>> this is bloomberg daybreak europe.

these are the stories that set your agenda. >> hostile forces. chinese authorities pledged to crackdown on protesters angry about the covid policies. the imf says it may need to cut the nation's growth forecast. staying the course. the imf chief joins calls for the fed to maintain its plan for rate hikes as markets look ahead to chair powell's speech. the u.k. says be ready to relax ring fencing rules in a bid to get a bra exit big -- a big bank brexit. for me, it is the inversion of the inversion of the inversion from the u.s. to global bonds. the rally in bonds has added a

trillion dollars in value. good morning. dani: a rare spot of value for bond portfolios. you have to feel for them. you know the adage whatever hurts the most happens. that exemplified november. everything turned bonds, the dollar or the stock market. manus: the word you are looking for is epic. i could have said it would rally. up by 5% but looking at risks this morning, it is whether the rates risk trumps the rhetoric. that is the two extremes. the rate narrative and rhetoric versus the row row, that a finding paradigm of risk. dani: with that in mind, let me take you to today's stock market action. it has been choppy, a market that is hesitant to listen to the rhetoric coming from the fed.

bullard saying they will hike rates. we have bank of america saying we will cut in 2023. you have to imagine the fed's hawkish speakers, which is all of them, will say what we have -- have we been doing? we aren't cutting. but the market continues to rally. msci asia pacific up 0.2%, euro stoxx 50 futures 0.5%, all of these on track for another month of gains. nasdaq up zero point 1%. more short covering is to come because short positions at the moment continue to bleed cash. manus: kathy reynolds -- reynolds said the traders are looking for my father's fed. they are looking at the histrionic fed pivot. let's talk about the

recalibration. i might not get to vienna. there we go. up 0.5% on nymex crude. how much will they dare to cut buy or will they see how the sanctions bite against russia? global bond inversion is not hers -- pervasive. will it hit a recession? the dollar drops as i said. you had the bullard bites yesterday, it was fed and rates that drove the dollar higher rather than the reopen in china. bitcoin up 2.36% this morning. dani: let's get to top stories. martin ritchie will join us with the latest on the covid protests . annabelle is in hong kong with market moves amid uncertainty in china. we will get to paul to help us

set up jay powell's speech today. manus: officials are adjusting covid restrictions in cities that are home to apple's biggest chinese factory. this shift comes with beijing reinforcing in order for local authorities to avoid excessive curbs following protests. martin, how much of an easing of restrictions have we seen? how much were targeted as the policy become? margin: it is a -- martin: it is a fluid situation in china. last night i was out in the streets. by contrast to the weekend, when thousands of people were on the streets protesting, very quiet on a rainy, cold evening. but a visible police presence. everyone was waiting for the next moves in terms of the

government's covid policies, the public's response and the actual trajectory of the virus. the government has ruled out a few more measures -- rolled out a few more measures, looking to boost the rates of vaccination among the elderly and the government warned local authorities against excessive curbs that are against people's reasonable demands. at the same time, there has been things like, people noted reading the tea leaves kind of idea, looking at what is going out in state media. some articles with interviews with people who have had covid and it was ok, as if they are softening the public for a wider outbreak. cases were at 36,000 on tuesday,

very high for china. very near i record. low numbers by world standards but if that goes higher, we will see more drama. dani: martin, thank you. martin ritchie in shanghai. sticking with the china narrative, the imf may have to cut its forecast for their economic growth. they said that citing the covid zero policy and difficulties in the property sector. >> we have been recommending for some time now a recalibration of china's zero covid policy. exactly because of the impact it has brought on people and on the economy. it is tough on people. it is also negatively impacting the chinese economy, spilling over to the world economy. dani: the imf managing director

talking to reporters in annabelle for the latest market action. we have that warning and we have weaker data, but given that, perhaps more resilience in pockets of the chinese equity market? annabelle: it has been an interesting day. between gains and losses through most of the session. a few factors at play. when you say pockets, coming in we could have seen more green on the screen given those huge moves in the u.s. session overnight with chinese stocks listed, like the golden dragon index up five percent. it comes down to other factors. i like what martin said, two things that stood out. fluid and mixed messages. that plays into what we see throughout trading sentiment. there is a lack of clarity around reopening. add to that factors like what

came through from the imf that they may have to downgrade the growth forecast. that is something that is coming into it. and the weaker readings. but looking at the long-term horizon, traders are feeling optimistic on the reopening. this chart takes a look at the msci china index. it's best month in 23 years. manus: there you go. we won't do a rerun of where you were 23 years ago. annabelle, thank you. the latest on the markets. investors are waiting down jay powell's speech today. that is ahead of the former new york -- as the former new york fed president and the st. louis fed president called for more rate hikes to tame inflation. joining is paul dobson.

again, the markets have a singular blinkered vision, going for rate cuts at the pivot next year. underestimating the trajectory of the fed, are they? or and -- ignoring fed speak for now? paul: i don't know whether it is deliberate or not. but it makes you think the message powell will deliver will be very tough on getting rates higher and keeping them there and not backing down. that is what the fed wants us to believe, that it will do everything it can to get inflation under control even if that causes hurt in various asset markets. it is pricing in lower rates towards the back end of next year. that is the position the bank of america strategist recommend. within the analyst community there is skepticism over whether

the fed will be able to stick with what it is saying and keep rates up. dani: ahead of the blackout period for the feds, you have to imagine powell will try to continue the hawkish drumbeat. thank you, paul, executive editor for asian markets. that and some other things are on the radar today. 10:00 a.m. u.k. time, the latest cpi reading for the euro area and then data from the u.s. including gdp on wholesale inventories. manus: at 3:00, the job opening figures. that will be the precursor to job support. we have the beige book at 7:00 p.m., then the big act. jay powell addressing the brookings institute in washington on the economy and labor market. that is a hot one. dani: will he be able to get

these financial conditions tightened after what we have seen? coming up, bank of america is still a believer in the fed pivot, as are many folks. officials at the u.s. central bank are signaling their resolve for tight policy next year. we will get into that next. this is bloomberg. ♪

>> we are stressing longer rather than higher. when we get to 5.5, they will relent and sit there and wait for that restrict of monetary policy to slow the economy down, generate more slack in the labor market, and that will push wage inflation and services price inflation down. dani: the former new york fed president bill dudley on the u.s. right path. the st. louis fed president echo the call for additional rate hikes to a level that will restrict economic growth. this, as we are set to get jay powell's speech today. all investors will be tuning into that and see whether the market will finally react the hawkish fed speak. manus: indeed. let's put it in context. a strategist joins us now. listening to dudley, and to

bullard, the rates market seems to be on a different track. with that in mind, we are expecting a peak rate of around five, 5.25%. how quickly will we get there and what is the reaction in the dollar? does it turn to low risk barometer as opposed to a rates reaction currency? >> interesting question. after how fast we are going, what is more important for the dollar is whether we will go further. the hawkish fed talk over the last few days indicates they are not content with what is currently priced in and this should be fully priced into the dollar. for the u.s. dollar to react or continue to react to these developments, we would need to see something different than these 5%, 5.2% that are already priced in. dani: it seems, is it fair to

say dollar top is here? are we going to get something more than five .25%? esther: exactly. right now everything in my opinion points to a u.s. dollar top, except as you indicated risk remains a topic. we have seen how important the china news is. this could bring more appreciation pressure to the u.s. dollar because right now, with so much uncertainty about inflation developments and has had role banks will react, the -- central banks will react, although uncertainty is high the dollar seems to be the currency to go to. manus: i will take the other side of the trade. you look at the performance of the dollar, on the good news from china, the dollar went down.

i will put it back to you that it is rates rather than risk, that will be the alpha. it very interesting -- a very interesting moment. i think we are at some sort of inflection point on the dollar. esther: i totally agree. there is uncertainty because the fed indicated they will adjust their rates in december. they will most likely reduce the speed of the rate hikes and the market is waiting to see what this means. will we see rate hikes over most of next year? or as the market currently expects, we might see rate cuts towards the end of next year. the market is not yet convinced by the hawkish fed talk. bullard is one of the most hawkish fed speakers right now. he has a reaction but it most likely won't reflect what the

fed actually will do. dani: a similar conversation is happening in europe from ecb policymakers. they keep beating this hawkish drum. lagarde said this week said she is doubtful we are near a peak of inflation but the figures, whether it is spain, belgium, germany, showed slowing and inflationary growth. will this market tends not to believe the ecb either in their ability to keep rates restricted and keep hiking? esther: i think the uncertainty with respect to the ecb staying tight enough to bring the inflation might be more in doubt than for the fed. we have seen the fed, the ecb sorry was very reluctant to start the rate hike process. going into december, there is this debate about whether the ecb will reduce its rate hiking

speed. in my opinion, the risk for the euro is that the ecb will indeed reduce the rate hike speed, indicating they are following the fed despite the fundamentals in the euro zone are not as clear as for the u.s. and if the market considers inflation, off-site risk to inflation to be higher in europe, this could be a dampening factor on the euro. manus: german inflation at 11.3%. what do you make of the following scenario? ecb are later than the fed, they will need to be more aggressive than the fed and they will need to get to 4%. that is the preposition we had yesterday. the recession is so brutal, the recession is so brutal that it causes the euro to them load and 90. -- implode to 90. take the other side.

esther: this might be kind of one of the worst-case scenarios with the euro dampening the economic activity in the ecb or sorry, in the euro zone. what we have seen clearly is that as soon there are indications of a recession in europe, the market doubts the ecb will indeed hike interest rates sufficiently. this will be a scenario that i don't expect to lay out. if we see a recession i doubt the ecb will go to her percent. in the past, they have acted reluctantly to hike and have pointed out far more than the fed about the risk of the recession and deflationary pressures of a recession. so i think -- dani: i love this -- esther: the risk is of

inflation. dani: i love this, you telling manus that he is laying out the doomsday. where is the optimism? we need it. manus: 11.3% inflation, they ecb late to the game and we have a lot of unknowns respect the with regard to a huge fundamental unknown, the war in ukraine. dani: how does the energy picture play out? it will be important for europe. thank you so much for your time this morning. i think unknowns, that is the word heading into the last month of this year. manus: absolutely. coming up, day two of nato, dealing with unknowns. we will catch up with the interview next on bloomberg. ♪

dani: nato's foreign ministers are gathering for a second day in bucharest on the agenda is the war in ukraine and evaluating relationships with a tory darien -- authoritarian regimes. there are talks about russian oil. poland, estonia and lithuania pushing for a lower price to squeeze russian revenues. manus: maria is in bucharest for talks. how is day two shaping up? maria: it continues. ukraine is the focus here. nato says the war has taken a perverse turn. this is not just a military confrontation where you have an army that fights another army. now this is a winter or, where

civilian structures and energy are weaponized. how do you fight a winter war? that is a question i put to lithuania's foreign minister. take a look. >> one step behind what is happening in the front or ukraine. i'm glad the debate yesterday took us a little closer to the decisions but i'm not sure whether we crossed the line, where we are on part of what ukraine needs. as you mentioned, we need to rebuild and we need to defend it because if we are just rebuilding, that means drones -- irani on drones or whatever russia can throw at ukraine, they will be able to destroy it. russia has been inventive in finding other ways to terrorize the civilian population in you brain and the global population with food and energy.

until russia is defeated, they will try to use things in ukraine and elsewhere. the goal is unchanged. maria: that was lithuania's foreign minister. he spoke to me. one concern is the humanitarian crisis where you can have people that will literally freeze to death this winter. the other issue we talked about is the oil cap. there is an active debate going on. the new offer is $62 a barrel for russian oil. lithuania, poland, estonia say that is too high. he told me they will continue to negotiate. it is better to stretch it until the final deadline of december 5 and get a better deal. he was clear they want a lower price point. he didn't give me a number but said $62 is not an option. dani: thank you, maria. stay with us as nato's

secretary-general joins maria. looking at oil pushing higher, we have opec on the mind today. manus: oil up over 10.5%, bank of america, we have given back some of those games, bank of america talking about a squeeze in the diesel market. the unknown is if opec-plus cuts , what does that do to oil prices? that bolsters russian revenue. dani: we had saudi talk about the need to reduce further and they will do so if necessary. we

♪ manus: this is "bloomberg daybreak: europe."

i am manus cranny in dubai with dani burger. dani: hostile forces. chinese authorities pledged to crackdown on protesters' anger about government covid policies. the imf's says it may need to cut the nation's growth forecast. james bullard says the central bank will have to maintain its plan for rate hikes. the u.k. is said to be readying a relaxation of ring fencing rules in a bid to get a brexit big bang for banks. you have to kind of fuel for the fed speakers, who have been hawkish, but it is a market that is not necessarily inclined to price that in. commerce make needs to essentially rush commerzbank needs to essentially indicate that rates will go higher than 5% to get any sort of tightening

in financial conditions. manus: she did not want to take the other side of any of my trades. i like what garfield reynolds said to me just a couple of hours ago. he said what is going on in the marketplace is the market is reflecting back on their father's fed, may be my age group, which is just this desperate need that they need some kind of a crack to appear in that wall of the fed. is not there. it is a different fed. it is a different inflation world. it is a completely different world. dani: that also means, are we likely to go back to the same playbook next year? i will be getting my fourth sleep in before jay powell's speech later today. manus: cross assets, let's have a look. oil is looking frisky. i might not get to the christmas market in vienna. day two of the rally.

you have got to stans inverting -- you've got twos, 10's an inverting a little bit further. it is not just when we go to recession, it is the size and the scale and the breadth of recession. battered pmi's in china. the dollar tax, it is the worst run on the dollar, you are the queen of superlatives this morning, it is the worst month in 12 years on the dollar. bitcoin had a bit of a rally. dani: you might have stolen my superlative crown. what do i got for equities? manus: i read it off of the same sheet that you did, don't worry. dani: i've got it here. i've got the superlatives on hand. emerging-market stocks' best month in six years. i don't have the em index here.

asia stocks are moving higher, at least the msci asia-pacific index. why would you take a strong position ahead of a speech by jay powell? s&p 500 index and nasdaq futures barely treading water at this point. manus: nasdaq treading water. what would happen at 5.25% to those growth stocks? the u.k. is planning to consider relaxing ring fencing around banks. it could be big bang two out of brexit, there is alliteration for you. lizzy burden has the details. i lived through big bang one. remind me how big bang two could come to pass with stepping back on the ring fencing, something they spent years doing and cost a lot of money. lizzy: the whole point was to

protect the retail arm of banks from the investment and international arms of banks. you had a report finding that these rules were overly rigid, hence why yesterday we heard from andrew griffith, saying that the u.k. wants to deregulate as part of a wider package, including removing ring fencing to get this brexit big bang 2.0. but the problem is when 30 years ago you had a big bang, that deregulation was accompanied by innovation. you have seen in two separate business confidence surveys this morning that confidence is falling. i was speaking to business leaders last week. their complaint is wild the u.k. is heading for recession and you've got inflation at a 40 year high, the government is not doing enough to boost growth. dani: we got those shock inflation numbers from the

british retail consortium yesterday. the highest on record. this is its own type of big bang the government needs to get a handle on. lizzy: what is most worrying is that food price inflation is above 12%. the shop price inflation is above 7% but 12% for food price inflation. that hits the poorest households the hardest. it is things like eggs, dairy, meat. you've got more people spending on food, cutting back on festive spending. will it work? we will have to see. manus: this all comes back to what happens with the bank of england. if you look at inflation expectations, they are becoming increasingly embedded. this is what they are worried about. we talk about d.a. incurring of inflation expectations -- we talk about d.a. incurring of inflation -- de-anchoring of

inflation expectations. lizzy: catherine mann was saying she wants to see more aggressive hiking. would that mean a supersized hike in december? she did not want to answer that question. you can infer from her remarks that she wants to see rates higher for longer. we heard from andrew bailey yesterday. he was saying that the bank was essentially blindsided by the mini budget. he thinks even treasury officials were blindsided by some of the details of the many budget and by the fact that there was not a forecast from the office of budget responsibility alongside. he also said that the gilt market has not returned to normal still after all that market turmoil. dani: thank you very much. lizzy burden. let's continue the conversation. ben ritchie joins us now, head of u.k. and european equities at aberdeen. thank you so much for joining us. i was doing some reading up on

some comments you have given to bloomberg in the past. in september, you told the team that u.k. valuations look attractive, very prescient call if you want to do a victory lap. they bottomed out a month later. they have been up about 12% since? do you want to continue to ride this rally? ben: i think you have to be very selective. stocks, particularly domestic mid-caps, were looking incredibly cheap. we were able to buy house builders with a third of their market cap in cash. a number of those areas look like a pretty good value. certainly, they have bounced but there is multiple debt still look attractive -- there is multiple that still look to be attractive. if you can find the companies, valuations are low, balance sheets are strong, those are the things worth looking at this moment. manus: worrying which is something which is a trait of a lot of people that come in to

manage money that come into cs at the moment. they just don't know. catherine mann would not confirm she is going to go for another supersized hike. how much of your equity allocation is predicated on where the terminal rate is for the u.k. and for europe? ben: i think the terminal rate for the u.k.'s less relevant. the terminal rate for europe perhaps a little more relevant. i think it is all really about the fed at the end of the day. that is going to be the key driver. what the bank of england does will drive domestic stocks quite hard but that's a small part of the overall index in the u.k. it is really all about what the fed does. i think the u.k. government and the bank of england are in a really tricky position, as lizzy pointed out. the balance they have to strike is a really difficult one and i do not think there is easy answer. dani: what does it mean for your

strategy if the fed continues to stay hawkish, if they get rates to 5.25% and keep it there, what does that mean for european agrees? -- european equities? ben: everybody knows they are going to raise interest rates. how much are they going to raise interest rates? i think they've done a good job of framing it. the discount rate is relatively underpinned by fed expectations. manus: there is a magical bus that every asset manager seems to be on, it is called the investment-grade credit bus. you have got a ticket. where do you want to be exposed in credit? jeffrey is quite convinced on credit, even if there is forceful qt. where is your ticket on the credit bus?

ben: well, i am a simple equity investor, so credit is one of those areas that i find a little bit puzzling. if you can buy into long-term government underpinned bond yields that are around 4% at this level, i think that's a pretty sensible view. that would be where i would be looking get. out probably also be looking at some higher yield credit in europe and in the u.k. if you can find those high yields. those look quite attractive, certainly relative to cash rates. and they are probably well underpinned from a credit perspective. dani: you undersell yourself. you are a very equities manager who can dabble into credit. given all of that, one of the other big global headwinds is china. for europe, this is just so important for luxury goods. how are you and the team thinking about the situation, how it evolves in china and what the impact will be for those european companies that are so

exposed to chinese sales? ben: we are pretty bullish on the luxury sector. despite the lockdowns we have seen, it has been a great time to invest in luxury goods. they have seen good growth in other markets, particularly the u.s. and europe has been ok. china has still been a good market for them. with think multiples for those stocks look pretty attractive. we are pretty long-term investors. we look at the covid situation in china and we don't know when it's going to end. we can be pretty sure wagering it will end at some point in 2023. when we are looking at longer-term cash flows that these companies will be able to generate, we think they are a pretty good value. manus: you are not filling me with any great excitement. you are underweight real estate. this goes to the core of my heart. why? is there a bubble going to burst? it's already deflated ever so slightly in the u.k. it is on a turn here, it is

ramping in new york. where are you underweight and how do you trade that? ben: we draw a distinction between residential real estate, which i think we are actually quite bullish on some of the construction, the manufacturers, the house builders in the u.k. in the u.k., we are pretty bullish on u.k. it is primarily due to valuations. i think it is a different story on the commercial real estate side where you've got the cost of funding at or above the rental yield you are going to generate from your assets. that's a pretty unpleasant place to be. over years, if we are in a situation where bond yields are where they are looking for three or four years, and number of these companies are going to find life difficult. you can see that reflected in the valuations of a number of companies, particularly in continental europe and amongst german residential owners.

bullish on u.k. construction of houses, less bullish and extremely cautious on commercial real estate. manus: thanks for your thoughts this morning. it all comes down to what the fed actually delivers and where the terminal rate is. that is ben ritchie, head of european equities at aberdeen. we will take a look at the latest stores from the world cup, still going strong and qatar. the americans did not do too well, did they? they did well. it was english who did not do well. dani: england it did well, too. we are going to need to have a chat about football after this. we have some catching up for you to do. manus: you wanted to talk about football, i told you it was not the agenda. dani: bye. more stories next. this is bloomberg. ♪

♪ manus: let's get you year first-order headlines. opec-plus is said to be planning to hold this weekend's meeting online rather than in person in vienna. the meeting had been shaping up to be significant set of talks. oil having erased most of the gains this year due to recession risks in the west and covid unrest in china. speculation this week has mentioned that the group might cut output to get. u.s. federal jury has convicted a leader of the right-wing oath keepers group for seditious conspiracy over his role in the capital riot in january this year. stewart rhodes was found guilty of three charges while another defendant was convicted of sedition. three others were acquitted. it is a major win for the u.s. justice department, which has two upcoming trials involving

the rarely used seditious conspiracy charge. dani: bank of england governor andrew bailey says the u.k. government bond market is still suffering from recent shocks and may not be able to absorb a massive sale of assets. speaking in the house of lords, he said the market is not yet back to a normal period after severe illiquidity. england and the u.s. are booked through to the final 16 of the world cup. here is the update manus needs. two goals for ashford saw the three lines beat wales 3-0 to come on top of group, bring an end to the first term for the welsh since 1958. one go over the u.s. against iran was enough to see them progress from the group stage. they meet the netherlands on saturday. and that is your first word news. i think it is perhaps a little clear to anyone watching you did not watch the football last night. i will not talk about that. i will give kudos. manus: some of us have to go to bed to get up this morning. some of us actually, you know,

had to come to work a little bit earlier than you. remiss of me that i got it wrong that the u.s. won iran and so did the u.k.. dani: you cannot coanchor a show with an american. i should have gone to bed. i probably should have not watched it. i don't know how much sleep i got. let me take this opportunity to give kudos to our makeup team, who have done a great job covering up my lack of sleep after the great match yesterday. manus: that's the power of the magic of television. the question is, who does the usa play next the netherlands at 3:00 on saturday. will you be watching that? dani: yes, i will be watching. i will be texting you giving you updates. manus: you don't need to. i've got a producer on this show, he is english and he is going to be all over this english much. if they bring it home, can you

imagine what i am going to have to listen to between here and in dubai and at home in the u.k.? bringing it home, the world cup, i hope they do. dani: i feel for you. it probably means more sleepless nights and more noise in london so we will all suffer and we will all be happy, manus. manus: we have got a whole team, we've got a hodgepodge on this production. we got english, we've got american, and an irish anchor coming up on the shelf. tech has been -- has it impacted my country, ireland? ♪ it's hard to run a business on ityour own. with shopify, youn have everything you need to setup your online store, to connect with customers, and to bring your dream business to life. because when we work together, the future is bright. these days, your customers are not just down

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♪ manus: ireland reports unemployment data today. closely watched will be the tech sector as some of the global

giants begin the layoff of workers after the hiring boom of the pandemic. let's get to our reporter. ireland's boom from tech is well known. do we have the details in terms of the layoffs, how big they might be, and whether, you know, twitter's ability to ensure compliance with eu regulations? tie it together for us. >> the answer is no, we do not really know the extent of the layoffs yet, except that there have been some. there are expected to be more. big headline figures such as the 13% globally at meta, which is about 350 jobs in ireland. in twitter, the government has been notified of about 140 jobs so far.

there are layoffs coming in from other companies as well. it is really stressed that other companies are still hiring. we do have close to full employment here, or we did, so we will be watching that data very closely today. in september, the level employed in the tech industry will still higher than it was last year. there may have been a slight change but it is still very high and that is very important to stress. in terms of the concerns -- sorry -- dani: i just wanted to get into that in terms of the eu privacy watchdog. they have expressed a lot of concerns about twitter, about layoffs? where do we stand on that? >> we have had quite a few concerns come out of the data protection commission, which is based here but it is really the main eu watchdog for privacy and they expressed some concerns earlier this week, in fact,

about the layoffs at twitter in particular, which has included some of the safeguarding roles. we saw almost their entire brussel office is gone. a lot of responsibility has come to dublin and the eu commissioner for justice said he met with twitter last week and they had reassured him that they would be ensuring that twitter complied with the regulations. but then we have also seen people being laid off in an unusual way and actually one of their executives, she actually had to take twitter to court in order to have the fact that she had not resigned be recognized elastic. there is still a lot of concern and uncertainty about the path forward. dani: thanks. we are going to get those numbers out later today as well. it will be interesting to look at them.

stealing your words, manus, apologies. if i may still your words and thoughts some more, i happen to have the superlative sheets, which we will get to in just a moment, of what's been the biggest news this month. manus: i've got my superlative sheets. i will see you and raise you. you kick off the superlatives. i have lost the sheet of the superlatives. dani: i took them from you and would. i think somef of these onesx -- i think some of these fx ones are relevant. we have seen the worst month for the dollar in 12 years. aussie booking its best month since 2020. manus: i could have told you the pound would bounce. you are seeing that pivot, you know, what the kiwis actually did in terms of maybe not as big a hike as was expected.

dollar-yen, if you really believe that that is where you are going to have a haven for low, then maybe that's one of the reasons you see a rally in bonds. dollar-yen up nearly 7% on the month. dani: are you telling that i've got to buy breakfast next time you are in town because you did not convert to pounds? manus: what i am less impressed about is i have lost the superlative sheet and there's a lot of sheets. that's all i can tell you. there's a lot of sheets. i leave you with a look at "business week." there is a cracking front cover. it is about crypto, the fall of the crypto empire. ♪

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♪ anna: good morning. welcome to "er