dani: this is "bloomberg daybreak: europe," i am dani burger in london with manus cranny in dubai. manus: protests gripped china.

demonstrations in cities including shanghai and beijing lash out against covid curbs in a rare show of defiance. investors flee the unrest. stocks and futures tumble while treasuries and the dollar climb on the turmoil, sending shivers through global markets. plus, commodities also hit. iron ore and oil slide over concerns about the chinese economy. wti dropping to the lowest level since last december. good morning, dani, good to have you back. the question for markets is how do we judge detail the risks of the protest of the moment that they do not grow into something much more substantive and a true challenge to xi? dani: it's a question whose answer is not yet clear any is that uncertainty that is driving the risk off in markets right now. let me show you what equities are doing. we are seeing chinese equities

at one point down nearly 3%, down about 2%. this is the steepest incline in about a month. whether it be tiny equities, european futures or -- chinese equities, european futures or u.s. futures. europe and u.s. off about half of 1%. powell will be speaking by midweek. plus a u.s. jobs report. the story for the u.s. could turn around by new york manus: absolutely, a great deal could go right or wrong on this china story between now and then and that could have an impact on the psychology of markets. that's take you through the -- let's take you to the risk off narrative. a correlation between the aussie and yen. you will hear the clarion call for deeper cuts from opec-plus. i assure you, this is when you

will see those conversations begin to rise. three weeks of declines, the lowest since 2021, and the u.s. has cleared chevron to resume some venezuelan oil. morgan stanley cutting the oil price to $95. iron or tanks by over 2% and yields, money into havens, risk off. dani: let's get more from our reporters around the world with the latest out of china. citizens running out of patience with covid curbs, with unrest putting investors on edge. manus: we've got the covid controls spreading in china with some in shanghai calling on president xi jinping to step down. for more, let's bring in allen in shanghai. you witnessed these protests. how real a risk is it that this erupts into something more substantial? allen: i would say it's already more substantive.

i've seen a few limited protests, but never something nationwide. the protests in beijing, wuhan. last night, several thousand people walking along the streets, marching along the streets, calling for the end of covid zero. that is quite substantive. i'm interested in whether we will see a third day of protests tonight, and basically have a government will handle that. dani: how do we expect the government to handle it? will calls for less restrictions the heeded by the government? allen: it's hard to predict, they have several options. the government could double down. we have a record number of covid cases and they might struggle enforce covid zero despite that earlier this month they

announced 20 guidelines, these targeted measures to ease covid restrictions. but they could also -- who knows, maybe they might release some protesters from two days ago who attended this he's full vigil to commemorate the death of some people. some of these measures, some of these things that were done a bit slow. there are a range of options the government could take. it is very hard to predict, but i think that we are going to probably know more in the next couple of days. dani: goldman sachs putting the dichotomy between letting the virus spread or increase sanctions. thank you. as we were discussing at the top of the show, there has been a strong reaction in markets to

this. let's get more with juliette saly, tracking all of this. jules, what are you looking at? juliette: markets hate uncertainty, and as a spy asset management put it, pragmatism is waning. we are off the earlier lows of the day in the afternoon session, particularly on this age share index. they had been down by as much as a 4.5 percent, certainly a negative undertone and flowing into high em currencies. some have fallen as much as 1% against the dollar. of course these trade-weighted currencies like the aussie under pressure, down by 1%. adding to the nervousness is we had another read on negativity in terms of the china economy due to covid restrictions. let's look at industrial profits. in terms of monthly figures, we haven't got those a since june so they are rolling average, but profits in january to october declining 3%. extending those losses we saw

from september, about 2.3%. it adds into what will turn the risk sentiment around, will it be if these protests don't lead to further restrictions? goldman sachs saying even if you do see an exit from covid in early 20 23, it will be disorderly. manus: i think the best we can hope for is firm clarity around what the covid policies are. that's what was said in the last hour, it could provoke more clarity but maybe that is the optimist view. we will see you through the morning. to the oil markets, dropping to the lowest level since december of last year on the unrest in china, potentially hurting risk appetite and demand outlook. opec and allies will meet later this week. it's get to our asia energy reporter in singapore. this is a brutal session on the oil markets so far. and the question is, if this

unrest spreads, you have mobility deteriorating even further. is this an oil mobility demand deterioration scenario? dan: it really is. china is the biggest oil importer in the world and traders are already positioning themselves to protect against wider lockdown if china decides to track back social unrest. you are seeing street traffic, vehicles down one third to 50% in some of the largest cities. the mystic flights are a fraction of what they were a couple of months ago in the summer. if factories have to start shutting output because workers can't come in, that will reduce diesel demand for moving goods around. on top of that, this uncertainty in the world's second-biggest economy puts more money toward the dollar and a stronger dollar will always hurt oil prices because it is priced in dollars. this is coming together and

traders are trying to get ahead of this and make sure they are covered in case things get worse. dani: we also have an opec-plus meeting this week, and as manus said, far be it for me to question the wisdom of manus cranny, it might put the question of cuts back into the conversation. how does this change the output -- the outlook for opec this week? dan: opec has to think long and hard about what demand will be in china. we are seeing analyst talking about a drop of 750,000 barrels a day of consumption this quarter versus last year. as opec has been adding back hundreds of thousands of barrels per month over the last year, they have to wonder whether the world can sop that up or if they have to rein back in their output to try to keep the world balanced. i think watching the chinese government reaction over the next couple of days, it is important for investors and chinese citizens but it will be important for opec ministers as well. dani: thank you very much.

you can stay up-to-date with all of this. turn to your bloomberg. tliv is where you want to go to get commentary and analysis from our expert market reporters. let's also look at some of the other key things we will be watching out for this week. later today, christine lagarde will be addressing the european parliament committee on economic and monetary affairs. tomorrow, we will have data including consumer confidence readings, along with germany's cpi readings. manus: then, the fed chair jerome powell addressing the brookings institute in washington on the economy and labor market ahead of the jobs number on friday. thursday -- this is when the data wraps up, you've got construction spending in the united states, initial jobless claims, and then friday is the big one, the u.s. jobs report for november. we are going for 200,000 and an

hourly wage rate of 4.6%. dani: there is so much. that recession trade i'm sure we will talk more about. manus: indeed. coming up, unrest in china over covid zero. it is spreading nationwide, putting investors on edge. we take a look at the chinese markets. this is bloomberg. ♪

>> they have prepared for this sort of security event. they have a massive security apparatus. you are about to see it unrolled in many places. i would be very surprised if mass protests continue for a long time. >> it is clear to me that xi cannot tolerate any protests, so there will be a very tough

crackdown on any protesters, more people will be arrested, and they will probably go further in terms of control. manus: richard mcgregor and investor mark mobius speaking to bloomberg about the protests in china. let's add to those voices. ella, thank you for joining us. we are in a risk off global environment. you are surprised there is not an even more aggressive selloff -- why? ella: if you look at what treasuries are doing this morning, we are like four basis points lower in yield, the dollar index, it is really asian equities reacting more. we have mass protests in one of the largest economies in the world. something that we haven't seen in a long time but expected more

reaction. perhaps the reason for that is the idea that this protest can be controlled, as has been the case in the past in china. dani: we've seen a lot of folks get china so wrong. for example, this time last year, major investment inc. houses calling for folks to buy china risk assets. that did not play out this year. how do you approach the story of investing in china? do you want to avoid the market until there is more certainty? ella: the market has tried a few times to buy the china dip or recovery. it's on the equity side. inflation has been so absent and growth has been weaker. now this gets more complicated. for us, we have exited china in the last couple of months fully, so we have little direct exposure to china. the idea you talk about, when can you buy china?

with the uncertainty on the political side, it gets a little more complicated. it looks like china has a lot to prove yet in terms of policy and future growth outlook. manus: i think there's still a great deal of skepticism in terms of what rosen policy mix you would get in 2023. you make the point that hard currency in emerging markets along with most credit markets are still not cheap enough for you to be tempted in. is there a second wave of unraveling to come in those credit markets, in e.m.? ella: i mean, possibly. risks out of china are a key risk, but perhaps a bigger one is coming from the repricing and interest rates, in particular what's happening with u.s. rates and the dollar. those are probably the most risks for emerging markets in general. of course the asset class has

cheapened, far more in local currency terms because of the big depreciation in currencies. on the hard currency side, it has been at cheaper levels previously. the risks are still prevalent. we've seen some restructurings take place. we've seen more widespread names in e.m. hard currency, it's still not cheap enough. we would still hold on in terms of buying from here. dani: it feels like some folks saw high-yield in u.s. is cheap enough. we saw a huge inflow into the etf, on levels on par with 2020 when the fed explicitly said they would start buying etf's. is this a false start? ella: [chuckles] the billion dollar question.

in high-yield, some interesting places where the balance sheets look more attractive, certainly on the european side. the reason for that is because the central bank is more likely to tolerate more inflation and potentially more inflation might mean those high-risk spreads oprah form -- outperform overall. in the u.s. we are more shy. he won't follow this trend, but we have some simple the on the european side. but timidly. we are still running low risk there. manus: what is the bigger risk at the moment as you look at bond markets? btp's, u.s. treasuries, bonds? we have an inverted yield curve, everybody calling peak all over the world. where is my biggest risk? ella: treasuries started the repricing game at the end of

2020, beginning of 2021. we would probably say less risks on the treasury side would probably not out of the woods yet. still more risks given still have uncertainty on what type of recession we will get, when we will get it, so that probably means risks elsewhere. you mentioned btp's. we've been playing btp's more on the long side of late and the reason for that is simple -- it is related to what i said earlier. the central bank tolerating more inflation probably helps those more indebted economies. i think the ecb still has some room to tighten policy further and that might bring some risk to btp's, but we would say the focus in europe would remain on the weakest links. in terms of the weaker part of the economies, they are on the periphery in europe and we think

the central bank will support that going forward. dani: is it fair to say if it was all about risk, rate risk in 2022, that 2023 will be one of solvency and growth risk? ella: absolutely. the consensus in the market is we might be getting a recession next year. it is reasonable to see why that is. probably the bigger risks to markets will be coming from that front. there is the other risk, liquidity risk. have we tightened too much? you never know until we start seeing the bodies come out so to speak. we are seeing crypto for now, there might be risks elsewhere, in private assets potentially. potentially even markets later on. central banks are very sensitive to the credit markets are that is one to watch. certainly now it is a case of figuring out what type of recession we might get and what

is that going to hit in terms of markets. that probably makes 2023 a little more difficult to navigate than this year. dani: thank you so much for spinning time with us this morning. coming up, street protests in shanghai and beijing as chinese citizens run out of patience with strict covid curbs. we will bring you updates throughout the show. this is bloomberg. ♪

dani: welcome back to "bloomberg daybreak: europe," with me dani burger in london and manus cranny in dubai. let's get to some of your top work stories. european union diplomats expected to resume talks later today on capping russian oil

prices. poland and the baltic states unhappy about a proposal they consider too generous to moscow. a senior tip lemat says poland wants additional sanctions as well as a review mechanism and a price below the market level. taiwan's ruling mechanic party has suffered its worst ever showing in local elections, with opposition gaining power in the capital taipei. the president quit as dpp party leader after the losses, which came after cost of living increases and uptick in covid deaths. manus: the government of the bahamas has blasted the person in charge of restructuring crypto exchange ftx. the attorney general says the statements made by u.s. bankruptcy proceedings made by john j ray were "regrettable," and misrepresented the actions of the security watchdog. it is the latest salvo in the fight over the collapse.

u.k. prime minister rishi sunak is facing pressure to drop windfarms. a group of conservative lawmakers are backing a pro wind amendment and parliament. it is the second rebellion on the same piece of legislation and week after the government pulled a vote on its building plans. that is your monday first word news. there will be bumps along the way before you see a peak in the dollar. we need to ask ourselves, is it the absolute risk on, risk off, and now classic risk off. dani: it really is. it is almost across every single fx pair. whether it is the onshore you on-- yuan, at one point it was weakening against the dollar and it has come back slightly.

commodity currencies are bearing a lot of the pain this morning. whether it be the norwegian krone or the aussie dollar. the aussie dollar at one point fell one point 3% versus the u.s. dollar. it is clear this uncertainty is also playing out in growth concerns. manus: the debate is this -- how severe will the clampdown be from xi? this is a tale risk, a series of protest, they are calling for him to go. is that more on the left-hand tail through to the belly of the curve of risk? if that happens, it is all gloves off on risk. the risk of a goldilocks scenario in china as a result of these disturbances, a very narrow path to that situation. clampdown is probable and it will be a bumpy ride before you see relief. how correlated to growth commodities under pressure. cover down 1.55% and iron ore

one point 7%. the savior was the 16 point plan for the building industry. that is on the back burner. dani: you look at the other side of things, the possibility this does result in lowering restrictions. goldman sachs put a note out overnight saying there is a 30% chance china reopens before the second quarter of 2023. that's only a 30% chance, as beijing, as they put it, has to decide between letting the virus spread or imposing teva restrictions. it does mean there is a path. is that bullish if it means it pushes oil prices higher? because as we know, a lot of the disinflation trade of late has been driven by lower oil prices. if you look at your gmm, it is everywhere except for steel. manus: aussie dollar down over 1%, and the renminbi down over one half of 1%. you can see brent down 2.6

percent, the lowest on oil and wti since the end of last year. also adding into the supply narrative, this will be a geopolitical aspect for the saudis and russia and they sit down at the weekend. the u.s. has cleared chevron to resume oil from venezuela. morgan stanley cut the price of oil by five dollars to $95. dani: we will continue to talk about these p

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manus: it is "daybreak: europe," i am in his cranny alongside dani burger in london.

in cities including shanghai and beijing lash out against covid curbs in a rare show of defiance. investors flee the unrest. asian equities tumble. u.s. futures tumble while treasuries in the dollar tremble. plus commodities also hit. iron oil and oil slide amidst concern for the tiny economy. wti the lowest level last december. it is this story, the protest in china as the one dominating today. it has caused this classic textbook risk off markets. manus: it will be fascinating to see as europe builds up momentum into the u.s. comes back from the thanksgiving holiday you were away for last week.

what kind of wave of selling comes in? what reduction in liquidity is there on chinese assets? they get written down rather than traded down and that is pervading across risk markets this morning. iron under pressure, aussie-yen down over 2%. the classic growth scenario reaction is really under pressure. blackrock wary of chinese stocks. the bloomberg survey says china will grow by 4.9% next year -- really? as we debate when they can exit zero covid. dani: we also have equities, bearing some of the bronze. we were just talking to ella, who said she expected the reaction to be worse than it currently is. you are looking at the csi 300 down by one and a third percent, the biggest drop in about a month. it was down nearly 3% at 1% --

at one point. the s&p 500 futures trade being dominated. i will say before -- i said it before and i will say it again, there will be a lot of data this week so we will see how long time it dominates the narrative, especially with u.s. equities. manus: i'm wondering what markets need to see that the china situation is under control. this comes back to covert controls spreading across china. some in shanghai are calling for xi jinping to step down. let's get to allen in shanghai. protests i am understanding is not the issue, it is the scale and speed and how pervasive they are becoming. how bad was it? allen: i thought it was pretty significant. thousands of people converging on downtown shanghai, young and old, and they were confronted by

hundreds of police, bust in, a game of cat and mouse. sometimes they would not let them march forward, other times they would not let them go. they had various slogans calling for the end of covid zero. the release of protesters detained after a peaceful vigil. they have political grievances. it was very tense and chaotic. i saw some protesters being hauled away. one of my friends, a bbc cameraman, was detained and allegedly assaulted. from my perspective it was significant. i have been to protest before but they fair -- but they tend to be fairly targeted in china. last year there was one against, that opposed evergrande because they had not paid off their depositors.

but those were targeted. this is the first time we have seen protests at this scale as nationwide, beijing, wuhan and shanghai. dani: what are we hearing from protesters themselves? what are they calling for? allen: several things. as i just mentioned, they have political grievances, like you mentioned about xi jinping. they also want the protesters detained the other day to be released. there was a very peaceful vigil to commemorate some of the people who died during a fire last week, because supposedly the covid restrictions prevented a faster response. the core of this of course is the end of covid zero. you have to understand, not only have we had three years of this but in the past year in shanghai, you've had many lockdowns.

earlier this month, the national government announced easing measures, these guidelines, telling local officials how to implement these restrictions. we are seeing backtracking as all of these cases surge. dani: it certainly is a difficulty for local governments, dealing with the active and the surgeon cases. thank you. let's bring in iris from ing. we were just hearing the details of the protests. amend this, goldman has put out a prediction they see a 30% likelihood that the chinese economy reopens by the second quarter of 2023. would you agree with those odds? iris: our forecast is that there will be further relaxation of covid measures likely announced

in the two sessions in march. so it will be in the first quarter. but it will be gradual. i don't see that china will have a full opening in march, maybe later. manus: what is it that worries you the most about the images you are seeing? is there a real threat to xi's leadership? iris: i think the government is finding a balance between covid measures and regaining economic momentum. so i will say there will be some government reaction from this in terms of economic policies. dani: you mean in terms of reaction to the protests themselves? iris: yes, yes. because this protest, as allen

just mentioned, is more about covid than other issues. to react on this, i think the government will hand out more economic policies to help those expensing difficulties because of covid. manus: we have seen from the industry side that helped the building sector with the 16 point plan. there has been the rrr cut late friday afternoon. what additional -- do you expect there to be a covid payment, a much more populous-orientated government response rather than an industrial side response mechanism? iris: i think the economic policy will be very focused on

the specific issues we are facing in the economy. for example, the difficulties people have during quarantine or the extra time they need to take off for covid tests, and related difficulties for them with work. so it will be related to their employment. another thing is there could be some conversation for conversate incidents that happened during the weekend. dani: just to put a final point on it, you see the government's reaction to the protest to be more support to individual folks rather than loosening covid restrictions or cracking down even harder?

iris: yeah, that is what i think. the thing is the government also wants to ease covid measures. that's why we have seen they have been more flexible over the week. the thing is, doing it to aggressively to quickly may be damaging the health care system, especially the emergency room. so i don't think it will be on the covid measure side immediately, but more on the economic policy side. manus: whatever we debate here and whatever time we take to debate, it will not be good for growth because we will go through a delayed, another major delay in terms of the covid reopening. they got to quell this violence and protests get a handle on

that. what does that do to the growth narrative? does that delay a significant growth spurt? as you say, you have the policies but if you don't have mobility and an open economy, you don't have growth. how negative are you on growth and will this incident, although it is early stages, day three, can it challenge growth? iris: as i have said, i expect there won't be any immediate relaxation of covid measures. just because of the incidents we are seeing. but i expect further relaxation of covid measures in the two sessions in march, and further easing after that, gradually, in 2023. so the theme in 2023 should be relaxing covid measures. not tightening.

so it is positive for growth. although we will not see it overnight. for 2023, it is a very likely scenario. my forecast for 2023, gdp forecast is 5.3%. part of it due to a very low base this year, 3.3%, a part of it also due to gradual reopening of the economy from covid measures. manus: iris, thank you. iris pang there. the chief economist for greater china at ing. coming up on the show, oil in focus, wti hits the lowest level since december 2020. the conversation turns to cuts. we will debate. this is bloomberg. ♪

manus: it is your monday addition of "daybreak: europe." reunited again, manus cranny and dani burger. good to have you back. she had a whole week off, left me on my own. it takes a long time for me to forgive you, it really does. [laughter] i hope you had a good thanksgiving and that the turkey was good. let's talk about oil. was the turkey good? dani: delicious but i missed you the entire time. let's get back to oil. manus: unlikely. oil is down 1.2%, this year's gains are gone. china is under pressure, wti to the lowest level since last december. that will put more pressure on opec-plus and allies when they

meet later this week in vienna. joining us now is our asia energy reporter, dan. the china story is pervasive on all risk elements this morning, but put the oil demand from china and mobility together for our viewers this morning. good morning. dan: good morning. oil in china is huge. china is the biggest oil importer in the world and the second-biggest consumer of oil in the world and already leading up to the events of this past weekend, these lockdowns that have sort of been reestablishing themselves the past month have put a big hit on chinese demand. you are seeing a vehicle traffic in cities like beijing at a third to have less of what they were last year. domestic flights have crumbled. factories that have had to send workers home to try to tamp down covid flareups, that means there are less strokes -- less trucks to ship goods. you're seeing calls for china

oil demand to be something like 750 thousand barrels a day lower this quarter than last time -- this time last year. we have the added uncertainty with the protests, so the question is, how does the government respond? two they crackdown even further to try to tamp down these early signs of social unrest or do they listen and say ok, people are just kind of focusing on the covid, maybe we tell local officials not to clampdown so hard. the response the next couple of days will go a long way to telling the oil market beyond the initial risk off, what will the impact be in the weeks to come. dani: looking at the wider picture of global oil, the eu was expected to reach a deal when it came to a price cap on russian oil by friday. that hasn't happened. where are the discussions now? dan: there is a mix of discussions between countries that really want the oil cap to be lower than the six to five

dollar per barrel, eastern countries want to push back against russia, versus big shipping countries like greece that want a relaxed cap so they can get tankers in there and pick up crude. there hasn't really been a good compromise forged yet. in the background of all of this, you have russia threatening any country that will take part in this that they won't allow them to pick up their oil to begin with. we are still kind of waiting to see, as negotiations resume, how things will develop and what the actual implementation will end up being. manus: i made quite a bit of the venezuelan government, obviously agreeing -- sorry, the u.s. and venezuela agreeing to perhaps allow chevron to restart production, but there is opposition from the government. what is the finding of the opposition, and more important, when could we see oil export sanctions eased? dan: it's a great question.

the short answer is regardless of what happens with the venezuelan government and the opposition meeting with these norwegian negotiators, the likely result on the physical markets will the a long time before there's an impact. there have been years of underinvestment in drilling and oil fields in an as well appear to -- and oil fields. they've not been able to tap into their expertise of chevron. this could be months before these global giants are able to get in there and help them shore up production to levels even close to what it was before the u.s. sanctions began. in the long run, and if you are a chevron investor, these are bright spots, but in the short run, as far as fiscal crude markets go, i don't think there will be a major impact just yet. dani: dan, thank you.

taking us through the energy stories, our asia energy reporter, dan murtaugh. i am just back from the u.s., where black friday, i've got to say, did not seem as in full force. did shoppers take a vantage? i did not. we will break down the numbers next. this is bloomberg. ♪

dani: welcome back to "bloomberg daybreak: europe," i am dani burger in london with manus cranny in dubai. did you do any shopping on black friday? manus: i need a new cattle apparently -- kettle, apparently. dani: i have added it to my

manus gift list. it seemed like not many people were putting together a gift list, as some shockers -- shoppers were seeking a reprieve from inflation, and there was higher traffic and storms. what is the latest news from retailers? are we seeing shoppers still spending in the face of a potential looming recession? sabah: the latest data shows expending is up. there's a lot in inflation numbers. in the u.k. it was up 5% on friday. also in the context of omicron last year. people want to go out and buy their christmas presents, they are being a little more

thoughtful with spending and i think that will be impacted in sales figures. manus: the perennial question is , how much are you having to raise prices, how much tolerance do shoppers have to take on price hikes? here we are, black friday, were the discounts substantial or the classical i for occasion, high-end -- classical bifurcat ion where high-end products don't need to be discounted? sabah: people are less inclined to spend on big-ticket items, furniture, refrigerators, those purchases people might put off. discounting has started earlier as well. certainly it's the case it's not just black friday and cyber monday. it stretches out even into next week as people are trying to

clear that inventory they built up. there is discounting, it is generous. customers could be saving their spending to use in these weeks. the key will be whether it is truncated because budgets are so much tighter. dani: is that what we can expect today for cyber monday? sabah: i think so. there's been a lot of news out with the discounts coming around that look generous, but i would expect the trend we have seen from black friday and cyber monday to be similar. manus: we will keep an eye on that rented toaster and kettle combo, at the moment it is looking pricey. i'm going for the trendy one, i can't say the brand on air. thank you for having -- thank

you for being with us. that is our u.k. business reporter joining us for the very latest on the black friday and cyber monday. we need to approach these markets with a certain sense of caution. we will see a lot more liquidity as europe comes off the thanksgiving long week and the u.s. returns. with that in mind, it is about fx. aussie-yen down seven tents of 1%. you have the dollar down by seven tents of 1% and the dollar index up 1/10 of 1%. there are direct correlations to china. commodities in china will be penalized. dani: likewise, you've seen wti, american crude make a round trip, now at the levels it was in december last year. all of those gains we made this year on inflationary fears have been wiped out. you also have chevron getting a

u.s. license to resume oil production in venezuela, some of the sanctions were halted. all of that leading toward lower commodity and oil markets ahead of the opec-plus decision, or at least meeting that starts this week. manus: yep. quick snapshot of treasuries. our guest this morning made it clear they were surprised, she was very surprised there wasn't more of a reaction function into treasuries and yields dropping. look at 10 year government bond yields at the moment. we are pushing toward a deeper inversion in united states of america. dani: we are, and that rate currently below the fed's overnight benchmark rate. more next. this is bloomberg. ♪

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