zero carbon emission, that is not the only element of the focus. five of the seven senior leaders are women and they have been with us for over a decade. i am sorry, i think this is the most important. we are a fully vertically integrated company. i am the site and the main factor. kailey: we have to take a break, but thank you for joining us. this is bloomberg. ♪

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mark: i am a mark crumpton with first word news. residents can go ahead with their holiday celebrations in

the u.k.. the announcement came during a televised address from prime minister boris johnson. >> we do not think today there is enough evidence to justify any countermeasures for christmas. we will continue to monitor omicron closely and if the situation deteriorates, we will be ready to take action, if needed. mark: the prime minister admitted the omicron variant is making things "difficult" and says he is not ruling out tighter restrictions after the holiday. president biden will unveil a new measures aimed at fighting a search in the coronavirus pandemic. he will send 500 million free testing kits to american homes. he is also dispatching the military to help out and overwhelmed hospitals. on vaccinator americans will be warmed -- warned of the dangers they face this winter. the announcement comes after the

cdc says the omicron variant accounts for the majority of new u.s. cases. the president's economic agenda might not be quite dead yet. bloomberg news learned the president spoke with senator joe manchin sunday night, hours after the senator told fox news where he pulled his support for build back better. the white house things the call may have reopened the door for talks over the president's agenda. the covid pandemic may have led to a historic slump in u.s. growth beyond just the economy. the u.s. population grew the slowest rate ever with slowing migration and aging population into low birth rates made worse by covid. data from the census bureau shows the population grew by just 1/10 of 1% in 2021, just under 400,000 people. that is lower than the 1918 influenza pandemic in the first time since the great depression the u.s. population expanded by

less than a million. 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 am mark crumpton, this is bloomberg. amanda: welcome to bloomberg markets. kailey: we welcome our audiences. here the top stories we are following. the pandemic brought many challenges to retail, forcing it to quickly adapt and alter how consumers receive product. a look at how those modifications brought positive change to the industry. amanda: as more employees shipped back to working from home, it puts into question whether they will ever reach

prepaid debit occupancy. the variant is not stopping spending. a look at nike, who says the consumer is strong going into the new year. amanda: there is a sense of optimism or buying on the dip across markets after a few days of declines. strong gains across stock markets, toronto is leading the way. across the u.s. markets, although in terms of subgroups the s&p 500 it is energy and financials leading the way. maybe not by weights, but certainly in share percentage. bonds also back in focus and the risk seeing a little bit of selling, you've got the yield back today. that is all up about the passive omicron. news from south africa, maybe hospitalizations fall off rapidly. all of that showing up and travel related names. they are searching today. today we are focused on retail, the bloomberg big tech is focus there.

despite all the uncertainty we are facing, this pandemic forced many retailers to make changes that could help the sector for years to come. romaine bostick reports. romaine: the pandemic shock disrupted every sector of business. but it was the severe blow to retailers that is now proving to have the most transformational industry effects. >> retail is like the 9/11. it is a hurricane. romaine: in early 2020, physical stores closed their doors. customers and workers locked down at home. what was supposed to be a temporary sacrifice turned into more than a year long struggle to remain viable. that struggle was insurmountable for some retail chains and many of the mom-and-pop stores disappeared overnight. but the pandemic also spurred overdue change that is increasingly being seemed as a net positive for global retail, which is already seen a startling turn from where it was in may 2020. >> we have consumers who have

the dollars to spend, retailers are giving them innovative products. romaine: the pandemic crated the incentive many needed to fully commit to e-commerce rather than just dabbling. >> we will walk side-by-side with our guests with the business that is flexible to how they want to shop, whether that is a drive-up trick or box of the doorstep or the classic in-store trip. romaine: in china, stores started selling goods via live video streams. in russia, more secure payment systems are built to make consumers comfortable shopping online. in brazil, retailers turn to im platforms to offer promotions and finalize transactions. in the u.s., chains added features like video calls for big purchases online. while the online payment allow for companies to regrow in an unprecedented time, brick and mortar is far from dead. physical store shelves are still where the overwhelming majority of coats are bought. change of more than 50 stores are expected to add more than

4000 locations this year. that will mark the first increase since 2017. many of the country's biggest chains are drawing a lot more shoppers than before the pandemic. target, lowes, foot locker and bath and body works. the comeback is a big reason why the s&p retail etf has surged year, beating the 500's advance. the intertwining of rick and mortar in the internet spurred by covid have allowed retailers to recover and come out stronger than ever. now, the question becomes, with the changes stay resilient in the face of omicron? amanda: for more on the state of the retail sector, stephanie wissink is here. that is a reminder of the human power of adaptation and innovation. does that play out for you when you look at some of the big retail names? are there good things ahead, which is an interesting phenomenon coming out of this

pandemic, assuming we ever come out of it. stephanie: i think we are going to look back on these last two years and call it the great retail pivot at the same time, i could laugh. we also learned is that consumers do not this is eerily want to abandon the entertainment of retail. we saw this year, which was a real surprise, was a soon as shots were in arms, people returned to stores. consumers were going back into retail, they were looking for the theater of retail and that experience. the volleyball is back on the other site of the neck -- met. -- net. they convince the consumer it was worth coming into the store into taking that into consumerism. i am encouraged by what we are seeing but am also reminded in the u.s. in particular, shopping is very much entertainment just as much as activity. kailey: it would be great for traffic was the only thing they had to worry about. what they are also dealing with

supply chain and trying to get people in the door to staff the counters. serious labor shortage. what kinds of retailers are going to be able to pass on some of the higher input costs, who is least position to be able to do so? stephanie: on the labor side, what we are watching for our creative ways to create environments that laborers want to work in. it is a lifestyle decision. retailers are doing unique things to make sure

consumers. on the inflationary side, what we are seeing so far is not a significant amount of resistance , although consumers are increasingly aware of inflation and the broad nature of inflation. it is related to all categories that are seeing the price increases. over the next couple weeks, how does the consumer digest this amount of inflation at this rate i'll at the same time? does it shake confidence? we saw weakening in november, that might be the first thing off that some of the inflationary impact of psychology. amanda: where would you expect to show up most specifically? inflationary pricing pressures will have two effects. and i'll make us buy less of the thing we want or other things altogether, if our budget needs to be stretched. where are you looking to see that show up? stephanie: we are seeing in the grocery basket already, that is a weekly trip we are making to the stores. higher total valley than we might used to have. we are watching that is a high recurring purchase. we will see how it affects the market, especially the seasonal to discretionary categories. as we get into spring, those are categories that are more transitional. apparel, footwear, beauty. are there any changes in the ability to spend or stretch in

categories that might be falling along the want versus need side? we are looking for any indication the consumer might be having to be more choice will given the amount of inflation. kailey: speaking of higher prices, we have to take in account they are not as many sales. we saw that evidenced by nike overnight, which is not markdown a lot of process -- products because the demand is there. are we going to start seeing more sales in the new year when all the things retailers order to have ready for the holidays, things that are ports are stuck that make it, is that when the markdowns are going to come? stephanie: we are starting to see some of this. about five or six different markets throughout the u.s., we were seeing what we would normally see is sale starting now. some of the port congestion

locking up a lot of the inventory is starting to release , that inventory is flowing in. it is the last procrastinator surge this last week prior to the holiday. it is unfolding. what we are watching for is what will happen between now and christmas, after christmas and we are already starting to see signals from retailers they are offering after christmas pricing now. there is late bond inventory trying to take advantage of the last few days they can. if we get into january, it is a great time to show off the gift card to music. kailey: interesting stuff, thank you stephanie wissink. you can hear more in our big take special at 2:00 new york time right here on bloomberg television. up the, omicron has forced some workers back home. will this impact the future of work as office still fail to

reach pre-pandemic occupancy levels? we speak to rachel lipson next. this is bloomberg. ♪

amanda: this is bloomberg markets. for what it is worth, there may be no going back to what we understand as a five-day workweek in the office. both employees and managers found that working from home and during the pandemic was positive for performance and well-being. we know that runs a whole range of things like the time commuting and childcare.

it will be different for everyone. but a big number of people seem to like this arrangement. kailey: that is why we've seen so many companies adopting the hybrid model where not everyone is demanding you are back in the office every day. at some point, it becomes talent retention. if one company is mandating you have to commute and another company is not, that one may look more attractive. amanda: i want to bring in for more on the shift to remote work rachel lipson, director of the harvard project workforce. an initiative that provides research focused at the intersection of education and labor markets. great to have you with us. some of the work that needs to be done here is about what gets lost. there is some intangibles here. we worry about productivity, that do not seem to come to pass. but there are things like creativity, collaboration. we do not know yet what gets lost. how are we doing figuring it out?

rachel: you hit it on the nail. there is a lot of research to be done about how you replicate things like teamwork, collaboration, innovation and online settings. those are the areas that are harder to measure and where there are a lot of externalities that are positive from working with others. but as you mention, when it comes to productivity, a lot of the survey data shows workers are working longer hours from home than they ever worked in the office. some of the mental health act specs -- aspects around being able to be present for their families, reduce commuting times have been advantages we are seeing as workers report back on the work from home experience. certainly a balance between positive and negative, we are monitoring and learning a lot as time goes on. kailey: obviously, not everyone has the capability to work from home. are a lot of essential workers

that have to show up in person every day. what kind of inequalities are you thinking about when thinking about remote work? rachel: that is a great point. the research indicates higher educated workers are those most likely to be able to work and remote eligible roles. we have seen that threat the pandemic. that is not to say those are the only types of workers that are interested in having more flexibility to be able to meet other life needs. we are seeing across the board job postings that are consistently drawing more applicants when they have remote or hybrid option compared to in person. this is true not just for higher wage college education workers, but workers without college degrees. the interest in being able to potentially work sometime from home is across the board. that points to a larger point about job quality and how employers even in the roles that will never be able to be

conducted in a remote setting, how can we bring some of these elements of flexibility, time to be there for your family and reduce commuting times, better investments in transportation. how do we bring those two in-person jobs so all workers can benefit from what we are learning? amanda: one of the biggest forces in our universe is the force of the status quo. one big question is what do businesses do with all of the equipment that was designed for people to be at work five days a week? we are adjusting. until we see office building lease is being given up and equipment being sold and hard decisions being made, will there still be pressure on the other side of the pandemic to try and get people back to fill the spaces? rachel: i think there is a lot to watch on this front. to your earlier point about how competitors respond, i think it is going to be a critical element. it is going to be hard for companies to be the outliers, the only ones in their industry

that are forcing work to the office and workers who do not want it. the rates or something to watch. there are a lot of hypotheses a lot of players have been locked into long-term leases, so the effects have not yet shown up in numbers and we should watch those overtime. i do think there is an opportunity around how do we think about the role of some of the spaces in downtown districts? a lot of parts of the u.s. with the highest office vacancy rates are cities that have some of the greatest challenges around housing affordability. if we rethink the role of downtown, there is a big chance in this moment to potentially pursue some conversion of office spaces into housing some more workers can have the ability to work closer to their jobs if they so require it or reduce commune times in the process. amanda: great to have you with us. rachel lipson's director of the

harvard project. coming up, the adaptability of retail with shares of nike surging. taking a closer look at the stock of the hour next. ♪

kailey: this is bloomberg markets. in canada, we saw a surge in retail sales. on 1.6% gain in october on strong auto sales. according to pulmonary estimates, retailers sold 1.2% more goods in november. it shows consumers continuing to lead the way in canada's recovery, this is a bit backward looking. it does not take into account the potential impacts of the omicron variant. amanda: totally true. what it does show as we are back on the pre-pandemic trajectory of growth in retail sales. the hope would be that since

that was through a pandemic, even omicron might not slow us down. we seem to want to spend. kailey: it does not seen people buying nike products are slowing down. time for the stock of the hour, we are taking a look at nike. shares jumping after the company's latest results. here in the u.s., things were strong. that was not the case and the rest of the world. kriti: you some major diversions when it came to sales. use on nike beat estimates, they have been beating the estimates since spring of 2020 during halted sales. what becomes a question of eight diversions in global growth. it is no longer the entire world growing together, spending together. north america adding $471 million of shares. compare that to greater china, it is down for $54 million. a lot of that has to do with production delays -- $454 million. a zero covid testing policy is dampening some of the retail

progress they made. but nike is not alone when it comes to margin compressions. supply chain issues are still very much a factor. nike has had their margins pressure down to 12% from 15% this quarter, that is crucial when talking about how the stock prog. i want to show a terminal chart, which is the chart of the day, showing you nike stock price on a logarithmic scale to show you the acceleration of the move. mostly, it seems it is far more sensitive to revenue surprises than margins in particular telling you just how important the consumer is to how much nike is making and how the share price is reflecting the more important issue. the supply chain issue are the underlying strain of consumers around the world, specifically here in the u.s. amanda: how is that affecting nike? kriti: you are seeing the peers as competition. under armour, lululemon gaining. this is not just a story here in

the u.s., but over in europe where european peers are rallying the idea that if sales are growing in the states in europe, that is something other parts of the industry will benefit from. kailey: thank you for the report. i wanted to mention some other news here. it will be amanda's last day and our bloomberg partnership, i know matt is not here but from the whole team, we want to thank you for the past four years. this show will continue, it will not be the same without you. we miss you but wish you luck with your next adventure. amanda: thank you, i will miss you. kailey: this is bloomberg. ♪

mark: i am mark crumpton with bloomberg first word news. new york city is getting

residents to get a covid-19 booster shot. mayor bill de blasio said they will provide $100 payments to those who receive the shot at a city run site through december 31. he said 1.7 million new york city residents have already received their booster shot. the u.s. health care profession is struggling with a wave of nursing home at resignations, pushing more hospitals into stress as a winter surge of the coronavirus begins. two thirds of nurses surveyed by the american association of critical care nurses said they were experience -- their experience during the pandemic has pumped them to leave the field and 21% of those polled were american nurses foundation said they plan to resign within the next six months. a warning from russian president vladimir putin. he said he is ready to use his military to counter what he calls the threat from nato. president putin