dani: this is "bloomberg

daybreak: europe," i am dani burger in london with the stories that set your agenda. using tensions -- president biden and xi ease tensions during a meeting in bali. the biance founder picking up the pieces after the collapse of ftx. and amazon braces for slower growth and warned buffett takes eight $5 billion stake in a chipmaker. yet another day of a monster rally in china. it is euphoria in the most beaten-down stocks in china. day four of the rally, driven by hopes of saving the economy with help for the property sector, but also easier policy when it comes to quarantining covid zero. these are two big narrative seeming like they are starting

to shift. the other big china narrative potentially shifting is icy u.s.-china relations. we will get more on that in a moment with stephen engle. that is allowing hong kong tech the past two days, now the rally has a stacked up to 7.2%. we are headed toward a technical bull market with the rally of 20% from lows, but it is still off a lot from highs. something like 40%. there is still a ways to go and it feels like the majority of the rally is coming from china stocks that have been sold off the most. maybe short covering, but regardless, euphoria spreading to u.s. markets, s&p 500 futures up 500% -- futures up 5%. it is driven by the china narrative, the u.s. narrative is not euphoria, it is one of inflation and trying to read the tea leaves from current fed speakers. what we have heard so far is curb your enthusiasm cpi report.

you've got brainard yesterday saying it is appropriate to soon slow the rate of hikes, but we still have additional work to do. that additional work showing up on the u.s. 10 year yield, up about two basis points. pressure on the front end of the curve yesterday as well. the bloomberg dollar spot takes a breather. little changed. nymex crude continuing the decline. opec cut their outlook. it's part of china possibly reopening. demand concerns outweighing supply tightness. bitcoin resuming its climb up 1.8%. the binance founder has been tweeting a lot, sort of posing as the savior, putting bitcoin into a better position, still below $17,000. let's get to geopolitics. i mentioned that presidents

biden and xi had a three hour meeting on the sidelines of the g summit in indonesia. let's go to bali and talk to stephen engle. you are a lucky man there in bali. expectations were low for this, weren't there? stephen: this is a significant steppingstone if you will in the recovery of relations between china and the united states. white house likes to talk about putting a floor on deterioration of those ties, and by all optics, it looks as though xi and biden enjoyed each other's companies, the broadest smile i've seen on the face of the chinese leader in quite some time. they did talk about the thorny issues, obviously taiwan and chips and the like, and also human rights, which biden brought up with xi jinping.

they also agreed to continue dialogue on climate change, the food crisis, and also down the road improvements on military, military dialogue. there was a bit of camaraderie, but still some thorny issues and even biden in the press conference late yesterday said this was not necessarily -- i paraphrase, this was not a kumbaya moment, not everybody will walk out with what they wanted, but at least there is talking again. secretary of state antony blinken will be going to china to continue the dialogue. what is happening today is also very interesting. we are getting word that all of the leaders have agreed to a compromise in the closing communiqué. there was a threat there would be no communiqué because of the verbiage on the war in ukraine. it looks as though, and i have seen the draft communiqué, it

has been confirmed as authentic by alterable sources to bloomberg news, they will take out the wording of russia's a war in ukraine, they will say the war in ukraine, dropping toward russia as a bit of a compromise. again, that has been a sticking point getting all 20 nations to agree to condemning outright russia's war in ukraine, but it has been at the backdrop of all of these discussions. dani: there is a lot domestically happening in china as well. we had weaker data coming in this morning but at the same time, euphoria in these markets over potential help to the property -- not potential, actual help to the property sector, easing some covid zero rules. xi meeting with other world leaders, is this a china more willing to open up and potentially help the economy? stephen: that is an interesting question. obviously we've seen moves by the chinese leadership of late

to put out a 20 point plan to essentially alleviate the stresses on the people and the economy due to covid zero, the covid policies, and also the 16 point plan to rescue the embattled property developers. that s -- that has helped lifted the markets and the sentiment itself. after we got this fairly buoyant meeting between xi and biden, you have xi jinping meeting with emmanuel macron, another meeting this afternoon with the south korean president as well as the australian prime minister. if you know the geopolitics out here, the relationship between australia and china is just about as fraught as the relationship with the united states. it has been frosty several years. this is an opportunity for australia, which has commodities and food exports and the like that china needs as well as

australia needs china. it is relationship that worked until the last couple of years. if they can move the dial a little bit on getting communication again, that would be a significant development out of g20. dani: ok, thank you. stephen engle keeping us on track of the g20. to the tech world, where jeff bezos says he will give away the bulk of his fortune during his lifetime, that from an interview on cnn. hours before the big amazon news they are planning to cut about 10,000 jobs. joining us is alex webb on the phone. we knew that amazon was at least halting some hiring but now it is letting folks go. how did we get here? alex: it started during the pandemic with amazon expanding rapidly and it became clear that

it perhaps over expanded. they have started freezing that expansion. now it is costs that are taking up, energy costs and they needed to find other ways to cut costs. unfortunately it looks like the employees. these are people building new products, things like smart speakers, the delivery robot, these are the people getting cut. it is about 3% of corporate employees, 1% of the total employee base. dani: alex, thank you very much. bloomberg's alex webb on amazon cutting about 10,000 jobs. breaking lines to give you over credit suisse, they have agreed to sell the majority part of their spg unit to apollo. this is their securitized products group. when they announced the

restructuring, they said apollo was the interested party, now we have the details. this transaction set to be completed in the first half of 2023. it means their spg assets are about $75 billion at the moment, and through the sale they will be reduced to about $20 billion. that is a significant unloading of these credit assets. under these terms, it will also strengthen their capital ratio. the premium will be paid by apollo. the final amount will depend on discount rates. we know that is currently moving a lot considering rate hikes and other transaction related fees. this is credit squeeze agreeing to sell a major part of its spg unit two apollo. turning to the crypto world, where the binance ceo says he's forming a crypto industry recovery fund. details are scant, but it comes

after ftx collapsed last week, saying -- sending the industry and prices into a tailspin. ken griffin also weighed in on the downfall of ftx while appearing at bloomberg's new economy forum in singapore. ken: ftx is one of these absolute travesties in the history of financial markets. i mean, people will lose billions of dollars. people are going to lose billions of dollars. and that undermines trust and all financial markets. dani: alongside can griffin, who else is in singapore but our very own manus cranny, therefore the fifth annual bloomberg new economy forum. we miss you here, great to see you at the new economy forum. incredible sound coming from leaders there. you got interviews coming up as well. manus: yeah, you've just played can griffin making it clear the

word trust -- it is hard to win trust. it is easy to lose it. he calls billions of dollars of losses in the crypto space. you'll see a migration and concentration of capital. that's what will happen in a post ftx world. it's what happened in 2008. it was the transfer of capital to the strongest banks on the street. massive consolidation, whether forced by regulators or by choice. that is that end of the story. i think the one narrative here, henry kissinger was the first guest, i think he set the tone. we've gone from the foothills of a cold war to a precipice. this is about bridge building. dr. kissinger: i would say we

are at the beginning of a bridge building effort. it is positive so long as we remember that if the bridge doesn't get dealt -- built, the precipice remains. but the opportunity is greater now. manus: the question to kissinger is how do you prevent a war and and a war in ukraine? he had a clear line, the door is open. we've had this in various moments in history where there are magnificent moments for great leaders to jump through and have a rapprochement. the question is will those moments be squandered? i think the vice premier for china also appearing here in the first opening comments, the door -- we want to deepen the opening up between the u.s. and china. this dovetails amazingly with xi

and biden last night. there is hope the u.s. can work in the same direction with china. this is about incremental steps in the geopolitics of the world. we should not over egg them but i pay attention to kissinger. we had the moet hennessy ceo, apparently partying like the roaring 20's. i could see you in one style and me in a dinner soup dani: you're never -- dinner suit. dani: it is absolute euphoria and chinese equities from the reopening story. i wonder if the folks you talk to, you will be talking to jim mcgregor, is there euphoria among the corporates themselves? manus: even just reflecting back, this is the chinese market, you can see the msci asia at a two month high. it will come down to supply

chains. i caught up with moet hennessy ceo, for him it is the supply chain crunch of glass, he's running at of champagne. dubai will be a monster market for him but he is physically running out of supply. there will be more grapes next year but prices are increasing. he stockpiled for the china reopening, because if there is any evidence at all, when china comes roaring back, it might put the 20's to blushing shame. dani: looking forward to your interview in about 20 minutes. manus cranny at the new economy forum. let's look what else we will be watching for today, get you set for the trading day. we will have germany's zew survey. will attitudes have improved? we will also have the latest gdp readings for the euro area.

then we will have data from the u.s., including empire manufacturing and ppi. we will also have the g20 summit continuing. also former president donald trump is a do to make an announcement in florida. we are expecting he will revealing whether he will run again for the presidency. coming up, brainerd backs a lower pace of rate hikes and says the fed still has a fight against inflation. we will leave you with these live images from the g20 summit. leaders just leaving for lunch. and simone. [laughter] we will have everything for you shortly. this is bloomberg. ♪

dani: it is day two of china

market euphoria, especially in the equity market, the yuan not playing along quite as well. the beat down stocks rallying today. you're looking at a board of various tech companies stood in hong kong, these are the china listed tech stocks. tencent, alibaba, all of them rallying at least 6%. it's not just attack it, we also have financial firms rallying as well. a lot of volume has been coming to these exchanges on this rally, perhaps that why you see hk exchange rallying some 4.6%. so yes, a big rally, but it is coming from extreme lows. joining us is mliv strategist mark cudmore. what do you make of this euphoria in china shares? mark: i believe it.

i know a lot of people are suspicious but that is part of the reason why i think we've seen a massive turning point a couple of weeks ago. pessimism was so deeply entrenched. valuations have not been seen in these assets inwardly, hong kong stocks the cheapest ever at the end of october after the worst month in many years. this is a market that wasn't discounted, very pessimistic and we've had a number of positive pivots. we have the fact that xi jinping is focused on the economy, reopening, rescuing the property sector, and then to cap it off, the big narrative the last few years is china isolationism, pulling themselves out of the global financial system, on investable. now there was one very important meeting where it is clear the message is turning a little more positive. it might only be a first step if that is the first step in a multiyear narrative, the world's underinvested in china by trillions and this could be a big turning point.

dani: it is important to put it in the longer-term context. i know you brought a chart that shows the longer-term story of china, the longer-term a little over two years. the hang seng tech index is still down 65% from the peak. this thing is still beaten up. if we see something sustained -- does it go back to the peak? i think the peak was wild valuation but so were tech stocks in the u.s. i don't think tech stocks anywhere going to get back to that world soon. it plays out many years. they are up 40%, three weeks today, 40% move, yet it barely shows up on the two-year chart, which shows how much pain is in there, still down 65 since the peak. we can bounce another long way from here, another 40% from here and will still be massively

down, still not look excessive and i think that's why there is a lot of potential. dani: it might be arbitrary, but you've said it on live tv so we have to hold you to another 40% rally. this is your own doing. mark: i will take that. [laughter] dani: if we return to the u.s. story, we had waller wait over the weekend yesterday, that was the narrative for u.s. stocks, then you have brainerd coming in as well. perhaps more measured but i want to listen to what she said. >> i think it will probably be appropriate soon to move to a slower pace of increases, but i think what is really important to emphasize, we have done a lot that we have additional work to do both on raising rates and sustaining restraint to bring inflation down. dani: market, it feels like we have these huge narratives that

have been driving markets that feel like they are on the precipice of changing, whether what we just discussed in china or potentially inflation with cpi. considering brainerd adding to the message from waller of curb your enthusiasm, have we gone too far in assuming the narrative is also changing? mark: i think we are getting a big shift potentially in the china story. this is my an aircraft carrier doesn't do it justice i think this is a narrative that will take months if not years to turn around. it took us years to realize how negative the china story was turning. i think it for years we will debate whether it is turning positively. the fed works on a short horizon. i think we are expecting them to push back on the yield move this week. i think they are right ultimately the fed will have to hike rates a chunk more. if people start believing the fed is going to slow down too much, that eases financial conditions and encourage another

wave of inflation? i'm in the camp that the fed will hike more than is priced. i think we are playing the relief rally and there is more to go, i think bonds could continue to rally, yields could come down, and we are realizing we have an inflation problem, but persistence is the more important issue. i think the u.s. recession might not start until the second quarter, we have another six months of saying the consumer is still resilient, as we repeat every quarter this year. i think we will do this for another quarter or two. dani: it does feel like we get excited, a fed official that's us down, earnings come out, the consumer is ok. it does feel like we are going in circles. thank you for helping us make heads and tails. mike cut -- mark cudmore will be back in about 40 minutes time. coming up, a joint statement drafted for the bali summit sees most nations condemn russia's

involvement in the ukraine more. -- ukraine war. this is bloomberg. ♪

dani: -- simone: president biden and xi jinping have agreed to a series of goodwill gestures after a three hour meeting on the sidelines of the g20 summit in indonesia. the two sides agreed to resume cooperation on issues including climate change and food security might to warn russia against using nuclear weapons in ukraine. it was the first in person meeting between the leaders of the countries since the pandemic hit. >> i absolutely believe there need not a new cold war. i do not think there is any imminent attempt on the part of china to invade taiwan and i made it clear our policy on

taiwan has not changed at all. simone: china's economy weekend in october with retail sales contracting for the first time since may. a slump in the property market showed no signs of easing. growth in industrial output also slowed to 5% in the year to october, down from 6.3% the previous month. the democrats have won the governor's race in arizona. a battleground state rejected a prominent election denier candidate. i am simone foxman. this is bloomberg. ♪ well, we fell in love through gaming. but now the internet lags and it throws the whole thing off. when did you first discover this lag? i signed us up for t-mobile home internet. ugh! but, we found other interests. i guess we have. [both] finch! let's go! oh yeah! it's not the same.

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dani: good morning, this is "bloomberg daybreak: europe," i am dani burger in london. president biden and xi cover a range of issues in a meeting, acting to deter a u.s.-china clash. the binance founder announces a crypto recovery fund sparked by the collapse of ftx. plus, amazon plans its largest ever round of layoffs as it braces for slower growth. warren buffett takes a $5 billion stake in chipmaker tsmc. we will get more into the details of that in a moment with charlie wells, but that with a continued china rally means euphoria in chinese tech markets. the most beat up stocks are turning around. hstech, it's rally has stacked

up today percent. we just heard from mark cudmore, who says these things are so beaten up, it makes sense to buy. this is a turn in the narrative. msc i'm a pacific -- msci asia-pacific still has a way to go from the highs. asian tech is down about 65% so a lot of dying could be done. jp morgan says hedge funds have room to snap up more shares, so perhaps the cpi reform you can continue a bit in american equities. the european futures session not as strong, 2/10 of 1%. the cross asset story does feel more dominated by inflation, by fed speak. the u.s. 10 year yield up about one basis point. this after brainerd said yesterday we still have a ways to go, curb your enthusiasm. we were seeing the dollar rally, after that, it came off of that

a little bit. opec-plus cut its outlook for demand. finally, bitcoin, i mentioned this to start the show, but we seen a lot of tweets, the binance ceo acting as a savior and wanting to start a recovery fund. that is enough to send bitcoin about 2% higher. let's get to charlie wells. berkshire hathaway has taken a stake of about $5 billion in tsmc. the shares surged on the news of the purchase that emerged in a filing to the fcc. let's get to charlie. i feel like whenever warren buffett, we learn something about his 13f shares, you get a rally, but is this a sign for tech in general we have a rally? charlie: we found out about this

$5 billion stake because it is 13f filing season and investors have to disclose equity stakes in these companies. that's what we're finding out about berkshire hathaway, and it is striking because there had been a mass exodus from tech from large institutional investors. this shows at least a targeted interest in tech. we have this berkshire stake, when we look at hedge funds, we've been going through a lot of these 13f filings. interesting, amazon picked up about 9 billion shares bought by hedge funds another big tech name, meta, more of a cell, 4 million shares sold. targeted tech seems to be the theme of institutional investors. dani: for hedge funds, really this tech ones, you think of tiger global, a rough year because of the large cap tech stops -- stocks that have not

paid off. the latest 13f filings, is there a change in strategy or anything that would suggest a comeback is on the way? charlie: they seem to be playing it fairly safe. when we think of that kind of safety but trying to get exposure is maverick capital. interestingly, they picked up 183 new positions, but the positions they picked up were about $500,000 or less. it seems to be an interesting getting exposure but concern about a potential recession ahead may mean some of these funds mist the 10% rally we saw in the s&p in october, but they seem to be bracing themselves for storms ahead. dani: as i feel like the entire world is. charlie, thank you very much. president biden has held a meeting with his chinese counterpart, saying both countries will resume cooperation on issues including climate change and food

security, but differences remain over taiwan and trade. it follows a three hour meeting on the sidelines of the g20 summit in indonesia. also on the sidelines of the summit in bali, stephen engle. how big of a removal of a headwind is this meeting between biden and xi? stephen: it is significant singly because the rhetoric had gotten, dare i say it has spiraled out of control a little bit and there had not been directed dialogue between the two countries, not much directed dialogue, and especially after nancy pelosi's controversial visit to taiwan a couple of months ago. this helps, as the white house likes to say, put a floor on the deterioration of those ties. by all indications we are getting from sources and even just from that video of xi jinping and joe biden meeting last night, there seems to be a

warmer tone between these individuals. granted, xi jinping is coming off securing the president busting third consecutive turn -- term. he is consolidating power and clearing some ambiguity about covid zero as well as offering up a 16 point plan for the beleaguered property market. he comes here a little bit, with the strength, as does biden, as the midterms did not go as badly as some predicted. here is what joe biden said about how the relationship with china and xi jinping should go forward. >> i absolutely believe there need not be a new cold war. i do not think there is any imminent attempt by china to invade taiwan and i made it clear our policy on taiwan has not changed at all. stephen: that being said, there

are still sticky issues and of course we just heard from the president talk about taiwan. xi jinping did remind the u.s. delegation that the number one redline for beijing in this relationship with the united states is sovereignty over taiwan. do not cross it is the essential message xi jinping gave to joe biden. the backdrop of all of these discussions is the war in ukraine and the impact is having on food markets, on global inflation, and generally global stability. dani: we are looking at some of the leaders at the g20 summit, preparing for their family photo. far from a full family, just five folks at the moment. you can see erdogan in the center, and it looks like? would dodo. you see more leaders coming over now as folks are preparing for

the family photo. stephen, we have everyone meeting after lunch. i wonder what the communication has been around russia and ukraine. stephen: you were just looking at those photos, they will have a group photo and it is a sticking point with sergei lavrov here as the foreign minister in place of vladimir putin. there was some concern earlier today when sergei lavrov did speak, there was concern member nations would walk out in protest. we are understanding they did not walk out. they sat through sergei lavrov's speech, and on the others of that, sergei lavrov sat in his seat and watched the entire video presentation from the linsky of -- president zelenskyy

of ukraine. am not saying there is harmony but there was not disruption. on the communication, the communiqué, it looks as though all of the 20 member nations have agreed in principle to a draft communiqué that doesn't condemn the war in ukraine. they have taken out the wording russia's war in ukraine is a compromise. some nations that do not want to be as hard as the g7 wants g20 to be on condemning russia's war in ukraine. that's where we stand right now. we are still awaiting the possible statement, the joint communiqué to come out possibly as early as this afternoon. it looks as though this point, there might be fairly strong words condemning the war in ukraine. dani: almost as if someone was listening to us when we were talking about the tensions, the leaders leaving the stage, i guess the photo isn't happening this moment.

we will continue to bring updates from the g20. thank you, stephen engle. coming up, back at the new economy form in singapore and manus cranny will be joined by jim mcgregor. this is bloomberg. ♪

dani: welcome back to "bloomberg daybreak: europe," i am dani burger in london. manus cranny is in singapore. he is at the bloomberg new economy form. -- forum. take it away. manus: thank you very much, i am joined by jim mcgregor. no better man to have in the seat. how are you doing?

jim: very well. you told me that xi had a lot to do to win the world's confidence back. after the meeting, who came out the winner? where are we? jim: i think everybody is trying to sprinkle sunshine on yesterday and trying to move toward both countries having a discussion, talking, because right now nobody has been talking. xi and biden are the only ones that have a relationship. you get below that, it has been hostility and talking points. a couple of things worked out here and there. the u.s. and china need to have a stable dialogue and i think they both want it. manus: who is more desperate for constructive dialogue? biden described it as it was not a kumbaya moment. who needs it more? the world will benefit politically who needs it more? jim: xi needs it more.

he is the chairman of everything, he has all his people surrounding him, his thoughts in the constitution and elsewhere. he is now the all-powerful person he wanted to be and he has worked 10 years to get this been he has an economy that is the worst in 30 years. use unemployment they say is 20%, who knows how high it is. internationally, china's reputation is very low. he has to work his way out of this and he needs a peaceful relationship with the u.s. to do that. he doesn't need that hostility on the top of his list. manus: domestically, the worst economy in decades, grows as low as 2% some people are saying. when we chatted earlier, and i want to know if it was an inflection point domestically on tech come on housing, on

entrepreneurship. he has absolutely trashed those three areas, has anti-? jim: if you look strategically at the direction he has taken on going after the internet platforms -- they were abusing people's data, they had monopolies, etc. but he overdid it. he took a chainsaw instead of a chisel. he did the same thing with property. property with way too much debt. he comes in with this law, three red lines, and knocks him out of business. when you have a top-down system with one guy making the decisions, often the people below overreact. he thought this so we better do this to protect themselves. things are out of kilter. a lot of it has been caused by the system he has brought in. manus: he is a victim of his own

process of management. tell me what you made of pugin tao -- i can only use the words he left the 20th party congress. you can describe it as you wish. how would you describe the departure and display to the world? jim: i think we will never know what really happened but if you watch the videos and look at the background, all of his people were pushed out. even if they were not age limited out. he was unhappy about that. xi has gotten all of the power. this is his final speech, the crowning moment, and he has tao sitting there. if he doesn't clap for xi's speech, that is a major protest. i think he was looking uncomfortable and they decided we better get him out of here because we don't want a display that could go wrong.

but the act of taking him out of there, they ended up with a display. manus: it almost sounds like someone who is building a power base. what is the risk? we know he is powerful, this is his third term. what is the risk to the world from xi exceeding to power again for a third term? jim: what has happened globally when you have a dictator with a cult of personality and nobody can question him? what did putin just do? he has the same situation and he just invaded ukraine and made a big mistake doing so. i'm not saying xi would be doing that but it is dangerous when you have somebody with a lot of power that cannot be questioned. manus: here is the other global issue. one is going on then in terms of china and russia? people have said to me, russia would never have gone into ukraine without a fundamental blessing from xi. do you disagree?

jim: i don't think they knew he was going into ukraine the way he did. they would not have been in favor of that. they told the chinese citizens of ukraine to put chinese flags on their cars because they thought it was going to be so quick they had to let the russians know they were chinese. what happened was a disaster. the agreement between xi and putin is long-lasting and serious because they will want to save the world for you talk -- for autocracy. they want to be making the rules and they look at the west in an exorbitant decline. there is a lot of mess. what happened with the invasion of ukraine, putin united everybody. he united europe and american politics and now xi is in a terrible position. manus: as you look forward into

2023, do you see a building block from last nights meeting, will we have an opening of trade and may be a scaling back in terms of trade tensions? are you glass half-full for 2023 u.s.-china were just flat beer? jim: i think 2023 is unknown. there are a lot of forces that need to settle things down. but there is a lot of politics and ideology on both sides that work against that. in washington, you cannot say positive word about china or you will be pilloried. in beijing, the same is true when talking about america. having these two leaders be a little bit friendly and talk maybe can chill that a little bit. manus: it's always to have a chill pill on this show. jim, good to see you this afternoon and thank you for your contribution and insight.

that is jim mcgregor. dani: manus, thank you. great conversation. chill pills and all. manus cranny will be covering the new economy form through the week. we will have more from that forum for you on tv and radio. the stellar lineup, you can watch it all on bloomberg new economy.com and on your terminal. this is bloomberg. ♪

>> he lost in 2020, we lost georgia because of his have your in the senate race in 2020, a second loss. this year, republicans lost the

senate because the trump back to candidates in senate races were rejected by american voters. that is a three-time loser and i would like to think the republican party is ready to move on from somebody who has been for this party a three-time loser. dani: that is can griffin -- ken griffin, one of the top republican donors, and it should be noted he has been heavily backing florida governor desantis. elsewhere in american politics, democrat katie hobbs elected the governor of arizona, the latest presidential battleground to deny an action till -- election denier candidate. there are reports that trump will announce another run for the white house tonight. bruce, another close race decided in favor of the democrats. what does this portend for the

national electorate and willingness to back folks who are election deniers? bruce: we've seen in this election all of the candidates running as republicans in secretaries of state, in the u.s. those officials control state elections or run state elections, all the election deniers lost. in arizona, the candidate running for governor endorsed by trump, another election denier, she lost. what is important beyond what this means for arizona, if you look bigger picture at 2024, the states that were the battleground states in the last presidential election -- wisconsin, michigan, pennsylvania, arizona -- these are now, have democratic governors. these are all states where if there had been a republican who believed in some of what trump

says about elections being rigged, if some of those candidates had won, in 2024, they might be in a position to not certify the election results. we don't have that now. i think this does bode well toward having an election in 2024 where it could go more smoothly, which was what people had feared. dani: i think we all want smoothness and the current world. speaking of 2024, trump has been teasing an announcement and we all assume it will be him running again for president. how does this color that announcement? bruce: well, clearly this is not the result former president trump was expecting when he revealed he was going to make this big announcement. i think his expectation and a lot of people's expectations and the republican party was they were going to have a stumping

win and would have the wind at their backs. that didn't happen. we are still awaiting word on who is going to control the house. it is looking pretty good for the republicans but keep in mind , pretty good in this context means they will have a very narrow majority, whereas people were talking about a red wave that did not materialize. we will see what former president trump announces. it's quite possible he will announce another run. we also think a lot of republicans don't want him to run. dani: bruce, thank you. we will be looking out for that announcement later today. it was a ripple, not a wave. next, bloomberg markets: europe. this is bloomberg. ♪

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anna: