dani: this is "bloomberg

daybreak: europe". i'm dani burger in london with manus cranny in dubai. these are the stories that set your agenda. manus: u.k. prime minister liz truss faces a showdown in commons today amid a tussle at the, while the bank of england prepares to start delayed bond purchases. netflix can chill, shares shoot up in late trade after posting a beat on subscribers, after nearly a year of disappointing results. wall street continues its rally with an upbeat earnings season, asml hits the tape, nestle follows. with that in mind, good morning, asml, europe's largest semiconductor equipment maker, sales went from 6.1 billion to

6.5 billion, the estimate was 6.5 billion, and net sales in the fourth quarter expected to be 6.1 to 6.6, the estimate was 6.13. 15% of revenue comes from china, dani, good morning. dani: we are watching for any commentary on new u.s. export restrictions to china. growth margins were a beat, estimates have been 49 and a half, there estimate for the fourth quarter growth margin is weaker than expected. the estimate had been 50.3, two key customers tsmc and micron have cut spending, so that is a headwind for them. manus: there is delayed revenue recognition going into 2023 of about 2.2 billion, the essence

of the chip angst is biting is extending curbs on u.s. tech selling into china, those restrictions have everybody running for the exit. big players are pulling people out of china, but the first instance is the fourth quarter guidance which has moved incrementally to the upside at 6.6 billion. dani: we have so many earnings and some of the companies we are watching for today, let me take you through those, we are expecting nestle, the world's largest food maker, concerns about the consumer, economic turmoil, soaring inflation and the follow-up from the ukraine war. we will get mining company anto fagasta and a real estate investing firm. manus: we will find out more from the biden administration on what additional spr oil they may release, the voices warning about economic risks.

oil up .9%, cable studies at 1.1322, the bank of a live will do cutie just got on 30-year paper. neel kashkari says i will not pause until i see sticky inflation stepping back, and the dollar is flat, the bully in the schoolyard still punching above its weight. dani: the good news for equities is almost all hope is lost, that was the latest from the bank of america survey, calling for full capitulation. citi saying this morning that u.s. stocks out of all assets are pricing recession the most. we have a third consecutive day of gains for s&p 500 futures, 2.8% but again this week so far, tech outperforming. netflix earnings coming in extremely strong with a resurgence of subscribers.

europe up .6%, the region that is not playing ball however is asia, still down .3%. quite a lot to get through today , our reporters from around the world, lizzy is at westminster for a crucial day for u.k. data. aggi cantrill will take us through netflix numbers. manus: stephen stapczynski on hand to talk oil, jules in asia where there is a wobbler going on but we will get to that in just a moment, it is a huge day in the u.k., september cpi on the data front going to hit the tape in just under an hour's time, the prime minister liz truss might speak in parliament today hoping to regain authority amid fallout from her government's mini-budget u-turn. lizzy is out and about today, the prime minister needs to give the performance of a lifetime really at pmq's to pull it off,

they say they want boris back. >> indeed and unlike boris johnson, liz truss is not known for her rhetorical flourish. she sent her leadership arrival penny mordaunt to backer at the dispatch box but today is likely to be more difficult because the opposition leader keir starmer is likely to argue she has lost all credibility having sacked her friend and chancellor, kwasi kwarteng, and his replacement jeremy hunt having pretty much undone all of her economic strategy. you can expect starmer to focus on what he is dubbed austerity 2.0, his replacement jeremy hunt still has to find 40 billion pounds of tax raises or savings in order to plug be -- the

hole in finances, so all government departments have been told defined savings of 15%. the chancellor has committed to continuing the triple lock on pensions which says they will rise with either the highest of earnings inflation, up 2.5%, there are -- he may even raise bank profit. it is all a gift to labour, they have the biggest coleader of any political party in 25 years, and the chancellor's do to address the 1922 committee of backbenchers, so if she does not give the performance of a lifetime, it will be curtains for liz truss. dani: that is on the fiscal side, on the monetary side, the boe after conflicting reports will start late bond sales early next month. what sort of statement was a trying to give yesterday with this surprise announcement on qt?

lizzy: it is going to start sales a day later, after the chancellor's halloween budget. but it is not at the long end, this is where the difficulties arose, the market turmoil after kwasi kwarteng's mini-budget. this is the bank of england making the point that it is focused on fighting inflation. it won't be a backstop for the government, but it is going to protect financial stability. after winning the game of chicken with kwasi kwarteng, andrew bailey seems to be putting a confident foot forward. dani: thank you very much, lizzy burden outside of where the action is happening. manus, we're talking about asml to start the show, we have a quick line on new u.s. roles and their impact. manus: this comes down to the regulations from the biden administration, the impact will

be limited on 2023 shipments for asml from the u.s. rules, this is about their lithography products. but you've got u.s. suppliers, they are withdrawing staff from one of china's leading chip companies in the wake of regulations. the biden administration wants to restrict the export of some types of chips that help in ai, and they have an unverified list of companies. this is the first instance, asml 2023 shipments will be limited. netflix and chill. dani: shares have jumped after the streaming giant stemmed subscriber loss in the third quarter, there are hit shows, "stranger things" help add to .4 million members beating expectations, let's get more from our bloomberg tech reporter, is the worst over for netflix? >> it seems like when it comes

to the subscriber growth, the worst is over for netflix after two console orders -- quarters consecutively of diminished subscribers, we have seen 2.4 million added, and they are expecting more over q4, the holiday period for netflix which is a key time when it comes to new content they are putting out. it's interesting to note that netflix itself is saying it is moving away from announcing subscriber numbers, and focusing more on revenue. that might be part of a broader trend that comes from them about to launch this ad option in 12 countries originally in november. they are trying to move towards not just focusing on growth, which has seen them have to buck the trend in the first half of the year. but also looking forward to building the revenue going

forward, and looking at that as potentially more of a mature media business. manus: good to have you with us, we will see you later on, that is our tech reporter in berlin. first shout out for aggi, on the show in her due role -- new role, she has gone to print. fighting will tap oil supplies from the strategic reserves to ease energy prices. let's get more from our reporter in singapore. is this a political move? >> it's hard to say it is not a political move, is it a move in response to opec+ cutting output by 2 million barrels a day, the largest decrease since 2020? or is it a political move to shore up support before the election, if you bring down oil

prices, it brings down gasoline prices and people care about what they pay at the pump. if prices are trending more towards the four dollar level in the u.s. for gasoline, that will be a problem when they vote next month. so the biden administration is combating this on both sides, not just at home and abroad, but it is challenging because when opec+ is eager to rebalance the market and are looking at recession already starting and reducing demand for oil, could they cut more in response to the spr lease, and a future biting release in january, there are a lot of moving parts and it could be a long political game. dani: we will also see you later in the show, stephen stapczynski , our energy reporter in singapore. let's check on asian markets and get back to singapore with juliette saly. juliette: we are watching hong

kong as his today because we had the first policy speech from john li, investors have not reacted well, down 1.3%. they are trying to lure foreign workers as well, they have announced a two-year visa for those earning about --, they did announce a easing of stamp duty for non-permanent residence but you have seen a tick down in hang seng property index in late trade. covid cases in beijing a four-month high, and watching movement in the yields particularly new zealand, the two-year up four basis points after the hot inflation print yesterday. let's flip the board because we are on intervention watch, and there have been spikes coming through in dollar-yen, there is the music behind me. we are waiting to see whether there has been stealth

intervention, but you can see big moves where there is speculation there has. the finance minister is increasing monitoring of fx moves, and kuroda saying it is not surprising one-sided moves are bad for the economy. manus: that thumping dollar. what theme to do you want, jules? juliette: i didn't like that one, i think you need to work on that. manus: that's -- ok, i'll check in before we sing it on air. juliette saly in singapore. coming up on the show, the big hitters in european earnings, nestle hits the tape in just a few moments, how much did you pay for your sparkling water, your hagen-dasz, the

treasures of life did you pay up? this is bloomberg. ♪

dani: some breaking news, nestle earnings coming in. they are seeing full-year organic revenue at 8%, at the high end of the original estimate, the original was a range of 7-8%, but to be clear estimates had been 48.3%. the other important thing to note is nestle is facing high costs overall materials. however they are still keeping their margin estimates, operating margin they say will be around 17%. it is all about raw materials and consumer strength, manus. manus: the other side of that coin to the input side is on the output side, your hagen-dasz,

various products and kitcat's, is of course prices at 7.5% for the nine-months, the estimate was 7.1%. that is the inflationary impact coming through in the top line on pricing. but the question -- dani: say it again. manus: by the way, the biggest price rise in decades, 8.5% the biggest in decades, ok, mark schneider will be with the team later on he can answer those questions on how endearing is inflation -- enduring is inflation at 9:30 this morning london time. dani: i literally did not here, hence my confusing answer. manus: you want to be grateful

for that. dani: maybe then i would hear everything if you just sent me a tweet. let's get to our guest, randeep somel, fund manager at m&g investments, it feels like the u.s. consumer is holding up, nestle doing ok, what is your takeaway of the consumer this earnings season? randeep: if you look at united airlines, the consumer is not feeling the cost-of-living crunch or interest rate increases we have seen in developed markets. i think there is going to be a lag, but so far the results no matter which industry, so far, so good. also one positive, it looks like supply constraints really are using, other than obtaining people, all other supply

channels seem to be clearing quickly. manus: good to see you, randeep, i want your sense of perspective, citi had a big note saying the one asset class discounting recession is u.s. equities, down 22%. we have the most amount of cash on the side since 2001, but they are talking about capitulation. when you hear about that narrative, cash at the highest levels in 21 years, and an equity market down 20 p -- 22%, are they capitulatory extremes on the binomaial? randeep: european equities in

anticipation of how bad the energy crisis is going to get this winter. i think the anticipation is we have not seen the full effect of the fed, the bank of england and the ecb which is only just begun increasing interest rates. as that continues, there has to be an impact on the economy, otherwise inflation stays where it is that we are likely to see even higher interest rate increases. while it sounds and looks like capitulation, i think the point more is we haven't seen the bottom yet. company earnings do not yet reflect the wider economic expectations we're likely to see, and that isn't likely to dissipate. probably q1, early q2 once we have got through what is likely to be a rough winter, this branch of the u.s. house of representatives, all of that is

a concern the market is seeing. dani: a lot of uncertainty, randeep, when do you know it is time to step in and go along? -- long? randeep: what we look at is on a case-by-case basis. we have seen elevated valuations really come back, but it is across-the-board not just in certain areas. a company ipo to the same price they paid in 2017, google's parent alphabet have seen their market cap fall 30%. a unique business model turning out $65 billion of cash per year, yes it is dropping advertising revenue but no one expected it to stay there. manus: randeep, we've seen a reprieve in u.k. assets on the

currency side and we gilt market. ut is coming, maybe not of the longer end of the curve, my question is will 10% inflation which we expect to date break the gilt market because the bank of england will hike next month, this is not in everything though, is it? randeep: sterling is up, but 2, 5 and 10-year gilt yields are down more than a percent. u.k. market has started to calm down, there is more confident it's with the new chancellor jeremy fun. but it is where the fed funds rate is likely to increase at the next, and the ecb potentially talking about 75 to 1% as well, with inflation of these levels it is likely to come. i mentioned this disconnect we

are seeing between company results versus where we think the macroeconomy is trending later this year, around the beginning of q1. manus: thank you so much, randeep somel, fund manager at m&g investments. the bank of america survey has full capitulation on the way, equities will rally in 2023. or on the findings right here on bloomberg. ♪

>> chaim simone foxman in delhi. let's get the first word news. netflix is drawing again, shares jumped yesterday after it added 2.4 million customers in the fourth quarter, exceeding internal forecasts and expectations. the company grew in all regions

of the world and expects to sign up another 4.9 5 million in the current quarter. the strong slate of fresh programs attracted millions of viewers, including new episodes of smash hit "stranger things." the biden administration plans to release 15 million barrels of oil from the reserves. in an effort to ease oil prices, president biden will announce the plan later today, it comes amid rising prices at the pump after opec's decision to slash production. prime minister liz truss faces rebellion in her party if she is forced to abandon the so-called triple lock on state pensions. that is a commitment that they will rise in line with inflation, wages or 2.5%. it comes as departments are

being told to find savings of 15% of their budgets, effectively a return to austerity. the bank of england will start late bond sales early next month, but it will initially exclude long-dated debt at the heart of the recent market turmoil. the announcement comes as the central bank is on the defensive, the recent mini-budget forced it to start buying gilts in order to prevent a fire sale by pension funds. 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: it's day break europe, i'm manus, with dani. dani: liz truss faces a crucial showdown. netflix can chill. shares shot up after posting a beet in new subscribers after a year of lower results. european earnings getting into gear both asml and nestle sales beat estimates. manus you arved i had an eye on the bank of america showing we're near capitulation but our guest said there's too many risks with a u.s. mid-term, maybe the worst isn't over. manus: there's a desperation in the air. look at back-to-back gain, nasdaq up over 4 hct, i think

when you look across the asset classes it is that desperation that there's some kind of pivot or nadir but not korkt kashkari. and what signs of new release. i'm going to show you risk reversals, steady as she goes. two year yields rise. kashkari says, why would i pause? and the dollar is up and taight eighth. do we have by the magic of the queen of charts, do we have risk reversals? we could have a drum roll? let's see, let's see. maybe next. it's coming. dani: there you go. manus: there you go. this is the risk reversals. they're pairing their short bets on the point by the fastest pace since 2016. that says to me this goes back to what parikh said, it's hard to be short.

the whole world was short. there was such a demonstrative short position. and that's with the virulence of the turn around in the skew in these movements come where the calls are favored by the most since 2016. dani: it is remark to believe see one u.k. yields yielding less than their u.s. counterparts and sterile being one of the best performing a currencies since the mini budge, you wouldn't expect that given the volatility. and manus as you say in equityland it's the desperation that we have hit bottom and can buy the dip. you see a third day of gains. thatst what they're setting us pup for. nasdaq features off the high this is morning. still getting a boost from netflix which saw sub kriebers grow. equities up .6%. the consumer facing companies still seeing strong sales. nestle, we just reported those. strong sales equals good earnings, equal rally can continue but the rally so far

not continuing in asia, the asia pacific index down .4%. manus: president biden set to tap additional oil supply necessary strategic reserves in an effort to ease high gas lean prices. our energy reporter in singapore is all over the story. steven, this is not just the final release of the initial flurry from the s.p.r. but we're getting ready to hear the size and the scale of the next release. steven: yeah. you know, i think that's the big message. we are finishing up with the last 15 million tons, million barrels in december which is what was expected. they did say they'd like to re-- look to release more going into january especially if oil prices don't fall. what possibly could go wrong? this is something that he is trying to do to try to curb or

at least add some sort of downward pressure to oil prices, especially ahead of the elections in november. you know, the democratic party is going into a real yes difficult mid-term election season. gasoline prices are a hot topic. and he's running out of ways to reduce oil prices. you have this chart on the screen of the u.s. strategic petroleum reserves, lowest level in decades. if he's going to release more inian that puts the risk, when do you refill it? he said he'd refill it if prices hit $67 to $72 per barrel but if you have to refill it as a higher level that adds more pressure to the government and could potentially increase prices if it's a huge buying flurry. so that is a challenge that they're going to have to temper. but right now it seems that politics are in play for the biden administration. dani: it's all about politics at this point. there's been a lot of commentary on this cut and the politics behind it. we've had opec-plus nation

commenting on the output cut. what have we heard from them? stephen: opec plus surprised the market saying they'd reduce jut put by two million barrels a day, the largest cut since 2020. at the tame sy they said it's because of the view that the turmoil in the economy, there could be economic slowdown, a recession, maybe is already happening. and because of that that's going to reduce oil demand. what we've seen over the last few weeks and recently this week, these officials repeting that. now the u.s. accuses them of this being a political sort of game between the u.s., russia and saudi arabia, especially as countries kind of fight back against russia or the invasion of ukraine and their view that they don't want to import russian oil. now opec plus says this is not political. this is not to hit the biden administration any way or affect them before the mid term election. this is purely look at where we are in the -- opec plus

officials continue to say we've looked, it looks like we're in a recession right now perhaps and nand is going to fall. we're trying to get ahead of this. we don't want there to be some sort of oil prices later. we want to get ahead of this now, redeuce prices and stabilize the market. and they could do more. potentially in the future. that's one more thing to think about. as the biden administration looks to, you know, keep prices lower, opec plus could make moves that increase prices. it's also a geopolitical maelstrom in the making as well. manus: it certainly is. there's a lot of rhetoric flying back and forth in press he releases. stephen, thank you so much. our energy report for the singapore. let's get context. the founder and director of research at energy aspects, good morning to you. here we go. what size of an additional s.p.r. release are you expecting? the time scale?

and rita, is it just political to get through the mid terms for biden? rita: i'd say look, we are going to see continuous threats of more -- amrita: i'd say look, we are going to see continuous threats of more. this would complete the 180 million barrels. beyond that there are a couple of options including the legislative 26 million barrels due for this fiscal year anyways. we have heard murmurings that that's what's going to get released over december-january or perhaps january-february. that's definitely an option. and then of course there's the possibility and we know that they've been considering a much larger volume, potentially up to 100 million barrels with a very specific buyback clause. but again, given how low the s.p.r. already is, releasing that volume is going to really put the overall kind of context

of drawing down s.p.r. at a time when energy security is at the center of kind of government worries, really it's going to become a real kind of focus and ahead of the mid terms i'm not sure the administration necessarily wants that. because you know, right now with the 15 million barrels to be released in december, the u.s. goes below 400 million barrels. dani: what's the risk scenario when it's below 400 million barrels? what's the thing they need to avoid by releasing too much? amrita: you do have the ieae regulations or siplation -- stipulations that countries should have 90 days of import cover as strategic reserves. which effectively amounts to around 220 million barrels. because the u.s. has to -- has turned around from a big, big

number in the past few decades ago and right now it exports a lot of products. so you can net those numbers off but it's still 220 million barrels. but remember, the u.s. already has over 100 million barrels of s.p.r. coming out due to legislative clauses that they've signed, just a bipartisan act from between 2017 and 2027. so you need to net that amount. we want to deduct that in the 200's. and that really puts us very close to the iaea number. not saying they can't go below that. but again operationally things are going to get more challenging. and again, i bring back energy security, do we really want to despeet the -- deplete the s.p.r. we haven't even had a proper energy supply outage yet. manus: and the emma sis is on the word yet. we've got sanctions. we've got a price cut. we've got a number of things to break into.

amrita, let's get through a little more. we know things are strained between the house of saud and the house of biden. how fractured is the u.s.-saudi relationship and have we passed a point where, just how wounded or fractured is that relationship as you view it right now? amrita: of course right now the relationship isn't particularly strong given the war of words we've seen but particularly from, i would say, the white house, given how they have take then opec plus decision. having said that, i have heard a lot of people talk about how this relationship is beyond repair. i don't believe that. both sides have through their ups and downs. fair share of that in the past couple of years and even decades. the relationship between the two countries goes beyond oil. defense is a very big part of it. and just being a very important ally in the middle east for the u.s.

so there will be ups a and downs for sure. i do think the relationship will recover from where it is today. dani: does that mean nopec legislation, the chances of that are pretty low? amrita: we think the chances are pretty low, especially ahead of the mid term and if it it's not done before the mid term it restarts in january and may lose momentum. there are a few options for the u.s. there's the possibility of nopec and talk of reducing arms sales. that's on the political side. on the oil side it's focus on the s.p.r. there are rumors about a lot of big numbers but i think it is going to be a smaller number that ultimately gets released because of what the constraints are for running down the s.p.r. continuously. manus: we're still trying to understand what the price cap will be from europe. alexander novak made it clear to

me it would mean a reduction in production for russia in the near term on a price cap. extrapolate for me and the market this morning your best estimate of impact of price cap and the fall of crude, does it just go in bunkers? does it gooff shore? where does the russian goal go to when it's got new sanctions on deck and the price cap? amrita: in terms of the price cap, if it's just a g-7 price cap it doesn't have any impact on the balances because the g-7, the e.u., the u.s., they have already or are going to be banning imports of russian oil anyways. the price not only has material impact on our balances should china and turkey, and india, the three biggest buyers of russian oil agree, and there's no indication whatsoever that they'll agree based on that, no change whatsoever to what we have been expecting.

the. u. embargo on the fifth of december is very important because around that time the e.u. has to stop importing anywhere between one to one and a half million barrels a day of water-borne russian oil. that will sail much longer, rather than three to four days will have to ship between 30 to 50 days to find new homes. and then ball last back. that's where it will get trickier. this is where it's tied to the price cap. if shippers and say ship owners and others, greece being the biggest one derek sides it's too risky for us to ship -- biggest un, decides it's too risky for us to ship then you'll have a problem. dani: what's your near-term view on where oil prices go? what level are you looking at? amrita: i think it'll remain under pressure in the near-term. we've got french strikes going

on, that's putting downward pressure. into december, still firmly believe that we are going to be headed well above $100. dani: ok. above $100. i'm afraid we have to end it there. impressive stuff as always. bold calls and you do it just in the nick of time. amrita, director of researched a energy aspects. coming up we'll talk more u.k. with prime minister liz truss due to face parliament as she seeks to rescue her failing premiership. we get more on that and the imminent c.p.i. reading. this is bloomberg. ♪

dani: it's a big day for the u.k. today. september's c.p.i. reading is due at 7:00 a.m. london time and

embattled prime minister liz truss is due in parliament where she hopes to overcome the issues. the prime minister needs to give the performance of her life at today's p.m.q.'s. can she pull it off? >> the question m.p.'s were asking penny morton on monday when she was sent to bat for the prime minister at the dispatch box is what is the point of liz truss now that she's got rid of her chancellor and most of her economic strategy has been olit blit rated? that was the question they can ask to her face today and the attack line the opposition leader is likely to go on with is austerity 2.0. because the chancellor, jeremy hunt, has reportedly asked all government departments, bar health and defense, to shave 15% off their budget because of

course despite taking a wrecking ball to truss-onomics he still has to find $40 billion worth of savings. -- 40 billion pounds worth of savings. he hasn't committed to protecting pensions and pensioners, such an important constituency for the party. he may also raid bank profits which is important for our audience of course. manus: absolutely. between special taxation, let's say on oil companies and then the banks, it's going to be a double pronged attack. but of course it's -- our guest the other day talked about what we could get if this chancellor. the bank of england dethraid sales of bond until the start of next month but they're not going to brutealize the long end of the market, the 30-year government bond where they had all the disruption. a surprise statement on q.t.? lizy: let me translate what the

bank of england is getting at here. not everyone has been so happy with b.o.e. in history. they are trying to say they'll prioritize fighting inflation, they're not going to be the back stop for the government forever. but they're also going to keep a watchful eye on financial stability. it's andrew bailey putting a confident foot forward and perhaps he deserves to because you can also see that the l.d.i. funds which were at the heart of all this market turmoil after the mini budget do seem to have fortified themselves. so the bank is saying that it will get on with q.t. but it's just going to leave the long end for now at least. manus: liz sy, thank you very much. -- lizzyy, thank you for joining us. let's dig this the economy side

at the top of the hour. john is with us, he is bloomberg's u.k. team analyzing the data and economics front. here we go. double digit inflation on the headline. and the core. that's what we're expecting, john. what does it mean for consumers? john: good morning. for consumers it's straightforward unfortunately. i mean looking at inflation hitting 10%. that's when c.p.i., and over 12% on r.p.i. with this measure. obviously with wages rising and the -- in the reof 5 1/2% or so, they will continue to be squeezed and consumers will continue to feel the pain. obviously the political of the last month or so has been that much, plus market rates have jumped. the new chancellor has decided

to roll back a number of consumer support measures, including energy places, until next year. this will, the person on the street will have a continued squeeze which is going to be really hard to cope with and there's no one copping to bail them out. as lizzy was saying, the bank of england is focusing on inflation and chances are will probably get a one percentage point rise in the bank of england base rate when they meet in november. dani: ok, john, thank you very much. of course you over at the wealth team in u.k. concentrating on how this affects the consumer, important stuff, john stepak from our bloomberg team. hollywood breathes a sigh of relief that the worst may be over for netflix. we'll have more in a moment. this is bloomberg. ♪

manus: netflix stock jumped in extended trading, that's an understatement, it's 14% higher. subscriber losses have ended. "stranger things" helped add 2.4 million members. bloomberg's berlin-based tech reporter, aggie, is here. it's dangerous ground you're on. but a great set of numbers for netflix. is the worst behind them? >> when it comes to subscriber growth it seems the worst is behind them. those were two quarters that were very painful for netflix going into the first-of this year, we had q1 and q2 with the lowest subscriber numbers. but then they seem to have bucked that trend. this is also something worth

pointing out that their subscribers are growing and they're forecasting more subscribers, 4.5 million for q4 around that crucial period over the christmas period for new subscriber growth. but what's interesting to see is potentiallies this something they're moving away from focusing on in future earnings reports. they'll focus more on revenue and less on subscriber growth now that they can prove to investors that they are still growing. something i found interesting is what the dollar strength means for their markets abroad. like for instance in asia, in the asia pacific region, while they may have been able to increase their subscribers, the average revenue per subscriber is lower which essentially means that people are worried about the squeeze on their income and potentially opting for cheaper options of the netflix package. dani: i'm going to give you a hard task. 30 seconds here. what are we expecting from tesla

later. aggi: three crucial things from tesla are the demand, there's a concern over demand, there's a concern over deliveries, and also the other big question is whether or not musk is going to sell any more of his tesla stock going into the potential effort for him to buy this -- to buy twitter. that might close next week. manus: ok. aggi, certainly under pressure from its record high you did well. 30 seconds. rock and roll. dani, we'll head over to the bloomberg markets europe team. what a sun reis in london. dani: beautiful. manus: this is bloomberg. ♪

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♪ anna: good morning. welcome to "bloomberg markets: europe."