all of the work that we're doing, all over the world, and looks at the most effective ways, to get resources to them, to get services to them. the idea that we have saved five million people's lives, it's overwhelming. it's everything. >> good morning this is bloomberg daybreak: europe, we are in england and these are the stories that set your agenda. chinese stocks surge led by property intact after beijing

signals fresh support for the struggling economic recovery. the fed's two day meeting kicks off after to supporting from both the u.s. and euro area, after fed officials say they are close to ending their hiking cycle is to prevent a recession. plus the shekel falls after israel's parliament approves a law that curbs power of the court drawn criticism from the u.s.. happy tuesday and you are waking up to what has been a rally overnight in the nasdaq golden dragon on hopes of more economic sting -- stimulus from beijing. more on that from charlotte in a moment, elsewhere we are bracing for those three big central-bank decisions out of the u.s., europe and japan later this week. at feds today policy meeting starts today, with a hike pretty much baked in for tomorrow. the focus now is on the path ahead, we perhaps saw the consequences of aggressive tightening yesterday in the week european pmi data fueling a bond

rally. in the u.s. the services pmi missed manufacturing, actually improved the composite pmi remained in expansion territory that was enough to keep territories under pressure pending yields higher. down the line a look -- for the fed it is not what's priced but there is one to ponder. in those rate decisions, the attention now turns to earning. companies reporting on the stoxx 600 with about $1.1 trillion in market cap. at microsoft and alpha are going to take center stage after the bell in the u.s.. first let's bring in some of those earnings breaking just now. we have the french software company, the top line had been expected to benefit from a rebound in chinese demand and what you are seeing is the second quarter non-revenue have missed since that second quarter

non-imf operating margin, its 31% the estimate was for 30.4% and revenue is up 8%. the estimate was for a .38% so a slight mist there. for the non-isf revenue -- up 8% to 9%. it seems there quarter non-ifr f revenue fx plus 8%. 10% there. the story with them is its key customers are manufacturers -- recent eco-data has suggested week activity in that constituency. let's go now to asian markets and see how they are faring on the back of the news of perhaps more china stimulus. we have got charlotte with us in hong kong. talk us through the market reaction.

the markets are really convinced this is a new dawn? >> we are looking at a very positive session here in asia this morning with a key focus on china assets. is clearly the investor sentiment has been lifted after china's top leadership setting a meeting yesterday saying more reserves to boost economic recovery in setting economic policy for the second half, a very well received by investors. taking a closer look at stocks you are seeing the china onshore equity -- up more than 2% and that is the biggest daily gain since november. in hong kong we are also seeing the hang seng china enterprise index up and also if we look at specific sectors, property is having gains. if we look at the private developers in china you will find loans rip up more than 20%. we are also seeing country guard up more than 10% as well.

and also sectors related to consumption, related to financial gains because of the positive signals from the chinese leadership saying yesterday. also we saw the chinese yen advance some gains today and we also heard some policy gains have supported the currency as well. so how long those gains will last, we will have to see because the specific measures that could come after those positive talks, now the market is looking pretty positive. >> bloomberg's charlotte yang there, time for a roundtable with valerie tytel and joe easton. i want to dive deeper into that china news with both of you. the polyp euro did not quite announced large stimulus, this is no bazooka but it is a strong recognition of the economic challenges facing china. what you did not hear yesterday

was president xi's signature slogan, how is it for a living not speculation? we have got top leaders holding another meeting today. should we expect more news about this stimulus or key roles like the pboc governor or foreign minister? >> i think that what we are expecting, there is another meeting today with the fomc, the committee that meets outside of the broader committee. they were actually expecting to make some changes to leadership in terms of the pboc governor, he was chosen as party secretary not too long ago and had been widely tapped as the next pboc governor. i think it's too early to see if there's anything there or with the foreign minister that has been missing in action for the last month. i don't know if going to see any stimulus measures there. what we saw the polyp euro meeting yesterday was the tone a

setting agenda of the second half of the year. that is what these meetings are more economic policy midyear review of top leadership. as charlotte pointed out a few minutes ago, markets are reacting positively to the news. the statement from the politburo, it seems like more of an admission from the economy was some level of health and support. how that ultimately translates into action we will have to see. at this point at this point -- they're clinging to anything that is going to say there are some property easing measures in the future. maybe the government will speed up the issuance of local government bonds, a little more infrastructure activity happening. we are going to have to see what those measures look like in the future. i don't think we are going to get that out of the meeting today but at least over the next x we will hopefully see some concrete policy action >>

positive sentiment but cannot last? valerie you've got commodities having a heyday especially iron ore. we have to keep an ion wheat, a five month after russia tech support for ukraine. >> we definitely have to keep an eye on the commodity complex, not only do we have china stimulus begging the question if commodities are going to rally further but these escalating tensions in russia and ukraine. especially looking at this morning ever since russia ended that great deal is up 18%. it hit a five-month high overnight after russia attacked grain ports in ukraine. and then broadly agriculture is rallying, if you look at the bloomberg commodity agriculture index it is of some 10% in just a few weeks. i am not sure if we there yet but were going to have to start asking the question are we going to be worried about em economies. em economies that are vulnerable

to importing food like we were at the beginning of this russia you are in war. then to add on another layer, not only do we have the china stimulus to contemplate, the western ukraine tensions, but optimism on u.s. growth. all three of those things are pretty bullish for the commodities here. >> -- mike wilson the morgan stanley -- he writes 2023 has been a story of high valuations amid falling inflation. jp morgan marco college reckons that the selloff is coming he just doesn't know when. let me ask you joe, will mike have a me a call but in a few months? >> i don't really want to pass judgment harshly on mike or else i will be issuing my own vehicle but in six months but what is ultimately important to remember is that yes while he and other wall street predictors here have

missed the equity rally so far i think it's important to remember he was still cautious in terms of gauging earning through the rest of the year. softening inflation bolsters optimism for more friendly federal reserve but ultimately that is favorable for equity valuations. you have to remember that doesn't mean winning power for businesses here he does want to keep that in mind, i think at this point sounding a note of caution on the rest of the year with these earnings and what they look like we have to keep that in mind going forward. >> jill is being cautious, this comes amid a bout of optimism about u.s. growth. not only do we have mike wilson saying what he said about being wrong about a pullback in equity markets but we have had many banks across the street pushback out there estimates for a u.s. recession. barclays was among them yesterday just pushing out their

call for this recession in the u.s. that seems to never come. >> of course we had the comments from economists on the optimistic reading of the inverted yield curve. he says -- >> he is coming up with a new theory on why the yield curve is inverted yet we are not having a recession. his theory is basically that the treasury market and finance interest rates are pricing in this immaculate disinflation narrative. yes rates are high, they might revert bit in the next year, i think we are pricing or 75 basis points. but it is nowhere near this growth slowdown. it is hard landing scenario. he is really reflecting the market pricing a soft landing scenario and i don't necessarily disagree. i think there is a bout of optimism over u.s. growth, we

sought yesterday after the pmi, yes manufacturing came in strong. services were week that we were still in expansionary territory across the curve in the u.s.. >> finally to corporate news a has -- hefty task for ubs to the tune of $387 million. winds related to misconduct by credit suisse in its dealings with our cake us. ubs has agreed to pay $268.5 million for the unsafe and unsound counterparty credit risk management practices at credit suisse in a consent order with the fed. let's not get a look ahead to some of the other developments that we are watching today, at 7 p.m. london time will get the lever earnings. all eyes will be on the consumer side and new ceo in his initial views after taking over this month. the main question is can unilever pass through inflation to the consumer and also, are we

going to see slower growth a rebound or sold? we will bring you that in at 9 a.m. london time we have the german those expectations survey , this is usually one of the best indicators of germany's growth and especially the business expectations. i will be particularly interested in this release after the survey from amplified, those concerned about germany's recovery. at 9 a.m. we will also get the euro area bank lending survey, that is going to play into the thinking of the ecb's governing council on whether another course of rate hikes will be needed in september to follow-up on the one we expect this week. the -- fell hard against the canadian dollar after the pmi numbers yesterday, if we get more disappointing data could we see the dollar go higher ahead of this central bank meeting? >> i think it's going to be about the narrative of how it impacts the ecb, we're going to

be focused on the bank lending survey. the quarterly surveys, we have not gotten one in a while. will it reflect that the ecb is in a sufficiently restricted stance will it reflect credit conditions being tight in europe because the data has been very clear. it has been very soft, the pmi's yesterday and the iso today, keep an eye on that if it comes in softer than expectations. i think the data has clearly been reflecting the ecb is in a restricted stance and it is going to be up to lagarde on thursday if whether she thinks this restricted stance needs to go any further. >> thank you to bloomberg's valerie tytel, as always with our morning roundtable. we have some breaking news across the terminal, this is that -- for 3.6 billion dollars. we will get more on that in the program, coming up chinese stocks surged after beijing signals fresh support for the struggling economic recovery.

plenty more to discuss on our top stories this morning, this is bloomberg. ♪

>> welcome back to bloomberg daybreak: europe, china's top leaders have signaled or support the trouble real estate sector

along side pledges to reduce consumption and resolve debt. the announcement fell short of announcing large-scale stimulus to support the slowing economic recovery. to tell us more we have bloomberg's mliv strategist mark cranfield on the line, why are china equities suddenly so happy? >> it is really all about removing the wording related to housing being speculative, that has really got traders fired up. that's what we're hearing earlier in the roundtable. stimulus measures have been going on for some time, there have been various different ways in which china has been putting in place ways to try to get the economy going. but really what was lacking was the confidence of people to bite the bullet get involved in the local equity market, especially on shore. the encouraging signs today we have seen is a big increase in turnover volumes in the onshore trading part of the chinese

markets. hong kong usually has decent volume, there is a lot of to and fro there but people have been neglecting the onshore market. the trading minutes are very good, the market is up, it looks like they will sustain those gains into the close which they have been doing this year. we have seen a good morning session but in the afternoon the chinese markets fade away, it looks today they will hold on until the european session. we need a couple more days of really good turnover in the market and then people will probably be convinced that domestic investors are coming back and supporting the euro market. at that will be a strong signal. foreign investors will start to follow as well but i think the yuan stabilizes a lot it's pretty firm today, speculation from the currency really is starting to ebb away. we had more than a week of tight restrictions from the central bank and people have got the message they have drawn the line in the sand. as far as one weakness is concerned, if you've got the

leaders in china willing to look at the property market in a more positive light as well it is all taking the right boxes and people are much more optimistic on the outlook with equities in the near term. >> later in the fed meeting howard traders playing on? >> there are really two major themes that traders are hoping to get. more of a catalyst for them, in general weakening of the u.s. dollar and one is for yields starting to go lower. it will be looking at how the fed will signal things that they can encourage those kinds of trades. of course the fed is walking a very tight rope. they want to keep a door open for september, go into the market thinking they won't dial back on hiking just yet even though they might be thinking about that in september. but they don't the moment because inflation numbers are still too high. in jerome powell's press conference it suggests now is the time to set up your dollars

or to start buying some long-term bonds. those are the big trades which could run for a long time, once the momentum starts going people expect that the dollar will have a long downtrend in the yields will come down over the next 18 months. but they will be looking for the right opportunity to get in and possibly this week certainly the meeting will open the door to those. >> i am just imagining a scenario, perhaps jerome powell gives us a view into his crystal ball down the line. what do you think are the chances that we could get an ecb cut before the fed? >> there is definitely some data, that's a possibility. the european situation is deteriorating much faster than in the u.s.. you look at some of the data that you are talking about yesterday that's coming out, the german data today, the pmi numbers as well. it is painting an ugly picture in europe and it seems to be slowing down far too quickly. the european central bank, they

might want to talk about hiking but they might have to reverse more quickly than anybody so they are certainly a candidate for having a short timeline between the last hiking first cut. the fed has probably got more room to play with the labor markets, still very strong in the u.s.. there is no sign of any slowing down for the consumer's of the fed can probably at least go through the end of this year whether it still next year the european central bank certainly has a much more difficult job. unless the data turns around very quickly they will be under pressure to start thinking about a rate cut. possibly toward the end of this year. >> thanks to bloomberg's mliv strategist mark cranfield, we will watch those ecb fed and boj decisions closely. coming up benjamin netanyahu's government has passed a controversial bill to limit the powers of the judiciary in israel, we will bring you more on that next. this is bloomberg. ♪

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>> welcome back to bloomberg daybreak: europe, now fresh protests have broken out in israel after parliaments approved a law that will curb the oversight powers of the court. to discuss joining us now is bloomberg's israel bureau chief, what has been the reaction on the ground in israel? >> it is still early morning, but late into the night there were rough demonstrations and protests. courses by police and water canyons that ended after one or 2 a.m.. right now i think the protesters are just getting up and expect the markets may react negatively, the shekel did dip yesterday. because there is concern of a growing politicization of a regulatory environment if this law begins to be used. >> how could the supreme court respond? >> the court has already been

appealed here by at least three different appeals made, asking it to review the constitutionality of this law. the likelihood of the supreme court sing with the law is unconstitutional appears to be very low. this is a so-called basic law and there is a very high bar for declaring it unconstitutional. the likelihood is the court won't here hold -- hold hearings on it and possibly offer guardrails as to how it can be applied and used rather than remove it. >> you have seen rare criticism from the u.s. on this issue where does that leave israel's international standing? >> i think israel's international standing has taken a hit. the u.s. and other democratic allies consider this quite important. there are a whole bunch of implications with this law, thousands of military reservists have said they will not show up for voluntary service and that would mean israel's ability to

be the military power it has been will be reduced. it also means there is a general sense that the country is headed toward some kind of increasingly religious autocracy and less democratic, that they embrace countries like the united states could be in danger. >> bloomberg's ethan in tel aviv monitoring that story, thank you for joining us. i want to bring you more now news breaking earlier this hour, it has reached an agreement for the acquisition of 100% of imperva. this is an enterprise value of $3.6 billion. financing details are not disclosed the transaction is going to be immediately accredited to growth and margin profile. the deal will bring their cybersecurity revenue deals to 2.4 billion euros in 2024. we are expecting more information on this but the

closing of the deals expected to begin in 20 -- 2024. to recap we have had the dosso system earnings this morning, we have seen -- so this morning seeing second quarter non-ifr revenue fx missing estimates. that is the dosso earnings this morning, second quarter non-operating. coming back in the day, sneaker drops meant getting online to wait in line. now with xfinity mobile... ...we get the fastest mobile service and can get the freshest kicks asap. i got this. save hundreds a year over t-mobile, at&t and verizon with the best price for two lines of unlimited. nice job, little sis! they grow up so fast... i'm a fan. from xfinity.

lizzy: good morning, this is "bloomberg daybreak: europe". i'm lizzy burden in london and these are the stories you are looking up to. chinese stocks surged, led by

property and detect, after beijing signals support for the fed's two-day meeting kicks off after disappointing data from the u.s. and euro area, adding to events officials are ending their hiking cycle to prevent recession. the shekel falls after israel's parliament curbs the powers of the courts, drawing rare criticism from the u.s. welcome to tuesday, you're waking up to what has been a rally overnight in the nasdaq golden dragon on hopes of more economic stimulus for china. we will have more with rebecca choong wilkins momentarily, battles where we're breaking for more central bank decisions out of the u.s., europe and japan later this week. the feds two-day policy meeting starts today, we're expecting a quarter point hike but the focus is on the path ahead. we perhaps all the consequences of aggressive tightening

yesterday in those weak european pmi data. that fueled a bond rally led by boone's, even though and the u.s. manufacturing improved. that was enough to keep treasuries under pressure, sending yields higher. as we wait for those rate decisions, attention returns to earnings. today we have 24 companies reporting on the stoxx 600, worth about 1.4 trillion dollars in market cap. microsoft and alphabet will take center stage in the u.s. we have remy cointreau first-quarter sales in line with expectations. first-quarter sales falling 35% organically. this is the cognac maker, consumer confidence absolutely crucial for remy cointreau. the pace of the china economic recovery key for this brand.

the question is whether that could offset weakness in the u.s., and whether that could forge a credible path to growth after the earnings trough. currency volatility matters hugely for ramy cointreau given that exports make up 75% of its sales. the politburo has signaled more support for the troubled real estate sector, and pledged to boost consumption but has fallen short of financing large-scale stimulus to support economic recovery. i'm joined by rebecca choong wilkins to discuss more. how significant are these announcements? rebecca: two major signals from the meeting. that's what investors are trading on today. the first is this issue of confidence. this acknowledgment that countercyclical policy is needed to tackle this issue of confidence, these worries about local debt. the second is the issue with

property which has been such a drag for policymakers. it's really what is missing that is important. we did not have this mantra xi jinping has put out that houses are for living in, not speculation. that's an important signal of the shift, because so many policies that targeted the private sector and real estate were branded under that mantra. that's really why we're seeing this big ramp-up today, this significant rally in property and tech. a technical factor playing in, too, some lifting of short positions and short covering helping those prices. there are bulls, we can call them that in this market, but there is this feeling there may be a turning point and we may finally be reaching this level of tolerance for chinese top

policymakers when it comes to enduring this pain. the next question is about implementation. these are indicators of a marker of intent, but we have yet to see how these policies are rolled out. a lot of eyes will be on the private sector which is so important getting that going. 80% of employment counts there, and is 60% of gdp, so it is critical that policy directed towards that part of the market. lizzy: thank you to rebecca for that update on the situation in china. wheat has hit its highest level in five months, after russia attacked a port on the danube in ukraine. a drone strike hit the port, destroying a grain hanger. they come after russia stopped allowing safe export of food exports out of the black sea.

israel's knesset curbed the oversight powers of the court, a measure that prompted mass protests. the shekel fell after the vote, which was boycotted by opposition lawmakers. the reform by prime minister netanyahu has drawn rare criticism from the united states . wildfires are raging across greece, with some 90,000 people evacuated from the island of rhodes over the weekend. the italian island of sardinia has neared europe's record temperature. joining me now is theodoros skylakakis, minister of environment and energy in greece. thank you so much for making time for us. what are you doing now to help keep tourists safe? theodoros: good morning, the fires today are a bit down. they are subsiding. we don't know how i am the days

or weeks coming we will go forward. but the tourist industry as a whole in greece is handling this issue. it does not affect massively our tourism industry in the future. the vacationers were precautionary. they went quite well if you consider the extent of the problem. we had to evacuate both by sea and by land. in rhodes, about 90,000 people. now things are getting back to normal. but this is a new normal. because climate crisis is here. the mediterranean is a hotspot of climate crisis. we have had two big heat waves,

and the third one has not subsided yet. these heat waves are quite unprecedented. you have to go back 20-30 years to find said she'd waves. -- h eat waves. the problem is going tuesday, and we're working to prepare and prevent as much as possible. as you know, hopefully in the u.s., europe and other continents, this is not an easy problem to handle. big fires combined with heat waves and wind. lizzy: in a sense, you are downplaying the impact on the tourist industry. you say it is the new normal, but not too much to worry about. the prime minister says greece is at war, the climate crisis is already here. how does it change the long-term vision in terms of the tourist industry? i the increase of temperatures

in the mediterranean generally lead to a drop in tourism in the years ahead? theodoros: you know it's going to happen is difficult, because the climate models are unpredictable in terms of the specific time and places as you well know. we know the climate crisis is here. we know it's coming, but we don't know what will happen next year, or the year after next. which is a new normal and an old normal year. in terms of preparedness, we have increased hugely our air fleet to deal with 40% increase of fires. we have more firefighters, better command-and-control and we're now spending considerable amounts of money on prevention of fires within the forest. at the same time, we have created a very good mechanism organization for evacuation in

times of emergency. so that we never risk human life. this is very important for us. and in terms of the extent of the damage in the tourist industry, it's more a matter of actual -- of the image of what is going on, in terms of the number of tourists that have been impacted. it's a small part of the overall number of tourists coming each year in greece. we're talking about many millions of people. but this is a problem we will have to handle. we're trying to be more vigilant in terms of prevention. this is the most important thing we can actually achieve. because prevention is the best way to handle these fires.

but they have been in california, italy, spain. they happen in france. they happen here as well. and we have to prepare for them. it's a new era. lizzy: the world adapting to this new normal. what specifically are you doing to help tourist companies adapt? theodoros: in terms of tourist industry, we need long-term measures on where tourist installations are. and what happens in case of fires. and to have also zones to defend these areas and to defend our forests. the mediterranean forest, especially in the south are more easy to be hit by these fires.

so they need a lot more prevention. further in the north, within greece as well, for there is more humidity and different kinds of trees. we have pine forests in the south of greece. this used to be from time to time but not to create a huge problem in the past. now things are different so we have to manage the forest differently. take out 14 of the plant mass -- much more of the plant mass before a fire comes so it does not turn into a magnifier. and try to extinct the fires very early so that they don't create a problem. we will give it, and we will be much better each year it comes.

lizzy: theodoros skylakakis, minister of environment and energy in greece. thank you so much for dying as -- for joining us, and we hope those fires are under control. we will have more on the extreme heat ravaging parts of europe. don't forget to watch our exclusive's interview with the u.n.'s's global chief heat officer at 8:30 a.m. london time. we will interview earlybird venture capital partner and cofounder hendrik brandis. ♪

lizzy: welcome back. level transaction -- global transaction volumes and deals have lagged in the first part of this year. svb led to a slump in global

dealmaking. startups have been at risk, but so too are venture capital firms. for more on the current vc landscape we're joined by oliver crook in berlin who is with a asked. oliver: i'm joined by hendrik brandis, founder and partner at earlybird venture capital. involved in european tech, early stage investments. he is a structural optimist, which i guess you have to be. i will start with a bit of pessimism. at the best of times, europe has struggled to attract the same kind of money and unicorns. we are now not at the best of times, how difficult is it for european funding? hendrik: the funding landscape has come down globally. in the u.s., as well as europe. the positive side of things is that early-stage funding is less effective than later stage.

in the later stage, that's basically were the biggest disadvantages in europe and that has not become any better over the last i would say two years that's true. so, europe has been and still remains to a large extent dependent on international investors, especially those from the u.s. oliver: after the decade and a half of easy money and now the paradigm shift out of that, how are you weathering the funding crisis -- how are you adapting to the circumstances -- and where are there opportunities to place investment? hendrik: obviously, scarcity of money triggers a different style of management. we are trying to be capital

efficient in our portfolio companies. trying to burn less money. saving and creating longer runways. that adoption has been implemented over the last two years and has changed the scenery. the production of new technology and innovation is not affected by this shift of market sentiment. it's actually accelerating. historically, it was always these crisis times which are produced best benchmark returns. we have run analysis of the average venture returns from 2005-2007 in comparison to 2008-2010, the financial crisis,

and eventual performance has tripled. oliver: surviving moments of stress tend to be the ones that take off and provide return. as a vc investor, how difficult is it to raise money for your funds? where is the money still flowing regionally? oliver: it has become all the more difficult to raise funds. a long track record is beneficial and helpful. i particularly see more opportunities to raise money in the u.s. especially since u.s. lp's have become more reluctant with respect to other locations in china and asia, which has traditionally represented international allocation. there are good opportunities for european vcs to replace these chinese and asian allocations. oliver: risk aversion over china presents an opportunity to

europe for money from u.s. investors? hendrik: they will allocate much more significant funds to europe than before. oliver: this is a 10 years of zero or negative interest rates, is there a significant washout in european vc? hendrik: crisis times have always been a weeding out of firms, specially those firms which have been created in the last 10 years, maybe less they have a harder time to. a good track record which is used as a basis for future fundraising. for some of them, it will be challenging if they have not made it to exits. oliver: i want to quickly talk about some of the companies you are active in.

ai is dominating the conversation. you are an expert in this. it's been called the response to openai, how does it differentiate itself, and how is the end user different? hendrik: the difference is they have not focused on any sort of end user, consumer application such as chatgpt which we all know. they have only focused on enterprise applications, which we believe are the near-term business potential. i think that will show impact in the years to come. they have a large language model which is not so much different in performance from what open ai has. but the business is much more targeted to enterprises. that makes us optimistic about

the future of aleph alpha. oliver: you get a rundown of the landscape of european tech. and also, some of that money flowing to europe from the united states as risk aversion builds around china. lizzy: bloomberg's oliver crook in berlin. coming up, nigeria's central bank announces its rate decision today as the country battles stubborn inflation. the latest on africa's largest economy next. this is bloomberg. ♪

lizzy: let's focus on monetary policy decisions in africa's key economies. ghana surprised with the rate

hike yesterday. nigeria's central bank announces its policy decision today. joining us is bloomberg's africa correspondent, jennifer zabasajja. what was behind the ghana rate decision and what can we expect from nigeria today? >> lizzy, it was a surprise. last week we saw the south african central bank take a wait and see approach. yesterday we saw from ghana that they are not taking chances with this. it was a surprise 50 basis points up to 30%. a lot of analysts are saying it is because we saw inflation quicken over the past two months faster than what people anticipated. when i mentioned quick, i'm talking 42.5% inflation that ghana is looking at right now. something the world bank has called adding to the food insecurity and poverty crisis. what we heard from the central bank governors yesterday is he has concerns about the macro

situation, and second round effects -- you mentioned the fed, and weather conditions are a concern. we will have to see how this plays out, especially if you consider this country is already dealing with a cost-of-living situation and is trying to restructure debt following that imf deal it secured not too long ago. now we're talking about nigeria. today we're waiting on that rate decision. the cost-of-living is part of it. but also, it will be the first time we hear from the new acting central bank governor since his predecessor was suspended by the new president, who has instilled a number of policy changes including removing fuel subsidies. there has been a rise in electricity tariffs and pressure on the naira. we will have to see how the 18-year -- how nigeria's 23% inflation which is an 18-year high will affect this new central bank governor.

and how he responds to all of the other macro pressures this country is facing. a number of countries we're paying attention to for central bank decisions later this week. big week in the region and also globally. lizzy: record high 30% interest rate for ghana's central bank. thanks for taking us through the details. jennifer, great to have you with us. next is markets today. this is bloomberg. ♪

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>> this is bloomberg markets today i am anna edwards live in london our markets live managing editor market will join us shortly from singapore to take us through the market action. cash trade is an hour a