haidi: a very good morning, welcome to "bloomberg daybreak: australia." annabelle: i am annabelle droulers and am going counting down to asia because major market opens. >> good evening, i am kathleen hays. stackable's at year easing u.s.

rice as disinflation becomes the buzz word or cross trading desk. the dollar lower for a 50 day -- fifth day. haidi: equities gain for the dragon on jim bullard departure from the fed. >> change on the way to australia's reserve bank, the national broadcaster saying philip lowe will not be reappointed to governor. haidi: the former associate's ceo charged with crypto fraud as prosecutors allege a years long scheme to mislead customers. >> let's take a look at what happened on wall street, second day in a row, better-than-expected inflation, ppi up 0.1%. one day after the cpi year-over-year is down at least on the headline was lowest since 2021, and as you said the bullard departure, people think he was so hawkish, maybe the fed

is this much closer to decide we can pause on rates and giving further mileage to this rally. tag megacap to let the way, s&p 500 up 4.5%. amazon was a big source of boost as well. bond rarely continued, you can see the grade we saw, i will give you happy numbers on the s&p and the nasdaq, still pretty flat, not much of a move there, and you can see the 10 year yield, continuing to see the sense of really coming on, but the tenure down 10 basis points today, 3.76%, rallying continuing at the short end. it seems like it was a week or so ago it was up at about 5%. dollar continuing to begin. -- weaken. if the fed will continue to be tough, that will take up support from the dollar. oil selling at an 11 week high.

we have a sense of tight supply it's getting tighter, and olivia ' -- libya's second-biggest oil field is in the process of shutting because of protests. nymex crude continues to rise, $77 and change, 1/3 of 1%. haidi: a lot going on when it comes to central banks including one of our top stories, one of the fed's most influential voices is stepping down to become dean of diversity business school. james bullard was among the first to call for jumbo sized hikes including 75 basis point moves against inflation. let's bring in steve matthew. the bullard effect was enormous. what is the effect of his departure? >> bullard was a real intellectual leader at the fed. he has been made of part of his tenure, the longest-serving fed

president of the 12 fed presidents during the financial crisis. he was pushing for quantitative easing, and that happened after some influential speeches that he gave, and two years ago he was really the first of the fed presidents to push really publicly you do more against inflation. he is the first to push for these jumbo sized hikes as you put it with three quarter-point moves. he has had a lot of influence at the fed, and it will be a big loss for the fed, but whether it affects policy right now, chair powell has firm control on the committee, there are very few dissents, and there is no reason to believe this will be any kind of big shift in policy, but may be at the margin it could have some effect. kathleen: steve matthews has

been covering jim bullard for many years. let's bring in jeff lacker, he served as president of the richmond fed from 2004 until 2017. you overlap over a long time with jim bullard, because jim took his seat as head of the st. louis fed in 2008. when jim first joined, he was this quiet kind of sitting back, understated guy. how did he evolve over the years? what are some of your best memories of jim bullard? >> first of all, i met jim bullard in 1990 my first year in the federal reserve system and his first year in the federal reserve system as well. i admire him greatly. he is an excellent, outstanding economist and has been an outstanding policymaker.

the watchwords for bullard were rigor and candor. as he got the hang of going to fomc meetings and seeing the discussion around the table, he became more confident in his own analysis, and he began bringing just a very rigorous thought to the committee deliberations, and i think he deserves a lot of credit for that. i think describing him as an intellectual leader is apt. he took the data very seriously, and he took very seriously the models of monetary policymaking. he deserves a lot of credit. kathleen: he is recently known as one of the hawks, a leader, someone who dissented in march of last year not because he did not want the fed to start hiking rates but thought it should be a bigger hike.

right now we think of him as a hawk, but there were times when he was a dove arguing for the fed could not start raising rates after the financial crisis until the economy changed dramatically. he was opposed to going when inflation was at 1%. >> i think that is the thing about him. when thinking about things, policy should be sensitive to incoming data and the outlook for the economy, and when that indicated policy should ease, he was all for it. when that indicated policy should tighten, he was all for that. relative to the committee, he has been more often on the tightening side, but he took the incoming data and its implications for the outlook very seriously. haidi: it seems like the latest debates at the fed have been intense, and fed chair powell as acknowledge that. how does the departure of

someone like a jim bullard to potentially change the nature of that debate? >> that is an interesting question. in the short run, one person out of 19 not voting this year probably will not make much of a difference, but i think the thing to watch with both this appointment and the kansas city appointment is whether there is a change in regime here. jim represents the last of a generation, the precrisis federal reserve bank presidents that were very well seemed -- esteemed, and he was candid about his views. after the crisis, the board of governors took a much more active role in the recruiting and hiring of reserve bank presidents, and there was a greater emphasis on so-called mainstream views, but the result

has been a set of reserve bank presidents that are less deeply steeped in monetary economics, and as a result that is why we have seen less dissent over time. i think in light of what happened in 2021 and chairman powell expressed regret, i would think he would want to give some thought to the diversity of viewpoints around the table and what the next few hires can do can bolster that. the last few hires have arguably diminished the diversity of viewpoints around the table. haidi: it is proving to be an interesting point in the central bank endgame we know the risks for a policy misstep is high, and the data is not following traditional expectations. at the rba, it looks like we will be getting a new rba governor before this hiking cycle is done.

how disruptive is it for central banks to have big personnel changes midway or a quarter of the way through a cycle like this? >> it will be tricky, especially when you are getting close to that crucial point where you are fighting inflation, you have not won yet, not gotten it back down to your target, but there is a risk looming of economic weakness, and that is the point at which central banks have succeeded sometimes in staying the course or field by taking their foot off the brakes too soon and letting inflation run, so i think it is a delicate time for central-bank worship. kathleen: what will be jim bullard's legacy, jeff? >> he is a great economist and deeply steeped in economic models. if you are thinking coherently, if you have a story about how the world works, you have a model in your head.

he is deeply deceived and the bottles where everything is on the table, you can see all of the assumptions, you can see with the mechanisms are, and he took that to the policymaking, decision-making challenges and took it very seriously, and i greatly admire him for that. haidi: really great to have you with us, former richmond fed president. as i mentioned, change appearing to be on the way at the top of us's central bank. the australian broadcasting corporation reporting philip lowe will not be reappointed for a second term. it has been a fast-moving morning actually. it does not look like the continuity aspect will be the way to go. >> it appears not if these immediate reports are correct. first it was the abc and others reporting as well, and a cabinet eating is underway to finalize

this decision. it is entirely possible the information was leaked out as it does in political situations like this. we will get an announcement pretty soon, probably hours now, but the timing is weird. the treasurer and fellow were due to had -- phil lowe were due to head to india. we spoke to the governor on wednesday and he said he would like a three year extension. he says if he does not get extended, he will do what he can to support whoever does get the job. he did announce changes to the rba, a way that it is run, the number of meetings. that may well have been his last speech, and somebody new might be ushering in those changes next year. haidi: we will be keeping on top of all of those developments. let's get you to belle. what a set up. annabelle: there was a lot for

investors to be considering this morning. we will be watching for any sort of reaction to the rba possible decision on the way around governor philip lowe. aussie dollar holding fairly flat, but this morning in markets it really is that this inflation trade that investors are clinging to. we have got ppi numbers coming through from the u.s. following cpi ones earlier this week as well, so we are continuing to see that retreat in bonds and led by the front end of the curve. there was also pboc in focus and at 10:00 a.m. local time today, so still a couple of hours away, central-bank policy makers they intranet will have a chance to discuss, go over first have data, and that is a country we know we are deflation could already be taking hold. kathleen: so many countries where that seems to be happening a little bit here or there. still i had -- ahead, hollywood actors joining writers on strike

for the first time in six decades. take a look at the impact later this hour. state street tells us why they see just one more fed hike with global inflation moving in the right direction. more on that coming up next. this is bloomberg. ♪

haidi: --

kathleen: the u.s. bodily continues for a second day as -- let's bring in a senior macro strategist at state street. i have to get your reaction to jim bullard stepping down from the st. louis fed two or three years earlier than he would have had to. he would have had to retire at 65. he is 62. what difference does it make? will it have an appreciable difference to have one of the most hawkish thought leaders leaving the fomc? >> certainly he has been early in the hawkish process, so we are going to miss that voice, but he has not been alone for really the last year, there are plenty of talks, there are many vocal hawks, so the debate will continue, and as we get to the

next part of the cycle, it does become a bit nuanced. the fomc will miss his contributions to the debate, but i think it will be a robust debate. kathleen: robust enough to turn the expectations of the july rate hike not into moneymakers, robust enough to say, no, we have got to keep going and do a rate hike in september and november? >> i do think there are enough folks on the fomc that are really watching the data and watching the switch. the staff is calling for recession as their base case, so they will be having those types of discussions along the process, and there is a lot of time between now and september, and to the june meeting did give us a sense that the fed was looking to look at every other meeting, take more time to make those decisions, and i do not

think that will change. ultimately with this departure, there are plenty of hawkish voices that remain on the committee. haidi: when you take a look at the recent encouraging did it when it comes to u.s. inflation, you are quite cautious. one data set does not make a broader trend, and we have seen blips in the cycle before. as it meaningfully change your market outlook at all? >> it is certainly encouraging. the last mile is the hardest part of the discussion, so getting toward 2% will take a lot of work, and maintaining 2% with structural issues that are out there, so it really has not. we do think rate cuts are not imminent. higher for longer will be a message that comes out of the fed and ultimately might be appropriate, and the risk to either the banking system and overall economic growth for a

longer type of environment remains our primary concern. haidi: so you say that recessionary concerns remain a tradable scenario. >> for sure. the market and risk assets in particular have certainly grabbed onto this data, which is moving in the right direction, some would say moving more aggressively than expected in the right direction, but we are not there yet, and our investor behavior data continues to show there is a hesitancy and ultimately valuations are high enough that you would want to be cautious enough around that. i do not think that the banking stress we saw earlier this year is something to be completely discounted. there is a lack of fact associated with that, and that we have got things like student debt repayment that will come back, and we did see a consumer

that is being tapped within the cpi data as well as the retail sales numbers out there. there are plenty of things lurking out there to keep us defensive around the view that a recession is still something to be wary of and consider as we go into the end of this year. kathleen: i ran into somebody in my neighborhood when i was getting coffee who is waiting for the two years to get back up to 5% because it looks so attractive. i am sure it does. all i could say was i am not an expert, but i do not think you will see that. where are yields going next? will this rally continue, and will it be short and, long and, both? >> i like curve steepeners, looking at the 30 year. if you are in a higher for longer environment, that cash

discussion above 5%, we will get another rate hike in a little under two weeks time, that makes cash somewhat attractive for the next few quarters, because we will not get nuts, and we will not have clarity that cut is coming within the next meeting. it is part of that defensive strategy that is still out there. haidi: always great to trip with you, -- chat with you. get around up of stories you need to know in this edition of dayb. customize the settings so you get the news on the industries and assets that care about. this is bloomberg. ♪

haidi: the top diplomats from

china and the u.s. have met again as the two superpowers and try to keep lines of indication open, but now allegations of chinese hacking of u.s. government email accounts are threatening to derail dialogue it again. our chief asian correspondent stephen engle is in hong kong. it is one step forward and a couple of steps potentially back with this relationship. how do these latest allegations fit in to the threat to the progress that has been made? >> earlier in this year it was one step forward and two steps back. now it is two steps forward, a be one step back. the dictator comment from biden after blinken had gone to beijing, that was not a huge diplomatic incident. it was not putting the relationship on the precipice of war, but it hurts the mood, and it sours the overall tone. again, we have this allegation that blinken did a race

yesterday in a longer than expected meeting as you are seeing video here of that lasted about 90 minutes. blinken did race this allegation that microsoft says this hack of state department emails and commerce department emails, including, secretary's gina raimondo's email. beijing as dismiss the obligation, but blinken did raise it and afp reported lincoln told wong she will hold whoever was responsible accountable for their actions. it sort of sours the mood. it is great that wong and antony blinken are meeting face-to-face just within a month of the last time they met when blinken went to beijing and blinken did meet xi jinping. we have janet yellen going to beijing, did not meet xi but met all of her counterparts.

this sunday, climate envoy from the biden administration john kerry it will go to beijing. all of these are positive that they have dialogue. there is that overarching issue of the trade war, there are sanctions against the chinese defense minister, and you have all of these export controls, tit-for-tat moves, but there have been these incidents whether it was the pelosi visit to taiwan, the spy balloon over the united states. i mentioned the dictator comment, and now allegations of chinese hacking of state and commerce department emails. again, the progress, the train is moving in the right direction to give dialogue going. kathleen: let's over this job that train. that way stephen engle. coming up, the first time in six decades, hollywood writers and actors are on strike at the same

time in a new blow to struggling studios. a new update from los angeles coming up. this is bloomberg. ♪ is it possible to protect my business from cyber threats? it is, with comcast business. helping every connected device stay protected. yours. your employees'. even... susan? -hers, too. safe. secure. and powered by the next generation 10g network. with comcast business, advanced security isn't just possible. it's happening. get started with fast speeds and advanced security for $39 a month for 12 months with no annual contract. plus ask how to get up to a $500 prepaid card with a qualifying gig bundle.

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your stomach might not feel so good. if that sounds like you replace your afternoon cup with 5-hour energy. it's perfect for when you're feeling coffeed-out. coffee in the morning... 5-hour energy after. your stomach will thank you. discover 5-hour energy. ♪♪ haidi: we are getting breaking from the world health organization, and we are hearing there has been so much debate over aspartame, the who is urging consumers to seek products that do not contain sugars or sweeteners. aspartame is possibly

carcinogenic yet safe at levels. we have seen a lot of debate over this ingredient which is in things like mints, an artificial sweetener when it comes to diet coca-cola and pepsi products. we are hearing the world health organization urging consumers to seek products that do not contain sugars or sweeteners, it is possibly carcinogenic yet safe it, levels according to the who. the ftc has asked a california judge to temporarily block microsoft from closing its 69 billion dollars takeover of activision as it appeals a ruling green lighting the deal. ed ludlow joint is now -- joins us now. this has been the big news of the week and fast developing too. what is the latest? >> it has been bigger than the bob iger news in sun valley, the

bottom line, it is very simple. that the appeal the ftc made now it requires the night u.s. circuit court of appeals to grant the stay by midnight san francisco time on friday, or the deal can close in the united states. it is not as straightforward as that in that the u.k. regulator still has to have a process that is ongoing, but that is where we find ourselves, and this is all about the decision he made july 10 by the u.s. district court in san francisco, which rejected the temporary injunction to block the deal. that is why it is interesting. kathleen: what is going to happen next? it just seems like such a huge victory for microsoft, the ftc will not sit back and they will probably find it with everything they have. >> they are arbitrage

specialists, the odds are still 80%, 85% it is going through with the latest developments in the ftc. people here see it happening. there is a lot of conversation around someone because of what she said on the hill today. she was called a bully. there was a lot going on in the world of technology and media. they have other things to worry about. we have a writer strike, we are talking about an actor strike, and it is beautiful here. these media executives are having a nice time, but their industry faces a lot of headwinds. kathleen: go ahead, heidi -- ha idi. i guess i will happen. sun valley, i have never gone to the conference. next time i will be your aid. sum it up for us, what is the

big takeaway. so many different ceos are there, so? >> kathleen hays, i know so much of what i know from you, do not ever say you will be my assistance, but that will be the reality. you have ceos and executives and bankers here. there is a big question around the streaming industry, the news that bob iger extended his stay at ceeo of disney until 2026. there are questions about disney+, the future of hulu. we are worried about the macro, and that the heart of that is the mml and ipo'ed market. there are not the green shoots when we talk about deals and ideas and mma. kathleen: that is ed ludlow from sun valley, idaho.

moving on to hollywood, hollywood actors and writers are on strike for the first time in six decades. the screen actors announced a walk out after failing to reach a labor deal with the lines of motion picture producers. chris palmeri joins us now. just how big of a deal is this? >> is big, 160,000 members of said -- sag. if that has a ripple effect, because before if you had a tv show that was written, you could still film it. you cannot do that without actors. we are talking about all scripture production, comedies, dramas, everything grinding to a halt. haidi: who are the winners and losers out of this? are there some networks and

streaming services that will suffer more? clearly we may be watching a lot more content made in asia. >> i think because we are trained to wait for new policies and traditional tv, the fact that there will not be a lot of programming will make us go watch on-demand streaming services more, so you will see uptick in netflix. you will see this big migration to international programs, korean dramas, we may see more people watching those who. discovering more things on streaming, since they are not getting fresh content elsewhere. in terms of winners and losers, right now with all of this turmoil and no contracts, everyone is losing right now. haidi: particularly in light of the nascent recovery for the big studios post-covid. just reading at the oppenheimer premiere at the stars have walked out to go home and

presumably work on their pickets and signs it. what is unusual about this? this is the first writer and actor strike in the first time for over 60 years. >> one of the things the screen actors had today is there members must halt all promotional work on projects, even ones that have already come out, so we are talking about no more premieres, no more conferences, even social media. they are not allowed to promote movies or tv shows. there are awards shows, the emmys, even up in the air whether that will happen in september. just a complete halt of the regime and markets of movies and tv shows. haidi: extraordinary, chris palmeri with the latest in los angeles where the strike is said to begin at midnight. why venture capitalists are

leaving crypto behind, placing their bets on ai. we get an analyst next. this is bloomberg. ♪ fabulous surroundings... but everyone's looking at their phones for financial insights from merrill. is he hailing a ride to the concert hall?

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kathleen: a big day in the crypto market, you can see some gains and losses. let's start at our bloomberg galaxy crypto index, up more than 8%. bitcoin down, either up, -- ether up. rallying after a ruling from a federal judge in the sec's lawsuit against ripple labs, a victory for the industry with what is being classified as a security. a long-awaited decision widely hailed for the crypto industry over the sec. there are bigger losers and bigger winners moving ahead.

so now more on this court decision from someone who has been watching crypto very closely for some time. su keenan joins us. could that shape the future of crypto regulation, this very important decision by this federal judge? >> it has set a lot of excitement and optimism that this could be a game changer. crypto twitter went into a frenzy, and the token at the center of what had been an sec lawsuit soared by 80%, almost doubling within minutes of the noon hour decision. it was a long-awaited decision, and it took on importance because of the recent crackdown on finance -- binance and coinbase.

a dozen tokens were described as unregistered securities. we have a judge in new york that the xrp tokens are not securities. tokens sold as part of institutional sales to more sophisticated investors are, because the judge says it means the test for a contract under federal security law. it is going to a more sophisticated investor that is able to read all of the pages -- pitches. the judge says that there is no evidence in the suit the sec had filed against ripple labs in 2020, that the statement cited by the sec that the statement had been presented to the public. many observers saying this could be a potential blow to the sec's jurisdiction. there is a view if adopted by other courts it could certainly narrow their scope. the sec is reviewing their decision before they have a

fuller comment. haidi: we are just getting further news when it comes to the future of the rba readership, bloomberg news reporting australia will not be reappointing philip lowe ssn four governor. the treasurer will be making an announcement with his replacement after the conclusion of a cabinet meeting today according to bloomberg news and the state broadcast of the abc early today as well. the three main contenders, the deputy governor, the treasury secretary are three of the top contenders. the other big news in the crypto world was the former ceo of celsius arrested today and charged with fraud, and also sued by three regulatory agencies. >> it is a 1-2 punch for crypto

when you talk about major news. the very charismatic former ceo of celsius which collapsed and filed for bankruptcy a year ago in the wake of the terra luna debacle arrested and accused by the u.s. justice department of fraud and pumping of the price of his firm's cryptocurrency to entice more to his platform. you may recall celsius gained a lot of attention because it offered outsized interest of a lot of investments on the platform. many were questioning how they could possibly offer that when it filed for bankruptcy last year. celsius was more than $1 billion in the hole on top of the arrest, and criminal by the justice department, ftc, sec all layering on civil lawsuits.

ftc also imposing a multibillion dollar fine on the company, so alex machinsky and a lot of legal paperwork in trouble here, and there are many in the industry that leave when alleged bad actors are removed from the crypto picture, it is a positive for the industry. so these two developments are viewed as a very big day and possibly marking a landmark change for the way that crypto may be regulated and freed up to rally as crypto bulls will say in the future. haidi: su keenan, and we will stay with crypto. let's bring in a general partner and ceo at a firm. great to have you with us. we are seeing potentially more regulatory issues, more legal

issues in this space. what would your message be to investors right now about maintaining confidence in the space? >> absolutely, we are seeing that the bad actors and indictments and court process for legal proceedings he that coinbase, sec, ripple case are all pointing to due process and the trustworthy nature of downstream evolution of the space. haidi: we also see new data showing in the most recent quarter vc spent less on crypto and digital asset companies than at any point since 2020? >> if i heard you correctly, you are commenting that we have seen

less investor activity in crypto ? did i capture that right? haidi: that is right. what does that data really tell you about the outlook? >> it has been pretty difficult to be fundraising, where investor appetite has shifted to other keywords like ai, and that appetite led to less fundraising and less capital deployment. the regulatory quagmire has not helped to the evolution of the space early on in the year, even though ai stocks might be doing really well, and i have nothing against ai, if you looked at crypto justin this year from january 1, we are up more than 80% in digital tokens and bitcoin. we have the good fortune of having raised last year in august, which gave us the

opportunity to be a coin, and we got a greater ability to gain transparency, gain access. kathleen: i am just too much of a chicken to jump into crypto or ai, and i know someone who is not, so we want to bring annabelle into this conversation. she has some key points she wants to raise with you. annabelle: i was wondering, because i live quite closely at the ai and crypto sectors in general. across the board with ai with enthusiasm is the amount of companies that have been rushing to get some sort of ai product into the market, so do you see that happening in the crypto space as well where crypto firms are aware of this industry moving away from the sector and sent out trying to wrap investors' attention? >> there are natural synergies and attention grabbing. the natural synergies are that

smart contract audits that very heavily leverage ai. the ability to make human language agreements and reflecting them on chain. organizations, which are basically online communities that have a particular role and particle and product, have very complex governance processes, and that could leverage ai simplifying complexities. data can be processed with ai, so there are a lot of natural synergies, so we see them very much in alignment of interest and investment appetite. annabelle: how much cash to get think they have in the crypto industry, even if there are some obvious synergies? >> i think there is some available capital to deploy,

especially in certain categories. analysis, where public data on chain can be studied, and smart contract audits can be enhanced with ai. in its earlier stage, it is harder to make a specific conference -- inference to generate value from ai, but later stage companies are more adept. kathleen: i am very much a macro person, but i always assume vc's and tech and crypto do not care about macro. you point out that has been a factor, a fed rate hikes, and there are a lot of questions and the broader markets about how liquidity may dry up, and if there is a recession and the fed keeps rate side, and how does that factor into your viewpoint

on what kind of investment crypto will be in the medium and long-term? >> my crystal ball prediction is that we will see a very strong 2024 in crypto price activity into early the following year in 2025, and i think that this will be a good time to have deployed. we are deploying into category defining companies at the infrastructure level. kathleen: everybody is looking for good long-term investments right now, so you have given us some things to think about. plenty more ahead on daybreak, so keep it here. this is bloomberg. ♪

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haidi: let's check top corporate stories this morning, exxon mobil as agreed to by an oil and natural gas firm for $4.9 billion. the purchase will provide exxon with the largest network of carbon dioxide pipelines in the u.s. the upper structure is critical for capturing carbon emissions from heavily polluting facilities like refineries and chemical plants. bloomberg has learned shell is expiring options for its global renewable power operations including a potential stake sale to outside investors.

in the company is also considering separating the business into a more independent unit. it shall's renewable power unit is under pressure to generate profits in addition to cutting the company's carbon footprint. he was versus spent $7.2 billion online during amazon's prime day. these figures are 6% higher from a year ago but shorter than estimates from 9.5% growth. an increasing share of customers used by now, pay later measures. the ftc has opened an investigation into openai over its popular chatgpt service. as or says authorities are questioning whether the conversational ai bought puts consumer's reputations and data at risk. the ftc has raised concerns over ai in the past, saying regulators need to be vigilant.

let's take a look at how we are sitting up this friday session. in australia, the big news of the day is reporting the rba governor will not be reappointed with the extension of a further three years when his term concludes. we know the cabinet meeting taking place today will ultimately result in the treasurer delivering an announcement when it comes to his replacement. that is at the top story in play here. sidney futures up by just about .5 of 1% as we round out of the week of trading. equities are broader across asia looking to be the weekly rally. aussie dollar pretty much unchanged. kiwi stocks abide .9 of 1% -- up by .9 of 1%. dollar-yen strengthening as well, and there is this sudden

unwinding of speculative short yen positions. a japanese official making those comments late on thursday. that is the set of when it comes to this friday session, but after the inflation report, we are seeing that playing out as well. watching for tech stocks, s&p 500 topping 4500, the nasdaq seeing a really robust gain as well. coming up, our guest joins us with a preview of bank earnings, and also assessing the impact of the hollywood strikes. ♪

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