dani: dani: this is "bloomberg

daybreak europe". manus: stocks are mostly lower well 10-year treasury yield's 4% as fed officials strike a hawkish tone. falling flat, tesla shares stumbled and extended trade as elon musk's master plan offers no details on new cars. plus, china warns head bankers clean the lifestyles. and toe the communist party line as the national people's congress kicks off again. dani: we have ab inbev earnings coming out onto the tape now, a higher dividend than estimated. they will be giving out a dividend for the full year of $.75. the estimate had been for 63.

when it comes to a lookahead, the 2023 organic, the range is quite a wide range. 4% to 8%, the estimate have been for just over 7.5. the margin also beats, so that growth is going strong, folks are still drinking. they do have a miss when it comes to the fourth quarter organic revenue, that came in at 10%. the estimate was for 11.6. a little bit of mix, but that spicier dividend might get shareholders excited. manus: spicy dividend, we like that. the question is, which is your favorite brand? whether it is bud light or corona from the ab inbev. if you don't like beer, they have tequila for you. [laughter] let me give you a little bit of a b.

pharmaceutical, german pharmaceutical company coming through with their numbers. net sales, 5.6 6 billion. 1.6 3 billion on the avenue. that is lighter than the market had suggested. 25 billion is what they are targeting in sales by 2025. they see slight to valid organic we have seen it sabic report, we have seen some of the other big chemical makers reported by the input side on the costs. what we are expecting is a growth could fall in 2023 as covid demand ebbs. that is the pretty important point. moderate growth, moderate decline, or remain stable? they have had a multiyear boom at the life science division,

all the covid tests, all the therapies, along with vaccines. that really has helped them amass a war chest of 20 billion euros. ok, a little bit of beer, and a little bit of pharmaceutical, never far from our mind.'s ceo will join the bloomberg team a little bit later on in the day at 9:00 -- 7:30. the merck ceo. where do we go? 5.5 percent for the u.s., 4% for europe. if we have a default or a downgrade, we buy treasuries. good morning. dani: good morning. yields higher for now, i guess that would reverse that trend. we go lower, i suppose.

to's intense, negative id, that is a record. this is a market that now is digesting yesterday's isn. it is not just one piece of data. each piece of data seems like it is confirming this narrative that the goods disinflation is not happening quick enough for the fed's liking. manus: the immaculate disinflation hasn't arrived. fitch going for 4% has been the terminal rate for the ecb. that propulsion in the european bond market could be sort of smacked again, because we have the euro zone inflation and a little later on today. stocks, morgan stanley are very wary. dani: they are worried. we will hear what mike wilson had to say. the perpetual bear, but it is playing out. let me show you what equities are doing so far. the asia story is impacted by higher yields, there is other stuff going on. this massive

rally that we talked about with stephen gallo, the impact of china's really strong data on the global picture, investors are now perhaps concerned that the strong data also means the mpc this weekend won't deliver as much stimulus as perhaps the market hopes for. you have this asian equities falling. hstech leads the way. euro stocks and ftse futures down. nasdaq futures down. manus: goldman wants to go for non-us stocks among better inflows. they are buying themselves because in japan and europe. across my assets, the house prices down. house prices slide, i am sure my postcode is probably battered at the sharpest annual pace since 2012. you have that coming down, because it is bailey saying

nothing is decided until it is decided. and giving him optionality that maybe we have or are somewhere near the top of the rate hike cycle from the bank of england, euro-dollar is dying by a quarter of 1%. a bit of a run-up on the euro-dollar. that repricing on the ecb, terminal rate at 4%. although goldman is seeing a terminal rate of 3.75. and german ten-year government bond futures, prices down, yields are higher. the magical four number. we have broken it in the states as boston wants optionality, one could say higher for longer, five to 5.25%. rebut he is standing by on the fed story. dani: we will talk to our reporters from around the world. the fed officials are touting the need for more hikes. we have tesla's investor day and new details on the chinese banker currently detained and the shakeup at bridgewater.

manus: let's talk about the fed sounding hawkish once again, sitting operate will need to increase further to stay elevated into next year to curb the u.s. inflation, which shows no signs of abating. the minneapolis fed president said-- >> i am open-minded at whether it is 25 or 50 basis points. what is much more important of whether it is 25 or 50, is what we signal in the dot plot. manus: let's get to valerie tytel. optionality there, is the key. he is more concerned about the terminal rate and he is -- and that will be indicated by the dot plot, yet? valerie: the most important thing from that interview is he stopped short of mentioning that his dot is moving higher. his dot is one of the most

highest on this dot plot. at 5.4%. he refrained to mention that it will move higher. instead, he focused on the fact that we shouldn't overreact to one month of data. he did call the recent data concerning. i want to show you in the next chart what was concerning about yesterday's ism. the prices paid index. it had jumped, it has re-accelerated into expansionary territory, italy the harder cpi data. it is showing that this goods disinflation that we are hoping for has been slowing and perhaps, the goods inflation will be an impulse in the next few months. dani: i don't of the chart for you, but that is because you basically make and run all of your charts. this is basically what happens when you move away from the terminal. inflation, euro area inflation is due today, what are we expecting? valerie: it will be a bit concerning. france, germany, spain, all come in hot.

the attention today will be on the or cpi. in the preliminary prince in europe, we don't get a core cpi reading until we get this eurozone figure today. keep an eye on that one. at the consensus is for 5.3 which matches let's months print. this is the one thing that will be concerning for the ecb. the terminal rate, as you guys have mentioned, has risen. it has risen 60 basis points in the last month, it is now hitting 4%. dani: valerie, i hope you have cleared your calendar for 10:00 a.m.. chinese banker has reportedly been detained since february by anti-graft authorities. let's get over to our correspondent, rebecca. wrapped up in this is china cracking down more on financial companies. what is the latest on this? rebecca: it does look more

serious. we knew that he had disappeared and had lost contact with his firm. now we have reports that he has been detained by china, so leading anti-graft agency. that is linked to a corruption investigation of the former of his firm. he is being held under a detainment where essentially he may not have asked as to where's for as long as six months. certainly keep an eye on that. the broader story here is that we are seeing authorities continue this client clapped down across the financial sector in china. it does look like xi jinping is not yet dented his ambition when it comes to reining in risk. part of that will be reinforced as we go into the mpc, where we already see that president xi may be pushing to tighten his control of some of these key financial institutions. it is not just a call for

bankers to be less head and a stick and stop looking to the west, but overall a real clampdown on risky practices to do with cross-border brokerage transactions, for example. and, this is on tighter capital controls. manus: ok, let's see whether the chinese can rein in the hubris of exuberant bankers. i have yet to meet any banker that is not exuberant in the past 35 years. thank you, rebecca. two elon musk, much anticipated master plan for tesla. he failed to offer on the company's next generation of electric cars. we are joined by katrina. she has the coverage of transport in asia. where they so disappointed? they just didn't get a new car to salivate over.

katrina: the musk fans would probably say as much. there was a lot of buildup in the lead up to this event. the first master plan wasn't built in 2006. the second one was in 2016. it has been seven years. this was the master plan three. must was going to outline the path toward a fully renewable future. very big promises there. he started the event by outlining his vision for the global switch to electric vehicles, a 10 trillion dollars spend to develop sustainable energy worldwide. he was telling investors that earth would move to this sustainable energy economy and it will happen in your lifetime. in its own drive for efficiency, tesla talked about its plans to reduce the foot of its manufacturing plants by about 40%. we heard about this new plant they are going to build in mexico and a lot about using recycled water for that.

the company also touted its growing ability to get production facilities up and running work with the. but what investors were really looking for was some actual concrete detail about tesla's next generation of electric cars. it was lacking. there wasn't a lot of detail about any new products. you could almost see investors losing heart as the event went on. it was a mammoth event, it went on for four hours and was being livestream. you could see shares gradually slipping and they were down at one point about 7% in after-hours trading. dani: it is this weird thing of investors saying, that's nice, but we care about your profitability more. thank you so much. let's talk about the world's largest hedge fund and changes that are underway. edgewater associates is going to be revamping its energy and cutting jobs. that is just five months after

they handed over control of the firm. let's bring in men well. what is bridgewater changing? manuel: this is the biggest shakeup in more than four decades. it is pretty significant. they are trying to revamp the firm, they are reflection funds, they are also looking for ways to boost returns, to boost profitability, and also diversify and find new sources of revenue. they are going to invest in things like ai, machine learning. they're also going to boost their investment in to equities, and they will double down in regions such as asia. they plan to hire more people in singapore, for instance. all of that, they will also look

for ways to improve their focus on sustainability, so they have a big revamp going on at the firm and it is definitely a big shakeup that they are planning to do. manus: there he is, big, big changes in the post dalio era. , morgan stanley's mike wilson says the worst is still ahead for most companies. we will get his opinion on what is driving markets. on bloomberg. ♪ the only smart bed in the world that actively cools, warms and effortlessly responds to both of you. our smart sleepers get 28 minutes more restful sleep per night. proven quality sleep. only from sleep number.

>> march can be both seasonally positive or negative. what we are seeing is this pattern of the last year where we are in earnings downtrend.

there is a presumption by the market that because the economic data has been better-than-expected, that the earnings declines are now over. some people think the worst is behind us, we think the worst is still probably ahead. manus: morgan stanley's chief u.s. equity strategies, mike wilson. our guest is anita cooped up. good morning. anita: i would take some parts of it, but not all of it. definitely earnings decline is not over. i think that is priced into equities at this point, because if you are looking at the u.s. s&p 500, our own prediction was still positive on earnings, we were at a 0% earnings growth. i think this higher trajectory is worrying everybody, and mike was right last year.

he is right this year to, in terms of volatility. how much more of a downside we have, not sure. dani: in the same framework, in terms of higher yields, that was the story, higher yields meant lower prices in bonds and equities. at some point, we are starting to see it now may be, does that grip that bonds have on equities, is it finally starting to break? anita: i think, yes, it is starting to break. we are seeing more of downside in bonds and equities. i think at this point, the higher yields will stop impacting bonds quicker than equities. that is our view. we are a bit underweight equities at this way. properties have not felt a higher yield on their borrowing yet.

which is why we are worried about margins. last year the focus was on rates and inflation. those continue to be very [indiscernible]. manus: there is a hint of caution and what you're saying, and yet, one of the most vibrant markets has been china. hstech just flew to the moon yesterday. so i have the data which is, hugely bullish. then i have these worries of being head and a stick to the bankers. how much more bullish do you want to be on china and is there a lag between what is good data and what will come further in the equity story anita: china has always had a little bit of hidden data around it. we, we are in positive with

china. in india. when we look at china, the msci performance for january, up 11%. february, positive 0.8%. yesterday, the rally was 5%. we are absolutely certain that the opening up of china, the pmi numbers, everything speaks of a higher economic trajectory going forward. but we are still seeing it down sometimes, whether it is in the banks. that is not going to go away. yes, take advantage of the low valuations, of the higher growth , and do have an additional way to do that within your portfolio and china. but be cognizant of the fact that there are always hidden surprises. dani: why wouldn't i want to be by european equities. when they see a benefit from china? anita: there is a strong correlation between europe and

china, which is why we have seen europe in equities the best performers this year so far. the rates trajectory in europe is definitely trending higher. i think there already pricing at 4% at this point. container shipping costs for europe is still high. compared to pre-covid times. the ukraine conflict is also affecting inflation. a lot of inflation data coming out. which is what makes us cautious on europe in spite of the strong correlation to china and the export story. manus: icu and maurice -- i see you and maurice, what is your conviction? how convicted are you? is it tough to grip a view and run with it? you gave me the numbers of msci china there. anita: i don't think we have

seen much conflicting forces at this point. you have higher rates, still growth that is strong, strong labor market, you are on the cusp of something either breaking or going up. growth stays strong along with the rates going up, that is perfect from the market. however, the central banks is to bring demand down. we would be on the sidelines at this point, we would say standing equities, a little bit of volley on the markets, focus on quality. the one absolute single conviction is quality. over a century what always performs is a company that grows earnings and dividends, that returns cash to shareholders. dani: stand on the sidelines, hoping nothing will break. fair enough. thanks so much for joining us. head of equity strategy at nbd.

coming up, speaking of china, we will look ahead to the national people's congress. more steps for consumption or for that strong economic data mean not so? this is bloomberg. ♪ go. go green. go wind turbines. go gorgeous reliable grid. go emerson software. go science people. go breakthrough meds and safe science. go space age welds for super silent cars.

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dani: it is "bloomberg daybreak europe". still grappling another day of yields higher. it is reaching new extremes. ism data yesterday that goods disinflation is not happening as smoothly as some folks had hoped for. you get another all-time low on the treasury curve. it has ticked up slightly, but it was below -90 just moments ago. it is the front end, led by the two yields hit a new high, too. it is global, not just the u.s..

european data coming in. we will get more figures the. we have a lot of fed speakers and ecb speakers. policy tightening must continue. villa roy says risk of recession can now be ruled out. you get equities under pressure, strong china data doesn't help. there are no longer as much optimism of npc this weekend will inject stimulus. coming up, speaking of all of this, the heat is turned up for the ecb. german inflation comes in hot. waiting for euro area inflation at all that next. this is bloomberg. ♪ to finally lose 80 pounds and keep it off with golo is amazing. i've been maintaining. the weight is gone and it's never coming back. with golo, i've not only kept off the weight but i'm happier, i'm healthier, and i have a new lease on life. golo is the only thing that will let you lose weight and keep it off. who loses 138 pounds in nine months? i did!

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manus: this is "bloomberg

daybreak europe" setting your agenda. dani: stocks are mostly lower well 10 year top 4% as more fed officials strike a hawkish tone. eurozone inflation is more in focus today. falling flat, tesla shares tumble in extended trading after elon musk master plan offers no details on new cars plus, china warns hedonistic bankers to clean up their lifestyle and toe the communist party line as the national people's congress kicks off this weekend. manus, good morning. i really like the question that you posed to anita of how much conviction can you have? let's be honest, no one really knows what is going on right now. did not even the fed. it is kind of why we are hanging off of every single data weight so closely. manus: here on the cusp of something breaking as wilson would say. the worst is yet to come.

we could fly, good growth. we need to go on investor pedia. the fed might like higher rates for little bit longer and a little bit of higher inflation. it is called deflating your debt. with that in mind, let's deflate everybody's optimism. the pound is down, a little bit of a flurry on the rates. because bailey says nothing is decided until it is. the market has decided this could be the top of the rate cycle for the bank of england. 10 year yields break for percent. will the trajectory go higher as bostick sees five to 5.2 five through 20 when he for? -- five to 5.25 in 2024. bond futures are down, yields are rousing -- rising.

we wait for a hot inflation print from europe. dani: oh, man. i have a wedding to pay for in the u.s., i get paid in sterling, you know i'm watching that cross. manus: have you just announced on bloomberg tv that you are getting married? did i get an invitation? dani: maybe. i mean, you are family to me. manus, it is a small one. do you see where cable is right now? i can't afford a big wedding. once that improves, if bailey changes his tone, maybe you will get that invite. please, perhaps another reason why my wedding is small. strong data out of asia yesterday, we are seeing a retrenchment of that rally. euro stocks basically unchanged. u.s. equities holding the spot lower yet again. nasdaq futures eating the decline.

right be a little bit of tesla in there as well. yields higher mean those gross stocks do well. manus: i just want a video or a picture, something of the event that i won't be at. you are in my life every day, my on-screen partner, but feel free -- it is ok. revenge is a dish best served cold. i hope you dance well on the dance floor. german inflation is much more boring than your wedding. it did unexpectedly accelerate in february. this complicates the ecb's task. the bank president told bloomberg that it is not clear that the central banks march hike clearly won't be the last in this cycle. >> it seems to be the case that inflation is very stubborn. and that is bringing me to the

point that monetary policy has to be more stubborn, not fair to speculate what is the sequence beyond march. it looks like that 50 basis points for the march maintain very necessary. i believe that significant rate hikes beyond march are necessary. we took that decision in the last meeting to start the production in the app. 15 billion every month. i believe that could be more or less, there is a good way to get this into the market, the market will understand why this is necessary. from july on, we need more than 15 billion. i think this is one of the things that i believe is of utmost importance. manus: let's get to our bloomberg western europe economy team. we have zoé here. there is a lot to unpack there. a more stubborn attitude towards

rates, i am drawn to that. we will get the inflation reading a little bit later at 10:00 a.m.. how hot will that be? zoey: before this week, we had anticipated that the headline inflation would slow this month. now we have had three very hard inflation ratings from three of the biggest economies. germany yesterday, unexpectedly accelerated the day before we have france. spain also accelerated. that then might lead to the headline inflation actually taking up again. before this, we would not actually have been looking at headline inflation, especially the hawks were, let's look at core inflation as headline inflation slows. in part of that is base affects energy prices will be slowing when core is the thing to look at. dani: i love this line, ecb policy must be more stubborn

than inflation. that has to be pretty stubborn, zoé. zoe: germans are known for being stubborn. the ecb has already indicated it will be hiking a lot more. earlier this week, markets now think that the rate will go to 4% which would be unprecedented. that would be a lot higher. right now we are at 2.5. in two weeks time, another 50 basis points. markets are suggesting that may might be another 50 that takes us to 350. if we see another two or 25, this is quite exciting. dani: yeah, we get pretty high up there. thank you very much. thank you for joining us in the studio. manus:, i caught up with global head of sovereigns, james

mccormick. he gave us his recession for the u.k., u.s., and euro area. james: do think germany and italy do. manus: significant reflection -- recession for germany and italy? james: significant in and of itself. in the u.s., we think recession in the back half of this year, but not a significant recession. manus: the least dirty bond shirt is probably worn by the u.k., which is certainly a problem for fitch, the global head of sovereigns there. we also caught up with julius a little bit earlier on. he gave me his look for the global economy. julius: i think looking at the macro economic environment, things look better at the beginning of this year. i think europe and china coming back online, the recession fears are probably about look. it takes a bit of time to

restore client confidence, there is nothing in the way for this to happen throughout this year. manus: the chinese were probably even caught by surprise. how is the leverage? is their proclivity to take new leverage? one of the big things was deleveraging in asia. how has the leverage looked by the clients? julius: expect some delays between what happens in the market. the line, if you go throughout this year, looking a bit ahead, i think it is positive. manus: can you give me any good cheer, you just closed on a few buybacks for over $400 million. is it going to be a new one? what size should i expect? julius: we have done a great capital distribution. the have shown that with the for your results, it has been quite staggering. progressive deal and policy, i think that is the core of it. we will be looking at it

according to our policy at the end of the year whether and how there will be the next year by back. manus: it is usually battering for results. ubs 5 billion standard charter paid a billion. they have their own issues. do you feel pressure on the buyback when you see the scale from everybody else? is there a pressure to do more? julius: we want a consistent way of handling capital. we don't want to heard excess capital. making our policy very predictable and very clear but and not implementing along those lines. manus: you set the bar high. what is the most important target to you and will it be my region that delivers in some of the extra sauce? julius: i love this rocket analogy. we always want to go higher.

do precision engineering along the way and manage the risk. very clear omissions in the next few years, it is about growth, profitable growth. it is about keeping the focus on our business and our clients, that is really the core. and the quality of our revenues. there is a key element which is continued innovation and also technology spending. we made sure that we have the firepower to do that. this region is playing a key role. we have had phenomenal growth. we have the license number one in dubai, been here for almost 20 years. i am looking forward to using this as a steppingstone for more. manus: that was julius, ceo who joined me a little earlier. i think during the conversation, one thing that was strikingly, we had such an influx of money, the property market is on fire. eubank a lot of new russian

money, he said, no. it has been no monster move for russian money for us here in the region. dani: it is interesting to see that doesn't mean that inflation, that the move up in property, that the heat of it, it is still clearly there. demand globally, money from russia or not, it is strong. manus: absolutely. we are on the lead tables of the $10 million houses. apparently we are on fire at that end of the market. dani: congratulations is in order for topping the tables. maybe that will be next year for you. let's get to some of our other top stories and the first word news. adrian: thanks, dani. the greek prime minister says human error probably because the country's worst rail crash in decades. the government is investigating the head-on collision between a passenger train and a freight service.

it killed at least 43 people and left dozens injured. the transfer minister has resigned while the stationmaster has also been arrested. bridgewater associates is embarking on a major overhaul. five months after the founder step down, the world's largest hedge fund is cutting the size of its flagship fund, putting more money into ai and machine learning. ceo says the company must quote, evolve or die. global news 24 hours a day, on-air and at bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. manus: i will make a mental note on that, i must evolve or die. [laughter] we get the very latest from what we can expect this weekend from president xi. right here on bloomberg. ♪

♪ >> time again for the once a year. china's parliament my the national people's congress. dozens of pelicans will descend on beijing. -- delegates will this end on beijing. all the plans and targets are formulated well in advance behind closed doors and there is no uncertainty over with the npc will give its blessing. the reason this event is so closely followed is because it is here that china will unveil its 2023 plans to the world. closely watched detail would be the 2020 three growth target. chinese officials have been debating whether to set that market i percent. -- mark at 5%. they would suggest that beijing

is getting ready to provide more progrowth policies this year. also on the spotlight will be china's relationship with the united states and the rest of the world. newly appointed foreign minister will be taking questions at the npc with tensions bubbling over russia, taiwan, a balloon, whatever he says will be closely followed. this year's npc will also mark the end of a five-year term for china's cabinet. we are ready to get a new premier, new vice premier, new finance minister, and a new central bank governor. lee chong is expected to become premier, it is much more of a question who will be put in charge of the finance minister -- ministry and the central bank. john lewis beijing. -- john lou in beijing. manus: greater china senior editor. what we can expect at that npc.

let's get the latest on the chinese bank who reportedly has been detained by authorities. jonas is here with us, he leads the greater china finance coverage. this is a very visual restraint of banking. what is the latest? jonas: as you mentioned, the general reporter today that [indiscernible] had b-day attained -- had been detained. he was assisting in the restoration. that is generally the, sort of how you catch those terms when people are being investigated. but it has been a chilly week, chilling few weeks were bankers in china. a bit of a shock. it is part of a campaign dating back to the end of 2021 when authorities announced that they would be probing the financial

industry for corruption, a logical option. -- alleged corruption. you leaders have been ensnared. it has been a bit of a surprise, the authorities in the middle of last year to declare the victories. they really felt the pressure was easing. and then, last week, the agency issued a 3500 page report which they bit of a broad site against the finance industry and telling bankers that they need to abandon the diniz him and toe the party line. it is all being done in the name of financial and economic stability. the government is also leading to set salaries for bankers which would be seen more as this month progresses. dani: is the industry change if it is not easing? if that scrutiny on the industry is not letting up?

jonas: that is the thousand dollar question, i guess. all the chinese banks and brokers are already heavily state-controlled but, they will be even more so, especially with the new what we discussed earlier, the npc. we expect them to reveal a new framework for oversight of the industry. it is more closely tied to xi jinping. so, it is hard to say what the endgame here will be. you are told not to draw parallels in the crackdown of the tech industry, but at least china's economy is coming back after covid zero, that is always some good news for investors, who are getting increasingly weary. dani: jonas, thank you very much. coming up, premium beers propel

the world's largest brewer to pay profit. we will delve into those earnings next. this is bloomberg. ♪

dani: welcome back to "bloomberg daybreak europe." and manus is in dubai. some of bank owned arm is deciding against selling shares on the london stock exchange for now, despite u.k. politicians who are lobbying the homegrown tech company, a u.k. company, ahead of its ipo. let's get to our bloomberg senior equity reporter, john patrick barnett. some other equity movers. this announcement has been courted by u.k. politicians. what went wrong? jp: it was a little bit

embarrassing how politicians are actually betting for the company. this is another move that shows you especially if you are a technology company, there is very little that your and market , even london can offer to you. that is a better place to go to the u.s. when you have a paper investor base, more money, better exchange infrastructure and all the things. you just need to look over to germany, the biggest company has also decided to leave europe. europe in terms of investor base and exchange infrastructure is really struggling to be a real alternative to the u.s.. manus: they're are supposed to hold the position was to create singapore deregulate, and to reinvigorate the city of london and stop the exit this of financial plumbing to paris. if you like a little tequila, a

little bit of bud light, it is anheuser-busch. i don't know which tequila she likes, we can ask dani that in a moment. can you give us a glimpse? dani: it is a mess cal brand, it is called lost explorer, very good. manus: how did it rate and the results? jp: it looks like there is some demand for tequila still out there. slightly better than expected. that is good news. revenue was a slight mist. that is kind of a theme that we see throughout the earnings season, the company struggling a little bit to keep the top line where it was before. they also said that in china was significantly impacted by covid restrictions, causing a decline in volume by 7%. the outlook sounded ok, expect revenue to grow again by a combination of pricing power. overall, i would expect the

market takes it rather well. dani: to the other side, a ms. for germany. do we know what has been driving the slowdown? jp: we have a estimate in the life science business which is not doing well for a couple of quarters now. slight miss for margin in the earnings season this year, this quarter, struggling to use the pricing power as we have seen before. the company said it expects slight to solid organic growth, whatever that means, a bit cryptic to me. i would say that is rather cautious. it's process solutions and products will be the main driver going forward. results i would say are rather weak, not sure what the market will make of it. manus: thank you very much, jp.

he is in his spaceship. dani: jp, that is really impressive. we will need some tips for our at homeroom. how may screams you got there? -- screens. manus: now we know where the budget for my new suits went to. it all went to jp. i think mike bloomberg must've called him and said, that is marketing. dani: that is marketing, give that man a raise. we will have a stellar lineup of news today. will be talking to mark, more to come here on bloomberg. ♪

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dani: good