dani: good morning, this is "bloomberg daybreak: europe." and dani burger in london. china steps up yuan support with

beijing weighing easing mortgage lending in big cities. asian markets are mixed. wheat prices rise further after the biggest surge a decade as russia makes threat against ships sailing to ukrainian ports. price cuts squeeze margins. revenue outlook disappoints. we will break down the earnings news for you. we have breaking earnings news over volvo cars, their ebit margin is a disappointment, 4.9%. the expectation was for 5.3%. the retail sales, a healthy climb for the second quarter, those grew 25%. when it comes to overall revenue, this is a beat even though the ebit margins missed. revenue coming in at 122 billion swedish krona, the expectation was 98 billion. operating income is coming in

weaker. overall, it looks like they have beaten on the second quarter for revenue but costs are an issue for them. it is a margin that missed and is operating income that missed. i'm waiting to see for a look forward when it comes to guidance. i'm not seeing that yet. for now, that is the line, beating on estimates but a margin squeeze. we will speak to the volvo ceo later in the morning. we have a lot of earnings news on deck. we will also speak to the abb ceo later on this program. we did get the forecasts, volvo with solid double-digit growth in retail sales for the full year, fiscal year rather, for 2023. even though there are concerns of a slowdown, volvo sees demand in the healthy double digits, which is what they saw this quarter, a 25% gain.

a lot of earnings to sort through. they are having an overall impact on the market. we have had issuance from the banking giants since they wrapped up the earnings season. that is pushing on treasuries, and why yields climbed yesterday and had a selloff. the gains resume this morning, we are looking at a 10-year yield lower by two basis points. a lot of volatility came with the u.k. inflation data yesterday, fueling the bond market rally we have seen. equities continue to climb but it is today a different story? the nasdaq is headed for losses this morning. the futures market for the nasdaq is down 0.4%. you can see the impact earnings had on this picture, that drop off from the 19th to the 20th, netflix and tesla reporting earnings. i want to point out that big

pick up was apple trading at a record. they will be launching a competitor to openai. let's get into these stories and our other top stories, and get to our morning roundtable. joining is bloomberg's lizzy burden valerie tytel. we should start with news out of china supporting the currency. lizzy: the yuan is jumping, china stepped up its support. they have also changed the capital curbs to attract inflows, and on top of that beijing is considering easing home buying restrictions in some of china's biggest cities. all of this in response to the disappointing gdp figures on monday. dani: china is not ok with continued weakness but looking at the equity market, it is down

with not much of a reaction, and it goes to the question, is this enough? are we putting a band-aid over the issues? the property market is huge but the analyst commentary seems to say this is not large-scale enough to change the fundamental picture. valerie: we might have to wait for the meeting next friday for any formal announcements. speculation is it will not be enough to boost the equity market or enough to return foreign inflows, even with the new capital curbs. overnight there were options that expired at 7:20, and perhaps the pboc is there to fight the crocodiles, as they call speculators to get those options out of the money. they do target speculators, so perhaps fighting the big weakening yesterday, but they have an eye out for ending

speculators in the currency. dani: they call speculators crocodiles, and mom-and-pop investors, aunties. i have to wonder if some of the pressure we have seen in china equities has to do with the other top stories, the pressure in tech. lizzy: netflix shares taking a dive yesterday in extended trading after his third quarter revenue came in short. the projection came in short of wall street estimates. the problem seems to be there was hope the crackdown on password sharing and this new tier of membership with advertisements which would boost sales growth, but it is not doing that is not doing that as much as analysts expected. dani: executives are saying be patient with us. it is a different netflix than in years past, and patience is what these are saying, when

their margins were under strain at tesla, there was concern about analysts, and musk is going after growth at any cost strategy. >> it does make sense to sacrifice margins if it is worth making more vehicles because we think in the not distant future they will have a dramatic valuation increase. the tesla fleet value increase, it will be the biggest change in asset value may be in history. dani: i feel like i heard cars honking in the background. it is this idea of be patient with us but we are in a moment where interest rates are moving higher and investors want to see profit. they are not good with being growth at any cost.

elon musk is spending a billion dollars and pouring money into the cyber truck. elon musk is on growth at any cost. valerie: he is asking for patience, but wanting to spend $1 billion on a supercomputer, which he says will be designed to hand a massive amount of data including video from tesla cars. the margin compression with tesla is lower than analyst expectations, and inventories are building production and out pacing our sales. dani: video as an what drivers record? valerie: yes. dani: it is not just the tech earnings but we had the end of the major banks reporting in the u.s. lizzy: a mixed bag second-quarter for all four major u.s. banks reporting earnings, but mike mayo, the veteran bank analyst says the worst is over for the industry. >> this idea that banks are

going to have a big the liquidity, capital or solvency issue is off the table with the bank earnings. the industry has turned a page. dani: he is really optimistic but i feel like a lot of the noise i have heard has not been as optimistic. expectations are so low, that is why everyone is doing better. everyone seems excited about the executive saying dealmaking is coming back. that is why goldman shares rose higher, but i want to read quickly a great opinion piece by paul davies from martin ron goldman, "goldman solomon has not hit rock bottom yet," and he says his efforts to give investors the durable and less volatile bank they wanted lead them to a huge bet on consumer finance. it has cost billions and credit provisions and goodwill charges, and could cost a few hundred more.

neither partners or shareholders are happy, and that is before seeing the final cost of undoing solomon's strategic missteps. you may say as a whole the banking sector is doing well but goldman, the results were not good. valerie: with earnings down 58%, it did not a good, but they spent time downplaying this earnings season for them. i want to mention the regionals where we are seeing broad margin compression when it comes to u.s. bank corp, and we saw compression at bank of america as well. this goes back to they have to pay up more for deposits. the regionals have this looming overhaul of capital regulations which will be enforced on smaller banks. with those in mind, it has been a battle for regional banks this earnings season. dani: let's get to our day ahead

and what might be top stories. we will get a turkey rate decision at noon in the u.k. we expect, according to analysts, that we will get another rate hike but not as the 650 basis point they took in june. we will get jobless claims. then we get the kick off of the women's world cup, the first match will be new zealand versus norway at 8:00 a.m. u.k. time. valerie, what are you looking at? valerie: jobless claims on my mind. at the beginning of the summer there is a lot of hiring that takes place, and a lot of businesses are scrambling to get employees on the payroll because last summer many companies were scrambling to hire. maybe we will not see the seasonals break down but in the weeks coming, i expect jobless claims to rise smoothly. dani: thank you so much for

joining this morning's roundtable. that is bloomberg's lizzy burden and valerie tytel. coming up, rate bets unwind after the u.k. cpi cools. how high will the boe hike? we will discuss that with our markets live team, next. abb raises its margins forecast. we will speak to the ceo, bjoern rosengren, about this this hour. this is bloomberg. ♪

dani: welcome back to "bloomberg daybreak: europe." the yuan is moving higher after china stepped up its support to the currency. let's get to mark renfield, bloomberg mliv strategist. some solid strength from the renminbi this morning, what do you make of the timing? mark: the china central bank were aggressive today.

in a way you can see why they chose today to do it because for the past week they have been trying to set dollar you one below 7.15, and overnight trading. the first thing this morning in asia come on dollar you want on the offshore market was 800 pips away from yesterday. that is far too much from the central bank point of view. they were left with how aggressive they want to be. this time around they set the difference between what traders were expecting, and where they actually said it, more than 600 pips, the biggest move this year. people are starting to think about last october and november when they were doing similar big moves to make sure people understood the yuan should not be we can further. then it started to turn around and each of the other currencies with it. we sell the dollar we can

across the board. also what played into the hands of the central bank today was that we had a large option expiring at 7.2. when the central bank started to move the market, it went through that level and the traders took over because they had their hedge, and we are settling back into a lower trading range. you can expect the china central bank wants to see stability, they want dollar you want somewhere between 7.1 and 7.2. they will probably keep the pressure on for a few days to make sure people get the message. they have drawn a big line in the sand, they do not want too more yuan weakness in the near term. dani: we have talked about the idea, is this a band-aid and enough to move the needle? drawing a line under the sand, if you have changes to capital controls and yesterday them talking about private businesses

being looked at more like state run businesses to get better treatment, we had a billionaire from tencent writing an opinion piece on the importance of the private market. altogether, is this more than what is done in the past? will this change the fundamental narrative around china's growth? mark: some people are skeptical because the details are lacking. some say they are big and sound grand but there is not a lot of detail in what they are showing. we have not had the blockbuster numbers we have seen in previous years that overwhelmed sentiment to make sure people are attracted to china. these are incremental and positive moves but you have to look at it as an overall package. the chinese authorities understand you cannot have a weak currency and try to get people to invest in your country at the same time. you have to offer foreign

investors a stable and appreciating currency to attract them into your marketplace. they are beginning to understand that is how it works. if you get the currency to stabilize first, you add these measures, you get people like the major tech companies like tencent backing the moves of the government. foreign investors will take notice. it will take a while but eventually people will get the message that the chinese economy is starting to turn, there is better days ahead, and the government and the private sector on the same page, which they have not been for a big chunk of the past three years. dani: in bond land, the u.k. cpi figure yesterday fueled the bond market rally we have been witnessing. what does it mean to have the u.k. participating in this narrative of getting closer, if not already at peak rates? mark: it is a big change because

the g10 has been led by the u.s. the ecb were thinking though central banks are coming to the end of their hiking cycle, it is helping their bond market, but the bop was outstanding. the u.k. markets have been lagging behind. they will not catch up as far as treasuries go and german bunds, because a inflation number was good in the u.k. but still way too high. headline inflation above 7% is more than the central bank wants, but it is heading in the right direction. now you have the bank of england meeting in early august, they will probably go ahead with the hike but they might give the message that they do not need to go to 6.5%. they can come in below 6%. that will be a relief to the u.k. asset class, but we want to hear that from the bank of england. they may want to be cautious but those numbers are encouraging. one more good cpi print and the

bank of england can relax and say peak rates are ending. dani: before we let you go, we have to visit the other asset class that goes higher, equities. if this is the narrative in the bond market, translate that to stocks. mark: you heard from valerie, we are coming into the summer season, u.s. employment situation is very strong. inflation is coming down. consumers are in a good place. central banks coming to the end of the cycle. the fed will probably give a good signal next week. there is some tailwind for equities to do well. mark cudmore was talking yesterday about the next few months, still a good place for equities. the problems may come at the end of the year but by then the inflation numbers might change a bit because the base effect will not be so favorable. you will start to see changes in the employment market as well.

some headwinds will come, but for the next couple of months, it looks good for equities. dani: thank you for joining us, mark renfield. coming up, we will talk commodities. maybe the only asset market class i have not gotten to. wheat has seen the biggest surge in a decade with russia sailing ships sailing to ukrainian ports. we will bring you that story, next on bloomberg. ♪

dani: welcome back to "bloomberg daybreak: europe." one of the top stories we are tracking is the price of wheat, it has surged by the most in a decade. at one point leaving 9% with moscow threatening ships sailing to ukrainian ports. that is happening after russia withdrew from the black sea grain deal earlier this week.

joining us for more is our bloomberg reporter. what are the details? what do we know about russia's threat to cargo ships? >> we know russia has resumed walking ships that are carrying food into ukrainian ports. this comes after it recently launched an attack on some of ukraine's key ports. the russian defense ministry issued a warning say it would consider any vessels coming into these ports to potentially be carrying military cargo. that comes into effect as of today. ukrainian officials say russia potentially is targeting their ability to export grain. it is accusing them of using food as leverage in this war. the u.s. says this is a tactic, a move by russia to justify any attacks on civilian ships in the black sea, then blame them on ukraine. dani: the timing of this, for us

in london, we are celebrating inflation coming down in food prices coming down, and then we are looking at the surge in prices. when we look on a global scale, what impact is this happening? >> it is a question a lot of traders have in mind at this point, as well as consumers. it is too premature at this point to say we will see an impact on food inflation. what we know is a lot of products made out of wheat, cereal, flour, they have continued to climb in the past as export prices are lower than what we are seeing now. we could see this threat on food costs for manufacturers again but it is too early to say at this point. dani: what does the black sea

grain deal mean for the long-term? >> the move jeopardizes a key trade route for ukraine, one of the world's largest exporters of grain. the grain deal, the collapse thereof, could push ukrainian grain from those key ports into its river ports as well as rail and road transit across the eu border. this will be a big challenge in terms of costs because the longer the grain needs to be hauled, the more expensive it becomes for exporters. dani: definitely something we will be tracking. along with the underlying commodities themselves, we are looking at a rally in commodity currencies. this is not just about wheat but the support coming from china,

what is happening to the currency there, trying to get home builders, mortgage buyers up. these narratives boost commodities. iron ore is the china story, that is rallying more than 2%. aussie and kiwi dollar both benefiting from the support. coming up, we will get back to the earnings story and talk tesla dropping after concerns over the margin squeeze. this is hi, i'm jason and i've lost 202 pounds on golo. so the first time i ever seen a golo advertisement, i said, "yeah, whatever. there's no way this works like this." and threw it to the side. a couple weeks later, i seen it again after getting not so pleasant news from my physician. i was 424 pounds, and my doctor was recommending weight loss surgery. to avoid the surgery, i had to make a change. so i decided to go with golo and it's changed my life.

when i first started golo and taking release, my cravings, they went away. and i was so surprised. you feel that your body is working and functioning the way it should be and you feel energized. golo has improved my life in so many ways. i'm able to stand and actually make dinner. i'm able to clean my house. i'm able to do just simple tasks that a lot of people call simple, but when you're extremely heavy they're not so simple. golo is real and when you take release dani: good morning, this is and follow the plan, it works.

"bloomberg daybreak: europe." i'm dani burger in london. china steps up yuan support.

beijing ways using mortgage lending -- beijing weighs using mortgage lending. we prices surges russia makes threats against ships sailing to ukrainian ports. tesla squeeze on margins. revenue outlook disappoints. speaking of earnings, earnings coming through for tsmc, coming in at $181 billion, the estimate was for $173 billion. the concern is a slowdown in the current quarter due to lesser demand for things like personal computers or mobile phones. when it comes to the gross margin, those were a slight beat, 54.1%, and the estimate was for 53.3%. the net income is a beat.

another thing we will look out for, it was a difficult quarter, but what will it look like in terms of future demand? what does it mean for nvidia, the chip designer? a beat on estimates for tsmc. we will look at any outlook they might give us in terms of future growth and demand. we will bring that to you as we get it. we are looking at a bond market rally that has decided to take a pause. it might have to do with the debt coming from banks, the earnings are over, they are coming to the market and we have to sell some treasuries to make up for it in your portfolio but we had the rally fueled at the beginning. the u.k. inflation data seems to be adding to the bond market rally, and stocks continue to climb. you have to wonder if this

earnings season will make it difficult for it to be sustained? some disappointment at netflix, some disappointment at tesla. the good news came from apple. the new record from apple yesterday came off the back of a report that they are working on an ai project rivaling ai. if you want your stock to rally, may be mentioned ai. wheat prices, a surge at 1.9% yesterday -- a surge at one point, 9% yesterday. the russian ministry of defense saying, all vessels in the black sea going to ukraine ports will be considered potential carriers of military cargo, starting today. that will make it difficult to export grain.

it has huge impacts on the price of the commodity for the globe that relies on ukraine. the other big mover, the yuan is rallying after china increased support with the stronger-than-expected rate. the pboc has adjusted rules to allow companies to borrow more from overseas, opening the door for more foreign capital inflows, and adjustments to mortgages. with all of these things, if you can walk us through them and attempt to answer the question, has the pboc done enough? >> absolutely. we had a stronger-than-expected fix that came in under 7.15 per dollar. we have seen this knee-jerk positive reaction. alongside that, changes to capital control measures,

changes to mortgages. this is about trying to bring in strengthening inflows for the yuan. is that enough? we have seen this strengthening, bigger than anticipated time and time again over the last couple weeks. the longer-term big concern remains, the absence of stimulus as china's economy starts to stutter. the bears here are pointing to these factors. there is no real expectation china has much room or willingness to come in with a big stimulus push. all eyes are on the july politburo communists party meeting were policy makers will lay out their plan for the rest of the year. that will be the next test we are looking at. dani: there has been some public -- an op-ed from tencent behind

the private sector push. how important is it for businessmen supporting these measures? >> i think it is significant that we are hearing these endorsements and doubling down from within industry in the market. we have seen xi jinping since last week into this week pushing china will resuscitate its private sector. we have a policy document earlier, so the tencent executive endorsed this document. one could argue that has never been so difficult to be a young entrepreneur in china because of the regulatory crackdowns the last couple of years in the tech sector, the property sector, education. it has wiped out billions in market value. it is a difficult time to be an aspiring entrepreneur and have figures, that is where the

confidence will come into play, whether or not we can see industry convincing others to lean in at this moment. it underscores the issue about the economy, policymaking is acknowledging the need to get things back up and running. dani: thank you. let's talk about tech and earnings, netflix shares slumped nearly 8%. following 3q revenue that fell short of expectations, that crackdown on password sharing and the advertising tier are not delivering the results the analysts want. thank you for waking up early and coming into the studio for us. investors seem disappointed by these earnings. is it all about the outlook? >> they were disappointed.

overnight shares have bounced back a little bit. netflix is up 60% year to date so far, so it was a small fall on that. what we have seen in the result is that netflix has added 6 million new subscribers come away more than people expected. they were expecting 2 million. that has to do with the password protection. they identify when someone is sharing a password with another household, and strongly encouraging subscribers to pay a small additional fee to allow the other household to use their account, or push the other household to pay for a new account. they have introduced a cheaper and supported tier -- ad supported tier, but they missed revenue projections. dani: expectations are lofty.

what you are describing is a big seachange in netflix's model to have new pricing tiers. i found it interesting we are talking about patience. what did they say for all this to come to fruition, for password sharing to pay off? >> the password sharing only launched in the u.s. this last quarter. they started rolling it out from february in test markets, and the ad supported model. it is in the early stage of attracting advertisers to a business that was previously membership supported. they need time to see the results of this. dani: thank you. the other big earnings number we got yesterday was tesla, and those shares fell after profitability shrank in the second quarter. they had price cuts, but the

concern is about margin. for tesla earnings, what is the takeaway? >> two things people care about is market share and margins. they delivered 466,000 in the second quarter, a record but the gross margin in at 18.2%, not a terrible number for a carmaker, particularly an ev maker. about five quarters ago that was closer to 30%. is it working? in europe in the first half, model wiedt the best selling car in all of europe. last year -- i mean yesterday we got european car sales, tesla outsold volvo, nissan.

they have more inventory, so they cannot sell every car they are producing. dani: what other milestones were hit this quarter? >> we lose 5% today and gained hundred 30% year to date. $530 billion of market cap. it is an emotional event to be a tesla owner. it shows you how far ahead tesla is in this ecosystem, and the big news for some people, the cyber truck. we had the first one roll off the assembly line in texas. we remember four years when they launched this, demonstrating the shattered glass that shattered on impact. you will see these on the road. it is a whole new product category for tesla. dani: that video will hunt them for the rest of time.

coming up, we will talk about earnings with the industrial giant, abb, coo, upgrading their margin outlook. that is next. this is bloomberg. ♪

dani: swiss industrial giant, abb, raised its -- lifting sales more than expected. let's bring in abb chief executive, bjoern rosengren. it was not long ago at the start of the year you talked about robust development in prices and that you needed to encounter the inflation. are you able to do that considering you were able to raise your profit margin, beating the long-term?

bjoern: i think markets are keeping up good for us. 2% growth. pricing continued to be strong. it is related to the value that we can deliver, and that is up 5% compared to last year. it is holding up quite well. dani: talk to me on demand, i know you are working for your order backlog. when that comes down, is there enough to take its place? bjoern: yes, as you can see, we continue to build, and that is good. we increased orders on hand to 21.9 billion. it gives a certain amount of comfort for the future. it is good to see, especially on this system related to good projects, larger projects which

is in line with the transformation taking place in the market. dani: it sounds like it is set to be a strong year for you. what does that mean for your capital allocation priorities? bjoern: when we look at the group, i think we have been selling off a number of this is. we got good cash in. we continue to buy back, the program is up to one billion. we increase the dividends, but the most important thing is investment in new businesses, and this quarter we had one small acquisition, we expect to see five to 10 acquisitions going forward. we are pretty optimistic that our business can continue to

strengthen their positions. dani: that will be beautiful music to the bankers leaders who are starved for deal activity. what are you concentrating on? what interest you to add to your portfolio through m&a? bjoern: we have a philosophy of profitability growth, and we have been working a lot to get the operation set up in the right way. businesses are delivering good financial performance in minor better than, so now it is about strength in the positions. our purpose is to help our customers to become more sustainable and energy-efficient. we are focusing on electrification and optimization. these are the main areas. we would like to strengthen our different businesses. that is the area. today the m&a activity is

decentralized, meaning it is our businesses that are driving this nonorganic growth. there are a lot of opportunities in the market. dani: taking a step back, the global conversation at the moment is, will there be recessions throughout the globe? is china growth the problem? it is this didn't perspective when it comes to the economic picture. do you see signs of that anywhere? are there areas of this global economy headed for trouble? bjoern: it is pretty clear when we went into the year, we were optimistic and expecting we should see some recovery in china after the opening after covid. we are down 9% in china, so it

is weaker than expected. on the other hand, this is related to our robotics business. if you look across our business, it is pretty flat but we would like to see more growth in china. on the other hand we see strength in north america with 6% growth, and that is related to many projects like the electrifying america, this is driving demand for many of our products and solutions. dani: are you expecting a rebound in china? bjoern: we have all been waiting for it to come, but we have not seen it. it is weaker in china than many expected. i think we have to wait. we know the government wants to drive stimulation packages, and

we have to wait and see. it is a big market, a big part of abb, between 17%-18%, and a lot of orders on hand to deliver in the next 12 months. dani: i know you have a busy day, i cannot let you go without asking about your tv charging business. -- ev charging business. things are starting to improve. is your timeline moving up to ipo that business? bjoern: i think our strategy is intact. at a certain time we will do an ipo but as you know, we made this a private placement, took in investors, $525 million, and

this is enough capital to continue the growth journey. we do 75% during the quarter, so demand is keeping up. on the other hand, it is tough in the market, and we made some changes in our management but we are quite optimistic about the ev charging market going forward. dani: thank you for joining us, bjoern rosengren, ceo, abb. plenty more to come on bloomberg. ♪

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commodity space. one is china support, and the other that i want to zero in on his suite, gaining another 1%. at one point it surged 9% yesterday after russia ended the

grain deal and basically said they would consider all ships headed to the ukrainian port potential carriers of military cargo and warning not to participate. at the same time vladimir putin will not attend next month's summit in johannesburg, avoiding the risk of an arrest, a warrant for war crimes. let's get to our africa correspondent in johannesburg. what do we know about this? >> one paper referred to this as putin's headache. it was a headache for this country when they arrest warrant when out in march. vladimir putin will not attend the brics summit will attend via videoconference.

the kremlin confirmed they will send a foreign minister, lavrov, in his place. what we heard from the south african presidency as this was not a difficult decision but derived for a few different reasons, one being south africa's desire to host a successful summit and the second being this is the first summit since the pandemic, and the south african presidency spokesperson said south africa, an agreement among brics members is that south africa has international law obligations. as far as we know, the rest of the leaders will be attending. this was something weighing down this economy and concerning people, in particular because another episode we saw in 2015 with south africa making the decision not to arrest the sudanese president, there was concern the country would do something similar causing

further strained to relations with the west. at this point in time, this is the decision. we heard from the u.s. state department spokesman who said, speaking about putin not going, he can hardly believe his borders, he is an international araya who cannot -- international pariah, who cannot leave his own borders. dani: you mentioned about the economy, and we got south africa inflation data yesterday rising less than expect but not that much. how will that play into today's central-bank rate issue? >> it is playing into discussions that we are having at this point in time. a lot of discussion yesterday was focused on how surprising the drop off was from may. 5.4% is within the central-bank target range but there is a lot of concern about what we are

seeing month on month in south africa, and a lot of the strain on consumers, there is an expectation that 25 basis points is what they will do later today but we will pay close attention to that. dani: thank you very much. coming up in about 15 minutes, the team will speak to tlia ceo, allison kirkby. this is bloomberg. ♪

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