ll departments, engineering, marketing, hardware, field techs. you can basically tell ziprecruiter who you need, when you need it, and they deliver. - [narrator] ziprecruiter. rated the number one hiring site. try it for free at ziprecruiter.com try it for free at ziprecruiter.com 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: downing street chaos, liz

truss' government hangs in the balance after her home secretary quits. rally pause, u.s. futures in the red, treasury yields at cyclical highs and more hawkish central-bank messaging. asian stocks are lower despite reports of beijing's talks on a shorter covid quarantine. oil marches higher. tesla shares a slide after hours after the company reports sales short of wall street estimates, citing delivery and production bottlenecks but elon musk promises turnaround. >> i'm looking forward to a record-breaking q4. it looks like we will have an epic end of year. manus: everything is epic for elon.

epic news out of nokia phone, about 25 years if that was a long time ago, third quarter sales 6.24, the estimate was 6.03 i need to fact check whether they still do phones. 6.2 4 billion euros, i don't know why i am laughing, full year net adjusted sales feeding on the estimates. very strong, dani, in terms of guidance. this is what's going to define the next move in equity markets, it's all about guidance from banks saying it is robust, nokia on tech, what if you got? dani: i've got ericsson. by the way i too had a nokia phone. erickson coming in as well, this is not a beat, it is amiss mess, third-quarter operating profit

7.2 billion, the estimate had been 8.5 billion, their gross margin weaker, for the 1.4%, the estimate had been 42%, looking at a mess for ericcson, we will be speaking to the ceo in the next hour. manus: let's get to asset checks because there is a: host of moving -- whole host of moving narratives, two-year paper still marching through the highs of october 2000 seven. kashkari still on the march to the higher ground in rates, bullard shows a narrative of a fisher in terms of a pause in 2023. 4.56. cable 1.12, stoic in the face of literally anarchy in united kingdom politics.

you -- yuan marches higher on the back of quarantine moving from 10 to seven days, and oil up 1.4% because the usa did not go for a belter of an additional spr release. dani: that combination of stronger oil, china mulling quarantine changes, higher yields and stronger dollar, the usual culprits for a risk off session. s&p 500 futures off .35%, tech doing worse again, if this means the fed will have to raise rates aggressively, the csi 100 has erased a lot of its gains. it was downgraded significantly, now it is down just a third of a

percent. i want to show what tesla did after hours, it was brutal, shares falling more than 6%. they had delivery logistics trouble, battery supply constraints and a strong u.s. dollar that all resulted in weaker than expected earnings. manus: we are hearing this dollar story begin to come through in terms of the not it can have, it is not just the chips and ships, but getting your product to market. lizzy burden continues her watch on the political fallout in the u.k., we will talk fed with enda curran, juliette saly has asia coverage on this china news. dani: it's been a evening and i guess a month of political turmoil and u.k. with liz trus'' premiership looking close to imploding. lizzy has been stake outside of

westminster the past week, probably longer if i'm not mistaken . >> it starts with prime ministers questions, the opposition leader did his best to humiliate liz truss on her u-turns in strategy, but later the government did a better job at humiliating itself. the prime minister lost the second holder of one of the great offices of state, the home secretary suella braverman ostensibly over a data breach. her resignation letter was scathing and called on the prime minister to quit herself, she was replaced by grant shapps, one of truss' political enemies. then anyone who did not vote against labour's ban on fracking was no longer a tory mp. during the vote, two senior

ministers were accused of manhandling a tory mp through the voting lobby though he and they denied it despite multiple eyewitnesses. somehow in the kerfuffle, the prime minister herself forgot to vote because she was begging the chief whip not to quit. in the early hours, we find out the whips have not quit. in short, it is total chaos and the prime minister has lost all control. manus: that just sounds like something from the sex pistols front cover, anarchy and politics in the u.k. how did the tories pull themselves back from this, because she has this one-year window. it's whether she decides to go or what can graham brady and the backbench 1922 committee do to invoke her departure? >> those conversations are being

had because it seems she is doomed. her backbenchers are absolutely livid. frankly her economic strategy has been decimated. she is now surrounded by remainders and enemies in her cabinet. the only connection she has to her base is that she has a hardline brags iter -- brexiter. if you remember when boris johnson wrote his resignation speech because he realized it was the end, many in westminster are wondering when liz truss will have that eureka moment. manus: there you go. it's just quite surreal isn't it about the whole thing. let's see what today brings hour by hour. to the fed. they stuck to the cautious tone in the beige book as it noted the u.s. economy grew modestly, and risk-averse session is rising and outlooks are dimming.

the st. louis fed president sees an end to the frontloading of aggressive hikes by early next year, keeping policy restrictive with small adjustment as inflation cools. >> we are predicting, at least the dot plot is predicting that inflation will come down and it will be a disinflationary year in 2023. the medium dots call for further moves in 2023, if you take that as the committee sentiment, there could be a decision to move that in 2022 at the december meetings. manus: let's get to our chief asia economics correspondent. see whether he thinks there is a twinkle of a fitbit in bullard -- pivot in bullard. >> maybe a can't have one. they are saying if they do frontloading now, then they get

to a point where inflation comes off. they could get to a point where they slow the pace of rate hikes makes year and they can watch and see what is happening with data. neel kashkari with similar remarks overnight making the point that when inflation comes off of oil they can see where they are then. that's not the here and now, but here in the now message from bullard and others is they still have work to do. you hear mr. bullard talking about still frontloading rate hikes into the end of the year, the market is locked on for 75 for november. mr. bullard is talking about a 2023 story. he did say some signs of pain are seen in the housing market, not suffering variable lag, that is real-time impact from rising rates. it is other parts that are less clear how interest rates will

hit them. companies are telling the fed there are seeing signs of softening their labor hiring tensions, customers don't want to take higher prices anymore and there is more chatter about recession as well. that will be an indicator of where we are a few months from now. dani: we might have to deal with china if oil keeps climbing like it is right now. thank you very much, our chief asia economics correspondent in hong kong. bloomberg is reporting that chinese officials are debating whether to reduce the amount of time people coming to the country must spend in mandatory quarantine. juliette saly has the market reaction in singapore, not only has the csi 300 paired losses it looks like it is in the green now? juliette: we had a terrible start to the day's trade, but in the last 10 minutes or so china has come out of the lunch break and we are seeing gains of now

.4% on csi 300. 10 days to seven, and five will be allowed to be in your home which is unclear if you don't have a residence in china. this is what market participants have been waiting for, but investors saying this is not enough for chinese stocks to bottom. and turnaround in hong kong trading at a 13-year low, and hang seng tech which had been down 5% in the morning session, a hot headline that china is holding an emergency meeting with chip firms to discuss u.s. curves. and a big pickup in offshore you want which hit a record low against the greenback overnight, now up .4% on this optimism of reduced quarantine. we are still on yen intervention watch, have a look at the 10-year yield topping the band that the bank of japan is comfortable with and prompting unscheduled bond buying. i know you're upset that i didn't like your theme to yesterday -- theme tune, i'm

thinking maybe pink panther as we await intervention on the yen. [laughter] manus: i will have to go into the back catalog, that is as much singing as he will get out of me. juliette saly in singapore. nordea bank ceo is in the wings, frank vang-jensen will talk us through the risks. and he has got an optimistic outlook. on bloomberg. ♪

manus: nordea bank results are on the tape, the helsinki lender posting higher-than-expected net income for the third quarter and said lower costs would contribute to the improved

outlook. joining us now is frank vang-jensen, the ceo of nordea. well done on the numbers, a comfortable beat on the estimates, was it on cost-cutting or what has the delivery been? good morning. frank: it was a strong quarter with strong credit quality, that lands at 1.3 billion euros in operating profit. income was up 7%. [no audio] manus: we seem to have just lost the telephone line for now. it's interesting that this is a ceo talking about cost to income ratio at 48-40 9%, it's going to be a tough quarter in terms of how they are positioned going forward. we're going to try and redial,

and look through the rest of these numbers for a moment. dani: third quarter net fee and commission income was slightly lower, this is something banks around the world are facing. their numbers were 860 million euros, the estimate had been 824 million euros. it's this idea of more uncertainty and volatility means corporate lending makes things tougher. if i could read from the press release what he said there, it is about increased macro uncertainty with higher inflation and lower gdp forecast. manus: frank, good to have you back with us. you talk about macro uncertainty, what's the biggest headwind in the back end of 2022 entering 2023? frank: it's a very uncertain environment. the question is how we translate

into p&l and the balance sheet at nordea, that's a different question. what we experienced in the water was -- quarter was a strong activity in the corporate sector. corporate's are active in the nordics with event driven situations, for example, acquisitions [indiscernible] dani: it sounds like the phone line has gone again. manus: i think we will -- we are going to take a pause for thought. let's see if we can reestablish communication lines. dani, what also we got? dani: we will talk about other earnings that happened overnight. musk promising an epic end

to the year despite falling short on estimates. this is bloomberg. ♪

dani: the drinkers are still out in full force, perond ricard a beat. to me, this points to another consumer facing company with strong earnings. the consumer is still strong despite attempts by simple banks to cool this economy. manus: and is something which will sate you as you drink your pastis this evening, they have a

buyback of 750 million euros. what you have got to ask yourself is as the world travels again and emerging-market three open, but guidance drove the first quarter which was the recovery in trouble in emerging markets. if china moves incrementally forward from zero covid, it will have a pervasive affect not just on travel, on oil, currency, consumers. everything is critically dependent on supply chains, and patient, on -- inflation, on incremental moves in china but the buyback is pretty important. dani: especially for where and how these shares opened today. they are planning a capex of 7% of net sales here. this is something pointed out in data, the decent corporate earnings means they will not

reduce hiring or slow spending. some dividend lines, they are planning a dividend payout of 50% of reoccurring net. manus: let's shift the state a little bit, not that there are sticks in tesla's anymore, it fell short of the estimate. that prompted elon musk to assure investors that demand for the company's cars will remain strong. >> we are looking forward to a record-breaking q4. it looks like we will have an epic end of year. manus: he promises an epic year, not on would. -- knock on wood. we have a cool chart, 4768 in the video library.

they have for the first three quarters of this year done what they did in the whole of last year, that is the good news. dani: i was doing quick math. musk said tesla would soon be worth more than saudi aramco and apple markets' cap combined. that means tesla's market cap would have to increase by 520%. if that's not a bold vision, i don't know what is. manus: and on the buyback, this was on the tliv, have a look on your bloomberg there is a retrospective blog on the earnings. we talked about cash buyback, the potential is $21.1 billion, and the potential buyback of five to $10 billion, i think it's nice that he slipped a one-liner item on twitter,

"obviously, we are overpaying." dani: it is worth going back to the idea that shares fell post-market, they are still having logistics issues and it is that strong dollar. manus: let's have a look at those production numbers. in the first three quarters of this year, they have delivered pretty much what they did in 2021. that gives you a sense of the ramp up in terms of overall production even in the face of zero covid and production delays. there is a read headline rea we will have a debate on daybreak. we will come back to volvo in just a moment, it has split the whole camp. juliette has the first word news. juliette: liz truss' premiership looks fragile after a day of drama at westminster. the u.k. home secretary suella braverman who was fired earlier in the day criticized the prime minister and accuse the government of breaking pledges. tension is can't do ahead --

came to a head in a vote on restarting gas shale fracking. president zelenskyy has asked ukrainians to consume electricity with quote "awareness" tomorrow, the operator warned of rolling blackouts because of missile attacks from moscow. russia has extended martial law in four occupied areas of ukraine. french president emmanuel macron has used a fasttrack decree to push through his budget, effectively bypassing the lower house of parliament. the bill was debated for several days during which it became clear it would not gather enough votes to pass. his coalition is 46 seats short after losing its majority earlier this year. 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. we are going to cover volvo, third-quarter adjusted operating profit coming in at 11.87 billion, the estimate had been 11.99. macro uncertainty grabbing the headlines, saying there is increased uncertainty about macroeconomic development. order but remains good, this is for volvo trucks not cars, which is worth emphasizing. manus: north america looking at 300,000 units. full year for europe truck division, they still see full your europe at their have a thousand trucks -- full-year europe at 300,000 trucks. and i'm telling you, if this china reopening quarantine

incremental move has anything to do with these markets, you are going to see a pervasive risk narrative. if china is shifting on covid zero in any way, you are going to have monster moves on some of these commodities most especially on oil. dani: wti up 1.5% this morning, it was little changed when we first came in, so we are seeing significant moves. the fed spikes a cautious tone in its beige book. there is growing pessimism on the outlook. this

manus: this is "bloomberg daybreak: europe". i'm manus cranny in dubai with dani burger in london. dani: downing street chaos, liz

truss' government hangs and on the balance after the tory secretary quit. u.s. futures, chinese equities and oil head higher on reports of beijing talks on shorter covid quarantines. tesla shares slide after hours as the company reports sales short of wall street estimates, citing delivery and production bottlenecks. but elon musk promises a turnaround. >> we are heading to a record-breaking q4. in a word, it looks like we will have an epic end of year. manus: knock on wood, it's all going to be fine. the biggest line of risk will be on quarantine from china, it's

having an impact across asset classes. oil is bid up nearly 2% this morning. you've got a challenge on the rates narrative, 2's the highest since 2000 and, bullard talks about the end of frontloading. the market is more obsessed with neel kashkari. cable is 1.222, when is it going to take the pain of anarchy in the tory party? not much on the currency front, how much longer will liz truss be in number 10 downing is the m oot of the market, and dollar down on the news that quarantine may move from 10 days to seven days. juliette saly is dusting off her passport as we speak. dani: we can all meet in shanghai. csi 300 west down very significantly this morning, it is now a race, significantly in

the green. u.s. futures also erasing losses , the dreaded unch on s&p 500 futures. nasdaq in the red underperforming, the fear is if oil prices are moving higher, the fed potentially has to clampdown and raise rates more aggressively, so duration equities will do poorly. europe still down .1%, manus. manus: lovely around up, let's talk about the fed. they struck that cautious tone in the beige book as it noted that u.s. economy grew modestly with risk of recession rising, and outlooks undimming. the minneapolis fed president kashkari said the bank could potentially pause interest rate increases at some point next year, but only if there is -- there is a paid if in the story.

>> i want to see confidence that core inflation has peaked, then i will head back down in the right direction. financial markets are suggesting inflation should fall rapidly and the new year after. i certainly hope they are right, but have not yet seen evidence of that in play. dani: joining us now is nina skero, ceo of the centre for economics & business research, if we are looking at a china that is slowly moving towards opening quarantine and oil punches higher, do we need to rethink how fast the fed is hiking? nina: the story out of china is important, and it's perhaps not too shocking. we were saying just a couple of weeks ago, that we're going to probably see china quietly and cautiously start making moves away from zero covid after the

congress, which is right about now. the -- side of that was that hong kong had been in that part of the world, the leader moving away from zero covid. it is really the only lever china can immediately pull to get growth numbers of given that the other non-covid issue they have is with the property market, and that is a longer and more particular one to address. i wouldn't be surprised if this news is the first in a series of small announcements of china moving more in line with the west, in terms of his approach to covid, certainly they won't phrase it that way. in terms of what it means for the fed and u.s., even apart from the china story, the fed was probably coming close to an end of its hiking cycle. which doesn't mean it won't be

any hikes, we are still expecting another 75 basis .1, and another 50, then we think rates will stay around 4.5 next year and gradually starting to go down. manus: that's a huge amount you unpack. let's take the china portion of the story first of all. is it appropriate to extrapolate from incremental changes in zero covid policy that we could begin to build a different narrative on supply chains, and global inflation, those are the two most vexating points of zero covid, is that what we reassess? nina: it's hard to overestimate the role china plays in both supply chains and the global economy. i think it's absolutely appropriate to put a lot of attention on what's happening in china. and if they are showing signs of

changing direction on its covid policy, is going to have very real implications on the rest of the world. it's right to focus quite a bit on any signals coming from that part of the world in terms of what they are planning for the year ahead in light of covid. dani: i go back to my original question, at what point do you look at china and revise what you see for the fed, your inflation forecasts? what evidence do you need to see that will change? nina: at the moment what we've seen is already supporting our current view, which is inflation around much of the world is going to peak in the coming months and then gradually start falling. that is because we have already assumed china is going to gradually start opening throughout 2023. what would make us change our forecast is either accelerating

the process, instead of gradual news of quarantine, if we suddenly got something a lot more dramatic. or if it went on the other direction and we started seeing new signs of covered crackdowns. -- covid crackdowns. in terms of those two changes in direction, i would be a lot more surprised if china didn't proceed with cautiously dropping zero covid. manus: let's pivot to the u.k. in the space of hours, the chief whip resigned, grant shapps is now the home secretary and mp's were manhandled in the corridors of westminster. to say there is anarchy in the tory party and u.k. politics would be an understatement, but let's listen to the leader of the opposition.

>> the two-year energy freeze gone, tax-free shopping gone, economic credibility gone. and the former chancellor is not as well. manus: labour leader keir starmer almost rehearsing the narrative. i have never seen political chaos like this, does truss need to reinstate confidence in the u.k.? nina: i don't know what the prime minister could do to restore confidence. as you say, the stories out of the u.k. government, most recently the one about mp's possibly being bullied into voting are almost surreal. it is hard to believe in this

context we are speaking about the u.k. it's not my place to predict how long the current government will stay in power but the signs aren't good if you look at every front page of every u.k. publication. they are all counting down, some say days not even weeks of liz truss being in her current post. we are looking ahead to what will come out on the 31st of october in terms of obr costings, but all those measures have been overshadowed by what's happening on the political stage. and it's very hard to imagine the current situation persisting beyond a few weeks. dani: ts lombard has been putting it harshly, he has called the premium that yields are trading at "the moron risk premium," the u.k. needs to pay extra money tomorrow because of

this political instability. i know the words are harsh, but is it fair to say this uncertainty does demand an extra premium from the u.k.? even if trust leav -- truss leaves, even if we get reassurance from government that damages done? nina: the words are harsh but evidence to support the theory is there. it's possible to cause the extra premium that the leadership is costing in terms of borrowing cost. i think the problem is if there is a change of prime minister, it's going to bring into question everything we have heard from jeremy hunt. then there is going to be another cycle of okay, what policies can we expect? bit might be helpful to think if

we just have left a change in prime minister, order will be resolved. i suspect we still have a messy period ahead. and i don't think that premium is gone with her. manus: showing the front pages in the united kingdom, the guardian, the telegraph, "90-minute shouting match with liz," this is the former chief whip. and the sun, "broken," ironic that the pound has bounced up this morning. i think that is more a dollars story. but when you look at investment in the u.k., fdi, belief in the currency and re-risking of the currency, hedge funds believe in one to three years it will bounce back and they are buying it up. but when you look at u.k. assets

like the pound, is there anything in the world that can make people really want to be long? deeply discounted property assets, i get that. what about currency and the outlook for fdi? nina: now we have had two very sharp changes in the rhetoric about the medium and long-term direction of the u.k. we had the mini-budget rhetoric that the u.k. was going to be a high growth, low tax economy which marcus did not like at all , and made them question not only immediate prospects for the u.k. but also medium and long-term outlook. and how, if this was really achievable, once the market's judgment of that was cast, we now have a completely different rhetoric from the new chancellor at the u.k. is going to be a fiscally prudent economy. and market seem to have bought

into that narrative, and i think that's why we have not seen sharp downturns even in light have yesterday's news about the home secretary and the fragile vote. manus: as one of our guests earlier this week said, it's going to be rishi sunak ec onomics on steroids in terms of this chancellor. manus: thank you very much, nina skero, very measured take at centre for economics & business research. jules has the business flash. juliette: philip morris increased its offer for smokeless tobacco company swedish match. the u.s. giant offered $16 billion in may, a take would give philip morris a vast distribution network in the u.s. it says it will not increase

the price further. saudi aramco is pushing ahead with plans of an ipo of its oil trading business and what would be one of the biggest listing this year. it could value the unit at more than $30 billion. ibm shares have surged in extended trading after sales beat expectations. sales rose 6.5% in the third quarter on strong demand for software, mainframe computers and hybrid cloud services. however strong dollar weighed against earnings from overseas. that is your bloomberg business flash. dani: coming up on the program, e.u. leaders gather in brussels on the agenda, energy and the economy. this is bloomberg. ♪

dani: welcome back to "bloomberg daybreak: europe" with dani burger in london, that's me, and manus cranny in dubai. european leaders are gathering in brussels for a summit on energy and the war in ukraine. this comes after the commissioner unveiled a sweeping plan for energy prices. to debrief it all, we go to maria tadeo in brussels. there is a plan of action, but the question is, is there political consensus for it? maria: yes, and the big difference to two weeks ago in prague, this was still about the energy crisis. the issue was there were too many ideas floating. the big difference going into this summit, there is now a plan of action. the head of the european

commission has talked about the dynamic price cap. the joint purchases, demand destruction. there is now a number of ideas that have been consolidated into proposals. there is something european leaders can focus on and debate. the issue, i'm being told, is positions are still very far apart. a growing number of countries want to see series intervention. the germans still very worried about the cap and what it could do to supply. i asked a contact yesterday, are we going to ge at political deal to manifest in markets? he told me, this is going to be a very long night. we will talk tomorrow or friday morning if we have a deal, but definitely a long night in store for us here. manus: from a market perspective, when you look at your ahead prices in germany,

gas prices jumping by 19%. -- dropping by 19%. you can say they are broken markets, but they are indicative of hope versus delivery. what else has been discussed by leaders in terms of the fallout of the war? is it just unwavering support for ukraine or is anybody at that breaking point of we have got winter coming, anybody wavering? maria: yes, going back to your point this is an excellent point because a lot of diplomats say, a market has responded well to verbal intervention and now they want to see the real thing. one of the key factors that has driven down prices is storage which is almost 100% complete for this winter. but there is no question about next winter. but also the fact that european countries have stopped outbidding each other the way they were in august for gas.

in terms of unity, on paper, the head of the commission says it is autocracy versus democracy, we are in it for ukraine the long-haul. but two things, there is a message from viktor orban, the hungarian prime minister who says i honestly don't see a plan coming out of this meeting that is not expensive, and works for us. that could be a sticking point. overnight, a scandal in italy. there is now a leaked conversation by silvio berlusconi in which he blames zelenskyy for pushing vladimir putin into the war. this is not an anecdote, there is a severe warning now from giorgia meloni eight, she when i got the election, -- saying if you do not back italy in nato, you will not be in government. so keep a close eye on the btp

market and the italian story, too. manus: politics and markets are never far from one another. coming up, we return to the turmoil gripping the u.k.'s tory party. this is bloomberg. ♪

manus: it's a with me -- daybreak europe with me in dubai and dani burger at london hk. at 12:00 p.m. we will get the latest rates decision from ukraine's central bank, then turkey at noon with a decision on rates. 1:30 p.m. we will get hard data from the states, jobless claims, and by 3:00 p.m. existing home sales figures. later today, eu leaders gather for the two-day summit in

brussels. unity, that's what we are going to look for. dani: and we will also look for any twists and turns in the chaotic world of u.k. politics. it's been a day and evening, and weeks of political turmoil with liz truss' premiership looking on the edge. let's bring in lizzy burden. it seems like things continue to reach new lows. lizzy: never mind but humiliation liz truss suffered at prime minister's questions over how much of her policy and her chancellor had gone. the tory party did a lot more humiliation to itself in the hours afterwards. you had the home secretary suella braverman going, her resignation letter called in fact, for the prime minister to go as well. then you had a vote on fracking, the government didn't seem to be able to make its mind up whether it was a confidence vote in government. then you had a tory mp being

seemingly manhandled through the voting lobby in tears by two senior ministers, although he and they denied that, but there were multiple eyewitnesses. and then you had truss missing the vote herself because she was chasing around the chief with begging her not to resign. she did resign, her and the deputy whip, and hours later we find out they have not resigned. i can't put it any other way, absolute total chaos. my colleagues on u.k. government said in their piece that is not just ideological rigidity, political misjudgment. it's now amateurishness for the world to see and her backbenchers are absolutely livid. manus: abject chaos, the pound is down over 1%, lizzy you are going to have a busy day so we

will save you on reserves. the pound 1.1216. i love this line, "buy it now and suck up the short-term fall," i thought they have got the money for the margin calls. dani: let's hope so and the other market mover we will keep an eye on, oil up 1.4% on that report that china is looking at adjusting some of its quarantine mandates. what will that do to inflation, what will it do to central banks? "bloomberg markets: europe" is up next and we will export that. ♪

millions have made the switch from the big three to the best kept secret in wireless: xfinity mobile. that means millions are saving hundreds a year with the fastest mobile service. and now, introduci, the best price for two lines of unlimited. a just $30 per line. there are millio of happy mpers out there. and this is the perfect time to join them... save hundreds a year on your wireless bill over t-mobile, verizon and at&t. just take the xfinity mobile savings challenge today to see how much you can save.

♪ anna: good morning. welcome to "bloomberg markets: europe." i am anna edwards live in london. mark cudmore joins us to take us through all of the market action.