it's an amazing thing when you show generosity of spirit to someone. and you want people to be saved and to have a better life, then you don't stop. we have been able to reach over 100 million people impacted and affected, and at risk of hiv. the rocket fund takes 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. lizzy: good morning, this is "bloomberg daybreak: europe". i'm lizzy burden in london and these are the stories that set your agenda. again slips as the bank of japan

steps in with unscheduled bond buying for a second time this week. asian stocks and european futures selloff as hot u.s. jobs data pressure on the fed inflation fight. the bank of england decides with at least another quarter-point hike expected today. speculation rose it could hint at a faster pace of bond sales. earnings heat up with amazon and apple taking center stage. but first, socgen posts better-than-expected second-quarter net income, with ing results hitting the tape now. good morning, welcome to thursday. the misery continues in asia, after a miserable end to the session on wall street. the s&p 500, it was its worst day since april. the nasdaq was down over 2%. august is typically the most volatile month. the fear gauge, the vix is at

its highest since may. there are jitters about how much the bank of japan will let yields rise under its yield curve control regime. it has made its second intervention in a week. not to mention tepid earnings from qualcomm. the 10-year yield rose to its highest since november, as the u.s. ramped up debt issuance more than forecast. that was helped by payrolls data underscoring the strength of the labor market. we will break down all those moves for you. but first, let's get over to hong kong with tonya chen for how asian markets are faring. >> good morning, let's start with japan. as you were saying, japan entered the market for the second time this week. we saw unscheduled bond buying operations. 10-year yields touched 0.65%, a nine-your high. this is the second time after monday yields touched that 0.6

percent mark. this intervention is underscoring what is the gray line, and what is the definition around flexibility. last week, they had indicated to 0.5% would be a reference point, but not a rigid limit. these interventions, we will have to see. but going forward, the bank of japan may continue to tightly manage the pace at which yields rise. outside of japan, i'm looking at china today. we had caixin services pmi data that was well above estimates. but that rally in the yuan did not hold, we see it paring gains. the pboc fixed the currency 414 pips stronger, slightly stronger than recent days. an indication that they are flattening the fix around the below the 7.15 line, maybe they don't want to see the yuan we

getting past 7.3 given that 2% currency band. lizzy: now i want to bring breaking earnings from european banks. we start with amsterdam's ing. it reports net interest income for the second quarter of 4.0 6 billion euros, so missing estimates. you're also seeing net income coming in for the second quarter at 2.1 6 billion euro sign, beating estimates of 1.7 2 billion euros. we will bring you an interview with the cfo of ing at 6:20 a.m. london time here on "daybreak: europe". we will be able to break down those earnings with him. more earnings as well from the last few minutes. this out of paris. we have socgen. it has beaten most estimates as key revenue lines weekend amid a lackluster trading environment. revenue at the unit fell 30%

from a year earlier, roughly in line with the biggest wall street firms. overall net income of 900 million euros beat estimates, though revenue fell short on lower income from french retail banking. that's earnings for now. we will get you more later. let's get to our morning roundtable with bloomberg's valerie tytel. i went to pick up where we left off yesterday. fitch downgraded u.s. government credit. it put the spotlight on american public finances. esther day the treasury ramped up debt issuance, boosting the quarterly bond sale size for the first time in 2.5 years, yields hit 2023 highs and it has prompted global yields to search higher and has caused of boj to intervene for a second time since that tweak. the u.s. labor market is also showing signs of cracks. the latest eco-data from adp showed more companies added jobs

than expected. and tomorrow we have got nonfarm payrolls data. it seems likely the treasury was testing dealers' appetite on the back of the recent downgrade. what was the rationale? valerie: they clearly had to. they had a fiscal deficit, one of the largest we have seen outside of recession. tax receipts this year were disappointing. future spending is set to increase. the interest expense of the u.s. government has nearly of the u.. government has nearly doubled the last two years. it's not like they had a choice, but they are testing the market, as you mentioned at a skittish time. we're seeing all these hot data pushing morning. you look at what the treasury announced yesterday, nearly every coupon bond auction size was increased. we knew this was coming because monday they announced

third-quarter borrowing was to reach $1 trillion, way above the street estimates. we've still been getting commentary on the fitch downgraded. we got noise from former treasury secretary's overnight. paulson calling the fiscal trajectory of the u.s. concerning. we also heard from geithner, really urging politicians to act on the debt sooner rather than later, before it's too hard. but it's funny, we're now thinking about what was the trigger for this fitch downgraded? perhaps it was just that third-quarter borrowing estimate from the treasury reaching $1 trillion. that's clearly what the market has reacted to the last 48 hours. lizzy: you reckon the treasury will dip its toe in the water again? valerie: the boj responded. i thought that was interesting if we look at the breadth of the move since they responded last

time. it had a five-basis point increase in the 10-year yield prompting that intervention. if we see options next week maybe not be received by the market as well as we thought, and every time we get one of these big options, we have yields ticking higher and higher. you can see more pressure on the bank of japan. it's not really the reason we thought we would have pressure, we thought it would just be hot u.s. data, not necessarily this wave of treasury issuance. funnily enough, treasury yields are continuing to rise this morning. the 10-year yield is up another four basis points, after claiming nearly 15 this week already. lizzy: let's take our focus back across the pond. across the road actually to threadneedle street. it's bank of england day. the bank is expected to hike by a quarter-point today to 5.25%, as well as its latest forecast for the u.k. economy.

silvana has been replaced. you have hot wage growth. the headline inflation number is almost four times the bank of england's target. 50 basis still very much on the table. valerie: market pricing is in the middle, 35 basis points for today. that was price for the previous meeting when they surprised with 50. it's funny, we look at e.m. economies who have maybe not been punished for definition is lately. -- dovishness lately, but developed market economies like japan have been punished for dovishness. the risk is if they don't hike by 50, the currency weakens. maybe they hike by 25, but then signal an increase in the pace of qt. lizzy: lots of speculation about that. the lacquered in the central bank conga line has become the

leader. it forecast a similar move at its next meeting. did the real have that's like you were warning about yesterday? valerie: it hasn't yet. the thing about brazil's decision yesterday. not only did they cut more than expected, but they signal they would go for a 50 basis point cut at the next meeting. quite a dovish pivot from the central bank of brazil. we have seen other emerging market economies sound more dovish recently and their currencies have held up okay. perhaps it is just fell up to markets that are trying to sound less hawkish when their currency gets punished. lizzy: let me lay out some key events today. we have been discussing, at 12:00 p.m. the latest bank of england decision. 30 minute later, a press

conference from governor bailey and his officials. at 1:30 p.m. london time the latest weekly u.s. jobs claims numbers. the consensus is a marginal increase at the end of july. finally, at 3:00 p.m. factory orders and ism services numbers which are expected to soften after june's gangbusters print. these are a prelude to the nonfarm payrolls out tomorrow. are you convinced the u.s. can avoid recession? valerie: there has been so much positivity recently about u.s. growth. maybe the equity market weakness the last two days is hinting that we've seen a peak in optimism. and we're due for soft economic data. but the market has been thinking that for months, and we have not gotten it yet. the ism services today is a big print ahead of tomorrow's nfp. lizzy: valerie tytel for our morning roundtable.

get a roundup of the stories you need on today's edition of daybreak. today, they lead on the bank of england decision, and the pershing square management founder saying 30-year treasuries as supply ramps up. finally, they have comments from former frederick -- treasury secretary's urging washington to address the u.s.'s long-term fiscal issues before it's too late. all that and more on today's edition of the newsletter, which terminal subscribers can find by going to dayb . back to earnings now. more from ab inbev, the belgian brewer, best known as the maker of budweiser. you're seeing for the second quarter, organic adjusted ebita profit up 5%, double estimates. then we have revenue for the second quarter. that's only slightly beaten

estimates at 7.2%. the story here is ab inbev has been stunned by the backlash over its collaboration with a trans influencer over its bud light brand. bloomberg intelligence estimates market share in the fallout. heineken lower profit guidance earlier this week because of waning consumption, and higher inflation has meant people are drinking less beer. those results we have from ab inbev. a sale expects full year revenue to grow ahead of ebita. we keep an eye on those results from ab inbev. we also have results from lufthansa, the german airline.

it says it sees full year profit above 2.6 billion euros on a strong outlet for the second half. it sees third-quarter adjusted ebit exceeding the pre-crisis level. and report second-quarter revenue of 9.3 9 billion euros, only beating estimates by a whisker. it is battling the likes of ryanair and wizz air for passengers in the cost-of-living crisis. shares up 13% today. more earnings throughout the program. coming up, the bank of japan steps in with unscheduled the bond buying for a second time this week. and coming up, after that net interest income miss from ing, i'll be speaking to the cfo tanate phutrakul. stay with us. this is bloomberg. ♪

lizzy: the move by fitch to downgrade u.s. government credit has put renewed focus on the nation's debt trajectory. mliv strategist mark cranfield joins me for more. how far will treasury yields rise? what does it mean across assets? mark: if we believe bill ackman, who valerie was talking about earlier, there is a long way to go on the upside. he's looking for something like 5.5% on the 30-year treasury, way above where we are now. that might be extreme, and he is positioned accordingly. but what the fitch ratings analysis did, if nothing else, it brought investors back to look at debt ratios in the united states. our u.s. economist suggests if the u.s. don't do anything about it, their debt to gdp ratio could rise to 130% in the next

10 years. when they were downgrading from aaa the first time 12 years ago, the ratio was only 60% so it is already deteriorating. and it is likely to get a lot worse. in the short-term, the metrics for the u.s. fiscal situation are far worse than when s&p downgraded aaa status several years ago. on a case-by-case basis, the situation in many ways is a little bit getting out of control for the united states. until investors get a signal that the u.s. government will actually do something to slow down this widening of the fiscal deficit. they will not be confident this is the right time to buy treasuries. if they buy them, they want more compensation. they want to see yields much higher. when the treasury announced they will be selling even more debt in the third quarter than expected, of course, people want to push yields higher. the options next week could be tough if the prices don't get to

a decent enough level. investors may say, we don't want to touch these bonds until we have fully discounted the bad news which we can see coming down the line. lizzy: briefly, we have had the bank of japan intervening a second time this week. what sparked this? marco: that's just a smoothing operation. they went up to 0.6, they have come in again today. roughly every five basis points they will do something. but the market has just shrugged . jgb futures are still trading after the bank of japan came in. they ticked up slightly been made new lows for the day. that's a strong signal that japanese bond investors are not impressed by yields at this level, and they won't get serious about buying japanese bonds until they see the 1% level in the 10-year, which is the top end of the threshold they indicated last week. jgb yields are likely to follow global yields, if they continue

to go higher. lizzy: thanks to mliv strategist mark cranfield. we will speak to the ing cfo tanate phutrakul. we will discuss second-quarter earnings, and the outlook for the biggest bank in the netherlands. this is bloomberg. ♪

lizzy: ing has reported net interest income for the second quarter that missed the average analyst estimate. while net income for the period beat estimates, 83% year on year up. joining us to discuss is tanate phutrakul, cfo of ing. great to have you with me this morning. let's talk through these earnings. tanate: thank you. we're very pleased with how the

result has evolved this quarter. revenues are up 23% year on year. we have seen good, strong operating expense management with our costs flat despite high wage inflation. we're pleased with seeing our credit book remain resilient with limited risk cost. we have seen inflows of retail deposits quite strong, almost 18 billion euros. strong set of results culminating in strong profit generation this quarter. very pleased with how things have evolved. lizzy: talk me through what's happening to cost inflation in your major markets? tanate: cost inflation has been rising through much of q3 and q4 , but it's starting to slow the pace of inflation. combined with our efficiency program, digitizing of our core processes has meant some of that inflation has been negated.

lizzy: you launched a share buyback of 1.5 billion euros in may, due to be finished by october, but only 15% was completed as of last month. are we to expect another buyback and has your third-quarter results? tanate: capital veneration during the first half of the year is strong. despite the share buyback, our capital is strengthening over the current three months. we are in the middle of a 1.5 billion dollars share buyback that runs through the middle of october. we indicated that in our third-quarter results, we will give more information about further capital management action we may take at that time. but capital is extremely strong generation. lizzy: we missed net interest income -- missed analysts' estimates -- but it continues to

get a boost from ecb rate hike. fee growth is subdued. what is your outlook as the fight against inflation by central banks continues? tanate: you look at the forward curve. the pace of rate hikes is coming to an end. we have seen this rapidly improving liability income for ing. the way we manage interest rates means we have a strong foundation for sustained net interest income going forward. the pace is likely to slow, but the sustainability is strong. with respect to income, we continue to broaden the product, the geography in which we make fees. we're pleased this quarter to make strong improvement in the income compared to last quarter. but the market remains subdued in terms of loan origination and fees related to origination and

mortgage broking, for example. those are things we need to manage within the context of rising interest rates. lizzy: did you have a for the reduction in your exposure to russia? tanate: yes we have. since the beginning of the war, our russian exposure is down 70%. we continue to de-risk from russia. we continue to have another strong quarter of reduction in terms of our russian exposure. that's partly why our risk weighted assets has performed well, because de-risking exposure from russia is significantly smaller than it was at the time of the war. lizzy: earlier this week, i interviewed the chairman of the european bank authority. the results of its stress test showed most banks came out stronger than two years ago. but yours fared worse. given we have already seen the collapse of credit suisse, and the crisis in u.s. regional

banking this year, what are you doing to protect against uncertainty? tanate: we're happy with the process and the results of the stress test that show the resilience of the whole european banking system. we have observed this particular hypothetical around stress tests. we use it, among other stress tests we do internally. based on our internal stress test, taking into account what we see from the other tests, we confirm our capital target of 12.5%. we don't see reason to change our guidance. lizzy: just briefly, you have been one of the banks leading the way in artificial intelligence. you are using it to screen for potential defaulters. how will it change your offerings, who you hire? tanate: we are one of the most digital banks in europe.

we're focused on enhancing our capability, including the areas of ai and we watch that space very carefully. lizzy: thank you, tanate phutrakul, cfo of ing. two of germany's largest companies, adidas and bmw, post earnings at 6:30 a.m. london time. we will bring results as they hit the terminal. this is bloomberg. ♪

lizzy: good morning.

this is "bloomberg daybreak: europe". i'm lizzy burden in london. these are the stories you are waking up to. the yen slips as the bank of japan steps in with another unscheduled bond buying this week. asian stocks and european futures selloff, as hot u.s. jobs data keeps the pressure on the fed's inflation fight. the bank of england decides with at least another quarter-point expected today. speculation grows it could hint at a faster pace of bond sales. earnings heat up, with amazon and apple taking center stage. the iphone maker is expected to report its third consecutive year-over-year revenue decline. for amazon the focus will be on its giant cloud computing business. welcome to thursday. the misery is continuing in asia, after a miserable end to the day over on wall street. the worst for the s&p 500 since april. the nasdaq down over 2%. the nasdaq futures are currently

flat. s&p e-mini's also flat, but pointing to slightly higher opening. what went wrong yesterday? august is typically the most volatile month. the fear gauge, the vix is the highest since may. traders were reacting to fitch's downgrade of u.s. credit, and there are jitters about how much the bank of japan will let yields rise after its more flexible yield curve control regime was announced last week. we just had the second intervention in a week. it's a cocktail of things going on. not to mention have been earnings from qualcomm. the 10-year u.s. treasury rose to its highest since november, as the u.s. ramped up debt issuance by more than forecast. that selloff helped along by private u.s. payrolls data, which underscored strength of the labor market. we will keep breaking down these moves throughout the program. but i want to get over to asia, to hong kong specifically with

our very own tania chen to tell us what is happening. >> good morning, lizzy. as you were saying, rising yields in the u.s. and spilling into this region as well. bank of japan entered the market for the second time this week. we saw 10-year yields touch 0.65%, a nine-year high. this follows what happened monday, when they scheduled a bond buying operation, around 0.6%. these repeated interventions underscore the gray area around what the definition of flex ability is to the bank japan. going forward, we will look at how much higher yields can go especially carrying over from the u.s. and developed markets, and how japan manages that pace of yields going higher. elsewhere, we're looking at china. services pmi came in well above analyst estimates. we had seen an earlier rally and and the yuan, but they pared

gains back. the pboc fixed the currency, below 7.15, about 414 pips stronger. we're seeing a level of discomfort from officials perhaps worried about the yuan weakening past 7.3 given that 2% trading band. lizzy: thanks for that update on asian markets. i want to bring you the latest breaking earnings. we have got infineon crossing the terminal. it's reporting its fourth-quarter segment result margin of about 25%, just under analyst estimates, which was 25.8% on average. you're also seeing third-quarter revenue at 4.0 9 billion euros, beating estimates just slightly. total segment profit coming in at 1.0 7 billion euros, slightly beating estimates.

it sees full-year revenue at 16.2 billion euros. so, still around that. it's going to invest more in one of its malaysian sites as well. infineon is the market leader in the supply of semiconductor equipment. demand for that has been growing for electrical vehicles. profit guidance has been repeatedly upgraded over the past 18 months. we have seen the shares up 36% year to date. we will be speaking to the cfo of infineon. that interview at 7:00 a.m. u.k. time on bloomberg markets today. we also have breaking earnings from two of germany's biggest firms, adidas and bmw. bmw raised its outlook for vehicle deliveries. i want to get to oliver crook for the latest on those.

who better to drive us on these results? oliver: let's kick it off with adidas where we got a flood of numbers. the revenue came in slightly above what was anticipated for the second quarter. the ceo is siding volatility and volatility in the outlet. gross margin did better than expected, 51% versus 49%. they have a lot of inventory, 5.5 billion euros versus an estimate of 5.1. lizzy, i know you don't care about the numbers, for many investors the question is all about yeezy. in june they sold $400 million worth of that inventory that has been sitting there. that is largely in line with what they made last year on yeezy. this will be the last time they move it, because this partnership is over. they will drop some more in august. the ceo front loaded all of the bad now they are able to move

some of it, but it doesn't answer the question of where will they find relationships like this in the future? in north america, you are down 18% on sales not good. greater china up 6.5%. europe is down about 5%. lizzy: i'm not having this, oliver. first, you say i'm into the g wagon. now you out me is not liking the numbers. not true for the record. give us the bmw top lines. oliver: i will inundate you with numbers for bmw. premium margins hit 12.6%. the margin they raised. their battery electric vehicle numbers are up 133%. bearing in mind that is only 13% of their total vehicle sales. they are forecasts for deliveries, but what investors focused on in the prerelease is r&d. how much money they're spending on research for electrification

and digitalization. that was at three point 4 billion euros, that's up 15% in the first half, up 20% in the second quarter. same with capex, up 20% in the second quarter. china up 16%. europe up 9%. and the usa, up 13.6%. lizzy: thank you for breaking those for us. that's bloomberg's oliver crook in germany. for more earnings, the world largest smartphone processing maker qualcomm has slid in after hours after giving a tepid sales forecast. this, as the market contends with the worst slowdown in years. joining us is tech analyst matthew bloxham. what are your takeaways from qualcomm's results? >> most people focus on that q4 forecast. they guided to 8.1 to 8.9 billion of revenue, with

consensus at 8.8 billion. if you look at where qualcomm makes its money, 60% from smartphones, 16% from china. both those markets are proving to be continually weak for them. the post-recovery has not come through the way people thought. the smartphone market really important in china but generally quite weak because of the economic slowdown. they have been trying to diversify into other areas, automotive and iot. that's going well, but not big enough yet to compensate for smartphone weakness. they talked a lot about ai yesterday. they are looking to get on-device ai processing is a new opportunity. that is something for the future. the next quarter or two, it is that weak smartphone and china market depressing the outlook. lizzy: also got u.s. futures flat at the moment. traders holding their breath for earnings out of apple and

amazon. matt: apple and other -- said revenue may be down 2% year on year. it is the forward guide people are looking for modest recovery in their q4, so that $90 billion of revenue would only be up 1% or so. the iphone 15 is coming out. a few people on the street are hoping for them to talk more comfortably about demand for that unit. but given what we see from qualcomm, maybe that opportunism might be misplaced. lizzy: don't want to know what number my iphone is. matt bloxham from bloomberg intelligence for that lookahead. let's take a look at things markets are watching out for today. this morning, a host of final pmi's from across europe, including from france and germany. at noon, the bank of england delivers its latest policy decision and updated forecasts,

fallout by governor bailey's press conference half an hour later. watch our special coverage from 12:15 p.m. i hope it's not raining on threadneedle street. the focus then switches to the u.s. ism services data are due at 3:00 p.m. u.k. time, and big tech earnings from both apple and amazon, after the bell. coming up, it's that boe decision. we expect the central bank to raise rates for the 14th time in a row. will it be 25 basis points or 50 again? this is bloomberg. ♪

>> it's for them to reassure

markets. and make sure there is a clear commitment to creating the industries we started creating so successfully in the u.k. there will be 2000 jobs created around that. moving forward, we have the opportunity to build thousands of megawatts more and create more jobs in the u.k. to bring supply chain here as well. we're working with the big technology providers, whether they be turbines, towers, or tables. coming to be u.k. to invest and build facilities here. these are things i think all political parties can agree on. i'm sure it'll be an important part of what all the political parties put out in their manifestoes and what they look to brief on as we go into winter. lizzy: the ceo of u.k. energy company sse there.

he also told me the u.k. may need to overhaul its renewable energy subsidy options to deliver on net zero plans. and delivered on the labour party's approach to meeting the country's emissions targets. >> we're seeing some strong rhetoric. rachel reese talking about wanting to be the next green chancellor. and more generally from labour, significant ambitions, even more so potentially than the current government. they have signaled they want to go quicker in terms of going to 2030 and 2035. i remain convinced that political parties of all persuasions will want to make sure the u.k. retains its lead in technologies we have got. we want to make sure our energy supplies are more secure. will want to make sure we're not subject to the sort of price shocks we saw 12-18 months ago, when the invasion of ukraine

started. we saw created problems for so many people. building homegrown energy will be really important. lizzy: you can listen to the full interview with the ceo of ftse 100 constituent sse on the bloomberg u.k. politics podcast. now it's boe decision day. the question on everyone's lips is whether this u.k. central bank will go for 25 or a 50 basis point increase edits 14th consecutive rate hike. joining us is anna andrade, european economist at bloomberg. the color than expected cpi print has made traders pare back bets for where they see rate hike speaking. can we will out another half-point hike at the next meeting? >> the only thing we are sure of

at this meeting is it will be a close call. the boe has surprised us in the past. our call is for a 25 basis point increase because of what you said. you had cpi coming down in june, in both headline and core. you had a jump in unemployment in the latest month. and the latest pmi pointing to stagnation of underlying growth. combine this with the bank's latest communication where they said 50 basis points were contained to that specific meeting, you see a case for 25, but as you said wage growth is a problem. it is running just below 8%. the composition of inflation. it the boe knows inflation is being driven by second-round effects. you have this widespread behavior where firms are increasing prices and workers are pushing up wages, then there is an argument for frontloading

50 basis points. lizzy: but as i always say, can you really frontload at the back end? let's look at the vote split. last time really a surprise. this time you have the arched of tenreyo replaced by green. >> she has hinted that she is a bit hawkish. the comments she made about neutral rate, that it might not remain that slow. and she said there was no room for complacency in the fight against inflation. it will be interesting to see if she sides with mann, who will probably vote for 50, or if she votes with the core of the mpc, that includes rod bent -- broadbent and bailey. lizzy: we get the updated forecasts today. you see anyway the u.k. can

avoid recession, given the market is inspecting more rate hikes? >> the boe will put out a forecast today. the curve it will use, the right path is quite high, it has a peak of 6%. that would be enough to change the forecast of the mpc, and show recession. but we think the committee will aim off that, because they were forecasting recession that in november, then took it back later and they probably wouldn't want to put it back in. i am the forecast, maybe we want to see recession. with rates as high as 5.75, that's probably what will happen. it won't be deep recession by historical standards. we're looking at a 1% fall in gdp but that's probably what needs to happen. lizzy: imagine the headlines tomorrow, a difficult message to communicate, but not by you.

really great to have you previewing that decision. don't miss our coverage of the bank of england's policy decision at mid-day u.k. time. we have the press conference 30 minutes later. we will also bring you an interview with governor andrew bailey, at 4:00 p.m. u.k. time. the u.s. orders some government employees to leave niger following the coup in the country. a conversation with niger's ambassador to the u.s. next. ♪

lizzy: welcome back to "bloomberg daybreak: europe". u.s. state department ordered some of its employees and family members to leave niger, following a coup.

been a week since the president was removed from power. the ambassador to the u.s. spoke to bloomberg about the conflict. >> i am optimistic because unanimous is the word started by african union. our partners all over the world, the united states of america, the united nations, germany, france all have called for the restoration of the elected president. our regional body ecowas went on to take a list of unprecedented sanctions to put pressure on the junta to give back to the

legitimately elected officials. this pressure has started affects as we speak. now there are talks going on, led by the representative for the president of nigeria, so i think the military junta launched this attempted coup will come to reason and give that power to save unnecessary suffering for our people. i hope so. lizzy: that was niger's ambassador to the u.s. speaking to bloomberg tv. infineon's third quarter sales

rise, as the german chipmaker bets on autos. we will break down earnings with the cfo. we will also speak to the ceo of merck, that interview at 7: 40 u.k. time. at 3:00 p.m. we will hear from the bank of america chairman mcl live from aspen. we're looking forward to the bank of england's decision at 12 :00 p.m. we're across the road with all the action at bloomberg's european hq. markets are on a knife edge, they have fully priced a quarter-point from the boe today and see a strong chance of a half-point raise from 5%. last month, the boe went for 50 basis points with a surprisingly hawkish vote split. it's likely the mpc behind-the-scenes will be more hawkish, as we just heard, now that megan greene has replaced

arched of silvana tenreyo. traders have pared back bets on where they see u.k. rates peaking to 5.7 5% because of that cooler than expected june inflation reading. we keep an eye on that decision. the economists' base case at bloomberg is a 30-5-1 vote split. don't is that interview with andrew bailey at four a p.m. london time. i'm going to check on the futures for you. it was the worst day yesterday for the s&p since april. the nasdaq closed down over 2%. this morning, futures pretty flat ahead of the wall street open. traders digesting fitch's downgrade of u.s. debt, mulling what the boj's new flexibility over yield curve control really means. plus we have just had that second intervention and we await earnings from apple and amazon after the bell today. in europe, stoxx 50 futures are

currently down 1.6%. we await that boe decision at 12:00 p.m. up next, markets today with dani burger and mark cudmore. lots of conversations throughout that program. we've got a raft of earnings coming throughout the day. all of that to come on bloomberg. ♪

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