lizzy: good morning.

this is "bloomberg daybreak europe." i am lizzy burden in london. wrestling bears, china delivers its strongest ever push back against a weaker currency, seeking to repair confidence as developers warn of mounting losses. bank of america says investors should strap in the return of the 5% world as bond yields surge on bets at rates will stay higher. plus, shot in the arm. things get a boost as no fewer than 28 of them have said to be lined up for the arm ipo likely to be this year's biggest. the morning. happy friday. you have made its. what a week it has been for august. we have treasury yields broadly study but the 10 year was near the highest since 2007. the 10 year touching the highest 2011 and tech stocks especially feeling the weight of rising real yield. u.s. futures flat after the close that stocks are headed for

the worst read a streak since march just as yields ease off the highs. in beijing shares heading for a six daily decline. bear fatigue setting in on the china story now. the pboc defending the yuan with the strongest ever push back which is something of a head scratcher. given that it just cut policy rates but as a mark of just what an unusual august has been, no longer are using the usual relationship where the chinese currency weakens and there is a bid for treasuries. in fact, they have been weakening together. markets are asking themselves is it the time to stop talking about the chinese recovery and start talking about china maybe even entering a recession? let's get a broader look at what is happening in asian markets. bloomberg's charlotte yang joins us this morning. what is happening where you are? charlotte: the session here at this morning is as gloomy as hong kong's weather. we are looking at equities falling across the key markets.

with china, korea, japan also, the main concerns on investors minds are worries about china as well as concerns about high global interest rates. we are looking at msci asia index heading for its worst week since mid june. those concerns won't fade away soon. the onshore markets in china open higher today after authorities vowed support for the currency but that is not able to stay. that faded in the later hours and now we are seeing stocks on shore and in hong kong in the red. australia seems to be the bright spot today. earlier it was in the negative territory but we had to support from the local real estate as well as utilities stocks that gave support. some other data that you should state -- pay special attention to is inflation japan which we are seeing the core inflation for the country actually slowed

in july. we are looking at consumer prices including fresh food which rose .1% from a year -- 3.1% from a year ago. this could taper market speculation that the boj may shift from its ultra easing monetary stance towards later this year. there are nuances should pay attention to. we are still seeing some sticky pockets of price growth which we are looking at prices excluding energy and food accelerating from june. it shows the monetary authorities are likely to be on high alert for any upside pressures. lizzy: thanks to bloomberg's charlotte yang for that update on asian markets. time now for our morning roundtable. with us is valerie tytel and we have david finnerty and singapore and jill disis in hong kong. i went to get more into the china story because china has

delivered the strongest ever push back against weaker yuan as it tries to repair confidence that was broken by disappointing data and heightened credit risks. at the same time stay owned property developers are warning that widespread losses are feeling concerns about deepening housing crisis. david, let's start with you. do you think that's a line has been drawn in the sand as regards this yuan fixing level? david: there certainly seems to be potential that it is. if you look at the yuan fix has been weakening for five days and turnaround today but the pboc said it -- basically yesterday they will guide -- guard against excessive moves in the currency markets. that is changing the rhetoric and indicates may be 7.21. the fixture was 7.26. the fed -- the pboc story sorry to say that 7.21 would allow them to trade to percent side of that.

you want to go to 7.35 and change. they are saying that is enough as far as they were concerned. in the near term i will be looking to see if they keep the fix in a 7.20 handle or even stronger at the 7.19. 7.21 is a bit too much at the moment. lizzy: it is hard to believe we are only halfway through august. what other events should investors be watching that could have a big impact on the dollar yuan this month? david: there are a couple. next week, fed chair jerome powell will speak at jackson hole and everyone we look at that to see how hawkish he sounds. obviously, if he does stay hawkish and says rates have to go higher for longer that will put pressure on yields which will take the dollar yuan higher. the other thing is at the end of the month you have the china pmi data and it turns the attention back on the health of the china economy. if it remains week and it will add to risk off sentiment

particularly if u.s. yields are higher. that will be another negative for the yuan and keeping pressure on it we can further. -- two we can further. lizzy: thank you to david finnerty there. jill, let me bring you and. how significant is it that this property crisis in china seems to be spreading from the private sector to the public sector? jill: the important thing to keep in mind here as we are reviewing corporate filings for 18 of 38 state-owned builders were reporting preliminary losses through the first six months of 2023, up from 11 of these companies listed in hong kong and mainland that were reporting full year losses at the end of 2022. this is telling us that the state builders are not immune from the ongoing property crisis that is coming at the same time we are on default watch for country garden, one of the nations largest property developers. evergrande defaulted a couple of years ago and it is also

declaring chapter 15 bankruptcy in new york trying to protect itself from creditors as it is trying to work through potential restructuring plans. all of this comes together to show you that a property crisis that not only has been going on for the past couple of years but also is not showing an signs of going away. we await support measures that the government has rolled out in the into potential further support measures that they could roll out to protect the property sector. it shows the widespread collateral damage from this ongoing crisis that is happening. lizzy: getting back to the treasury's picture, it is the third day of the global bond market selloff. u.s. stocks fell for a third day yesterday as the 10 year yield rose towards the highest 2007. valerie, traders are asking themselves what normal looks like for the treasury market now and interesting in your notes yesterday, you say that it is

actually more about supply and demand dynamics in the markets, more actually about the china and japan story. valerie: that's right. a lot of questions raised on why we are seeing this steepening now and the main narrative behind that is the supply and demand dynamic. we have seen intervention on cmi -- see ny in china and we are speculating about intervention on the yen and japan. both of those countries would sell treasuries when they come to intervene to strengthen their currency. at a more supply of treasuries to the market when they do so. yesterday was an interesting session with a 10 year and 30 year yields reaching a cycle hike and now we have the likes of bank of america saying that 5% could be the new normal when it comes to long-term interest rates. we heard from blackrock saying that they are seeing a remarkable repricing and long-term yields to come, but this week is all that about the

yields rising and equity markets falling -- following along beside them. we have had biggest three-day retracement and s&p since march, since a banking crisis and march. we have now retraced over 5% since those high in july when it comes to the s&p 500. if we look at what happened yesterday, the put option volume the total u.s. exchange reached levels not seen since march. there is a bearish tilt out there into the markets, those clamoring for some put hedges to protect them from further downside risk is something to note. lizzy: we have the latest jobless claims data for the week more signs of resilience there. jill: exactly. he's on appointment applications fell by the most in five weeks. we are seeing the labor market continues to hold up. it seems that employers are reluctant -- maybe starting to scale back hiring but they are

ultimately reluctant to let go of a lot of workers. a lot of companies are still wary given how difficult it was to attract and retain talent during the pandemic. this spells what we have been seeing in these data points over the last several weeks of the labor market continues to be pretty strong. i think we have an upcoming bloomberg survey of u.s. economists that is due out in a few hours that may show us some dated forecasts for what recession looks like. this adds to that idea that we are pushing back the possibility of a recession into some time of 2024 and it adds to questions about whether the fed is going to have to keep rates higher for longer periods of time as we continue to see resilience in the labor markets. lizzy: thanks to bloomberg's jill disis, and valerie will stay with me. i want to take a look at a bloomberg scoop. bloomberg has learned that british chip giant arm has lined up 28 banks to handle its ipo. sources say the transaction is going to be led by barclays,

goldman sachs, j.p. morgan, and mizuho. bank of america and deutsche bank will be among a second tier of 10 institutions. the third tier includes hsbc and socgen looking to raise up to $10 million for its listing next month aiming for a valuation of 60-70,000,000,000 dollars. let's have a look at what else we are looking at today. at 7:00 a.m. london time we have the latest you kate retail sales data which is expected to drop from 0.7% growth in june 2 0.6% contraction in july thanks to the unseasonably typically british weather. rate hikes weighing on the economy. at 10:00 a.m. we get the final euro area cpi data reading for july, expected to fall from 11.3% to 10.2% year on year. before the bell in the u.s., we get estee lauder's second-quarter results revenue forecast which has fallen to

percent in the quarter, not great but not as bad as double-digit declines we have seen previously. valerie, let me ask about the u.k. data. when traders are pricing in peak rate 6% for the bank of england, how do you think that hot retail sales -- do you think hot retail sales can push it further? valerie: the u.k. is a service economy so retail sales figures matter a bit gdp. it goes without saying that hot gdp we got last friday was driven by consumption. let's see if that is confirmed with the monthly retail sales print today. upside risk to the consumer staying stronger for longer will add upside risk to gdp and couple kate the bank of england -- and complicate the bank of england inflation fights. lizzy: you can find those stories and more on the daybreak newsletter. terminal subscribers can find it by going to dayb. they china targeting bears with forceful fixing and

more on chinese developers flagging losses and bank of america warning of the 5% world as bond yields surge. coming up, damage control. china is stepping in with a range of measures as it tries to repair confidence in a market hit by disappointing data and heightened credit risks. we get insight are markets live team next. this is bloomberg. ♪

lizzy: welcome back to "bloomberg daybreak europe." shares in asia are lower for a six-day as worries about the chinese economy continue. beijing is targeting the yuan bears is most forceful fixing ever as authorities tried to repair broken confidence in a market spooked by disappointing data and heightened credit risks. i am joined by paul dobson, bloomberg's executive editor for asian markets. good morning. do you get the sense that chinese authorities are starting to get to grips with the situation? paul: good morning. while we are picking up some more encouraging signs that there is an invisible hand of the state playing a more active role or paying attention to what is going on in the financial markets. this week, we have been reporting on some guidance that was provided to mutual funds to avoid sales of shares on a net basis. we also saw this very strong

pushback in the fixing to sort of stem the losses in the currency. in addition to that, we are reporting that yesterday the authorities had also instructed state banks to step up their purchases of the yuan against the dollar. all the little bits and bobs going on behind the scenes to try to prop up the currency and try to help assuage the losses in the stock market as well. i think the bad news for the state is -- while the bad news is this keeps on coming in. look at the top of our website and we got shadow banking crisis, state developers morning of losses in the property market, evergrande filing for bankruptcy. it is a relentless bad news they are battling against. we are starting to see proactive measures and hear about future moves that they might take as

well that would give the market confidence. it is going to take time for all that feedthrough and the bad news to be brought under control. lizzy: let's say the bad news keeps coming. what else could they do to arrest the market declines? paul: i think the currency, in particular, there's a number of levers they could still pull. they could make it more expensive for people to borrow in the short-term market to short the yuan. that is one way of squeezing them. they could make it less appealing for people to hold money on deposit in u.s. dollars which again would increase the relative appeal of the yuan. they could go harder or more direct with other intervention measures there. we could get a pronouncement, something like a silver bullet that would really give people more faith and confidence as well. that does not seem to be what we are getting right now and hence,

the market is believing that we are going to see a steady drip lower than the currency and maybe also in equities markets until we find some sort of resting points. lizzy: valerie was talking to me about how the moves treasuries may actually be less to do with the fed minutes and more actually about supply and demand dynamics going on with china and japan. could you see china selling u.s. treasuries to prop up the yuan? paul: it is an interesting theory. i think citigroup was talking about it overnight as well. china has huge holdings of u.s. treasuries and if it wants to weaken the dollar relatively to the yuan it could offload some of those and use it to support the currency. there has been sort of this conversation about has china already been easing back on its holding of u.s. treasuries? it is true but not to bring

money home but more to keep it in agencies or other parts of the u.s. fixed income market that has a higher yield better return. i think the idea that we would see anything pronounced would have to be visible in the market and that is still pretty unlikely at this point. the other thing to bear in mind is china is sitting on probably some paper losses that would be extreme just as everybody else's and the treasuries market because of the selloff in the last two years. and this month as well. lizzy: thanks to paul dobson, bloomberg's executive editor for asian markets. coming up, walmart raised its outlook again but strikes a cautious tone on american consumers and the economy. we had a wrap up of this week's u.s. retail earnings next. this is bloomberg. ♪

>> another strong quarter for walmart raising the outlook for the fiscal year for the second time in a row, seeing comparable store sales up 6.3% versus the 4% the analysts were anticipating. it is feeding on the bottom line in the top line. interesting here continued strength in grocery but especially strong in e-commerce were e-commerce sales rising 24% in the quarter. weekly traffic up also suggesting investments that walmart has made in its online services, delivery, omni-channel where you buy online pickup and store, all of these things bearing fruit. another thing that is interesting to me from the earnings call were comments by cfo john david rainey about private label. he said it is increasingly see consumers move to private label products of which walmart has a particularly large stable

compared to other retailers. he also sees them buying more hand blenders, standing mixers, things you need in order to cook at home. the question for the rest of the retail slate is is walmart's success, can they replicate it? walmart has been dragging business away from grocery stores and others. we will see over the coming days and weeks as the remainder of those results for the quarter role in. in you are, i'm simone foxman, bloomberg news. lizzy: sticking with the retail theme at the top of the hour, we will get the latest u.k. retail sales data. more interesting than usual perhaps given the mixed eco-date that we have already had this week. on the one hand, you have wage growth finally outstripping inflation, the rising on appointment suggesting the labor market is loosening and inflation falling though not by as much as economists expected.

the bad news is more wage growth likely means more inflation, core inflation stay the same and services inflation rose. that suggests domestically generated inflation may remain an issue which is what the bank of england is worried about. therefore, traders expect the bank of england to keep hiking. they are pricing a one in four chance of a half point hike in september and had already priced a peak rate of 6% off the jobs data and that is what economists reckon will trigger a u.k. recession. the numbers at 7:00 a.m. will speak to the resilience of the u.k. consumer potentially. the flipside of that is inflation. economists expect retail sales to drop from 0.7% growth in june 2 0.6% contraction in july thanks to unseasonably wet weather and as rate hikes away on the economy. -- way on the economy. i will be looking for a barbie bounce and that is when the film

came out in july and i saw a lot of pink last month. next i want to update you on the slump in crypto this morning. bitcoin having a lively friday. it had fallen below the $26,000 mark the first time in two months and recover slightly in asia trading. that slide has erased most of the gains in the wake of blackrock's supplies -- surprise filing for an etf in june. you can tell me who cares or you could ask whether this is because crypto volatility has died and there's no point laying the lottery anymore or third, you couldculate that this is an early sign of consumers access savings drying up. currently bitcoin down 4.5%. i just also want to take a look at wheat because we have seen moves there after a report that a ukrainian drone attempted an attack on russian warships, that was in a key waterway.

they exited the green beer -- grain deal the exited the safe passage of ukrainian grain through it. they have been up over 2% this morning and that report from state run news service. finally, if we have a quick look at futures, you've got stocks 50 futures currently down 0.3%. mastec e-minis flat and nasdaq futures down 0.2%. the vix fell to the index is at the highest since may. we will keep an eye on those. beijing delivers strongest ever pushed back against the yuan bears. more on that story wow, you get to watch all your favorite stuff. it's to die for. and it's all right here. streaming was never this easy, you know. this is the way. you really went all out didn't you? um, it's called commitment.

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"bloomberg daybreak europe." i'm lizzy burden in london. resting bears, china delivers its strongest push against a weaker currency. looking to repair confidence as developers warn of mounting losses. bank of america says investors should strap in for the return of the 5% world is bond yields surge on bets that rates will a higher. banks get a boost as 28 are lined up for the arm ipo likely to be this year's biggest. happy friday, you made it to the end of the week. we have treasury yields broadly steady but the 10-year was near its highest since 2007. the 10 year touching its highest since 2011, and text stocks feeling real yield. u.s. futures flat after the close, they were headed for the worst three-day street since

march as yields eased off. in asia shares are heading for a six daily decline. bear fatigue setting in on the china story now. the pboc defending the yuan with the strongest pushback, which is a head scratcher given that they cut policy rates. it is a mark of what an unusual august it has been, no longer do you see this relationship for the chinese currency weakens and there is a bid for treasuries. there has been a weakening of the two together. markets ask whether it is time to stop talking about the chinese recovery and talk about china entering recession. let's continue our analysis on the china topic because china delivered its strongest pushback against the weaker yuan as it tries to repair confidence that was broken by the disappointing data and high credit risk. joining me is garfield reynolds.

do you think a line has been drawn in the sand when it comes to the yuan fixing level? >> they keep on drawing lines in the sand. you could say the tide keeps washing in and taking those lines away. even today that incredibly strong pushback against yuan decline, and where are we now? we are flat on the onshore yuan, and the offshore yuan is weaker against the u.s. dollar on the day. really all they are doing is avoiding a complete meltdown in the currency. there were so many drivers of fx weakness for china. you give a good rundown of the

concerns about the economy, and with those concerns, even normal and weaker economy means a weaker currency, and a weaker currency usually acts to assistant economy turning around. by propping up the yuan, china is to some extent making it harder for the other efforts to turn the economy around to get traction. even if you want a weaker currency, you don't want a rapidly weakening currency to improve your economy. there is some case to stop the yuan going crazy but not a huge case for being able to sustainably turn around a decline driven by strong fundamentals. lizzy: slowing down the

weakening to try to build confidence to build financial stability. thank you, garfield reynolds for that analysis. let's turn to japan because corn inflation slowed in july. that is in line with the boj's view that would put pressure on prices is easing. the pockets of sticky price growth will keep military authorities on alert to upside risks. we are joined by bloomberg's paul jackson. does this cooling inflation mean a longer wait for the next move by the boj? >> it fits into the boj's view that prices will cool and more time has to be taken before deciding to normalize policy, but it is not the end of the story. there are pockets of sticky prices in today's data.

we have subsidies on energy prices. if you take those out, we have inflation in the 4% range, and we saw core inflation excluding energy has accelerated to 4.3%, getting stronger. another subcategory we saw this morning was service prices. if you have higher input prices abroad causing cost push inflation, that is one thing, but when you see service prices across the board going up, that is a sign inflation is widening its influence throughout the economy, and those prices hit 2% for the first time in 30 years last month. that is another hurdle that the boj needs to cross before you can think about normalizing policy. we are not talking about any

sudden move next month, it would be more like next year, but we are stepping closer in that direction. lizzy: where does it leave intervention? >> [laughter] we have a little strengthening in the yen overnight. we are off the levels of intervention from last year. monetary authorities key parking on this point that it is not the levels, it is the movement, that is what we care about. that is the language they need to keep the g20 partners happy. but we have seen in the last three interventions last year there was movement of the yen against the dollar within about 24 hours before the intervention took a's. we have not seen anything like

that recently. that is the movement we will need to see before the monetary authorities intervene in the market again. i also feel last year's intervention in october was around the 1.5, 2 mark, it would take a brave move from the authorities to step in before then. noticeably quiet the last couple of days. that suggests a bit of a waiting game, and we are ways off any intervention. lizzy: thank you for that update. i want to carry on to italy, the ecb preparing a letter criticizing the government's bank tax. they are counting on 3 billion euros from its controversial measure. joining me now is maria tadeo. talk us through this latest development.

maria: we have a report today in an italian newspaper that says there is a letter from christine lagarde that is on its way to the italian government. according to the newspaper, the european central bank has reservations in terms of the way the windfall tax, the decree announced by the italian government last week of a 40% windfall tax that would be limited. it would be capped at 0.1% of a bank's asset, but italian banks are rocked that day and the market sold off. this report suggests the european central bank could send the italian government a letter expressing reservations in terms of the way this windfall tax was announced. we should make it clear the italian government has the right to do what they feel is necessary, but it is understood normally there is communication

between the national government and frankfurt and ecb because the european central bank overseas financial stability across the euro area. lizzy: if the main motive is to raise funding, how effective will this be for the italian government? maria: i should note when it comes to this letter from the european central bank, there is no official comment from the ecb. we will find out if this letter arrives to rome in the next few days. in terms of the funding, they talked about the idea of social justice in the context of higher interest rate. bloomberg reports from rome that they believe they can gather 2-3 billion euros from the windfall tax, and that would be placed in a fund to shield consumers from higher interest rates. i'm not sure how this translates. the criticism remains that the format of the tax continues to

be thin on detail, but that is the way the italian government wants to pursue. i should note they want to press ahead with this, but the process needs to be ratified after the summer break. we know there are internal tensions within the italian coalition. they want to make it clear this is a one-off that will not be repeated again. that would appeal to business and carry potential tax deductions with it. lizzy: thank you, maria tadeo. the blood learned -- bloomberg learned goldman sachs is on a hiring spree. su has the details. -- su keenan has the details. su: it is never good to have the fed in your building and not in your business. sources say that is what is happening to goldman sachs.

people close to the matter tell bloomberg several new staffers are being brought on board to address concerns from regulatory authorities including the federal reserve. this hiring binge is coming as the firm is cutting executives from the moneymaking ranks due to a slump in business. bloomberg reporting shows there are more openings at goldman for compliance staff than bankers. it is not unusual to face questions from regulators, but there is growing pressure from the fed over the past year. this is a situation not ideal for banks because supervisors can impose potentially onerous measures. one source tells bloomberg goldman is dealing with a confidential measure imposed by the fed that predates the current increase in scrutiny. while david solomon has been under a lot of pressure, including discontent at his bank, he has shared with

colleagues that he believes the current situation is more reflective of a generally tough client for the industry. goldman makes it a practice not to comment on regulatory matters, and they are not commenting at this time. lizzy: let's look at events we are following today. 7:00 a.m. the latest u.k. retail sales data, they likely slipped in july as the wet weather hit outdoor spending. at 10:00 a.m. london time, a final reading on euro cpi inflation in july but core inflation was unchanged at 5.5%. services inflation rose to a new record high. we are watching earnings from estee lauder, forecasting a fall of 2% in the quarter. palo alto network sales growth

is expected to exceed 20% for the 12 consecutive quarter. coming up, banks get a boost as no fewer than 28 of them are lined up for the ipo of arm, likely to be this year's biggest. we will bring you all the details, next. this is bloomberg. ♪

lizzy: it is time to look at the big deals making headlines, bloomberg has learned softbank's arm has filled out the underwriters for its ipo. 28 banks are in on the deal. why is this ipo of arm so relevant and closely watched globally? >> it is extremely important. there is such a big drought in

terms of dealmaking activity. ipo's, m&a, fundraising, it is a soft market. having such a landmark ipo coming down the pipe is significant. everybody is watching. here in hong kong, in london, new york, it will be one of the biggest events, if not the biggest of the year, and in capital markets. you saw our story of banks that want to make sure this deal gets done properly. it will send a big message to every capital market globally, and hopefully, if this gets done successfully, as early as september, it could pave the way for other ipo's and big

companies who are pondering options about different units in different businesses to come to the market. it has been a tough year, tough 18 months for ipo's globally. this one definitely will be a significant one. the stakes are really high. people are working hard to get it done is soon as possible. keep in mind softbank needs a big liquidity deal to get out in a successful way after having had unsuccessful bids in many startups over the years. this could be a trophy asset for them, to tell the market we are able to do successful deals. interestingly, this ipo was a big win for u.s. exchanges. we were debating if it would be a new york ipo, it is going to

the u.s.. let's see if they are able to fetch the valuation they are hoping for. it will be a big deal in the ballpark of 8 billion with a valuation of 60 billion. we will see if there is appetite from investors for such a large deal. they are targeting to bring in a minority group, a handful of investors, strategic investors to help on the deal. there will be a lot of paper to be taken by retail investors and institutional investors. definitely a big event to watch over the coming weeks, perhaps as early as next month. lizzy: thank you. fantastic reporting.

i want to check in on what is moving in the markets. >> it is looking like we might get a quiet summer friday. we are seeing quite a consolidation in the markets at the moment. the 10 year yields are rallying, down three basis points. the bloomberg dollar seeing some softening. let's look at how the rally has turned around. we have seen such a state selloff, but we are seeing easing in the treasury market. yields are higher but let's check in on how the assets have moved. we have not got the august we wanted. the bloomberg dollar index around 3% stronger on the month. we have seen 10-year yield's move 45 basis points higher, and s&p futures down 4.5%. it is not a quiet august we were hoping for, but maybe we will get a quiet friday. lizzy: will it be a quiet august

eventually? coming up, gambling on the world cup, sports giants like nike and adidas have had to decide how much merchandise to produce. more details, next. this is bloomberg. ♪

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england and spain meet in the cup final sunday, millions will be glued to the televisions, with many gambling on the outcome. for companies like nike and adidas, there is another bet playing out, whether they made enough merchandise. for more, we're joined by oliver crooke, and maria tadeo in brussels. take us through the dilemma on

merchandise for nike and adidas. >> nike versus adidas, what brings them together is they have to figure out how much merchandise to put out for the winning team. if you have too much, you are stuck with it. if you have too little, you have unhappy fans. you have 72 hours to move this after a victory, so how do they figure it out? they look at historical data, probability of winning, retail sales. neither of these teams have won before, so perhaps nothing they anticipated. if you have a formula for this, they will hire you today. lizzy: women's football is highly unpredictable. >> it is growing rapidly. they have more sponsors than ever, more teams participating. 1.5 million tickets sold, 500 million people watching. prize money has tripled but it is short of what the men saw in

qatar. $300 million for the women, $1.7 billion for the men. with women, you reach a broader audience, there is more gender parity with who is watching. the female athletes on social media engage more with their audience. in terms of digital ad spending, that is very valuable. lizzy: what do you make of this tournament in that context? maria: i love football. everybody knows that. i go crazy with this game. that is a disclaimer, i am invested in the sport, but we should be honest, 15 years ago nobody watched this. it was very niche. that we are debating this in the money spent and the political engagement and the games, it

already shows how much the industry has changed, but how far has come for women that play. that is already great. in terms of sunday, i think we will see a repeat of the south african final we saw a few years ago. spain became the world champion, and i think that is what we will see sunday. monday we can do the debrief of the spanish victory. lizzy: you will be here win or lose? maria: i have to work but we will win. i will be here from 6:00 in the morning. lizzy: thank you for that analysis. let's check in on the retail sales numbers we will get at the top of the hour. economist expect them to drop from 0.7% in june to 0.7% in

july as rate hikes way on the economy. i wonder whether we will see a barbie vance. -- barbie bounce. you have to slide this retail sales number with the other data this week. we had jobs numbers, inflation numbers, and finally wage growth outstripping inflation but more wage growth likely means more inflation, and you have core inflation staying the same and services inflation rising. next step, we have an interview on jobs returning to the office and the gender pay gap. stay with us, this is bloomberg. ♪

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anna: this is "bloomberg markets today