manus: good morning from bloomberg's european headquarters in london. i am manus cranny with dani burger alongside me. it is daybreak europe with the stories that set the agenda. amazon delivers strong results from the e-commerce giant to stem the row in stocks. today's market catalyst, nonfarm payrolls. the hawks have it. the boe hikes with four of the nine officials pushing for even bigger increases.

christine lagarde no longer rolls out raising rates this year. plus, that the talks began as the winter olympic games get underway, vladimir putin joins his host, xi jinping, in beijing for talks. three countries in four days. a lot of pcr tests, but what a movement in global government bond yields. this is a hawkish pivot from all the central banks in the bond markets are quite literally laying down the gauntlet with the momentum and belly of the curve. we are pricing two rate hikes for 2022. good morning. dani: good morning. so lovely to have you on a day when the bond market has been turbocharged. one of the charts you had was the amount of bonds yielding for developed markets below zero. zero, manus. no developed market 10 year yields are currently negative. what a change we have had.

manus: what does this mean for real yield? if you look at the momentum, i think we gave ourselves optionality. she did not give the doves what they wanted but she has repriced the narrative from the ecb. with that in mind, we see that momentum across the various pockets of the bond market. when do real yields yield above zero in the united states of america? in the last hour, this is a critically important move. dani: it is deeply negative. you want evidence of how global this bond market rout has gone? you can find five your paper in japan and get a positive yield on it. this is the first time since 2015. that may dive into these markets. i know you and i have talked about the euro a lot this morning. yesterday saw its biggest move versus the dollar since december

2020. i mentioned the japanese five-year, positive for the first time since 2016. the king at nymex crude above $90 a barrel for the first time since 2014. of course, all eyes turn to amazon. saving the day when it comes to tech. futures now up more than 2%. manus: volatility is pretty gargantuamazon had a rocky weekh stocks soaring as much as 19% in late trade. profit beat expectations thanks to the cloud business with investors cheering at the prime membership price hike. snapchat, interest also jumped after hours. yesterday's u.s. session saw $251 billion wiped off the market value, the biggest in history. i cannot get my head around these moves. matt johnson, that is his job, tech analyst for berg intelligence. pretty gargantuan move for

amazon. i have to go home and check my prime subscription and what i am paying for it. dani: it is only the u.s. that will see this price increase. 15% or so, $20 a year. most people are thinking that that more or less is expected for inflationary pressure. it is helpful for them because essentially thir retail business -- their retail business lost money. great topline growth really got them out of that hole so i think people were really pleased with that cloud performance given the $17 billion business. it is growing at 40%. people are worried that google and microsoft would be eating into that dollar position but it seems to be going great on cloud. for the first time, they revealed that appetizing revenue for the business growing at within 30% a year, the size of

facebook already, something people have been wanting them to reveal for a while. it encourages a lot more growth in that. i think people feel it's going to be a bit more robust given what we have seen elsewhere. dani: some inflation on the prime membership. people are willing to pay for marvelous miss maple. thank you so much, matthew bloxham, tech analyst at bloomberg intelligence. let's switch to the u.k. where the crisis surrounding boris johnson is deepening following the resignation of a long-standing aid in protest over an accusation johnson made about opposition labor leader keira starmer. let's bring in laura wright. more resignations. it is johnson's inner circle collapsing? laura: dominic cummings believes it is. push what is falling. johnson refused to apologize for

some really audacious comments he made on monday, accusing keira starmer of refusing to prosecute jimmy salvo. jack doyle has also gone. reportedly, he told colleagues it has taken a terrible toll on his family life. art and reynolds will return to the foreign office. -- margin reynolds will return to the foreign office. it was interesting -- martin reynolds will return to the foreign office. she soon asked sought to distance himself -- rishi sunak sought to distance himself. a vote of no-confidence requires 54. the bbc are reporting we currently stand at 17. notable is the chair of the defense select committee. johnson is being investigated by the police for the release of the few great reports were unequivocally damming.

things might get worse manus: manus: in may. thank you very -- and things like get worse in may. manus: to the winter on the backs, the opening ceremony takes place in beijing. some of the world's leaders are taking advantage of the event for their own political powers, some could say. kurumi mori is in the bubble at the chinese capital. what can we expect from the opening ceremony? kurumi: the opening ceremony is happening tonight within a few hours. the shuttles are leaving. it is definitely happening. all eyes are on vladimir putin who will be the highest profile yet at tonight's opening ceremony despite russia being officially banned due to doping.

the two are set to meet ahead of the ceremony. it will be their first in person meeting in more than two years. u.k., u.s., australia, canada, among the countries not sending officials. japan also said it will not but earlier in the week, i did see hashimoto, the japan -- so they will still have some representation in beijing. dani: nancy pelosi urged athletes not to risk angering china by talking about its human rights record. how much of a concern has it been? kurumi: hello see calling it risky for athletes to speak out against china's human rights concerns. chinese authorities have warned foreign athletes to keep silent on politics while they are on the ground competing. there could be punishments for those who cross the line.

athletes can safely make political statements at the media briefing which happened right after the competition that we go to behind the scenes but some of the athletes we have been in contact with have said they would rather focus on the sports this time around it than risk their safety -- this time around than risk their safety. dani: i am ready to watch ice-skating. that is literally the only winter sport. manus: prime amazon choices and figure skating. dani: they make sense. they are both wonderful. both of us are here in london but the one member of the team we are missing is juliette saly in singapore. she has the first word news. juliette: i would love to be there. a cybercrime gang linked to russia was allegedly responsible for ransomware attack that took down a swath of germany's fuel systems.

black cat is said to have infected computers, rendering them inaccessible until a ransom is paid. regulators considering new stock trading rules in the most direct response to last years wild trading. the chair of the securities and exchange commission told bloomberg the changes could include shortening the time it takes to settle trade. >> it's about the plumbing of the stock market, which caught clearing and settling and how we can take some risk out of the system and also last year, the retail public fountain that they were foreclosed from trading. juliette: the u.s. is warning of a plot by russia to release a fake video in order to justify an invasion of ukraine. intelligence officials say the video was supposed to show a ukrainian attack on russian speaking people. the u.s. has signaled concern that russia could falsify

rationale for military action. the kremlin has denied plans to attack its western neighbor. global news, 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. manus: juliette saly in singapore. the bank of england was inches away from an unprecedented 50 basis point hike. we will hear from andrew bailey on why he prefers more gradual moves in u.k. rates. do not miss the interview. that is next. dani: the omicron variant is likely to create a cold snap in the red-hot u.s. job market but what impact could had on the plans? we will talk jobs later. this is bloomberg. ♪

>> i think it is likely that we

will raise rates again. it is more likely than not. i would say that however, please, when i say that, do not over interpret it. there are a think good reasons are forecasting our report to suggest that we will see inflation come off, we will see demand growth start to weaken. and that is particularly depending on the path of energy prices. we might see something faster and better. there is a lot of uncertainty. that to me is the key point. for me, it was a question of saying i think it makes sense to move 25 basis points. we have a period of time to assess that. >> market is pricing in interest rates at 1% by may. are they right? >> we have moved by 25. we are going to take stock. i don't have any number in my

head for march or may so we will take stock. when i say for the markets is you have a form of view based on what you are observing in the economy just as we do. >> are they after mark or could they be in line with expectations? >> we are going to take another view in march. >> of course. >> the balance sheet is said to be around 220 billion by 2025. even before thinking about sales. do you have an idea of where the terminal size would be in your mind? >> that is a very good question. we do not in the sense that we do not have a figure. we have no real experience on this front. we will have to find our way and the reason is that clearly, we are talking about the steady state level of central bank reserves in the system. there are two bookmarks, if you like. what it is today, where i would

say, you know, higher than the study states. what it was before the financial crisis, before we started the quantitative easing where it was very though and of course, it was not necessarily low from the policy point. clearly, the system needs more reserves. we have changed liquidity regulation for banks. banks have a greater demand for reserves so it is clearly higher. dani: manus: that was andrew bailey -- manus: that was andrew bailey speaking with francine lacqua after a dramatic boe meeting. the central bank was inches away from making an unprecedented 50 basis point hike but the deciding vote, the governor himself, says he favored moving interest rates gradually. meanwhile, over at the ecb in frankfurt, christine lagarde is no longer ruling out a rate hike. investors have brought forward their bets on ecb action, sparing a selloff across the region's bond markets.

a great deal to absorb. i have set a little bit earlier, it was a moment for the bond markets. do not read too much into it but of course they did and they took it away. he took it away on sterling and the rates market. the question is what do you think we are going to be had by the end of the year from the bank of england? over 1.5%? >> good morning. i think andrew bailey alluded to this in some of his comments. i think we need to use let this a little bit. we are just emerging from the biggest pandemic and from a liquidity perspective from some of the biggest emergency policy measures so we are normalizing rates back to a normal

relationship to growth. this is less about the pernicious headline inflation going through the system. the reaction of the bond market, to your question, is somewhat knee-jerk at the moment. i doubt the fact that the bank of england will actually move every single meeting for the rest of the year. i think that they will moderate and hike rates a little bit further but we actually think the inflation numbers, as did andrew bailey, will start moderating. i suspect the markets are somewhat overdone here but even saying that, we are still well below the monetary policy levels we had coming out of 2019 and into 2023 covid. dani: i think i will be a little cruel and read bill's own words back to him. i was looking at the notes you sent before the show and one thing stuck out to me. you said there is a difference

between normalizing monetary policy and hindering economic growth. are we at risk of crossing that line anywhere? >> i think so. this is the really good, positive environment. we are right in the middle of midcycle, just seeing that expulsion of growth given by this extraordinary stimulus, just monitor rating -- moderating the policy. if we are at risk of the markets trying to price in a policy error, if you like, in the bank of england, if they hike every meeting for the rest of the year and we do have inflation moderating, you could end up putting the brakes on growth just at the point where the global economy is getting back on their feet so i suspect,

whether it be the fed where the bank of england, we will get through q2 and we will find some of these expectations for policy hikes moderating. manus: i thought it was interesting when christine lagarde talked about the employment situation in this country. she did not use the word brexit that it was certainly as a result of brexit. let's talk about the currency because the impact was not just in the rates market. sterling was up on the back of a dollar. stephen england -- we were looking at this this morning. he said, look, you sort of rally into these moves from the short end both for the currency and the rates market and then we face a little bit of exhaustion. if you think they do not manage to do the 1.5%, it is presuming. is there a consequence in the fx market for euro two christmas 2022? >> the fx markets do generally

become quite reactive to some of these policy statements and they anchor themselves in very quickly to things like interest rate differentials. what you really need to look at is the underlying growth trajectory, whether that actually supports the forward curve, if you like. i think even notwithstanding what i was saying about potential policy overpricing in the u.k., as it is expected in the marketplace, i think sterling will continue to be strong because the underlying economy is strong. the employment framework is strong. we expect the gdp to continue to rebound so we are pretty positive on the pound and we are still pretty positive on that as well. dani: bill, thank you so much. much more to dig into. bill street, chief investment officer at quintet private bank.

amazon capping a rocky week for the sector. they be on earnings that helped to send the stock soaring, helping to send nasdaq futures higher this morning. he did amazon save the tech reporting season? more on that, next. this is bloomberg. ♪

dani: welcome back to "bloomberg daybreak: europe." i am dani burger in london alongside manus cranny. amazon capped a rocky week for tech earnings that beat, sending its stock soaring as much as 19% in late trading. profits beat expectations thanks to cloud services with investors cheering a prime membership price hike. still with us is bill street. i want to ask you what your program of choice on amazon prime is but we have seen the nasdaq see its biggest decline

yesterday since september 2020. it is rebounding today thanks to amazon. are you buying the dip? >> we have been in it and we remain in a in terms of the u.s., the text, the policy growth story. this is still a very positive environment for growth stocks. it is still a very positive environment for technology. this technology super cycle has not finished. it has not changed. look, we have had the odds from the individual stocks but just look at the microsoft, apples, amazon, alphabets. they are hitting earnings, increasing their margins. they have pricing power for inflation because of their growth model. they will continue to do well. manus: in the brakes, for the

viewer's sake, he said we have possibly over rotated. not talking about my sports injury. what do you mean by that? we looked at the flows the other day. if we focus on the qqq, that was ripping out hard. too far, too fast. how do you discern into that kind of move in the qqq? bill: we came into this year, a confluence of events. we had some moderating on the macro growth gdp numbers and some moderating of earnings. this is again to the conversation we had earlier about moderating of growth. not a bad end of cycle growth environment. we saw this knee-jerk reaction of this rotation from the quality growth companies into much more defensive value stocks. this is not the right time to be

moving your portfolios through this sort of rotation. that was my glib point about rotating. if you step back, you look at some of these big sectors. actually, i wish i had not stepped out of these. dani: before we let you go, if you are coming in -- a question coming in from a viewer i really love. is faang as an asset class dead? bill: absolutely not. if you look at the key structural semantic drivers of the global economy as we open up, tech, the faangs -- productivity will be the story for the next few years. manus: the market is buying the dip this morning. the nasdaq is up over 2%. they are never dead. bill, thank you very much. bill street, chief investment

efforts are. the omicron variant is likely to create a cold snap in the red hot jobs market but the impact could

dani: good morning from bloomberg's european headquarters. i am dani burger with manus cranny alongside me in the london studio. this is "bloomberg daybreak: europe." amazon delivers strong results to help stem the row in stocks. nonfarm payrolls. the hawks have it. the boe hikes with officials pushing for an even bigger

increase. christine lagarde no longer rules out raising rates this year. let the talks began as the winter olympic games get underway, vladimir putin hosts xi jinping in beijing for talks. we have not talked about any earnings today but we have breaking lines. manus: from sanofi. we had a feast this week. though double-digit full-year business earnings-per-share growth. that excluding the fx volatility they had. 9.99 sales. that is a miss. the markets penciled in 10.46 billion. topline sales is a miss. i would say that forward guidance is seeing for your growth -- full-year growth. that is a little bit of a lower guidance. dani: that is micro. let's get to the macro. the doves have thrown in the towel. ecb, boe, hawkish language.

four members of the boe saying they wanted a 50 basis point hike in the previous meeting. manus: they are unlikely to get that far and go with a hike at every meeting. if you think of the two huge pivots we have had in the past 40 eight hours, it's action from the bank of england and intonation and tonality from the ecb. one is action and one is preparedness for action and there is a gulf between the two. in terms of where you end up in the boe and where you are in the ecb. lagarde did a great job at that press conference yesterday but she would not be drawn on where lift off would be. dani: the market wants soothing words from christine lagarde. everything will be fine. she would not say that line she said in previous meetings that it is very unlikely we would have rate hikes this year. she did not go there. manus: the situation has changed. when i make statements, it is

with conditionality. the risks are to the upside. we are up 40 basis points now for this year. the market things you will get 40 basis points from the ecb as opposed to 25 before that. let's have a look at the rest of the markets. we have facebook and amazon ratcheting higher. that is where we want to focus as a result of the ecb. euro-dollar up .8%. they are now going for a number of rate hikes this year. two from none. you get money for money in japan. a positive yield in five-year government bonds. the nasdaq futures, ground zero for volatility. the amazon members deliver a sense of reprieve. quality tech in that family. and you deliver, you will be

justly rewarded. if you underwhelm and stagnate at your peril, you will implode by $250 billion. 200 billion up from amazon at the close of business last night. dani: long-lived faang forever. let's get back to the central bank story. amid all of that action, there is one other key event that perhaps has flown under the radar and that is today's u.s. jobs report. fed officials and the white house have warned there is likely to be cooling off in that red hot u.s. jobs market. but is it likely to derail the fed's rate left off, march? with us now is the chief economist for america and europe at standard chartered. great to have you on the program. the thing that year estimates today, the street says 120 5000. your estimate is steeply under that. 50,000. what is the rest of wall street

getting wrong? >> we think that there is going to be an omicron effect. obviously, the payrolls numbers can give us a surprise but we are expecting this january 2 have been pretty weak. we had some evidence of that from some of the reports. it came in a lot weaker than expected. it was slightly softer. in the earlier week, we have had something of a jump in jobless claims. we will see a number today, 3.9% of unemployment rate. not moving up very much. that is on the assumption that the participation rate will have edged lower during omicron so it's possible we could see a step up again in the unemployment rate if the jobs report is really very weak. manus: good morning.

good to see you in london, good to be back at home. when i look at this eco-report today, it is a wages number. she drew that differentiation between what european inflation is and what u.s. inflation is but also the jobs market is structurally different and that is why the wages number today will be critically important. what number are you looking for and what is it that could relight the torch of a 50 basis point hike? >> looking at 0.5%. that will take wages up well over 5% year on year. an outside surprise to the wages number at the same time as a weaker payrolls number i think will set the alarm bells ringing. we would normally expect that he would get quite -- we would get quite a weak report.

lower paid workers are losing jobs or not getting jobs. the earnings gains have been highest their in recent months. that would suggest a week jobs number, strong earnings number would set the alarm bells ringing and it's different for the euro area for the time being. the concern in the euro area is where our wages going so far? it has -- so far, they have been under control but when we get to the second half of this year, we will see wage pressures building and you have unemployment at all-time lows in recent years. that looks like it is a jobs market in europe that started to heat up. dani: i cannot get over the numbers from earlier this week. 4168 is the number on your terminal. vacancies have never exceeded the number of jobless claims -- joblessness by so much.

you had openings exceeding our estimates. how would you characterize the inflexibility of this american labor market? sarah: well, i would characterize it as temporary. the result of the pandemic, we know lots of people have left the labor force. for a number of reasons, there are concerns over omicron, concerns over covid. we know that folks have built up cushions, excess savings, very elevated. all of these factors may mean you have people sitting outside the labor pool, and therefore, vacancies have just not been filled. we will expect that people will start to return to the labor force as those savings start to

dwindle and fears over covid start to abates. we would see it as a temporary phenomenon. clearly, it is more long-lasting, more structural issue than risks around wages and around the upward cycle for inflation so that will be something policy watchers -- policymakers are watching very closely. manus: the other dynamic is of course what happens with oil prices. it was flagged very clearly throughout the press conference at the ecb that this was a major risk to inflation being tilted to the upside. people are talking about $100 oil. how much more is oil, gas, energy becoming a more integral part of your level of concern as we go forward for economies, for growth?

sarah: that is the right way to look at it. there has been lots of discussion about the impact on inflation and it has clearly been a very strong driver over the past year, particularly in europe but we are also very concerned about the growth impacts, the headwinds that we see. real incomes shrinking in the u.s. and elsewhere. wages just not keeping up with inflation into a large extent, that is due to what has happened to energy prices. we are at a peak now in terms of oil prices. we think that supply is coming through for slightly lower oil prices over the coming months and therefore, we should see some of those headwinds to growth abating. equally, there should be some easing of inflation pressures, two. manus: sara, thank you very much. sarah hewin, chief economist at

standard chartered. breaking news. a cash dividend payout of 70% for this year. that is after they saw quite a comfortable beach on the top line revenue. we are looking for just under that. so quite a big beat for them. dani: it feels like the banking story of this period. nor day targeting a significant buybacks, upping their dividend as well. this is what investors want to see. european banks trading at their highest level since 2018. manus: and we are just getting started in where we are in the rate cycle. that is something to keep an eye on. let's get across to jewels. she is in singapore -- jules. she is in singapore. juliette: boris johnson's top aides to quit. johnson's chief of staff,

director of communications, and principal private secretary all resigned late thursday. perhaps most damaging was the departure of a long-standing ally. she was criticizing a controversial remark johnson made about the opposition labor leader. a cybercrime gang linked to russia was allegedly responsible for ransomware attack that took down germany's fuel distribution systems, hindering payments at some stations. hackers using ransomware known as black cat are said to have infected computers, rendering them inaccessible until a ransom is paid. american express is encouraging staff in the u.k. and in new york to start returning to the office early next month as covid cases recede. the company previously said most colleagues will work remotely at least part of the time even after the pandemic subsides. they call the plan a safe approach. global news, 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg.

dani: thank you so much. juliette saly in singapore. coming up, the winter olympics may be about to get underway but the politics remained very much in play. president putin lands in beijing for the opening ceremony with his first in person meeting with his chinese counterpart into years. we have more on that, next. this is bloomberg. ♪

>> the 2008 summer in beijing showcase china's rise as a global power. nearly 14 years later, the winter games are happening in the same city but a different world, one where a pandemic is

raging. and tensions between china and the west are worsening. fresh outbreaks continue to challenge china's covid zero strategy. for the games, that means confining the movements of athletes and other participants inside a bubble, isolated from the public. those unvaccinated will have to quarantine for 21 days before heading to venues. like japan's summer olympics, there will not be any foreign spectators. locals cannot buy tickets to go and watch. the winter games are also a dissenter -- at the center of -- the u.s. and several allies will not send official delegations although their athletes are still competing. beijing has slammed washington, saying it will pay a price for the diplomatic boycott. sponsors also face risks. u.s. lawmakers and human rights groups have been urging them to pull out but doing so would offend china and its massive

consumer market. even as the challenges grow, president xi jinping is promising a simple, safe, and splinted under olympics. hoping to seize an opportunity to again project china's strength and confidence to the world. manus: let's look at some of the major issues ahead of the opening ceremony which gets underway later today. let's talk about the geopolitics of the games. we are joined by crystal on this story. thank you so much for being with us. she has not stepped foot outside of china in more than 600 days so some bilateral meetings on this agenda. what are you focused on? >> definitely right. they are going to be watching the meeting between xi and putin. that will be the first

face-to-face meeting in more than two years. they warned about russia's potential invasion into ukraine. we have seen russia calling for stronger ties. it wants to play a stabilizing role with china. the question will be what that means for the west if these two nations were in cooperation. dani: at the same time, we have this u.s. led boycott. how does this compare with historical boycotts? >> is definitely not new. we see 65 countries having boycotted them. in the 2008 beijing summer olympics, -- they went for the summer olympics. they only chose to attend the closing ceremony and not the opening ceremony. manus: just on the attendance,

who is it? so much will be read into this in terms of who decides to stay away. >> we already know that the diplomatic boycott involved countries like the u.s., the u.k., denmark, canada. in terms of countries actually going, we have five central asian states going. five democracies are also growing. there are those who take the middle road, not sending government officials but also not calling it diplomatic boycott such as japan and those who have cited the pandemic. dani: thank you so much. krystal chia on all things olympics. coming out, we are going to turn back to the tax base as u.s. futures take. amazon stores. more on that, next. this is bloomberg. ♪

manus: it was a strong holiday quarter for amazon despite supply chain disruptions, labor shortages, and rising input costs. as companies posted 137 point $4 billion in revenue, touching street estimates, and really neat on the bottom line, it was monster profit driven by gain in the investment in the ev maker but also strong performance in the cloud unit and in advertising which was broken out as a line item for the first time. the after-hours moves were driven by a boost in price to amazon prime. the subscription will rise to 130 nine dollars and the u.s. and on the call, executives are at pains to point out that this is not just about a discount on shipping. there is a pipeline of sports

content. more that the rings should be coming this year. one of the big movers in after hours was a snap surging as much as 60%. much stronger than the street. a surprise profit with a one cent per share profit profit nonetheless. the moves in after hours, in futures, and a look ahead to friday might see a turnaround from what we saw during thursday where the nasdaq 100 had its biggest drop since september of 2020 a driven by the plunge in meta. that is the biggest single day drop in market value by a u.s. company ever in history so we will see if we turn the corner in financial markets led by tech stocks such as amazon on friday. ed ludlow, bloomberg news, san francisco. that was the very latest on

amazon. the selloff in american tech stocks, the biggest overall since 2020 in late trade and then amazon and snapchat, they turned the story around. we have a rate story, equity story. it is the bond market that wags the equity dog as it were. you have japanese bonds above zero for the first time since 2016. this is unprecedented. what will the bank of japan do to push back against that? there is a breathlessness to the bond market and the question i have is the bond market has laid down the gauntlet. do we run into exhaustion on this repricing? dani: we will see some things pushback. the rba pushed back to some degree and you have to imagine produce well pushback against that, too. we are also witnessing another big turnaround in the nasdaq. those futures up within 2% after seeing the biggest drop since 2020. that's did -- let's dig into the

tech market. matt, we were talking to someone who said the trade is not dead but one of these things i cannot get over is this idea of faang no longer trading as a monolith. will we treat them differently? >> these are fundamentally very different businesses. the advertising business is about one third the size of facebook so it is a much more diverse platform. facebook is completely exposed to the advertising market and the tech revolution cycle, people's eyeballs moved from platform to platform. people are enamored with tiktok. who knows what it will be next year so i think that they will swing around a lot more and that will affect people like snap and pinterest, too. manus: who are the active users on facebook? where are they migrating to? is

that to snap and pinterest? snapchat is huge in the uae, the modus operandi. i am not -- i have enough social media to cover. here is the point. where do they play into this? >> mark zuckerberg said our northstar is the younger age group and that is where snap has been strong. snap has this big profile but in revenue terms, it's $1 billion against facebook's dirty $3 billion. it is a really small business relatively speaking but you know, the younger age group is moving there. much more adapt in terms of bringing these kind of video -- a short video things people are really interested in and also tiktok is the big thing causing facebook problems. they have introduced reels from

instagrammed. manus: good to know where my next estimation is on social media. great to be back in town. the european open is up next. ♪

anna: good morning. welcome to "bloomberg markets: europe." i am anna edwards in london. mark cudmore joins us in singapore to take us through all of the market action this hour. cash trade is less than one hour away. here are your top headlines. amazon delivers strong results from the e-commerce giant to help stem the rout in stocks. today's market catalyst, nonfarm payrolls. the boe hikes with four of nine