>> good morning, this is "bloomberg daybreak: europe"

bank of japan sends the yen plunging more than 2%. this. losers and winners, wall street punishes goldman sachs and rewarding morgan stanley after earnings highlight the diverging fortunes between the two legendary banks. plus, global leaders express cautious optimism at davos with more top-notch interviews to come today. german chancellor tells bloomberg he it certain the nation will avoid a prolonged contraction. >> i am convinced this will not happen. and we showed that we are able to react to a very difficult situation. dani: really great interview there, we will have more of it for you throughout the programming. so far today, all about the boj. the yield curve control lives another day. breaking lines on the luxury

goods company. we will have burberry later. third quarter sales coming in at 5.4 billion euros. that is the estimate. constant sales, those are also weaker than expected as well. third order sales coming at a 5% gain, the estimate had been for 8%. we had expected some slower growth, but this is slower than what analysts thought would be the case. the important thing for reach bond, it will be china. how does china's reopening affect them? the numbers we have right now are for the third quarter. once we have a look ahead, we will bring it to you sales again , coming in at 5% gain. now, let me dive back into the boj. they are plowing ahead with large-scale bond purchases. i really like how john on

twitter puts it, the playbook is, when nobody is talking about it, something happens. that is what we got today. the surprise was dovish. they have forecast inflation at 1.6% for this fiscal year, versus the consensus of 1.8. yields slammed lower, bond futures, those are moving higher. the biggest like since 2008. driving down the global bonds as well. it also means that the yen is falling. it is down versus 2% versus the dollar. a lot of dollar buying versus everything this morning. i wanted to show you the euro, but the euro also gaining versus the yen this morning. especially notable, we have been talking about a downshift. looking at these equity markets, the blue-chip heavy nikkei surges 2.5%. there is a bit of an unwanted of

the banks trade after we had the boj decision in december to widen the band for yield curve control. a little bit of buying for s&p 500 futures, and for euro stoxx 50 futures. it is a big surprise. it is also continuing another day of davos today. let's go over to the swiss alps where manus cranny is. at the world economic forum. it has already been eventful, today's conversations from the global economy to oil, this market seems to be more cautiously optimistic. do word leaders seem to be saying the same? manus: i think they are all too frightened to make a call. if you actually ask me. they are worse than a fully hedged trader. they just don't have the robust levels of data that they need. yes, you have a palpable sense of relief that china is opening.

catching up with the secretary-general, flashing amber, red, or green? i think with ubs, who has considerable exposure in china, on the ground, and they made that they call yesterday, and into equity markets, we have not reached a true infraction point. i think that is a very measured kind of way to talk about it. you are not going to see the data and the robust upturn from china onto the back end of the euro, according to secretary-general. frazier talks about a mild recession, larry warning on liquidity. prince, spent quite a while with david and lisa yesterday, and he talked about the next shoe to drop is the labor market. there is the reality. that trajectory in covid being locked in with extra money to buy yourself something at the upper end of the market. may be the cracks are beginning to come.

dani: i was just going to say, even looking at the numbers, they actually disappointed massively in asia pacific. sales fell 9%. i think that is really interesting and perhaps highlights why people are scared to make a call. things are so uncertain. man is, come on. manus: we got a few calls. to be fair, in terms of calls, i think it was going to be great today. we will talk about who we got today. we are going to debate inflation. why did it come from 9% back to 3%? should a 2% target be checked out there? let's listen to larry, the sage of cycles. larry: inflation is falling. the question is, can it fall to a 2% rate? i don't even know why we have a 2% target, i have raise that question many times. could inflation bring -- be

brought down to three or three and half? absolutely. does that mean the central bank will keep rates higher for longer? maybe. that is the issue i have related to liquidity. manus: that is the question that needs to be put to the asset owners. how do you prepare for the portfolios in a higher for longer trajectory? these are conversations we are going to have today. it is an exclusive here at davos. we have the bank sitting down with francine a little bit later, so two powerful asset owners. norse bank will sit on the set, we have the friends banker, and j.p. morgan joins the team. asset owners of the world, stand up. dani: good, manus.

this is the second boj meeting in a row where you have not been with me. what is this? i feel like it is sabotage rate better promised that you are going to be next to me in the anchor seat next time. manus: i just want to be there for the day that yield curve control comes off. dani: i like this, this is a good market signal. when manus is back home assignment and there is a boj decision. we will from -- be hearing from him throughout programming. let's get to our other top stories. simon is going to help us digest the boj's big day. we will look ahead to the boj. so, no curveball today from the bank of japan, which perhaps, in itself, was a curveball. the yen tumbled, with the boj can maintaining yield curve control. let's talk to simon who, may i say, has been on this program for the past week plus saying

that no, they would not move. here is your victory lap. the big surprise, no change, not a surprise for you. there also have been some tweaks. what'd we here hear? simon: the biggest surprise for me is very conservative inflation forecast for 2023. that doesn't sound like much, but it was 20 basis points between -- behind market consensus. it is so far away from 2% that it really looks like they can't change policy at least while that outlook indoors. it will only be updated in april. really quite dovish. dani: of course we don't get any of those spring wage negotiations until later in march. i wonder what that means that we have this lowered forecast for the whole year. perhaps, not clear yet on wage negotiations for the boj's meeting in march.

simon: it really puts march out of the picture in my opinion. as you say, we won't have the full results from those spring wage negotiations by that time. it will be impossible to justify a comprehensive forecast for inflation, because the prerequisite is high wage growth. i think it really takes the pressure back to japan for that march meeting. dani: what should we expect we will have a presser in probably less than 30 minutes out of tokyo. what are you looking out for? simon: i think a smug smile from him, first of all. he told us so, that they didn't tighten in december, the easing is working, but not working so well that they can stop. just sit tight and wait for those wage negotiations. i don't think it will be hugely market moving, most of that is priced in. dani: thank you so much.

check out the mliv blog today. we also have a tliv up and running on the boj decision. simon has had some really great contributions highly recommend you read all of them. bloomberg has learned that ecb policy makers are starting to consider a slower pace of rate hikes after a 50 basis point increase in february. 0.25%. running is now is paul dobson. paul, why 25? why the sudden change in heart from the ecb policymakers? paul: i think a really obvious answer is the weather. you might not know it looking at manus, but the unseasonably warm temperatures we have had over this winter have enabled storage stocks in europe to remain very full. despite the demand season peaking.

and the preparations that went into that to ensure they were full out of schedule. that has really does -- depressed those prices a long way, and also power prices in sync with that tanking -- taking a lawn of their cue from gas. taking away some of their inflationary impulse that has been the big concern for the ecb. it opens the door for a slowdown in the case of hikes. it is not definitive by any means. the market is still priced for 50. it does give the opportunity for the ecb to begin to move at a slower pace if it wants to take that option. dani: hey i just also say, it is negative two degrees celsius in london. before anyone gets too concerned.

paul, thank you so much. goldman sachs and morgan stanley's first-quarter earnings show the competitor fortune splitting with diverging strategies. during the conference call, the goldman ceo commented on the firm's performance. >> are corner -- had we say our quarter was disappointing, these results are not what we aspire to deliver to shareholders. dani: let's get to adam for more. i want to start with goldman. why did they miss? adam: ultimately, the bottom line is that expenses are going up faster than a lot of people are realizing. the expectations going into this were pretty clear that the cost basis is increasing in certain areas. we see what goldman is trying to do in terms of layout some of the staffing in certain areas, that has been pretty well telegraphed.

it is actually appearing that it is slightly than people even thought. you heard it there the ceo himself, the results are disappointing. even he isn't able to find the one bright spot amongst the businesses. that shows you just kind of the tricky challenges that the bank is facing at the moment. we all know that 2023 is going to be a particularly tough year probably from the banking standpoint, certainly from an economic point of view. a lot of these u.s. banks are positioning for a year ahead. i think what this shows and one key take away from this result is that we know these expenses are going up, we know these cost spaces are struggling, and you are going to see more of these layoffs i think in some of the staff, headcount reductions that we have been hearing about in recent weeks. dani: it is almost unfortunate

that they had earnings the same day as morgan stanley, because the ceo and chairman made more positive remarks during his earnings call. our we are not of the view that we are heading into a dark period. whatever negativity in the world is out there, that is not ours. we want to make sure we position for growth. dani: what has morgan stanley gotten right in their strategy that goldman did not? adam: there is one very large component of morgan stanley's revenue base, that is wealth management. that is more than 50% of the bank's revenue. that has been a clear beneficiary of the fed's increase in increased rates -- interest rates. and the increase in the interest income in the part of the business.

they have been able to offset some of the declines that goldman also saw and other areas. trading, missed estimates. overall, it was able to deliver a far better result across the board. i think wealth management really needs to be highlighted as a contributor. of course, both banks still face the headwinds. goldman was categorizing it as an opportunity for growth. of course, they were characterizing it more about the challenges they face. 2023 will still remain to be seen how much of a downturn we see whether or not the u.s. goes into a recession, and clearly investors are voting with their feet. dani: much, adam. coming up, the yen nurses heavy losses with the boj standing firm. we will discuss rates with antoine, next.

this is bloomberg. ♪

dani: let's return to the story of the day. a stocks jumping and tumbling after the boj defied calls to abandon its yield curve control. we will bring you the press conference in 15 minutes. first, let's get to on -- antoine. we know you have been paying attention to this decision this morning. what do you do with jgb's now that the boj has done that? antoine: being that is underappreciated is that even if the bank of japan raises its cap on the jgb's at the march meeting, it is very expensive to be sure that markets on the other hand, it is no doubt. it is a very tricky market to

trade. it is not liquid. i think better to stay out of it . dani: we certainly have heard increasing calls about that. if they don't change anything, don't trade in this japanese bond market. though, this impulse for lower yields comes at a time when we also saw the same coming from europe. there was that great bloomberg report that the ecb is looking at downshifting from 25 basis points to 50 basis points. has something changed in your mind, as well, to start the year that would indicate that the ecb can back off some of the more hawkish language they have had? antoine: not yet. the main thing that has changed in most peoples ecb calculation is what the fed is doing. the fed downshifting to 25 basis points house high as most of us expected in february, does lower

the pressure on the ecb to hike rates. not arch meeting. in march, they presented a new set of forecasts, anything before that meeting was pointless, because we don't know what this new forecast will be. the indication by lagarde was anyway subject to very heavy caveats. probably 50 basis points in february, march, we will see. as far as i'm concerned, on a purely economic front, not enough has changed. dani: i also want to get to one of your other calls around the treasury. you say treasuries rallied to 3% for the 10 year yields what will drive that? antoine: fed cuts. you might say a lot of them are priced already, to an extent, i think markets have their own quite far quite early.

the end of 2023, we will have at least 50 basis points by the fed, inflation going on its way back to target. we will have a much weaker u.s. economy and perhaps a recession. the one thing i would say is compared to how far we have got, to three and half percent yield, there will probably be a better buying opportunity around the middle of the year rather than this 3.5% yield we have now. dani: you are fighting the fed here. we just heard on foxbusiness that it is too soon to back off from rate hikes. come back with us, won't you. he will be back to join us in about 10 minutes time around the boj press conference. stay with us for that. coming up, we will hear german chancellor olaf scholz, exclusively with john in berlin.

we will have a conversation next. this is bloomberg. ♪

dani: olaf scholz has offered reassurance that europe's largest economy will avoid a recession, despite facing an energy crop. the german chancellor sat down exclusively with bloomberg's editor-in-chief, john in berlin. olaf: i am absolutely convinced that this will not happen. and we showed that we are able to react to a very difficult situation. i think no one really expected that we would easily survive a situation and there would be a complete stop of the supply of russian gas to germany and europe. but, we succeeded with all the

decisions we took to fill our storage capacities with gas that we put 20 plants -- cold plants -- coal plants back to work. using the gas in the region and using the capacities of western european ports and building new energy ports at the northern shore of germany. the first one was opened in the end of last year, after 200 days of work. the next one, last week, and the third two, and the third to come will be opened the next week. john: do you think that is enough for next year? europe has avoided a gas crisis this year, partly because of the provisions you talked about, partly because of the nice warm weather. although berlin seems to be an exception. for all those reasons, we got away with it.

next year, do you think that you can get through without blackouts? you are giving up nuclear power, and a lot of that gas you had this year. olaf: i am sure that we will be able to go through the situation again. this is because we are constantly increasing our capacities for importing gas from northern german ports. this will not stop with the things we did already. it will continue. we will build a capacity that gives us a chance to have as much gas as we had before this war, and are able to import it without importing gas from russia. dani: hola speaking there to bloomberg's editor-in-chief john micklethwait in berlin. the bank of japan press conference is about to begin. you're also looking at yields slammed lower, the bond bears in

retreat this morning. are they having to short cover? is this a full-scale retreat or just a tactical change? anton will join us again in a few minutes. the boj owns more than half of it after buying a record amount of bonds to defend their new why cc band. the band in change today. no tightening is insight, they need to keep policy easy. we will continue to hear that message in just a few minutes time read we are live in tokyo as we look at the podium, he is soon to take. this

dani: good morning, this is "bloomberg daybreak: europe".

confounding speculation, the bank of japan sends the yen plunging or than 2% versus the dollar after sticking with stingless including yield curve control. losers and winners, wall street punishes goldman sachs and rewards morgan stanley after earnings highlight the. plus, global leaders expressed cautious optimism at davos with more top-notch interviews to come. junior chancellor olah says he is certain the nation will avoid a contraction. >> i am not totally convinced this will not happen, but we are not going into a recession and we showed that we are able to react to a very difficult situation. dani: happy boj day to you. if you thought the boj could be a central bank meeting that you could just we block through, kuroda for the second time in a row has proved us wrong. i believe he is just now taking the desk in tokyo at the central banks had odors, --

headquarters. after a decision to keep why cc unchanged, it lives another day. we don't have the translation live for you, so we will bring you the latest as they come. let's get a quick check around the world of who we have joining us to help us cover this press conference. because it will be a very important one as kuroda tries to double down on easing. we have kathleen outside the bank of japan, valerie tytel is here, in antoine is still with us. senior rate strategist at ing bank. kathleen, i want to kick things off read we are still waiting to hear what he will say at the press conference. get everyone up to speed, what have we learned so far? kathleen: a changed absently

nothing. [laughter] the big focus was, would they do yet another adjustment to the yield curve control? on december 20, they doubled it from 0.25 to 0.5. having done that, they more than expected at least traders and investors, after we keep pushing that yield, why won't they be forced? and then forcing them to by billions of dollars worth of bonds, surely they will do another tweak. excuse me if i keep looking down, but i am watching the headlines, too. they didn't do that. they didn't put their inflation forecast for the cpi 202320 24, in either year up to 2%. if they don't do that, how could they do anything that looks like it is even the beginning of removing the stimulus? this is what we are waiting to hear. we are tortured with questions

over. why? you did it in december. why not do it now? what does this mean? the press conference usually starts with a statement, a restatement of many things that are already in the policy statement. we will have to wait just a little bit longer to hear more on that. dani: i definitely want to hear what he has to say about the new inflation target read we did just get the headline that he is saying japan's economy is picking up, certainly an interesting comment, because we are or were expecting him to emphasize that the japanese economy still needs the port, -- support. you have been keeping track on the market reaction, valerie. you are keeping stock of how things looked as we went into this. it seems like some folks have been caught really offside by this move. valerie: economists have told us they are expecting no change, nearly the market had other ideas. the market today has really told

us that investors were expecting some kind of adjustment to yield curve control. but, when we brought it out to other assets, talking about the dollar and 10 year treasuries, the catalyst for further weakening, i don't see them here. we have the boj out of the way, and yesterday we had the ecb sources headline talking back the prospect of a series of basis point hikes. i know we started off the year talking about dollar weakness, but perhaps that could take a big cause. dani: certainly, this was supposed to be that one of the big dryers -- drivers of dollar weakness. anton, -- antoine, it seems that what kuroda is hoping to do is really emphasize this idea that they will keep policy easy. corroded saying that he expects inflation to slow in the latter half of the fiscal year of 2023. corroded trying to perhaps

remote more believers that inflation will be slower, they are not going to abandon ycc. do you think this will convince anyone or do you think the market will continue to push back against this? antoine: i'd this many people that it needs to be tweaked by raising the cap on 10 year jgb's. what the bank of japan is showing is that they want to take it slow. they don't want to rock the market anymore than they have already, and they want investors, the economy to get used to these higher rate progressively. that poses a number of problems. the longer they keep that cap, the longer they will have to buy jgb's aria i think it is over 30 trillion in december. that was the problem for the functioning of the jgb markets. it is a very difficult market to

trade. liquidity is getting worse as the bank of japan buys more of these bonds. you can look forward to more of this, but i think this cap will be significantly lifted even as the bank of japan lifts its own inflation forecasts. dani: spending a rep 211 billion dollars defending the new yield curve ceiling, that is a painful amount. you have to met inter-mental move, does it not become untenable for the boj to move so slowly? antoine: anything that is really strange is that they justify lifting that cap in december to improve the function of the jgb market. one of the big problems with the jgb market is that the bank of japan owns more and more of it. i am not sure if that goal has been reached. as far as i'm concerned, this will make things worse, not

better. dani: kathleen, i want to bring you back in. because rhoda -- corroded reading the statement, he says won't hesitate to add -- this certainly sounds like a man we have heard before. kathleen: what we are getting right now is a recap of what is in the policy statement. we will get fresh comments from him until the reporters start asking their questions read to bear that in mind. i think that is what is also striking when we saw the headlines start coming out, when we got the gist of the policy statement, which came out early. it had been a bigger debate, maybe they would have gone past the approximate time around 12:00 japan time. it does have a lot of the same statements. that it won't hesitate to add more liquidity, they will buy bonds, endlessly as needed.

yes, it is a lot of money, but look at how much they have already bought. here is something you have to remember. one more meeting with governor kuroda. one of the people i talked to today is that if they were to do it again in a month, they would just be encouraging more speculation, more bond market traders pushing against the ceiling. some people say yes, the meeting in the next one is going to be live. and, we have a new governor coming in very soon. we have the nominations for the governor, the deputy governor, in early february. march 8, his last meeting. by eight six, that is the first meeting -- april 26. let the next governor start the next step. that is the person who will carry the whole process. dani: just really emphasizing how important it will be to

understand who the next governor is and whether they continue on with what kuroda has done. he is reiterating what's in the statement, saying he expects inflation to dip below 2% in the back half of 2023. the sustainable inflation goal is not yet in sight. valerie, emphasizing what we did in december was not easing, we need to get that inflation goal insight. if they did want to abandon ycc, what does history tell us about it? valerie: we have two examples. the rba, reserve bank of australia, in 2021. in 1951, the fed did something similar after world war ii. in both of those exits, there emerged a financial tightness in the private credit markets. we are already seeing this in japan. corporate bond sales have

plunged 75% versus this month last year. you can see, if the outlook for the economy is extremely high, they don't want to add any more uncertainty coming from what a ycc exit could be. we have a lot of analysis based on what happened in australia where we saw the three year yield surge 100 basis points before they finally threw in the towel. after that, there was quite a sizable credit crunch that happen industrial you before the rba was able to stabilize markets. if they delay any why cc exit, this gives them breathing room. the fed might be cutting by then, the global 10 year yields may have just retraced. that gives a letter usher off the boj and perhaps they could have a smoother exit if you could say the 10 year equilibrium yield is not too far away from the current target. dani: we keep hearing him saying

that we are going to keep seeking sustainable inflation with wage gains, the pay environment is really crucial. i think that is a really good point, and i want to throw that over to you, antoine. is there not some degree where the boj does have more breathing room because the fed is slowing? the inflationary environment, as we were talking about earlier, is backing down to a place where maybe even the fed cut at the latter half of this year. antoine: we absolutely think that the fed will cut in the second half of this year. very good point that you and valerie are making. the one thing i would say is we have seen the pressure even as treasuries are in the rally. it goes to say it is not something that is purely driven by spillover from fed policy or ecb policy, but you can really see that jgb yields if they were

ever market-based, could and should probably trade then i higher yield. it is not just speculation. he also wants to seems to go back to a market-based interest rate. that is not sustainable as we said, for a number of reasons. part economic reasons, you wanted to be based on supply and demand. you want the bank of japan to own less of that market. for all those reasons, they have to let go of it. and perhaps it is that the pressure will be lower and the pressure on the jgb as well, lower. therefore it will be less painful. the way things are going now, it is not looking like they can wait for that adjustment. dani: kuroda saying that they don't see the need to widen the

yield range further, also saying that the act trading above 0.5% to continue. is the market really going to listen to that? are they still going to push it? considering how much the boj owns right now of this bond market? they say they need more time to assess the impact of the adjustments. again, they don't see the need to widen the yield range further. valerie: possibly, i think one thing i heard that resonated a lot is than the fact that maybe they could drop the bands, but reiterate the commitment to buy unlimited amount of bonds. so they move into just a qe scenario, because you are right, they do own 52% of total jgb's. this is the second-largest global bond market. it is huge. if you look at the 10 year sector, they own nearly 90% of

newly issued 10 year jgb. eventually they will run out of air power when it comes to that. i highly doubt they want to exit ycc too much more heavy of jgb's. if you look at the astounding pace they have had, they bought over 100 billion. at that kind of pace, they would own nearly 100% by the end of the year. i can't imagine that is on their to do list. it is nice to see the yen weakening. i'm sure that is something he did want to see. dani: this is something they started in 2016. now they are putting up those record numbers. it is building up quickly. kathleen, let me come back to you that they are not going to widen the yield range and that kuroda expects market functioning to improve. what do you make of all this? i know they did notice a difference in the bond buying

program, at least opening up the door for negative rates to help smooth out the yield curve. it does seem like he is emphasizing this idea that it is all about market functioning. kathleen: exactly. he doesn't say it, maybe he will. maybe when we get more questions from the audience. that he will be asked about the motivations and what the big picture plan is. i would say, they are airing on the side of caution. the consensus view is not getting to 2% gives them breathing room to say, doesn't look like you're getting there. and then they do, they could quickly move on that. and then completely getting rid of the yield curve. i hope he will be asked about and say something about, is this partly because there is a new governor coming in in a couple of months? this is the person who will be

in charge of a very difficult process. once you start down the road of getting rid of yield curve control, once you start on the path of policy normalization, this could has a lot of volatility in the markets. it will be a long, drawn out process. one of our guests today told us when we were previewing what was going to happen, it is going to take time. this has been in place since 2016. and, it has been a big part of the strategy. when you look, they put a big yield curve control with the three year bond for a while. the bank of japan, that was not a fundamental part of the policy path as it has been for the boj. it will be a big project. i think that maybe this is part of it. very quickly we will get to that handover of power, and maybe it is better to let that person do

the heavy lifting. dani: i am also really curious whether he says anything along the lines of wage negotiations. coda saying that they don't see a need to widen the yield range further. they expect market function to improve and that the economy is still in the middle of a endemic recovery. did i want to thank all of these guests for helping us go through the press conference. we will bring in more lines as they come. that is antoine, and bloomberg's kathleen hays and valerie tytel. he live go. -- tliv is where you want to go on your terminal. this is bloomberg. ♪

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simone: china's top economic official says the world's second-largest economy is on track to rebound this year to its a rate of growth. speaking at the world and on forum, vice premier said coronavirus infections have likely peaked following the lifting of most covid curves. the chinese economy grew 3% in 2022. that was the second slowest pace the 1970's. the u.k. remained the world's biggest exporter of financial services in the first year after brexit. the u.s. in second place is catching up. according to the lobby group, the country's surplus from the sector was 87 point $2 billion in 2021, the surplus recorded by

the u.s. jumped on the previous year to more than $85 billion. a jury will take part in elon musk's securities fraud trial, opening arguments are set to begin on wednesday in the u.s.. the tesla ceo is said to be the star witness in the hearing over his 2018 tweaks about taking the company private. lawyers will argue that musk caused them deep losses from wild stock price swings. that is your bloomberg business flash. ♪

dani: no more boj decisions the

press conference with governor kuroda, he says he doesn't see the need to widen the yield range further. also saying that wages prices, set to rise. a little bit of hawkishness, but overall, the message is the same. yield curve control is sustainable, easy policy is here to stay, the yen continues to drop. let's bring things a little bit closer to home. the revenue in the key market of china plunged do to rapid spread of covid which reduced customer traffic and led to store closures we are joined by deborah, you make of these numbers? they didn't miss when it came to sales for the year. debra: they came in at 5%. what do i see from this? japan is strong, really robust,

also the middle east. americus looks against a big five cent into that much going in to q4, the physical q4 into march, we have an easy -- expecting summary openings. this is the start of the luxury sector overall in terms of reporting. we are waiting to see what happens this morning from burberry. overall, underlying [indiscernible], we are positive with some reservation i would say, on china over the first quarter. to see domestic rebuild first across the sectors, jewelry remains particularly strong and isis have been passed through. dani: thank you so much. i wish we had more time with you. as she mentioned, burberry earnings coming out shortly.

as we wrap up the hour, again, we are in the middle of coronas presser, -- kuroda that was all about the sustainability of easy policy. we are hearing the same from kuroda that we saw. by the next decision in february, he will be a lame-duck governor. how many converters can he believe that they will continue to ease and add more easing? stay up-to-date -- we will stay up-to-date on this for you. this is bloomberg. ♪ so my best friend sophie says you've been a huge help. at ameriprise financial, more than 9 out of 10 of our clients are likely to recommend us. our neighbors, the garcias, love working with you. because the advice we give is personalized, hey, john reese, jr. how's your father doing? to help reach your goals with confidence. my sister has told me so much about you. that's why it's more than advice worth listening to. it's advice worth talking about.

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anna: good morning. welcome to "bloomberg markets: europe." i am anna edwards live in london. cardio top headlines.